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2025-11-13•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE, in collaboration with the Arab Monetary Fund and the World Bank, will host the MENA Leaders’ Summit on Financial Inclusion 2025 in Abu Dhabi on 17–18 November. The event will launch the National Strategy for Financial Inclusion 2026–2030 and feature discussions on digital financial services, women’s financial health, and financial literacy. The summit will present the Arab regional edition of the Global Findex Database and conclude with the issuance of the "Abu Dhabi Principles for Digital Financial Inclusion."
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-11-13•Barbados•Central Bank of Barbados
The Central Bank of Barbados published an explainer titled “Tariffs: What It Means; Why It Matters”, detailing the effects of tariffs and geopolitical events on the Barbadian economy. The document highlights impacts on manufacturing, tourism, and consumer prices.
Financial literacy & educationEconomic data and developments
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2025-11-12•Colombia•Superintendencia Financiera de Colombia
The Superintendencia Financiera de Colombia (SFC), led by Superintendent César Ferrari, met with China's central bank to discuss inter-institutional coordination in monetary policy management. The delegation, including Colombia’s Ministry of Finance officials, also examined key macroeconomic variables in China. The visit coincided with the Ministerial Seminar on financial system innovation for developing countries.
Policy & regulationCooperationCross-border cooperation
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2025-11-12•Global•Egmont Group
Egmont Group Chair, Elzbieta Franków-Jaskiewicz, emphasized the growing role of Financial Intelligence Units (FIUs) in combating illicit financial flows at the AMLP Forum’s 19th Annual European Financial Crime Conference. She highlighted the importance of cross-border cooperation and technological advancements, noting the group's 30-year history of facilitating secure intelligence exchanges among 182 FIUs. She called for enhanced resources and operational independence to address challenges like fragmented data and sophisticated criminal activities.
Policy & regulationCooperationAML and CFTCross-border cooperation
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2025-11-12•Italy•Bank of Italy
The Bank of Italy released a paper examining Italian government bonds amid the unwinding of euro-area central banks' expansionary monetary policy. The study finds private investment in sovereign securities remained stable or increased when Eurosystem purchases were reduced, with modest effects on issuance costs. However, during market stress, demand from end investors weakens, leading to higher auction issuance costs.
Research
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2025-11-12•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority's Artificial Intelligence Survey 2025 shows AI use among Dubai International Financial Centre authorised firms rose to 52% from 33% in 2024, with generative AI adoption up 166%. Despite increased AI integration, governance gaps persist, with 21% of AI users lacking clear accountability mechanisms. The DFSA plans to maintain a risk-based supervisory approach and collaborate with firms and regulators to develop guidance for responsible AI adoption.
ResearchArtificial intelligence
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2025-11-12•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority released its Audit Quality Monitoring Report 2025, detailing audit quality reviews of registered audit firms and licensed auditors conducted between 1 July 2024 and 30 June 2025, emphasizing the importance of high-quality audits for informed investor decision-making.
SupervisionReviews, inspections & stress testsActivity and performance reporting
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2025-11-12•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has issued an updated draft of the Oversight Framework for Payment Systems and Their Operators for public consultation. The draft aligns with the Law of Payments and Payment Services and its Implementing Regulations, detailing supervisory methodology and obligations per international standards like the Principles for Financial Market Infrastructures. Feedback will be considered before finalizing the framework.
Policy & regulationRules & requirementsPayments and payment systems
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2025-11-12•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Markets Authority fined Middle East Healthcare Co. SAR 20,000 for not promptly disclosing a material dispute with the Zakat, Tax and Customs Authority over assessments from 2015 to 2018. The dispute, totaling SAR 156,858,311, exceeded 5% of the company's net assets as per interim financial statements ending 30 September 2020. The company only mentioned the dispute in its annual financial statements for the year ending 31 December 2022.
EnforcementInvestigations & enforcement actionsDisclosures
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2025-11-12•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority is consulting on draft amendments to the Implementing Regulation of the Companies Law for Listed Joint Stock Companies. Key proposals include allowing shareholders with 10% or more voting shares to request board member removals and changes to the determination of distributable profits, which would no longer need to be linked to audited financial statements. The consultation will consider public feedback before finalizing the amendments.
Policy & regulationRules & requirementsCorporate governance
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2025-11-12•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS) was re-elected as the MENA region's representative on the Executive Committee of the International Association of Insurance Supervisors (IAIS) in Tirana, Albania. Represented by Ms. Siham Ramli, ACAPS will continue addressing MENA strategic priorities and supervisory challenges. ACAPS also holds the vice-chairmanship of the IAIS Executive Committee and participates in various committees and technical working groups.
Policy & regulationCooperationLeadership change and appointments
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2025-11-12•Georgia•National Bank of Georgia
Governor Natia Turnava of the National Bank of Georgia stressed regional cooperation and flexible economic strategies amid geoeconomic fragmentation at the Bank of Albania’s 100th anniversary conference. She highlighted Georgia's strategic role in connecting Europe and Asia, emphasizing efficient financial services and interconnected infrastructures. Notable speakers included Albania’s Prime Minister Edi Rama and European Central Bank President Christine Lagarde.
Monetary policyMonetary policy assessments & outlooksCross-border cooperation
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2025-11-12•Georgia•National Bank of Georgia
Natia Turnava, Governor of the National Bank of Georgia, attended the BIS Committee on Payments and Market Infrastructures symposium in Basel for its 35th anniversary. Central bank leaders, including those from the Bank of England and the Reserve Bank of Australia, discussed payment system complexities and risk identification. The symposium highlighted CPMI's role as a key international standard setter for payment, clearing, and settlement systems.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2025-11-12•Ireland•Department of Finance (Ireland)
Ireland's Department of Finance detailed Minister Paschal Donohoe's Brussels engagements, including chairing the Eurogroup and attending the Economic and Financial Affairs Council. Discussions will cover macroeconomic developments, fiscal policy coordination, and updates on the euro area banking system, digital euro, and stablecoin developments. ECOFIN will address Ukraine's financing needs, OECD tax reforms, and amendments to Recovery and Resilience Plans for several EU countries.
Policy & regulationCooperationCross-border cooperation
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2025-11-12•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) reported incorporating 14,802 new companies in the first four months of fiscal year 2025, mainly via its eZfile system, raising the total to 272,918. SECP issued 94 licenses across sectors, including capital markets and non-banking finance. Additionally, SECP announced an awareness drive on incorporation benefits and plans to enhance digital infrastructure and regulatory processes.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-11-12•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan concluded the International Capital Market Conference & Expo 2025, focusing on advancing capital market cooperation and strengthening market linkages. Attended by representatives from Azerbaijan, Bangladesh, China, Iran, and the United States, the event covered themes like integration, digitisation, and Islamic finance. Discussions highlighted the need for legislative reforms, capacity building, and harmonised Shariah frameworks to enhance retail investor participation and ethical investment awareness.
Policy & regulationCooperationCross-border cooperation
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2025-11-12•China•Central Bank of the Republic of China
The Central Bank of the Republic of China, led by Governor Pan Gongsheng, emphasized strategic improvements to the central bank system during an internal briefing on the Fourth Plenary Session of the 20th Communist Party of China Central Committee and the 15th Five-Year Plan. Priorities include enhancing the monetary policy framework, strengthening macroprudential management, and improving systemic risk prevention mechanisms. Pan also highlighted the importance of financial supply-side reform, financial opening, and national financial security.
Policy & regulationReform agendas & prioritiesMonetary policy decisions and developments
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2025-11-12•Europe•European Banking Authority
The European Banking Authority launched a consultation on draft Guidelines to enhance supervisory independence under the Capital Requirements Directive. The Guidelines focus on managing conflicts of interest, term limits for management bodies, and harmonising safeguards for staff and governance members.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-11-12•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority (BMA) issued a public warning against QFEX Bermuda Limited for falsely claiming BMA licensing on its website. QFEX, neither licensed nor registered, was added to the BMA's warning list of unauthorised firms. The BMA highlighted the risks of engaging with unregulated entities and noted QFEX's removal of public website access following the warning.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-11-12•United States•National Futures Association
The National Futures Association (NFA) fined Oil Brokerage Limited USD 290,000 for allowing unregistered individuals to solicit and accept orders from U.S. customers and failing to supervise. The Business Conduct Committee found violations of NFA Bylaw 301(b) and Compliance Rule 2-9(a) based on a complaint and the firm's settlement offer.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-12•United States•Federal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond has established a Center for Rural Economies to enhance economic opportunity and resilience in rural communities within the Fifth District and beyond. The Center will focus on research, policy analysis, and community engagement in areas such as education, career pathways, and business dynamics. Initiatives like the Investing in Rural America Conference and the Rural Economic Development Webinar Series will continue.
Institutional developmentMandate & organizational structureEconomic data and developments
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2025-11-12•Canada•Financial Services Regulatory Authority of Ontario
Douglas E. Turnbull has been appointed as the next chair of the Financial Services Regulatory Authority of Ontario’s board, effective 1 January 2026, succeeding Joanne De Laurentiis. Turnbull, who joined FSRA’s board in May 2025, brings over 45 years of experience in investment banking and related fields. De Laurentiis has served as chair since 2021, with her mandate extended until the end of 2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-12•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance announced Minister Kyriakos Pierrakakis will attend Eurogroup and ECOFIN meetings in Brussels, focusing on EU energy taxation changes and customs reforms. ECOFIN will discuss revising the Energy Taxation Directive, abolishing duty exemptions for low-value parcels, and implementing the OECD's 15% global minimum corporate tax. Additional topics include the EU–EFTA dialogue, the European Fiscal Board's annual report, and the economic implications of Russia's actions in Ukraine.
Policy & regulationCooperationEconomic data and developments
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2025-11-12•Sweden•Riksbank
Sweden's Riksbank's autumn 2025 Financial Markets Survey shows the SEK FX and fixed-income markets are functioning well, despite decreased risk appetite due to geopolitical tensions. With a 40% response rate, most respondents report neutral risk-taking, though concerns about liquidity and volatile interest rates remain.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-12•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority announced that Hong Kong Exchanges and Clearing Limited will acquire a 20% stake in CMU OmniClear Holdings Limited, with the Exchange Fund retaining 80%. This partnership aims to enhance Hong Kong's capital markets infrastructure and develop its fixed income and currencies ecosystem. The venture will focus on expanding investor services, asset class coverage, and collateral management to strengthen the region's central securities depository.
Policy & regulationImplementation, projects & pilotsMarket infrastructure
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2025-11-12•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, internet banking login screens, and phishing emails linked to press releases by four banks, including The Bank of East Asia and Bank Julius Baer & Co. Ltd. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information. Affected individuals should contact their bank and report to the Hong Kong Police Force's Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-11-12•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) released its 2024 Financial Report following its Annual General Meeting in Tirana. The report includes financial statements for the year and contributions from the Chairs of the Executive, Budget, and Audit and Risk Committees. It complements the IAIS Year in Review published in April.
Institutional developmentGovernanceAccounting and financial reporting
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2025-11-12•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority released a quarterly Funds Bulletin with aggregate statistical data on the island’s funds sector as of 30 September 2025.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-12•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority issued a sanctions update referencing new information from the Isle of Man Treasury, Customs and Immigration Division concerning Counter Terrorism (Domestic), ISIL (Da’esh) and Al‑Qaida, and Russia financial sanctions. It highlights new Russia General Licences IOM/2025/RUS046, IOM/2025/RUS047, and IOM/2025/RUS048, advising firms to consult the Isle of Man Government’s news releases for detailed changes. Current sanctions notices are accessible via the Treasury division’s Sanctions and Export Control webpage.
Policy & regulationGuidance & interpretationSanctions list update
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2025-11-12•Global•Bank for International Settlements
The Bank for International Settlements announced that Christine Lagarde, President of the European Central Bank, will succeed Jerome H Powell as Chair of the Global Economy Meeting and Economic Consultative Committee from May 2026. These principal meetings occur bi-monthly.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-12•Ghana•Bank of Ghana
The Bank of Ghana celebrated the 10th anniversary of the Ghana Fixed Income Market (GFIM) with Governor Dr. Johnson Pandit Asiamah outlining priorities for enhancing market liquidity and broadening issuance. The Governor highlighted a recovery in trading volumes, improved macroeconomic conditions, and limited corporate issuance, suggesting credit-enhancement mechanisms and educational initiatives as potential growth drivers.
Policy & regulationReform agendas & prioritiesMarket development
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2025-11-12•Türkiye•Insurance and Private Pension Regulation and Supervision Agency of Türkiye
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye has updated the "Value Loss Expert Report" for motor traffic insurance to minimize disputes over vehicle value loss. The revised template aligns with judicial decisions to support efficient assessment and compensation of claimants' losses. Further measures are planned in consultation with stakeholders.
Policy & regulationGuidance & interpretationComplaints and dispute resolution
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2025-11-12•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan, the Kazakhstan Stock Exchange, and the National Bank briefed foreign investors in London on capital market developments. Equity market capitalisation rose 22% to USD 73bn, and corporate bonds totalled USD 26bn. The Agency is working with the National Bank to establish a legal framework for digital financial assets and consolidate securities, Islamic finance, and digital-asset legislation.
Policy & regulationReform agendas & prioritiesMarket development
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2025-11-12•United States•Federal Reserve Bank of Atlanta
Federal Reserve Bank of Atlanta President Raphael W. Bostic will retire at the end of his term on 28 February 2026. A search committee of non-banking directors will conduct a nationwide search for his successor. If no successor is appointed by then, First Vice President Cheryl Venable will serve as interim president.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-12•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
The Middle East and North Africa Financial Action Task Force (MENAFATF) began its 41st Plenary Meeting in Manama, Bahrain, to evaluate member countries' anti-money laundering, counter-terrorist financing, and counter-proliferation financing systems. The agenda includes discussions on regional and international money laundering trends, best practices, and MENAFATF's capacity-building efforts, following preparatory meetings from 9 to 10 November 2025.
Policy & regulationPeer reviews and country evaluationsAML and CFTCapacity building
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2025-11-12•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
The Middle East and North Africa Financial Action Task Force (MENAFATF) began its 41st Plenary Meeting in Manama, Bahrain, focusing on evaluating member countries' anti-money laundering, counter-terrorist financing, and proliferation financing frameworks. The agenda includes discussions on emerging money laundering patterns, good practices, and updates on MENAFATF's capacity-building efforts, following recent workshops and working group meetings.
Policy & regulationCooperationAML and CFTCapacity building
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2025-11-12•Kuwait•Central Bank of Kuwait
The Central Bank of Kuwait announced it hosted the 9th Gulf Cooperation Council Knowledge Exchange Workshop on Building and Using Economic Models.
Policy & regulationImplementation, projects & pilotsEconomic data and developments
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2025-11-12•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned against fraudulent schemes falsely claiming ties to Avior Capital Markets (Pty) Ltd, including unauthorized WhatsApp groups, apps, and social media pages. The FSCA noted impersonation of Avior staff and fraudulent bank accounts linked to Discovery Bank and Absa Bank. Avior Capital Markets confirmed it does not offer investment advice to retail clients or manage cryptocurrency or "quant AI" funds.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-11-12•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia will release commemorative coins for Miki Muster's 100th anniversary and 2025 euro coin sets on 26 November 2025, with advance online orders fully reserved. Purchases are limited to one proof coin and one proof set per customer, while no limits apply to brilliant uncirculated versions.
Other
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2025-11-12•Europe•European Central Bank
The European Central Bank's Working Paper Series No 3151 examines how monetary policy surprises and macroprudential tightening affect euro-area investment fund activity. Joint tightening episodes can lead to opposite responses, with contractions in bank-centric markets like Germany, France, and the Netherlands, but inflows in fund hubs such as Luxembourg, Ireland, and Italy. Liquidity-focused tightening prompts faster reactions than capital-based measures, and equity funds are more sensitive than bond funds, which partly offset contractions through higher yields.
ResearchMacroprudential policy and tools
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2025-11-12•Europe•European Central Bank
The European Central Bank's Working Paper No 3150 examines how euro area monetary policy impacts corporate investment using firm survey data. It finds that firms with strong fundamentals but limited external finance access show the strongest investment response to policy changes. A 1 basis point monetary policy tightening can reduce investment by up to 0.25 percentage points over two years, with significant variation based on firms' funding needs and availability.
ResearchCorporate governance
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2025-11-12•Tajikistan•National Bank of the Republic of Tajikistan
Daler Murodalizoda, Deputy Chairman of the National Bank of Tajikistan, attended the "Asia Small and Medium-Sized Enterprise Monitor 2025" forum in Baku, organized by the Asian Development Bank (ADB). The forum covered SME financing, trade policy, and sustainable development, focusing on mitigating financial market risks amid geopolitical tensions. Murodalizoda also met with ADB Executive Director for Japan, Shigeo Shimidzu, to discuss cooperation and technical assistance for developing a regulatory framework for consumer protection in insurance services.
Policy & regulationCooperationSME financing
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2025-11-12•Spain•Bank of Spain
The Bank of Spain's 2025 study shows cash is the primary in-store payment method for 57% of consumers, despite a rise in mobile payments. Cash remains common for transactions between individuals, though Bizum is gaining popularity among those under 45. The study notes limited awareness of the digital euro, with only 20% willing to use it alongside existing methods.
ResearchCurrency and cash management
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2025-11-12•Vietnam•Ministry of Finance (Vietnam)
Vietnam's Ministry of Finance, with Australia's Department of Foreign Affairs and Trade and the Asian Development Bank, held a workshop in Hanoi to advance Vietnam’s credit rating market. The event focused on mandatory credit rating requirements for corporate bonds, noting VND 287.4 trillion in rated bond issuance in the first 10 months of 2025. The workshops aim to promote international best practices and enhance legal compliance and internal controls within credit rating firms.
Policy & regulationImplementation, projects & pilotsCredit ratings
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2025-11-12•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten announced Raquel Lo Fo Wong's appointment as Conduct Supervision Division Manager effective 1 January 2026. Lo Fo Wong has led the Sint Maarten office since 2019. The CBCS is recruiting a new Director for the Sint Maarten Office to ensure operational continuity.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-12•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) launched the Simplifica PREVIC initiative to simplify government communications on pensions. Since January 2023, it reviews documents to make language more direct, reducing technical terms and acronyms. The initiative collaborates with the Ministry of Social Security and the National Social Security Institute to enhance clarity in normative acts, websites, and public services.
Policy & regulationImplementation, projects & pilotsOther
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2025-11-12•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority published its Audit Quality Monitoring Report 2025, detailing audit quality reviews of registered audit firms and licensed auditors conducted between 1 July 2024 and 30 June 2025, emphasizing the importance of high-quality audits for informed investor decision-making.
SupervisionReviews, inspections & stress testsActivity and performance reporting
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2025-11-12•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority released its 2024/25 Audit Quality Monitoring Report, identifying key areas for improvement in audit quality, including insufficient evidence for related party disclosures, the need for enhanced quality management systems, and risks associated with variable remuneration. The report also provides early insights on mandatory climate statement assurance and oversight of overseas auditors.
SupervisionReviews, inspections & stress testsAuditing
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2025-11-12•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines emphasized blended finance as a tool to boost funding for climate adaptation at the Blended Finance Forum in Manila. The event, co-organized with Australia's Department of Foreign Affairs and Trade and Convergence, aimed to build a pipeline of investable adaptation projects and mobilize domestic capital. It aligns with the BSP Sustainability Agenda and the Philippines' National Adaptation Plan 2023–2050.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-11-12•British Virgin Islands•British Virgin Islands Financial Services Commission
The British Virgin Islands Financial Services Commission announced the enactment of the Drug Trafficking Offences (Amendment) Act, 2025, through an AML-CFT notice. The notice is attached as Statutory Instrument No. 50 of 2025.
Policy & regulationRules & requirementsAML and CFT
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2025-11-12•British Virgin Islands•British Virgin Islands Financial Services Commission
The British Virgin Islands Financial Services Commission has enacted the Proceeds of Criminal Conduct (Amendment) Act, 2025, enhancing its anti-money laundering and counter-financing of terrorism (AML-CFT) framework. The notice is available as Statutory Instrument No. 58 of 2025.
Policy & regulationRules & requirementsAML and CFT
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2025-11-12•British Virgin Islands•British Virgin Islands Financial Services Commission
The British Virgin Islands Financial Services Commission has included the Proceeds of Criminal Conduct Amendment Act 2025 in its legislation library. This AML-CFT-related amendment is now available for download.
Policy & regulationImplementation, projects & pilotsAML and CFT
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2025-11-12•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore and the UK Financial Conduct Authority have launched a UK-Singapore AI-in-Finance Partnership to promote safe and responsible AI innovation. The partnership will involve joint testing of AI solutions, regulatory insights exchange, and collaborative events. This initiative builds on MAS’ PathFin.ai and the FCA’s AI Spotlight programmes to enhance AI collaboration between the two financial centres.
Policy & regulationCooperationArtificial intelligenceCross-border cooperation
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2025-11-12•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore released a paper detailing the proceedings of the 12th Asian Monetary Policy Forum held in May 2025. The publication clarifies that the views expressed are those of the author and not of the Authority.
ResearchMonetary policy decisions and developments
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2025-11-12•Serbia•National Bank of Serbia
The National Bank of Serbia reported record gross foreign reserve assets of EUR 29,364.1 million and net foreign exchange reserves of EUR 24,987.3 million as of October 2025. The increase in reserves was driven by positive net market effects, including a rise in the dollar gold price and a strengthening dollar against the euro. Gold reserves also reached a record 52,156.3 kilograms, with interbank FX turnover at EUR 514.7 million for October.
Monetary policyMonetary policy assessments & outlooksBalance of payments and other external statisticsForeign exchange policy and markets
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2025-11-12•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has released an exposure draft Memorandum Circular on 2025 Guidelines on Whistleblower Protection, inviting public comment. It outlines procedures for handling reports, confidentiality measures, and anti-retaliation protections, including a Whistleblowing Office and multiple reporting channels. It details information disclosure restrictions, data privacy controls, and potential protections and compensations for whistleblowers, with SEC-supervised entities expected to prevent retaliation.
Policy & regulationRules & requirementsWhistleblowing
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2025-11-12•Europe•European Central Bank
The European Central Bank's Economic Bulletin article examines the 2021-23 inflation surge and interest rate hikes' impact on euro area inequality, finding standard indicators stable despite public perceptions of increased inequality. The study highlights that lower-income households faced higher inflation burdens and were more exposed to interest rate repricing, leading to increased post-repayment income inequality among mortgagors.
ResearchEconomic data and developments
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2025-11-12•Europe•European Central Bank
The European Central Bank's Economic Bulletin shows euro area households' car demand is hindered by economic uncertainty and limited financing, especially for lower-income groups. Recent purchases favor second-hand internal combustion engine vehicles, with new car registrations and production below 2018 levels. Only 11% plan to buy a car within a year, with preferences split between ICE, hybrids, and a minority choosing fully electric vehicles.
ResearchMarket development
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2025-11-12•Europe•European Council
The European Council adopted Decision (CFSP) 2025/2040, imposing further measures on Belarus for its role in Russia's aggression against Ukraine. These include expanded export restrictions, controls on financial-sector software and services, and restrictions on crypto-asset and certain payment services. Albania, Bosnia and Herzegovina, Iceland, Liechtenstein, Montenegro, North Macedonia, Norway, and Ukraine have aligned with the Decision.
Policy & regulationRules & requirementsSanctions list update
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2025-11-12•Europe•European Council
The European Council has adopted new measures against Russia's actions in Ukraine, focusing on energy revenue constraints and disrupting military supply chains. Key measures include bans on Russian liquefied natural gas imports, transactions with Rosneft and Gazprom Neft, and expanded restrictions on banks and the Mir payment system. Additional sanctions target shadow fleet vessels, impose export and service bans, and require Russian diplomats to notify Member States of travel beyond their accreditation.
Policy & regulationRules & requirementsNew sanctions designations
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2025-11-12•Europe•European Council
The European Council reported on the Eurogroup's discussions about the euro area outlook, fiscal coordination, Banking Union, and digital finance, including a commitment to finalize a Council general approach on the digital euro by year-end. Ministers agreed to initiate a work stream on stablecoins and reviewed macroeconomic updates from the European Commission and ECB, noting growth and employment trends. The Eurogroup also discussed maintaining financial stability standards and supporting banks' growth amid digitalization, with plans to revisit budgetary coordination and crisis management in December.
Policy & regulationReform agendas & prioritiesEconomic data and developmentsFinancial stability and systemic risk
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2025-11-12•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia charged Yong Man Chai, former CFO of AT Systematization Berhad, with 20 counts under the Capital Markets and Services Act 2007 for allegedly causing a wrongful loss of RM7.821 million. The charges involve payments to several companies intending to cause loss between July 2020 and October 2021. Yong claimed trial and was granted bail, while the SC highlighted cooperation with INTERPOL and other agencies in the investigation.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-11-12•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia has released a consultation paper on proposed changes to listing frameworks for the MAIN and ACE Markets to enhance Malaysia's public market value proposition. The proposals aim to improve issuer access and include adjustments to MAIN Market listing routes and ACE Market alignment with its sponsor-driven framework.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-11-12•Germany•German Bundesbank
The German Bundesbank's September 2025 securities market statistics reveal a EUR 45.6bn increase in the outstanding volume of domestic and foreign debt securities, with gross bond issuance rising to EUR 139.3bn. The public sector contributed EUR 13.3bn to net issuance, while domestic enterprises increased capital market debt by EUR 2.0bn. Domestic investment funds saw weaker inflows of EUR 2.9bn compared to the previous month.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-12•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has expanded its Open Data Portal with new datasets, including those on listed-company special corporate events and securities offering coordinators’ registration. Enhancements to existing datasets now cover portfolio data for FIDC and FIAGRO funds and additional fields in the listed-company Reference Form. This expansion completes the CVM's data-opening plan through 2025.
Data & statisticsRegulatory reporting
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2025-11-12•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Circular Letter CVM/SRE 5/2025 to guide intermediaries on using the SRE System for public offering registrations under CVM Resolution 160. It consolidates instructions on document submission, procedural phases, and application types, referencing Circular Letter CVM/SRE 4/2025 to minimize errors. CVM clarified that deadlines will be triggered by formal request submissions in the SRE System, starting five business days post-publication.
Policy & regulationGuidance & interpretation
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2025-11-12•Brazil•Brazil Securities Commission (CVM)
Brazil’s Securities Commission (CVM) hosted a delegation from the China Securities Regulatory Commission (CSRC) to enhance regulatory dialogue between Brazilian and Chinese capital markets. The meeting follows Chinese regulators authorizing ETF listings in Shanghai and Shenzhen under the Brazil–China ETF Connect programme. This engagement is part of ongoing cooperation initiated at a March 2024 COSBAN meeting and supported by an international memorandum on investor protection and market integrity.
Policy & regulationCooperationCross-border cooperation
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2025-11-12•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia (SERC), in partnership with Westline School and supported by ACLEDA Securities Plc. and Benjaran Asset Management (Cambodia) Plc., held a workshop to promote financial literacy in the securities sector. The event was presided over by H.E. Sou Socheat, Director General of SERC, and Mr. Te Lay, Deputy General Director of Westline Education Group Co., Ltd.
Financial literacy & educationFinancial literacy and education
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2025-11-12•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority issued a public alert regarding the website "Commercial Register of Seychelles," operated by Commercialregister LTD, for unauthorised use of official logos and misleading information. The FSA clarified that the company is not affiliated with the Government of Seychelles and urged caution when engaging with its services.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-11-12•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has refused the virtual asset service provider application from Elysphere Ltd, effective 10 September 2025, under the Virtual Asset Service Providers Act, 2024. Elysphere has been instructed to cease operations immediately or relocate services outside Seychelles.
SupervisionAuthorisations & approvalsLicence approval
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2025-11-12•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has terminated Mr. Oleksii Dubovyk's accreditation as a Securities Dealer Representative for Just Global Markets Ltd, effective 27 June 2025, under section 4(1)(m) of the Financial Services Authority Act 2013.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-11-12•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority announced the rejection of Falcon Labs Ltd's virtual asset service provider application, effective 9 May 2025. Falcon Labs, trading as FalconX, must cease operations or relocate services outside Seychelles. This decision was made under section 28 of the Financial Services Authority Act, 2013, concerning the Virtual Asset Service Providers Act, 2024.
SupervisionAuthorisations & approvalsLicence approval
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2025-11-12•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has relaunched the SEC Academy, an online platform to enhance financial literacy, help Filipinos manage finances, and avoid scams. This initiative aligns with efforts to integrate financial literacy into the high school curriculum and marks the start of Investor Protection Week 2025. The platform offers courses from SEC officials and industry experts on saving, investing, and scam detection.
Financial literacy & educationFinancial literacy and education
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2025-11-12•Global•United Nations Environment Programme Finance Initiative
The UNEP FI published an article on the potential launch of a UN-regulated global carbon market under Article 6.4 of the Paris Agreement, highlighting risks and roles for financial institutions. It notes COP29's guidance on operationalizing Article 6.4 and anticipates COP30 to shape technical rules for credit generation, verification, and cross-border trading. UNEP FI plans to contribute to COP30 discussions with a report from the Taskforce on Net Zero Policy, expecting COP30 to finalize rules for emission avoidance and benefit-sharing mechanisms.
ResearchCarbon markets
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2025-11-12•Fiji•Reserve Bank of Fiji
Mr. Esala Masitabua has returned to the Reserve Bank of Fiji as Deputy Governor after a two-year secondment at the International Monetary Fund, where he served as an Advisor in the Southeast Asia Group. His experience is anticipated to enhance the Bank's surveillance capacity, policy formulation, and leadership development.
Institutional developmentLeadership change & appointmentsHiring and recruitmentLeadership change and appointments
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2025-11-12•Russia•Central Bank of Russia
The Central Bank of Russia plans regulatory changes to retail unit investment funds (UIFs) to enhance their attractiveness and protect retail investors. Proposed measures include expanding eligible assets, allowing management companies to cancel UIF formation, and permitting the merger of multiple exchange-traded UIFs. Implementation is targeted for 2026–2027.
Policy & regulationRules & requirements
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2025-11-12•Russia•Central Bank of Russia
The Central Bank of Russia released its November 2025 monitoring report on maximum interest rates for Russian ruble deposits at the ten largest credit institutions, with an average maximum rate of 15.32% for early November. Rates by maturity were 14.78% for up to 90 days, 14.77% for 91 to 180 days, 14.41% for 181 days to one year, and 12.52% for over one year. The report excludes special-category deposits and other specific products.
Data & statisticsFinancial and market indicators
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2025-11-12•Kosovo•Central Bank of the Republic of Kosovo
Governor Ahmet Ismaili of the Central Bank of Kosovo addressed the Bank of Albania’s 100th anniversary conference, discussing updates to Kosovo's payments infrastructure and regulatory framework for digital financial services. Key reforms include digitalisation of payments, SEPA alignment, and a new framework for operational resilience and cyber security. The Central Bank is cautiously approaching cryptoassets and monitoring the European Central Bank's digital euro developments.
Policy & regulationReform agendas & prioritiesFintech and insurtechMonetary policy decisions and developments
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2025-11-12•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has finalized changes to the UK leverage ratio framework, raising the retail deposits threshold from GBP 50 billion to GBP 75 billion and introducing a three-year averaging mechanism. These amendments to the Leverage Ratio (CRR) Part of the PRA Rulebook aim to reflect UK GDP growth and restore the Financial Policy Committee's original risk appetite. Effective 1 January 2026, the policy maintains the GBP 10 billion non-UK assets threshold for internationally active firms.
Policy & regulationRules & requirementsCapital adequacy
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2025-11-12•United States•U.S. Financial Services Committee
U.S. House Committee on Financial Services Chairman French Hill stated that the recent federal government shutdown delayed legislative work on banking, housing policy, and other priorities. Hill emphasized the Committee's focus on reducing regulatory burdens for community banks, addressing housing affordability, expanding capital access for U.S. businesses, and advancing digital asset market structure legislation.
Policy & regulationReform agendas & prioritiesOther
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2025-11-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined three exchange bureaus in the Jalal-Abad region KGS 55,000 each for violating Kyrgyz legislation and the bank's regulatory legal acts.
EnforcementInvestigations & enforcement actionsCompliance
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2025-11-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has suspended the licences of three currency exchange bureaux for violations of national legislation and regulatory acts, and fined one bureau KGS 55,000 for similar breaches. The suspensions affect OsOO “Keiji 098,” OsOO “Dos Pro,” and OsOO “Finnam Pro” in Bishkek, with varying suspension periods in November 2025.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic and the OSCE Programme Office in Bishkek conducted four financial literacy seminars in Karakol for local college students on 5–6 November 2025. Over 100 students and educators from various colleges participated in interactive sessions, marking the conclusion of the second stage of the regional seminar programme.
Financial literacy & educationFinancial literacy and education
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2025-11-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Chair, Melis Turgunbaev, discussed in an interview with Gulf News the regulator's focus on price stability, managing external inflation risks, and banking and payment system stability. The interview also highlighted the digitalisation of financial services and the bank's achievements in this area.
Monetary policyOtherMonetary policy decisions and developments
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2025-11-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has implemented a regulation establishing minimum requirements to combat internal and external fraud in Kyrgyz payment organisations and system operators. This aligns with the Law of the Kyrgyz Republic On the Payment System of the Kyrgyz Republic.
Policy & regulationRules & requirementsFraud and scams
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2025-11-12•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
The Middle East and North Africa Financial Action Task Force (MENAFATF) began its 41st Plenary Meeting in Manama, Bahrain, focusing on member countries' Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) systems and regional cooperation. The agenda includes discussions on member measures, emerging money laundering patterns, and best practices, alongside a workshop on mutual evaluations and Financial Action Task Force (FATF) standards implementation.
Policy & regulationPeer reviews and country evaluationsAML and CFTCapacity building
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2025-11-12•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Markets Authority (AMMC) has approved Capgemini's definitive prospectus for a new share issuance. This offering is exclusively available to the group's employees.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-11-12•Iceland•Central Bank of Iceland
The Central Bank of Iceland's latest survey reveals unchanged inflation expectations since August, with a forecasted decline in the near term and policy easing anticipated in early 2026. Conducted from 3-5 November with a 79% response rate, it shows a median inflation expectation of 3.4% in one year and a policy rate expectation of 7.5% in Q4/2025, decreasing to 6.25% by end-2026, while 83% of respondents view the current monetary stance as too tight.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-11-12•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission released its 2023–2024 Capital Markets Notice, highlighting investment activity, regulatory updates, and market trends. Key themes include changes in exempt market participation, regional investment flows, and issuer financing options.
Other
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2025-11-12•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission warns that BitcoinUP is not registered to deal in or advise on securities or derivatives in New Brunswick, advising investors to avoid unregistered firms. The alert identifies BitcoinUP and its URLs, noting its UK location claim, and references similar alerts from other Canadian securities commissions. Investors are directed to use the National Registration Search tool and a guide for assessing crypto asset trading platforms.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-11-12•Pakistan•State Bank of Pakistan
State Bank of Pakistan Governor Jameel Ahmad, at the Future of Banking Summit 2025, detailed the central bank's digitisation efforts, including payment infrastructure upgrades and regulations for digital finance models. Key initiatives include Raast for secure, real-time transactions, Open Finance for enhanced customer data control, and cross-border payment integration using ISO 20022. The SBP is also advancing an innovation hub and a Regulatory Sandbox to test remittances, open banking, and merchant onboarding.
Policy & regulationImplementation, projects & pilotsFintech and insurtechFinancial inclusion
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2025-11-12•Chile•Central Bank of Chile
The Central Bank of Chile's Financial Stability Report for H2 2025 highlights increased vulnerabilities from international financial markets, with external risks and potential global financial tightening threatening Chile's stability. The Board maintained the Countercyclical Capital Requirement at 0.5% of risk-weighted assets. The report also notes progress in Basel III capital requirements and public consultations on repurchase transaction agreements and central counterparty liquidity management.
ResearchFinancial stability and systemic riskMarket risk and volatility
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2025-11-12•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority revoked a real estate agent's license for gross duty breaches in property valuation for bank lending and repeated documentation rule violations. The inflated valuation led to flawed financing assumptions and a bank loss. The agent can appeal and work under supervision but cannot act as a responsible broker.
SupervisionAuthorisations & approvalsOther
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2025-11-12•Poland•Polish Financial Supervision Commission (KNF)
The Polish Financial Supervision Commission (KNF) announced that GPW Benchmark SA will discontinue certain WIBID and WIBOR fixing terms, advising entities to cease using these tenors in new contracts. WIBOR and WIBID for T/N and 2W will end on 22 December 2025, O/N on 1 October 2026, and 1Y will transition to an algorithmic method until 22 December 2026. The changes align with Article 21 of the EU Benchmark Regulation and the National Working Group's benchmark reform roadmap.
Policy & regulationGuidance & interpretationFinancial benchmarks
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2025-11-12•United States•Federal Reserve Board
The Federal Reserve Board has approved ID Bank CJSC's application to open a representative office in Glendale, California.
SupervisionAuthorisations & approvalsLicence approval
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2025-11-12•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority (FRA) is partnering with the National Training Academy to enhance human capital in the non-banking financial sector through specialized training programs. Discussions with Academy leaders focused on cooperation mechanisms and program design to improve staff competence and public awareness. The FRA also highlighted 2025 training initiatives, including collaborations with the Court of Cassation and Bayes Business School.
Institutional developmentCooperation & capacity buildingCapacity building
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2025-11-12•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority issued Decision No. 228 of 2025, establishing a framework for life insurance and capital formation insurers to invest in precious metals, particularly gold, with prior approval and customer consent. It mandates board-level approvals, specific investment policies, and transactions through registered entities, with periodic valuation and detailed reporting requirements. Additionally, the FRA plans to set investment rules for government insurance funds, including a 5% minimum allocation to the stock exchange and open-ended investment funds.
Policy & regulationRules & requirementsOther
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2025-11-12•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority announced its re-election to the executive committee of the International Organisation of Pension Supervisors for 2026–27, marking a sixth consecutive term. This follows the FRA's regulatory work on private insurance funds, including implementing Egypt’s Unified Insurance Law. The FRA reported private insurance funds held EGP 184.7bn in assets at end-2024, with investments of EGP 168.1bn.
Policy & regulationCooperationOther
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2025-11-12•United States•U.S. Securities & Exchange Commission
SEC Commissioner Mark T. Uyeda updated on implementing the SEC’s Treasury Clearing Rules, mandating expanded central clearing for certain U.S. Treasury cash and repo activities. Compliance dates are extended to December 31, 2026, for cash transactions and June 30, 2027, for repo transactions. The SEC is reviewing clearing agency registration applications and launched a Treasury Clearing implementation webpage for updates.
Policy & regulationImplementation, projects & pilotsMarket infrastructure
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2025-11-12•United States•U.S. Securities & Exchange Commission
SEC Chairman Paul S. Atkins outlined "Project Crypto," proposing a clearer framework for applying federal securities laws to crypto assets. Atkins suggested a token taxonomy based on the Howey test, categorizing tokens into "digital commodities," "digital collectibles," "digital tools," and "tokenized securities." He emphasized tailored regulations and exemptions for crypto assets, maintaining anti-fraud provisions, and supported legislative efforts for a comprehensive crypto market structure by 2025.
Policy & regulationGuidance & interpretationFintech and insurtechTokenization