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2025-12-03•Europe•European Central Bank
The European Central Bank's Working Paper introduces a macro-finance yield curve model using Bayesian methods to estimate the U.S. equilibrium real interest rate (r*), trend inflation, interest rate expectations, and bond risk premia. Findings show r* fluctuated over six decades, notably declining post-Global Financial Crisis, and suggest longer-maturity real rate gaps better explain output gaps. The model, with a stochastic trend in an arbitrage-free framework, offers cyclical term premia and robustness to alternative specifications.
ResearchOther
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2025-12-03•Europe•European Central Bank
In a keynote speech, ECB Executive Board member Philip R. Lane discussed the ECB's symmetric 2% medium-term inflation target and its policy implications, emphasizing context-specific responses to inflation deviations. He noted that a 10% euro appreciation could lower inflation by 0.6 percentage points after one year and result in a 1% GDP loss over three years. Lane's views were personal and not representative of the ECB Governing Council.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-12-03•Europe•European Central Bank
ECB President Christine Lagarde reaffirmed the monetary policy stance at a European Parliament hearing, highlighting the decision to keep key interest rates unchanged. She reported euro area growth of 0.2% in Q3, with inflation near the 2% target, and outlined instruments like Outright Monetary Transactions and the Transmission Protection Instrument. Lagarde also welcomed the European Commission's upcoming package on capital market integration and supervision.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-12-03•Uganda•Bank of Uganda
The Bank of Uganda announced the licensing of 54 entities under the National Payment Systems Act to operate payment systems, provide payment services, and issue payment instruments. The notice emphasizes that operating without a central bank licence is prohibited and subject to penalties. Institutions are urged to comply with the Act to avoid sanctions.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-03•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) acquitted Thaís Nogueira Alonso, investor relations director at Mitre Realty, of alleged corporate disclosure breaches, including non-disclosure of a material fact regarding a land acquisition. The decision, made by majority, overturned a proposed BRL 361,250 fine. Additionally, two other proceedings involving Petróleo Brasileiro S.A. and RPPS investments were rescheduled to 23 December 2025.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-12-03•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has completed a "Supervisory Inspections Management" project using supervisory technology (SupTech) to enhance risk-based supervision. The platform centralizes inspection data, standardizes procedures, and accelerates report preparation, improving the efficiency of inspection functions and tracking compliance with supervisory instructions.
SupervisionInnovation & testingRegtech and suptech
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2025-12-03•Tonga•National Reserve Bank of Tonga
The National Reserve Bank of Tonga issued a warning about "BG Wealth Sharing/DSJEX," a fraudulent cryptocurrency investment scheme targeting individuals, including the Tongan diaspora, via Facebook. The scheme impersonates a legitimate service, using tactics such as fake trading platforms, fabricated profits, and demands for additional fees, with no legal protections for cryptocurrency payments.
SupervisionAlertsFraud and scams
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2025-12-03•Global•Global Legal Entity Identifier Foundation
The Global Legal Entity Identifier Foundation announced MSC Trustgate as the winner of its global verifiable Legal Entity Identifier Hackathon for a solution that integrates vLEI credentials into a secure document-signing portal, enhancing identity verification and reducing fraud. YourData was the runner-up with Agent-Anchor, a tool for assigning vLEI identities to corporate AI agents to mitigate impersonation risks.
Policy & regulationImplementation, projects & pilotsKYCArtificial intelligence
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2025-12-03•Russia•Central Bank of Russia
The Central Bank of Russia announced the programme for its Cybersecurity in Finance Forum in Yekaterinburg from 18–20 February 2026. Governor Elvira Nabiullina will discuss strategic information security priorities and measures against cyberfraud. The forum will feature over 30 sessions on banking innovations, AI tools, platform economy cybersecurity, and more.
Policy & regulationReform agendas & prioritiesCyber resilience
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2025-12-03•Russia•Central Bank of Russia
The Central Bank of Russia reported an increase in average maximum interest rates on Russian-ruble household deposits for November 2025, with rates rising from 15.32% to 15.62% over the month. Rates varied by maturity, with the highest at 15.24% for 91 to 180 days and the lowest at 12.42% for over one year. The monitoring excluded deposits with specific conditions or additional requirements.
Data & statisticsFinancial and market indicators
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2025-12-03•Russia•Central Bank of Russia
The Central Bank of Russia has inaugurated a representative office in Mumbai to advance Russian financial sector interests in India and facilitate connections between Russian and Indian regulators and market participants. This follows the establishment of its first overseas office in Beijing in 2017.
Institutional developmentMandate & organizational structureOther
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2025-12-03•Russia•Central Bank of Russia
The Central Bank of Russia's Q3 2025 review highlights a significant increase in brokerage account inflows, with retail investors depositing RUB 872 billion, a 52% rise from Q2. Qualified investors contributed 75% of this inflow, driven by lower deposit rates and easing monetary conditions. Bonds, particularly long-term fixed-coupon federal government bonds, became the preferred investment, raising retail investors' assets from RUB 11 trillion to RUB 11.8 trillion.
Data & statisticsLiquidity risk
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2025-12-03•Russia•Central Bank of Russia
The Central Bank of Russia will extend into 2026 the temporary right for non-bank financial institutions to withhold certain information, as per decisions from December 2024 and February 2025. This measure aims to mitigate the impact of foreign restrictions and reduce potential sanctions risks for financial market participants and their counterparties.
Policy & regulationRules & requirementsOther
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2025-12-03•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission emphasized cross-sector collaboration at its 12th Corporate Governance Forum to enhance governance and sustainability. The event covered governance best practices, sustainability integration, regulatory updates, child rights in business, and aligning sustainability reporting standards. It concluded with the 2025 Gender and Development Awards, recognizing leadership in gender diversity and sustainability.
Policy & regulationCooperationCorporate governanceESG
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2025-12-03•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has proposed a draft circular to replace the Ministry of Finance’s 2015 rules on securities practitioners, emphasizing digital licensing, international qualifications, and ongoing professional training. Key changes include electronic certificates, recognition of CIIA and CFA Level II or higher, and at least eight hours of annual online training.
Policy & regulationRules & requirementsOther
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2025-12-03•Global•ISDA
ISDA CEO Scott O’Malia stressed the need for OTC derivatives counterparties to swiftly terminate and value trades amid recent financial institution failures, advocating for established close-out playbooks. He also addressed operational complexities in close-outs due to bank resolution regimes and margin requirements, highlighting ISDA's close-out framework, seminars, and the ISDA Notices Hub, which has adherence from over 145 entities, including 65% of global primary dealers.
Policy & regulationGuidance & interpretationRecovery and resolution
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2025-12-03•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority has issued a policy statement and Supervisory Statement 5/25 setting out final supervisory expectations for managing climate-related financial risks, replacing Supervisory Statement 3/19. The framework applies proportionately to UK banks, building societies, PRA-designated investment firms, and UK insurers and reinsurers, and strengthens expectations on governance, risk management, climate scenario analysis, data and disclosures. The PRA has clarified the application of proportionality, governance arrangements, treatment of litigation risk, use of scenario and reverse stress testing, and the use of data proxies, and expects firms to review their position and address gaps.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-12-03•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services held a hearing on increasing housing development, focusing on how regulatory requirements elevate construction costs and delay projects. Members highlighted the impact of federal, state, and local zoning and building rules, estimating that regulations add nearly USD 94,000 to new single-family home prices. Witnesses advocated for policies to boost housing production, adaptive reuse, and multifamily investment, noting potential supply gaps of 5 to 8 million units.
Policy & regulationReform agendas & priorities
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2025-12-03•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee, led by Chairman French Hill, held a hearing on reducing regulatory barriers to housing supply, emphasizing the need to increase development capacity and simplify housing-related regulations. Hill identified regulatory complexity and inflation-driven costs as key challenges, advocating for enhanced community bank viability to boost credit availability. The Committee plans a December 2025 markup on housing and banking reform.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-03•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC imposed civil sanctions on eight individuals for insider trading in AI Energy and Asian Insulators, with penalties totaling THB 82,897,226. Offenders are barred from serving as directors or executives of securities issuing companies and securities companies for specified periods. Sanctions include civil penalties, compensation, and reimbursement of SEC investigative expenses, with funds remitted to the Ministry of Finance.
EnforcementSanctions & designationsMarket abuse
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2025-12-03•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission advises holders of Eastern Power Group Public Company Limited’s EP24DA bond to review information and exercise their rights at the upcoming bondholders’ meeting. The meeting will consider extending the redemption maturity by six months and increasing the interest rate from 6.75% to 7.00% per year. The SEC also requires the bondholders’ representative to evaluate the proposals' benefits and impacts.
SupervisionAlertsCorporate governance
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2025-12-03•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission announced an electronic bondholders' meeting for Prime Road Power Public Company Limited on 9 December 2025, seeking approval for waivers and amendments to four bond series. Key proposals include rescheduling partial principal repayments, waiving events of default, and applying guarantee funds to repay bondholders. Bondholders are urged to consult representatives to assess the implications before voting.
SupervisionAuthorisations & approvalsCorporate governance
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2025-12-03•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has issued a board resolution temporarily prohibiting customer fees for certain domestic money transfer services. From 1 January to 31 December 2026, commercial banks and payment organisations cannot charge commission fees for transfers in the national currency via mobile apps and internet banking. This measure aims to enhance access to digital financial services and promote cashless payments.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-03•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has imposed a temporary restriction on money transfer fees, prohibiting commissions on international transfers received without an account from 1 January to 31 December 2026. This measure aims to protect consumer rights and enhance access to international transfers.
Policy & regulationRules & requirementsPayments and payment systems
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2025-12-03•Thailand•Thailand Securities & Exchange Commission
Thailand's Securities & Exchange Commission (SEC) is considering legal action following the Anti-Money Laundering Office's seizure of assets linked to technology-related crime networks. The SEC is coordinating with AMLO and other agencies to support enforcement processes and is expanding its review to related cases. Further developments will be disclosed publicly.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-12-03•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority has approved the prospectus for FEC's unlisted bond issuance, authorizing a ceiling of MAD 2 billion split into Tranche A and Tranche B. Tranche A has a 15-year maturity with a first-year coupon between 2.80% and 2.90%, while Tranche B has a 45-day maturity with a first-year coupon between 2.76% and 2.81%. Allocation will occur via a French auction, prioritizing Tranche A.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-03•Iceland•Central Bank of Iceland
The Central Bank of Iceland released the minutes from its Monetary Policy Committee meeting on 17-18 November 2025, detailing discussions on economic and financial market developments and monetary policy decisions.
Monetary policyPolicy rate decision minutes and accountsMonetary policy decisions and developments
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2025-12-03•Iceland•Central Bank of Iceland
The Central Bank of Iceland will release the Financial Stability Committee’s statement at 8:30, followed by a webcast press conference at 9:30 led by Governor Ásgeir Jónsson and Deputy Governor Tómas Brynjólfsson. The bank is not liable for potential webcast interruptions.
OtherFinancial stability and systemic risk
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2025-12-03•Global•Global Legal Entity Identifier Foundation
The Global Legal Entity Identifier Foundation announced MSC Trustgate as the overall winner of its global vLEI Hackathon for a solution that integrates verifiable Legal Entity Identifier credentials into a secure document-signing portal, enhancing identity verification and reducing fraud. YourData's Agent-Anchor, which assigns vLEI identities to corporate AI agents, was the runner-up.
Policy & regulationImplementation, projects & pilotsKYC
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2025-12-03•Global•Global Legal Entity Identifier Foundation
The Global Legal Entity Identifier Foundation announced MSC Trustgate as the winner of its global verifiable Legal Entity Identifier Hackathon, with YourData as runner-up. MSC Trustgate's solution integrates vLEI credentials into a document-signing portal to streamline identity verification and reduce fraud, while YourData's Agent-Anchor assigns vLEI identities to AI agents to prevent impersonation, integrating into digital identity wallets.
Other
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2025-12-03•Pakistan•State Bank of Pakistan
State Bank of Pakistan Governor Jameel Ahmad reported a rise in women's financial inclusion to 52% and a narrowing gender gap from 47% in 2018 to 30% in 2025. Over 17.6 million new women-owned bank accounts have been opened since 2021, with loans totaling PKR 230.3 billion disbursed to women-led businesses. The central bank also highlighted increased female employment in banking and Pakistan's accession to the Women Entrepreneurs Finance Code.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-12-03•United States•Federal Reserve Board
The Federal Reserve Board issued a consent prohibition order against Tahjanae Richardson, a former First Financial Bank employee, for misappropriating customer funds.
EnforcementInvestigations & enforcement actions
-
2025-12-03•Chile•Central Bank of Chile
The Central Bank of Chile's Determinants and Price Expectations Survey highlights stable selling prices amid cost pressures and USD exchange rate impacts. Based on August to October 2025 data, it shows slight declines in sales and profit margins, with median inflation expectations at 4% for 12 months and 3.5% for 24 months. Despite fewer firms anticipating input cost increases, more expect to raise selling prices over the next year.
Data & statisticsEconomic data and developments
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2025-12-03•Iceland•Central Bank of Iceland
The Central Bank of Iceland released the minutes from the Monetary Policy Committee's 131st meeting, detailing discussions on economic and financial market developments and decisions regarding monetary policy instruments, following the policy announcement on 19 November 2025.
Monetary policyPolicy rate decision minutes and accountsMonetary policy decisions and developments
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2025-12-03•Mauritius•Bank of Mauritius
The Bank of Mauritius announced its Governor, Dr. Priscilla Muthoora Thakoor, as Chairperson of the Governing Board of the International Islamic Liquidity Management Corporation (IILM), succeeding Central Bank of Nigeria Governor Olayemi Michael Cardoso. The IILM, based in Kuala Lumpur, develops Shari’ah-compliant financial instruments to support cross-border investment flows and provide liquidity to Islamic financial institutions.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-03•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority hosted a Chinese delegation led by Judge Lin Xiao Nieh to discuss Egypt's regulatory framework and dispute resolution for non-banking financial markets. The meeting emphasized market integrity, transparency, and international standards, focusing on the Egyptian Center for Voluntary Arbitration. Both parties committed to ongoing cooperation to enhance supervisory systems and strengthen ties between Asian and African markets.
Policy & regulationCooperationCross-border cooperation
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2025-12-03•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority (FRA) revoked the microfinance licences of 260 Category C civil associations and non-profit institutions for legal and supervisory breaches, totaling 518 cancellations. Inspections revealed these entities failed to conduct microfinance activities or submit required reports, hindering FRA's oversight. The revocation affects only microfinance activities, with FRA focusing on technical support and digitisation for compliant institutions.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-12-03•Europe•European Commission
The European Commission has designated Russia as a high-risk third country due to deficiencies in its anti-money laundering and counter-terrorist financing framework, adding it to the EU’s high-risk jurisdictions list. This requires EU entities to apply enhanced vigilance to transactions involving Russia. The designation follows a technical assessment under Delegated Regulation (EU) 2025/1393, considering Russia's suspended Financial Action Task Force membership and inputs from Member States and the European External Action Service.
Policy & regulationRules & requirementsSanctions list update
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2025-12-03•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission approved a bond prospectus for TOR HOLDINGS SA, authorised VIRTUO TRADE SINGLE-MEMBER S.A. for specified investment services, and established the APOLIS – ALTERNATIVES SELECT AIF. Additionally, a EUR 4,000 fine was imposed on an AVAX SA board member for closed-period dealing.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-12-03•United States•U.S. Securities & Exchange Commission
The U.S. SEC's Director of the Division of Investment Management, Brian Daly, outlined priorities on deregulation, rulebook modernization, democratizing alternative asset investments, and AI promotion. Initiatives include revisiting ETF regulations, addressing digital asset custody gaps, expanding retail access to private markets, and exploring AI regulatory questions. These priorities will guide the division's regulatory flexibility agenda, emphasizing targeted actions and stakeholder engagement.
Policy & regulationReform agendas & priorities
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2025-12-03•United States•U.S. Securities & Exchange Commission
At the 2025 Institute for Corporate Counsel, SEC Commissioner Mark T Uyeda emphasized the Commission's future focus on crypto, public company encouragement, and private market investment opportunities. Uyeda questioned mandatory quarterly reporting, suggesting a shift to semiannual reporting to reduce costs and align disclosures with business models, while maintaining Form 8-K reporting. He criticized non-public staff memoranda in shareholder proposal practices and warned that automatic proxy voting could trigger regulatory requirements under the Exchange Act.
Policy & regulationReform agendas & prioritiesCorporate governance
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2025-12-03•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission issued a temporary exemptive order extending compliance dates for Rule 10c-1a on securities lending reporting and Rule 13f-2 on short position reporting by two years. Commissioner Caroline A. Crenshaw criticized the extension, citing risks to transparency measures adopted in 2023. The extension follows a Fifth Circuit decision remanding the rules for further economic impact analysis.
Policy & regulationRules & requirementsRegulatory reporting
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2025-12-03•Australia•Australian Prudential Regulation Authority
APRA Chair John Lonsdale detailed APRA's risk assessment and regulatory agenda, including the System Risk Outlook report and plans to limit high debt-to-income home lending from February 2026. APRA also emphasized collaboration with the Council of Financial Regulators on geopolitical risks, housing vulnerabilities, and superannuation's systemic role, alongside governance changes and increased supervision of platform trustees after investment scheme collapses.
Policy & regulationImplementation, projects & pilotsFinancial stability and systemic riskPrudential risks
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2025-12-03•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency appointed Brian P. Hudak as Deputy Chief Counsel, responsible for advising on legal, policy, and administrative matters affecting the federal banking system. Hudak will oversee the OCC’s enforcement, litigation, and internal agency matters. He previously served as Civil Chief at the U.S. Attorney’s Office for the District of Columbia.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-12-03•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) hosted a dialogue with the Argentine Institute of Finance Executives and CFOs from major issuers to discuss market issues and CNV's new regulations. The meeting focused on enhancing transparency, predictability, and financing of the real economy. Participants included CNV leadership and CFOs from companies such as Tecpetrol, Pluspetrol, and YPF.
Policy & regulationCooperation
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2025-12-03•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance convened its 2025 Internal Control Committee with the National General Auditing Office to review progress and coordinate actions to enhance integrity and management. Discussions included improving internal processes, information quality, and control tools, alongside efforts to modernize and foster a culture of integrity. The Superintendency also participated in SIGEN’s roundtable on public integrity, focusing on access to information and corruption prevention.
Institutional developmentGovernanceAuditingOperational excellence
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2025-12-03•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance announced that creditors of Orbis Compañía Argentina de Seguros S.A., in judicial liquidation, must submit a "timely verification of credit" request via the Remote Procedures Platform (TAD) for claim recognition. The liquidation is processed under case COM 008807/2025 at the National Court of First Instance in Commercial Matters No. 19.
SupervisionRegulatory reportingOther
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2025-12-03•South Korea•Bank of Korea
The Bank of Korea released preliminary national accounts for Q3 2025, indicating a 1.3% quarter-on-quarter rise in real GDP and a 0.8% increase in real GNI. The real GDP figure was revised up by 0.1 percentage point from the advance estimate.
Data & statisticsEconomic data and developments
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2025-12-03•South Korea•Bank of Korea
The Bank of Korea released its "Official Foreign Reserves (November 2025)" report, detailing updated statistics on official foreign reserves.
Data & statisticsBalance of payments and other external statistics
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2025-12-03•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reported to the National Assembly on monetary policy and banking-sector restructuring, highlighting proactive and flexible policy coordination to support economic stability. Key updates include legal framework amendments, mandatory bank transfers, a non-performing loan ratio of 1.64%, and progress in digital transformation and cashless payments. Measures to enhance gold-market management were also noted.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-12-03•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury, co-chairing the G7 Cyber Expert Group with the Bank of England, published a policy paper outlining "Fundamental Elements" for cyber incident response and recovery in the financial sector. The non-binding principles aim to enhance coordinated domestic and cross-border cooperation, improve information sharing, and support financial system stability. The paper emphasizes the benefits of voluntary or formal collective arrangements to contain incident impacts and reinforce public confidence.
Policy & regulationGuidance & interpretationCyber resilience
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2025-12-03•Luxembourg•Luxembourg Commissariat aux Assurances
The Luxembourg Commissariat aux Assurances released its 2026 reporting calendars for various insurance and financial entities, including life and non-life insurance undertakings, reinsurance undertakings, and pension funds. The update also includes file naming conventions for submissions via SOFiE/E-File.
SupervisionRegulatory reporting
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2025-12-03•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) has proposed PROTECT, a tool to enhance natural catastrophe risk awareness and prevention for property owners across Europe. PROTECT aims to provide a risk score, practical guidance, and insights into insurance implications, including exclusion clauses and premium impacts. EIOPA highlights its unique Europe-wide data and actionable solutions to support insurance availability and affordability, addressing protection gaps.
Financial literacy & educationClimate risk and sustainable finance
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2025-12-03•Trinidad & Tobago•Central Bank of Trinidad & Tobago
At the 100th Payments System Council meeting, the Central Bank of Trinidad and Tobago emphasized legislative reform for the national payments ecosystem. Governor Larry Howai described a 2035 vision for a digital, inclusive, and secure payments system with increased roles for fintechs and non-bank providers. Key milestones for 2026-2030 include advancing the Payment Systems and Services Bill, operationalizing UPI-based instant payments, and introducing regulated stable coin issuance.
Policy & regulationReform agendas & prioritiesPayments and payment systems
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2025-12-03•Moldova•National Bank of Moldova
The National Bank of Moldova has issued a regulation establishing the framework for authorisation and notification of connections between central securities depositories, effective 3 January 2026. The regulation was approved by the Executive Committee via decision no. 279 and published in the Official Monitor of the Republic of Moldova.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-03•United Arab Emirates•Dubai International Financial Centre
The Dubai International Financial Centre's Higher Board approved the DIFC Courts’ Five-Year Growth Strategy, focusing on global competitiveness through legal framework evolution, infrastructure, and AI innovation. Updates on the DIFC’s 2030 Strategy included AI ecosystem expansion, the Dubai AI Academy launch, and a venture debt initiative, with DEWS assets exceeding USD 1bn. The DFSA reported record authorisation demand and a streamlined process, while Dubai's Global Financial Centres Index ranking improved to 11th.
Policy & regulationReform agendas & prioritiesFintech and insurtechMarket development
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2025-12-02•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo met with Ireland’s non-resident Ambassador to discuss financial-sector reforms and the central bank's regulatory framework advancements. Discussions included legislative initiatives, financial inclusion, and cooperation with international and European authorities. Both parties committed to aligning Kosovo's legal framework with European Union standards and enhancing integration into European mechanisms.
Policy & regulationCooperationCross-border cooperation
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2025-12-02•Italy•Bank of Italy
The Bank of Italy released a speech by Stefano Siviero, Director General for Payments and Market Infrastructures, on technological innovation in the Italian financial system. The speech, delivered at a conference in Milan, addressed growth, sustainability, and human capital.
OtherFintech and insurtechMarket development
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2025-12-02•Pakistan•State Bank of Pakistan
State Bank of Pakistan Governor Jameel Ahmad highlighted Faysal Bank Limited’s PayPak–Mastercard co-badged card launch to enhance Pakistan’s digital payments. He emphasized a secure, efficient, self-reliant system for international and e-commerce payments, settling domestic transactions locally. Ahmad urged strategic investments in technology, fraud detection, cybersecurity, and a regulatory framework fostering innovation and competition.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-12-02•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency (SIPEN) participated in the Mercadexpo 2025 congress at Universidad Iberoamericana, focusing on pension education through student interaction and a public information stand. SIPEN engaged in Think Tank Labs, where students proposed solutions to pension system challenges, with the winning proposal "Recarga tu Futuro" in the "Invisible Savings" category. The event aimed to enhance understanding and adoption of pension concepts among young attendees.
Financial literacy & educationFinancial literacy and education
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2025-12-02•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission released its quarterly Financial Savings and Financing report for June 2025, detailing financial system intermediation statistics. Total financial savings equaled 94.0% of GDP, with a balance of MXN 33.6 trillion, while total financing reached 97.7% of GDP, with a balance of MXN 35.0 trillion. Domestic financing to the private sector was 37.2% of GDP.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-12-02•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission has recognized Penka Shopova's qualification to operate as an investment consultant.
SupervisionAuthorisations & approvalsLicence approval
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2025-12-02•Denmark•National Bank of Denmark
The National Bank of Denmark's November 2025 data shows a decline in the foreign-exchange reserve to DKK 659.7 billion and a decrease in banks’ and mortgage-credit institutes’ net position with the central bank to DKK 304.8 billion, with policy rates unchanged since June 2025. The reserve drop was due to net foreign-exchange sales and the central government's net repayment of foreign debt, while the central government's liquidity impact reduced banks' net position by DKK 11.3 billion.
Data & statisticsBalance of payments and other external statistics
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2025-12-02•Ukraine•National Bank of Ukraine
The National Bank of Ukraine reported its special fundraising account for Ukraine's defence forces transferred approximately UAH 12.2 billion in November 2025, with the balance exceeding UAH 30.3 billion as of 1 December 2025. Since 24 February 2022, cumulative inflows reached nearly UAH 126.8 billion, with significant foreign currency contributions. Total disbursements amounted to almost UAH 96.7 billion, supporting various defence and security agencies.
Data & statisticsOther
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2025-12-02•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission attended the “Preventive Medicine: Value, Quality and Future” event in Luanda, emphasizing capital markets' role in financing Angola’s health sector. Executive Administrator Vasco Januário highlighted the strategic importance of mobilizing savings and private capital, especially via venture capital funds, to support high-impact sectors. The presentation cited international health-focused funds and Angola’s Greenfield Fund as potential financing avenues.
Policy & regulationOther
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2025-12-02•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority hosted a delegation from the Securities Commission of Brčko District of Bosnia and Herzegovina to discuss enhancing cooperation, sharing regulatory experiences, and exploring joint initiatives for regional capital market stability. The meeting emphasized the importance of strong bilateral ties for effective supervision and market transparency.
Policy & regulationCooperationCross-border cooperation
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2025-12-02•Indonesia•OJK
The Indonesia Financial Services Authority (OJK) emphasized its commitment to a safe, adaptive, and inclusive digital finance transformation at the OECD Asia Roundtable on Digital Finance 2025 in Bali. Discussions covered the evolving digital finance landscape in Asia, focusing on Distributed Ledger Technology, tokenisation, and central bank digital currencies. OJK highlighted the global tokenisation market's growth potential and detailed its regulatory sandbox initiatives for tokenisation business models in Indonesia.
Policy & regulationCooperationFintech and insurtechTokenization
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2025-12-02•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) will initiate a Common Supervisory Action with National Competent Authorities to assess compliance with MiFID II obligations on conflicts of interest in financial instrument distribution. The focus will be on staff remuneration, inducements, digital platform influences, and aligning product recommendations with clients' best interests. ESMA aims to ensure consistent EU rule application and enhance investor protection.
SupervisionReviews, inspections & stress testsSales and distribution
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2025-12-02•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo attended the Annual Meeting of the International Financial Consumer Protection Organisation (FinCoNet) for the first time as an Associate Member. Discussions covered market conduct supervision, G20/OECD Principles implementation, digitalisation risks, fraud prevention, and consumer engagement. This aligns with the central bank's 2024–2028 Strategic Plan priorities, including enhanced supervisory capacity and improved transparency.
Policy & regulationCooperationConsumer and investor protectionDomestic cooperation
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2025-12-02•Chile•Ministry of Finance (Chile)
Chile's Superintendence of Pensions has released a draft rule for public comment to refine the framework for establishing new pension fund administrators (AFP), including incorporation and regulatory authorization. The draft expands eligibility to non-bank fund managers and cooperatives, introduces safeguards like a limit of one AFP per business group, and sets requirements for disclosure of beneficial ownership and minimum start-up capital. It also outlines operational pre-conditions and experience criteria for board members, with a transition period for existing AFPs until April 2027.
Policy & regulationRules & requirementsLicensing framework and process
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2025-12-02•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission will present the National Financial Inclusion Strategy (ENIF) 2025–2027 in Luanda on 5 December. Approved by Presidential Decree No. 237/25, ENIF aims to enhance access to financial products and services, focusing on savings, economic financing, and reducing social inequalities.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-12-02•South Africa•National Treasury (South Africa)
South Africa's National Treasury will allocate up to ZAR 2.2 billion to repay depositors of Ithala SOC Limited, with payouts starting on 8 December 2025, following depositor verification. First National Bank has been appointed as the payout bank, and depositors will be contacted via SMS for verification. The Prudential Authority's liquidation case against Ithala remains pending due to solvency issues and regulatory breaches.
Policy & regulationImplementation, projects & pilotsConsumer and investor protection
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2025-12-02•Global•Financial Markets Standards Board
The Financial Markets Standards Board announced Citadel Securities has joined as a Full Member, emphasizing the increasing role of non-bank market makers in global liquidity provision. FMSB plans to leverage Citadel's expertise in pricing, liquidity, execution, and emerging technology applications.
Policy & regulationCooperationOther
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2025-12-02•Denmark•National Bank of Denmark
The National Bank of Denmark has introduced redesigned Danish coins featuring H.M. King Frederik X, while existing coins remain legal tender. The new coins maintain the same sizes, materials, and sequence as current denominations.
Monetary policyMonetary policy instruments & operationsCurrency and cash management
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2025-12-02•Australia•Council of Financial Regulators
Australia's Council of Financial Regulators (CFR) released its December quarterly statement on regulatory reform progress, inter-agency work on financial stability risks, and plans for a "better regulation" roadmap. It outlines 2026 priorities: geopolitical preparedness, operational resilience, systemic liquidity stress readiness, and high household leverage, with ongoing efforts to reduce regulatory burdens and address housing-related vulnerabilities.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic riskRegulatory burden
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2025-12-02•South Africa•National Treasury (South Africa)
South Africa’s National Treasury has released a draft amendment bill for public comment, proposing updates to the Financial Sector Regulation Act, 2017, and the Public Procurement Act, 2024. Key changes include establishing a framework to strengthen financial benchmarks, replacing the Johannesburg Interbank Average Rate (JIBAR) with the South African Rand Overnight Index Average (ZARONIA), and revising timelines for reviewing the Public Procurement Act’s implementation.
Policy & regulationRules & requirementsFinancial benchmarks
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2025-12-02•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market updated the EU-Ukraine Association Committee on aligning Ukrainian capital market regulations with EU standards, focusing on a draft Law on Investment Funds. The Commission reported resuming full financial reporting and outlined initiatives like a sustainable finance roadmap and new MiFID-based regulations. Legislative initiatives, including the investment funds draft, are planned for parliamentary consideration in 2026, with a separate law on capital markets effective January 1, 2026.
Policy & regulationRules & requirementsAccounting and financial reportingCorporate governance
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2025-12-02•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market amended rules for construction financing and real estate transactions, approved changes for clearing institutions, issued asset management licenses, registered investment-certificate prospectuses, approved share issuances, cancelled certain registrations, and removed a pension fund from the register.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-12-02•Saudi Arabia•Saudi Arabian Monetary Authority
Saudi Arabian Monetary Authority Governor Ayman M. Al-Sayari stated that the fiscal year 2026 state budget aims to enhance sustainable economic growth. He highlighted the stability of monetary conditions and the strong solvency and asset quality of the banking sector, emphasizing SAMA's strategic role in maintaining monetary and financial stability to support Saudi Vision 2030.
Monetary policyMonetary policy assessments & outlooksFinancial stability and systemic risk
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2025-12-02•Türkiye•Central Bank of Türkiye
The Central Bank of the Republic of Türkiye has simplified its reserve requirement regulation by ending the provisional zero percent reserve requirement for certain long-term foreign currency liabilities and revising FX reserve requirement ratios. FX demand deposits with maturities up to one month now have a 30% ratio, while longer maturities are set at 26%. Precious metal deposit accounts and other FX liabilities also have adjusted ratios, with significant reductions for longer maturities.
Policy & regulationRules & requirementsMacroprudential policy and tools
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2025-12-02•United States•Federal Deposit Insurance Corporation
In testimony to the U.S. House Committee on Financial Services, Acting Chairman Travis Hill detailed the FDIC's supervisory changes, including a joint rule with the Office of the Comptroller of the Currency to define “unsafe or unsound practice” and creating an independent Office of Supervisory Appeals. The FDIC plans to finalize guidelines for this office, issue a final rule on expedited branch processing, and advance stablecoin implementation under the Guiding and Establishing National Innovation for U.S. Stablecoins Act by early 2026.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-12-02•Ecuador•Superintendencia de Bancos de Ecuador
Ecuador's Superintendency of Banks and the Network of Development Financial Institutions signed a letter to enhance technical cooperation and expand financial services access. The agreement outlines information exchange, streamlined supervision, and public policy design to improve system accessibility and efficiency. Superintendent Roberto Romero von Buchwald emphasized rigorous supervision of Ecuador's 426 financial entities, while RFD Executive Director Valeria Llerena Endara highlighted innovation and support for development-focused institutions.
SupervisionCooperationDomestic cooperation
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2025-12-02•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) outlined enforcement priorities to mitigate investor harm, focusing on accountability for the Shield and First Guardian Master Funds collapses and addressing poor practices in private credit. ASIC has initiated legal actions against entities like Macquarie and SQM Research, highlighting regulatory gaps in the investment chain. In private credit, ASIC noted rapid market growth and transparency concerns, announcing further surveillance on fee disclosure and distribution practices.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-12-02•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has updated Regulatory Guide 183 on industry codes of conduct for the financial services and credit sectors, reflecting legislative reforms since 2013. The revised guide clarifies ASIC’s criteria and process for code approval, emphasizing that while code development is not mandatory, ASIC approval signals consumer confidence. The updates follow stakeholder consultation, with broad support.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-12-02•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia conducted an inspection of its 6.9 tonnes of monetary gold stored at the Bank of England, confirming the gold's condition and compliance with the London Good Delivery Standard. The inspection is part of routine security measures, and the bank noted potential for generating additional income through short-term deposits and transactions under favorable market conditions.
Institutional developmentCooperation & capacity buildingOther
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2025-12-02•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica has released technical parameters for estimating the Costa Rican colón (CRC) zero-coupon curve, enhancing the precision of domestic interest rate structures. These parameters, updated weekly, derive from market prices and incorporate taxes and liquidity weightings to improve stability in a low-liquidity market. A methodology paper and webinar materials accompany the release.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-12-02•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) released a Gallup Pakistan survey highlighting strong stakeholder confidence in its fairness but identifying operational issues affecting user experience. SECP announced a strategic shift to enhance regulatory responsiveness and business-friendliness, focusing on improving turnaround times and communication clarity. The regulator plans to develop plain-language resources and periodically repeat the survey to monitor progress.
Policy & regulationImplementation, projects & pilotsOther
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2025-12-02•Belgium•National Bank of Belgium
The National Bank of Belgium reports moderate economic growth but a cautious business outlook for early 2026 as uncertainty and weak demand restrain spending and investment. High labor and energy costs continue to squeeze margins, with manufacturing, construction and retail facing the greatest pressure.
Monetary policyMonetary policy assessments & outlooksActivity and performance reporting
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2025-12-02•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier reported that total net assets of Luxembourg undertakings for collective investment (UCIs) rose to EUR 6,162.301 billion as of 31 October 2025, marking a 2.28% monthly and 8.77% annual increase. Growth was driven by EUR 22.099 billion in net subscriptions and EUR 115.158 billion in market performance. The number of UCIs decreased slightly to 3,069, with equity UCIs showing positive performance despite outflows in certain categories.
Data & statisticsAsset quality
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2025-12-02•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia highlighted Superintendent César Ferrari's emphasis on cooperative financial education as a catalyst for social development during a forum at Pontificia Universidad Javeriana. Ferrari referenced Cooperativa Multiactiva Coomproriente's efforts in Tibasosa, noting its educational initiatives on saving, investment, and anti-money laundering, with plans to expand into interest rates and productive loans.
Financial literacy & educationFinancial literacy and education
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2025-12-02•Europe•Authority for Anti-Money Laundering and Countering the Financing of Terrorism
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) presented its progress and priorities to the European Parliament’s ECON and LIBE Committees, focusing on establishing a unified EU AML/CFT system. Key 2026 priorities include developing standards to enhance Financial Intelligence Unit effectiveness, cross-border cooperation, and building an internal risk-analysis function. The hearing also addressed high-risk third-country listing, crypto-assets, and coordination with European law enforcement.
Policy & regulationReform agendas & prioritiesAML and CFT
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2025-12-02•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) secured an interim injunction against a suspected manipulator of Eggriculture Foods Limited shares, preserving assets up to HKD 62.6 million under section 213 proceedings of the Securities and Futures Ordinance. The injunction ensures funds for potential court orders related to alleged manipulation between September and November 2018. The suspect is also involved in related criminal proceedings, with a trial set for July 2026.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-12-02•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance endorsed Euronext’s proposed acquisition of the Greek stock exchange, linking it to the EU’s Savings and Investment Union agenda. The Minister emphasized the deal's strategic importance for enhancing liquidity and growth for Greek companies and called for removing barriers within the EU single market. Euronext CEO Stéphane Boujnah highlighted the integration as a step to address Greece’s historically isolated markets, citing Euronext’s market capitalisation of EUR 6.5 trillion.
Policy & regulationReform agendas & prioritiesMarket development
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2025-12-02•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a public scam alert regarding bank-related fraud, including fake websites and phishing emails. The HKMA emphasized that banks will not send SMS or emails with embedded links for transactions or request sensitive information. Affected individuals should contact their bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-12-02•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) released its Global Insurance Market Report 2025, highlighting strong solvency, adequate liquidity, and profitability in the global insurance sector, with a slight decline in systemic risk. Key themes include rising private credit investment, geoeconomic fragmentation, and expanding AI use, each presenting specific supervisory challenges. The IAIS plans to enhance monitoring of alternative assets, deepen systemic risk analysis, and refine climate-risk assessments.
ResearchClimate risk and sustainable finance
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2025-12-02•India•Reserve Bank of India
The Reserve Bank of India has amended the Foreign Exchange Management (Export and Import of Currency) Regulations, revising conditions for currency movement between India and Nepal or Bhutan. The amendment allows individuals, excluding citizens of Pakistan or Bangladesh, to carry Indian notes above INR 100 up to INR 25,000. It also permits the export and import of Nepalese and Bhutanese currency notes.
Policy & regulationRules & requirementsCurrency and cash management
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2025-12-02•Belgium•National Bank of Belgium
The National Bank of Belgium's latest Business Echo shows moderate summer growth in Belgian economic activity amid global uncertainty. Despite stable input costs, high labour and energy expenses impact margins, with uneven sector conditions—manufacturing under pressure and construction weak. By early 2026, economic conditions are expected to remain largely unchanged, with persistent structural challenges in manufacturing, construction, and retail.
ResearchEconomic data and developments
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2025-12-02•Global•Bank for International Settlements
The Bank for International Settlements released a working paper analyzing Alipay transaction data to assess the impact of house price changes on household consumption in China. The study found a significant housing wealth effect in Tier 1 and Tier 2 cities, with a 10% rise in house prices linked to a 1.6% increase in consumption, particularly among older households and homeowners. In contrast, Tier 3 and Tier 4 cities showed no significant effects, with higher prices potentially reducing consumption among younger households.
Research
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2025-12-02•Global•Bank for International Settlements
The Bank for International Settlements released a BIS Bulletin examining repo haircuts and their impact on leverage in repo-funded strategies. The analysis highlights the importance of distinguishing between funding-driven and collateral-driven repo trades, with "specials" prominent in euro repos. The findings suggest that uniform minimum haircut requirements could affect leverage dynamics and favor cash lenders in collateral-driven segments.
ResearchLiquidity riskPrudential risks
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2025-12-02•Global•Bank for International Settlements
The Bank for International Settlements released a working paper on "generative economic modeling," combining neural networks with traditional methods to tackle dimensionality issues in economic models. Validated through Euler equation errors, this approach improves accuracy in asset pricing and real business cycle models, highlighting nonlinear amplification of financial shocks and attenuated responses under higher uncertainty in a high-dimensional New Keynesian model.
ResearchArtificial intelligence