-
2025-11-29•Moldova•National Bank of Moldova
The National Bank of Moldova marked 32 years of the Moldovan leu, highlighting its EU integration and payments infrastructure modernization. Moldova's accession to the Single Euro Payments Area (SEPA) was noted as a historic step, enhancing cross-border transfers. The development of the MIA Instant Payments system was also emphasized for improving domestic and European payment solutions.
OtherCross-border payments
-
2025-11-28•Colombia•Superintendencia Financiera de Colombia
The Superintendencia Financiera de Colombia held a supervisory college for the Sura–Bancolombia financial conglomerate on 26–27 November 2025, with supervisors from Latin America and Bermuda. Discussions covered the group's banking and insurance activities, focusing on strategy, technology transformation, and regional presence. The Superintendencia emphasized biennial supervisory colleges and bilateral sessions to enhance cross-border cooperation and supervision modernization.
SupervisionCooperationSupervision process and methodologies
-
2025-11-28•Italy•Bank of Italy
The Bank of Italy released a speech by Giuseppe Siani, Head of the Directorate General for Financial Supervision and Regulation, at AICOM’s Rome conference. The speech highlighted supervisory insights on how the compliance function can strategically contribute to corporate growth.
SupervisionSupervision approach, priorities & toolkitCompliance
-
2025-11-28•India•Reserve Bank of India
The Reserve Bank of India has repealed 9,445 circulars, consolidating regulatory instructions into 244 Master Directions issued by its Department of Regulation. The consolidation includes instructions from merged departments, while obsolete circulars were not retained. Actions under repealed directions will continue to be governed by the provisions applicable at the time.
Policy & regulationRules & requirementsRegulatory reporting
-
2025-11-28•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg's November 2025 consumer survey indicates a rise in consumer confidence, with the composite indicator improving to -5. Despite a sharp decline in expectations for Luxembourg's general economic situation (-16), households reported improved perceptions of their past financial situation and a record rise in intentions to make major purchases, both at -1.
Data & statisticsEconomic data and developments
-
2025-11-28•France•France Autorite des marches financiers
France's Financial Markets Authority (AMF) will review the implications of the Court of Cassation's decision to quash the Paris Court of Appeal's ruling that found Vivendi SE de facto controlled by Vincent Bolloré. The case is remitted to a differently composed Paris Court of Appeal, which must determine control under Article L.233-3 of the French Commercial Code. The AMF cannot decide on the buyout offer obligation until the Court of Appeal rules on the control issue.
Policy & regulationGuidance & interpretationCorporate governance
-
2025-11-28•Italy•Bank of Italy
Bank of Italy Deputy Governor Paolo Angelini addressed the Fifth Workshop on "Quantitative Methods and Fighting Economic Crime" in Rome. The event, organized by Italy’s Financial Intelligence Unit and Bocconi University, serves as an annual forum for researchers, economic-crime authorities, and the banking and financial sector.
OtherAML and CFT
-
2025-11-28•Europe•European Securities and Markets Authority
The European Securities and Markets Authority summarized the eighth Energy Trading Enforcement Forum, focusing on market abuse risks in energy and financial products. Key topics included manipulative behavior in algorithmic trading and initial referrals by National Competent Authorities for market abuse cases involving energy products as financial instruments. Emphasis was placed on data sharing and cross-authority cooperation due to divided oversight under the Wholesale Energy Market Integrity and Transparency framework and the Market Abuse Regulation.
Policy & regulationCooperationMarket abuse
-
2025-11-28•Peru•Superintendencia del Mercado de Valores de Peru
Peru's Superintendence of the Securities Market (SMV) concluded the second stage of its AML/CFT training programme for compliance officers at supervised entities. Aligned with the National Policy against Money Laundering to 2030, it included remote and in-person modules on SPLAFT implementation and suspicious transaction reporting. The programme involved 57 compliance officers from 75 entities, with contributions from the Financial Intelligence Unit and SMV.
SupervisionOther
-
2025-11-28•Poland•Polish Financial Supervision Commission (KNF)
The Polish Financial Supervision Commission released the National Working Group on Benchmark Reform Steering Committee's recommendation to convert WIBOR interest rate derivatives to the POLSTR benchmark. This recommendation follows a public consultation and includes feedback from market participants.
Policy & regulationGuidance & interpretationFinancial benchmarks
-
2025-11-28•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) reported a Capitalisation Index (ICAP) of 32.28% for broker-dealers as of September 2025, placing all in the early warning Category I. This category indicates compliance with the minimum capitalisation requirement of 10.5%, suggesting sufficient capitalisation to withstand unexpected losses without immediate supervisory actions.
SupervisionRisk monitoring & watch pointsCapital adequacy
-
2025-11-28•Montenegro•Insurance Supervision Agency of Montenegro
The Insurance Supervision Agency of Montenegro attended the inaugural meeting of a Southeast Europe regional platform in Athens on 19 November 2025. The meeting, part of the Southeast Europe Strategy 2030, focused on natural disaster risk insurance, risk-sharing mechanisms, and regional cooperation.
Policy & regulationCooperationNature-related risk
-
2025-11-28•Central African Republic•Securities and Exchange Commission of Central Africa
The Securities and Exchange Commission of Central Africa (COSUMAF) has initiated a public consultation on four draft Instructions to clarify the Central Africa financial market framework and COSUMAF General Regulation. The drafts address changes in authorisation files, approval of senior managers, conditions for individual portfolio management, and procedures for liquidating market intermediaries. Feedback from market participants and the public will be reviewed post-consultation.
Policy & regulationGuidance & interpretationLicensing framework and process
-
2025-11-28•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) has partnered with the Financial Transaction Reports and Analysis Center (PPATK) and the National Cyber and Crypto Agency (BSSN) to boost financial sector integrity and security. The OJK–PPATK agreement targets anti-money laundering and counter-terrorism financing, while the OJK–BSSN agreement focuses on cybersecurity and cryptographic security in financial technology and digital assets. These agreements aim to enhance coordination, data sharing, and capacity-building to mitigate risks like cyberattacks and online gambling.
Policy & regulationCooperationAML and CFTOperational risk and resilience
-
2025-11-28•Mexico•Central Bank of Mexico
The Central Bank of Mexico announced the 2026 release calendar for its Survey on the Expectations of Private Sector Economic Specialists, with reports scheduled for 09:00 on specified dates. The January survey results will be published on 3 February, followed by monthly releases through December.
Data & statisticsEconomic data and developments
-
2025-11-28•Australia•Australian Securities & Investments Commission
ASIC seeks feedback on proposed changes to stamp duty and portfolio holdings disclosure for superannuation funds. Key proposals include disclosing stamp duty as a seven-year average and aligning disclosure requirements for internally and externally managed private debt to protect confidentiality. These changes follow a targeted review and consultations with industry and government stakeholders.
Policy & regulationRules & requirementsDisclosures
-
2025-11-28•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has suspended Focused Financial Advice Pty Ltd’s Australian financial services licence until 19 December 2025, due to the firm's failure to update its key person after a 2023 ownership change. ASIC found the firm provided services without a key person for over two years, breaching licence conditions. This action is part of ASIC's broader review of advice licensees using lead generation services and emphasizes compliance with licence conditions during ownership changes.
SupervisionAuthorisations & approvalsLicence withdrawal
-
2025-11-28•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved rulemaking, supervisory, and licensing decisions, including the 2026 inspection schedule for financial monitoring entities and sanctions amendments affecting FREEDOM FINANCE UKRAINE LLC. Key approvals include collective investment law clarifications, National Bank resolution amendments, and compliance confirmations for IC “BUSINESS-INVEST” LLC. The Commission also approved charters and share issuance registrations for JSC “ZNVCIF ‘TIM CAPITAL’” and JSC “ZNVCIF ‘SOCIUM INVEST’”, along with senior appointments.
Policy & regulationRules & requirementsLicensing framework and process
-
2025-11-28•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) has initiated roundtable discussions on the new European anti-money laundering and counter-terrorist financing framework, focusing on transitioning to EU harmonised rules and supervision. Key topics include changes to financial institutions' gatekeeper roles, customer due diligence, transaction monitoring, and reporting suspicious transactions. Further sessions are planned for 2026, with the AFM updating its AML-CFT and compliance resources.
Policy & regulationImplementation, projects & pilotsAML and CFT
-
2025-11-28•Peru•Central Bank of Peru
The Central Bank of Peru reported a goods trade surplus of USD 8,408 million for Q3 2025, an increase of USD 1,381 million from the same period in 2024. This was driven by higher export prices for traditional mining and non-traditional products, increased export volumes, and lower import prices for oil and industrial inputs. Peru has maintained 21 consecutive quarters of trade surpluses, with the rolling four-quarter trade balance reaching 9.0% of GDP, the highest since 2007.
Data & statisticsBalance of payments and other external statistics
-
2025-11-28•Ireland•Central Bank of Ireland
The Central Bank of Ireland appointed Karen O’Leary as Director of Enforcement, effective 1 January 2026, succeeding Colm Kincaid, now Deputy Governor, Consumer & Investor Protection. O’Leary's appointment supports the Bank's enforcement strategy to uphold principled and ethical conduct in regulated entities.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
-
2025-11-28•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia detailed its progress in implementing the Single Euro Payments Area (SEPA), highlighting reduced fees and faster euro payments. SEPA credit transfers have been operational since October, with full bank connectivity expected by end-2025, resulting in significant cost savings. Future initiatives include developing a regional instant payments system with neighboring central banks and further digitalizing payments to meet European standards.
Policy & regulationImplementation, projects & pilotsCross-border paymentsPayments and payment systems
-
2025-11-28•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica has introduced new thematic accounts for education, health, and environmental protection expenditure, plus a carbon footprint application, as part of the 2022 revision. The education account shows a CRC 3.4 trillion supply in 2022, and the health account a CRC 4.2 trillion supply, with major contributions from the General Government. The environmental account reports a decline in central government spending from CRC 64,342 million in 2021 to CRC 59,085 million in 2024, while the carbon footprint application notes a 2017 national footprint of 15.9 million tonnes of CO2 equivalent.
Data & statisticsClimate risk and sustainable finance
-
2025-11-28•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) warned against "Equitrix Investment Management LLC" and "ahlexchange.com" for illegal online trading platforms falsely claiming high returns and unauthorized links to Arif Habib Limited. SECP stressed neither is licensed in Pakistan, urging investors to verify investment services and use SECP-licensed brokers. The issue is reported to law enforcement, with SECP noting such schemes are often promoted on social media and WhatsApp.
SupervisionAlertsUnlicensed or unauthorized activity
-
2025-11-28•China•Central Bank of the Republic of China
People's Bank of China Governor Pan Gongsheng and Central Bank of Azerbaijan Governor Taleh Kazimov discussed economic and financial developments, financial cooperation, and mutual interests during their meeting.
Policy & regulationCooperationCross-border cooperation
-
2025-11-28•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority issued guidance on applying "good business conduct" rules to banks' and lenders' debt collection error handling after significant failings. It clarifies expectations for addressing customer-impacting errors, including halting harmful actions, communicating with affected customers, and compensating losses. All banks and lending firms should consider this as the authority's interpretation of conduct requirements for debt collection.
Policy & regulationGuidance & interpretationCredit riskConsumer and investor protection
-
2025-11-28•Norway•Department of Finance (Norway)
Norway's Ministry of Finance has appointed Professor Hilde Christiane Bjørnland as an external member of Norges Bank’s Committee for Monetary Policy and Financial Stability for the term 1 January 2026 to 31 December 2029, succeeding Ingvild Almås. The committee, chaired by Governor Ida Wolden Bache, exercises executive and advisory authority in monetary policy and contributes to financial stability.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
-
2025-11-28•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority (BMA) issued a public warning about fraudulent letters falsely attributed to the Authority, urging recipients to deposit funds into a crypto wallet. The letters, signed by "Craig Swain," were linked to Guardian Law Firm, whose website has been suspended due to irregularities. The BMA emphasized the risks of engaging with unknown entities and directed the public to its warning list of fraudulent entities.
SupervisionAlertsFraud and scams
-
2025-11-28•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) has issued final rules in Policy Statement PS25/17, removing the Systematic Internaliser (SI) regime for bonds, derivatives, and other products, while maintaining it for equities. The changes lift restrictions on matched principal trading by multilateral trading facility operators and reform the equity reference price waiver to allow broader sourcing of reference prices. The FCA will consult on additional equity market transparency changes in 2026.
Policy & regulationRules & requirementsTrading
-
2025-11-28•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority has filed an additional criminal charge of fraud by abuse of position against independent financial adviser Lisa Campbell, already facing allegations of fraud and providing false information to the FCA. The latest charge involves GBP 262,500 allegedly misused by Campbell from a client between April 2017 and August 2021. The broader investigation, initiated in February 2023, covers misappropriation claims exceeding GBP 2.3m and involves false documentation to clients and the FCA.
EnforcementInvestigations & enforcement actionsFraud and scams
-
2025-11-28•Australia•Australian Financial Complaints Authority
The Australian Financial Complaints Authority (AFCA) has released its Consultation Response Paper and updated Rules, effective 12 March 2026, following approval by the Australian Securities and Investments Commission. Key changes include expanded jurisdiction for scam complaints, enhanced oversight of paid representatives, and the removal of Section F on legacy complaints, with feedback from 39 submissions broadly supportive.
Policy & regulationRules & requirementsComplaints and dispute resolution
-
2025-11-28•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau (Hong Kong) reported that Financial Secretary Paul Chan met with financial regulators to support residents affected by the Wang Fuk Court fire. Measures include streamlined procedures, leniency on delayed payments, and extended bank service hours. The Insurance Authority has established a task force to coordinate responses, with insurers offering expedited claims processing and emergency assistance.
Policy & regulationCooperationOther
-
2025-11-28•Laos•Bank of the Lao
The Bank of the Lao reviewed two credit policies for economic stimulation and local funding, highlighting achievements, challenges, and corrective measures. The local funding programme supported 1,241 beneficiaries with LAK 2,114 billion, while the economic stimulus programme provided LAK 5,097 billion in loans and LAK 132.56 billion in interest subsidies. Challenges and proposals will be consolidated for government guidance on future implementation.
Policy & regulationImplementation, projects & pilotsOther
-
2025-11-28•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) proposes a new regulatory regime for environmental, social, and governance (ESG) ratings providers to enhance transparency, reliability, and comparability. The draft rules emphasize transparency, governance, conflict management, and stakeholder engagement, aligning with existing FCA rules and IOSCO recommendations. The FCA estimates the proposals could yield GBP 500 million in net benefits over the next decade.
Policy & regulationRules & requirementsESG
-
2025-11-28•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission has issued restriction notices to Futu Securities International (Hong Kong) Limited and Soochow Securities International Brokerage Limited, prohibiting them from dealing with assets linked to a board member of a listed corporation suspected of misconduct. The brokers cannot manage these assets without prior SFC consent and must report related instructions. The notices aim to preserve assets for potential legal proceedings under sections 204 and 205 of the Securities and Futures Ordinance.
EnforcementInvestigations & enforcement actionsCorporate governance
-
2025-11-28•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities & Futures Commission (SFC) has streamlined post-authorisation measures for authorised UCITS funds, reducing scheme change applications by about 50%. UCITS funds no longer need SFC pre-approval for certain changes if they comply with home jurisdiction regulations, except for novel or complex features. The SFC has aligned notification requirements with the fund's home jurisdiction and updated FAQs to aid implementation.
Policy & regulationRules & requirementsOther
-
2025-11-28•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released its Monthly Authorised Deposit-taking Institution Statistics for October 2025.
Data & statisticsSupervisory data
-
2025-11-28•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority published its quarterly industry aggregate insurance statistical reports for September 2025, detailing performance metrics for general, life, and private health insurance sectors.
Data & statisticsFinancial and market indicatorsSupervisory data
-
2025-11-28•Sweden•Riksbank
Sweden's Riksbank published a memo analyzing regional unemployment's co-movement with national GDP growth from 2000 to 2023, confirming a negative relationship consistent with Okun’s law. A 1% GDP increase typically leads to a 4% drop in open unemployment per capita after one year, with variations across regions and demographic groups. The memo highlights asymmetric dynamics, with unemployment rising more in response to GDP declines, and notes the findings are descriptive, not causal.
ResearchEconomic data and developments
-
2025-11-28•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance released a letter from Minister Kyriakos Pierrakakis, submitting his candidacy for the Eurogroup presidency and outlining strategic priorities. The agenda emphasizes advancing a Savings and Investment Union, enhancing the Single Market, supporting the digital euro, and ensuring fiscal stability. It advocates for a focused and agile Eurogroup, complementary to ECOFIN, to efficiently address euro area-specific challenges.
Policy & regulationReform agendas & prioritiesOther
-
2025-11-28•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance announced Minister Kyriakos Pierrakakis’s candidacy for Eurogroup President, calling it an honour for Greece and a sign of economic recovery. The statement emphasized the Eurogroup’s role in EU decision-making and suggested Pierrakakis could drive reforms for stable growth, competitiveness, and innovation. Potential priorities include enhancing the single market and addressing housing, climate, and European defence financing.
OtherLeadership change and appointments
-
2025-11-28•Austria•Austria Financial Market Authority
The Austria Financial Market Authority (FMA) released a new edition of its consumer information series, emphasizing the importance of reporting investment fraud to identify scam patterns and support anti-money laundering efforts. The FMA notes that police reports are crucial for asserting claims and that submitted information aids in awareness and preventive measures, including investor warnings and reports to the Public Prosecutor’s Office. The latest edition is available in English.
SupervisionAlertsFraud and scams
-
2025-11-28•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the Hong Kong Association of Banks, in collaboration with 28 retail banks, announced six emergency support measures to assist residents affected by the No. 5 alarm fire in Tai Po. Measures include a six-month repayment grace period, extended branch hours, and prioritised account handling. The public is advised to remain vigilant against fraud.
Policy & regulationImplementation, projects & pilotsOther
-
2025-11-28•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released the Exchange Fund’s abridged balance sheet and Currency Board Account for October 2025, reporting total assets of HKD 4,117.6 billion, a decrease of HKD 34.6 billion from September. Hong Kong dollar assets fell by HKD 92.6 billion, while foreign currency assets rose by HKD 58.0 billion. The Monetary Base increased to HKD 2,026.7 billion, with Backing Assets and the Backing Ratio also rising.
Data & statisticsBalance of payments and other external statistics
-
2025-11-28•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released the Exchange Fund Advisory Committee’s Currency Board Sub-Committee meeting record, reviewing operations from 21 June to 8 October 2025. The Hong Kong dollar traded between 7.7705 and 7.8500 per US dollar, with the weak-side Convertibility Undertaking triggered 12 times, leading to HKMA purchases of HK$119.95 billion. The Sub-Committee noted a softening US economy, resilient Asian growth, and moderated Chinese growth, with Hong Kong's economy showing solid Q2 growth but challenges in commercial real estate.
Monetary policyMonetary policy assessments & outlooksCurrency and cash managementFinancial stability and systemic risk
-
2025-11-28•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority's October 2025 residential mortgage survey reported a 0.7% decline in mortgage applications to 8,255, with approvals stable at HKD 31.3 billion. Primary market financing decreased by 2.1%, while secondary market financing increased by 3.4%. Outstanding mortgage loans rose 0.8% to HKD 1,907.4 billion, with asset quality indicators remaining stable and low delinquency rates.
Data & statisticsFinancial and market indicatorsSupervisory data
-
2025-11-28•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported a 0.4% decrease in total deposits and a 0.7% decline in total loans and advances for October 2025. Hong Kong dollar deposits fell 0.9%, while foreign currency deposits decreased by 0.1%, influenced by corporate fund flows. The HKMA advised focusing on longer-term trends due to the volatility of monthly monetary statistics.
Data & statisticsMonetary data
-
2025-11-28•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) released analytical data on Hong Kong's foreign currency reserves and liquidity for October 2025, following the International Monetary Fund's Special Data Dissemination Standard (SDDS). This is part of HKMA's monthly Exchange Fund data publications, which include three SDDS monetary data releases and an abridged balance sheet and Currency Board Account report.
Data & statisticsBalance of payments and other external statistics
-
2025-11-28•France•Bank of France
The Bank of France and the French Prudential Supervision and Resolution Authority (ACPR) issued a warning about fraudulent communications impersonating Bank of France staff to solicit financial information related to crypto-asset investments. The authorities stressed that the Bank of France will never request sensitive information or transaction validation by phone and advised the public to verify communications through official channels.
SupervisionAlertsFraud and scams
-
2025-11-28•United Kingdom•UK Parliament
The UK Parliament’s Treasury Committee has launched an inquiry into the Government’s Financial Inclusion Strategy to evaluate its response to financial exclusion. It will assess measures like banking hubs and explore further interventions, amid concerns about declining cash acceptance creating a two-tier society. Chair Dame Meg Hillier emphasized the need for a strategic vision with integrated plans and impact measurement.
Policy & regulationOtherFinancial inclusion
-
2025-11-28•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Resolution No. 77, allowing JSC Freedom Bank Kazakhstan to establish a subsidiary, JSC Freedom Bank Georgia.
SupervisionAuthorisations & approvalsLicence approval
-
2025-11-28•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan announced a public discussion on the regulatory impact analysis of minimum authorised capital requirements for collection agencies. This will be conducted via the Open NPA internet portal.
Policy & regulationImplementation, projects & pilotsOther
-
2025-11-28•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan approved G.M. Preobrazhensky, A.B. Aukenov, and V.V. Shevchenko to an executive body in the insurance sector. Approvals were documented in protocols No. 271/SO, No. 272/SO, and No. 273/SO. The Agency clarified that senior managers with prior consent can transfer within the sector without additional approval if they meet statutory qualifications.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
-
2025-11-28•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan hosted an international roundtable on the role of a floating exchange rate in an inflation targeting regime, discussing phased foreign exchange market reforms and practical implementation issues. Participants explored exchange rate dynamics, flexibility in absorbing shocks, and international reserve management, emphasizing stakeholder cooperation. The Central Bank plans to enhance market infrastructure, liquidity, reserve management, and develop derivatives and hedging instruments.
Policy & regulationCooperationMonetary policy decisions and developments
-
2025-11-28•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan released outcomes from its Bank Supervision Committee's October 2025 meetings, detailing registration, authorisation decisions, and supervisory actions. TEZPAY and NATIONAL PAY face a six-month restriction on certain payment services starting 13 November 2025. Key agenda items included registration of amendments to credit institutions’ charters, compliance with prudential standards, and anti-money laundering measures.
SupervisionInterventionsAML and CFTSupervision process and methodologies
-
2025-11-28•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has relocated its headquarters to the Federal District as of 8 November 2025. Electronic filing remains the priority for document submissions, with the External User Module of the Electronic Information System (SEI) as the preferred channel. Postal submissions are reserved for instances where electronic channels are unavailable.
Institutional developmentMandate & organizational structure
-
2025-11-28•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) amended regulations, redefining "financial intermediaries" and updating debt issuance requirements. This includes entities like banks, investment houses, and insurance companies. Banks with quasi-banking authority can issue debt securities without prior BSP approval if criteria are met, while others must comply with prudential and SEC requirements.
Policy & regulationRules & requirementsLendingPrudential risks
-
2025-11-28•Spain•Bank of Spain
The Bank of Spain's monthly balance of payments report indicates Spain's financing capacity decreased to 4% of GDP (EUR 66.1bn) in the year to September 2025, down from 4.4% the previous year. The current account surplus narrowed to 2.8% of GDP (EUR 47bn), with notable impacts from Next Generation EU-related flows. The financial account excluding the Bank of Spain fell significantly, reflecting shifts in investment patterns.
Data & statisticsBalance of payments and other external statistics
-
2025-11-28•Spain•Bank of Spain
The Bank of Spain's Deputy Governor Soledad Núñez emphasized water as a strategic asset and a source of economic and financial risk, impacting monetary policy and financial stability. She noted water scarcity could cause significant economic losses, with 72% of euro area firms dependent on ecosystem services, primarily water. The Bank of Spain and the European Central Bank are working to integrate hydrological data into financial models and enhance risk management in water-exposed sectors.
Monetary policyMonetary policy assessments & outlooksClimate risk and sustainable finance
-
2025-11-28•Europe•European Central Bank
The European Central Bank introduced a news-based indicator to assess geopolitical risk across EU nations, focusing on Russia's 2022 invasion of Ukraine. It reveals significant, uneven effects on GDP, investment, exports, and inflation, with central and eastern European countries more affected than the euro area overall. Elevated risk readings were noted in countries closer to the conflict and those with strong pre-war ties to Russia, such as Austria, Finland, and Sweden.
ResearchGeopolitical risk
-
2025-11-28•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) released results from its "Internal Integrity Climate Survey at PREVIC 2025," aimed at enhancing its integrity culture and framework. The survey, with a 25% response rate, revealed strong perceptions of ethical culture and leadership commitment to integrity. Findings will inform updates to PREVIC’s Integrity Programme INTEGRAR and the development of a new Integrity Plan for 2026-2027.
Institutional developmentCooperation & capacity building
-
2025-11-28•Malaysia (Labuan)•Labuan Financial Services Authority
The Labuan Financial Services Authority published a special address by Malaysia’s Deputy Minister of Finance marking the 35th anniversary of the Labuan International Business and Financial Centre, highlighting its scale, innovation track record and an Anniversary Commemorative Recognition Award for 36 entities. The speech outlined key milestones, including the 2010 Labuan omnibus laws, Labuan Protective Cell Companies, Labuan International Waqaf structures and Islamic Digital Asset Centre initiatives such as a Shariah-compliant securities token and climate sukuk.
Other
-
2025-11-28•Malaysia (Labuan)•Labuan Financial Services Authority
The Labuan Financial Services Authority hosted the Labuan International Finance Lecture Series on integrating environmental, social and governance considerations, Shariah-compliant finance and technology to develop new opportunities for the Labuan International Business and Financial Centre. Speakers discussed the global ESG landscape, regulatory disclosure, and embedding ESG in strategy and governance, with Labuan FSA highlighting Labuan IBFC’s RMB200 million Climate Sukuk backed by carbon-credit linked assets as an example of combining sustainability, Islamic finance and digital tokenisation.
Policy & regulationImplementation, projects & pilotsESGClimate risk and sustainable finance
-
2025-11-28•South Africa•South African Reserve Bank
The South African Reserve Bank's updated International Reserves and Foreign Currency Liquidity Template for October 2025 reports official reserve assets at USD 71,550 million. It includes a maturity breakdown of foreign currency flows and derivative positions, with net forward and futures positions of USD 57 million short and USD 546 million long. Other contingent foreign currency liabilities total USD 1,229 million within a year, with USD 68,159 million in Special Drawing Rights basket currencies and USD 3,391 million outside the basket.
Data & statisticsBalance of payments and other external statistics
-
2025-11-28•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported a decrease in domestic banks' won-denominated loan delinquency rate to 0.51% at the end of September 2025, down from 0.61% in August but up from 0.45% a year earlier. Business-loan delinquency fell to 0.61%, with large-company loans at 0.12% and SME loans at 0.75%. Household-loan delinquency decreased to 0.39%, with mortgage loans at 0.27% and unsecured loans at 0.75%.
Data & statisticsFinancial and market indicatorsSupervisory data
-
2025-11-28•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore renewed its Bilateral Local Currency Swap Arrangement with the Bank of Japan for three years, extending it to November 2028. The swap line allows exchanges of up to SGD 15 billion or JPY 1.1 trillion, enabling MAS to provide Japanese yen liquidity to eligible Singapore financial institutions. This arrangement has been in place since November 2016.
Monetary policyMonetary policy instruments & operationsCross-border cooperation
-
2025-11-28•Serbia•National Bank of Serbia
The National Bank of Serbia plans to enhance cooperation with the Bank for International Settlements via research, joint projects, and experience exchange. Governor Jorgovanka Tabaković emphasized financial system stability, noting inflation within target, strong bank capitalisation, and a record-low share of non-performing loans. This stability is linked to inclusive growth, investment, and protection of vulnerable groups from high inflation costs.
Policy & regulationCooperationDomestic cooperation
-
2025-11-28•Europe•European Central Bank
The European Central Bank's weekly financial statement showed a consolidated balance sheet total of EUR 6,143,717 million, a decrease of EUR 8,710 million from the previous week. The decline was mainly due to reduced securities held for monetary policy purposes, partially offset by increased lending to euro area credit institutions. Banknotes in circulation rose, while liabilities to euro area credit institutions related to monetary policy operations decreased.
Data & statisticsBalance of payments and other external statistics
-
2025-11-28•Germany•German Bundesbank
The German Bundesbank's study shows cash and the domestic girocard scheme are the most cost-effective for retailers, with cash costing EUR 0.43 per transaction and girocard under 1% of turnover. International debit and credit cards incur higher costs, particularly impacting smaller merchants. The study, based on 13,000 transactions and a survey of 268 retailers, highlights that smaller retailers often avoid digital payments due to transaction fees and investment costs.
ResearchPayments and payment systems
-
2025-11-28•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission (GFSC) amended the designation details for Sergey Vladimirovich Mikhailov under the UK Russia (Sanctions) (EU Exit) Regulations 2019, maintaining asset freeze and trust service sanctions. Businesses must verify relationships with designated individuals, freeze assets, and report findings to the States of Guernsey Policy & Resources Committee. Compliance with statutory reporting obligations and notification to the GFSC are required.
Policy & regulationRules & requirementsSanctions list update
-
2025-11-28•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has issued guidance on the 2026 annual fee invoices, which will be sent via QuickBooks to a generic email for each licensee or registrant. Firms must ensure their systems accept emails from the distribution domain to avoid late payment penalties. Invoices are expected from 5 January 2026, with firms advised to contact the Commission if not received by 9 January 2026.
Policy & regulationGuidance & interpretationLicensing and supervisory fees
-
2025-11-28•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia has released an exposure draft on regulatory capital requirements for counterparty credit risk, aligning with the Basel III framework's Standardised Approach to Counterparty Credit Risk. The central bank is soliciting written feedback on the draft, including suggestions and alternative proposals.
Policy & regulationRules & requirementsCapital adequacy
-
2025-11-28•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia updated its Risk Management in Technology policy to enhance financial institutions' management of technology and cyber risks. It now includes non-bank Merchant Acquirers and Intermediary Remittance Institutions with significant market share, introducing measures for service resilience and cybersecurity. The policy aligns with global standards, emphasizing fraud detection, proactive monitoring, and secure technology adoption.
Policy & regulationRules & requirementsCyber resilience
-
2025-11-28•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia released a Policy Document on the Broader Application of Ta`awun in takaful, detailing Shariah and regulatory requirements to enhance financial resilience and inclusion. The document, effective 28 November 2025, was issued by the Islamic Finance Department and the Prudential Financial Policy Department, accompanied by a feedback statement.
Policy & regulationGuidance & interpretationFinancial inclusion
-
2025-11-28•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia disclosed its international reserves as of end-October 2025 in the IMF Special Data Dissemination Standard format, confirming the usability of Malaysia's reserves. Official reserve assets were USD123,760.5 million, with pre-determined short-term outflows totaling USD14,172.5 million and net short forward positions at USD20,648.7 million. The sole contingent short-term net drain was USD417.0 million in government guarantees of foreign currency debt due within one year.
Data & statisticsBalance of payments and other external statistics
-
2025-11-28•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan will hold a mobile public reception in the Khizi district on 3 December to enhance consumer and investor protection. The event will address applications from residents of Khizi, Absheron, and Sumqayit districts, with submissions accepted via the central bank's hotline and WhatsApp channel.
Policy & regulationImplementation, projects & pilotsConsumer and investor protection
-
2025-11-28•Canada•Ontario Securities Commission
The Ontario Securities Commission has released a proposed Statement of Priorities for 2026-2027, seeking stakeholder feedback to align with its 2024-2030 Strategic Plan. The priorities focus on agility and responsiveness in a changing global environment, aiming to support capital formation and competitiveness while ensuring investor protection.
Policy & regulationReform agendas & prioritiesOther
-
2025-11-28•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay published a Social Security Council update confirming that seven applicants have passed the curricular evaluation and advanced to Stage III interviews in the competition for Superintendent of Retirement and Pensions. A two-business-day objections and claims period applies after publication of the admitted list. If none are filed, the interview stage will proceed.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
-
2025-11-28•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay used a regional fund industry convention to outline the securities market reforms introduced by Law 7572/2025 and the market’s operational developments. The reforms include new flexibilities for investment funds, access for foreign issuers, recognition of digital securities and crowdfunding rules. Secondary regulation is now under public consultation.
Policy & regulationRules & requirementsMarket developmentSecurities offerings and listings
-
2025-11-28•Russia•Central Bank of Russia
The Central Bank of Russia's Q3 2025 review shows an 8% increase in project finance lending for housing construction, reaching over RUB 10 trillion, driven by new projects and rising housing demand. Equity construction agreements totaled RUB 8.7 trillion, with escrow account balances at RUB 7.2 trillion, reflecting improved mortgage affordability. The average interest rate on developer loans decreased to 10.2%, while loan disbursements outpaced escrow inflows, reducing escrow coverage of project debt to 69%.
ResearchLending
-
2025-11-28•Russia•Central Bank of Russia
The Central Bank of Russia's Q3 2025 review shows client assets under management surpassing RUB 31 trillion, with growth slowing to 5.7%. Unit investment funds (UIFs) drove nearly three-quarters of this increase, with net inflows rising 42% to RUB 908.8 billion, primarily in bond and money market instruments. Trust management assets hit RUB 3.2 trillion, reversing a two-year outflow trend, with contributions from qualified retail investors and pension savings.
Data & statisticsClient asset custody and safekeeping
-
2025-11-28•Portugal•Bank of Portugal
The Bank of Portugal has designated seven banking groups as Other Systemically Important Institutions (O-SIIs) and set specific O-SII capital buffer requirements, effective 1 January 2026. Buffer rates range from 1.00% to 0.25% of total risk exposure, to be met with Common Equity Tier 1. The decision, made on 21 October 2025, will be reviewed annually and may be adjusted based on developments in the Portuguese banking system.
Policy & regulationRules & requirementsCapital adequacy
-
2025-11-28•Malaysia (Labuan)•Labuan Financial Services Authority
The Labuan Financial Services Authority hosted the Labuan International Finance Lecture Series, focusing on integrating ESG, Islamic finance, and digital pathways for Labuan IBFC. Key discussions included regulatory disclosure, embedding ESG into business strategy, and advancing sustainable finance solutions. Labuan FSA Director General Affendi Rashdi highlighted innovations like the RMB200 million climate sukuk, combining sustainability, Islamic finance, and digital tokenisation.
Financial literacy & educationClimate risk and sustainable finance
-
2025-11-28•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority has published the 2025 list of Other Systemically Important Institutions (O-SIIs), identifying 13 firms under its annual process. The designated O-SIIs include major entities such as Barclays Plc, HSBC Holdings Plc, and J.P. Morgan Capital Holdings Limited, in accordance with the Capital Requirements Regulations 2025.
Policy & regulationRules & requirementsOther
-
2025-11-28•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority released the 2025 list of UK-headquartered global systemically important institutions (G-SIIs), detailing sub-category allocations, scores, and G-SII buffer rates effective from 1 January 2027. HSBC Holdings Plc, Barclays Plc, and Standard Chartered Plc are assigned to sub-categories 3, 2, and 1, with buffer rates of 2%, 1.5%, and 1%, respectively. This disclosure complies with the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2025.
Policy & regulationRules & requirementsFinancial stability and systemic risk
-
2025-11-28•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority has set 2025 Other Systemically Important Institution buffer rates for UK ring-fenced bank sub-groups and Nationwide Building Society under the Financial Policy Committee’s updated framework, effective 1 January 2027. Based on 2024 average UK leverage exposure data, the rates are 2.0% of risk-weighted assets for Lloyds Banking Group, 1.5% for NatWest, and 1.0% for HSBC, Barclays, Santander UK and Nationwide, applying to all global exposures. For ring-fenced banks where the group is not subject to a global systemically important bank buffer, or where that buffer is lower than the O-SII buffer, the decision also increases the group PRA buffer and the Leverage Ratio Group Add-on.
Policy & regulationRules & requirementsCapital adequacy
-
2025-11-28•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority has issued an annual assessment letter to boards of credit unions with total assets up to GBP 50 million, highlighting operational resilience and the risk of disorderly failure as key risks, alongside governance and risk management. The authority’s 2026 thematic work will focus on contingency planning, key staff replacement, critical third-party and outsourcing dependencies, and cyber resilience, supported by a modified CQUEST questionnaire. Boards are expected to monitor prudential positions, plan for potential unsustainable activities, strengthen governance and succession planning, and maintain open, timely engagement with supervisors.
SupervisionSupervision approach, priorities & toolkitOperational risk and resilience
-
2025-11-28•Europe•European Association of CCP Clearing Houses
The European Association of CCP Clearing Houses (EACH) responded to the Bank of England's discussion paper on the gilt repo market, advocating for voluntary central clearing. EACH highlights benefits like increased intermediation capacity but notes challenges such as liquidity demands for non-bank financial institutions. It calls for transparency in margin methodologies and suggests regulatory adjustments to encourage voluntary clearing, while supporting risk-adequate haircuts and enhanced reporting for uncleared repos.
Policy & regulationReform agendas & prioritiesCCPs
-
2025-11-28•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic suspended the licence of KESH Borbor exchange bureau (LLC) in Bishkek for violations of Kyrgyz legislation and the bank's regulatory acts. The suspension is effective from 28 November to 2 December 2025.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
-
2025-11-28•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission updated its sustainability disclosure principles for companies on the Stock Exchange of Thailand, aligning with International Sustainability Standards Board requirements. The revised approach mandates IFRS S1 and IFRS S2, focusing on Scope 1 and Scope 2 greenhouse gas emissions with standardized assurance. Implementation will be phased, with SET 50 and SET 100 constituents included in the December 2026 and December 2027 index reviews, respectively.
Policy & regulationRules & requirementsClimate risk and sustainable finance
-
2025-11-28•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Markets Authority has approved the prospectus for a secured bond issuance by Alliances Développement Immobilier.
SupervisionAuthorisations & approvalsSecurities offerings and listings
-
2025-11-28•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Markets Authority has approved RCI Finance Maroc's prospectus for a bond issuance with a ceiling of MAD 900 million. The issuance includes three unlisted tranches with varying maturities and a revisable coupon rate tied to the 13-week Treasury bill yield curve plus a risk premium. The approved documents are accessible on the issuer's and AMMC's websites.
SupervisionAuthorisations & approvalsSecurities offerings and listings
-
2025-11-28•Malta•Central Bank of Malta
The Central Bank of Malta's Research Department released its eighth annual Research Bulletin, highlighting advancements in data granularity and analytical tools for improved forecasting. Discussions covered micro data, machine learning, and new modelling approaches for analyzing inflation dynamics, policy distributional effects, and climate spillovers. A keynote by Chiara Osbat from the European Central Bank emphasized micro data's role in macroeconomic analysis for small economies.
ResearchEconomic data and developmentsArtificial intelligence
-
2025-11-28•Europe•European Fund and Asset Management Association
The European Fund and Asset Management Association's September 2025 Monthly Statistical Release reports that exchange-traded funds (ETFs) attracted over EUR 250 billion in net new money in the first nine months, with equity ETFs seeing EUR 200 billion in net inflows. UCITS and alternative investment funds (AIFs) recorded EUR 88 billion in net inflows in September, with UCITS contributing EUR 78 billion. Total net assets of UCITS and AIFs rose by 1.7% to EUR 24.6 trillion across 29 European countries.
Data & statisticsFinancial and market indicatorsSupervisory data
-
2025-11-28•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has issued a warning against 38 unauthorised entities offering fake loans and investments in Sweden, highlighting a pattern of near-identical websites. The scams often involve "loan fee fraud," where consumers pay upfront fees for non-existent loans. Consumers are advised to verify firms through the Authority's register and check savings offers for deposit guarantee coverage.
SupervisionAlertsUnlicensed or unauthorized activityFraud and scams
-
2025-11-28•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has expanded its annual information request for firms under Sweden’s anti-money laundering framework by adding new questions for the next AML reporting cycle. These questions focus on firms' organization, service provision freedom, and frozen assets. FI has also updated its Q&A for the 2026 reporting cycle.
SupervisionRegulatory reporting
-
2025-11-28•Hungary•National Bank of Hungary
The National Bank of Hungary's Governor Mihály Varga highlighted large companies like MOL in economic stability and capital market development during MOL's 30th listing anniversary. Varga noted MOL's market influence and contribution to the Budapest Stock Exchange's performance. He emphasized the stock market's growing importance for household savings, with Hungarian households' net financial assets rising to 114% of GDP.
OtherSecurities offerings and listings
-
2025-11-28•Chile•Central Bank of Chile
The Central Bank of Chile and the Financial Market Commission hosted a forum marking 100 years of banking regulation in Chile, focusing on future financial market challenges. Central Bank President Rosanna Costa emphasized coordination between the banking supervisor and the central bank, while CMF President Solange Berstein highlighted innovation and technical dialogue. A panel discussed institutional milestones and future challenges, with the event broadcast on YouTube.
Policy & regulationCooperationDomestic cooperation
-
2025-11-28•Mauritius•Bank of Mauritius
The Bank of Mauritius highlighted outcomes from the 47th Assembly of Governors of the Association of African Central Banks, including the inaugural African Financial Stability Report and the election of Yvon Sana Bangui as AACB chairperson. The assembly prioritized Africa’s monetary integration, establishing the African Monetary Institute, and integrating payment systems. The Bank of Mauritius will chair the Macroprudential Policy Development and Implementation Working Group under the AACB’s African Financial Stability Committee.
Policy & regulationCooperationDomestic cooperation
-
2025-11-28•Chile•Chile Financial Market Commission
The Chile Financial Market Commission revoked the authorization of U-Pay Processing Tarjetas Prepago S.A. and cancelled its registration as a payment card issuer and operator. This decision, detailed in Exempt Resolution No. 12,434, follows U-Pay's non-compliance with a regularisation plan concerning capital and reserve requirements set by the Central Bank of Chile. U-Pay must now cease operations and undergo liquidation.
SupervisionAuthorisations & approvalsLicence withdrawal