The National Bank of Belgium has appointed economist Hans Dewachter as the new head of its Economics and Research Department, effective early 2026. He will succeed Xavier Debrun, who is moving to a new position abroad.
The National Bank of Belgium completed its 2025 assessment of domestic systemically important institutions (O-SIIs), maintaining the additional capital buffer levels set in 2023. Eight institutions were redesignated as O-SIIs, with BNP Paribas Fortis, KBC Group, Euroclear Holding, ING Belgium, and Belfius Bank subject to a 1.5% buffer, while The Bank of New York Mellon, Investeringsmaatschappij Argenta, and Crelan remain at 0.75%. These buffers are structural but may be temporarily released in a crisis.
The Bank for International Settlements released a working paper analyzing the global macroeconomic effects of the United States' 2025 tariff policies using a multi-country, multi-sector trade model. Broad-based tariffs cause short-run output losses and inflation, especially in economies integrated into US supply chains, with long-term supply-chain reallocation partially mitigating these effects. A narrower tariff regime focused on China and selected sectors shows smaller global impacts and increased trade diversion, benefiting countries like Vietnam.
The Bank for International Settlements released a paper highlighting water scarcity as a macroeconomic constraint and inflationary pressure, urging economists and central banks to monitor it alongside climate change. Covering 169 countries from 1990 to 2020, the study links increased water scarcity to reduced GDP, investment growth, and higher inflation, while improved water use efficiency correlates with better economic outcomes. Sectoral impacts include diminished services shares and slower growth in water-intensive manufacturing, with projections indicating worsening water stress by the century's end.
The Bank for International Settlements released a bulletin examining the impact of non-bank financial institutions (NBFIs) on monetary policy transmission, noting that NBFIs can both dampen and amplify effects based on their business models. Investment funds are strengthening transmission but making it less stable, with NBFI assets averaging around 400% of GDP in major economies. The paper discusses leverage, liquidity mismatches, cross-border spillovers, and raises operational questions for central banks regarding NBFI access to liquidity.
Dame Meg Hillier, Chair of the UK Parliament’s Treasury Select Committee, issued a statement on Richard Hughes’s resignation as Chair of the Office for Budget Responsibility. The upcoming Committee session will proceed with Tom Josephs and Professor David Miles CBE. Hillier acknowledged Hughes's dedication and his decision to take full responsibility for the incident.
Turkey's Banking Regulation and Supervision Agency (BRSA) published its October 2025 Banking Sector Monthly Bulletin. The bulletin provides key financial data from institutions under the Banking Law, enhancing transparency and public information.
Germany's Federal Financial Supervisory Authority (BaFin) updated guidance under the German Money Laundering Act, consolidating EU and FATF lists and detailing enhanced due diligence. The update reflects FATF's October 2025 statements on high-risk jurisdictions, including North Korea, Iran, and Myanmar, outlining specific measures for dealings with these countries. BaFin emphasizes heightened due diligence for North Korea and Iran and advises firms to incorporate country-risk factors from the FATF's "increased monitoring" list into their assessments.
The Federal Reserve Bank of Boston's 69th Economic Research Conference examined the US economy's adaptation to global fragmentation and volatility, focusing on uncertainty, geopolitical risks, and trade shifts. Discussions included supply-chain uncertainty, inflation, and industrial policy, with a keynote by Pol Antràs on production fragmentation and tariff impacts. A Boston Fed paper highlighted that 2025 tariff exposure for direct importers is significantly larger than in 2018, affecting prices, margins, and investment.
Thailand’s Office of Insurance Commission (OIC) released results from the "Prachin Yuen Nueng" initiative in Prachinburi, which integrates road-safety measures with efforts to expand compulsory motor insurance access. The pilot, involving the insurance sector and the Thailand Development Research Institute, showed increased helmet use and insurance participation, with plans to replicate the model nationally to help reduce road-traffic deaths.
The Central Bank of the Republic of Uzbekistan, at the Swiss Days event, outlined its financial sector reform priorities. Deputy Chairman Abror Mirzo Olimov emphasized efforts to enhance banking resilience, transparency, digitalisation, and access to finance. Discussions highlighted improving digital infrastructure to support small and medium-sized enterprises' access to funding.
CONDUSEF reported 2,839 consumer complaints in Guerrero from January to September 2025, a 1.9% decrease year on year, with MXN 187.5 million claimed and MXN 20.2 million recovered. Acapulco de Juárez accounted for 63.6% of complaints, mainly involving debit and credit cards, and motor insurance, with unrecognised charges and electronic transfers as leading issues. Multiple banking was the most affected sector, with 58.5% of complaints, and CONDUSEF emphasized its free online complaint management channels.
The Inter Governmental Action Group against Money Laundering in West Africa has published an expression of interest for a driver consultant for the ECOWAS Permanent Representation in Senegal. The Dakar-based role pays XOF 3,600,000 a year and runs for six months, renewable subject to evaluation and budget. Applications close on 09 January 2026.
GIABA has issued a typologies report finding that weak beneficial ownership controls, unverified company data and fragmented oversight continue to expose West African legal entities and arrangements to misuse for money laundering and terrorist financing. The report highlights shell companies, false invoicing, nominee structures and corrupt procurement schemes as recurring methods. It calls for stronger registers, better verification, tighter sanctions and closer cross-border information sharing.
The Jordan Securities Commission is developing a risk-based framework for virtual asset service providers to enhance investor protection and anti-money laundering measures, transitioning to data-driven supervision. The Commission reported a 38% rise in the capital market index and a 46% increase in market capitalisation, alongside government measures like reduced trading commissions and tax exemptions for investment funds.
The Liechtenstein Financial Market Authority has authorized ZEUS Anstalt für Vermögensverwaltung to offer portfolio management services for crypto assets under Article 60(3) of Regulation (EU) 2023/1114 on markets in crypto assets (MiCAR).
The Central Bank of the Philippines (BSP) mandates electronic submission for foreign exchange transaction applications to the BSP International Operations Department starting 15 December 2025. This includes approvals and notices for foreign borrowings, currency loans, cross-border transfers, and investments. The circular supersedes Circular Letter No. CL-2025-022, with operational guidelines for the Foreign Loans and Investments Management System to be issued separately.
The Central Bank of Curaçao and Sint Maarten (CBCS) released new fact sheets for the pension fund, life insurance, and non-life insurance sectors, alongside the 2025 Financial Stability Report. These fact sheets address data gaps identified by the International Monetary Fund and introduce revised Financial Soundness Indicators (FSIs) for these sectors. CBCS intends to publish these fact sheets annually to maintain updated sector information.
ECB Vice-President Luis de Guindos discussed the Financial Stability Review, noting European banks' resilience but warning of vulnerabilities in market valuations and non-bank finance. He highlighted concerns over compressed equity risk premia, rising hedge fund leverage, and unsupervised private equity markets, calling for global regulation and a more integrated European supervisory approach. De Guindos also mentioned the ECB's Task Force on Simplification and the digital euro's role in complementing cash and reducing reliance on US payment methods.
The European Central Bank's Working Paper under the Lamfalussy Fellowship Programme examines how international investors adjust bond portfolios in response to changes in safe-asset returns. It highlights inelastic demand for US Treasuries and German Bunds, with differing spillover effects on the broader bond market. The paper notes that substitutability weakens during market stress, impacting monetary policy transmission through portfolio rebalancing.
The European Central Bank's working paper examines how narrative disagreement between general-audience and specialised newspapers affects the gap between households' and professional forecasters' inflation expectations. It finds the gap widens when general newspapers align with households' demand-supply views, contrasting with experts' perspectives. The study highlights stronger effects for older and non-college-educated households, especially during periods of higher or persistent inflation.
The Brazilian Pension Funds Authority (PREVIC) will replace the CadPrevic and Cand systems with a new registration platform developed by PREVIC, effective 1 January 2026. A videoconference with Closed Pension Entities (EFPC) is scheduled for 4 December to discuss the transition and access measures. PREVIC also plans to automate and unify licensing requests on the gov.br portal in collaboration with the Digital Government Secretariat.
The Central Bank of the Philippines hosted its Financial Education Stakeholders’ Congress in Manila, recognizing financial education advocates and formalizing a digitalization partnership with the Department of Information and Communications Technology. The agreement supports BSP initiatives, Paleng-QR Ph Plus and the BSP E-Learning Academy, with digital infrastructure. The congress launched new financial education initiatives and conferred awards to various partner organizations.
The South African Reserve Bank released a discussion paper on designating systemically important market infrastructures and payment systems under the Financial Sector Regulation Act 9 of 2017. The approach combines quantitative assessment and qualitative judgement, with indicators weighted for size, interconnectedness, substitutability, and complexity. Designation subjects entities to resolution planning and potential additional requirements, with processes for notification, consultation, and reassessment detailed.
The Central Bank of Turkmenistan issued modified polymer banknotes in 1, 5, and 10 manats, and introduced a new 200 manat note, featuring enhanced security and durability. The redesign commemorates the 30th anniversary of permanent neutrality and the International Year of Peace and Trust. All new notes are legal tender, with older series remaining valid, and authenticity can be verified through security features detailed on the central bank's website.
The South Korea Financial Supervisory Service reported a rise in assets under management to KRW 1,868.8 trillion and preliminary net income to KRW 944.7 billion for Q3 2025. Fund assets increased by 5.0%, with publicly offered funds up 8.8% and privately offered funds up 2.2%. The FSS will continue monitoring capital flows and analyzing asset managers' financial conditions to enhance financial consumer protection and industry soundness.
The Italian Institute for Insurance Supervision (IVASS) issued a warning regarding counterfeit surety policies falsely attributed to Fortegra Belgium Insurance Company, which has disowned the documents. IVASS advises consumers to verify insurance offers and ensure they are dealing with authorised insurers and intermediaries by consulting IVASS’s online registers.
The Italian Institute for Insurance Supervision (IVASS) has issued a warning regarding the marketing of surety bond guarantee policies by Allied Re Corporation Ltd, which is not authorised to conduct insurance business in Italy. IVASS advises consumers to verify the legitimacy of insurance offers and intermediaries through checks available on its website, including lists of authorised insurers and intermediaries.
The Italian Institute for Insurance Supervision (IVASS) warned about counterfeit surety bond policies falsely attributed to Berkshire Hathaway European Insurance DAC, which the insurer disowned. IVASS advised verifying insurance offers against its registers and warning lists. Berkshire Hathaway European Insurance DAC, supervised by the Central Bank of Ireland, confirmed it does not issue surety bond policies and identified a fraudulent email address.
The Brazil Securities Commission (CVM) released its November 2025 agenda, featuring public consultations on accounting rule updates and simplified disclosure for Financial Investment Funds, and a rule change expanding infractions eligible for simplified procedures. CVM issued guidance on fund quota distribution and public offerings, published alerts on irregular activities, and suspended Sugoi S.A.'s registration. Highlights include sustainable finance discussions, cooperation renewals, a Real Estate Sector Bulletin, and a technical note on Resolution CVM 193 implementation.
The Brazil Securities Commission (CVM) issued Joint Circular Letter CVM/SIN/SSE 1/2025, clarifying provisions of CVM Resolution 175. The circular mandates the migration of remuneration information for fund service providers to the ANBIMA Platform, enhancing transparency and comparability, and replaces the "Remuneration Summary" with this platform as the transparency standard. Certain obligations are waived with the platform's adoption.
The Brazil Securities Commission (CVM) secured second place in the "Leader in Digital Transformation 2025" category at the III Forum of Leaders of Digital Transformation Plans. The award acknowledges CVM's efforts in enhancing digital services, including migrating portals to GOV.BR, digitalising over 50 services, and implementing information security measures. The CVM's ongoing 2025–2027 plan focuses on further digital transformation initiatives.
The Brazil Securities Commission (CVM) will hold a public judgment session on 2 December for three administrative sanctioning proceedings. The cases involve alleged diligence failures by Petróleo Brasileiro S.A.’s Executive Board, informational failures by Mitre Realty’s investor relations director, and breaches of diligence and loyalty duties related to RPPS investments in the FIRF Pyxis Institucional IMA-B fund. The session will be at CVM’s Rio de Janeiro headquarters with a videoconference option, and may proceed via electronic voting if defendants do not participate.
The European Central Bank has released an AMI-SeCo migration strategy for transitioning to ISO 20022 in European securities post-trade corporate events and triparty collateral management. The strategy outlines phased milestones for central securities depositaries, triparty agents, and participants, targeting full ISO 20022 adoption by 2030. An implementation group will oversee the migration, with annual progress monitoring and a formal review by 2028 to assess readiness and adjust timelines if necessary.
The Philippine Securities and Exchange Commission hosted the "Fintech Forward" forum, focusing on regulatory and market dynamics in financial technology and investor protection. Discussions covered the regulatory landscape for digital assets, cryptocurrency regulation, and the use of emerging technologies like artificial intelligence. The SEC also highlighted its recent issuance of rules for crypto-asset service providers.
The Central Bank of Russia has drafted a regulation for banks to calculate a concentration indicator for immobilised assets, which are non-core, illiquid holdings with equity-type risks. The proposed risk-sensitive limit (RSL) mandates that assets exceeding the limit be covered by a bank’s equity, transferring risk from depositors and creditors to shareholders. Banks must classify these assets into three groups with an immobilisation ratio from 1 to 3, with a maximum RSL set at 25% of a bank’s equity, phased in from 2027.
The Central Bank of Russia's Q3 2025 review reports significant growth in corporate voluntary medical insurance (VMI), with employer-paid contributions rising nearly 25% year-on-year to RUB 191.3 billion. The number of employees covered under corporate VMI increased by 2.9 million to 20 million. Overall, total insurance contributions grew by 14.7% to RUB 2.8 trillion, while payouts surged by almost 75% to RUB 1.8 trillion.
The Central Bank of Russia has appointed Sergey Shevchenko as Director of its Real Estate Department, effective 1 December 2025. Shevchenko transitions from Acting Director, bringing experience from major financial and real estate development companies.
The Reserve Bank of Fiji, chairing the National Financial Inclusion Taskforce, reported progress on the National Financial Inclusion Strategy with over 85% of Fijian adults in the formal financial sector and launched a Facilitator’s Resource for Financial and Digital Literacy. Updates included the Noda I Lavo TV programme, outreach to over 16,041 Fijians, a Sustainable Finance Roadmap, the Fiji Innovation Hub, and the Access to Business Funding Act 2025 for MSMEs.
The Central Bank of the Republic of Kosovo conducted a workshop under the WE Finance Code initiative to enhance women entrepreneurs' access to finance and promote financial inclusion. Key discussions included progress on collecting sex-disaggregated data, transparency, and governance standards. This workshop followed commitments from the regional forum in Montenegro organized by the European Bank for Reconstruction and Development.
The Vietnam State Securities Commission has mandated individuals listed in an attached notice to pay a VND 1,000,000 fee for a securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
The U.S. House Committee on Financial Services released a report titled “Operation Choke Point 2.0: Biden’s Debanking of Digital Assets,” alleging that Biden Administration regulators pressured banks to sever ties with digital asset businesses, affecting at least 30 entities. The report claims this was done through vague rules, informal guidance, and aggressive enforcement, with political motivations cited. Committee leaders urged Congress to legislate protections against such practices, referencing potential legislation to enshrine previous executive order protections.
The U.S. House Committee on Financial Services passed six bipartisan bills on HUD oversight, capital formation, WKSI eligibility, World Bank financing for Burma, and FDIC transparency. Key measures include the HUD Transparency Act requiring annual HUD Inspector General testimony, the DEAL Act amending venture capital fund definitions, and the Expanding WKSI Eligibility Act lowering the public float threshold. The ICAN Act raises the cap on venture capital fund exemptions, while the No New Burma Funds Act and the Systemic Risk Authority Transparency Act address World Bank financing and FDIC systemic risk exception transparency.
The Central Bank of Nigeria's Q4 2025 Credit Conditions Survey reveals increased credit availability and demand across most lending types, alongside higher default rates. The survey highlights rising loan approval rates for secured and corporate lending, declining for unsecured lending, and varying spreads relative to the Monetary Policy Rate, with findings based on lender responses collected in November 2025.
The National Bank of the Kyrgyz Republic is consulting on a draft Board resolution to amend regulatory acts concerning the licensing and regulation of OJSC Financial Company of Credit Unions and credit unions. The draft is available on the central bank's website and the Kyrgyz Republic's public consultation portal.
The National Bank of the Kyrgyz Republic has initiated a public consultation on a draft Board resolution to establish requirements for banks' financial recovery plans. The proposal aims to enhance financial stability by mandating the development, maintenance, and implementation of these plans.
Saudi Arabia’s Insurance Authority hosted King Saud University students to explain insurance regulation and promote careers in the sector. It also highlighted training and scholarship initiatives as the market’s workforce, currently exceeding 17,000 with nationalization above 85%, is expected to double over five years.
The Thailand Securities and Exchange Commission has amended listing rules for digital asset exchanges to align with industry practices while ensuring investor protection. Changes permit exchanges to list cryptocurrencies or digital tokens issued by the exchange or affiliates and require disclosure of related persons to prevent insider trading. The amended rules take effect on 1 December 2025, with broad public support noted during the consultation period.
The Thailand Securities and Exchange Commission urges JC Kevin Development Company Limited’s JCKD206A bondholders to review information and exercise their rights at the e-meeting on 1 December 2025. The meeting will address changes to the bond’s terms, including extending the redemption date, revising principal repayment, adjusting interest rates, and exempting an event of default related to loan repayment defaults. Bondholders should seek comprehensive information from the issuer or representative before voting.
The Central Bank of Iceland's Financial Stability Committee approved amendments to borrower-based mortgage measures, increasing the debt service-to-income exemption from 5% to 10% and raising the loan-to-value cap for first-time buyers from 85% to 90%. The Bank will also publish constant-maturity rate information to enhance transparency in Icelandic financial product pricing.
The European Payments Council has released the 2025 update of its Payment Threats and Fraud Trends Report, detailing significant payment threats and fraud enablers. The report examines the impact of artificial intelligence on both attackers and defenders and analyzes threats across various stages of the payment process and instruments, including cards, SEPA Credit Transfer, SEPA Direct Debit, SEPA Instant Credit Transfer, and mobile wallets.
The Department of Finance Canada announced the appointment of Chantal Frappier, Marjolaine Giasson, Sandra L. Hanington, Maureen C. Jensen, and Andrew D. Mutch to the Bank of Canada’s Board of Directors, effective November 27, 2025. These appointments align with the Government of Canada’s open, transparent, and merit-based approach to Governor-in-Council appointments.
HM Treasury plans a "provisional licences" regime for early-stage financial services firms to conduct limited regulated activities under FCA oversight while seeking full authorisation. It targets firms not yet FCA-authorised, excluding those under dual regulation or seeking new activities. Licences last up to 18 months, with limited extensions, requiring compliance and an orderly wind-down if full authorisation isn't achieved.
HM Treasury will amend the Financial Services and Markets Act 2000 to introduce "targeted support" in pensions and investments, separate from regulated advice. Firms must obtain permissions from the Financial Conduct Authority or Prudential Regulation Authority, with most exemptions retained, except for certain managers. The statutory instrument, expected in early 2026, will simplify disclosure requirements to align with FCA rules.
HM Treasury proposes repealing the UK's Benchmarks Regulation, replacing it with the Specified Authorised Benchmarks Regime (SABR) to focus on systemically important benchmarks. The consultation suggests reducing domestic administrators in scope by up to 90% and delegating detailed requirements to the Financial Conduct Authority (FCA). It also proposes an Overseas Recognition Regime for cross-border access and seeks feedback on ESG benchmarks and commodity benchmark requirements.
The National Bank of Hungary has finalized a sectoral systemic risk buffer (sSyRB) to address systemic risks in the real estate market, effective 1 January 2026, set at 1% for property-collateralized exposures. Developed with market participants, it aligns with the Financial Stability Board's directive and is not expected to significantly constrain lending. The MNB will review the buffer rates annually.
The National Bank of Hungary's Q3 2025 Trends in Lending report shows a rise in household and corporate credit, with household loans up by HUF 338 billion and corporate loans by HUF 242 billion. Despite a 21% quarterly drop in housing loan transactions, new household loan contracts grew by 11% year-on-year, driven by a surge in personal loans. Corporate credit standards remained unchanged, with expectations of increased demand in Q4 2025 and Q1 2026, although long-term investment loan demand is not expected to recover.
The Financial Consumer Agency of Canada announced that, effective 1 December 2025, Canadians can access low-cost bank accounts capped at CAD 4 per month and expanded no-cost accounts, following a modernized Commitment by 14 federally regulated financial institutions. The Commitment mandates clear display of account options and staff training, with eligibility for no-cost accounts extended to newcomers and other specified groups. FCAC will oversee compliance.
The Office of the Comptroller of the Currency, the Federal Reserve Board, and the FDIC are seeking input on regulatory reporting burdens for institutions filing the Consolidated Reports of Condition and Income (Call Report). The FDIC confirmed the request applies to all FDIC-insured financial institutions. Potential changes to the Call Report data collection will be subject to further comment under the Paperwork Reduction Act.
The Egypt Financial Regulatory Authority completed a central database by the Anti-Fraud Committee at the Egyptian Consumer Finance Federation, listing individuals and entities involved in harmful practices. This database, electronically linked between companies, service providers, and the authority, aids in supervisory follow-up and supports creditworthiness assessments. Additionally, the authority held a workshop for licensed consumer finance companies to explain data submission procedures and continued issuing warnings against unlicensed entities.
The Egypt Financial Regulatory Authority (FRA) released its first unified guide to streamline engagement with the regulator across non-banking financial activities, enhancing transparency and supporting digital transformation. The guide details service definitions, documentation, application processes, and mandatory timelines for services in capital markets, insurance, and non-banking financing. It will be updated periodically to align with legislative and global practices.
Chile's Financial Market Commission (CMF) has launched a second public consultation on modernizing the regulatory framework for savings and credit cooperatives. The proposal, part of the Financial Resilience Act, aims to introduce proportional regulation and risk-based supervision, focusing on governance, corporate operations, and transparency. The draft includes an Updated Compilation of Cooperative Regulations and an Information Systems Manual, with gradual implementation to facilitate adaptation.
The US Office of the Comptroller of the Currency released Community Reinvestment Act performance evaluations for 32 institutions, with eight receiving an "outstanding" rating. The evaluations assess how well institutions meet community credit needs while maintaining safe operations. A searchable database of CRA evaluations is available on the OCC's website.
The U.S. Office of the Comptroller of the Currency (OCC) responded to a House Financial Services Committee report alleging the Biden Administration discouraged banks from engaging with digital assets. Comptroller Jonathan V. Gould highlighted the OCC's efforts to enhance transparency in digital asset activities and its removal of reputation risk references from guidance documents. The OCC is investigating large banks' roles in debanking digital asset customers and aims to ensure fair access to financial services.
The Office of the Comptroller of the Currency will maintain the reduced assessment rates for OCC-regulated institutions for 2026, as established in September 2025. The reductions include a 30% decrease for assets up to USD 40 billion and a 22% decrease for assets above USD 40 billion, as well as a 22% reduction for independent trust and credit card assessments. These rates will apply to assessments due on March 31 and September 30, 2026.
The Financial Action Task Force's third enhanced follow-up report on Poland highlights improvements in its anti-money laundering and counter-terrorist financing framework, upgrading Recommendation 8 to Largely Compliant. However, Recommendation 15 remains Partially Compliant, with deficiencies in addressing ML/TF risks from new technologies and virtual assets. Poland is in step 1 of compliance enhancing procedures due to ongoing issues with Recommendations 5 and 20, requiring further progress reporting.
The Financial Supervisory Authority of Norway's inspection report on Noroppgjør AS highlights compliance breaches in AML, real estate brokerage, and ICT management. Issues include inadequate internal control monitoring, non-compliant settlement journalkeeping, and weaknesses in AML risk assessment and outsourced customer due diligence. The firm must address these deficiencies, establish external monitoring, and ensure compliance with the Real Estate Brokerage Regulation.
The International Association of Deposit Insurers (IADI) has outlined its 2026 work priorities, focusing on updated Core Principles, digitalisation, and a five-year strategic framework. Key initiatives include updates to the Handbook for Compliance Assessment, a new Core Principles training programme, and research on deposit insurers' roles in a digital financial ecosystem. Additionally, IADI plans to expand data collection and enhance international stakeholder engagement.
The Qatar Financial Centre hosted the 'QFC Connect' event to enhance collaboration within Qatar's innovation and technology ecosystem. Over 400 participants, including key national entities, discussed growth opportunities and shared challenges. The QFC highlighted recent initiatives to improve business ease, such as streamlined incorporation, instant licensing, and significant fee reductions.
The Isle of Man Treasury issued a general licence for legal services fees under most autonomous financial sanctions regimes. It allows law firms and counsel to receive payments from designated persons without a specific licence, provided conditions are met, but excludes payments to those designated under United Nations obligations. The licence is effective from 29 October 2025 to 28 April 2026, with mandatory reporting and record-keeping requirements.
The Cayman Islands Monetary Authority has implemented the VASP Financial Returns Form in its Regulatory Enhanced Electronic Forms Submission (REEFS) system, standardizing financial reporting for virtual asset service providers under the Virtual Asset (Service Providers) Act (2024 Revision). The form, coded VFR-051-84, is mandatory for all regulated VASPs according to prescribed reporting periods. Guidance is available in REEFS and the VFR-051-84 Guide.
The Single Resolution Board (SRB) has released its 2026 agenda, focusing on consultations, data requests, and deliverables for the banking industry, emphasizing bank-led testing and resolvability assessments. The SRB plans to increase bank-specific deliverables beyond annual requirements if there are resolvability gaps or outdated information. The agenda includes public consultations, data submissions for resolvability and compliance monitoring, and requests related to administrative and Single Resolution Fund contributions, distinguishing between all banks and specific subsets based on resolution strategy and risk profile.
Australia's Treasury released a consultation paper for an independent review of the Enhanced Regulatory Sandbox (ERS). The review will assess its effectiveness, support for financial innovation, and comparison with global models. The paper notes limited uptake, with 19 entities accepted from 103 applications, and issues like ambiguous objectives and low thresholds.
The National Bank of Moldova announced the launch of a commemorative coin titled “Queen Maria of Romania – 150 years since birth” on Romania’s National Day. Governor Anca Dragu emphasized Moldova–Romania cooperation, highlighting Romania as Moldova’s key economic partner and central bank collaboration. The cooperation agreement supports Moldova’s alignment with European banking standards, including SEPA harmonisation and EU Twinning programmes.
The Central Bank of the Bahamas reported moderated economic growth in October 2025, with tourism remaining strong despite a decline in stopover activity. Banking sector liquidity contracted, but external reserves increased by BSD 123.0 million due to net foreign currency inflows. The report also noted a decrease in Bahamian-dollar credit and deposits, while private sector credit rose and non-performing loans fell.
The Eastern Caribbean Central Bank reported on the fourth US-Caribbean Roundtable on Citizenship by Investment, highlighting progress in governance and integrity of CBI programmes. Key developments include the implementation of the regional CBI risk-mitigation framework, the "Six Principles," and the establishment of the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA), set to become operational in 2026 as an independent regional regulator enforcing uniform standards.
The Danish Financial Supervisory Authority has released its updated DKFIN taxonomy for financial statement reporting, mandating its use for certain larger companies' 2025 annual reports and all financial undertakings subject to Inline XBRL reporting. Key updates include new tags for the European Single Access Point, alignment with current legislation, and technical corrections. The taxonomy is accessible on the Authority’s website.
The Kuwait Capital Markets Authority attended IOSCO meetings from October to November 2025, focusing on market development, sustainable finance, and crypto assets. Led by Board member Tariq Al‑Shehab, the delegation participated in sessions in Madrid, Abu Dhabi, and Malta, addressing financial stability, innovation, and sustainability standards. Discussions included adopting ISSB standards and capacity-building mechanisms in developing markets.
The Central Bank of the Republic of China reported October data on China's bond, money, and securities markets, noting CNY 6.36tn in bond issuance and CNY 194.6tn in total bonds in custody. Foreign institutions held CNY 3.8tn, or 1.9% of the market, primarily in central government bonds. Interbank cash bond turnover increased by 10.2% year on year to CNY 26.6tn, while interbank lending and bond repo turnover decreased.
Greece's Ministry of National Economy and Finance and the Independent Authority for Public Revenue clarified that automatic rent refund credits were based on tenants' 2025 income tax returns for the 2024 tax year, with lower payments due to incorrect or incomplete declarations. Eligible tenants can amend their E1 returns to recalculate refunds, subject to verification checks. Refunds are capped based on family size and student residence, with adjustments reflecting actual rent paid and validated against electronic leases and landlord declarations.
Greece’s Ministry of National Economy and Finance announced an extension for taxpayers to submit corrective E1 filings to adjust their 2024 rent expenditure declarations until 30 December. This measure allows citizens to correct errors where monthly amounts were reported instead of the required annual figures, providing a second chance for those who missed the initial 30 September deadline.
Greece’s Ministry of National Economy and Finance outlined Minister Kyriakos Pierrakakis’s meetings in Dublin on bilateral economic cooperation, euro area policy, and capital markets. Talks with Irish officials will cover investment, financial services, and the Athens Stock Exchange's potential integration into Euronext. Pierrakakis will also meet with the Central Bank of Ireland on euro area economic developments and discuss digital transformation and European integration.
The Qatar Financial Centre Regulatory Authority's Information Technology department has achieved ISO/IEC 27001:2022 certification, confirming its alignment with international information security standards following a rigorous audit with zero non-conformities. This milestone enhances operational excellence, data protection, cybersecurity, and risk management, supporting governance and compliance with global standards.
Qatar Central Bank Governor H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani met with Rishi Sunak, Senior Advisor at The Goldman Sachs Group, to discuss recent developments in global finance and investment.
The Jordan Securities Commission presented its supervisory agenda to the Parliamentary Finance Committee, emphasizing enhanced transparency, upgraded electronic monitoring, and expanded financing tools, with a draft budget of JOD 5 million. The Commission highlighted legislative frameworks and capital spending aimed at modernizing infrastructure, while addressing trading suspensions and restricted trading instructions in the securities market.
Jordan’s Cabinet approved the Virtual Asset Service Providers Licensing Regulation 2025, establishing rules for licensing digital trading platforms, and endorsed amendments to the Jordan Securities Commission’s fee framework to enhance fairness and efficiency. The fee amendments, which do not introduce new charges, will be implemented across 2026 and 2027, reducing the Commission’s share of trading fees in favor of the Amman Stock Exchange.
The Oman Financial Services Authority and the University of Technology and Applied Sciences have initiated a three-year cooperation programme to enhance collaboration in financial services, academia, and research. The programme includes study exchanges, joint events, and training initiatives to develop financial skills and align academic curricula with the sector's needs.
The Central Bank of Nigeria's November 2025 Economic Report highlights stronger domestic activity, an eighth consecutive easing in headline inflation, and naira appreciation at the Nigerian Foreign Exchange Market. It notes a rise in the composite purchasing managers’ index and a slowdown in year-on-year inflation, despite increased month-on-month inflation due to higher energy costs. It projects continued moderation in Nigeria's inflation, supported by tight monetary policy and exchange rate stability, while cautioning about risks from geopolitical tensions and oil-market volatility.
The Qatar Financial Markets Authority has issued new Offering and Listing, and Mergers and Acquisitions Rules under Board Decision No. (8) of 2025, consolidating requirements for securities offerings, listings, and acquisitions on QFMA-licensed markets. Key changes include a developed book-building mechanism, mandatory appointment of a single offering and listing advisor, and a pre-listing auction for direct listings. The rules introduce provisions for reverse acquisitions and require a compulsory offer at 90% ownership, with compliance required within one year from publication.
The Qatar Financial Markets Authority has issued new Offering and Listing, and Mergers and Acquisitions Rules, updating requirements for securities offerings, listings, and takeovers on QFMA-licensed markets. Key changes include a revised book-building mechanism, a pre-listing auction for direct listings, and mandatory trustee appointments for sukuk and bond issuances. The rules introduce a two-year minimum period before companies can transfer to the main market and set takeover provisions, including a compulsory offer at the 90% threshold.
Four officers from the Central Bank of Barbados were honoured at the 2025 Independence and Republic Day Ceremonial Parade. Governor Dr. Kevin Greenidge received the Order of Freedom of Barbados for his leadership in economic policy and central banking. Cheryl Greenidge, Jennifer Clarke-Murrell, and Estherline O’Neal were awarded the Gold Award of Achievement for helping Barbados exit the Financial Action Task Force Grey List and the European Union Blacklist.
The Central Bank of Barbados announced that its Governor, Dr. Kevin Greenidge, received the Order of Freedom of Barbados, the country's highest honour, during the Independence anniversary ceremony. He was recognised for his leadership in economic policy and central banking, particularly in guiding reforms under the Barbados Economic Recovery and Transformation programmes.
The Bulgaria Financial Supervision Commission approved two acquisitions of direct qualified participations in investment intermediaries and authorized two bond prospectuses for trading on a regulated market. It also approved amendments to the rules of several pension funds and authorized Karoll Capital Management EAD to manage the mutual fund Advance European Infrastructure.
Indonesia's Financial Services Authority (OJK) held a Digital Financial Literacy event at Universitas Muhammadiyah Sumatera Utara to educate students on digital financial services, including digital financial assets and crypto-assets. The event highlighted the benefits and risks of technology-enabled finance, urging students to apply the "Legal and Logical (2L)" principle and stay vigilant against financial crimes. Over 600 participants attended, including representatives from financial access acceleration teams across North Sumatra.
At its Annual Meeting 2025, Bank Indonesia outlined its 2026 policy mix focused on supporting economic growth and maintaining stability amid global uncertainties. The central bank projected growth rates of 4.7–5.5% for 2025, rising to 4.9–5.7% in 2026, with inflation expected within the 2.5%±1% target. Key policy areas include macroeconomic stability, financial market development, digitalisation, and regional cooperation, with a pro-stability monetary policy and pro-growth macroprudential measures.
The People's Bank of China met with authorities to address a rebound in virtual currency speculation and illegal activities, reiterating that virtual currencies lack legal tender status and related activities are illegal. Stablecoins were highlighted as unable to meet anti-money laundering requirements and potentially misused for illicit activities. Authorities were urged to uphold prohibitive policies, enhance supervision, and improve monitoring and information sharing.
The People's Bank of China and the Ministry of Science and Technology initiated a technology finance coordination mechanism to align with national innovation goals and the 15th Five-Year Plan. The meeting emphasized enhanced inter-agency coordination, differentiated support for technology firms, and optimizing policies for 2026, including better use of the relending facility and strengthening technology insurance. The agenda also focuses on improving the bond market, private equity cycles, and financial institutions' performance in key areas.
Greece's Ministry of National Economy and Finance, in collaboration with the Independent Authority for Public Revenue, extended the deadline for tax payments to 1 December 2025 due to technical issues in banks' payment systems. Any surcharges incurred from 28 November to 1 December will be removed.
The Central Bank of the Republic of Uzbekistan participated in the FinCoNet Annual General Meeting in Dublin, focusing on supervisory experience and financial consumer protection amid digitalisation. Key discussions included AI use, transparency, security of automated solutions, consumer lending supervision, market conduct oversight, and Buy Now Pay Later sector regulation.
The China Banking and Insurance Regulatory Commission has directed financial regulatory bureaus, banks, and insurance companies to enhance emergency services after the 26 November 2025 fire in Hong Kong’s Tai Po district. Measures include expedited claims, targeted credit relief, and accessible banking services. Banks and insurers must open "green channels" for urgent services and maintain resilient online operations, with coordination from Guangdong and Shenzhen bureaus.