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2025-11-21•Italy•Bank of Italy
The Bank of Italy released a speech by Giuseppe Siani at the Central Bank of Argentina’s First Supervision Conference, detailing its approach to supervisory technology (SupTech) and the use of technology in supervision. The address highlighted potential synergies and risks from the digital transformation of supervisory authorities, focusing on artificial intelligence tools.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologiesArtificial intelligence
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2025-11-21•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority has launched a public consultation on a rulebook for maintaining a register of crypto-asset service providers and assessing the "reputation" of key persons under Montenegro’s anti-money laundering and counter-terrorist financing framework. Adopted at the authority’s 154th session, the rulebook outlines registration and reputation criteria for directors, company members, and beneficial owners in crypto-asset services.
Policy & regulationRules & requirementsRegtech and suptech
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2025-11-21•Australia•Australian Securities & Investments Commission
ASIC has charged Brent Young with fraud and managing a corporation while disqualified, following an investigation into an alleged scheme involving HWT Group Australia Pty Ltd. Young allegedly lodged over 10,000 fraudulent invoices to obtain more than AUD 8.3 million, falsely representing transactions with Bunnings Warehouse. He was bankrupt and disqualified from managing corporations, with charges under the Criminal Code 1899 (Qld) and Corporations Act 2001 (Cth).
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-11-21•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has suspended Centurion Capital Limited’s Australian financial services licence until 21 April 2026 due to failures in meeting statutory audit and financial reporting obligations for 2022, 2023, and 2024. The suspension affects Centurion and the BTR Real Estate Investment Fund. ASIC may take further action if breaches are not rectified, and Centurion can seek a review of the decision by the Administrative Review Tribunal.
SupervisionAuthorisations & approvalsAuditingAccounting and financial reporting
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2025-11-21•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission launched the FSC Research Seminar Series with an inaugural session on "AI Projects in Financial Supervisory Authorities." The seminar featured a presentation by IMF expert Gabriela Conde on AI implementation in supervisory authorities and attracted over 100 participants. The series aims to facilitate regular exchanges on regulatory matters and share best practices with stakeholders.
Policy & regulationImplementation, projects & pilotsArtificial intelligence
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2025-11-21•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market amended its disclosure framework for securities issuers and approved draft decisions altering prior Commission decisions and wartime procedures. It issued registration, licensing, and supervisory decisions impacting investment funds and capital market participants, including cancelling and registering share issuances and prospectuses. Supervisory actions involved asset blocking sanctions, significant participation agreements, and compliance assessments, with some firms losing critically important enterprise status.
Policy & regulationRules & requirementsDisclosures
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2025-11-21•Netherlands•Dutch Authority for the Financial Markets
Dutch Authority for the Financial Markets chair Laura van Geest, in a Financieele Dagblad column, emphasizes the need for companies and supervisors to consider social divisions in market behavior and regulatory judgment. She highlights the influence of "theoretically educated" groups on policy and the potential blind spots this creates, using anti-money laundering law and ESG issues as examples. No specific policy changes were announced.
SupervisionOther
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2025-11-21•Uruguay•Central Bank of Uruguay
At the XXVIII Annual Conference of the Central Bank of Chile, Uruguay's Central Bank president, Guillermo Tolosa, emphasized monetary credibility and a strong policy framework for open economies. He addressed regional challenges like U.S. macroeconomic cycles and foreign exchange interventions, noting Uruguay's progress toward low inflation despite past credibility issues. Tolosa also highlighted the central bank's new communication strategy to better align public expectations.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-11-21•New Zealand•Department of Internal Affairs
New Zealand’s Department of Internal Affairs has concluded its consultation on the Identity Verification Code of Practice. Complaints regarding regulatory practices are handled by the AML/CFT Group, which acknowledges receipt within three working days and aims for resolution within 20 working days.
Policy & regulationGuidance & interpretationKYC
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2025-11-21•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) has opened a new provincial office in Manokwari to enhance supervision and consumer protection in Papua Barat and Papua Barat Daya. Led by Budi Rahman, the office aims to improve coordination with local entities and bolster public confidence in financial institutions. The region hosts 178 conventional commercial bank branches and 74 non-bank financial services offices.
Institutional developmentMandate & organizational structureOther
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2025-11-21•Georgia•National Bank of Georgia
The National Bank of Georgia’s Governor, Natia Turnava, forecasted a 7.4% GDP growth for 2025 at the “Financial Sector 2025: Opportunities and Challenges” forum, with inflation expected to hit the 3% target. She emphasized the financial sector's strong capitalization, liquidity, and low non-performing loan ratio, while noting cybersecurity as a key challenge. Turnava also linked banking-sector profitability to foreign direct investment interest, particularly from the United Kingdom.
Monetary policyMonetary policy assessments & outlooks
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2025-11-21•Georgia•Insurance State Supervision Service of Georgia
Davit Onoprishvili, head of the Insurance State Supervision Service of Georgia, participated in the CEET meeting of insurance supervisors in Ljubljana, discussing Georgia's transition from Solvency I to Solvency II. Key challenges included market size, systemic changes, personnel shortages, and industry readiness. The meeting also addressed ORSA, IAIS views on risk-based solvency, proportionality, consumer protection, and agricultural insurance development.
SupervisionCooperationSupervision process and methodologies
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2025-11-21•Ireland•Department of Finance (Ireland)
Ireland's Department of Finance reported that Tánaiste and Minister for Finance Simon Harris discussed EU inflation, competitiveness, banking integration, and the digital euro with ECB President Christine Lagarde. Harris also engaged with UK Chancellor Rachel Reeves and Irish Fiscal Advisory Council chair Seamus Coffey, and initiated calls with EU finance ministers, starting with Greece’s Kyriakos Pierrakakis.
Policy & regulationCooperationMonetary policy decisions and developments
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2025-11-21•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) warned about unauthorized entities promoting illegal investment platforms via social media and WhatsApp, including "TSLWEA/TSL WEALTH," falsely claiming affiliation with Topline Securities Limited. SECP noted AI-generated ads featuring celebrities lure users into illegal WhatsApp groups, posing high financial loss risks. Investors are urged to trade only through SECP-licensed brokers and verify services before engaging.
SupervisionAlertsUnlicensed or unauthorized activityFraud and scams
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2025-11-21•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has approved Pakistan Mercantile Exchange Limited's acquisition of a majority stake in Naymat Collateral Management Company Limited to enhance the Electronic Warehouse Receipt ecosystem and agricultural market infrastructure. This aligns with SECP's strategy to integrate commodity futures markets with the real economy and modernize agricultural value chains, expanding the accredited warehouse network, improving access to finance, and supporting deliverable agricultural futures contracts.
SupervisionAuthorisations & approvalsMarket development
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2025-11-21•China•Central Bank of the Republic of China
The People's Bank of China and the Central Bank of the UAE have initiated a China–UAE payments cooperation project, signing a memorandum to enhance cross-border payments interoperability. The agreement aims to establish a supervisory framework for rapid online remittances and improve bilateral trade and travel efficiency. The launch included interconnecting fast payment systems and the UAE's digital currency bridge project.
Policy & regulationCooperationCross-border cooperationCross-border payments
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2025-11-21•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority and Prudential Regulation Authority have launched CP25/33, a consultation on changes to FCA fees and levies for the Financial Ombudsman Service and Financial Services Compensation Scheme from 2026/27. Proposals include a new fee model for Private Intermittent Securities and Capital Exchange System operators, fee adjustments for targeted support, and application fee categories for future regulated cryptoasset activities. It also covers deferred payment credit lenders, removal of certain registration fees, and updates to invoicing due dates for firms with significant fees.
Policy & regulationRules & requirementsRegulatory burden
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2025-11-21•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance Regulator (ASF) released an updated table of "capital update indices" for "Fire and elements of nature," detailing quarterly values for the IE, IRH, and IRHE indices from 1987 to 2026. The table includes complete 2025 data and fourth-quarter 2026 values, with earlier 2026 quarters left blank.
Data & statisticsOther
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2025-11-21•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) released a draft regulatory standard to amend the compulsory motor third-party liability insurance policy, aligning it with Decree-Law No. 26/2025 and Directive (EU) 2021/2118. Key revisions include clarifying coverage scope, updating claims history requirements, and addressing international coverage rules. The draft also proposes changes to contract terms, cancellation policies, and insurance documentation.
Policy & regulationRules & requirementsOther
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2025-11-21•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau announced changes to its Supervision Division's examination process for 2026, emphasizing a more scoped, transparent approach focused on priority consumer risks. Examinations will target pressing threats to consumers, particularly affecting service members, veterans, and their families, while avoiding duplicative efforts with other regulators. The Bureau aims to streamline timelines and ensure information requests align with priorities, focusing on legal violations causing tangible consumer harm.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-11-21•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has responded to the consultation on minor amendments to the prudential and reporting framework for authorised deposit-taking institutions, insurers, and registrable superannuation entity licensees, along with finalised standards. This follows the September 2025 consultation package to maintain the framework's currency between comprehensive reviews. APRA has also made its industry letter and non-confidential submissions available online.
Policy & regulationRules & requirementsPrudential risksRegulatory reporting
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2025-11-21•Austria•Austrian National Bank (OeNB)
The Austrian National Bank's Conference on European Economic Integration stressed the need for CESEE financial systems to diversify funding beyond bank lending. OeNB Governor Martin Kocher highlighted the benefits of deep capital markets and broader participation for households and the economy. Discussions focused on enhancing capital-market infrastructure, regulatory reforms, and initiatives like an EU-wide Savings and Investment Union to strengthen corporate finance access and monetary policy.
Policy & regulationReform agendas & prioritiesMarket development
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2025-11-21•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing messages targeting six banks, including The Bank of East Asia and HSBC. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-11-21•Global•International Association of Deposit Insurers
The International Association of Deposit Insurers (IADI) announced the Centrale Bank van Curaçao en Sint Maarten as a new Member and the Bank of Somaliland as an Associate, alongside updates on recent publications and events. Highlights include the Deposit Insurance and Credit Guarantee Corporation of India's 2024–25 Annual Report and initiatives, and the Indonesia Deposit Insurance Corporation's report on banking-sector growth. IADI also noted upcoming events, including the 24th IADI Annual General Meeting in Lisbon.
Other
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2025-11-21•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors has released session replays, summaries, and photos from its 2025 Annual Conference in Tirana, Albania. Attended by over 500 participants from 110 jurisdictions, the event focused on global collaboration on socioeconomic challenges, structural shifts in the life insurance sector, and insurance's role in enhancing societal resilience. IAIS leadership, including Executive Committee Chair Toshiyuki Miyoshi, discussed achievements and the 2026 work programme, while new committee chairs introduced the updated committee structure and mandates.
Other
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2025-11-21•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors has launched a public consultation on proposed ComFrame material related to the Insurance Capital Standard, focusing on group-wide supervisory reporting, public disclosure, and updates to the ComFrame Assessment Methodology. The proposals include revised text for ICS supervisory reporting and public disclosure, and a new paragraph to extend the ICS Implementation Assessment Methodology. The consultation also addresses the specifics of the US implementation of the ICS via the Final US Aggregation Method.
Policy & regulationRules & requirementsRegulatory reporting
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2025-11-21•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority announced a sanctions update from the Isle of Man Treasury, Customs and Immigration Division, detailing new and revised information for Russia and cyber sanctions regimes, including a new Russia general licence. The update references specific Isle of Man Government news releases and directs users to the Treasury’s Sanctions and Export Control webpage for further details and subscription options.
Policy & regulationGuidance & interpretationSanctions list update
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2025-11-21•Global•Bank for International Settlements
The Bank for International Settlements released a paper on banks' private funding and central bank liquidity during stress. It notes private capital can mitigate overinvestment, but expected central bank interventions may crowd out private markets, increasing risk. Pre-committed central bank facilities priced above fair levels could reduce distortions, though political challenges and central bank "myopia" may hinder implementation.
ResearchLiquidity risk
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2025-11-21•Global•Bank for International Settlements
The Bank for International Settlements released BIS Paper No 162, featuring Agustín Carstens' speech and panel discussions from the 24th BIS Annual Conference on central banking amid digitalisation and fragmentation. Carstens emphasizes the need for institutionally sound digital alternatives to crypto assets and stablecoins, advocating for a next-generation monetary system with tokenised central bank money and assets. The panels discuss complex trade-offs in monetary policy, highlighting initiatives like Chile's "monetary policy corridor" and South Africa's public payments utility.
ResearchCBDC
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2025-11-21•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan reported on the IMF Article IV mission’s consultations, highlighting the resilience of Kazakhstan's banking system and the need to monitor consumer lending growth. The IMF noted strong metrics in second-tier banks and suggested additional prudential measures for financial stability. Priorities include addressing insolvent banks, regulating digital assets, and enhancing the regulator's institutional capacity.
Policy & regulationInternational standards & recommendationsOther
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2025-11-21•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has granted Sayan Samatuly Baizhanov a licence to conduct actuarial activities, as per an order from the Deputy Chair (No. B-300).
SupervisionAuthorisations & approvalsLicence approval
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2025-11-21•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission launched the "Insurance Alert" programme in Nakhon Ratchasima to enhance insurance literacy among SMEs and the public, focusing on risk management and fraud awareness. The initiative included sessions on insurance principles for SMEs and identifying insurance fraud, with contributions from industry experts and associations.
Financial literacy & educationOther
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2025-11-21•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan hosted an event on cross-border remittance developments and financial product expansion for recipients and rural communities. Significant progress in financial inclusion was reported, with adult financial account ownership rising to 60% in 2024 and digital payment usage increasing to 72% in 2025. Commercial banks and financial service providers are expected to develop targeted products for migrants, with the Central Bank coordinating efforts to support consumer protection and financial literacy.
Policy & regulationCooperationCross-border paymentsFinancial inclusion
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2025-11-21•Kuwait•Central Bank of Kuwait
Standard & Poor’s has upgraded the State of Kuwait’s credit rating to AA- with a stable outlook, as announced by the Central Bank of Kuwait.
OtherCredit ratings
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2025-11-21•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) joined the BRICS Reinsurance Task Force meeting to discuss cooperation for strengthening reinsurance markets and a 2026 agenda. Key topics included technical integration, shared challenges, and the proposed "BRICS Risk Laboratory" for experience exchange and model development. The meeting reviewed outcomes from BRICS credit guarantee agencies, highlighting benefits like enhanced underwriting capacity and risk diversification.
Policy & regulationCooperationCross-border cooperation
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2025-11-21•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines has issued guidelines for banks and BSP-supervised financial institutions on submitting revised reports for non-deliverable forwards (NDFs) against the Philippine peso via the Prudential Reporting Innovation and Monitoring Engine (PRIME). This aligns with amended foreign exchange rules under BSP Circular No. 1212 and requires XML and PDF submissions within specified deadlines. Live submissions in PRIME commence for periods ending 24 November 2025, replacing previous email submissions and superseding earlier memoranda.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-11-21•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines highlighted the Paleng-QR Ph Plus Program at a Metro Manila Council meeting, supporting its adoption by all local government units in Metro Manila. In collaboration with the Department of the Interior and Local Government, the initiative promotes electronic payments in public markets, community stores, and local transport using QR Ph, the national standard for quick response codes. As of 31 October 2025, the program had expanded to over 750 local government units nationwide.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-11-21•Portugal•Bank of Portugal
The Bank of Portugal reported a EUR 9.4 billion increase in non-financial sector indebtedness, reaching EUR 866.4 billion as of September 2025. Public sector debt rose by EUR 6.7 billion, mainly due to non-resident investment in government debt securities, while private sector debt increased by EUR 2.6 billion, driven by household and corporate borrowing. Household indebtedness saw a 7.8% year-on-year rise, the highest since December 2008.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-21•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) announced the upcoming release of a book titled “Risk and Resilience in the Philippine Financial System: How Much Has Changed?” and held a conference on financial system resilience. The book will detail major financial crises, responses, and lessons learned, while the conference highlighted reforms such as the New Central Bank Act and risk-based supervision under the Basel Accords.
ResearchRisk analysis and outlookFinancial stability and systemic risk
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2025-11-21•Europe•European Central Bank
European Central Bank President Christine Lagarde, at the Frankfurt European Banking Congress, emphasized Europe's export-led growth vulnerability and the need for stronger domestic demand through deeper banking and capital markets integration. She highlighted resilience in 2025 due to a strong labor market, digitalization, countercyclical fiscal policy, and ECB interest rate cuts. Lagarde addressed geopolitical supply-chain vulnerabilities and internal EU barriers, proposing measures like mutual recognition and a digital business identity to enhance intra-EU trade.
Policy & regulationReform agendas & prioritiesMarket developmentDomestic cooperation
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2025-11-21•Europe•European Central Bank
The European Central Bank released consolidated banking data for the EU as of June 2025, showing a 1.75% increase in total assets to EUR 33.27 trillion and a stable non-performing loans ratio of 1.96%. Covering nearly 100% of the EU banking sector, the dataset includes indicators on profitability, efficiency, and capital adequacy, with a return on equity of 5.06% and a Common Equity Tier 1 ratio of 16.42%. Denmark's data remain tentative pending quality checks.
Data & statisticsFinancial and market indicators
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2025-11-21•Europe•European Central Bank
The European Central Bank's weekly balance sheet reported total assets and liabilities of EUR 6,152,427 million, a decrease of EUR 5,241 million from the previous week. Key changes included a EUR 10,609 million decline in securities of euro area residents and a EUR 2,190 million increase in lending to euro area credit institutions. Liabilities to euro area credit institutions fell by EUR 11,367 million, primarily due to a decrease in the deposit facility.
Data & statisticsBalance of payments and other external statistics
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2025-11-21•North Macedonia•Securities and Exchange Commission of the Republic of North Macedonia
The Securities and Exchange Commission of North Macedonia completed the Financial Regulation Training Program 2025 with the European Bank for Reconstruction and Development. The program focused on CSDR, MiFID II, and MAR, emphasizing European standards and market abuse prevention. Chairman Bujaré Abazi highlighted the importance of capacity-building and implementation for trust and transparency, aligning with European integration and IOSCO principles.
Policy & regulationImplementation, projects & pilotsMarket developmentDomestic cooperation
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2025-11-21•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Resolution CVM 235, amending Resolution CVM 45 to enhance procedural clarity and efficiency in its administrative sanctioning activity. Key changes include an expanded list of violations eligible for simplified procedures and refined processes for obtaining prior statements from investigated parties. Exempt from a Regulatory Impact Analysis due to its low impact, the resolution takes effect on 1 December 2025.
Policy & regulationRules & requirementsOther
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2025-11-21•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued a market alert suspending FXNovus (PTY) LTD's public offers of securities intermediation services. CVM's Superintendence of Market and Intermediaries Relations indicated that FXNovus was attempting to attract Brazilian clients for securities transactions without proper authorization.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-11-21•Canada•Ontario Securities Commission
The Ontario Securities Commission announced the conviction of Michael Aonso for unregistered trading and illegal distribution of Strike Holdings securities, resulting in a 90-day jail sentence. Co-accused Kevin Carmichael pleaded guilty to securities fraud and misleading investors, receiving a four-year sentence and a CAD 22.7 million restitution order. The convictions followed an OSC investigation and prosecution under the Securities Act.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-21•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,157 examines the impact of corporate bond financing conditions on UK economic activity, using the excess bond premium (EBP) as a key indicator. The study finds EBP outperforms traditional indicators in forecasting macroeconomic outcomes, suggesting a financial accelerator mechanism. A rise in EBP significantly affects investment and GDP, especially in capital-intensive sectors and highly leveraged firms.
ResearchMarket risk and volatility
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2025-11-21•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,156 explores a DSGE model where commercial bank capital requirements are binding only in stressed states, while non-bank financial institutions (NBFIs) operate outside this regime. The study finds that NBFIs can amplify the contractionary effects of monetary policy, particularly through the asset price channel, significantly impacting GDP distribution. The paper highlights short-run vulnerabilities and a long-run trade-off, noting that increased NBFI lending correlates with higher welfare.
ResearchPrudential risksMacroprudential policy and tools
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2025-11-21•Paraguay•Central Bank of Paraguay
Paraguay's Social Security Council finalized the list of applicants moving to Stage II of the competition for Superintendent of Retirement and Pensions after resolving Stage I appeals. Seven candidates were admitted, up from six initially, out of 18 original applicants. Those admitted must now submit hard copies of their previously uploaded documents on Nov. 21 and 24, 2025.
Institutional developmentLeadership change & appointmentsOther
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2025-11-21•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said its president, Carlos Carvallo Spalding, will receive UNICAMP's Egresso Destaque 2025 award. The State University of Campinas said the recognition reflects his academic and professional merits, with the ceremony set for Dec. 15, 2025.
Other
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2025-11-21•Bahrain•Central Bank of Bahrain
The Central Bank of Bahrain, led by Governor Khalid Humaidan, outlined priorities for capital market development, emphasizing market capitalisation growth. Key initiatives include increasing listings, enhancing liquidity, boosting investor participation, digital transformation, and regulatory refinement. The CBB aims to strengthen market depth, oversight, and payment infrastructure to support economic growth and reduce systemic risk.
Policy & regulationReform agendas & prioritiesMarket development
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2025-11-21•Switzerland•Swiss National Bank
The Swiss National Bank and Federal Finance Administration held a roundtable on declining cash access, presenting principles to maintain availability. Despite a shift to cashless payments, public preference for cash remains strong, though acceptance and infrastructure have declined. The SNB-chaired expert group is working with SIX and Swiss Post on shared cash access points, while public transport stakeholders explore solutions for non-digital ticket purchases.
Policy & regulationGuidance & interpretationPayments and payment systems
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2025-11-21•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC announced that the Department of Justice indicted New Seataoo Corporation and Seataoo Information Technology OPC for allegedly operating an illegal investment scheme. They are charged with violating the Securities Regulation Code and Cybercrime Prevention Act by offering unlicensed securities through a dropshipping platform, promising 7% to 12% returns without genuine sales activity. The SEC had previously revoked their registration certificates and denied their appeal.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-11-21•Russia•Central Bank of Russia
The Central Bank of Russia reported an increase in Russia's trade surplus in Q3 2025 due to a decline in goods imports exceeding that of exports. However, the current account surplus remained stable year on year as the services deficit widened, primarily due to increased foreign travel spending by Russian tourists. Goods exports were impacted by lower global prices and reduced production, while imports fell amid higher recycling fees and weaker demand.
Data & statisticsBalance of payments and other external statistics
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2025-11-21•Russia•Central Bank of Russia
The Central Bank of Russia has extended the fee-free period for digital ruble transactions for companies until the end of 2026. After this period, minimum fees will apply as per the published tariff schedule. Major banks and their trade clients must offer digital ruble options by 1 September 2026, with transactions remaining fee-free for individuals.
Policy & regulationRules & requirementsCBDC
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2025-11-21•Croatia•Croatian Financial Services Supervisory Agency
Ante Žigman, President of the Croatian Financial Services Supervisory Agency’s Board, highlighted Croatia's euro adoption benefits and capital market integration priorities at two European conferences. At the FSC 2025 conference, he noted reduced currency risk and increased market liquidity, while advocating for local reforms and regional cooperation. At the European Central Securities Depositories Association conference, Žigman emphasized a regional integration initiative focusing on infrastructure links, regulatory harmonization, and digitization.
Policy & regulationReform agendas & prioritiesMarket developmentDomestic cooperation
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2025-11-21•Vietnam•Vietnam State Securities Commission
Vietnam's Ministry of Finance, via the Vietnam State Securities Commission, has released a draft decree for consultation on the issuance and trading of privately placed corporate bonds domestically and internationally. The decree is developed under the amended Law on Securities and the amended Law on Enterprises.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-11-21•Vietnam•Vietnam State Securities Commission
Vietnam’s State Securities Commission announced the results of the 2025 third-round securities practicing certificate examination in Hanoi. Successful candidates must submit a criminal record certificate within 20 days if not already provided. Requests for re-marking are accepted within three working days of result publication, subject to a fee.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-11-21•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a VND 1,000,000 fee for securities practice certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payments can be made via bank transfer or in person, with specific details required for bank transfers. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-11-21•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority and the Financial Conduct Authority have issued a joint consultation proposing changes to invoice due dates for firms paying GBP 50,000 or more annually in regulatory fees. This aims to prevent invoices from being marked overdue due to procedural issues.
Policy & regulationRules & requirementsRegulatory burden
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2025-11-21•United States•U.S. Financial Services Committee
U.S. House Committee on Financial Services leaders urged the Consumer Financial Protection Bureau (CFPB) to prioritize consumer choice in its proposed rulemaking on personal financial data rights under Section 1033 of the Dodd-Frank Act. They recommended aligning privacy and security requirements with existing frameworks under the Gramm-Leach-Bliley Act.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-11-21•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined two exchange bureaus in Bishkek KGS 55,000 each for regulatory breaches. Additionally, two individuals were fined KGS 17,500 each for conducting unlicensed cash foreign currency exchanges.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-21•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic annulled the licence of Financial Cooperative Credit Union Golden Crown, effective 20 November 2025, following its decision to self-liquidate. The licence, No. 224, was originally issued on 25 January 2001.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-11-21•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic engaged with an International Monetary Fund mission for an interim review of the macroeconomic situation from 12 to 19 November 2025. Discussions with National Bank Chairman M. Zh. Turgunbaev focused on monetary policy, financial sector development, and macroeconomic stability measures. This review is part of preparations for the IMF Article IV consultations in spring 2026.
Monetary policyMonetary policy assessments & outlooksEconomic data and developmentsFinancial stability and systemic risk
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2025-11-21•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission is consulting on proposed amendments to mutual fund fee rules to enhance clarity and align with investor services. The amendments include a "clear and fair" fee-collection principle, a performance fee option, and revised management fee setting and disclosure requirements. Additionally, trailer fee practices and brokerage agents' sales conduct standards would be tightened to prevent conflicts of interest and ensure transparency.
Policy & regulationRules & requirements
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2025-11-21•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority updated its efforts to ensure stable access to reliable bond market price information as new EU disclosure rules take effect in 2026. A roundtable with key market participants discussed managing the transition, noting that Swedish bond dealers already exceed the forthcoming EU transparency requirements. The authority will maintain industry dialogue to support timely transaction disclosures.
SupervisionRisk monitoring & watch pointsMarket development
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2025-11-21•Canada•Payments Canada
Payments Canada proposed amendments to the Canadian Payments Association Election of Directors Regulations, reducing the cooling-off period for independent directors from three years to one and allowing individuals from eligible entities, but not members, to serve as independent directors. Payments Canada argues this would expand the candidate pool with relevant expertise while maintaining independence.
Policy & regulationRules & requirementsPayments and payment systems
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2025-11-21•Chile•Central Bank of Chile
The Central Bank of Chile's 28th annual conference focused on monetary policy, financial markets, and future challenges. Key sessions included a keynote by John Williams of the Federal Reserve Bank of New York on inflation-targeting and discussions with figures like Norges Bank Governor Ida Wolden Bache. Co-organised by MIT professor Ricardo Caballero, the event attracted over 1,200 participants and featured presentations on tariffs, trade deficits, and geoeconomic challenges.
OtherMonetary policy decisions and developments
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2025-11-21•United States•Federal Reserve Board
The Federal Reserve Board has extended the comment period for its proposal to enhance transparency and accountability in supervisory stress test models and scenarios to February 21, 2026. This extension allows more time for analysis and feedback. The proposal also includes changes to capital planning, stress capital buffer requirements, enhanced prudential standards, and Regulation LL.
Policy & regulationRules & requirementsStress testing
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2025-11-21•United States•Federal Reserve Board
The Federal Reserve Board released results from its Senior Financial Officer Survey, highlighting banks' strategies for managing reserve balances and balance sheet planning. Conducted with the Federal Reserve Bank of New York, the survey included responses from banks holding approximately three-fourths of total banking system reserve balances. It also covered deposit pricing strategies and expectations regarding stablecoins and digital assets.
Data & statisticsSupervisory data
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2025-11-21•United States•Federal Reserve Board
Federal Reserve Board Vice Chair Philip N. Jefferson discussed AI's potential economic impacts, highlighting productivity boosts and uncertainties in employment, inflation, and monetary policy. He compared the current AI market to the late-1990s dot-com era, noting differences in earnings, valuations, and market composition, and flagged rising AI-related debt financing as a potential risk.
Monetary policyMonetary policy assessments & outlooksArtificial intelligenceFinancial stability and systemic risk
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2025-11-21•United States•Federal Reserve Board
Federal Reserve Board Governor Michael S. Barr addressed the 2025 National College Fed Challenge Finals, previewing the Federal Open Market Committee's upcoming discussions. He emphasized the challenges posed by data delays from the government shutdown and the need for independent monetary policy. Barr also highlighted the importance of clear communication and noted the record participation in the competition.
Monetary policyOtherMonetary policy decisions and developments
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2025-11-21•Albania•Bank of Albania
Governor Gent Sejko of the Bank of Albania highlighted the National Commercial Bank's (BKT) evolution and systemic role in Albania's banking sector during its anniversary. The address emphasized BKT's contributions to financial stability, digitalization, and expanding financial access, noting its significant market share and Turkish investment ties. Key metrics include a credit portfolio of ALL 113 billion, deposits of ALL 438 billion, and a 24% share of total banking assets.
Other
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2025-11-21•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets (CNPF) is consulting on draft rules to standardize complaint management by financial service providers, setting procedural requirements and resolution deadlines. The proposal mandates internal complaints functions, standardized registers, transparent communication, and quarterly reporting to the CNPF. Additionally, the CNPF removed shares of "LEGGORN" post-liquidation, rejected a request by ÎM CIA "TRANSELIT" SA, and fined an insurer MDL 4,000 for non-compliance.
Policy & regulationRules & requirementsComplaints and dispute resolution
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2025-11-21•Europe•European Commission
The European Commission initiated infringement procedures against EU Member States for not fully transposing directives on energy efficiency, renewable transport fuels, and financial markets. Only Czechia has fully transposed the Energy Efficiency Directive, while 26 other Member States received formal notices. Several countries were also notified for not fully transposing directives on renewable energy feedstocks and financial market regulations.
EnforcementInvestigations & enforcement actionsRegulatory burden
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2025-11-21•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority (FRA) outlined its strategy to enhance supervision and broaden investor access to non-bank financial services using digital tools and data analytics. Initiatives include regulatory changes for youth participation, electronic identity verification, remote investing, and establishing SPACs. The FRA mandates insurance companies to invest part of their capital in Egyptian Exchange-listed equity funds.
Policy & regulationReform agendas & prioritiesMarket developmentFinancial literacy and education
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2025-11-21•United States•U.S. Securities & Exchange Commission
SEC Commissioner Mark T. Uyeda, speaking at the Harvard Law School Program on International Financial Systems Japan–U.S. Symposium, urged regulatory restraint, emphasizing corporate disclosures should focus on financial materiality. He warned against using financial regulation for political or social aims and stressed the importance of SEC-Japan Financial Services Agency dialogues for regulatory coordination. Uyeda noted the SEC's framework already requires disclosure of all financially material information, including climate-related issues.
Policy & regulationGuidance & interpretationCross-border cooperation
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2025-11-21•Chile•Chile Financial Market Commission
The Chile Financial Market Commission amended General Rule No. 532, delaying ISMF-based reporting for fund managers until June 2026. The regulation introduces new fields for regulatory submissions, revises reporting obligations for derivative transactions, and modifies cost rate calculations. Current reporting requirements remain in effect until November 2026.
Policy & regulationRules & requirementsRegulatory reporting
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2025-11-21•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has released its response to the September 2025 consultation on minor amendments to the prudential and reporting framework for authorised deposit-taking institutions, insurers, and registrable superannuation entity licensees, including finalised standards. These interim updates aim to maintain the framework's currency between comprehensive reviews.
Policy & regulationRules & requirementsPrudential risksRegulatory reporting
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2025-11-21•China•China Securities Regulatory Commission
The China Securities Regulatory Commission and the Ministry of Finance are expanding the list of mainland accounting firms eligible to audit H-share companies in Hong Kong, recommending two additional firms. The framework outlines application principles, eligibility criteria, and supervisory expectations, emphasizing digitalization, risk management, and integrated governance. A review committee will oversee the process, with ongoing oversight and annual assessments to ensure compliance and quality.
Policy & regulationRules & requirementsAuditing
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2025-11-21•Malta•Malta Financial Services Authority
The Malta Financial Services Authority has issued a revised Guidance Note on Shariah-Compliant Funds to enhance regulatory clarity and align with international standards in Islamic finance. The update aims to simplify compliance for fund promoters, managers, and Shariah Advisory Boards, while integrating with broader initiatives on sukuk and Islamic capital market instruments.
Policy & regulationGuidance & interpretation
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2025-11-21•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority has launched a review of the retail deposit market, seeking detailed information from banks on interest rate terms and consumer practices. This follows a Ministry of Finance request to evaluate the regulatory framework's effectiveness in protecting consumer interests. Banks must provide data on product oversight, governance, and consumer interactions, including advisory routines and complaint handling.
SupervisionReviews, inspections & stress testsConsumer and investor protection
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2025-11-21•Global•Financial Stability Board
The Financial Stability Board (FSB) released its second peer review of the Netherlands, noting progress in strengthening cyber resilience in the financial sector. The review commends frameworks like Threat Intelligence-Based Ethical Red-teaming (TIBER) and Advanced Red Teaming (ART) but suggests enhancements due to evolving cyber threats. Recommendations include improving information-sharing groups, supporting broader ART adoption, and analyzing critical third-party providers to assess concentration risks.
Policy & regulationPeer reviews and country evaluationsCyber resilience
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2025-11-21•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay’s Monetary Policy Committee unanimously kept the monetary policy rate at 6.00% on 21 November 2025, citing strong domestic activity, easing inflation, expectations in line with target and lower exchange-rate pressures. It said October inflation was 4.1% year on year, projected inflation at around 4.0% at end-2025 and expects convergence to the 3.5% target during 2026.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-11-21•South Korea•Bank of Korea
The Bank of Korea released preliminary Producer Price Index data for October 2025, indicating a 0.2% month-on-month and 1.5% year-on-year increase in producer prices. Agricultural, forestry, and marine products decreased by 4.2%, while manufacturing products and services each rose by 0.5%. Electric power, gas, water, and waste saw a 0.6% decline month-on-month.
Data & statisticsEconomic data and developments
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2025-11-21•Switzerland•Federal Department of Finance (Switzerland)
Switzerland's Federal Department of Finance and the Swiss National Bank held a roundtable to discuss maintaining cash access amid declining use. The SNB-chaired expert group developed guidelines to prevent uncoordinated reductions in cash infrastructure, while SIX and Swiss Post explored shared access points. Follow-up actions include enhanced SNB surveys and monitoring European regulatory impacts on cash supply and distribution.
Policy & regulationGuidance & interpretationCurrency and cash management
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2025-11-21•Moldova•National Bank of Moldova
The National Bank of Moldova released statistics on the non-cash foreign exchange market, detailing banks' foreign currency transactions against the Moldovan leu (MDL) in EUR equivalent. Spot turnover dominated, with significant interbank and intrabank activity in EUR and USD. Swap and forward transactions were minimal, reported only in EUR.
Data & statisticsCurrency and cash management
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2025-11-21•Moldova•National Bank of Moldova
The National Bank of Moldova released its monthly data on foreign exchange market operations, detailing spot transactions and foreign exchange swaps used for interventions. The report shows spot sales of EUR 33.0 million and swap purchases of EUR 9.64 million, with no forward operations recorded. Transactions are calculated using monthly average exchange rates, with swap volumes reported as a daily weighted average based on maturity.
Data & statisticsForeign exchange policy and markets
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2025-11-21•Moldova•National Bank of Moldova
The National Bank of Moldova reported that in October 2025, net foreign-currency supply from individuals covered 82.0% of net demand from economic agents, down from 83.6% in September. The central bank intervened with net sales of EUR 33.0 million due to rising demand. The Moldovan leu to euro exchange rate averaged 19.7110 MDL per EUR, with the euro comprising 73.8% of individuals’ net FX supply.
Data & statisticsBalance of payments and other external statistics
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2025-11-21•Moldova•National Bank of Moldova
The National Bank of Moldova released its monthly dataset on licensed banks' foreign currency assets and liabilities, and the banking system's open foreign exchange position for October 2025. Total foreign currency assets were MDL 52.93 billion, with liabilities at MDL 52.65 billion. The system's open FX position showed long positions of MDL 450.87 million, primarily in euros, and short positions of MDL -169.53 million, mainly in US dollars.
Data & statisticsBalance of payments and other external statistics
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2025-11-21•Moldova•National Bank of Moldova
The National Bank of Moldova released its monthly statistics on the cash foreign exchange market for October 2025, reporting a total turnover of EUR 438.2 million. The euro dominated with a 74.7% share, followed by the US dollar at 15.2%. Compared to the previous month, turnover decreased by 1.9%, while it increased by 4.0% year-on-year.
Data & statisticsCurrency and cash management
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2025-11-21•Moldova•National Bank of Moldova
At the Austrian National Bank’s Conference, National Bank of Moldova Governor Anca Dragu outlined initiatives to develop Moldova’s capital markets and modernize the financial sector. Key measures include enhancing the Single Central Depository, liberalizing capital accounts, and advancing the payments system. Dragu highlighted strategic cooperation with Romania to establish a new stock exchange in Chisinau and emphasized fintech development through mandatory Open Banking and e-KYC rules.
Policy & regulationReform agendas & prioritiesFintech and insurtechMarket development
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2025-11-21•United Arab Emirates•Central Bank of the UAE
The UAE Central Bank met with insurance company and broker CEOs to discuss regulatory developments. The session covered the current framework, future plans, and implementing international standards like the Insurance Core Principles. Discussions focused on risk-based supervision, governance, and promoting a risk-aware culture to enhance competitiveness and conduct.
Policy & regulationGuidance & interpretationCorporate governanceRisk management
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2025-11-20•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia (SFC) conducted its second 2025 training for compliance officers to enhance AML/CFT risk management systems. Attended by over 40 participants, the session covered the national AML/CFT prevention ecosystem, SFC's supervisory framework, and SARLAFT monitoring. Contributions from DIAN, UIAF, and the Superintendence of Industry and Commerce addressed the Single Registry of Final Beneficiaries and data handling.
SupervisionSupervision approach, priorities & toolkitComplaints and dispute resolution
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2025-11-20•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission reported the multiple banking sector's capitalisation index at 20.38% as of end-September 2025. The Coeficiente de Capital Básico was 18.38%, and the Coeficiente de Capital Fundamental was 17.08%.
Data & statisticsFinancial and market indicators
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2025-11-20•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority has enforced the delisting of Arabi Group Holding Company from Boursa Kuwait due to failure to meet remediation requirements. The company did not submit financial statements for multiple periods, failing to address auditor reservations. Under Listing Rules, the board must convene a general assembly within three months to discuss the delisting and future plans, with potential disciplinary actions if not held.
EnforcementInvestigations & enforcement actionsFinancial benchmarks
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2025-11-20•Italy•Bank of Italy
The Bank of Italy's Italian Housing Market Survey for Q3 2025 indicates firmer house selling prices and rapid turnover, with reduced discounts on asking prices and historically low time on market. Demand is recovering, supply is declining, and mortgage financing conditions are favorable, with high loan-to-value ratios. Upward pressure on rents due to short-term lets is noted, and the outlook for Q4 remains positive.
Data & statistics
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2025-11-20•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has added "AI Forex Trader" and "Cryptology Key" to its list of potentially dangerous investment projects, now totaling 456 suspected scams. The Commission advises investors to consult its website for the full list and warns of common red flags such as lack of licenses, unclear organizer information, and promises of high returns without risk disclosure.
SupervisionAlertsFraud and scams
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2025-11-20•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine's National Commission on Securities and Stock Market released its October 2025 digest, highlighting a UAH 107.1 billion turnover in the organized market, primarily from government bonds. Unorganized market trading was UAH 56.6 billion, while commodity exchanges saw UAH 24.2 billion, mainly from electricity. The Commission emphasized efforts to enhance transparency and investor confidence through new financial instruments.
Data & statisticsFinancial and market indicators
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2025-11-20•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank and the Bank for International Settlements hosted the Innovation Summit in Riyadh, focusing on technological innovation in finance and central banks' roles in supporting it while ensuring stability. Discussions covered payment system modernization, the G20 Roadmap for cross-border payments, and regulatory frameworks balancing innovation with stability, as well as multilateral cooperation and emerging technologies' implications.
Policy & regulationCooperationFintech and insurtechCross-border cooperation