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2025-11-26•Ghana•Bank of Ghana
The Bank of Ghana stressed integrating environmental, social, and governance (ESG) factors into Rural and Community Banks (RCBs) operations, citing its Sustainable Banking Principles and Corporate Governance Directive. It highlighted RCBs' role in closing the gender gap, with 63% of loans to women, and emphasized female representation on boards. The bank also urged RCBs to address climate risks and support green finance initiatives like renewable energy and climate-smart agriculture.
Policy & regulationGuidance & interpretationESGFinancial inclusion
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2025-11-26•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) is coordinating with the insurance industry to maintain claims services amid severe flooding in southern provinces, notably affecting Songkhla and Hat Yai. Measures include advising policyholders on asset protection, deploying resources for vehicle relocation, and reinforcing claims operations. The OIC has activated backup service centres in nearby provinces due to its Songkhla office closure.
SupervisionInterventionsOther
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2025-11-26•Middle East•Arab Monetary Fund
The Arab Monetary Fund, with the Central Bank of Kuwait and the Kuwait Credit Information Network, began the 20th Arab Committee on Credit Information meeting in Kuwait City, focusing on technological advancements and regulatory changes in the credit information industry. The agenda includes digital financial literacy, AI, data protection, legislative development, and SME credit ratings, emphasizing transparency and financial inclusion.
Policy & regulationCooperationCredit ratings
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2025-11-26•Jordan•Jordan Securities Commission
The Jordan Securities Commission outlined its strategy for managing cybersecurity risks in crypto markets, aiming to finalize virtual asset regulations by end-2025. The framework will cover licensing for brokerage, trading, custody services, and platform operations, emphasizing technical readiness, governance, and compliance with anti-money laundering and counter-terrorist financing standards.
Policy & regulationRules & requirementsCyber resilienceRegtech and suptech
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2025-11-26•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned about AI JSE Pro, falsely claiming association with JSE Private Placements (Pty) Ltd and using its FSP number 51709 to solicit investments. JSE Private confirmed no affiliation with AI JSE Pro, which is not authorised to provide financial services. The FSCA advises verifying authorisation on its register and cautions against red flags like unrealistic returns and urgent pressure tactics.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-11-26•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority permanently withdrew the licences of Medbond Markets and Medbond Insurance Brokers after finding inappropriate financial advice and mismanagement. Medbond Insurance Brokers misled clients into investing in non-existent products, while Medbond Markets improperly managed funds and facilitated misleading arrangements, violating multiple regulations and causing client losses.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-26•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority's 2025 Financial Stability Report finds the financial sector stable and resilient despite challenges. Measures by the Financial Market Stability Committee have strengthened stability, notably reducing banks' vulnerabilities in the real estate market. Harmonisation of sustainable affordability definitions has improved comparability across the banking sector.
ResearchFinancial stability and systemic risk
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2025-11-26•Kenya•Kenya Capital Markets Authority
The Kenya Capital Markets Authority has approved eight new collective investment schemes and sub-funds spanning several asset classes and both Kenyan shilling and U.S. dollar products. The approvals bring the number of authorized schemes to 57, with sector assets under management exceeding KES 600 billion.
SupervisionAuthorisations & approvalsSecurities offerings and listingsMarket development
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2025-11-26•Tajikistan•National Bank of the Republic of Tajikistan
Deputy Chair Gulbahor Naziri of the National Bank of Tajikistan attended the "Global Dialogue on Women’s Leadership and Gender-Inclusive Finance" in Luxembourg, emphasizing Tajikistan's green economy agenda. Initiatives include a green economy action plan, a green finance working group, and collaboration with the European Bank for Reconstruction and Development. Naziri also met with Luxembourg's finance minister and AFI representatives to discuss cooperation and support for Tajikistan's National Financial Inclusion Strategy.
Policy & regulationImplementation, projects & pilots
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2025-11-26•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Superintendency of Banks of the Dominican Republic stressed consumer protection amid AI and digital financial services. Superintendent Alejandro Fernández noted AI's potential to enhance safety, contingent on ethical use and risk management. He mentioned initiatives like the ProUsuario app and the "Verify first, protect your data" campaign to combat threats like financial fraud and digital exclusion.
Policy & regulationGuidance & interpretationFintech and insurtechArtificial intelligence
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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 input from custodians, financial service providers, investors, and the public to inform potential reforms.
Policy & regulationReform agendas & prioritiesClient asset custody and safekeeping
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2025-11-26•Portugal•Bank of Portugal
The Bank of Portugal reported Q3 2025 foreign direct investment into Portugal at EUR 4.8 billion and Portuguese direct investment abroad at EUR 2.1 billion. Inward investment was primarily equity in Portuguese entities, with Spain, Luxembourg, France, and the UK as major sources. Outward investment focused on Europe, particularly the Netherlands and Spain, with both inward and outward transactions declining from the previous year.
Data & statisticsBalance of payments and other external statistics
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2025-11-26•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported a decline in corporate financing for October 2025, with total debt and equity issuance falling 17.4% to KRW23.7050 trillion from September. Equity issuance plummeted 74.6% to KRW93.9 billion, while debt issuance decreased 16.6% to KRW23.6111 trillion. Commercial paper and short-term bond issuance also declined, with outstanding CP rising 1.8% to KRW234.4648 trillion and outstanding short-term bonds dropping 3.9% to KRW78.6585 trillion by October's end.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-26•Seychelles•Central Bank of Seychelles
The Central Bank of Seychelles has directed Mauritius Commercial Bank (MCB) to address delayed card transaction debits affecting customers in 2025. MCB must cease deductions for transactions posted over 30 days late, refund all such transactions from 2025, and reverse any related fees or charges. The bank is required to complete refunds by 14 December 2025 and report on remediation measures to the Central Bank.
SupervisionInterventionsConsumer and investor protection
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2025-11-26•Serbia•National Bank of Serbia
The National Bank of Serbia's Q3 2025 Trends in Lending Activity report highlights accelerated bank lending to the non-monetary sector, with total domestic loans up 12.8% year on year. Household loans rose 16.1%, driven by cash and housing loans, while loans to the economy increased by 9.0%, primarily in manufacturing, trade, and transport. The report also notes improved asset quality and anticipates easing credit standards and rising loan demand in Q4 2025.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-26•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission released a second draft of Guidelines on Sukuk Issuance and Disclosure, focusing on disclosure, Shari’ah compliance, and investor protection. It applies to non-exempt issuances, requiring SEC registration and market listing eligibility, while exempting certain government and bank issuers but mandating disclosures. Permitted structures include Ijarah and Murabahah, with prohibitions on riba and gambling, and detailed issuer obligations.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-11-26•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission announced the 2025 Korea Fintech Week, focusing on AI and personalized financial services. FSC Chairman Lee Eog-weon emphasized the need for AI transition in the financial sector, outlining plans for AI investment, infrastructure overhaul, and fintech capital supply. The event features 99 exhibition booths, 128 participants, and over a dozen seminars on global fintech trends and AI models.
Policy & regulationImplementation, projects & pilotsFintech and insurtechArtificial intelligence
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2025-11-26•Kazakhstan•Astana Financial Services Authority
The Astana Financial Services Authority has amended the Astana International Financial Centre Fees Rules, increasing application and supervision fees effective 1 December 2025. New variable fee components and caps are introduced, with deferred supervision fees for certain Islamic finance licences. Additional changes include revised fees for digital assets, FinTech Lab applications, and Ancillary Service Providers, with AFSA planning further guidance on deferred fee implementations.
Policy & regulationRules & requirements
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2025-11-26•Estonia•Central Bank of Estonia
The Central Bank of Estonia's Financial Stability Review highlights a generally sound financial sector but warns that rapid credit growth could increase risks. To mitigate this, the countercyclical capital buffer rate remains at 1.5%. The review notes strong loan growth in real estate and construction, with increased exposure to market volatility due to reliance on international bond markets.
Policy & regulationRules & requirementsCredit riskLendingFinancial stability and systemic risk
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2025-11-26•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia announced six participants for its Regulatory Sandbox's inaugural cohort, enabling real-world testing of new capital market products and services. Participants focus on alternative real estate investments, secondary markets, and alternative financing, utilizing advanced data analytics and blockchain. Testing will occur in two batches starting in January or July 2026, over a 12-month period under specific parameters.
SupervisionInnovation & testingFintech and insurtechRegulatory sandbox
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2025-11-26•Romania•Ministry of Finance (Romania)
Romania's Ministry of Finance announced interim governance for the Bank of Investment and Development (BID) after the Supervisory Board and Directorate mandates ended. A reduced interim Supervisory Board, approved by the General Meeting of Shareholders and authorised by the National Bank of Romania, will maintain continuity while new leadership is selected. BID's operations will continue uninterrupted, with a recruitment process underway for a new non-executive leadership team.
Institutional developmentGovernanceLeadership change and appointments
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2025-11-26•Europe•European Central Bank
The ECB's Financial Stability Review highlights the impact of the 2 April 2025 US tariff announcement, causing US dollar depreciation and rising US Treasury yields, risking euro area stability. It calls for enhanced regulatory scrutiny and progress on the European savings and investments union and capital markets union. Persistent shifts in cross-asset correlations could undermine diversification and hedging, amplifying losses and liquidity mismatches.
ResearchFinancial stability and systemic risk
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2025-11-26•Europe•European Central Bank
The European Central Bank's Financial Stability Review highlights liquidity and leverage risks posed by UCITS hedge funds due to investor redemption terms and extensive derivative use. The ECB suggests enhancing stress-testing frameworks and risk management, noting significant synthetic leverage and procyclical flows. It recommends granting authorities discretionary powers to impose stricter leverage limits and mandating leverage reporting using the commitment approach.
Policy & regulationRules & requirements
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2025-11-26•Europe•European Central Bank
The European Central Bank's November 2025 Financial Stability Review highlights elevated financial stability vulnerabilities in the euro area due to geoeconomic uncertainties and tariffs. Key risks include sharp asset valuation adjustments, fiscal challenges affecting sovereign bonds, and bank vulnerabilities linked to tariff-sensitive credit exposures and non-bank funding. The ECB emphasizes resilience through macroprudential measures for banks and non-banks, including Basel III reforms and enhanced EU-level coordination.
Research
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2025-11-26•Europe•European Central Bank
The European Central Bank's November 2025 Financial Stability Review highlights ongoing euro area financial stability risks due to trade uncertainties and tariff impacts. It warns of potential abrupt asset price adjustments and identifies liquidity mismatches, high leverage, and public finance concerns as stress amplifiers. The ECB advises maintaining capital buffer requirements and enhancing resilience in non-bank financial intermediation.
Research
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2025-11-26•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission's Director General William Mason outlined a pro-growth regulatory approach for digital and sustainable finance, prioritizing economic prosperity and financial stability. Initiatives include a December consultation on tokenisation, stablecoins, and digital asset custody, and a Guidance Note on anti-greenwashing. The Commission plans to broaden the Finance Sector Code of Corporate Governance to include environmental considerations and rebrand the innovation "soundbox" into a comprehensive sandbox with enhanced support for innovative firms.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-11-26•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia fined Moneywave Sdn. Bhd. MYR 14,000 for not complying with sanctions screening under the Money Services Business Act 2011. The breach involved failing to maintain a sanctions database as required by UN Security Council Resolutions and Malaysia’s Domestic List. Despite Moneywave's adequate controls and remedial actions, BNM stressed the importance of compliance with targeted financial sanctions.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-11-26•Albania•Albania Financial Services Authority
The Albania Financial Services Authority reported a 10.53% increase in gross written premiums to ALL 22,397 million for January–October 2025, with insurance contracts rising by 5.12%. Non-life insurance dominated the market, accounting for 91.65% of premiums, while compulsory motor insurance premiums grew by 12.95%. Gross claims paid decreased by 1.99% to ALL 6,903 million, with motor insurance claims comprising 76.45% of the total.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-26•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has approved new Minimum Requirements for Conducting External Audits in non-bank credit organisations (NBCOs), effective 22 November 2025. These rules establish criteria for auditor selection, set expectations for audit work, and limit audit engagements to five consecutive years. NBCOs must ensure audit staff have not worked at the audited entity in the prior three years and notify the central bank of their auditor by 15 December annually.
Policy & regulationRules & requirementsAuditing
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2025-11-26•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan, led by Chairman Taleh Kazimov, is visiting China for bilateral meetings with Chinese financial-sector supervisory authorities. Discussions will focus on macroeconomic stability, financial technology development, and regulatory cooperation. The visit aims to enhance Azerbaijan–China financial-sector collaboration and strengthen regulatory mechanisms.
Policy & regulationCooperationCross-border cooperation
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2025-11-26•Global•World Federation of Exchanges
The World Federation of Exchanges released a research paper examining factors affecting IPO activity across 79 stock exchanges from 2002 to 2024. It highlights that market liquidity and GDP growth drive IPO frequency, while stringent listing regimes correlate with larger IPOs. Relaxing listing rules can boost IPO participation and capital raised if transparency and governance standards are upheld. Advanced economies are more sensitive to volatility and macro conditions, while emerging markets benefit from liquidity and economic growth.
ResearchSecurities offerings and listings
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2025-11-26•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has launched a free online Company Registration Simulation on its SEC Academy platform to help entrepreneurs practice the registration process. This tool aims to reduce stalled applications by familiarizing users with system requirements and easing traffic in the live registration system. It supports simulated applications for various corporation types and includes digital authentication and payment assessment features.
Policy & regulationImplementation, projects & pilotsLicensing framework and process
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2025-11-26•Russia•Central Bank of Russia
The Central Bank of Russia reported accelerated growth in corporate lending and household mortgages in October 2025, while consumer lending continued to contract. Corporate lending rose to 2.5%, driven by ruble-denominated loans, and household mortgages increased by 1.2%, with government-subsidised mortgages maintaining a 75% share. Banking sector net profit declined to RUB 310 billion, primarily due to foreign-currency revaluation.
Data & statisticsLending
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2025-11-26•Russia•Central Bank of Russia
The Central Bank of Russia reported an increase in the average maximum interest rate on Russian ruble household deposits at the top 10 credit institutions, rising from 15.32% in the first 10 days of November 2025 to 15.50% in the second 10 days. Rates by maturity varied, with up to 90 days at 14.78%, 91–180 days at 15.11%, 181 days to one year at 14.40%, and over one year at 12.42%. The monitoring excludes special-category deposits and those with conditional rates.
Data & statisticsFinancial and market indicators
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2025-11-26•Fiji•Reserve Bank of Fiji
The Reserve Bank of Fiji, via the National Financial Inclusion Taskforce, launched a Facilitator’s Resource for Financial and Digital Literacy Training in English and iTaukei to enhance training across Fiji, especially for underserved communities. Developed with the Consumer Protection and Financial Capability Working Group, this initiative supports Fiji’s National Financial Inclusion Strategy 2022–2030, with the next phase focusing on building facilitator capability.
Financial literacy & educationFinancial literacy and education
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2025-11-26•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission (SSC) announced a fee of VND 1,000,000 for the issuance of securities practising certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly to the SSC, with specific payment references required. Certificates will be cancelled if not collected within one year of the notice.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-11-26•Global•ISDA
ISDA CEO Scott O’Malia outlined 2026 priorities, emphasizing Basel III reforms and the Fundamental Review of the Trading Book (FRTB) for proportional capital requirements. The note addresses regulatory divergences, with the US revising its Basel III proposal, the EU and UK planning FRTB implementation in 2027, and the European Commission consulting on short-term FRTB relief, while ISDA advocates for long-term solutions and improved incentives for internal models.
Policy & regulationReform agendas & prioritiesCapital adequacyPrudential risks
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2025-11-26•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission (SEC) ordered Origin Global Empire Public Company Limited (EMPIRE) to comply with rules on significant private placements and clarify its investment in Namsap Laboratories Trading Company Limited. EMPIRE's acquisition structure, involving a private placement of shares to Namsap Laboratories Holding Company Limited, lacked necessary disclosures and an independent financial advisor report. The SEC warned that non-compliance could lead to suspension of the offering under the Securities and Exchange Act.
SupervisionInterventionsSecurities offerings and listings
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2025-11-26•Europe•European Banking Federation
The European Banking Federation (EBF) study shows that increased supervisory capital requirements beyond the Basel framework absorbed most of the EUR 112 billion in retained earnings generated by European banks from 2021 to 2024. EUR 102 billion was allocated to meet these requirements, significantly impacting lending capacity by over EUR 1.5 trillion. The EBF urges policymakers to reconsider the trend of "gold-plating" capital requirements.
ResearchCapital adequacyPrudential risks
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2025-11-26•Europe•European Banking Federation
The European Banking Federation Board prioritized simplifying the EU regulatory framework and advancing the digital euro, citing complexity as a growth barrier. Data showed EUR 102 billion in additional capital requirements for major banks due to supervisory discretion, impacting lending. The Board also advocated revising the securitisation framework and discussed legislative negotiations on the digital euro, with potential issuance by 2029.
Policy & regulationReform agendas & prioritiesRegulatory burdenSupervision process and methodologies
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2025-11-26•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority is investigating Marginalen Bank's compliance with credit risk management and transparency rules in a securitisation involving significant risk transfer. The review will assess the bank's adherence to credit risk assessment and management requirements and the adequacy of information provided. The aim is to ensure accurate credit risk assessment and appropriate capital requirements for the securitisation.
SupervisionReviews, inspections & stress testsSecuritization
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2025-11-26•Hungary•National Bank of Hungary
National Bank of Hungary Governor Mihály Varga emphasized expanding corporate lending amid weakening global growth, highlighting the Certified Corporate Loan scheme for supporting SMEs. He noted Hungary's robust banking system and projected 2026 inflation at 3.4% to 3.6%, citing central bank and government measures. Varga also pointed to weak European growth, high energy prices, and inflation-related pressures as challenges for Hungarian companies.
Policy & regulationImplementation, projects & pilotsLending
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2025-11-26•Canada•Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions outlined its reshaped supervision and policy work to address non-financial risks, highlighting a new operating model and updates to the non-financial risk function. Reviews identified weaknesses in regulatory compliance, technology, cyber, and third-party risk management across 20 financial institutions. Future efforts will focus on enhancing compliance officer opinions, disaster recovery, and fraud risk management, with a shift towards credit risk, liquidity risk, and corporate governance.
SupervisionSupervision approach, priorities & toolkit
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2025-11-26•Canada•Payments Canada
Payments Canada announced the completion of Lynx's transition to the ISO 20022 financial messaging standard, ending the coexistence of legacy MT and MX messages. This aligns with Swift's global initiative to discontinue MT messages. Payments Canada emphasized the need for institutions to adopt ISO 20022 across its systems, including Lynx and the upcoming Real-Time Rail, to fully leverage enhanced payment data.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-11-26•United Kingdom•HM Treasury
HM Treasury issued the Chancellor’s 2025 remit for the Bank of England’s Financial Policy Committee (FPC), emphasizing systemic resilience in non-bank financial sectors and vigilance on global risks. The FPC's response includes a revised Tier 1 capital benchmark of 13% of risk-weighted assets and adjustments to mortgage lending limits. Plans for a second System-Wide Exploratory Scenario and a biennial bank capital stress test were also outlined.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic risk
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2025-11-26•Chile•Central Bank of Chile
The Central Bank of Chile and the Financial Market Commission will host a dialogue event titled “A century of banking regulation and future challenges for the financial market” on 27 November, marking 100 years of banking regulation in Chile. Central Bank Governor Rosanna Costa and CMF Chair Solange Berstein will speak, with a panel discussion featuring experts from the International Monetary Fund, Adolfo Ibáñez University, and the Association of Banks and Financial Institutions. The session will be livestreamed on the Central Bank of Chile and CMF YouTube channels.
Policy & regulationCooperationOther
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2025-11-26•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization's Investor Advisory Panel released its first report on women and investing, revealing that women save and invest less than men, with lower confidence and higher risk aversion. The study highlights women's preferences for clear communication, respect, and alignment with life goals when working with financial advisors. Notably, women are more likely to work with female advisors and prioritize avoiding jargon and understanding life goals.
ResearchConsumer and investor protection
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2025-11-26•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets adopted decisions from its 24 November 2025 board meeting, including registering a bond issue by Moldova-Agroindbank for MDL 126,460,000. The bonds have a floating interest rate linked to the average rate on new deposits, plus a 1.0% margin. The Commission also rejected requests related to insurance claim reassessment and a creditor's interest calculation mechanism.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-11-26•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority reported that total financing through supervised entities reached EGP 954.2bn from January to September 2025, covering capital market and non-banking financial activities. The report also detailed insurance sector aggregates, with EGP 87.5bn in collected premiums and EGP 46.8bn in paid claims. Key figures include EGP 497.5bn in equity issuances and EGP 122.2bn in financial leasing contracts.
Data & statisticsActivity and performance reporting
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2025-11-26•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission approved Eurobank Société Anonyme's prospectus for listing on the Athens Stock Exchange and expanded Triton Asset Management's alternative investment fund manager authorization to include additional strategies. Additionally, it revoked Index Securities S.A.'s authorization at the company's request.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-11-26•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) is consulting on a proposal to consolidate around 80 existing regulations into an Updated Compilation of Rules for Funds and Fund Managers, aligned with international standards. Key changes include enhanced marketing standards, stronger valuation requirements, and standardized transparency measures. The proposal also addresses ESG-related terms to prevent greenwashing and invites feedback on specific exceptions and compliance challenges.
Policy & regulationRules & requirementsRegulatory burden
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2025-11-26•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority reported a 3.0% quarterly increase in total superannuation assets to AUD 4.5 trillion as of September 2025, with APRA-regulated funds holding AUD 3.2 trillion. Year-on-year, total contributions rose 12.7% to AUD 215.6 billion, while benefit payments increased 12.7% to AUD 136.2 billion.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-26•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority and the Australian Securities and Investments Commission released the 2025 Retirement Income Covenant Pulse Check report, highlighting a widening gap between superannuation trustees improving retirement outcomes and those making minimal changes. The report urges trustees to enhance performance, with regulators planning further engagement and feedback, and APRA including retirement products in its 2026 Comprehensive Product Performance Package.
SupervisionReviews, inspections & stress testsOther
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2025-11-26•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission renamed the China Insurance Asset Management Association to the China Banking and Insurance Asset Management Association, now including bank wealth management companies. Li Yunze emphasized this change to bolster the self-regulatory framework and foster coordinated development in the wealth management industry. The association is tasked with enhancing governance, self-regulation, and risk controls while aligning with strategic tasks for the 15th Five-Year Plan.
Policy & regulationRules & requirementsMandate change
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2025-11-26•Argentina•Argentina Securities Commission (CNV)
Argentina Securities Commission President Roberto E. Silva discussed regulatory advancements in asset tokenization, including the Tokenization Regime, at a Universidad Católica Argentina event. He also touched on Virtual Asset Service Providers regulation, framing these as part of a broader financial innovation agenda.
Policy & regulationRules & requirementsTokenizationBlockchain and distributed ledger technology
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2025-11-26•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) evaluated its supervisory requirements for interest rate risk in the banking book, confirming the framework's success and identifying improvement areas. A partial revision of Circular 2019/2 is planned for 2026 to enhance proportionality rules, refine validation requirements, and incorporate updated Basel Committee interest rate shock scenarios. The evaluation highlights that small and medium-sized institutions have advanced in adopting robust approaches, reducing conspicuous interest rate risks.
SupervisionReviews, inspections & stress tests
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2025-11-26•Jamaica•Bank of Jamaica
The Bank of Jamaica received Global Finance's 'Best Bank Award 2025', with Governor Richard Byles earning an 'A' grade in the Central Banker Report Card for 2025. The award, presented at the World’s Best Bank Awards Ceremony, highlights the Bank's improved rating from 'A-' in 2024 and its top position among central bank leadership in the Caribbean and Latin America. Global Finance praised the Bank's inflation-focused policy and monetary policy rate adjustments following Hurricane Melissa.
Other
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2025-11-26•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance (SSN) is now the liquidator of Orbis Compañía Argentina de Seguros S.A. after a court overturned a previous decision. The court cited deficiencies in the insurer's voluntary liquidation, including regulatory non-compliance and capital fragility, stressing the need for clear, timely information to protect policyholders. The SSN will take necessary steps before the National Court of First Instance in Commercial Matters.
SupervisionInterventionsPrudential risksLiquidity risk
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2025-11-26•South Korea•Bank of Korea
The Bank of Korea released its November 2025 Business Survey Index and Economic Sentiment Index, with detailed results available in an attached document.
Data & statisticsEconomic data and developments
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2025-11-26•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury announced an increase in duty rates for tobacco products, effective from 6pm on 26 November 2025, under the Tobacco Products Duty Act 1986 (Amendment) Order 2025. The new rates raise tobacco duties by the UK Retail Price Index plus 2%, adding an average of 96 pence to a pack of 20 cigarettes and GBP 3.56 to a 30g pack of hand-rolling tobacco. Additional increases apply to cigars, pipe and chewing tobacco, and tobacco for heating.
Policy & regulationRules & requirementsOther
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2025-11-26•India•Insurance Regulatory and Development Authority of India
The Insurance Regulatory and Development Authority of India (IRDAI) convened Chief Compliance Officers and Grievance Redressal Officers to enhance compliance and grievance mechanisms, focusing on policyholder protection amid rising complaints. Discussions included input from the Insurance Ombudsmen of Bhopal and Thane, highlighting the need for improved resolution quality and timeliness. IRDAI urged insurers to adopt clear procedures, a proactive approach, and strengthen internal systems.
Policy & regulationGuidance & interpretationComplaints and dispute resolution
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2025-11-26•Europe•European Insurance and Occupational Pensions Authority
EIOPA's report on its Techsprint pilot highlights three digital proofs-of-concept for pension awareness, targeting women, Generation Z, and gig workers. These AI-driven apps promote saving habits and enhance retirement outcomes. EIOPA stressed tailored tools over one-size-fits-all solutions to improve consumer engagement via digital innovation and behavioral insights.
SupervisionInnovation & testingFinancial literacy and education
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2025-11-26•Europe•Single Resolution Board
The Single Resolution Board (SRB) has released its 2026 Annual Work Programme, prioritizing enhanced practical testing and a revamped approach to assessing banks' resolvability. Key initiatives include implementing a multi-annual testing framework, expanding on-site inspections, and streamlining decision-making. The SRB will also focus on digital innovation, support EU debates on financial sector competitiveness, and enhance thought leadership through its inaugural economic conference.
Policy & regulationReform agendas & prioritiesRecovery and resolution
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2025-11-26•Moldova•National Bank of Moldova
The National Bank of Moldova and the EU Ambassador discussed the bank's role in Moldova's EU accession and financial sector modernization, reaffirming cooperation. Key topics included integration into the Single Euro Payments Area (SEPA) and legislative alignment. The bank's involvement in negotiation chapters on financial services and monetary policy was highlighted, with support from European Commission technical assistance and cooperation with EU financial authorities.
Policy & regulationCooperationCross-border cooperation
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2025-11-26•Moldova•National Bank of Moldova
The National Bank of Moldova reported a meeting between Governor Anca Dragu and Giuseppe Grimaldi of the EBRD, discussing macroeconomic developments and Moldova's European integration. Key topics included transparency, finance access, market infrastructure, and digitalisation, with EBRD support for Moldova's Growth Plan projects. The EBRD has financed over 180 projects in Moldova, totaling more than EUR 2.6 billion.
Policy & regulationCooperationDomestic cooperation
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2025-11-26•Bahamas•Central Bank of the Bahamas
The Central Bank of The Bahamas released its November 2025 Quarterly Statistical Digest, updating monetary, financial, public debt, and economic statistics through September 2025. Government finance statistics are included up to the fourth fiscal quarter of 2024/2025. The Digest covers a wide range of indicators, with potential revisions as new data emerges.
Data & statisticsMonetary data
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2025-11-26•United Arab Emirates•ADGM Financial Services Regulatory Authority
The Abu Dhabi Global Market’s Financial Services Regulatory Authority released Consultation Paper No. 13 of 2025, proposing updates to its insurance regulatory framework to align with the International Association of Insurance Supervisors’ Insurance Core Principles. Key proposals include enhanced risk management, market conduct, reinsurance practices, operationalisation of IFRS 17 Insurance Contracts, and climate-related financial risk requirements for all Authorised Persons and Recognised Bodies.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-11-25•United States•U.S. Securities & Exchange Commission
Cristina Martin Firvida will conclude her tenure as Director of the Office of the Investor Advocate at the U.S. Securities and Exchange Commission at the end of January 2026. Under her leadership, the office focused on research into registered index-linked annuities, improving disclosures for retirement investors, and collecting data on retail investing behavior to inform SEC rulemaking.
Institutional developmentLeadership change & appointmentsOther
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2025-11-25•United Kingdom•Payment Systems Regulator
The Payment Systems Regulator (PSR) has reaffirmed that the Current Account Switch Service (CASS) meets the criteria for designation as an alternative switching scheme under the Payment Accounts Regulations 2015, following its annual assessment. The review, based on submissions from Pay.UK, confirmed CASS's compliance with consumer interest, procedural efficiency, and regulatory requirements. CASS has been designated annually since its initial designation in September 2016.
SupervisionAuthorisations & approvalsPayments and payment systems
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2025-11-25•United Kingdom•Payment Systems Regulator
The Payment Systems Regulator has reaffirmed that the Current Account Switch Service (CASS) meets the criteria for designation as an alternative switching scheme under the Payment Accounts Regulations 2015. This conclusion follows an annual assessment based on evidence from Pay.UK, the scheme operator. CASS has been consistently designated since September 2016, with the latest renewal in October 2025.
SupervisionAuthorisations & approvalsPayments and payment systems
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2025-11-25•Italy•Bank of Italy
The Bank of Italy released proceedings from its conference on "Climate risk measurement: NGFS scenarios and possible uses," held in Rome on 10 October. The event aimed to assist Italian financial and insurance representatives, especially smaller institutions, in understanding and applying climate scenarios to assess physical and transition risks.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-11-25•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority and the Central Bank of Hungary signed a memorandum to enhance collaboration on regulating non-bank financial markets, focusing on collective investment funds. The agreement includes information exchange, expert consultations, and mutual support, with confidentiality safeguards and procedures for resolving disagreements. Discussions also addressed improving fund passporting, joint workshops, and promoting Montenegro's capital market to Hungarian investors.
SupervisionCooperationCross-border cooperation
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2025-11-25•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission's Investor Advisory Committee will hold a virtual public meeting on Dec. 4, 2025, to discuss regulatory changes in corporate governance and the tokenization of equity securities under existing rules. The committee will also consider recommending disclosure of artificial intelligence's impact on issuer operations. The meeting will feature panels on corporate governance and equity tokenization mechanics.
Policy & regulationOtherCorporate governanceTokenization
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2025-11-25•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority has granted Securities House Company a licence to operate as a securities custodian for a renewable three-year period. This authorisation follows the company's application under Resolution No. (169) of 2025, in accordance with Law No. (7) of 2010 and its executive bylaws.
SupervisionAuthorisations & approvalsLicence approval
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2025-11-25•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority issued Resolution No. 199 of 2025, amending Module V of the Executive Bylaws to Law No. 7 of 2010. Key updates include changes to third-party task assignments, Sharia Auditor certificate requirements, and criminal status certificate requirements for registered positions. Licensed persons are instructed to review and implement the amended provisions.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-11-25•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority has granted KFH Financial Brokerage Company a licence to operate as a qualified securities broker registered with the Securities Exchange, effective 25 November 2025. This authorisation, based on Resolution No. 118 of 2025 and the Capital Markets Authority Law No. 7 of 2010, amends the company's existing securities activities licence.
SupervisionAuthorisations & approvalsLicence approval
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2025-11-25•Vanuatu•Reserve Bank of Vanuatu
The Reserve Bank of Vanuatu has temporarily stayed its decision to revoke Pacific Private Bank Limited's international banking licence, pending the outcome of the bank's appeal.
EnforcementInvestigations & enforcement actionsLicence withdrawal
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2025-11-25•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency (SIPEN) is tackling low public understanding of pension rights under Law 87-01 by creating a Directorate for Education and Pension User Support and the Tu Futuro User Service Centre. These initiatives aim to centralize affiliate assistance and promote Complementary Pension Plans for independent workers, including those abroad. SIPEN highlights issues like unclaimed pensions and lack of awareness among the 5.5 million affiliates, with 2.4 million contributors.
Financial literacy & educationOther
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2025-11-25•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency (SIPEN) stressed the need to increase contribution rates and address issues for older cohorts. Superintendent Francisco A. Torres noted low pension outcomes due to short contribution histories, with no participant reaching the 25-year mark for a guaranteed pension. He emphasized daily supervision of savings, with over half of account balances from investment returns and significant investments in the Dominican economy.
Policy & regulationReform agendas & priorities
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2025-11-25•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic Pensions Superintendency (SIPEN) and World Bank representatives discussed a multilateral work agenda for 2026, focusing on inter-institutional cooperation and strategic projects to enhance the Dominican pension system. This meeting is part of an ongoing technical cooperation agreement supporting research and policy development within SIPEN's remit. SIPEN has initiated a preliminary agenda to guide 2026 collaboration.
Policy & regulationCooperationDomestic cooperation
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2025-11-25•Italy•Bank of Italy
The Bank of Italy released the "Survey on ICT in the Italian banking sector – Financial and organizational profiles, FY 2024," detailing ICT trends, costs, and investments in banks. Conducted by CIPA and the Italian Banking Association, the survey includes new insights on public cloud adoption and the digital euro's potential impact. It covered 23 banking groups and 32 banks, representing 92% of Italian banking groups by total assets.
ResearchSupervisory data
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2025-11-25•Italy•Bank of Italy
The Bank of Italy released a paper highlighting challenges central banks face in monitoring tokenized financial instruments due to inadequate statistics and limited global regulation. It emphasizes the need for improved, harmonized data to support monetary policy and oversight, suggesting guidelines for addressing data gaps in digital finance. Published in the "Markets, infrastructures, payment systems" series, it is available in Italian.
ResearchBlockchain and distributed ledger technologyMarket infrastructure
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2025-11-25•Denmark•National Bank of Denmark
The National Bank of Denmark's biannual Financial Stability analysis reports high bank earnings and limited customer losses, but emphasizes the need for resilience amid uncertainty. It highlights sharp house price increases in the Capital Region, the importance of sound lending practices to prevent household over-indebtedness, and identifies cyberattacks as a significant risk to financial stability.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskMacroprudential policy and tools
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2025-11-25•Denmark•National Bank of Denmark
The National Bank of Denmark's biannual Financial Stability analysis confirms the resilience of the Danish financial sector, highlighting strong bank earnings and limited customer losses, with stress tests showing credit institutions can endure a severe recession. The report also notes a complex threat landscape from geopolitical tensions and a two-speed housing market, emphasizing the importance of lending rules and sound credit practices.
ResearchFinancial stability and systemic riskMacroprudential policy and tools
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2025-11-25•Australia•Australian Securities & Investments Commission
The Federal Court ordered United Super Pty Ltd, trustee of Cbus, to pay an AUD 23.5 million penalty for systemic failures in processing death benefits and insurance claims, affecting over 7,000 members. The Court found contraventions of the Corporations Act due to delays, inadequate data management, and insufficient oversight, with additional breaches in late reporting. The penalty surpasses United Super's 2024 revenue and accompanies a remediation program of approximately AUD 32 million and a compliance mandate.
EnforcementInvestigations & enforcement actionsOperational risk and resilience
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2025-11-25•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) issued an interim stop order against City Finance Lending Pty Ltd, halting its small amount credit contract (SACC) product to retail clients. The order highlights deficiencies in the product's target market determination, including unclear income source definitions, customer exclusions based on financial capacity, inconsistencies with City Finance Lending's website, and inadequate distribution conditions and controls.
SupervisionInterventionsSales and distribution
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2025-11-25•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has imposed additional conditions on Learn To Trade Pty Ltd's (LTT) financial services licence due to repeated non-compliance. LTT failed to lodge annual financial statements and audit reports on time for 2023 and 2024 and did not notify ASIC of a new auditor appointment. LTT must appoint an independent compliance consultant to review its procedures and provide two reports to ASIC to determine if further regulatory action is needed.
SupervisionInterventionsAccounting and financial reporting
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2025-11-25•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority completed its Capital Market Issuer Roadshows 2025 to boost participation in Rwanda’s capital markets by educating potential issuers on equity and debt financing. Conducted with the Rwanda Stock Exchange and partners, the initiative engaged over 700 enterprises, focusing on small and medium-sized businesses and cooperatives. The roadshows aim to expand capital market access beyond Kigali and enhance collaboration between enterprises, regulators, and capital providers.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-11-25•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority joined the Itorero Imbuto Zitoshye programme to promote financial empowerment among youth through capital market engagement. Josephine Mbabazi, Head of Corporate Services, emphasized financial literacy and investment awareness as pathways to long-term financial independence. The initiative highlighted entry points for youth investors, such as government bonds, equities, and collective investment schemes.
Financial literacy & educationFinancial literacy and education
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2025-11-25•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority outlined strategies to position Rwanda as a domiciliation hub for investment vehicles, emphasizing a robust legal framework, macroeconomic stability, and a growing network of financial service providers. The Kigali International Financial Centre was highlighted as a key enabler. The authority urged increased domestic capital mobilisation through participation by pension funds, insurance companies, and individual investors.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-11-25•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market updated committee memberships and approved registration and licensing decisions, including securities issuances, prospectus documentation, and fund charters for YAVIR-INVEST LLC, JSC "ZNVCIF "DENAL INVEST"", and JSC "Decarbonization Fund of Ukraine". The Commission also approved appointments for compliance and risk management roles at RBAIL ASSET MANAGEMENT LLC and a Council member for the National Bank of Ukraine.
SupervisionAuthorisations & approvalsHiring and recruitment
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2025-11-25•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation finalized a rule modifying the enhanced supplementary leverage ratio (eSLR) standards for U.S. global systemically important banks (GSIBs) and their subsidiaries. The rule adjusts the bank-subsidiary eSLR to 50% of the parent GSIB's Method 1 capital surcharge, capped at 1%, potentially reducing tier 1 capital by USD 13 billion while increasing capacity for low-risk activities.
Policy & regulationRules & requirementsCapital adequacy
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2025-11-25•Canada•Financial Consumer Agency of Canada
The Financial Consumer Agency of Canada (FCAC) modernized supervision under the Financial Consumer Protection Framework, introducing a new Market Conduct Risk Assessment Model and plans to increase compliance examinations for federally regulated financial institutions. The FCAC emphasized mandatory reporting, clear consumer disclosures, and complaint handling, noting over CAD 38 million reimbursed to consumers and ongoing efforts to renew the National Financial Literacy Strategy.
SupervisionSupervision approach, priorities & toolkitConsumer and investor protection
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2025-11-25•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation proposed changes to the Community Bank Leverage Ratio framework, reducing the requirement from 9% to 8% and extending the grace period for non-compliance from two to four quarters. The proposal aims to increase adoption among community banks and includes measures to prevent prolonged use of the grace period, with coordination from the Federal Reserve and the Office of the Comptroller of the Currency.
Policy & regulationRules & requirementsCapital adequacy
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2025-11-25•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank published a keynote speech by Olaf Sleijpen outlining a three-part agenda to enhance Europe's productivity through deepening the EU Single Market, establishing a Savings and Investment Union, and modernizing the EU budget. Sleijpen emphasized the need for EUR 800 billion annually for climate, digitalization, defense, and innovation, highlighting a venture capital gap with the United States. He proposed reducing cross-border barriers, enhancing EU-level support, and redirecting the EU budget toward public goods to sustain stability.
Policy & regulationReform agendas & prioritiesEconomic data and developmentsMonetary policy decisions and developments
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2025-11-25•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets instructed Aberfeld Asset Management B.V. to address serious compliance shortcomings with investor-protection standards, including suitability and conflicts-of-interest controls. The investigation found structural breaches of the Financial Supervision Act, the Decree on Conduct of Business Supervision of Financial Undertakings, and the MiFID II Delegated Regulation. Aberfeld has committed to strengthening compliance arrangements and implementing the required measures.
EnforcementInvestigations & enforcement actionsCompliance
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2025-11-25•Latvia•Central Bank of Latvia
The Central Bank of Latvia plans to amend the Deposit Guarantee Law, setting a new target for the Deposit Guarantee Fund (DGF) at 3% of total deposits in Latvian credit institutions and credit unions. This aims to reduce contributions once the target is reached, with a maximum threshold for discontinuing payments. The DGF, currently at 2.46%, is projected to reach the 3% target by 2027, after which annual contributions would decrease significantly.
Policy & regulationRules & requirementsOther
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2025-11-25•West Africa•Central Bank of West African States
The Central Bank of West African States announced the unanimous appointment of Kossi Tenou as President of the Financial Markets Authority of the West African Monetary Union, effective 25 November 2025. Tenou succeeds Badanam Patoki and will serve until 30 April 2027.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-25•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission announced the 2025–2030 National Financial Inclusion Policy to expand access to financial products and services. Targets include reaching 83% of the population with at least one financial product by 2030 and ensuring 50% of businesses obtain financing. It emphasizes gender equality, support for vulnerable groups, and aligns with the National Development Plan and Financial Education Strategy.
Policy & regulationReform agendas & prioritiesFinancial inclusion
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2025-11-25•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS), with the Moroccan Insurance Federation, the International Actuarial Association, and the Moroccan Actuarial Association, announced a training session on actuarial capacity building for French-speaking Africa. Scheduled for 25–26 November 2025 in Casablanca, the initiative aims to enhance actuarial tools, risk management, and technical governance practices, focusing on risk-based supervision, sustainability of pension and insurance schemes, and professional standards to improve technical assessments and policyholder protection.
Policy & regulationImplementation, projects & pilotsRisk managementPrudential risks