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2025-11-27•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation through five websites and instructed providers in Italy to block access to them. This action is part of IVASS's ongoing efforts to combat scams, with 317 sites targeted since November 2023. IVASS advises consumers to verify the legitimacy of insurance offers by consulting its registers and lists.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-27•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission (FSC) has issued guidelines for omnibus accounts to streamline foreign investors' trading in Korean stocks. The guidelines clarify account opening, shareholder rights, transaction reporting, and internal controls to prevent unfair trading and money laundering. The FSC plans to amend regulations by December 2025 to expand omnibus account eligibility beyond certain overseas securities businesses.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-11-27•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission announced that the National Assembly approved amendments to the Act on Electronic Financial Transactions, tightening requirements for payment gateway services. Key changes include mandatory external segregation of unsettled funds, enhanced sanctions for misuse, and increased entry requirements. Effective December 2026, the revised Act aims to safeguard sellers' funds and strengthen supervisory tools following large-scale payment failures.
Policy & regulationRules & requirementsPayments and payment systems
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2025-11-27•Europe•European Systemic Risk Board
The European Systemic Risk Board said EU financial stability risks remain elevated amid stretched valuations in riskier assets and vulnerabilities in parts of the non-bank financial sector, including opacity, leverage and liquidity mismatches. It cited strong bank capital and liquidity buffers but emerging credit risk in some jurisdictions, concerns over less prudent Solvency II requirements, and spillover risks from global interconnectedness and recent crypto developments. It also flagged the 2027 implementation of the Insurance Recovery and Resolution Directive.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskMacroprudential policy and tools
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2025-11-27•Estonia•Central Bank of Estonia
The Central Bank of Estonia will publish its November 2025 statistics on credit institutions and leasing companies on 30 December 2025. The release will detail changes in assets, loans, leases, deposits, and interest rates, independent of economic policy updates.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-27•Estonia•Central Bank of Estonia
The Central Bank of Estonia reported a 5.9% year-on-year rise in average wages for Q3, with seasonally adjusted wage growth accelerating quarter on quarter. Despite nominal wage gains, purchasing power declined due to 5.6% inflation and a higher income tax rate. The bank noted faster wage growth at the lower end of the distribution and expects fiscal policy to support economic growth and labour market recovery.
ResearchEconomic data and developments
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2025-11-27•Europe•European Council
The European Council and European Parliament reached a provisional agreement to enhance the EU payment services framework by introducing a new regulation and amending the Second Payment Services Directive (PSD2). Key measures include a comprehensive anti-fraud framework, advertising restrictions for financial services, and increased fee transparency for ATMs and card payment facilities. The agreement also facilitates cash access through retailer withdrawals, with ongoing technical discussions before adoption.
Policy & regulationRules & requirementsPayments and payment systems
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2025-11-27•Europe•European Central Bank
The European Central Bank updated its climate indicators, adding new datasets to better track sustainable finance and climate risks in euro area portfolios. Sustainable debt securities reached EUR 1.74 trillion by September 2025, with growth slowing to 10% over the past year. Transition risk indicators show reduced climate exposure in banks' portfolios, while physical risk indicators highlight rising high-risk exposures to climate hazards in forward-looking scenarios.
Data & statisticsClimate risk and sustainable finance
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2025-11-27•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) approved a settlement with BEM Distribuidora de Títulos e Valores Mobiliários Ltda. and its director, André Bernardino da Cruz Filho, involving a BRL 1,000,000 payment in an administrative proceeding. The CVM rejected a settlement proposal from More Invest Gestora de Recursos, citing serious conduct and procedural concerns, including failures in fund liquidity management and fraudulent operations under CVM regulations.
EnforcementInvestigations & enforcement actions
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2025-11-27•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has ordered Santo Trader Treinamento Profissionais Ltda. and its representative, Oliver Augusto Moreno Spanghero, to cease offering securities analysis services without CVM authorization. The enforcement action, under CVM Deliberation 905, applies to promotions on their websites and social media, with non-compliance risking a daily fine of BRL 50,000. The CVM also seeks information from investors on proposals received from the firm.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-27•Albania•Albania Financial Services Authority
The Albania Financial Services Authority approved its 2026 budget and medium-term projection for 2026–2028, along with decisions impacting insurers and intermediaries. Key actions include appointing an audit firm for the Albanian Insurance Bureau, authorizing Atlantik-Shoqëri Sigurimi's expansion, and approving management changes at Vienna Life Insurance and IFIS Broker. The Board also renewed actuary licenses, withdrew Banka OTP Albania's insurance agent license, and approved a new insurance agent.
SupervisionAuthorisations & approvalsAuditing
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2025-11-27•Global•World Federation of Exchanges
The World Federation of Exchanges has urged the US Securities and Exchange Commission to prevent crypto firms from using broad exemptive relief to bypass statutory obligations related to tokenisation, warning it could jeopardize investor protection, market integrity, and competition. The WFE supports exemptive relief only when necessary for fair competition and public interest, recommending standards like alignment with investor protection, narrowly tailored orders, time limits, and conditions such as SEC oversight and anti-money laundering requirements.
Policy & regulationGuidance & interpretationTokenization
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2025-11-27•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC reported 43,185 new corporations registered by end-October, citing streamlined registration and easier compliance. Key changes include strict processing timelines, expanded online registration for 81 industries, and discounts for MSMEs on registration and filing fees. The SEC may extend these MSME discounts beyond year-end.
Policy & regulationImplementation, projects & pilotsLicensing framework and process
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2025-11-27•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission approved Sta. Lucia Land, Inc.'s rental pool securities offering under the SEC RENT streamlined guidelines, covering 16 registration statements for 2,382 certificates of participation. Priced between PHP 70,000 and PHP 100,000, these certificates pertain to projects across various locations, with expected gross proceeds of up to PHP 60.31 million. Certificate holders will share in net profits from pooled units and have personal use of the units for 30 nights annually.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-11-27•Russia•Central Bank of Russia
The Central Bank of Russia's Financial Stability Review highlights resilience in corporate and banking sectors despite slower economic growth and high interest rates. Household indebtedness is easing, but retail credit quality is deteriorating. The banking sector remains stable, capable of supporting borrowers through loan restructuring, while measures have reduced household debt risks. The Central Bank will continue monitoring financial system resilience and plans to release a full English version of the review.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-11-27•Malaysia (Labuan)•Labuan Financial Services Authority
The Labuan Financial Services Authority launched the Labuan International Compliance Conference 2025 to enhance AML/CFT capabilities and regulatory compliance in the Labuan International Business and Financial Centre. The conference addressed compliance challenges amid evolving financial crime risks and technology changes, with the authority adopting supervisory technology for improved market surveillance. Additionally, Universiti Malaysia Sabah introduced a Micro-Credential Programme on AML/CFT fundamentals during the event.
Policy & regulationImplementation, projects & pilotsAML and CFTCompliance
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2025-11-27•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency (Hanfa) joined an EU-funded project to enhance financial regulation in Montenegro. The EUR 1.8 million initiative, led by a consortium headed by the Deutsche Bundesbank, involves Hanfa, the Croatian National Bank, and the National Bank of Slovakia. It aims to align with the EU acquis, strengthen supervisory practices, and improve the capacities of Montenegro's Central Bank and Insurance Supervision Agency.
Policy & regulationCooperationOther
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2025-11-27•Kosovo•Central Bank of the Republic of Kosovo
Milot Cakaj, Deputy Governor for Financial Supervision at the Central Bank of the Republic of Kosovo, discussed climate risks and financial stability at a Skopje conference. He emphasized aligning with European Central Bank and Basel Committee standards, integrating climate risks into the CBK Strategic Plan 2024–2028, and publishing a guide on credit exposures linked to climate transition. Future steps include finalizing an advisory letter for the banking sector and incorporating climate risk into the Supervisory Review and Evaluation Process (SREP).
SupervisionSupervision approach, priorities & toolkitClimate risk and sustainable finance
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2025-11-27•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo held a workshop with microfinance institutions to enhance its regulatory framework for non-bank financial institutions. Discussions focused on governance, risk management, and supervisory priorities amid digitalisation, including stronger prudential requirements and improved transparency. The workshop initiated ongoing stakeholder dialogue, supported by International Finance Corporation assistance, to refine licensing and governance rules.
Policy & regulationGuidance & interpretationFinancial stability and systemic riskMarket development
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2025-11-27•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals on a specified list to pay a VND 1,000,000 fee for securities practising certificates as per Ministry of Finance Circular No. 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission, with proper identification in the remittance reference. Failure to collect the certificate within one year of the fee-payment notice will result in cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-11-27•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed an applicant to pay a VND 1,000,000 fee for the reissuance of a securities practicing certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer to specified accounts or in person at the Commission. Failure to complete the procedure within one year will result in the cancellation of the reissued certificate.
Policy & regulationGuidance & interpretationLicensing and supervisory fees
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2025-11-27•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority and Financial Conduct Authority have finalized changes to the UK EMIR Binding Technical Standards on margin requirements for non-centrally cleared derivatives. Key amendments include an indefinite exemption from UK bilateral margining for single-stock equity and index options, and removal of the initial margin requirement on certain legacy contracts. Effective 27 November 2025, the rules apply to PRA-authorised banks, building societies, PRA-designated investment firms, FCA solo-regulated entities, and non-financial counterparties within the UK EMIR margin framework.
Policy & regulationRules & requirementsPrudential risks
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2025-11-27•Global•ISDA
The International Swaps and Derivatives Association (ISDA) issued a voluntary market practice note recommending the fallback methodology for Treasury inflation-protected securities to determine a substitute October 2025 Consumer Price Index for All Urban Consumers (CPI-U) level. This follows the US Bureau of Labor Statistics' confirmation that it would not publish the October figure. The approach ensures consistency and transparency in the inflation swaps market for new trades from November 28, aligning derivatives practice with the cash market despite technical challenges.
Policy & regulationGuidance & interpretationFinancial benchmarks
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2025-11-27•United Arab Emirates•Dubai Virtual Assets Regulatory Authority
The Dubai Virtual Assets Regulatory Authority issued a market alert refuting social media claims of a Bitcoin ban in the UAE, affirming that virtual assets remain permissible under existing regulations. VARA emphasized that virtual asset activities are regulated by the Securities and Commodities Authority or VARA, except where covered by the Central Bank of the UAE Law, and advised reliance on official regulatory publications.
SupervisionAlertsOther
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2025-11-27•Canada•Financial Transactions and Reports Analysis Centre of Canada
The Financial Transactions and Reports Analysis Centre of Canada imposed a CAD 214,500 penalty on Synergy Credit Union for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The credit union failed to report suspicious transactions, assess and document risks, apply special measures for high risks, and maintain updated compliance policies. The penalty has been paid, and the case is closed.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-11-27•Canada•Financial Transactions and Reports Analysis Centre of Canada
FINTRAC issued an Operational Alert updating money laundering indicators related to online child sexual exploitation. The alert supports Project Shadow, an international partnership targeting such crimes, and incorporates new intelligence from various stakeholders. FINTRAC reported an increase in financially motivated offenses, including sexual extortion, linked to organized crime targeting Canadian children.
SupervisionAlertsAML and CFT
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2025-11-27•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has suspended the licences of two currency exchange bureaus in Bishkek for violations of national legislation and regulatory acts. OsOO “MEFF CASH” is suspended from 26 November to 2 December 2025, and OsOO “Balans LTD” from 26 November to 5 December 2025.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-27•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has suspended the licenses of three currency exchange bureaux and fined another following an inspection by its Osh regional office for breaches of Kyrgyz legislation and regulatory requirements. OsOO “Valyuta MMA,” OsOO “Valyuta Grupp,” and OsOO “Global Valyuta” faced suspensions, while a separate bureau in Uzgen district was fined KGS 55,000.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-27•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Naryn regional office conducted a financial literacy lecture for students at Secondary School No. 1 in Naryn, covering topics such as family budgeting, payment systems, and financial fraud risks. The event also featured an exhibition of the central bank's numismatic valuables and a demonstration of the "Tunduk" app for managing credit bans.
Financial literacy & educationFinancial literacy and education
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2025-11-27•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Osh regional office conducted a lecture at Osh State University on the central bank's role, consumer finance, and the national currency's history and security features. The session also addressed loans, deposits, QR code payments, and managing credit bans in the "Tunduk" app.
Financial literacy & educationFinancial literacy and education
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2025-11-27•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
MENAFATF visited Rabat to support Morocco's preparations for its third-round evaluation of anti-money laundering, counter-terrorist financing, and counter-proliferation systems, concluding in May 2028. Moroccan authorities emphasized their commitment to FATF standards and reforms, while MENAFATF acknowledged Morocco's readiness and legislative progress.
Policy & regulationPeer reviews and country evaluationsAML and CFTDomestic cooperation
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2025-11-27•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria mandates banks to withdraw non-compliant ads after a review of disclosure and fair-marketing inconsistencies. Ads must be factual, transparent, and not misleading, with inducement-style promotions prohibited. Institutions must submit a compliance attestation within 30 days, with a follow-up review in January 2026 and potential sanctions for breaches.
Policy & regulationGuidance & interpretationDisclosures
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2025-11-27•Sweden•Finansinspektionen
Sweden's Finansinspektionen has released the capital requirements for Swedish banks and credit institutions in supervisory categories 1 and 2 as of Q3 2025, including Pillar 2. The disclosure covers major institutions such as Handelsbanken, SEB, Swedbank, and others, clarifying the impact of the authority's capital requirements.
Policy & regulationGuidance & interpretationCapital adequacy
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2025-11-27•Hungary•National Bank of Hungary
The National Bank of Hungary and the Hungarian Chamber of Commerce and Industry released a business survey using a new methodology. The MNB–MKIK corporate economic index shows improvement but indicates a subdued economic environment, with firms' future expectations more positive than current assessments. The survey highlights weak demand, high energy prices, and inflation-related costs as key constraints on activity.
Data & statisticsEconomic data and developments
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2025-11-27•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's November 2025 Purchasing Managers’ Index (PMI) report shows a rise to 56.4, indicating economic expansion for the twelfth consecutive month. Of the 36 subsectors, 29 expanded, with Water Supply, Sewage & Waste Management leading growth, while Paper Products saw the highest decline. Key components such as Output, New Orders, Employment, and Stock of Raw Materials also expanded, with faster delivery times noted.
Data & statisticsEconomic data and developments
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2025-11-27•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) announced that the temporary exemption allowing exempt market dealers to join selling groups for prospectus offerings will expire on 20 December 2025 and will not be extended. Initially introduced to aid capital-raising for start-ups and SMEs, the exemption saw limited use. Feedback is being sought to guide future policy decisions and assess the potential for a revised exemption.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-11-27•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) proposed amendments to enhance liquidity risk management (LRM) for all investment funds, including non-reporting issuer funds. The proposals require funds to establish LRM frameworks with written policies, operational controls, and governance oversight, including stress testing and contingency plans. The CSA also seeks feedback on additional liquidity tools, asset classification frameworks, and improved disclosure.
Policy & regulationRules & requirements
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2025-11-27•Chile•Central Bank of Chile
The Central Bank of Chile completed its eighth "City of Opportunities" financial education course, certifying 569 teachers and teacher-training students. Delivered with the University of Chile, the program covered microeconomics, macroeconomics, the financial system, the central bank's role, and personal finance. The certification ceremony highlighted educators from diverse regions and recognized outstanding final projects.
Financial literacy & educationFinancial literacy and education
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2025-11-27•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board (CPAB) released a Smaller Firm Series paper summarizing insights from its Public Company Audit Summits in Toronto, Vancouver, and Montreal, focusing on enhancing audit quality at smaller firms. The paper emphasizes thorough risk assessment, firm-level quality management systems, and proactive risk identification, using anonymized scenarios to illustrate recurring audit quality themes and emerging risks. Key scenarios include inadequate evaluation of third-party inventory controls and IT-related risks in automated environments, with remediation strategies highlighted.
Policy & regulationGuidance & interpretationAuditing
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2025-11-27•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets consulted stakeholders on a draft regulation for an insurance product information document to enhance transparency and comparability. The draft aims to transpose European Commission Implementing Regulation (EU) 2017/1469, establishing a standard format for presenting insurance product information. Participants included the European Consumer Centre, the Union of Insurers, and other industry representatives.
Policy & regulationRules & requirementsDisclosures
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2025-11-27•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority's Committee approved the incorporation of Emtelak Real Estate Projects Fund Company and Fawry Holding for Financial Investments. These entities will operate in real estate fund activity and financial investments linked to securities issuance, respectively. The committee oversees approvals and licensing for non-banking financial services, including corporate governance and operational changes.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-11-27•Canada•British Columbia Securities Commission
The British Columbia Securities Commission (BCSC) alleged that Elixir Technology Inc. and two individuals engaged in a $16 million fraud and illegal securities distributions, affecting over 100 investors. The BCSC claims Elixir misrepresented its financial health and business operations, causing significant investor losses. Allegations include unauthorized securities distributions and false statements under oath, with a hearing scheduled for December 16, 2025.
EnforcementInvestigations & enforcement actionsFraud and scamsSecurities offerings and listings
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2025-11-27•Chile•Chile Financial Market Commission
Chile’s Financial Market Commission reported that banking system loan growth flattened in October 2025, with commercial lending declining and cooperative lending expanding, particularly in consumer credit. Bank credit-risk indicators rose slightly, while profitability improved; cooperatives saw lower risk ratios and higher profitability. Total banking system loans increased 0.16% to USD 291,679 million, while savings and credit cooperatives' loans rose 6.7% to USD 3,665 million.
SupervisionRisk monitoring & watch pointsCredit riskAsset quality
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2025-11-27•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) will implement a macroprudential debt-to-income lending limit from 1 February to address housing vulnerabilities, allowing authorised deposit-taking institutions to originate up to 20% of new mortgage lending at a DTI of six times income or more. This measure, excluding certain loans, aims to curb high DTI lending among investors, while maintaining existing macroprudential settings and considering further measures if risks escalate.
Policy & regulationRules & requirementsLendingMacroprudential policy and tools
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2025-11-27•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has imposed additional licence conditions on Australian Ethical Superannuation Pty Ltd due to concerns over its expenditure management, particularly related-party transactions with its parent company. AES must appoint an independent third party to review and improve its outsourcing decisions and compliance with regulatory duties.
SupervisionInterventionsCorporate governance
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2025-11-27•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway (Finanstilsynet) released an inspection report on SpareBank 1 Østlandet, highlighting the need for enhanced governance and risk management. Key areas for improvement include board involvement in strategy, governance of ownership interests, and risk appetite framework development. The bank plans to review its risk framework and incorporate the authority's feedback into its new group strategy.
SupervisionReviews, inspections & stress testsRisk management
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2025-11-27•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority released an inspection report on Gjensidige Forsikring ASA, highlighting concerns over its Solvency II internal model and risk management. The report questions the board's decision to maintain a 140% solvency capital coverage target, citing a higher risk appetite, and raises issues with model validation, particularly regarding inflation and interest rate assumptions. The authority also noted operational resilience issues and requested further documentation and board meeting minutes for review.
SupervisionReviews, inspections & stress testsPrudential risksSupervision process and methodologies
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2025-11-27•Global•Financial Stability Board
The Financial Stability Board (FSB) released its 2025 list of global systemically important banks (G-SIBs), maintaining the total at 29 banks with three firms shifting between systemic importance buckets. Bank of America and Industrial and Commercial Bank of China moved to bucket 3, increasing capital buffer requirements, while Deutsche Bank moved to bucket 1, reducing its requirement. These changes reflect shifts in banks' activity complexity, with new capital buffer requirements effective January 2027.
Policy & regulationRules & requirementsFinancial stability and systemic risk
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2025-11-27•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde has mandated a standardized format for microfinance institutions' price lists under Notice No. 02/2025, effective 1 January 2026. This model aims to enhance transparency by clearly presenting interest rates, fees, and charges, allowing customers to better understand and compare service costs. An information leaflet will accompany the price list to guide appropriate disclosure.
Policy & regulationRules & requirementsDisclosures
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2025-11-27•China•China Banking and Insurance Regulatory Commission
Li Yunze, Director of China's National Financial Regulatory Administration, met with Azerbaijani Central Bank Governor Taleh Kazimov to discuss macroeconomic and financial outlooks. The meeting focused on enhancing China–Azerbaijan cooperation in financial regulation and supervision.
Policy & regulationCooperationCross-border cooperation
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2025-11-27•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) has set a 20% cap on investments in cauciones for Money Market mutual funds, based on net assets. This decision follows recommendations from the Central Bank of the Argentine Republic (BCRA) to ensure proper monetary policy functioning. The rule will be effective from 1 December 2025.
Policy & regulationRules & requirementsLiquidity risk
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2025-11-27•Argentina•Argentina Securities Commission (CNV)
Argentina's Securities Commission (CNV) outlined reforms at the XVII Annual Forum of the Argentine Chamber of Trusts and Direct Investment Funds, focusing on financial trusts and tokenisation. CNV President Roberto E. Silva highlighted efforts to improve predictability and efficiency through work guides, deregulation, and simplification, including automatic authorisation regimes and streamlined FF rules under General Resolution No. 1084. The forum also covered new trust rule provisions and tokenisation of real-world assets.
Policy & regulationRules & requirementsFintech and insurtechTokenization
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2025-11-27•Macao•Monetary Authority of Macao
The Monetary Authority of Macao (AMCM) appointed a new Expert Committee to advise on upgrading Macau’s Central Securities Depository (CSD) to bolster the bond market. The committee includes representatives from key financial institutions and will focus on enhancing international connectivity and non-resident investor participation. AMCM also plans to promote interoperability with global depositories and explore subsidy measures for bond issuance.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-11-27•Asia•Asia/Pacific Group on Money Laundering (APG)
The Asia/Pacific Group on Money Laundering held its 2025 Typologies Workshop in Bangkok from 10 to 12 November, with more than 200 delegates from 29 members, six observers and over 30 private sector participants. Discussions focused on cyber scam hubs and related human trafficking, and on illicit financial flows tied to online sexual abuse and exploitation of children. The event was hosted with Thailand’s Anti-Money Laundering Office and the United Nations Office on Drugs and Crime.
Policy & regulationCooperationAML and CFT
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2025-11-27•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has revised administrative procedures for foreign exchange activities via its one-stop-shop, amending, supplementing, replacing, or abolishing certain procedures. Changes pertain to Circulars No. 39/2025/TT-NHNN and No. 40/2025/TT-NHNN, affecting procedures coded 1.001811, 1.001804, and abolishing 1.001827. Implementation is assigned to the State Bank of Vietnam Office, the Foreign Exchange Management Department, and relevant units.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2025-11-27•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) outlined its initiatives for secure data connectivity and open banking through Open APIs at the Fintech Connecting 2025 event. It announced the "Fintech Challenge Vietnam 2026" to foster innovative fintech solutions using data and AI. SBV emphasized the importance of compliance with data protection and risk management as part of its broader digital transformation strategy.
Policy & regulationImplementation, projects & pilotsOpen banking and finance
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2025-11-27•Vietnam•State Bank of Vietnam
The State Bank of Vietnam hosted a session with the EU-ASEAN Business Council and EuroCham Vietnam, chaired by Deputy Governor Nguyen Ngoc Canh, to discuss financial policy and regulatory cooperation. Topics included interest and exchange rate management, financial product development, local currency payments, online fraud mitigation, and alignment of AML and KYC standards with FATF and OECD principles. Both parties committed to ongoing collaboration and information sharing to support policy implementation.
Policy & regulationCooperationCross-border cooperation
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2025-11-27•Vietnam•State Bank of Vietnam
The State Bank of Vietnam and the World Bank discussed cooperation on financial sector priorities, including supervision enhancement, Basel standards adoption, and sustainable banking. They referenced World Bank reports on Vietnam's growth, emphasizing infrastructure investment, capital market development, and managing credit expansion risks. The central bank aims to strengthen financial resilience through amendments to the 2024 Law on Credit Institutions and coordination on green project criteria, aligning with Vietnam's net-zero 2050 goals.
Policy & regulationCooperationOther
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2025-11-27•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's Anti-Money Laundering Department and the Ministry of Public Security's Economic Security Department have formalized a protocol for processing and exchanging information on suspicious transactions. This cooperation aims to enhance investigation and prosecution efforts, focusing on high-risk areas like cyber-enabled and tax fraud. The protocol emphasizes stronger information exchange, joint investigations, and exploring technological solutions to improve detection and prevention.
SupervisionCooperationAML and CFTDomestic cooperation
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2025-11-27•Denmark•National Bank of Denmark
The National Bank of Denmark reported a 3.7% increase in Danish households' housing debt by the end of October compared to the previous year, with growth accelerating in 2025 but remaining moderate. Both bank and mortgage lending contributed to this rise, reversing a trend of debt reduction driven by mortgage conversions due to higher interest rates. Notably, the Capital Region, including Copenhagen and Frederiksberg, saw above-average increases.
Data & statisticsLendingMacroprudential policy and tools
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2025-11-27•Moldova•National Bank of Moldova
The National Bank of Moldova has revised its regulation on licensing and registration for payment institutions, electronic money institutions, and postal service providers acting as payment service providers or electronic money issuers. This amendment was enacted by an Executive Committee decision on 20 November 2025.
Policy & regulationRules & requirementsLicensing framework and process
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2025-11-27•Moldova•National Bank of Moldova
The National Bank of Moldova's Executive Committee has adopted a regulation establishing authorisation and notification requirements for connections between central securities depositories, effective 3 January 2026.
Policy & regulationRules & requirementsLicensing framework and process
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2025-11-27•Moldova•National Bank of Moldova
The National Bank of Moldova's Deputy Governor Tatiana Ivanicichina emphasized the link between financial-sector transformation and EU integration, highlighting declining inflation and banking-sector soundness with an own funds ratio of 25.6%. She noted the modernization of the payment system via the MIA Instant Payments system and Moldova's accession to the Single Euro Payments Area, saving EUR 1.4 million in its first month. For 2026, the NBM plans to adopt EU CRD VI/CRR III measures to align with Basel III standards, enhancing bank resilience.
Policy & regulationRules & requirementsCapital adequacyPrudential risksFinancial stability and systemic risk
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2025-11-27•United Arab Emirates•Dubai Virtual Assets Regulatory Authority
The Dubai Virtual Assets Regulatory Authority (VARA) refuted social media claims that the UAE banned Bitcoin and restricted self-custodial wallets, affirming virtual assets remain permissible. VARA clarified the new Central Bank law pertains to Licensed Financial Institutions, while Virtual Assets Activities are regulated by the Securities and Commodities Authority or VARA, except for certain payment services. Market participants should rely on official publications for accurate regulatory information.
SupervisionAlertsOther
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2025-11-27•Barbados•Central Bank of Barbados
The Central Bank of Barbados released a press statement clarifying the concepts of debt service and amortisation, emphasizing their significance in borrowers' repayment obligations.
Financial literacy & educationOther
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2025-11-26•Colombia•Superintendencia Financiera de Colombia
The Superintendencia Financiera de Colombia hosted a supervisory college in Bogotá for Grupo Bolívar Financial Conglomerate, with supervisors from Colombia, Panama, Costa Rica, El Salvador, and Honduras. Discussions covered the conglomerate’s risk management, insurance and banking metrics, and regional operations, including Banco Davivienda's strategic direction. The SFC conducts these colleges biennially to enhance cross-border cooperation.
SupervisionCooperationSupervision process and methodologies
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2025-11-26•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) released the National Financial Inclusion Policy (PNIF) 2025-2030 to enhance access to formal financial products and services. The policy outlines eight strategic objectives, including improving access to savings, financing, and insurance, focusing on gender equality and vulnerable groups. It sets targets like 83% population access to financial products and 50% business financing access by 2030, allowing for adaptive management updates.
Policy & regulationReform agendas & prioritiesFinancial inclusion
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2025-11-26•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand appointed Rodger Finlay as Chair of the RBNZ Board and Rhiannon McKinnon as a new Board member, with terms ending in 2027 and 2030, respectively. These appointments were made by the Governor-General on the Minister of Finance's recommendation following a process by The Treasury.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-26•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro reviewed banking-sector conditions post-SEPA integration, noting stability and growth. Amendments to tariffs will halve transaction fees, aligning with EU models and preparing for the TIPS Clone system, with banks required to pass savings to citizens by December 2025. Future efforts will focus on aligning domestic regulations with European standards, including amendments to the Law on Credit Institutions and enhancing risk management, ESG principles, and consumer protection.
Policy & regulationRules & requirementsPayments and payment systems
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2025-11-26•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) has authorized NEINOR DMP BIDCO, S.A.U.'s voluntary public takeover bid for AEDAS HOMES, S.A., offering EUR 21.335 per share for all 43.7 million shares. The bid requires at least 75% acceptance, supported by Castlelake's commitment to tender its 79.02% stake. If acceptances fall below 50% of voting rights excluding Castlelake’s, Neinor must launch a mandatory bid at EUR 24 per share, subject to CNMV approval.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-11-26•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) has authorised SECURITIZE, the first Trading and Settlement System (SNL) based on distributed ledger technology (DLT), operated by Securitize Europe Brokerage and Markets, S.V., S.A. This DLT-based market infrastructure combines multilateral trading facility services with a securities settlement system, allowing trading in tokenised shares and bonds under the EU's DLT Pilot Regime.
SupervisionAuthorisations & approvalsRegulatory sandbox
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2025-11-26•Global•Financial Markets Standards Board
The Financial Markets Standards Board (FMSB) held its first event in Hong Kong on 13 November to enhance its presence in the Asia-Pacific region, with support from the Hong Kong Securities and Futures Commission. The event featured discussions on FMSB's role in promoting fair markets and how firms can engage with its standards to address future market challenges.
Policy & regulationCooperationMarket development
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2025-11-26•Pakistan•State Bank of Pakistan
State Bank of Pakistan Governor Jameel Ahmad stressed the need for Pakistan to adopt a sustainable, outward-looking growth model to avoid boom-bust cycles, emphasizing coordinated monetary and fiscal policies and stable inflation. He noted improvements in external buffers, with foreign exchange reserves at USD 14.5 billion and a reduced external debt-to-GDP ratio. Ahmad urged firms to integrate into global value chains, modernize production, and diversify funding sources to boost productivity and resilience.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
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2025-11-26•Europe•Committee on Economic and Monetary Affairs
The European Parliament’s Committees on Economic and Monetary Affairs and Civil Liberties will engage with Bruna Szego, Chair of AMLA, to discuss its new central role in the EU's anti-money laundering framework. This session, the first under the AMLA Regulation, will focus on AMLA’s priorities and tasks to enhance the EU’s capacity against money laundering and terrorist financing, informing upcoming legislative and oversight deliberations.
Policy & regulationCooperationAML and CFT
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2025-11-26•Italy•Bank of Italy
Giuseppe Siani, Head of the Directorate General for Financial Supervision and Regulation at the Bank of Italy, testified before the joint Justice and Finance Committees on a draft legislative decree to reform capital markets and company rules.
Policy & regulationRules & requirementsOther
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2025-11-26•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) warned about romance or "affective" investment scams, where fraudsters build online relationships to lure victims into fake investments in cryptoassets, gold, or foreign exchange. Red flags include quick relationship escalation, reluctance to meet in person, and promises of high returns with low risk. CNMV advises ignoring unknown contacts, independently researching investment opportunities, and reporting suspected scams to authorities.
SupervisionAlertsFraud and scams
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2025-11-26•Australia•Australian Securities & Investments Commission
ASIC has charged Melbourne SMSF auditor Kristian John Convery for auditing while permanently disqualified under the Superannuation Industry (Supervision) Act. Between June 2024 and January 2025, Convery allegedly audited for four tax agents and 56 entities, creating false documents. The case is prosecuted by the Office of the Director of Public Prosecutions (Cth) with potential penalties of up to 10 years’ imprisonment.
EnforcementInvestigations & enforcement actionsAuditing
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2025-11-26•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) released the 2025 Retirement Income Covenant (RIC) Pulse Check report, highlighting uneven implementation of retirement income strategies by trustees. The report urges trustees to enhance practices to meet better-practice expectations, noting a widening gap between proactive and incremental approaches. ASIC and APRA will provide individual feedback to trustees and continue engaging with Treasury on retirement initiatives, while APRA plans to include retirement products in the 2026 Comprehensive Product Performance Package.
SupervisionReviews, inspections & stress testsOther
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2025-11-26•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority has initiated a review of the regulatory framework for custody of client assets, inviting feedback from custodians, financial service providers, investors, and the public to inform reform proposals.
Policy & regulationImplementation, projects & pilotsClient asset custody and safekeeping
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2025-11-26•Peru•Central Bank of Peru
The Central Bank of Peru reported a 9.4% year-on-year increase in remittances sent by Peruvians abroad, reaching USD 1,343 million in Q3 2025, the highest on record. The United States was the primary source of these remittances, which equaled 1.5% of GDP, consistent with the previous year.
Data & statisticsBalance of payments and other external statistics
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2025-11-26•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has initiated Federal Court civil penalty proceedings against former Electro Optic Systems Holdings Limited (EOS) CEO Dr. Ben Greene for allegedly failing to disclose a material change in the company's 2022 revenue guidance. ASIC claims Dr. Greene knew by July 2022 that revenue would be significantly lower than the projected AUD 212.3 million but did not inform the board or update the market until October 2022. ASIC is also pursuing separate proceedings against EOS with a statement of agreed facts and admissions.
EnforcementInvestigations & enforcement actionsDisclosures
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2025-11-26•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission announced that Electro Optic Systems Holdings Limited admitted to breaching continuous disclosure obligations by failing to promptly update the market on a significant downgrade to its 2022 revenue outlook. EOS delayed disclosing a revised revenue forecast of AUD 164 million, potentially plus AUD 27 million, for 14 weeks. ASIC also initiated proceedings against former CEO Dr Ben Greene for alleged breaches of directors’ duties.
EnforcementInvestigations & enforcement actionsDisclosures
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2025-11-26•Bermuda•Ministry of Finance (Bermuda)
Bermuda’s Ministry of Finance, through the National Anti-Money Laundering Committee, released the 2024 National Risk Assessment on money laundering and terrorist financing. This fourth assessment uses a risk-based approach to address risks from new financial products, business practices, and technologies, informing national AML/ATF policies and private-sector risk management. The assessment involved input from financial regulators, market supervisors, legislative bodies, and private-sector stakeholders.
ResearchAML and CFT
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2025-11-26•Europe•European Banking Authority
The European Banking Authority's Q2 2025 dashboard on MREL outlines resolution planning for 304 EU banks. As of June 2025, the average external MREL requirement was 28.9% of RWA for GSIIs, 28.5% for Top-Tier and fished banks, and 24.3% for others. Banks mainly meet MREL through own funds, with GSIIs and Top-Tier banks using senior non-preferred debt, while others rely on senior unsecured debt.
Data & statisticsCapital adequacy
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2025-11-26•Europe•European Banking Authority
The European Banking Authority (EBA) released a peer review on supervisors' implementation and oversight of gender diversity policies in financial institutions, focusing on the Capital Requirements Directive and EBA Guidelines. The review found most authorities meet benchmarks but identified shortcomings in supervisors' benchmarking of diversity policies. The EBA recommends enhancing transparency and consistency through improved benchmarking outcomes and follow-up measures.
SupervisionPeer reviews and country evaluationsDiversity and inclusion
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2025-11-26•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority (Finanstilsynet) will cease its annual accounting orientation letter for credit institutions, opting for ongoing guidance communication to clarify it is not imposing new rules. An online logbook has been launched to enhance transparency, detailing regulatory simplifications since 2024, including rule simplification, increased proportionality, and process automation.
Policy & regulationGuidance & interpretationAccounting and financial reporting
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2025-11-26•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority announced that the Supreme Court of Bermuda ordered the winding up of Diversified Fund Platform Ltd due to multiple breaches of the Investment Funds Act 2006 and related rules. The breaches included failure to conduct business prudently, prepare audited financial statements, and appoint key service providers. Joseph Gordon and Christopher Kennedy have been appointed as joint provisional liquidators.
EnforcementInvestigations & enforcement actionsAuditing
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2025-11-26•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority announced that the Supreme Court of Bermuda has ordered the winding up of Rapture Global Investment Fund Ltd due to significant breaches of the Investment Funds Act 2006 and Investment Fund Rules 2019. The breaches included failure to conduct business prudently, prepare audited financial statements, and maintain a Bermuda representative. The Official Receiver has been appointed as provisional liquidator.
EnforcementInvestigations & enforcement actionsSupervision process and methodologies
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2025-11-26•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority has released an updated Personal Declaration Form for director and officer appointments under the Insurance Act 1978 and the Investment Funds Act 2006 to enhance due diligence. The revised form is available on the Authority's website and is effective immediately, with previous versions no longer accepted after 1 January 2026.
Policy & regulationRules & requirementsFitness and propriety
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2025-11-26•Laos•Bank of the Lao
The Bank of the Lao reported Deputy Governor Surisak Thammavong's participation in the ASEAN+3 Finance and Central Bank Deputies’ Meeting in Hong Kong, focusing on regional financial stability and liquidity arrangements. Discussions included strengthening cooperation under the Chiang Mai Initiative Multilateralisation and supporting AMRO's strategic plan. The meeting concluded with consensus on continuing cooperation to enhance the region's financial crisis prevention framework.
Policy & regulationCooperationOther
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2025-11-26•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority's September 2025 superannuation statistics show a 3.0% rise in total assets to AUD 4,466.5 billion. Compared to September 2024, assets increased 9.4%, with APRA-regulated assets up 11.4% and self-managed super fund assets up 4.8% to AUD 1,073.4 billion. Contributions for entities with more than six members rose 12.7% to AUD 215.6 billion, and benefit payments increased 12.7% to AUD 136.2 billion. Net contribution flows were AUD 71.3 billion, up 8.1%.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-26•Australia•Australian Prudential Regulation Authority
APRA and ASIC released the 2025 Retirement Income Covenant Pulse Check report, highlighting disparities in superannuation trustees' retirement income strategies. The report stresses the need for improved practices to enhance retirement outcomes, as required by RIC obligations since July 2022. APRA and ASIC will provide feedback to trustees, engage with Treasury, update consumer guidance, and include retirement products in APRA's 2026 performance package.
SupervisionReviews, inspections & stress testsOther
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2025-11-26•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance outlined a policy package linking tax relief to demographic goals, effective January 2026. Key measures include zero income tax for families with four or more children, phased-out ENFIA for small settlements, and reduced taxes for young workers. The reforms are expected to contribute 0.6 percentage points to a 2.4% growth forecast in the 2026 budget.
Policy & regulationRules & requirements
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2025-11-26•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's SBS and the IFC have signed a technical cooperation agreement to support adopting ISSB standards IFRS S1 and IFRS S2. The initiative aims to enhance sustainability, climate-risk management, and disclosure transparency across financial, insurance, and pension sectors. The agreement includes capacity building and harmonisation of supervisory instruments under the IESG Peru programme, supported by Switzerland's SECO.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-11-26•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted about scams involving fraudulent websites and phishing linked to press releases from The Bank of East Asia, Shanghai Commercial Bank, and Chong Hing Bank. HKMA emphasized banks won't send SMS or emails with transaction hyperlinks or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Crime Wing Information Centre of the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-11-26•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the Dubai Financial Services Authority hosted the second Joint Climate Finance Conference in Dubai, focusing on financial risks from climate change and innovation in sustainable finance. Discussions highlighted collaboration between the Middle East and Asia, with tokenisation as a key emerging technology. The event also reviewed the joint research report on scaling sustainable debt in emerging markets.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-11-26•Australia•Reserve Bank of Australia
The Reserve Bank of Australia’s Payments System Board announced plans to release conclusions and an implementation timeline for regulatory actions from its Review of Merchant Card Payment Costs and Surcharging by March 2026. The update also highlighted progress on financial market infrastructure crisis resolution powers, card payment security enhancements, and cross-border payment initiatives, with key developments expected through 2030.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-11-26•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors announced that the Spanish Insurance and Pension Funds Authority, Dirección General de Seguros y Fondos de Pensiones, has joined the IAIS Multilateral Memorandum of Understanding. This agreement facilitates supervisory cooperation and information exchange across jurisdictions, with membership now covering approximately three-quarters of global gross written premiums.
Policy & regulationCooperationCross-border cooperation
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2025-11-26•Finland•Ministry of Finance (Finland)
Finland’s Ministry of Finance is finalising a proposal to reform the Anti-Money Laundering Act in line with new EU legislation, with submission to Parliament expected in March. The draft aims to enhance regulation and supervision, with feedback highlighting the need for clear rules and addressing issues like beneficial ownership data and customer due diligence. The law is intended to take effect on 10 July 2027.
Policy & regulationRules & requirementsAML and CFT
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2025-11-26•Global•Bank for International Settlements
The Bank for International Settlements released a bulletin on tokenised money market funds (TMMFs), highlighting their use as yield-bearing collateral and savings instruments in decentralised finance. The bulletin details market growth, interlinkages with stablecoins, and associated risks, including liquidity mismatches, contagion channels, and regulatory challenges. It suggests shared trusted wallet ID systems as a potential compliance solution.
Policy & regulationGuidance & interpretationTokenization