The Network for Greening the Financial System released the 2025 Guide on Climate Scenario Analysis for central banks and supervisors, updating the 2020 edition. The guide reflects advancements in climate scenario design, data, and modeling, and incorporates best practices.
Federal Reserve Board Governor Stephen I. Miran highlighted that banking regulation is affecting the Federal Reserve's balance sheet size by increasing banks' demand for reserves, potentially limiting the FOMC's policy autonomy. He outlined five regulatory principles, including cost-benefit assessment and transparency, and supported tailored requirements for different bank types. Miran also discussed leverage reform, advocating for excluding Treasurys and reserves from the leverage ratio denominator to aid Treasury market intermediation and reduce stress-driven interventions.
The Bank of Albania’s Supervisory Council approved the Medium-Term Development Strategy for 2026–2028 and the 2026 budget, aligning resources with institutional objectives. The strategy addresses environmental challenges, internal cooperation, resource efficiency, and transparency, covering core functions like monetary policy and banking supervision. Budgets consider international and domestic financial conditions, aiming to enhance monetary policy, professional capacity, and public communication.
At the Malta Financial Services Authority conference, Egypt Financial Regulatory Authority's chair, Mohamed Farid, outlined a framework for capital market growth emphasizing innovation, integration, and sustainability. He highlighted Egypt's adaptive supervisory approach, transitioning to digital processes and fintech regulation to enhance investor protection and transparency. Farid also stressed the importance of ESG considerations, human capacity investment, and international cooperation to address financial fragmentation and technological disruption.
The British Columbia Financial Services Authority (BCFSA) has initiated a public consultation on Prospera Credit Union and Sunshine Coast Credit Union's applications to transition to federal regulation for amalgamation with Coast Capital Savings Federal Credit Union. This requires consent from the Superintendent of Financial Institutions and the Credit Union Deposit Insurance Corporation of British Columbia. The transition aims to enable operations across Canada following member approval.
The Bank of Canada published remarks by Deputy Governor Nicolas Vincent on Canada's systemic productivity weakness, affecting wage growth, competitiveness, and inflation. Vincent noted Canada's productivity growth has lagged behind other G7 economies, especially the U.S., since 2000, with low business investment as a key factor. He outlined priorities for improvement, including reducing regulatory complexity, enhancing competition, and investing in human capital, while the Bank focuses on maintaining inflation near 2%.
The European Central Bank's Executive Board has appointed Patrick Amis, Korbinian Ibel, and Thijs van Woerden to new Director General roles within ECB Banking Supervision, effective 1 March 2026. These appointments involve a rotation of current directors, with Ibel replacing Ramón Quintana, who will retire in February 2026. The ECB has also initiated recruitment for a new Director General for Specialised and Less Significant Institutions.
The China Securities Regulatory Commission and the Ministry of Finance are expanding the list of mainland accounting firms authorized to audit H-share companies, adding two firms to the current 10. Selection criteria include revenue thresholds, governance, Hong Kong presence, audit digitalization, and liability risk capacity. Successful applicants will undergo ongoing assessments and may begin H-share audits once the expanded list is announced.
The Malta Financial Services Authority hosted an international conference on sustainable financial growth, regulatory innovation, and international collaboration before the IOSCO meetings. Discussions covered forward-looking policies, capital market integration, and technology-driven supervision to boost financial resilience. Key topics included geopolitical risks, crypto-asset regulation, AI and quantum computing impacts, and cross-border payment systems.
The Financial Stability Board approved its 2026 work programme, focusing on modernising regulation, stablecoins, and nonbank financial intermediation (NBFI). Key initiatives include improving cross-border payments, addressing vulnerabilities in AI-related securities, and enhancing transparency in private credit. The programme also targets stablecoin regulation, NBFI leverage, and crisis preparedness, with a strategic review led by Randal Quarles.
The Bank for International Settlements Innovation Hub published a report reviewing the G20 TechSprint from 2020 to 2025, highlighting its evolution and impact on innovation and central bank collaboration, supported by feedback from participants.
CNV president Roberto E. Silva highlighted regulatory advancements in tokenisation and supervision of virtual asset service providers at a panel by the Enterprise Ethereum Alliance and EY. Silva detailed the evolution from no crypto regulation to a framework under Anti-Money Laundering Law No. 27.739 and the establishment of a tokenisation regime, emphasizing collaboration with the Central Bank of Argentina and the Financial Intelligence Unit.
Argentina Securities Commission (CNV) President Roberto E. Silva highlighted CNV's regulatory role over Virtual Asset Service Providers (PSAVs) and announced a new tokenization regime at Arbitrum Bridge LATAM. Silva linked CNV's mandate to Law No. 27.739, emphasizing moving institutional-grade assets on-chain. The CNV's participation aligns with efforts to establish a clearer regulatory framework for PSAVs and digital assets in Argentina.
The New Zealand Financial Markets Authority (FMA) released a revised educational sheet on insider trading under the Financial Markets Conduct Act 2013. It clarifies that non-public information about issuer A can impact issuer B's price if deemed material. The sheet emphasizes risk management practices like pause-and-assess processes, information barriers, and robust record-keeping.
The Swiss Federal Council has appointed Katia Villard to the Swiss Financial Market Supervisory Authority (FINMA) Board of Directors, effective 1 January 2026, succeeding Ursula Cassani Bossy. Villard, a professor of criminal law with expertise in commercial criminal law and financial market law, will serve through 2027. FINMA's Board, its strategic management body, will consist of eight members, including Chair Marlene Amstad and Vice-Chair Martin Suter.
The Argentina Superintendency of Insurance issued Resolution No. 629/2025, prohibiting Galeno Aseguradora de Riesgos del Trabajo S.A. from disposing of its investments and imposing a general asset injunction, excluding bank current accounts, to maintain solvency and protect policyholders. This action follows a deficit reported in Galeno ART's financial statements as of 30 September 2025. The insurer must submit a remediation plan within 15 days.
The Securities and Exchange Board of India (SEBI) has issued a warning regarding unregistered Online Bond Platform Providers (OBPPs) operated by certain fintech companies and stock brokers. These platforms lack regulatory oversight and may violate the Companies Act, 2013, and the SEBI Act, 1992. SEBI advises investors to transact only with registered entities and urges market participants to ensure compliance before offering OBPP-like services.
The State Bank of Vietnam has appointed Tran Trung Dung as Chair of the Members’ Council of the Vietnam Asset Management Company (VAMC) for a five-year term. Deputy Governor Nguyen Ngoc Canh emphasized the need for VAMC to modernize operations and ensure compliance with legal standards.
The State Bank of Vietnam and the National Payment Corporation of Vietnam held a workshop on QR-code payments, announcing nationwide availability under the unified VietQR standard. Deputy Governor Pham Tien Dung highlighted the transition of 28 banks and payment intermediaries from 'QR Transfer' to 'QR Pay'. Despite growth in non-cash and QR-code payments, challenges remain in merchant reliance on personal QR codes, limited interoperability, and low cross-border usage, with plans to expand acceptance networks and cross-border links.
The U.S. Senate Committee on Banking, Housing and Urban Affairs advanced President Trump's nominees for senior roles at the Department of Housing and Urban Development, the Department of the Treasury, and the Federal Deposit Insurance Corporation, including Joseph Gormley for Ginnie Mae, Francis Cassidy for HUD, Paul Hollis for the U.S. Mint, and Travis Hill for the FDIC Board. Chairman Tim Scott emphasized their roles in housing finance, financial stability, and currency integrity, with nominations now moving to the Senate floor.
The State Bank of Vietnam appointed Cao Van Binh as General Director of the National Credit Information Center of Vietnam (CIC), effective 19 November 2025. This appointment aims to enhance CIC's governance and operations amid the SBV's digital transformation strategy. The SBV emphasized the importance of strengthening CIC's organizational structure and IT staffing.
The State Bank of Vietnam has launched a patriotic emulation campaign for 2025–2030, urging the banking system to align with core mandates and priority tasks. The campaign focuses on digital transformation, green transition, and international economic integration, emphasizing a strengthened legal framework and proactive monetary policy. Credit institutions are encouraged to enhance financial capacity, invest in IT and modern payment infrastructure, and direct credit to priority sectors.
The Bank of Korea released its International Investment Position report for Q3 2025, detailing Korea's net international investment position, external assets, and external debt.
The Isle of Man Treasury has added AEZA GROUP LLC to the UK Sanctions List under the Russia sanctions regime, subjecting it to an asset freeze and trust services sanctions. The designation is linked to providing "bulletproof hosting services" to the Social Design Agency, suspected of destabilising Ukraine. Entities identified as matches must freeze assets immediately and report to the Financial Intelligence Unit.
The Isle of Man Treasury updated its sanctions under the Cyber Sanctions Regime, aligning with changes to the UK Sanctions List via the Sanctions (Implementation of UK Sanctions) Regulations 2024. The update includes six new entries and one amendment, all subject to an asset freeze. The amended entry involves CHOSUN EXPO, linked to North Korean cyber activities, with compliance steps reiterated for suspected matches.
The Central Bank of the UAE (CBUAE) launched the "Jisr" central bank digital currency (CBDC) platform for cross-border payments with China, marking the first UAE–China CBDC transaction. The initiative includes interlinking the two countries' instant payment systems, the Jaywan–UnionPay multi-scheme prepaid card, and a memorandum of understanding with the People's Bank of China to enhance cooperation. Jisr aims to facilitate cross-border payments, reduce transaction costs, and provide instant settlement, with plans to expand in 2026.
Saudi Arabia's Ministry of Finance concluded the fifth Saudi–Swiss Financial Dialogue in Riyadh, co-chaired by Abdullah A. BinZaraah and Daniela Stoffel, focusing on enhancing bilateral financial cooperation through new instruments and technologies. The dialogue addressed governance, legislative, and regulatory standards to support financial stability. A private-sector roundtable emphasized Saudi Vision 2030's goals, highlighting increased private investment and diversification, with non-oil activities now comprising over half of GDP.
The Central Bank of Mexico's Technical Committee of the Pension Fund for Wellbeing approved reports on the Fund's financial position, including quarterly financial statements and reports on financial risks and contributions for April–June 2025. The committee noted progress in contracting an actuarial evaluation and reviewed transparency and compliance reports. Documentation is publicly accessible via the Fund's website.
The Bank of Italy reported on two conferences in Paris on 17-18 November, focusing on equity, diversity, and inclusion in central banking. Hosted by the Bank of France and organized with the Bank of Canada, Bank of England, Bank of Spain, and European Central Bank, the events addressed macroeconomic effects of gender roles and women's economic participation. Key speakers included Bank of Italy Deputy Governor Chiara Scotti and Secretary General Massimo Doria.
The Bank of Italy published seven new Working Papers (Nos. 1503–1509) in its November 2025 economic research Newsletter (No. 80). Topics include household borrowing and monetary policy, working from home and productivity, inflation expectations in housing, effects of the 2023 Emilia-Romagna floods, excellence funding in Italian universities, EU views on investment around Brexit, and long-term impacts of industrial policies.
The Bulgaria Financial Supervision Commission announced decisions on approvals for key function holders and pension fund governance, and authorized an investment fund transformation by merger. It initiated consultations on proposed changes to professional qualification and examination rules for insurance brokers and responsible actuaries. Proceedings related to the approval of a new manager at Alaric Securities Ltd were suspended.
The Central Bank of Nicaragua reported the conclusion of meetings with an International Monetary Fund (IMF) delegation under the Article IV consultation framework. The IMF's statement highlighted Nicaragua's resilient economic activity, supported by robust macroeconomic policies. The full statement is available on the IMF website in both Spanish and English.
Indonesia's Financial Services Authority (OJK) and capital market self-regulatory organisations hosted CEO Networking 2025 in Jakarta to address capital market resilience amid global uncertainty. OJK Chairman Mahendra Siregar emphasized good corporate governance, sustainable innovation, and robust capital structures. Indonesia Stock Exchange President Director Iman Rachman highlighted shifting investor preferences and encouraged issuers to maintain share liquidity through BEI’s Liquidity Provider Program.
The Bank of Italy has entered a 36-month collaboration with the Special Economic Zone Task Force of the Presidency of the Council of Ministers to analyze the economic impact of the single SEZ in southern Italy. The agreement focuses on conducting research projects to assess regional economic effects.
Ghana’s National Insurance Commission and the insurance industry donated GHS 100,000 to the 37 Military Hospital for medical care following the El-Wak Stadium stampede. Commissioner Dr. Abiba Zakariah announced plans for a National Insurance Disaster Fund to support future crises. The donation will aid treatment and recovery efforts for victims still hospitalized.
The European Securities and Markets Authority (ESMA) Board of Supervisors has renewed Natasha Cazenave's mandate as Executive Director for a second five-year term, ending in May 2031. The decision followed an evaluation of her first term and her contributions to ESMA's future. Cazenave presented her vision for the next five years to the European Parliament's Committee on Economic and Monetary Affairs.
The European Supervisory Authorities, including the European Banking Authority, Insurance and Occupational Pensions Authority, and Securities and Markets Authority, have listed critical ICT third-party providers under the Digital Operational Resilience Act (DORA). This activates DORA's oversight framework to ensure these providers have adequate ICT risk management and governance for EU financial entities' resilience. The designation involved a criticality assessment based on DORA criteria, including systemic importance and service substitutability.
The Central Bank of the Dominican Republic will host the 305th Central American Monetary Council meeting in Punta Cana on 20–21 November, chaired by Governor Héctor Valdez Albizu and Álvaro González Ricci. Attendees include central bank leaders from Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama, discussing macroeconomic conditions, geopolitical tensions, and climate change. External participants include officials from the International Monetary Fund, Bank for International Settlements, Inter-American Development Bank, CAPTAC-DR, and the Economic Commission for Latin America and the Caribbean.
The Angola Capital Markets Commission presented the General Statistics of the Capital Markets at Óscar Ribas University, aiming to promote Angola’s capital markets. The session, attended by over 100 participants, included discussions on market trends and the role of financial statistics in research and decision-making. This event is part of the Commission’s ongoing academic lecture series.
The Angola Capital Markets Commission hosted a workshop for the Justice Pension Fund on investment opportunities in Angola's capital markets. Presentations covered capital market fundamentals, the financial system structure, and key investment instruments. The event emphasized the importance of continuous training and informed decision-making in managing social security resources.
The Angola Capital Markets Commission and the Angola Bar Association signed a cooperation protocol to enhance collaboration in legal, regulatory, and training activities. Initiatives include joint workshops, seminars, and professional internship programs, supported by the Angola Bar Association’s Internship and Training Centre. The protocol also aims to strengthen staff capabilities through joint studies and international exchanges.
The Dubai Financial Services Authority and the Hong Kong Monetary Authority, with BloombergNEF, published a report on scaling sustainable debt in emerging markets, noting a tripling of labelled debt issuance to USD 94 billion since 2020. Green debt constitutes 52% of issuance, with significant contributions from the United Arab Emirates and Saudi Arabia. The report identifies potential growth levers, including clearer government guidance and innovation in sustainable instruments, amid concerns of easing momentum in 2025.
Francisco A. Torres, head of the Dominican Republic's Pensions Superintendency (SIPEN), highlighted pension adequacy constraints due to limited saving and labour-market informality. He explained retirement eligibility, contribution density, and the minimum guaranteed pension, noting 60% of the population may not reach the minimum without consistent saving. Torres also reported real investment returns of 5% to 6% over two decades, with significant account balances derived from returns.
The Dominican Republic's Pensions Superintendency and the World Bank published research showing workers contribute to the pension system for only 40% of their potential working life. The study highlights variation in contribution density by sector, income, cohort, and region, with higher levels in health, education, finance, and public administration. It also identifies a gender participation gap, with women less likely to enter formal employment, though contributing at similar rates and wages once affiliated.
The Spanish Securities Commission (CNMV) is updating the Good Governance Code for listed companies, last revised in 2020, as part of its CNMV2030 plan. An expert group, chaired by CNMV chair Carlos San Basilio, will advise on the review, incorporating recent domestic and international corporate governance developments. The CNMV aims to finalize the new Code by the second quarter of 2027 following a public consultation.
The Payment Systems Regulator (PSR) released updated data on the UK's Confirmation of Payee service and Authorised Push Payment reimbursement, highlighting fraud prevention and consumer impacts. Over 320 organisations now offer CoP, covering more than 99% of Faster Payments, with GBP 112 million reimbursed to victims in the first nine months. An independent evaluation of APP fraud policies has been commissioned to assess impact and identify improvements.
The Australian Securities & Investments Commission (ASIC) has suspended Surety Compliance Limited's financial services licence until 27 October 2026 for non-compliance with financial requirements and lack of professional indemnity insurance. Surety can continue services related to redemptions and winding up the scheme during the suspension. Surety must maintain a dispute resolution system, be part of the Australian Financial Complaints Authority scheme, and hold professional indemnity insurance, and may seek a review of ASIC’s decision by the Administrative Review Tribunal.
The Central Bank of Kenya announced the commencement of the Virtual Assets Service Providers Act, 2025, establishing a regulatory framework for Virtual Asset Service Providers (VASPs). Licensing will begin once implementing regulations are issued, with the Central Bank of Kenya and the Capital Markets Authority as regulators. The Act outlines VASP obligations for preventing money laundering, terrorism financing, and proliferation financing.
The New Zealand Financial Markets Authority's annual review of Singapore Exchange Derivatives Trading Limited confirmed compliance with licensed market operator obligations for the period ending 30 June 2025, with oversight from the Monetary Authority of Singapore. The review noted stable operations, increased trading volumes, and no regulatory concerns or market disruptions.
The Ukraine National Commission on Securities and Stock Market and the International Monetary Fund discussed key stages for an updated cooperation programme to enhance regulatory effectiveness and stock market development. The Commission outlined Ukraine's capital market status and regulatory reforms, agreeing on follow-on actions to support financial sector stability.
The Ukraine National Commission on Securities and Stock Market approved decisions on new securities issuances, prospectus updates, and governance changes, including holdings clearances and investor warnings. Key actions include registering corporate bonds and share issues, amending charters, and supervisory approvals for acquisitions and appointments. The Commission also addressed legislative and governance matters related to the National Bank of Ukraine and state-controlled enterprises.
The Dutch Authority for the Financial Markets (AFM) released its 2025 sector overview, highlighting a shrinking number of licence holders but an increase in market share for larger firms. The AFM emphasizes the importance of trust and responsibility, focusing on ethical operations, compliance, and addressing mortgage fraud risks. It plans to enhance dialogue with the market to improve risk assessments.
The Central Bank of Uruguay's Sustainable Finance Roundtable held an in-person training for member institutions to enhance climate risk management and disclosure. Supported by the Green Climate Fund and the United Nations Development Programme, sessions included national and international case studies and addressed local market challenges. An internal workshop for central bank staff focused on strengthening institutional capabilities regarding climate-related risks.
The Superintendence of Banks of Ecuador hosted the inaugural Super Ciberseguridad 2025 sessions in Quito, focusing on emerging cyber risks and defenses for the financial system. The event featured discussions on cybercrime 3.0, AI in cybersecurity, and security in payment channels, with contributions from ISACA, CITEC, ASOBANCA, Aval Buró, and Equifax. Superintendent Roberto Romero von Buchwald emphasized cybersecurity as a critical issue, aiming to enhance supervisory capabilities and provide practical tools for threat identification.
Bermuda’s Ministry of Finance announced that Premier and Minister of Finance David Burt attended Chainlink’s SmartCon 2025 in New York to promote Bermuda’s regulated digital finance framework, including the Digital Asset Business Act (DABA). Burt engaged with major firm executives and participated in discussions on digital finance leadership, outreach to digital asset businesses, and initiatives for AI education and hedge fund sector revitalization. The Ministry of Finance and Bermuda Monetary Authority representatives supported the delegation.
The Central Bank of Costa Rica's 2025 Economic Research Days featured seven studies, including advanced inflation forecasting and exchange-rate pass-through analysis. Key findings highlighted digital payment adoption gaps, a "growth at risk" estimate for Costa Rica, and potential productivity gains in manufacturing through optimal resource allocation. Recordings are available, with a forthcoming paper on manufacturing resource allocation.
The National Credit Union Administration placed Copper & Glass Federal Credit Union into conservatorship due to unsafe practices, ensuring member services continue. Member deposits are protected by the National Credit Union Share Insurance Fund, covering individual, joint, and retirement accounts up to USD 250,000 each. Copper & Glass Federal Credit Union has 1,255 members and USD 7.1 million in assets.
Ireland’s Department of Finance updated the Ireland for Finance strategy for 2026–2030, focusing on competitiveness and regulatory and tax simplification. Key measures include a tax rate reduction on investments and progress on the Funds 2030 review, with a roadmap for retail investment tax simplification due in early 2026. The speech also highlighted Ireland's involvement in EU negotiations on the securitisation framework and anticipated EU publications on sustainable finance and pension systems.
The European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority have listed ICT third-party providers deemed critical under the Digital Operational Resilience Act (DORA). These providers, identified through DORA’s criteria, are now under the DORA oversight framework. The European Supervisory Authorities will engage with them to evaluate ICT risk management and governance frameworks to ensure service resilience for EU financial entities.
The Danish Financial Supervisory Authority supports Finance Denmark's initiative with Danmarks Nationalbank to form a working group to explore transitioning from CIBOR to transaction-based reference rates. The group will include financial sector participants and aims to enhance robustness and reduce manipulation risks. Finance Denmark and Danmarks Nationalbank will serve as the secretariat, with details on membership and mandate to be published on Danmarks Nationalbank’s website.
Hong Kong’s Financial Services and the Treasury Bureau announced Lianlian DigiTech's establishment of its overseas business headquarters in Hong Kong to enhance global expansion and fintech activity. The move aligns with the Hong Kong Monetary Authority’s Fintech 2030 strategy and is supported by InvestHK’s GoGlobal Task Force. Lianlian DigiTech will use the Hong Kong base as a strategic hub, leveraging its extensive global network and licences.
The Gibraltar Financial Services Commission released its Annual Report and Audit Regulatory Report for the period from 1 April 2024 to 31 March 2025. The report is accessible on the GFSC website.
Bolivia's Ministry of Economy appointed Mario Walter Requena Pinto as Executive Director of the Financial System Supervision Authority and Marcelo Vladimir Fernández Quiroga as General Manager of the Public Manager of Long-Term Social Security. The appointments aim to enhance financial sector supervision and pension fund administration, prioritizing financial stability, efficient markets, and independent pension asset safeguarding.
Bolivia's Ministry of Economy appointed Mario Walter Requena Pinto as Executive Director of ASFI and Marcelo Vladimir Fernández Quiroga as General Manager of the Gestora Pública. ASFI prioritizes financial stability, market efficiency, and deposit safety, while the pension manager safeguards contributions and manages funds independently from government use.
The Financial Services Regulatory Authority of Ontario's fall pensions update highlights a rise in the median solvency ratio for defined benefit pension plans to 124% as of September 30, 2025, driven by Q3 equity returns. It addresses compliance issues in buy-out annuity discharge submissions and announces Chief Actuary Lester Wong's retirement at the end of 2025. FSRA plans a data clean-up initiative for its Pension Services Portal and continues planning for Pension Awareness Day 2026.
The Financial Services Regulatory Authority of Ontario's Q3 2025 Solvency Report shows a median solvency ratio of 124% for defined benefit pension plans, up two percentage points from the previous quarter. The increase is attributed to a 4.6% investment return, though funding positions remain sensitive to market fluctuations. FSRA advises plans to employ stress testing and analytical tools to evaluate potential risks.
The Slovenia Insurance Supervision Agency detailed its process for handling reports of potentially fraudulent insurance agents, including proceedings to withdraw an agent's authorization for serious breaches. The note clarifies the distinction between insurance agents and brokers, emphasizing their responsibilities and liabilities under the Insurance Act. It outlines a two-stage administrative process for license withdrawal, involving an evidentiary procedure and potential judicial review by Slovenia’s Administrative Court.
The Slovenia Insurance Supervision Agency issued consumer guidance on evaluating insurance agents' fairness and legality. The checklist advises verifying agent registration, seeking clear explanations of terms, and obtaining written contracts. It warns against pressure tactics, commission opacity, and inadequate rule knowledge, and directs consumers to further resources for reporting misconduct.
The Slovenia Insurance Supervision Agency released an anonymised briefing on three cases of insurance agents facing licence withdrawal for fraudulent conduct. Violations included misleading policyholders, unauthorized policy preparation, and forgery, all breaching the Insurance Act (ZZavar-1) requirements. The agency emphasized that such breaches can lead to licence revocation.
The Executive Board of Sweden’s Riksbank has appointed Anna Sjulander as the new Head of the Markets Department, effective 13 January 2026. Sjulander, previously Head of SSA Origination at SEB, will succeed Anders Gånge, who will return to his role as Deputy Head.
Greece's Ministry of National Economy and Finance appointed Antonis Kamaras as the country's representative to the World Bank, aiming to enhance cooperation and attract international investment. Kamaras's background includes studies at Connecticut College and the London School of Economics, with experience in technology transfer and bridging business and scientific communities.
The Hong Kong Monetary Authority and Dubai Financial Services Authority, with BloombergNEF, released a report on scaling sustainable debt in emerging markets. It highlights growth potential in labelled sustainable debt markets in the Middle East, North Africa, and emerging Asia Pacific, emphasizing government measures to reduce labelling costs and encourage corporate issuance. Case studies include a blue bond by DP World and a sustainability-linked loan bond by Emirates NBD.
The Hong Kong Monetary Authority (HKMA) issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails involving The Bank of East Asia, Shanghai Commercial Bank, and Chong Hing Bank. The HKMA emphasized banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force.
The International Association of Insurance Supervisors (IAIS) released a paper on shifts in the life insurance sector, highlighting increased allocations to alternative assets and cross-border asset-intensive reinsurance (AIR). It notes limited systemic risk but emphasizes monitoring rapid growth and concentrated exposures. The paper proposes a global classification of alternative assets and underscores concerns about AIR, recommending enhanced monitoring, systemic risk analysis, and guidance development.
The Cyprus Securities and Exchange Commission has issued Tender No. 08/2025 for conducting CySEC certification examinations.
The National Bank of Belgium's research shows the economy absorbed 2022–2023 energy-driven inflation and ECB interest-rate hikes, though housing and public finances faced strains. Banks' funding costs rose modestly, with higher lending rates boosting profits. The study notes uneven household impacts, with low-income groups benefiting from wage indexation but reducing spending, and concerns about public debt sustainability due to rising interest costs and persistent deficits.
At the Cedi@60 International Currency Conference, Bank of Ghana Governor Dr. Johnson Pandit Asiama emphasized the central bank's focus on managing cash and digital money evolution, including payments modernization and the eCedi. He highlighted global trends in digital payments, central bank digital currencies, and AI in security, while addressing currency substitution and dollarisation pressures. The event in Accra is part of the Cedi@60 celebrations, promoting cross-border collaboration among central banks and the currency ecosystem.
The Central Bank of the Republic of Uzbekistan hosted an International Monetary Fund (IMF) mission to discuss Uzbekistan's macroeconomic environment, monetary policy, and banking system indicators. The talks included potential technical assistance and expert consultations to strengthen cooperation with the IMF. Further meetings with the Central Bank's deputy chairpersons, ministries, and commercial banks are planned.
The Central Bank of the Republic of Uzbekistan discussed Uzbekistan’s macroeconomic environment and monetary policy with an IMF mission led by Yasser Abdih. The talks explored enhanced cooperation with the IMF, including technical assistance and expert consultations. Further meetings with the Central Bank's leadership and other stakeholders are scheduled as part of the mission's programme.
The Central Bank of the Republic of Uzbekistan approved a 2025–2028 roadmap to enhance banking regulation and supervision, following IMF and World Bank recommendations. The plan includes legislative amendments, full Basel III implementation, improved corporate governance, risk management, supervisory processes, consolidated supervision, and a bank resolution mechanism. It also aims to strengthen international cooperation and ensure financial stability.
The Arab Monetary Fund held the 29th Arab Financial Inclusion Task Force meeting in Abu Dhabi to coordinate regional financial inclusion priorities, with international observers. Discussions covered financial consumer protection, international standards implementation, and financial literacy, highlighting progress in financial account ownership and ongoing challenges like the informal sector and limited digital infrastructure.
The Central Bank of Kuwait has imposed penalties on a local bank and two exchange companies.
The Central Bank of Jordan reported a 6.5% increase in tourism income to USD 6,553.6 million and a 4.1% rise in employee remittances to USD 3,346.1 million for 2025's first ten months. October saw a 3.4% increase in tourism income and a 12.0% rise in overseas tourism spending, while outgoing remittances grew 15.8%, with Egypt as the primary destination.
The Bank of Israel released an updated table on expected inflation, showing one-year expectations at 1.6% from the capital market and 2.0% from professional forecasts, internal interest rates, and inflation contracts. Forward measures indicate inflation expectations of 2.0% for the second year, 2.4% for the third year, 2.0% for years 3–5, and 1.8% for the five-year and 5–10 year horizons, with noted biases in capital-market breakevens due to inflation-risk premiums and market factors.
The Brazilian Superintendence of Private Insurance (SUSEP) has appointed 75 candidates to permanent Technical Analyst roles following a public recruitment exam, as part of its workforce rebuilding effort. These positions are aligned with the career framework established by Law No. 11,890/2008.
The New Zealand Financial Markets Authority's 2025 review of Singapore Exchange Derivatives Trading Limited (SGX-DT) confirmed compliance with licensed market operator obligations under the Financial Markets Conduct Act 2013, supported by the Monetary Authority of Singapore's supervision. The review noted stable operations, increased trading activity, and no market misconduct, with the SGX-NZX Dairy Committee enhancing market suitability.
The Bank of Portugal released updated securities statistics for October 2025, noting a decrease in resident-issued debt securities to EUR 318.2bn, primarily due to general government net redemptions. Listed shares rose to EUR 76.3bn, driven by valuation gains. The market value of outstanding Portuguese Treasury bills and bonds was EUR 178bn, with 84% held by the financial sector and international investors.
The New York State Department of Financial Services noted challenges in residential property insurance affordability and access due to climate change, inflation, and a tightening reinsurance market. Acting Superintendent Kaitlin Asrow stressed the need for regulatory and legislative coordination, warning of potential insurer withdrawal if states don't act promptly. DFS plans to work with the Governor’s office and Legislature on sustainable solutions, though specific measures or timelines were not detailed.
The Philippine Securities and Exchange Commission has released a draft memorandum circular for public comment, proposing revisions to the Real Estate Investment Trust (REIT) Act of 2009. Key updates include expanded definitions, adjusted investment parameters, and refined public ownership and reinvestment frameworks. The draft also outlines new disclosure requirements and investment limits, including a cap on overseas real estate investments and conditions for joint ventures.
The European Central Bank's Working Paper No 3154 examines euro area consumers' labour market responses to unexpected windfall gains. The study finds that substantial gains, particularly between EUR 50,000 and EUR 100,000, reduce labour supply, notably affecting women and those nearing retirement. Smaller gains show minimal impact on work probability or hours, while job search intensity decreases among non-employed individuals with larger windfalls.
The Securities and Exchange Commission of North Macedonia, with the European Bank for Reconstruction and Development, launched a four-day workshop under the EU Financial Regulation 2025 Training Programme. It focuses on applying key EU capital market directives and regulations. Commissioner Vasko Peikov highlighted its role in aligning with European standards and enhancing regulatory understanding.
Bank Negara Malaysia has released an exposure draft outlining proposed regulatory requirements for open finance, aimed at creating a framework for consent-driven sharing of customer information across the financial sector. The framework emphasizes secure, open, accessible, interoperable, and timely information sharing.
The Guernsey Financial Services Commission acknowledged a Royal Court judgment in Paul Randall Pybus and Adjure Global Limited v. the Commission, which upheld serious concerns about Mr. Pybus. The judgment supported many findings of the Senior Decision Maker but mandated the appointment of a new Senior Decision Maker to reassess probity and integrity, considering the Ivey test.
The Albania Financial Services Authority reported total net assets of private pension funds reached ALL 14,357.03 million (EUR 148 million) as of 30 September 2025, marking an 11.55% increase since 31 December 2024. Membership rose by 8.77% to 48,864, with seven pension funds active from January to September 2025. The largest open-participation funds by members were CREDINS PENSION and SIGAL MAX PENSION, while SIGAL MAX PENSION led in net assets.
The Ontario Securities Commission has updated its exempt market data dashboard to include 2024 data on prospectus-exempt capital raising by Canadian corporate issuers. The dashboard provides insights into exempt market activity and trends in Ontario from 2018 to 2024. The OSC noted increased use of the listed issuer financing exemption under National Instrument 45-106, recently amended by an OSC temporary order.
The Central Bank of Paraguay used remarks by its Securities Superintendent to position the new Securities and Products Market Law as a reform that unifies the regulatory framework, strengthens investor protection and embeds risk-based supervision. The authority expects to complete a first generation of implementing rules in 2026 and then develop a second wave covering areas such as private funds, crowdfunding, tokenization, distributed ledger technology and foreign issuances. Ruiz also said innovative products should fall under supervision when they involve public fundraising, an expected return and information asymmetry.
The Seychelles Financial Services Authority issued a warning regarding unauthorised activity under the Virtual Asset Service Providers Act, 2024, specifically flagging the website carnescapital.eu. The authority clarified that the company is not recognized by the regulator, despite its Terms of Use citing Seychelles law, and urged investors to conduct thorough research before engaging with the entity.
The Seychelles Financial Services Authority announced the surrender of AC GLOBAL LTD’s Securities Dealer Licence (SD098) and Mr. Du Jintao’s Securities Dealer Representative Licence (SDR253) under the Financial Services Authority Act, 2013. The surrender took effect on 14 November 2025.
The Seychelles Financial Services Authority announced that Aetos Markets (S) Ltd and Mr. Xiaoli Cui have surrendered their respective Securities Dealer Licences, effective 18 November 2025, under Section 30(1) of the Financial Services Authority Act 2013.
The Sustainable Banking and Finance Network announced the Bankers Association of Zimbabwe has joined as its newest member, bringing the network to 102 institutions across 73 countries. BAZ has been active in promoting sustainability and supporting member banks in enhancing processes to address climate change risks.