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2025-11-18•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has granted Blockshoals Technologies, Inc. in-principle approval to test its financial products in the SEC StratBox regulatory sandbox, pending completion of remaining requirements. Established under SEC Memorandum Circular No. 9, Series of 2024, StratBox allows firms to test innovative products in a controlled environment with potential regulatory relief. Blockshoals, a fintech intermediary for virtual asset services, joins three other entities in the sandbox, with a testing period set for 24 months.
SupervisionInnovation & testingFintech and insurtechRegulatory sandbox
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2025-11-18•Russia•Central Bank of Russia
The Central Bank of Russia reported an increase in the Business Climate Index to 3.4 points in November, up from 2.3 points in October, indicating ongoing growth in business activity. Surveyed companies noted higher current demand but lower output estimates, with improved three-month-ahead expectations and rising price expectations. Further details are available in the November issue of the Bank’s Monitoring of Businesses analytical commentary.
Data & statistics
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2025-11-18•Russia•Central Bank of Russia
The Central Bank of Russia reported a rise in individual investment accounts (IIAs) by 72,000 to 6.3 million in Q3 2025, with net inflows of RUB 59 billion. Total IIA portfolios increased to RUB 753 billion, driven by investments in Russian bonds and money market funds. There is also a growing interest in open-end unit investment funds offering tax benefits through IIAs.
Data & statistics
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2025-11-18•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee held a hearing on deposit insurance's future, exploring coverage, costs, and depositor confidence. Chairman French Hill emphasized a data-driven approach, highlighting the need for improvements to the resolution framework and citing lessons from the 2023 bank failures. Discussions included potential reforms, considering who benefits, cost allocation, and maintaining stability and depositor confidence.
Policy & regulationReform agendas & priorities
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2025-11-18•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority has finalized changes to the UK depositor protection framework, raising the Financial Services Compensation Scheme limit from GBP 85,000 to GBP 120,000 and the temporary high balance claims limit from GBP 1 million to GBP 1.4 million, effective 1 December 2025. Firms must update systems and disclosures by 31 May 2026. Amendments include clarifying third-party premises requirements and updating information sheet wording for accessibility.
Policy & regulationRules & requirementsPrudential risks
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2025-11-18•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined an exchange bureau in the Batken region KGS 55,000 for breaching Kyrgyz legislation and regulatory acts. Additionally, a Kyrgyz citizen was fined KGS 17,500 for unlicensed cash foreign-currency exchange operations.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-18•Europe•European Association of CCP Clearing Houses
The European Association of CCP Clearing Houses (EACH) responded to the Bank of England's consultation on CCP resilience, supporting the approach but seeking changes in transparency, supervisory processes, and the second tranche of CCP own resources. EACH recommends a risk-based calibration for model change notifications and questions the cost-benefit analysis of the second skin in the game (SSITG). It also opposes bank-oriented methodologies for capital requirements and suggests improvements in client porting and liquidity stress-testing metrics.
Policy & regulationOtherCCPs
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2025-11-18•Europe•European Association of CCP Clearing Houses
The European Association of CCP Clearing Houses (EACH) has endorsed the Bank of England's proposals on rule permissions and waivers, as outlined in its consultation paper and draft statement of policy. EACH supports the balance between effective rulemaking and fostering private-sector growth and innovation, and concurs with the draft application form for permissions under section 138BA of the UK Financial Services and Markets Act 2000.
Policy & regulationOtherCCPs
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2025-11-18•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission advises holders of Power Solution Technologies Public Company Limited’s PSTC25NA bond to review information and exercise their rights at the upcoming bondholders’ meeting. Bondholders will vote on extending the redemption maturity by 11 months to 29 October 2026 and increasing the interest rate from 7.25% to 7.50% per year. The SEC mandates the bondholders’ representative to evaluate the implications of both approval and non-approval scenarios.
Policy & regulationGuidance & interpretationCorporate governance
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2025-11-18•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has directed NR Instant Produce Public Company Limited to rectify and resubmit its 2024 and first half of 2025 financial statements due to unresolved inventory discrepancies. NRF must comply with Thai Financial Reporting Standards and disclose the corrected statements via the Stock Exchange of Thailand’s SETLink system by 18 December 2025. The SEC identified issues with inventory valuation and allocation practices, necessitating these corrections.
SupervisionInterventionsAccounting and financial reportingAuditing
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2025-11-18•United Kingdom•Bank of England
The Bank of England's Prudential Regulation Authority (PRA) will increase the Financial Services Compensation Scheme (FSCS) deposit protection limit to GBP 120,000 per depositor from 1 December 2025. The limit for temporary high balance claims will also rise to GBP 1.4 million. These changes, approved by HM Treasury, reflect consultation feedback and updated inflation data.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-11-18•United States•U.S. Department of Justice
The U.S. Department of Justice announced that Michael Smith, a former executive of a NASDAQ-listed company, pleaded guilty to securities fraud for insider trading. Smith used material nonpublic information about a corporate acquisition to trade shares, resulting in a profit of approximately USD 145,754.69. He faces a maximum penalty of 20 years' imprisonment, with sentencing pending.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-11-18•Canada•Payments Canada
Payments Canada alerted about a phishing email impersonating its regulation team with the subject “Incoming Transaction — Payments Canada”. It emphasized it will never contact the public to initiate payments and advised against opening suspicious attachments or links. Recipients should verify requests independently, avoid sharing personal information, and consult the Government of Canada’s Get Cyber Safe resources for guidance.
SupervisionAlertsFraud and scams
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2025-11-18•United States•Federal Reserve Board
Federal Reserve Board Governor Michael S. Barr advocated for robust banking supervision, warning against regulatory changes that could hinder early risk detection. He criticized modifications to the Large Financial Institution and CAMELS rating systems, arguing they weaken management oversight and enforcement actions. Barr also expressed concerns over proposed staffing cuts in the Board’s Supervision and Regulation division, which he believes would impair supervisory capacity.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-11-18•United States•Federal Reserve Board
The Federal Reserve Board announced enhancements to bank supervision, introducing new supervisory operating principles to focus on material financial risks and ensure timely action. These principles aim to align examinations, reduce duplication, and streamline issue remediation. Examiners are being trained for prompt implementation, with potential formalization through public guidance or regulatory changes.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-11-18•Canada•Canada Deposit Insurance Corporation
The Canada Deposit Insurance Corporation (CDIC) presented its Annual Public Meeting, emphasizing depositor trust, resolution readiness, and organizational resilience. The CDIC reported progress in strategic priorities, with public awareness of deposit protection at 68% overall and 60% among women. Efforts to enhance member risk assessment and resolution planning were highlighted amid market volatility and economic uncertainty.
Financial literacy & educationFinancial stability and systemic risk
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2025-11-18•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission fined AGROTIKOS OIKOS SPYROU S.A. EUR 5,000 for not preparing its 2020 annual consolidated financial statements in line with International Financial Reporting Standards. The enforcement action cites breaches of Article 4(3) of Law 3556/2007 and specific Commission Decisions regarding IFRS compliance.
EnforcementInvestigations & enforcement actionsAccounting and financial reporting
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2025-11-18•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority released a discussion paper, Strengthening Confidence in Real Estate Services, proposing amendments to enhance transparency, fairness, and professionalism. Key proposals include mandatory service agreements, protections for unconditional offers, revised compensation structures, and limits on modifying agency duties. Feedback from industry and the public is being sought to inform potential changes to the Real Estate Services Rules.
Policy & regulationReform agendas & prioritiesConsumer and investor protection
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2025-11-18•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) issued a public alert regarding scams involving impersonation of CMF staff through various communication methods. The CMF emphasized that its personnel do not request personal information, offer financial products, or conduct banking operations. The Commission is investigating complaints and advises the public to use its Fraud Alerts Page for verification and guidance.
SupervisionAlertsFraud and scams
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2025-11-18•Chile•Chile Financial Market Commission
The Chile Financial Market Commission concluded its enforcement action against Sartor Administradora General de Fondos S.A., imposing fines and disqualifications on former directors and the former general manager for prioritizing related-party interests and providing false information. The CMF revoked Sartor AGF’s authorization and will forward the case to the Public Prosecutor's Office. Financial penalties and five-year bans were imposed on individuals, with fines ranging from UF 10,000 to UF 80,000.
EnforcementSanctions & designationsCorporate governance
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2025-11-18•Thailand•Bank of Thailand
The Bank of Thailand's quarterly assessment highlights the Thai banking system's resilience, with strong capital, loan loss provisions, and liquidity, despite contracting credit growth and weakened profitability. System-wide loan growth contracted by 1.0% year-on-year in Q3 2025, with declines in SME and consumer lending, while large corporate lending slightly expanded. The report emphasizes monitoring tight financial conditions and debt serviceability amid economic slowdown, noting the "Khun Soo, Rao Chuay" program's role in easing SME and household debt burdens.
SupervisionRisk monitoring & watch pointsCredit riskLiquidity riskAsset quality
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2025-11-18•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency issued Interpretive Letter 1186, confirming that national banks may pay crypto-asset network fees and hold certain crypto-assets as principal to support these activities. Banks can hold crypto-assets on balance sheets for "gas fees" and to test crypto-asset-related platforms, subject to safe and sound operation and compliance with applicable law.
Policy & regulationGuidance & interpretationTokenization
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2025-11-18•Norway•Norwegian Finanstilsynet
As of 30 June 2025, the Norwegian Financial Supervisory Authority reported all insurance undertakings and pension funds met the Solvency Capital Requirement, with life and non-life insurers also meeting the Minimum Capital Requirement. Life insurers' aggregate solvency and minimum capital coverage were 274% and 671%, respectively, while non-life insurers maintained 224% solvency and 558% minimum capital coverage. Pension funds showed an increase in aggregate solvency capital coverage to 182%.
Data & statisticsCapital adequacy
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2025-11-18•Europe•European Central Bank - Banking Supervision
The ECB Banking Supervision released the 2025 SREP results for 105 banks, maintaining the CET1 capital requirement at 11.2% for 2026. The review highlighted robust capital and liquidity metrics, with a slight improvement in the average SREP score to 2.5. For 2026-28, priorities include resilience to geopolitical and macro-financial risks, operational resilience, and ICT capabilities, with a new methodology for Pillar 2 requirements set for 2026.
SupervisionSupervision approach, priorities & toolkitCapital adequacyLiquidity risk
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2025-11-18•Global•Financial Stability Board
The Financial Stability Board (FSB) released its second peer review of Spain, noting significant efforts to enhance cyber resilience in the financial sector. While acknowledging good practices aligned with the EU Digital Operational Resilience Act, the FSB recommends further improvements, including comprehensive cyber threat mapping and enhanced information-sharing mechanisms. The review is part of the FSB's ongoing programme to assess international financial standards, with a review of the Netherlands forthcoming.
Policy & regulationPeer reviews and country evaluationsCyber resilience
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2025-11-18•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde will participate in the Cape Verde International Fair, showcasing numismatic products and providing guidance on cash usage, banknote security, and financial consumer rights. The event will also feature practical financial education on saving and planning, along with items from the Bank's historical collection.
Financial literacy & educationFinancial literacy and education
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2025-11-18•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission held a symposium in Haikou with foreign-funded financial institutions to discuss their role in supporting the Hainan Free Trade Port's development. Priorities included leveraging global networks, strengthening governance, and focusing on wealth management, pension finance, green finance, and cross-border services. The regulator emphasized a market-oriented, rules-based environment and signaled support for financial reform and opening-up measures in Hainan.
Policy & regulationCooperationMarket development
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2025-11-18•Argentina•Argentina Securities Commission (CNV)
CNV vice president Sonia Salvatierra attended the IOSCO Retail Investors Committee meeting in Singapore, presenting CNV's work on investor protection and financial education. Discussions included digital financial fraud prevention, investor resilience, and ethical AI use, with CNV emphasizing innovation and capital market development. The meeting facilitated CNV's access to international practices and strengthened cooperation with peer and multilateral bodies.
Policy & regulationCooperationFinancial literacy and education
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2025-11-18•Argentina•Argentina Securities Commission (CNV)
Argentina Securities Commission (CNV) president Roberto E. Silva addressed the Ethereum Foundation’s Devconnect Argentina, emphasizing CNV's agenda to modernize capital markets with new rules for Virtual Asset Service Providers (PSAVs) and tokenization. Silva highlighted CNV's framework for predictability, security, and transparency in PSAV activities. He also participated in discussions on the VASP Registry and digital governance initiatives.
Policy & regulationReform agendas & prioritiesFintech and insurtechBlockchain and distributed ledger technology
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2025-11-18•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs released remarks by Chairman Tim Scott on the Renewing Opportunity in the American Dream (ROAD) to Housing Act, which incentivizes local jurisdictions to increase housing supply through federal grants. Scott also outlined plans for bipartisan digital asset market structure legislation, with a committee vote expected in December 2025 and Senate floor consideration in early 2026.
Policy & regulationRules & requirements
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2025-11-18•South Korea•Bank of Korea
The Bank of Korea reported a Q3 2025 increase in household credit, with total outstanding credits rising by KRW 14.9 trillion to KRW 1,968.3 trillion. Household loans grew by KRW 12.0 trillion to KRW 1,845.0 trillion, and merchandise credits increased by KRW 3.0 trillion to KRW 123.3 trillion.
Data & statisticsMonetary data
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2025-11-18•United States•The White House
The White House submitted nominations to the US Senate, including Stuart Levenbach as Director of the Bureau of Consumer Financial Protection for a five-year term. Other nominations include Robert Cekada as Director of the Bureau of Alcohol, Tobacco, Firearms, and Explosives, Carter Crow as General Counsel of the Equal Employment Opportunity Commission for a four-year term, and three US district court judgeships in Arkansas, Texas, and Alaska.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-18•Argentina•Central Bank of Argentina
The Central Bank of Argentina's president announced a shift from an exchange-rate anchor to a monetary aggregates regime, aiming for eventual free floating and "currency competition." The speech highlighted progress in normalising the foreign exchange market, transitioning to a banded float with minimal restrictions, and significant increases in US dollar deposits and credit. Sustainable reserve gains should come from growth and capital inflows, with the financial sector expected to consolidate, welcome new entrants, and see a re-acceleration of credit expansion.
Monetary policyMonetary policy framework & strategyMonetary policy decisions and developments
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2025-11-18•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury and Saudi Arabia signed two cooperation frameworks to enhance financial and economic engagement, focusing on multilateral policy priorities and cross-border capital markets. The Financial and Economic Partnership Arrangement involves collaboration with the World Bank, IMF, and G20, while another arrangement aims to improve capital markets efficiency and regulation. Additionally, a Strategic Framework for Cooperation on securing critical minerals supply chains and a Tax Information Exchange Agreement have been agreed upon in principle.
Policy & regulationCooperationCross-border cooperation
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2025-11-18•Kenya•Kenya Capital Markets Authority
The Kenya Capital Markets Authority announced the commencement of the Virtual Assets Service Providers Act, 2025, effective November 4, 2025, establishing a regulatory framework for Virtual Asset Service Providers (VASPs). Licensing will begin post-issuance of implementing regulations, with the Central Bank of Kenya and CMA as designated regulators, focusing on anti-money laundering and terrorism financing obligations.
Policy & regulationRules & requirementsLicensing framework and process
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2025-11-18•Europe•European Insurance and Occupational Pensions Authority
The European Supervisory Authorities, including the European Insurance and Occupational Pensions Authority, have listed ICT third-party providers deemed critical under the Digital Operational Resilience Act (DORA). This follows a criticality assessment based on DORA criteria, involving EU competent authorities across financial sectors. The ESAs will oversee these providers to ensure they maintain appropriate risk management and governance frameworks.
Policy & regulationImplementation, projects & pilotsOutsourcing and third-party risk management
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2025-11-18•Moldova•National Bank of Moldova
At the Moldova Insurance Conference 2025, the National Bank of Moldova’s Deputy Governor outlined priorities for aligning the insurance sector with European standards, including laws on insurance activity and motor third-party liability insurance. The bank is focusing on digitalisation, with initiatives like online Green Card issuance and a modern interconnection tool with the RCA Data portal. Efforts are underway to implement the EU Solvency II framework and liberalise the RCA market.
Policy & regulationReform agendas & prioritiesSupervision process and methodologies
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2025-11-18•United Arab Emirates•Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) released its sixth Future of Finance Report, highlighting how emerging financial hubs leverage governance, regulation, lifestyle, and talent to compete with established centres like New York and London. The report emphasizes interconnected hubs' role in shaping global finance and identifies key competitive qualities such as talent, infrastructure, regulation, and connectivity. It notes Dubai's Common Law framework, tailored regulations, and significant investment in FinTech and innovation, with DIFC's Global Financial Centres Index score rising significantly since 2005.
ResearchMarket developmentFinancial and market indicators
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2025-11-17•United States•U.S. Securities & Exchange Commission
The U.S. SEC’s Division of Examinations released its 2026 priorities, focusing on SEC-registered advisers, investment companies, broker-dealers, clearing agencies, and self-regulatory organizations. Key areas include fiduciary duty, conduct standards, the custody rule, and compliance with new rules like the 2024 Regulation S-P amendments. The Division will also prioritize newly registered advisers and investment companies, with examinations potentially expanding based on additional risk factors.
SupervisionSupervision approach, priorities & toolkitComplianceConsumer and investor protection
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2025-11-17•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua's Q3 2025 report highlights significant growth in payment systems, with a 61.1% increase in transaction volume and a 29.3% rise in value year-on-year. Key systems like SINPE, UNIRED, and SIPA showed notable increases, with SINPE processing NIO 569,879.1 million and UNIRED handling 2.7 million transactions. The report also notes a rise in payment instruments, electronic money accounts, and digital wallet users, alongside more cash circulation.
Data & statistics
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2025-11-17•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) seeks candidates for the insolvency administrator of Urbas Grupo Financiero S.A., following its voluntary insolvency request. Applications must be submitted via the CNMV’s electronic channel, including compliance declarations, firm information, and proof of professional liability insurance. The court will appoint the administrator based on the CNMV’s proposal.
SupervisionAuthorisations & approvalsRecovery and resolution
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2025-11-17•Italy•Bank of Italy
Bank of Italy Deputy Governor Chiara Scotti discussed the progress toward a digital euro in an interview with La Stampa, indicating it could be realized in the euro area by 2029.
Monetary policyMonetary policy assessments & outlooksCBDC
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2025-11-17•Belgium•Belgium Financial Services and Markets Authority
Jean-Paul Servais, Chairman of the Belgium Financial Services and Markets Authority and IOSCO, participated in a virtual interview at the International Federation of Accountants Council meeting. He emphasized IOSCO's role in international standard-setting and enhancing trust in financial markets through credible disclosures, noting the impact of technology, especially artificial intelligence, on markets and the audit profession.
OtherAccounting and financial reportingArtificial intelligence
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2025-11-17•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) released a peer review on national authorities' supervision of depositaries, highlighting significant variations in supervisory depth across jurisdictions. The review identified a need for more frequent, risk-proportionate engagement and raised concerns about assessments when depositaries delegate tasks to third parties. ESMA aims to promote consistent supervision across the EU and will follow up on the report's recommendations.
SupervisionPeer reviews and country evaluationsSupervision process and methodologies
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2025-11-17•Canada•Financial Consumer Agency of Canada
The Financial Consumer Agency of Canada released a research spotlight based on the 2024 Canadian Financial Capability Survey, revealing that 76% of Canadians sought financial advice, with friends and family being the most common source. The survey highlighted that 65% had not sought advice in the past year, and among those who did, 26% paid for it while 72% used free options. The report also noted emerging risks from generative AI, social media "finfluencers," and sophisticated financial fraud.
ResearchFinancial literacy and educationConsumer and investor protection
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2025-11-17•Global•Group of International Finance Centre Supervisors
The Group of International Finance Centre Supervisors (GIFCS) held a Plenary meeting in the Cayman Islands to enhance oversight of trust and company service providers (TCSPs) by revising the GIFCS Standard and sharing supervisory practices. Discussions included HR development, compliance with Financial Action Task Force (FATF) Recommendations, stablecoin and crypto developments, and new member applications.
Policy & regulationCooperationAML and CFTStablecoins
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2025-11-17•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine National Commission on Securities and Stock Market has approved a regulation updating the issuance and circulation rules for Real Estate Transaction Fund certificates. Key changes include revised procedures for registration, prospectus submission, and post-issuance reporting, with electronic document handling via CIS accounts. The regulation will be effective following Ministry of Justice approval.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-11-17•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved a draft decision for public discussion to introduce a new Regulation on self-regulatory organisations (SROs) in the capital markets. The Regulation outlines requirements for obtaining SRO status, application procedures, and the delegation of powers between the NSSMC and SROs. It also proposes amendments to licensing conditions, reflecting voluntary membership in SROs and repealing previous decisions on associations.
Policy & regulationRules & requirementsLicensing framework and process
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2025-11-17•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank (DNB) released its Financial Stability Report, highlighting elevated risks from geopolitical tensions and global economic policy uncertainty. Key concerns include high US equity valuations, rising sovereign refinancing costs, and vulnerabilities from interconnectedness between banks and non-bank financial intermediaries. DNB calls for structural reforms, targeted investments, and deeper European cooperation to enhance financial stability and competitiveness.
Research
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2025-11-17•Europe•European Financial Reporting Advisory Group
The European Financial Reporting Advisory Group (EFRAG) was recognized at the ISAR Honours 2025 for its Voluntary SME Sustainability Reporting Standard (VSME), which aids sustainability reporting for small and medium-sized enterprises. The VSME provides a proportionate framework for environmental, social, and governance disclosures, promoting digitalisation and reducing administrative burdens. The initiative aims to enhance ESG information consistency across value chains.
OtherClimate risk and sustainable finance
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2025-11-17•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) has appointed Nofa Hermawati as Head of OJK Tasikmalaya, succeeding interim head Melati Usman. This appointment aims to strengthen regional supervision, enhance oversight of local financial institutions, and expand financial literacy and inclusion programs.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-17•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) held a financial education programme for Indonesian National Armed Forces personnel and Persit Kartika Chandra Kirana members to enhance financial literacy and inclusion. Attended by 600 in person and 3,150 virtually, it emphasized vigilance against financial risks like digital fraud and illegal investments. Major General TNI Jamallulael urged participants to improve personal financial management skills.
Financial literacy & educationFinancial literacy and education
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2025-11-17•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) urged faster digitisation of land documents to enhance banks' credit processes while maintaining standards. At a national discussion, OJK emphasized cross-sector coordination for Electronic Land Certificates and Mortgage Rights, addressing legal and integration challenges. OJK, ATR/BPN, and the House of Representatives’ Commission II committed to ongoing collaboration to improve digitisation.
Policy & regulationCooperationLendingMarket development
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2025-11-17•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS) and the Banque de France have signed a cooperation agreement to enhance financial education and literacy among the public. The agreement includes adapting educational content and establishing a framework for regular exchanges on educational practices and strategies. This initiative aligns with ACAPS's mission to protect policyholders and promote financial education in insurance and social welfare.
Policy & regulationCooperationFinancial literacy and education
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2025-11-17•Ireland•Central Bank of Ireland
The Central Bank of Ireland's Financial Stability Review identifies stretched valuations in global markets and trade uncertainties as key risks to Ireland's financial system, though domestic balance sheets remain healthy. It highlights vulnerabilities like rising fiscal deficits, sovereign debt burdens, and concerns in non-bank financial intermediation. The Countercyclical Capital Buffer rate is maintained at 1.5%, with ongoing analysis of liquidity management in Irish funds and financial stability risks from hedge funds.
Research
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2025-11-17•Monaco•Ministry of Finance & Economy (Monaco)
Monaco’s Ministry of Finance and Economy reported that the Coordination and Monitoring Committee held its first meeting to review progress under the Financial Action Task Force (FATF) follow-up process. The FATF plenary endorsed Monaco’s second progress report, highlighting increased international cooperation and successful asset seizures. The Committee is preparing the third progress report for submission to the FATF.
Policy & regulationImplementation, projects & pilotsAML and CFT
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2025-11-17•Indonesia•Bank Indonesia
Bank of Indonesia reported a decline in external debt to USD 424.4 billion in Q3 2025, down from USD 432.3 billion in Q2, with a 0.6% annual contraction reversing previous growth. Government external debt grew 2.9% annually, while private external debt fell 1.9%, driven by declines in financial and non-financial corporations. The external-debt-to-GDP ratio decreased to 29.5%, with long-term debt comprising 86.1% of total external debt.
Data & statisticsBalance of payments and other external statistics
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2025-11-17•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) held a training session for Privatization Commission and state-owned enterprise officials on mergers, amalgamations, and restructuring. Led by SECP Chairperson Akif Saeed and Director Waseem Ahmed Khan, the session focused on SECP’s framework for schemes of arrangement and compliance requirements. SECP Commissioner Muzzafar Ahmed Mirza highlighted restructuring options under relevant legislative acts.
Policy & regulationGuidance & interpretation
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2025-11-17•China•Central Bank of the Republic of China
People's Bank of China Governor Pan Gongsheng and Deutsche Bundesbank President Joachim Nagel met during the fourth China-Germany High-Level Financial Dialogue to discuss economic and financial conditions and mutual interests, including financial cooperation. Deputy Governor Xuan Changneng was also present.
Policy & regulationCooperationCross-border cooperation
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2025-11-17•Ukraine•National Bank of Ukraine
The National Bank of Ukraine's Q3 2025 Banking Sector Review highlights rapid growth in hryvnia lending as the primary driver of asset growth, improved portfolio quality, and eased loan rates. It anticipates supervisory policy decisions on capital buffers and large exposure limits, while noting potential challenges from a proposed 50% profit tax rate in 2026. Corporate lending expanded significantly, particularly in state-owned banks, with a shift towards domestic government securities and a decrease in non-performing loans.
ResearchLendingAsset quality
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2025-11-17•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) released findings from a 2024 review of five Luxembourg-based investment fund managers (IFMs) on their exposure to weapons of mass destruction proliferation financing risks. The review highlighted awareness and preparedness among IFMs, though mitigation measures are still developing. The CSSF maintains that proliferation financing risk in the Luxembourg fund industry remains low.
SupervisionReviews, inspections & stress testsAML and CFT
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2025-11-17•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) released its 2024 report, highlighting a 20.8% increase in insurer production and strong Solvency II capitalisation amid geopolitical uncertainty and euro area disinflation. Despite a EUR 154 million drop in net profit to EUR 492 million, total assets rose to EUR 48.7 billion, and solvency ratios improved. Pension fund assets recovered by 2.1% to EUR 19.334 billion, with contributions and transfers up 32% to EUR 962 million.
SupervisionRisk monitoring & watch pointsOther
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2025-11-17•Laos•Bank of the Lao
The Bank of the Lao P.D.R. updated the National Assembly on progress addressing the 2021–2025 audit findings, highlighting stricter enforcement for banks breaching credit limits. Measures include guidance on the Production Expansion Fund, strengthening internal controls, and resolving audit issues. The central bank plans tougher actions against banks exceeding lending limits, requiring capital increase plans and monitoring repayment performance.
SupervisionInterventionsOther
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2025-11-17•Laos•Bank of the Lao
The Bank of the Lao, led by Governor Bounkham Vorachit, hosted a visit from the International Monetary Fund’s Southeast Asia Voting Group (SEAVG) to discuss the IMF’s 2025 Article IV economic assessment of Lao PDR. The SEAVG delegation briefed the Governor on consultations with the IMF mission team and emerging themes. Governor Vorachit appreciated SEAVG’s involvement and anticipated continued support for implementing Lao PDR’s commitments and IMF technical assistance.
Policy & regulationCooperationOther
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2025-11-17•Laos•Bank of the Lao
The Bank of the Lao has launched the second 2025 cohort of its state management training programme for mid-level managers at the Banking Institute. The 10-day programme aims to enhance managers' ability to implement government policy, laws, and strategic plans, covering topics such as leadership, governance, and project management.
Institutional developmentCooperation & capacity buildingOther
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2025-11-17•Bosnia and Herzegovina•Banking Agency of the Federation of Bosnia and Herzegovina
The Banking Agency of the Federation of Bosnia and Herzegovina, with the Central Bank and Deposit Insurance Agency, presented to students on public institutions' role in financial stability. Sessions emphasized responsible financial management, banking supervision, and regulatory oversight in depositor protection and system stability. The program highlighted financial stability's importance in sustaining economic growth despite disruptions.
Financial literacy & educationFinancial literacy and education
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2025-11-17•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission issued a circular urging vigilance against suspicious fund flows indicative of money laundering. It highlights red flags like structured deposits followed by swift withdrawals and emphasizes robust detection standards. Coordination with the Hong Kong Police Force has increased, intercepting scam-related proceeds, and potential regulatory actions for AML/CFT failings are flagged.
Policy & regulationGuidance & interpretationAML and CFT
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2025-11-17•Slovenia•Slovenia Insurance Supervision Agency
The Slovenia Insurance Supervision Agency issued a piece for International Fraud Awareness Week, noting insurance fraud causes tens of millions of euros in annual losses. It highlights severe consequences of minor fraud, common fraud patterns, detection tools, and the importance of trust in the financial system. It warns consumers about impersonation fraud and advises verifying insurance intermediaries against the agency's register.
SupervisionAlertsFraud and scams
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2025-11-17•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance reported a EUR 3.087bn overall surplus and a EUR 10.298bn primary surplus for January to October 2025, surpassing budget targets but below 2024 figures. Net revenues were EUR 60.957bn, falling short of targets due to uncollected receipts, including a EUR 1.350bn concession fee and a EUR 2.109bn Recovery and Resilience Facility instalment. Expenditure was EUR 57.871bn, significantly under target due to deferred payments.
Data & statistics
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2025-11-17•Austria•Austrian National Bank (OeNB)
The Austrian National Bank (OeNB) hosted a prevention day for students to enhance awareness of online fraud and digital risks, marking its debut in the International Fraud Awareness Week. The event featured workshops on counterfeit detection, digital security, and scam patterns, alongside interactions with security experts from the Federal Ministry of the Interior.
Financial literacy & educationFraud and scams
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2025-11-17•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert regarding a fraudulent website impersonating Bank of Singapore Limited. The alert emphasizes that banks will not send SMS or emails with 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.
SupervisionAlertsFraud and scams
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2025-11-17•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released Q3 2025 credit card lending survey results, indicating a 1.4% increase in total card receivables to HKD 151.0 billion. Delinquency and charge-off ratios remained stable at 0.45% and 0.64%, respectively.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-17•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) announced a new committee-level structure effective 1 January 2026, aligning with its Strategic Plan 2025-2029. The restructuring involves replacing existing committees with three re-scoped ones: Monitoring and Risk Assessment, Standards and Supervisory Practices, and Implementation Assessment, with leadership appointments announced. By-law amendments were approved, and the IAIS confirmed no net change in its work types.
Institutional developmentMandate & organizational structureOrganizational structureLeadership change and appointments
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2025-11-17•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) issued an investor warning about several websites not connected to any authorised investment service providers under Article 5 of Law 87(I)/2017. CySEC advises investors to verify the licensing status of investment firms on its website before engaging in business.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-11-17•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria released October 2025 statistical data on the structure of banknotes and coins in circulation, available in dynamic series and tabular format. The data is accessible in the "Statistics of banknotes and coins in circulation" section, along with a release calendar.
Data & statisticsCurrency and cash management
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2025-11-17•Türkiye•Insurance and Private Pension Regulation and Supervision Agency of Türkiye
Türkiye's Insurance and Private Pension Regulation and Supervision Agency announced a new arrangement effective 1 February 2026, allowing disabled individuals in the National Disability Data System to access discounted compulsory motor third-party liability insurance. It provides up to a 20% discount on maximum traffic insurance premiums for one vehicle owned by a disabled individual. The discount rate and amount will be displayed on the insurance policy's front page.
Policy & regulationRules & requirementsOther
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2025-11-17•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency revised the risk management framework for second-tier and non-resident bank branches, focusing on consumer lending. Key changes include reducing the debt burden coefficient for high-risk borrowers and imposing new restrictions on unsecured consumer loans to curb additional borrowing and mitigate re-default risks.
Policy & regulationRules & requirementsLending
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2025-11-17•Thailand•Thailand Office of Insurance Commission
Thailand's Office of Insurance Commission released the AI Governance Guideline B.E. 2568 for insurance companies, outlining supervisory expectations for AI use with a focus on transparency, security, and consumer protection. The guideline emphasizes human involvement in high-risk AI decisions affecting policyholders and covers governance, security, transparency, and fairness. The framework was developed following a public consultation process.
Policy & regulationGuidance & interpretationArtificial intelligence
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2025-11-17•Mexico•CONDUSEF
Mexico's CONDUSEF reported a 15.5% increase in complaints in Coahuila from January to September 2025, totaling 4,062 and representing 2.1% of national complaints. The claimed amount rose 44.9% to MXN 208.6 million, while the recovered amount fell 28.8% to MXN 18.3 million. Credit and debit card issues, along with debt-collection practices, were the primary complaint areas, with multiple banking accounting for 56.4% of complaints.
Data & statisticsComplaints and dispute resolution
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2025-11-17•Middle East•Arab Monetary Fund
The Arab Monetary Fund, Central Bank of the UAE, and World Bank inaugurated the Financial Inclusion Leaders Summit for MENA 2025 in Abu Dhabi, launching the Abu Dhabi Declaration on Digital Financial Inclusion. The summit addresses financial health, access, women's empowerment, and literacy, with initiatives like the Arab Financial Inclusion Task Force and Arab Instant Payment System Facility highlighted.
Policy & regulationCooperationFinancial inclusion
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2025-11-17•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) is investigating Imermarket (Pty) Ltd, trading as Inversacapital, and two individuals after client complaints about its Contracts for Difference (CFDs) trading activities. Allegations include improper trading advice, pressure for additional deposits, and difficulties accessing funds. The investigation aims to determine potential violations of financial sector laws, including the Financial Advisory and Intermediary Services Act and Financial Markets Act.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-17•South Africa•South Africa Financial Sector Conduct Authority
The Financial Sector Conduct Authority (FSCA) warned about Mr. Rick Steiner, falsely claiming to be an FSCA employee and using its details to contact the public. Steiner allegedly tells individuals they are on a list of scam victims and offers to release USD 67 million supposedly frozen by the FSCA for a fee. The FSCA clarified Steiner is not an employee, it does not recover investors' funds, and it will not request fees from victims.
SupervisionAlertsFraud and scams
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2025-11-17•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) participated in COP 30 events in Belém, discussing insurance protection expansion, climate adaptation, and the insurance market's role in ecological transition. SUSEP director Jessica Bastos highlighted the widening insurance protection gap due to extreme weather and explored regulatory alternatives for resilience-oriented solutions. Sessions addressed frameworks for integrating climate, social, and environmental risks and plans for a just transition to a net-zero economy.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-11-17•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has initiated public consultations on draft resolutions to update the administrative sanctions regime. The proposals, linked to Complementary Law No. 213/2025, include new penalties, sanction-dosimetry guidelines, and precautionary measures, with changes such as extending disqualification periods and setting fines up to BRL 35 million or based on infraction severity. These updates take effect on 16 January 2026.
Policy & regulationRules & requirementsOther
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2025-11-17•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) conducted a public hearing on mutualist property protection regulation, enhancing input from a prior consultation. The session featured diverse stakeholder contributions, with SUSEP managing participation to ensure sectoral balance. Further stages in the rulemaking process are anticipated.
Policy & regulationOther
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2025-11-17•Spain•Bank of Spain
The Bank of Spain reported that Spanish general government debt under the Excessive Deficit Procedure framework was 103.2% of GDP in September 2025, a decrease of 1 percentage point from the previous year. The debt stock reached EUR 1.710 trillion, marking a 4.5% year-on-year increase. State debt rose to EUR 1.558 trillion, while Social Security debt increased due to State loans, and regional government debt also saw a rise.
Data & statisticsBalance of payments and other external statistics
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2025-11-17•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten hosted the 56th Annual Monetary Studies Conference, focusing on Caribbean economic resilience amid global challenges. Discussions included productivity, inclusive growth, climate risks, and technological change, with a Governors’ Panel addressing the US dollar's role amid rising stablecoins. The event featured 19 working papers and a keynote by Jeanette Semeleer, President of the Central Bank of Aruba.
ResearchEconomic data and developmentsFinancial stability and systemic risk
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2025-11-17•South Africa•South African Reserve Bank
The South African Reserve Bank (SARB) has created a Rules and Scheme Management Unit within its National Payment System Department to oversee the SARB settlement system, previously managed by the Payments Association of South Africa. This unit will ensure the integrity, efficiency, and compliance of Settlement Rules, manage incidents, enforce compliance, and facilitate governance frameworks. The governance shift follows a 2018 World Bank Group assessment and aligns with the Payments Ecosystem Modernisation project to reform South Africa's payment system regulations.
Institutional developmentMandate & organizational structureOrganizational structure
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2025-11-17•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 3.7% year-on-year increase in cash remittances to USD 3.12 billion in September 2025, with cumulative inflows rising 3.2% to USD 26.03 billion for January to September. Personal remittances grew 3.8% year on year to USD 3.46 billion in September, totaling USD 28.97 billion for the first nine months. The United States remained the largest source of cash remittances, followed by Singapore and Saudi Arabia.
Data & statisticsCross-border payments
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2025-11-17•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore imposed a civil penalty of SGD 137,000 on Mr. Ang Yew Jin Eugene for insider trading in shares of Alpha Energy Holdings Limited. Mr. Ang, a former non-executive director, sold shares based on non-public information about a loan default, avoiding losses of SGD 54,900. He admitted to contravening the Securities and Futures Act and agreed not to serve as a director for two years without MAS consent.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-11-17•Serbia•National Bank of Serbia
Governor Jorgovanka Tabaković of the National Bank of Serbia highlighted the transformative impact of digitised payment services and AI on transaction data and regulatory challenges at the "Banking Law 2025" conference. She emphasized BigTech's growing role in payment intermediation and the potential of central bank digital currencies to maintain regulatory control. The event featured discussions on payment services, borrower protection, and corporate governance, with participation from international central banks and financial entities.
Policy & regulationReform agendas & prioritiesPayments and payment systemsFinancial stability and systemic risk
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2025-11-17•Serbia•National Bank of Serbia
The National Bank of Serbia announced a record daily transaction volume in its IPS NBS instant payment system, processing 565,213 payments totaling RSD 7.06 billion on 14 November 2025. IPS NBS, operational since October 2018, facilitates 24/7/365 instant fund settlement.
Data & statisticsActivity and performance reporting
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2025-11-17•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission, with the Financial Supervisory Service and the Korea Exchange, proposed enhancing corporate disclosure rules, including expanded mandatory English disclosures and new requirements for annual general meeting and executive compensation reporting. From May 2026, English disclosure requirements will apply to KOSPI-listed companies with assets of KRW2 trillion or more, with shortened submission timelines and additional support measures. The FSC plans further updates to securities issuance and disclosure regulations, with phase III expected in 2028 to cover all KOSPI-listed companies.
Policy & regulationRules & requirementsDisclosures
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2025-11-17•Europe•European Central Bank
European Central Bank Vice-President Luis de Guindos noted elevated financial stability vulnerabilities in the euro area due to geoeconomic uncertainty and tariffs, despite inflation nearing 2%. He emphasized maintaining bank resilience through macroprudential measures and enhancing the framework for the non-bank sector. Key risks include financial market volatility, fiscal pressures from high debt and deficits, and corporate vulnerabilities linked to tariffs and euro appreciation.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic risk
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2025-11-17•Europe•European Central Bank
The European Central Bank has reviewed the Eurosystem risk control framework for collateralised credit operations and will update the valuation haircut schedule for marketable and non-marketable collateral. Changes aim to maintain risk protection and improve consistency across asset classes, with implementation planned for November 2026. The ECB will amend its legal framework and publish updates in the Official Journal of the European Union.
Policy & regulationRules & requirementsCredit risk
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2025-11-17•Europe•European Central Bank
The European Central Bank published a working paper extending the Bernanke-Blanchard model to assess discretionary fiscal policy's impact on euro area inflation post-pandemic. The study finds fiscal measures contributed modestly to inflation, peaking at nearly 1 percentage point in 2022, with wage growth as a key transmission channel. Net indirect taxes helped contain inflation, while commodity price shocks and supply shortages were primary inflation drivers.
ResearchOther
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2025-11-17•Europe•European Central Bank
The European Central Bank (ECB) has advanced the digital euro project into a new phase, focusing on developing technical capacity for potential issuance. The digital euro is intended as a digital form of cash for everyday payments, complementing physical currency and reducing reliance on non-European payment providers. The ECB plans for a pilot exercise and initial transactions by mid-2027, with potential issuance readiness by 2029, contingent on legislative approval.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-11-17•Europe•European Central Bank
The European Central Bank published a lecture by Executive Board member Philip R. Lane on euro area monetary policy, inflation dynamics, and financial conditions. It highlighted HICP inflation projections near 2% over the next few years and introduced a new Macro-Finance Financial Conditions Index. The lecture emphasized the need for stronger asset demand due to growth and rising public debt, with measures to enhance market integration and promote equity investment.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-11-17•Germany•German Bundesbank
The German Bundesbank study found euro banknotes in Germany have a low ecological footprint, equivalent to a five-kilometre car journey per person annually. Electricity consumption by cash machines is the largest contributor, followed by transport and banknote processing. Recommendations include energy-efficient cash machines, renewable electricity, and electric vehicles for transport, informing future cash cycle planning.
ResearchClimate risk and sustainable finance
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2025-11-17•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) released its Real Estate Sector Bulletin, highlighting a 7.5% increase in the sector's financial volume to BRL 697bn from December 2024 to September 2025. Real estate investment funds grew 5.9% to BRL 370bn, while real estate receivables certificates expanded 9.6% to BRL 245bn. The bulletin, produced by CVM’s Securitisation and Agribusiness Superintendence, also notes a 12% rise in total capital markets volume to BRL 17.2trn.
Data & statisticsFinancial and market indicatorsSupervisory data