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2025-11-12•Chile•Chile Financial Market Commission
Chile's Financial Market Commission released its eighth Annual Regional Financial Sector Statistics Report, noting increased access to financing and savings instruments as of March 2025. It includes data on banking, cooperatives, non-banking payment card issuers, mutual mortgage companies, insurance companies, and new regional statistics on mutual funds. A regional statistics visualisation tool was also published to aid analysis of local economies and financial inclusion policymaking.
Data & statisticsFinancial inclusion
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2025-11-12•Chile•Chile Financial Market Commission
Chile’s Financial Market Commission (CMF) is consulting on amendments to General Rule No. 514 for the Open Finance System, proposing a 12-month delay to its implementation, now set for July 2027. The amendments introduce a phased trial approach, with voluntary and mandatory phases, and adjustments to reporting intervals and authorisation requirements. The consultation follows feedback from financial entities and aims to refine the framework's rollout.
Policy & regulationRules & requirementsOpen banking and finance
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2025-11-12•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released seminar materials on financial reporting, focusing on IFRS and ESRS disclosures for 2025 reports. Priorities include issuer-specific disclosures, sustainability reporting under CSRD, and expanded capital-markets functions from Euronext Oslo Børs. A NOK 10 million fine was imposed for unlawful inside information dissemination during pre-close analyst calls.
SupervisionSupervision approach, priorities & toolkitESG
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2025-11-12•Norway•Norwegian Finanstilsynet
Norwegian Finanstilsynet fined Yiheng Capital Management, L.P. NOK 140,000 for breaching notification obligations for net short positions under the Norwegian Securities Trading Act and EU Short Selling Regulation. The violations involved late reporting of four net short positions in Autostore Holdings LTD on Euronext Oslo Børs, due to internal tracking discrepancies. Finanstilsynet deemed the conduct negligent and will publish the decision, rejecting Yiheng's request for anonymity.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-11-12•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration director Li Yunze met with Chubb Group chairman and CEO Evan Greenberg to discuss the outlook for China's insurance and asset management sectors and Chubb's development in China.
Other
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2025-11-12•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) approved General Resolution No. 1090 to reorganize the regulatory framework for individually issued negotiable securities in CNV-authorized markets. The resolution aims to simplify rules to encourage the use of these instruments, reduce financing costs, and enhance market access for small and medium-sized enterprises (PyMEs). The framework focuses on trading, holding, custody, and payment at maturity to broaden investment opportunities.
Policy & regulationRules & requirementsSME financing
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2025-11-12•Argentina•Argentina Securities Commission (CNV)
Argentina Securities Commission (CNV) President Roberto E. Silva announced a regulatory modernization program at the IAEF Symposium, highlighting 100 General Resolutions for deregulation and simplification. Key initiatives include the Automatic Public Offering regime, tokenization, and regulation of Virtual Asset Service Providers, aligning Argentina's capital markets with international standards. The event included discussions on competitiveness, risks, and sustainability with remarks from financial officials and market leaders.
Policy & regulationRules & requirementsMarket development
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2025-11-12•Luxembourg•Ministry of Finance (Luxembourg)
Luxembourg’s Finance Minister Gilles Roth visited London to discuss European financial market competitiveness with major UK financial firms. Roth emphasized the need for connected markets to facilitate innovation and capital flow, opposing centralized supervision in favor of trust in supervisory practices. He highlighted Luxembourg's role as a cross-border financial center for mobilizing capital for digital transformation, energy transition, and defense investments.
Policy & regulationReform agendas & prioritiesCross-border cooperation
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2025-11-12•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency, led by Superintendent Francisco A. Torres, addressed challenges in the pension system, highlighting pension fund assets' growth to 20% of GDP and the Social Solidarity Fund's role. Efforts focus on enhancing technical capabilities, simplifying processes, and improving public awareness, including training over 18,269 workers. Future initiatives will encourage retirement projections to improve outcomes.
SupervisionSupervision approach, priorities & toolkitOther
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2025-11-12•Argentina•Argentina Superintendency of Insurance
Argentina’s Superintendency of Insurance detailed Economy Minister Luis Caputo’s measures to strengthen the insurance sector, emphasizing labour and tax reforms. Proposals include increased tax deductions for life and retirement insurance, reduced employer payroll charges, and a termination fund to address labour litigation. The CIDeS conference attracted over 250 participants, with Superintendent Guillermo Plate representing Argentina at the International Association of Insurance Supervisors Annual Conference.
Policy & regulationReform agendas & prioritiesMarket development
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2025-11-12•India•Securities & Exchange Board of India
The Securities and Exchange Board of India released the High Level Committee's report on conflicts of interest, disclosures, and related issues involving SEBI members and officials. The report was submitted to the SEBI Chairman on 10 November 2025.
Policy & regulationGuidance & interpretationOther
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2025-11-12•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub released an update on Project Titus, which examines the use of auction mechanisms and automated side-payments to enhance liquidity efficiency in real-time gross settlement systems. The project demonstrated significant liquidity savings and high clearing rates, with implications for tokenised and instant payment systems.
ResearchMarket infrastructure
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2025-11-12•Armenia•Central Bank of Armenia
The Central Bank of Armenia reported that Governor Martin Galstyan participated in the Bank of Albania’s centennial conference, discussing monetary policy challenges. Galstyan emphasized a prudent risk-management approach and the CBA’s “least regrets” decision-making framework to maintain policy flexibility and credibility amid uncertainty.
Monetary policyMonetary policy framework & strategyMonetary policy decisions and developments
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2025-11-12•India•Insurance Regulatory and Development Authority of India
The Government of India’s Ministry of Finance highlighted the IMF’s Financial System Stability Assessment and the World Bank’s Financial Sector Assessment for India. The World Bank graded India’s insurance sector as sound in observing Insurance Core Principles, noting strengths in licensing, suitability requirements, enforcement powers, and public disclosure. Recommendations include enhancing credit risk management, developing conduct risk monitoring in securities markets, scaling climate-related investments, and improving MSME credit data.
Policy & regulationGuidance & interpretationFinancial stability and systemic riskSupervision process and methodologies
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2025-11-12•Trinidad & Tobago•Central Bank of Trinidad & Tobago
The Central Bank of Trinidad and Tobago has registered WamNow Technologies Limited as an e-money issuer following its provisional registration period. WamNow, using its digital wallet app Wam, is authorized to provide e-money accounts, payment services, and remittance services. The Central Bank will continue to oversee WamNow's compliance with relevant e-money regulations.
SupervisionAuthorisations & approvalsLicence approval
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2025-11-12•Moldova•National Bank of Moldova
The National Bank of Moldova released findings from its 2023 assessment of money laundering and terrorist financing risks in the banking sector, highlighting adequate governance and internal controls. Conducted under Article 15(4) of Law No. 308/2017, the assessment informs risk-based supervision and resource allocation by evaluating higher-risk customer segments, products, services, and geographical exposures.
SupervisionRisk monitoring & watch pointsAML and CFT
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2025-11-12•Moldova•National Bank of Moldova
At a conference on Moldova's EU enlargement, First Deputy Governor Petru Rotaru outlined the National Bank of Moldova's alignment with EU standards, highlighting reforms for joining the Single Euro Payments Area (SEPA). He discussed harmonization with EU rules on payment services and anti-money laundering, governance improvements in the insurance sector, and plans for a regulatory framework for virtual asset service providers by June 2027.
Policy & regulationReform agendas & prioritiesCross-border cooperationFinancial stability and systemic risk
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2025-11-12•Bahamas•Insurance Commission of the Bahamas
The Insurance Commission of the Bahamas participated in the IAIS FinTech Forum in Amsterdam, focusing on digital innovation and AI's impact on insurance supervision and markets. The forum, hosted by De Nederlandsche Bank, included discussions on SupTech tools and agentic AI implications for emerging markets.
SupervisionCooperationFintech and insurtechSupervision process and methodologies
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2025-11-12•Barbados•Central Bank of Barbados
The Central Bank of Barbados issued a warning about the fraudulent website bimpayer.pro, which mimics the Bank's logo and solicits payments. The Bank emphasized that it does not request payments from the public and advised against visiting the site or sharing personal information. It urged those affected to report to the Barbados Police Service and consult the Bank’s Corporate Communications Unit.
SupervisionAlertsFraud and scams
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2025-11-11•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission (FSC) has mandated a one-month trading suspension of Tchaikapharma High Quality Medicines AD shares and initiated legal action to block access to unauthorized investment service websites. Additionally, the FSC approved the trading of Euro Invest Management AD shares and updated insurance-related registers. Amendments to the FSC's internal rules were also adopted.
SupervisionInterventionsTrading
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2025-11-11•Chile•Ministry of Finance (Chile)
Chile's Ministry of Finance has renewed the Capital Market Consultative Council, appointing Mauricio Larraín Errázuriz as chair and Guillermo Larraín Ríos as vice-chair. The council, which had not convened since early in the year, aims to enhance public-private dialogue on financial system development and propose regulatory reforms. Gonzalo Arriaza continues as executive secretariat from the Ministry’s Capital Market Coordination team.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-11•Israel•Bank of Israel
Bank of Israel Governor Prof. Amir Yaron attended a Bank for International Settlements meeting in Basel, Switzerland, where he led a discussion on the macroeconomic implications of artificial intelligence as Chairman of the Forum of Small and Open Economies.
Policy & regulationCooperationArtificial intelligenceMacroprudential policy and tools
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2025-11-11•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Arabian Monetary Authority (SAMA) has licensed Darb Pay for Information Technology to offer e-wallet payment services in Saudi Arabia, increasing the total number of SAMA-licensed payment service providers to 28. SAMA advises customers to engage only with authorised financial institutions and directs them to its website for a list of licensed entities.
SupervisionAuthorisations & approvalsLicence approval
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2025-11-11•Pakistan•State Bank of Pakistan
State Bank of Pakistan Governor Jameel Ahmad, at the International Capital Market Conference 2025, advocated for regional cooperation and innovation to integrate Asia's capital markets. He highlighted smoother capital flows, harmonised regulation, and alternative financing for climate and infrastructure. Ahmad discussed Pakistan's initiatives under SBP’s Vision 2028 and Uraan Pakistan, including linking the Raast payment system with the Arab Monetary Fund’s Buna platform and developing a unified digital identity framework.
Policy & regulationReform agendas & prioritiesCross-border cooperationMarket development
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2025-11-11•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) stressed financial literacy's role in economic stability during its OJK Mengajar session at the University of Bengkulu. Vice Chairman Mirza Adityaswara emphasized understanding the financial landscape amid digital and global changes and outlined the Financial System Stability Committee's roles. The event, part of OJK's 14th anniversary, attracted significant participation from students and industry professionals.
Financial literacy & educationFinancial literacy and education
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2025-11-11•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities and Commodities Authority hosted the International Organization of Securities Commissions Regional Committee for Africa and the Middle East meeting in Abu Dhabi, focusing on regional capital market priorities, cross-border cooperation, and regulatory frameworks. Discussions included risks in digital securities markets, the I-SCAN global warning system, and initiatives to enhance market integration and supervisory cooperation.
Policy & regulationCooperationCross-border cooperationMarket development
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2025-11-11•Italy•Bank of Italy
The Bank of Italy released updated statistics in its "Banks and Money: National Data" series, reflecting figures as of September 2025.
Data & statisticsMonetary data
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2025-11-11•Italy•Bank of Italy
The Bank of Italy released the November 2025 issue of “The Italian economy in brief,” offering updated data on Italy’s economic and financial systems. The bulletin includes sections on real economic activity, prices, foreign transactions, private sector financial conditions, banking sector developments, public finances, and inflation and growth forecasts.
Data & statisticsEconomic data and developments
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2025-11-11•Italy•Bank of Italy
The Bank of Italy released updated statistics on international tourism in Italy as of August 2025, derived from surveys of resident and non-resident travellers at border crossings, ports, and airports.
Data & statisticsBalance of payments and other external statistics
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2025-11-11•Italy•Bank of Italy
The Bank of Italy hosted the third "Women in Central Banking" workshop, co-organised with the Federal Reserve Bank of Dallas and Norges Bank, focusing on diversity and inclusion in central banks. The event featured 12 selected papers on inflation, monetary policy, banks, financial markets, and the labour market, with keynote lectures and mentoring by senior economists. The next edition will be hosted by Banco de México in 2026.
Institutional developmentCooperation & capacity buildingDiversity and inclusion
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2025-11-11•Australia•Australian Securities & Investments Commission
ASIC has initiated Federal Court proceedings against AVZ Minerals Limited and two directors for alleged disclosure breaches and misleading conduct related to the Manono lithium project in the Democratic Republic of the Congo. ASIC claims AVZ failed to disclose a legal dispute over share acquisition, and directors Nigel Ferguson and Graeme Johnston allowed misleading ASX announcements. ASIC seeks declarations of contravention and penalties, following AVZ's trading halt, suspension, and removal from the ASX.
EnforcementInvestigations & enforcement actionsDisclosures
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2025-11-11•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has disqualified Anthony Stephen Prior from managing corporations for five years due to his role in the failure of three hospitality companies, which owed AUD 5,764,098 to unsecured creditors. ASIC found Prior failed to exercise due care, improperly used his position, and did not prevent insolvent trading. The decision was supported by liquidator reports and Prior's previous involvement with failed companies Keystone Group Holdings Pty Limited and York Rooftop Pty Limited.
EnforcementSanctions & designationsCorporate governance
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2025-11-11•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) released preliminary findings from its review of Australia's motor vehicle finance sector, highlighting problematic sales tactics and oversight gaps among lenders. ASIC noted significant variations in loan establishment costs and that nearly half of consumer defaults occurred within six months. Recommendations include improved training, accreditation, and oversight of brokers and dealers, with detailed findings and responses expected in 2026.
SupervisionReviews, inspections & stress testsLendingConsumer and investor protection
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2025-11-11•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced that Krishnakumar Sitaram Agrawal, a director of the Mansa Group, has been sentenced to four years and ten months in prison for forgery and dishonesty offences. The District Court of New South Wales found Agrawal guilty of using false documents to secure financial advantages and misusing his director position to gain benefits, resulting in over AUD 20 million in loans. The Mansa Group, consisting of 27 companies, is now in administration or liquidation.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-11-11•Botswana•Bank of Botswana
The Bank of Botswana clarified that Governor Cornelius K Dekop has not publicly announced his departure, countering social media claims. A government press release confirmed a mutual separation agreement between Governor Dekop and President Duma Gideon Boko, effective 10 February 2026. The Bank urged reliance on official communications for accurate information.
SupervisionAlertsLeadership change and appointments
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2025-11-11•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market issued decisions on rule-making and market authorisations, including approvals for draft instruments on foreign direct investment screening and personal sanctions. It approved bond prospectus amendments for ULF-FINANCE LLC, cancelled a bond registration for the State Agency of Highways of Ukraine, and registered share issues for JSC “ZNVCIF “ELION” and JSC “ZNVCIF “KOLOVRAT.” It also approved significant participation acquisitions in SMART BOND.UA LLC and a Supervisory Board appointment for NOVAVEST LLC.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-11-11•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market now permits issuers to conduct multiple public offerings of corporate bonds using a base prospectus, streamlining the issuance process. This approach reduces approval timelines to 10 working days and lowers issuer costs by consolidating updates into a single document. The first bond issue under this framework was registered in February 2025.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-11-11•Netherlands•De Nederlandsche Bank
Olaf Sleijpen of De Nederlandsche Bank stressed the need for better coordination between monetary and fiscal policy amid economic and political challenges, while maintaining independence. He warned that fiscal disparities in the Economic and Monetary Union could weaken monetary policy and financial stability. Sleijpen also highlighted long-term fiscal pressures from climate action, digital transition, ageing, and defence spending, questioning their impact on price stability and the potential role of deeper European capital markets.
ResearchMonetary policy decisions and developments
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2025-11-11•Uruguay•Central Bank of Uruguay
Uruguay's Central Bank president, Guillermo Tolosa, emphasized strong banking conditions and plans to promote the Uruguayan peso to support dedollarisation. Tolosa highlighted capital levels nearly double regulatory requirements, low external funding reliance, and high liquidity, linking high dollarisation to limited credit growth. He argued increased peso use would enable banks to expand local-currency lending and diversify business models.
Monetary policyMonetary policy framework & strategyCapital adequacyLiquidity risk
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2025-11-11•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission, with the Secretariat of Finance and Public Credit and its Financial Intelligence Unit (UIF), identified 13 casinos involved in cash-intensive activities and cross-border flows, adding them to the blocked entities list. The investigation revealed international money laundering patterns across Mexican states, with funds transferred to the U.S. and European countries. The UIF will file complaints with the Attorney General's Office, notify the Federal Fiscal Attorney's Office, and cooperate with the U.S. Treasury's FinCEN and OFAC.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-11-11•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico's Ministry of Finance and Public Credit, with the Security Cabinet, identified 13 casinos involved in high-risk financial activities, including unsupervised digital transactions and cross-border cash flows. Linked to potential money laundering and organized crime, these casinos are now on the blocked legal entities list. The Financial Intelligence Unit will file complaints with the Attorney General and notify the Federal Tax Attorney’s Office, cooperating with the US Treasury’s FinCEN and OFAC.
EnforcementSanctions & designationsAML and CFT
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2025-11-11•Georgia•National Bank of Georgia
The National Bank of Georgia's Vice Governor Ekaterine Galdava met with the Bank of Korea to explore cooperation under a bilateral agreement, focusing on payment system interoperability. The Bank of Korea proposed a regional initiative to enhance compatibility and simplify international transfers. The partnership supports Georgia's payment system modernization and integration into international frameworks.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2025-11-11•Georgia•National Bank of Georgia
The National Bank of Georgia hosted a training on anti-money laundering (AML) and countering the financing of terrorism (CFT) for accounting professionals, marking International Accountants’ Day. Vice Governor Ekaterine Galdava emphasized its role in preventive supervision and compliance improvement, aligning with Financial Action Task Force recommendations. The event was part of the National Bank's ongoing cooperation with the Accountants’ Union.
SupervisionCooperationAML and CFT
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2025-11-11•Indonesia•Bank Indonesia
Bank of Indonesia's latest Retail Sales Survey indicates retailers expect a 4.3% year-on-year increase in the Real Sales Index (RSI) for October 2025, up from 3.7% in September. Monthly growth is projected at 0.6%, driven by broader gains and seasonal demand ahead of Christmas.
Data & statisticsEconomic data and developments
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2025-11-11•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan, with Capital Market Infrastructure Institutions, hosted the International Capital Market Conference and Expo 2025 in Karachi, focusing on regional integration and innovation. Discussions included regional connectivity, global practices, and trading infrastructure reforms, with panels on regulation, fintech, AI, and pension reforms. International speakers included the CEO of the Securities and Futures Commission of Hong Kong, P.R. China, discussing digital asset regulation.
Policy & regulationCooperationMarket development
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2025-11-11•Bahamas•Insurance Commission of the Bahamas
The Insurance Commission of the Bahamas reported that Superintendent of Insurance Dana Munnings-Gray and Manager of Communications, Business Intelligence and Consumer Awareness Rodney D. Bain represented the authority at the International Association of Insurance Supervisors FinTech Forum in Amsterdam. The two-day hybrid event gathered more than 60 insurance supervisors to discuss digital innovation and artificial intelligence in insurance, including SupTech tools for supervisory reporting and the implications of agentic AI for emerging markets.
SupervisionCooperationFintech and insurtechSupervision process and methodologies
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2025-11-11•Bahamas•Insurance Commission of the Bahamas
The Insurance Commission of the Bahamas reported on its participation in the 2025 Global Forum on Private Pensions in Istanbul, part of efforts to strengthen pension supervision after The Bahamas became a Governing Member of the International Organisation of Pension Supervisors in September 2025. The forum gathered 130 officials and experts from 52 countries to discuss pension digitalisation, asset-backed systems, payout phase supervision, life cycle strategies, voluntary participation, and the role of pension funds in capital market development, which the Commission said will inform its domestic work and collaboration with the organisation.
Policy & regulationCooperation
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2025-11-11•Bahamas•Insurance Commission of the Bahamas
The Insurance Commission of the Bahamas reported its first participation in the United Nations Development Programme Sustainable Insurance Forum Biannual Meeting in Tirana, Albania, held alongside the International Association of Insurance Supervisors Annual Conference. The meeting reviewed the forum’s proposed 2026–2027 strategy, agreed priorities for its next phase, noted the appointment of Fundi Tshazibana as SIF Chair, and was framed by The Bahamas’ climate-related risk exposure.
Policy & regulationCooperationClimate risk and sustainable financeDomestic cooperation
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2025-11-11•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) detailed its committee system, highlighting standing committees' role in fostering collaboration among US state insurance regulators. The structure includes task forces and working groups that develop model laws, oversight strategies, and consumer protections. Seven standing committees cover key regulatory areas, including Life Insurance, Health Insurance, Property and Casualty Insurance, and Innovation and Cybersecurity.
Institutional developmentGovernanceOrganizational structure
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2025-11-11•Laos•Bank of the Lao
The Bank of the Lao PDR conducted a two-day training on International Financial Reporting Standards (IFRS) for non-bank financial institutions, focusing on readiness for IFRS implementation under Notice No. 16/BOL. The program, attended by 220 participants, covered IFRS requirements, gap analysis, implementation plans, and financial reporting preparation.
Policy & regulationImplementation, projects & pilotsAccounting and financial reporting
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2025-11-11•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) announced that the Department of Justice’s Office of Legal Counsel has determined the CFPB cannot legally request funds from the Federal Reserve under Dodd-Frank due to a lack of "combined earnings." Despite this, the CFPB expects to maintain operations until at least 31 December 2025.
Policy & regulationGuidance & interpretationLiquidity risk
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2025-11-11•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance outlined an economic policy agenda at the 8th Athens Investment Forum, focusing on increased investment, stronger exports, and productivity growth, linked to the draft 2026 budget with a 2.4% growth forecast. The agenda includes major tax reforms, a rise in investment from 11% to 18% of GDP by 2026, and leveraging public resources with private investment. The speech also highlighted ongoing digitisation of public services and upcoming legislative changes regarding inactive charitable foundations.
Policy & regulationReform agendas & prioritiesOther
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2025-11-11•Greece•Ministry of National Economy and Finance (Greece)
Minister Kyriakos Pierrakakis of Greece's Ministry of National Economy and Finance outlined priorities to support artisans and SMEs in Northern Greece, focusing on competitiveness, liquidity, and growth capacity. He highlighted Central Macedonia's economic contributions, improved fiscal indicators, and a tax reform package linked to EU fiscal frameworks. The address emphasized increased financing flows, vocational education links, and incentives for business cooperation.
Policy & regulationReform agendas & prioritiesOther
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2025-11-11•Sweden•Riksbank
Sweden's Riksbank released a Staff Memo analyzing stablecoins, highlighting their potential to enhance payment systems while cautioning against risks to financial stability and consumer protection. The memo notes rapid market growth to USD 272 billion by October 2025, with stablecoins primarily pegged to the US dollar and used in crypto trading. It discusses regulatory responses and open questions for central banks regarding stablecoin issuers' access to settlement systems and liquidity backstops.
ResearchStablecoins
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2025-11-11•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) reported that savings and credit cooperatives (Coopac) have gained 500,000 new members since the end of 2024. Level 2B and 3 Coopac will access the credit risk registry by the end of 2025 to enhance credit risk management. The SBS noted that over 36% of borrowers are exclusive to the cooperative system, with significant lending to rural and women borrowers.
SupervisionAuthorisations & approvalsSME financing
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2025-11-11•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails linked to banks like The Bank of East Asia, Shanghai Commercial Bank, and Chong Hing Bank. The HKMA stressed that banks do not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force's Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-11-11•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority announced the successful pricing of the Hong Kong Special Administrative Region Government’s third digital green bond issuance, totaling approximately HKD 10 billion across four currency tranches. Part of the Government Sustainable Bond Programme, it introduced tokenised central bank money settlement options and achieved total subscriptions exceeding HKD 130 billion. The bonds will finance eligible projects under the Government’s Green Bond Framework, with plans to regularise tokenised bond issuance and establish benchmarks.
Policy & regulationImplementation, projects & pilotsSecurities offerings and listings
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2025-11-11•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Academy of Finance, chaired by the Chief Executive of the Hong Kong Monetary Authority, has opened applications for the 2026 Financial Leaders Programme. This part-time programme targets senior financial executives for strategic leadership development and cross-sector engagement. The next cohort will commence in April 2026.
Financial literacy & educationLeadership change and appointments
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2025-11-11•Global•CDP
CDP's report on 2024 disclosures from nearly 12,000 companies reveals over USD 54 billion in annual savings from low-carbon initiatives but highlights a gap between transition ambition and funding, with only 11% aligning capital expenditure to strategies. The report identifies technology, infrastructure, and supportive policy as key dependencies, suggesting policy levers to unlock investment. Additionally, 544 financial institutions disclosed using corporate transition-plan data in due diligence, with stronger physical-risk preparedness noted among companies with transition plans.
ResearchClimate risk and sustainable finance
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2025-11-11•Global•Bank for International Settlements
The Bank for International Settlements and the South African Reserve Bank announced the winners of the G20 TechSprint 2025 challenge, focusing on trust and integrity in finance. Ownapay SA won for digital identity, Silence Laboratories for credit data portability, and FNA and Proto for fraud and cyber risk mitigation in fast payments. The challenge, part of the G20 global hackathon, featured solutions from 15 shortlisted teams.
Policy & regulationImplementation, projects & pilots
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2025-11-11•Global•United Nations PRI
The Taskforce on Net Zero Policy, supported by the UN PRI, released its COP30 report urging faster, coordinated net zero reforms among G20 jurisdictions. It notes a tripling of net zero regulations since 2020, with increased policy ambition in Asia Pacific and the Global South. The report emphasizes integrated frameworks, clearer carbon credit market rules, stronger accountability, transparency in fossil fuel lobbying, and estimates a need for USD 1.3 trillion in annual climate finance by 2035.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-11-11•United Kingdom•UK Parliament
The UK Parliament has completed the legislative process for the Public Authorities (Fraud, Error and Recovery) Bill, which aims to prevent fraud against public authorities, reduce erroneous payments, and recover funds lost to fraud or error. The bill, which underwent amendments and scrutiny in both Houses, received Royal Assent on 2 December and is now law.
Policy & regulationRules & requirementsOther
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2025-11-11•Ghana•Bank of Ghana
At the 29th National Banking and Ethics Conference, the Bank of Ghana announced enhanced oversight of digital assets and new conduct expectations for banks, including a proposed mandatory Ethics Certification Programme. It is developing a Virtual Asset Service Providers Bill with the Securities and Exchange Commission and the Financial Intelligence Centre to regulate crypto exchanges. The central bank also reported a 37.04% cedi appreciation and an 8.0% inflation rate in October 2025, while addressing increased fraud cases and collaborating on a Ghana Banking Code of Ethics.
Policy & regulationRules & requirementsCBDC
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2025-11-11•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved KO Yu RA as Deputy Chair and Management Board member at JSC Commercial Bank BNK, focusing on administrative and economic operations oversight.
SupervisionAuthorisations & approvalsSupervision process and methodologies
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2025-11-11•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency warned of a phone fraud scheme targeting the elderly. Fraudsters impersonate officials to create urgency, persuading victims to transfer money to a "safe account" and often gaining remote device access. Consumers should verify requests independently, avoid sharing confidential information, and report suspicious calls to banks or law enforcement.
SupervisionAlertsFraud and scams
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2025-11-11•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan re-elected Igor Alekseyevich Yakovenko as Insurance Ombudsman for a three-year term. Yakovenko, who has served since November 2022, has implemented measures to enhance dispute resolution, including structural reforms, digitisation, and a CRM system for improved interaction with insurers.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-11•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority issued a warning about individuals impersonating Exness ZA (Pty) Ltd on Telegram and WhatsApp to solicit investments. Exness confirmed no association with these administrators, who are not authorised to provide financial services. The FSCA advised caution against unsolicited offers and urged verification of a provider's authorisation status.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-11-11•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned that Quantum Wins is not authorised to provide financial services in South Africa. Quantum Wins reportedly solicits funds online, promising guaranteed cryptocurrency trading profits, but clients can't withdraw funds. The FSCA advises verifying authorisation and cautions against red flags like unrealistic returns and pressure to act quickly.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-11-11•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned about Mr. David Sean's unauthorized use of Capitec Bank Limited’s financial services provider number to solicit investments. Capitec confirmed no association with Mr. Sean, who is not authorized to provide financial services. The FSCA advised the public to verify the authorization status of financial service providers and be cautious of common red flags in investment offers.
SupervisionAlertsUnlicensed or unauthorized activityFraud and scams
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2025-11-11•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned about individuals impersonating Alexander Forbes Financial Planning Consultants and its CEO on Telegram to solicit investments. Alexander Forbes confirmed no association with these administrators, who are unauthorized to provide financial services. The FSCA advised caution with unsolicited offers on social media, noting red flags like unrealistic returns and urgent payment demands.
SupervisionAlertsFraud and scams
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2025-11-11•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warns about individuals on Telegram falsely claiming ties to Altvest Capital Solutions and CEO Warren Wheatley to solicit investments. Altvest confirmed no connection to these individuals and does not operate via social media. The FSCA advises verifying authorizations and being wary of scams like unrealistic returns and unsolicited offers.
SupervisionAlertsFraud and scams
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2025-11-11•Israel•Bank of Israel
The Bank of Israel's Financial Stability Report for H1 2024 highlights the financial system's resilience amid the Swords of Iron War, supported by strong capital ratios and liquidity. Despite high macroeconomic risks and increased government financing needs, stability is bolstered by a low pre-war debt-to-GDP ratio and substantial foreign exchange reserves, with private-sector credit rising by NIS 51 billion, mainly in real estate and mortgages.
ResearchFinancial stability and systemic riskGeopolitical risk
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2025-11-11•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
Governor Jasmina Selimovic of the Central Bank of Bosnia and Herzegovina participated in the Bank of Albania’s centennial conference, discussing Europe's strategic challenges and the EU's role in stabilizing and integrating the Western Balkans. She emphasized the importance of central bank independence for financial system trust and highlighted cooperation with the Bank of Albania on monetary policy and banking modernization.
OtherCross-border cooperation
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2025-11-11•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has expanded its Complaints Ranking publication, now accessible via social media and categorized by sector. The rankings cover insurance, open private pensions, and capitalisation, utilizing the RppA index to proportionally compare firms based on complaints relative to premium or contribution volumes. The data is updated quarterly and published approximately 60 days post-quarter.
Data & statisticsComplaints and dispute resolution
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2025-11-11•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance reported SUSEP-supervised activity totaled BRL 313.09bn from January to September 2025, a 3.43% nominal decrease from the same period in 2024. Indemnities, surrenders, benefits, and prize draws rose 9.72% nominally to BRL 198.61bn. Property and personal insurance revenues increased 7.45% nominally to BRL 164.82bn, with life insurance growing 12.13% nominally and auto insurance 6.12% nominally.
Data & statisticsOther
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2025-11-11•Spain•Bank of Spain
Bank of Spain Governor José Luis Escrivá stressed improving financing access for Spanish SMEs to boost growth, noting they lag behind European counterparts. He highlighted resilient growth, easing borrowing costs, and lower private-sector leverage but pointed out higher loan rejection rates and limited use of securitisation and venture capital for SMEs. The Bank supports SME-focused financial education and aims to expand funding access through its credit assessment system and participation in a European securitisation platform.
Policy & regulationImplementation, projects & pilotsSME financing
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2025-11-11•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority has withdrawn AS BaltCap’s operating licence as an alternative fund manager, following the firm's application due to reduced assets under management. AS BaltCap will continue as a registered manager of small alternative funds, which under Estonia’s Investment Funds Act, do not require a licence if assets are below EUR 500 million and certain conditions are met. Supervision of such registered managers is limited to collecting supervisory reports.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-11-11•South Africa•South African Reserve Bank
The South African Reserve Bank and the Bank for International Settlements announced the 2025 G20 TechSprint winners, focusing on trust and integrity in scalable, open finance. Launched under South Africa’s G20 Presidency, the initiative sought tech solutions for digital identity, credit data portability, and fraud and cyber-risk mitigation. Winners include Ownapay SA for digital identity, Silence Laboratories for credit data portability, and FNA and Proto for fraud and cyber-risk mitigation.
Policy & regulationImplementation, projects & pilotsFintech and insurtechRegtech and suptech
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2025-11-11•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported on Governor Eli M. Remolona, Jr.'s participation in the 61st SEACEN Governors’ Conference, emphasizing digital payments connectivity for cross-border economic integration. The conference called for greater interoperability and standardization of payment systems. Additionally, the 45th SEACEN Board of Governors’ Meeting approved the 2026 work plan and budget and discussed the strategic business plan for 2026–2030.
Policy & regulationCooperationCross-border payments
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2025-11-11•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines, during its 2025 Peso Real-Time Gross Settlement (RTGS) Forum, called for stakeholder support to develop a 24/7 peso RTGS service, indicating a potential shift to continuous settlement in the BSP-owned PhilPaSSplus system. The forum also addressed operational refinements, progress on the ISO 20022 Standard Harmonization Project, and updates on penalties and liquidity-saving mechanisms.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-11-11•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) warns about counterfeit surety bond insurance policies falsely marketed under Nordic Guarantee Försäkringsaktiebolag's name, which disowns them. IVASS advises consumers to verify insurers and intermediaries' legitimacy through its online resources before making payments. Nordic Guarantee is a Swedish insurer authorized to operate in Italy under the freedom to provide services in non-life class 15 (Surety).
SupervisionAlertsFraud and scams
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2025-11-11•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation by two websites, with blocking by Italian internet service providers underway. This action brings the total number of targeted abusive sites to 309 since November 2023. IVASS emphasized consumer due diligence for insurance offers, particularly for temporary motor third-party liability policies, advising verification of insurer and intermediary authorization.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-11-11•Oman•Oman Financial Services Authority
The Oman Financial Services Authority held a workshop with the Idrak Fintech Community on security regulations and fraud prevention for fintech firms. The session detailed the regulatory framework, sandbox environment, licensing criteria, and fraud prevention measures. It emphasized compliance obligations and risk management, highlighting the importance of clear regulatory guidance in fostering innovation and trust in digital financial services.
Policy & regulationGuidance & interpretationFintech and insurtechCompliance
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2025-11-11•Europe•European Central Bank
The European Central Bank's Working Paper Series No 3149 examines why banks choose bilateral versus syndicated corporate lending, finding syndication mainly serves as a risk-management tool. Analysis of euro area credit register and syndicated-loan data shows banks are more likely to syndicate when their risk-bearing capacity is weaker, screening and monitoring costs are higher, and borrowers are riskier. Syndicated loans are priced higher than bilateral loans, with spreads averaging 57 basis points more, and do not increase the likelihood of subsequent first-time bond issuance.
ResearchLending
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2025-11-11•Europe•European Central Bank
The European Central Bank's Working Paper introduces a machine learning approach to identify turning points in euro area monetary aggregates M1 and M3 in near real time. M1 turning points can be detected with a three-month delay using Learning Vector Quantisation, while a distinction-sensitive extension provides interpretability for M3 by highlighting key drivers like lending to households and firms. The paper benchmarks performance against the Bry–Boschan algorithm and standard classifiers, reporting robust results across various models and metrics.
ResearchOther
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2025-11-11•Europe•European Central Bank
The European Central Bank's Economic Bulletin examines China's widening trade surplus post-pandemic, citing subdued domestic demand and structural changes that have depressed imports while boosting exports. The research highlights a decoupling in China's goods trade, with exports rising and imports stagnating due to factors like the housing downturn and the "Made in China 2025" strategy. The ECB notes that China's export growth, especially in sectors with weak domestic sales, poses competitive pressures for trading partners, including the European Union.
ResearchGeopolitical risk
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2025-11-11•Estonia•Central Bank of Estonia
The Central Bank of Estonia's Supervisory Board confirmed Andrus Alber as Deputy Governor for a five-year term starting January 2026, succeeding Veiko Tali. Governor Madis Müller nominated Alber, citing his financial sector experience and previous roles at the International Monetary Fund and the central bank. The board also advanced Ülo Kaasik's nomination as the next Governor to the President for confirmation, with Müller's term ending June 2026.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-11-11•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission reported a 13.25% year-on-year increase in total premiums to PHP 372.08 billion for licensed insurers and mutual benefit associations as of Q3 2025. Life and non-life insurance premiums rose by 13.77% and 13.07%, respectively, with total assets reaching PHP 2.62 trillion. Insurance penetration and density also improved, indicating premium growth outpacing population growth.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-11-11•North Macedonia•Securities and Exchange Commission of the Republic of North Macedonia
The Securities and Exchange Commission of the Republic of North Macedonia has finalized an agreement with UKIM to enhance vocational and non-formal education for economics and finance students. The collaboration aims to innovate university curricula, incorporating industry expertise and practical experiences, and may include a joint digital platform for financial education. Initiatives also cover potential internships, scholarships, and employment opportunities.
Policy & regulationCooperationDomestic cooperation
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2025-11-11•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) is consulting on a draft rule to amend the disclosure regime for Financial Investment Funds under Annex I of CVM Resolution 175. The proposal seeks to balance investor protection and supervisory needs with reduced compliance costs, including changes to reporting requirements and data submission frequency.
Policy & regulationRules & requirementsRegulatory burden
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2025-11-11•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Joint Circular Letter CVM/SMI/SIN/SSE 2/2025, clarifying obligations for administrators and infrastructure providers in reconciling investment fund units distributed "on behalf and by order." The guidance emphasizes daily reconciliation among fund administrators, market entities, and registrars, following CVM Resolution 175, to ensure accurate investor positions and enhance unitholder benefits.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-11-11•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) approved settlement agreements totaling BRL 1.77 million to resolve proceedings against an issuer investor relations director and two equity fund managers. José Ricardo Elbel Simão agreed to pay BRL 330,000 for alleged disclosure failures, while Francisco Giffoni Meirelles de Andrade and Michel Shirozono will pay BRL 720,000 each for alleged price manipulation. The CVM board accepted the agreements following recommendations from the Term of Commitment Committee.
EnforcementInvestigations & enforcement actionsOther
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2025-11-11•Brazil•Brazil Securities Commission (CVM)
Brazil’s Securities Commission (CVM) warned RSM Brasil Auditores Independentes for non-compliance with education requirements, acquitted T4F Entretenimento S.A. board members, and suspended judgment against Gol Linhas Aéreas board member Henrique Constantino, who faced allegations of enabling contracts without business rationale and diverting resources. The T4F case involved alleged abuse of power and duty of care breaches, which were unanimously dismissed.
EnforcementInvestigations & enforcement actionsAuditing
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2025-11-11•Albania•Albania Financial Services Authority
Albania Financial Services Authority's Executive Director, Mimoza Kaçi, joined EIOPA’s Tirana roundtable on insurance regulation and European integration. Discussions covered Albania's insurance market challenges, EIOPA's support, and enhancing supervisory capacity for EU alignment, emphasizing financial stability, consumer protection, and sustainable market development. Senior figures from EIOPA, the European Commission, the World Bank, and the Austrian Financial Market Authority attended.
Policy & regulationCooperationCross-border cooperation
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2025-11-11•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia co-hosted the inaugural Investor Roundtable on Sustainable Finance in Phnom Penh with several international organizations. The event featured high-level participation, including H.E. Sou Socheat and representatives from the Global Green Growth Institute and the United Nations Economic and Social Commission for Asia and the Pacific.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-11-11•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia (SERC) and ACLEDA University of Business (AUB) conducted a workshop to enhance financial literacy in the securities sector. The event was supported by ACLEDA Securities Plc. and Benjaran Asset Management (Cambodia) Plc., with SERC Director General Sou Socheat and AUB President Phon Narin presiding.
Financial literacy & educationFinancial literacy and education
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2025-11-11•Canada•Ontario Securities Commission
The Ontario Securities Commission (OSC) issued an investor warning from October 21 to November 11, 2025, identifying six unregistered companies, including Arquette Insurance and Wealth Management and PT-Option. The OSC advises investors to verify registration to avoid potential risks and maintains a warning list of entities engaged in potentially harmful or illegal activities.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-11-11•Tonga•National Reserve Bank of Tonga
The National Reserve Bank of Tonga has issued a warning about the circulation of counterfeit pa‘anga banknotes, particularly affecting cash-only informal businesses, and advises careful inspection of notes. Counterfeit TOP 100, TOP 5, and TOP 50 notes have been identified, with details on genuine security features available on the bank's website; the public is urged to report suspicious currency to the bank or police.
SupervisionAlertsFraud and scams
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2025-11-11•Montenegro•Central Bank of Montenegro
Central Bank of Montenegro Governor Irena Radovic emphasized innovation's role in sustainable growth and financial stability at a Tirana conference, highlighting digital payments and FinTech. She framed Montenegro's EU accession as a stability anchor and noted the EU's innovation agenda's relevance for future members. Radovic also discussed Montenegro's early adoption of a Smart Specialisation Strategy to enhance technology uptake and financial regulation.
Policy & regulationReform agendas & priorities
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2025-11-11•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority warned that https://commercialregister.sc/, run by Commercialregister LTD, is not a government body and is unaffiliated with the Seychelles Government. The FSA noted the unauthorised use of the Seychelles Coat of Arms and its logo, which may falsely imply official status, and highlighted inaccurate and misleading information on the site. Investors and the public should exercise caution regarding services offered by Commercialregister LTD.
SupervisionAlertsUnlicensed or unauthorized activity