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2025-10-23•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission (FSC) issued decisions allowing increased indirect qualified participation in two management companies and setting the minimum yield for mandatory pension funds. It also addressed procedural steps for cross-border insurance intermediation and ongoing authorization cases, including requests for additional information from management companies.
SupervisionAuthorisations & approvalsLicence approval
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2025-10-23•Jordan•Jordan Securities Commission
The Jordan Securities Commission announced that its draft 2025 Virtual Asset Service Providers Licensing Scheme is nearing completion following Cabinet approval, aiming to enhance security and legal protection for investors using licensed local platforms. The scheme aligns with Jordan's virtual asset regulations and is part of broader legislative efforts linked to the government's Future Technology Council.
Policy & regulationRules & requirementsLicence approval
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2025-10-23•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has issued a new licence to LLC “Audit - Consulting” for auditing credit institutions, nullifying its previous banking-system audit licence from June 2020.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-10-23•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan is assessing the impact of the EU's 19th sanctions package against Russia, which affects certain banks and companies in Tajikistan. The central bank is consulting with international partners to mitigate potential negative effects. Domestic banking services remain unaffected, but international transfers may require additional checks.
SupervisionRisk monitoring & watch pointsCross-border cooperation
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2025-10-23•Iraq•Central Bank of Iraq
The Central Bank of Iraq reaffirmed its commitment to expanding access to formal financial services and electronic payments, emphasizing the National Strategy for Financial Inclusion 2025–2029 as a framework for empowering women and youth. Governor Ali Mohsen Al-Allaq highlighted the link between financial inclusion and sustainable development, with ongoing efforts on digital payments infrastructure, financial innovation, and literacy in collaboration with educational institutions.
Policy & regulationReform agendas & prioritiesFinancial inclusion
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2025-10-23•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines issued Circular No. 1221, amending the Manual of Regulations for Banks to expand regulatory relief in calamity-declared areas. Measures include operational flexibilities, such as relaxed customer identification requirements, a grace period for loan payments, and temporary adjustments to prudential requirements and reporting obligations. The circular allows banks to defer branch openings and provides specific relief for thrift, rural, and cooperative banks, effective 15 days post-publication.
Policy & regulationRules & requirementsOperational risk and resilience
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2025-10-23•India•India International Financial Services Centres Authority
The India International Financial Services Centres Authority (IFSCA) has proposed a regulatory framework for differential distribution in Restricted and Venture Capital Schemes in GIFT IFSC. It aims to enhance fund manager flexibility and support diverse investor participation, ensuring transparency and protection. This initiative seeks to mobilize private capital for climate and sustainable development goals, with India needing an estimated USD 10–20 trillion to meet net-zero objectives.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-10-23•Global•Bank for International Settlements - Financial Stability Institute
The Bank for International Settlements’ Financial Stability Institute published an FSI Brief on yield-bearing products offered by cryptoasset service providers based on payment stablecoins, warning that these can blur the line between payment instruments and investment products, create consumer protection gaps, and heighten financial stability risks. The brief outlines key vulnerabilities, including limited prudential oversight, lack of deposit insurance, opaque sources of yield, run risk, and conflicts of interest at multifunction providers, and contrasts regulatory approaches ranging from outright prohibitions in the European Union and Hong Kong SAR to restricted regimes in Singapore and the absence of explicit bans in the United States, while noting that pending U.S. legislation may lead to further rules on stablecoin yield activities.
Policy & regulationGuidance & interpretationStablecoins
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2025-10-23•Brazil•Brazilian Pension Funds Authority (PREVIC)
At the 46th Brazilian Private Pension Congress, PREVIC director-superintendent Ricardo Pena outlined regulatory priorities, including amending CNPC Resolution 30/2018 and introducing a new solvency rule for pension plans. The proposal aims to reduce funding recovery plans triggered by temporary conditions and is linked to demographic and fiscal pressures. Separately, Social Security Minister Wolney Queiroz re-submitted a draft update of the sanctioning regime under Decree 4,942/2003 to modernize the disciplinary framework.
Policy & regulationRules & requirementsOther
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2025-10-23•South Africa•South African Reserve Bank
The South African Reserve Bank's study (WP/25/17) assesses severe droughts' economic impact in the Southern African Development Community (SADC), revealing significant GDP per capita reductions, averaging 18% in affected countries and 5% in South Africa. Covering 1980–2018, it highlights long-lasting effects, with Mozambique and Malawi experiencing the highest losses. It suggests policymakers address drought risks and consider implications for banks' agricultural credit exposures.
ResearchClimate risk and sustainable finance
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2025-10-23•South Africa•South African Reserve Bank
South African Reserve Bank Governor Lesetja Kganyago, at the Advancing Cross-Border Payments Conference, emphasized enhancing cross-border payments under South Africa's G20 presidency. He noted progress since the G20 Roadmap's 2020 launch but identified ongoing challenges in sub-Saharan Africa, such as fragmented infrastructure and limited interoperability. Kganyago called for regional cooperation, regulatory alignment, and investment in interoperable infrastructure to improve efficiency and inclusivity, particularly for remittances and small-value transfers.
Policy & regulationReform agendas & prioritiesCross-border payments
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2025-10-23•Europe•European Central Bank
ECB Executive Board member Philip R. Lane emphasized balancing strong regulation with innovation amid financial digitalisation, highlighting the ECB's work on a digital euro and distributed ledger technology. He stressed prudential regulation should support financial stability without stifling innovation. Lane also called for accelerated European financial integration to enhance market efficiency and support the green transition and defence industry scaling.
Policy & regulationReform agendas & prioritiesMarket developmentFinancial stability and systemic risk
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2025-10-23•Estonia•Central Bank of Estonia
The Central Bank of Estonia will issue a separate quarterly statistical release alongside its monthly payment statistics, starting with the third-quarter 2025 data on 23 October 2025. This release will detail changes in payment statistics, including payments sent and received, card payments, and payees by main economic activity. It will be independent of economic policy releases.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-10-23•Europe•European Council
The European Council adopted a 19th package of sanctions against Russia, adding 69 individual listings and imposing further sectoral sanctions on energy, finance, trade, and services. Key measures include a ban on Russian liquefied natural gas imports, expanded financial restrictions, and tightened export controls on entities supporting Russia's military-industrial complex. The package also targets Belarus' support for Russia and restricts Russian diplomats' movement in the EU.
Policy & regulationRules & requirementsNew sanctions designations
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2025-10-23•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia will host the InvestSmart Fest 2025 in Kuala Lumpur from 24–26 October to enhance investor education and protection, aligning with the National Strategy for Financial Literacy 2026–2030. The event responds to a significant rise in complaints about unlicensed activities and scams, with 3,602 cases reported in 2024. It will feature panel sessions, exhibitions, and an anti-scam zone, offering free entry and financial planning.
Financial literacy & educationFinancial literacy and education
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2025-10-23•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a sanctions notice after a UN Security Council amendment concerning ISIL (Da'esh) and Al-Qaida, affecting Abd El Kader Mahmoud Mohamed EL SAYED. Businesses must verify relationships with designated individuals, freeze related assets, and report findings to the States of Guernsey Policy & Resources Committee. Firms must also inform the GFSC and submit a report under Handbook Rule 12.37 detailing any affected relationships or transactions.
EnforcementSanctions & designationsSanctions list update
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2025-10-23•Switzerland•Swiss National Bank
The Swiss National Bank announced the opening of Moneyverse, a visitor centre dedicated to the topic of money, in Berne on 10 April 2026. Developed in partnership with the Bern History Museum, Moneyverse aims to enhance economic literacy by exploring money from historical, economic, social, and personal perspectives. The centre will be located in the renovated Kaiserhaus, which has been modernised under historical preservation requirements.
Financial literacy & educationFinancial literacy and education
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2025-10-23•Portugal•Bank of Portugal
The Bank of Portugal has issued a warning that "Sim Emprestimo Servico" or "Meuemprestimo," operating via a specific website, is not authorised to conduct lending or financial activities under its supervision. Lending activities in Portugal are restricted to authorised entities as per the Legal Framework of Credit Institutions and Financial Companies.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-10-23•Europe•European Council
The European Council adopted Decision (CFSP) 2025/2040, imposing further sanctions on Belarus for its role in Russia's aggression against Ukraine. The measures expand export restrictions on goods supporting Belarus's military and technological capabilities and tighten controls on financial-sector software and services, including crypto-assets and electronic money. The Decision also extends prohibitions on certain imports and aligns with several European countries, including Albania and Norway.
Policy & regulationRules & requirementsSanctions list update
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2025-10-23•Russia•Central Bank of Russia
The Central Bank of Russia issued updated recommendations for entrepreneurs with restricted bank account transactions, incorporating recent legislative changes. The guidance addresses anti-money laundering, cybersecurity, tax, and customs issues, providing step-by-step instructions and templates for appeals. Developed with input from Rosfinmonitoring and other stakeholders, the materials aim to expedite resolution and reduce recurrence risk.
Policy & regulationGuidance & interpretationAML and CFT
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2025-10-23•Russia•Central Bank of Russia
The Central Bank of Russia reported October 2025 monitoring results for maximum interest rates on Russian-ruble deposits at the top 10 credit institutions by household deposits. The average maximum rate was 15.46% for the first 10 days and 15.45% for the second 10 days of October. Rates varied by maturity, with the highest at 14.83% for 91–180 days and the lowest at 12.35% for over one year.
Data & statisticsFinancial and market indicators
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2025-10-23•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has finalized its policy on the Matching Adjustment Investment Accelerator (MAIA), allowing UK insurers to include self-assessed MA-eligible assets not covered by existing permissions and claim immediate MA benefits. Key changes include amendments to the PRA Rulebook, supervisory statements, and forms, with exposure limits set at the lower of 5% of MA portfolio liabilities or GBP 2 billion. Effective 27 October 2025, the policy also extends reporting deadlines and refines asset eligibility and contingency planning expectations.
Policy & regulationRules & requirementsPrudential risks
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2025-10-23•United States•U.S. Financial Services Committee
French Hill, chair of the U.S. House Financial Services Committee, argues Europe's purchases of Russian oil and gas undermine sanctions and finance Russia's war, calling for tougher measures to cut Russian export revenues. He advocates using frozen Russian sovereign assets to support Ukraine, citing the PEACE Act's proposal to cut off foreign financial institutions from the U.S. dollar if they deal with blacklisted Russian entities. Hill urges the G7 and EU to confiscate Russian assets rather than structuring new loans, highlighting Ukraine's significant funding needs and debt burden.
Policy & regulationOther
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2025-10-23•Malta•Central Bank of Malta
The Central Bank of Malta amended Directive No. 14 on the Central Credit Register and Directive No. 15 on credit reference agencies, expanding reporting scope and data usage. Directive No. 14 now includes financial institutions and vehicle corporations as reporting entities, while Directive No. 15 allows credit reference agencies to use anonymised data for creditworthiness products. Both directives were updated to enhance data collection and dissemination due to technological advancements and increased data demand.
Policy & regulationRules & requirementsCredit riskRegulatory reporting
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2025-10-23•Canada•Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) is shifting to a holistic, outcomes-focused prudential supervision approach to address technology-driven risks and foster innovation. Superintendent Peter Routledge emphasized early action and building buffers, focusing on the safety and soundness of federally regulated institutions amid rising cyber threats and geopolitical instability. OSFI will assess risk-based capital adjustments to support market development, with potential changes subject to public consultation through CAR 2027.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-10-23•United Kingdom•HM Treasury
HM Treasury has launched the Office for Investment: Financial Services, a one-stop service to aid global financial firms in investing and expanding in the UK. This initiative, in partnership with the Prudential Regulation Authority, Financial Conduct Authority, and City of London Corporation, aims to reduce regulatory barriers and promote investment opportunities. It is part of the Government’s Financial Services Growth and Competitiveness Strategy, outlining a ten-year plan for the sector.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-10-23•Canada•Payments Canada
Payments Canada appointed Janet Lalonde as Vice President, Real-Time Rail Operations, to enhance leadership and operational excellence for the RTR system. Lalonde, with over 25 years of experience, will assume the role in April 2026, focusing on secure and cost-effective 24/7/365 operations. She will manage the transition while maintaining her current position as Vice President, Business Program Delivery.
Institutional developmentLeadership change & appointmentsOperational excellenceLeadership change and appointments
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2025-10-23•Europe•European Commission
The European Commission detailed the Council's 19th sanctions package against Russia, intensifying restrictions on energy, finance, trade, and services to curb war-related revenues and enhance anti-circumvention measures. Key actions include a ban on Russian liquefied natural gas imports, expanded financial transaction bans, and new crypto-related restrictions. The package also extends export restrictions, adds asset-freeze listings, and introduces service bans, with some measures mirrored in the Belarus sanctions regime.
Policy & regulationRules & requirementsNew sanctions designations
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2025-10-23•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) have initiated a consultation on a proposed pilot allowing eligible venture issuers to switch from quarterly to semi-annual financial reporting. The Semi-Annual Reporting Pilot, implemented via coordinated blanket orders, exempts participants from filing first and third quarter reports under National Instrument 51-102. Eligibility is restricted to issuers with securities on TSX Venture Exchange Inc. or CNSX Markets Inc., revenue under CAD 10 million, and a clean compliance history.
Policy & regulationImplementation, projects & pilotsAccounting and financial reporting
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2025-10-23•United States•Federal Reserve Board
Federal Reserve Board Governor Michael S. Barr marked the 25th anniversary of the New Markets Tax Credit (NMTC), emphasizing its role in channeling private capital into underserved communities for business growth and job creation. Barr highlighted the NMTC's bipartisan origins and its 39 percent tax incentive over seven years as crucial for investment viability, supporting about one million jobs. He linked the NMTC to the Federal Reserve System's community development mission, which he now oversees, focusing on economic conditions in low-income areas.
Policy & regulationGuidance & interpretationOther
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2025-10-23•United States•Federal Reserve Board
The Federal Reserve Board and the Federal Deposit Insurance Corporation released the public sections of resolution plans for 15 large banking organizations, detailing strategies for orderly resolution under bankruptcy. This includes plans from five domestic and 10 foreign banks, as well as an interim update from Capital One Financial Corporation following its acquisition of Discover. These plans are mandated by the Dodd-Frank Act.
Policy & regulationImplementation, projects & pilotsRecovery and resolution
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2025-10-23•Albania•Bank of Albania
The Bank of Albania and the European Investment Bank held a workshop on developing an Albanian National Green Taxonomy, focusing on governance, EU interoperability, and sustainable investment classification. Discussions emphasized coordinated efforts among public authorities, banks, civil society, and international partners. The European Investment Bank highlighted the Bank of Albania's broader green finance initiatives, including a Green Strategy and climate risk management guidance.
Policy & regulationImplementation, projects & pilotsGreen taxonomy
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2025-10-23•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board (CPAB) released its Audit Quality Insights Report on 2025 interim inspection results, highlighting significant findings in nine of 59 files at Canada's four largest audit firms and four of 10 files at other firms. Key deficiencies were noted in the use of technology in audits, fraud risk identification, group financial statement audits, and evaluation of accounting policies. CPAB will publish full 2025 inspection results in March 2026 and begin releasing firm-specific results and individual firm public inspection reports in 2026.
SupervisionReviews, inspections & stress testsAuditing
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2025-10-23•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board released an interim report on its 2025 audit quality assessment, highlighting inspection findings and considerations for public company audit committees. Key themes include technology-assisted audit tools, fraud risk management, group audit standard implementation, and accounting policy alignment. The report also discusses artificial intelligence's impact on audits and urges firms to share findings with committees.
SupervisionReviews, inspections & stress testsAuditing
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2025-10-23•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority's Board Decision No. 227 of 2025 mandates licensed non-banking financial entities to enhance technology infrastructure and cybersecurity controls to maintain licenses. Compliance with Board Decision No. 139 of 2023 standards, including board-approved information security policies, IT governance frameworks, and cybersecurity risk insurance, is required. Firms must conduct periodic penetration testing and submit annual information security reports to the Authority.
Policy & regulationRules & requirementsCyber resilience
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2025-10-23•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority's Annual Pensions Report shows pension plans in British Columbia remained strong and well-funded in 2024. Registered plans decreased to 610 due to mergers and windups, while membership grew by 4% to nearly 1.34 million. Defined benefit plans used excess assets to offset employer contributions, with total contributions rising 9%, and investment allocations shifting towards fixed income.
Data & statistics
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2025-10-23•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has released a consultation paper proposing a streamlined pathway for mid-sized banks to gain accreditation for the internal ratings-based (IRB) approach to calculating credit risk-weighted assets, aiming to enhance accessibility while maintaining standards. Feedback is sought on these proposals, which intend to improve flexibility and transparency in the accreditation process.
Policy & regulationRules & requirementsLicensing framework and process
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2025-10-23•Canada•Canada Deposit Insurance Corporation
The Canada Deposit Insurance Corporation (CDIC) released a consumer article advising Canadians on tailoring savings plans to life stages, emphasizing CDIC's protection of eligible deposits in bank failures. The article covers savings strategies for early career, home purchase, education, and retirement, highlighting tools like TFSAs, FHSAs, RESPs, and RRSPs. It also guides readers to CDIC resources on deposit insurance and coverage calculation.
Financial literacy & educationFinancial literacy and education
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2025-10-23•Egypt•Central Bank of Egypt
The Central Bank of Egypt announced a 47.2% year-on-year increase in remittances from Egyptians working abroad, reaching a record USD 26.6 billion from January to August 2025. August 2025 alone saw a 32.6% rise to USD 3.5 billion compared to the same month in 2024.
Data & statisticsCross-border payments
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2025-10-23•Malta•Malta Financial Services Authority
The Malta Financial Services Authority recapped its Cyber Finance Summit 2025, emphasizing coordinated efforts to counter ICT risks. Themes included the cyber threat landscape, regulation, and ICT third-party risk, with discussions on the European Union Digital Operational Resilience Act highlighting increased regulatory scrutiny. Notable speakers included representatives from the European Central Bank, Bank of England, and technology firms like Microsoft and Amazon Web Services.
Policy & regulationCooperationCyber resilienceDomestic cooperation
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2025-10-23•Canada•Alberta Securities Commission
The Alberta Securities Commission has commenced its ninth annual ASC Connect conference, focusing on capital markets under the theme "Realizing our Potential." Discussions will cover securities law, investor advice evolution, financial innovation, energy and natural resources developments, and Alberta's role in Canada's capital markets. The event is hosted by Stan Magidson, Chair and CEO of the ASC.
OtherMarket development
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2025-10-23•Canada•Alberta Securities Commission
The Alberta Securities Commission hosted its ninth annual ASC Connect conference, focusing on securities law, investor advice evolution, and the role of regulators in financial innovation. Discussions also addressed developments in the energy and natural resources sectors and capital markets' role in supporting Alberta's economic potential.
OtherMarket development
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2025-10-23•Argentina•Argentina Securities Commission (CNV)
Argentina Securities Commission (CNV) President Roberto E. Silva highlighted the CNV's new regulatory frameworks for tokenization and Virtual Asset Service Providers (PSAVs) at the AMBA Payments Media congress. Silva emphasized the innovative nature of these frameworks, which aim to enhance transparency, efficiency, and financial integration through blockchain technology.
Policy & regulationRules & requirementsFintech and insurtechTokenization
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2025-10-23•Vietnam•State Bank of Vietnam
The State Bank of Vietnam presented a draft revised Deposit Insurance Law to the National Assembly to address issues under the 2012 law and align with the 2024 Law on Credit Institutions. Key proposals include expanding the Vietnam Deposit Insurance's toolkit, allowing flexible premium-setting, and empowering the Governor to set payout limits and premiums. The National Assembly’s Economic and Finance Committee supported the direction but requested clarifications on fee calculations, information-sharing, and governance arrangements.
Policy & regulationRules & requirementsOther
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2025-10-23•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's Region 5 office has launched the "Bình dân học vụ số" digital literacy movement, integrating digital skills into its programs. This follows Decision No. 1938/QĐ-NHNN, aligning with the Central Steering Committee's plan on science, technology, and digital transformation. Region 5 has implemented internal plans, established a department for progress tracking, and engaged staff in digital training, including AI applications and IT system conversion.
Institutional developmentCooperation & capacity buildingOther
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2025-10-23•Asia•Asia/Pacific Group on Money Laundering (APG)
The Asia/Pacific Group on Money Laundering has published mutual evaluation reports for the Maldives and Niue, completing its Global 4th Round of Mutual Evaluations. The Maldives report identifies significant shortcomings in risk-based coordination, investigations, sanctions and beneficial ownership transparency, while the Niue report finds low risks but persistent gaps in supervision, financial intelligence capacity and targeted financial sanctions. APG follow-up reporting and technical compliance re-ratings will continue under its Transitional 4th Round procedures.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-10-23•United States•Financial Crimes Enforcement Network
FinCEN's Financial Trend Analysis identifies about USD 9 billion in potential Iranian shadow banking via U.S. correspondent accounts in 2024. It aids financial institutions in detecting Iran's sanction-evasion transactions. Key findings include USD 5 billion tied to foreign shell companies and USD 4 billion linked to Iranian front oil companies, mainly in the UAE and Singapore.
Policy & regulationGuidance & interpretationAML and CFTFinancial stability and systemic risk
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2025-10-23•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury announced amendments to five entries on the UK Sanctions List under the Russia sanctions regime, effective through the Sanctions (Implementation of UK Sanctions) Regulations 2024. The amendments maintain asset freeze and trust services sanctions, requiring immediate asset freezing if a match is suspected. Reporting obligations to the Financial Intelligence Unit remain, with non-compliance constituting a criminal offence.
Policy & regulationRules & requirementsSanctions list update
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2025-10-23•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) Board of Supervisors has nominated Damian Jaworski as Executive Director, pending European Parliament confirmation. Jaworski, currently with Poland’s Financial Supervision Authority, brings nearly 30 years of regulatory experience. The Executive Director oversees EIOPA’s management and work programme implementation for a five-year term, renewable once.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-10-23•Moldova•National Bank of Moldova
The National Bank of Moldova has notified licensed banks of their 2026 contributions to the bank resolution fund, totaling MDL 116.98 million. The contributions are based on a 3% target level of guaranteed deposits, adjusted for deposit growth and bank-specific risk factors. As of 30 June 2025, the resolution fund held MDL 880.9 million, with the recalculated target level at MDL 1,402.0 million due to increased deposit coverage.
Policy & regulationImplementation, projects & pilotsRecovery and resolution
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2025-10-23•Moldova•National Bank of Moldova
The National Bank of Moldova detailed Governor Anca Dragu’s meeting with France’s Ambassador and the French economic mission, highlighting macroeconomic discussions and cooperation with Banque de France. Priorities include financial stability, institutional governance, payments infrastructure modernization, and Moldova's accession to the Single Euro Payments Area. The Banque de France partnership advances through technical assistance projects under a memorandum of understanding.
Policy & regulationImplementation, projects & pilotsCross-border cooperation
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2025-10-23•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
The Ministry of Finance of Trinidad and Tobago clarified that the 2025/2026 Budget includes sufficient allocations for current wage and salary obligations, countering a media report suggesting otherwise. The ministry emphasized that any additional funds required for a proposed 10 percent salary increase will be addressed through established parliamentary procedures once negotiations conclude.
Policy & regulationGuidance & interpretationOther
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2025-10-22•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority concluded a three-day education programme for investment advisers, focusing on capital market topics such as legal regimes, anti-money laundering, and takeovers. This second programme in 2025 featured speakers from the Authority and industry experts, highlighting ongoing demand for training in investment advisory services.
Financial literacy & educationFinancial literacy and education
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2025-10-22•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia emphasized consumer protection and cybersecurity at a World Investor Week panel. Deputy Superintendent Francisco Espinosa discussed the shift to virtual transactions and an AI-powered system for assessing cybersecurity maturity. Key initiatives include the System for the Administration of Operational Risk (SARO), cybersecurity regulation based on the NICE standard, and the "Digital Supervision" project.
SupervisionSupervision approach, priorities & toolkitFraud and scamsCyber resilience
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2025-10-22•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission participated in the 2nd BFA Capital Markets Conference in Luanda, focusing on "Sustainable Finance and ESG". CMC Chair Elmer Serrão highlighted the capital market as a safe and sustainable funding avenue, while Executive Administrator Herlânder Diogo emphasized the importance of ESG principles for aligning with international best practices.
Policy & regulationOtherClimate risk and sustainable finance
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2025-10-22•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority published its Annual Report 2024-25, detailing regulatory activities, enforcement, and corporate developments. The report emphasizes partnerships to enhance resilience and growth amid global uncertainties, with priorities on financial stability, sustainable growth, and fair customer treatment.
OtherOperational excellence
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2025-10-22•Europe•European Securities and Markets Authority
The European Securities and Markets Authority released its annual report on EU carbon markets, noting no significant issues in market integrity or transparency for 2024. The report highlights stable dynamics in emission allowance auctions and secondary-market trading, supporting diverse acquisition strategies for non-financial firms. This analysis is part of ESMA’s ongoing monitoring under the EU Emissions Trading System Directive.
SupervisionRisk monitoring & watch pointsCarbon markets
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2025-10-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced the conviction of Rohan Rex Greyling, former director of Nomad Developments Pty Ltd, for making a false statement to ASIC, resulting in a AUD 1,000 fine and a five-year disqualification from managing corporations. Greyling falsely declared no outstanding liabilities when deregistering the company, despite a debt of AUD 34,885. The case was prosecuted by the Director of Public Prosecutions following ASIC's referral.
EnforcementInvestigations & enforcement actionsAccounting and financial reporting
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2025-10-22•Tanzania•Ministry of Finance (Tanzania)
Tanzania’s Ministry of Finance announced that CRDB Bank signed memoranda of understanding with three international finance institutions, totaling over TZS 300 billion, to enhance financial inclusion and sustainable development in Africa. The agreements include USD 60 million from FinDev Canada for MSMEs, USD 50 million from DEG (KfW Group) for SME lending in Tanzania, and USD 10 million from Shelter Afrique Development Bank for affordable housing. The MoUs were signed at CRDB’s Investors and Partners Forum during the World Bank and IMF Annual Meetings.
Policy & regulationImplementation, projects & pilotsSME financingFinancial inclusion
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2025-10-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market held webinars to guide market participants on submitting financial statements under new requirements, transitioning to a mandatory XBRL format. Over 700 participants learned about the Financial Reporting System's functionalities, including registration, accessing materials, and using free software for electronic reporting. Webinar recordings and materials addressed pre-submitted questions.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-10-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has amended rules for commodity exchanges to require financial and audit statements in XBRL format, aligning with international standards. From 1 November, exchanges must use the financial statement taxonomy and file reports through the Financial Reporting Collection Center. This transition to XBRL reporting will be gradual.
Policy & regulationRules & requirementsRegulatory reportingAccounting and financial reporting
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2025-10-22•Türkiye•Central Bank of Türkiye
The Central Bank of Türkiye will circulate E9 series, version VII TRY 20 banknotes from 22 October 2025, authorized by Law No. 1211. The only change is the inclusion of signatures from Governor Fatih Karahan and Deputy Governor Prof. Hatice Karahan, with all other features unchanged. The new version will circulate alongside existing banknotes.
Monetary policyMonetary policy instruments & operationsLicence approval
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2025-10-22•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank assessed the impact of Dutch pension funds' transition to a new pension contract on international interest rate markets, noting a potential EUR 100-150 billion reduction in long-dated government bonds and interest rate swaps. The transition may increase equity exposure for younger members while maintaining government bonds for older members, with analysts expecting higher 30-year rates. DNB notes uncertainties due to incomplete investment plans and market conditions, with mitigating factors including regulatory changes and a staggered transition timeline.
ResearchMarket risk and volatility
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2025-10-22•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved Theeb Rent a Car Company's capital increase from SAR 430 million to SAR 659.7 million through bonus shares, funded by statutory reserves and retained earnings. This will raise the number of shares from 43 million to 65.97 million. An extraordinary general assembly must be held within six months, and the company must comply with all regulatory requirements.
SupervisionAuthorisations & approvalsLicence approval
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2025-10-22•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay's president, Guillermo Tolosa, emphasized the importance of financial education for economic and social development at the launch of the Finance and Society Observatory. He highlighted the role of financial tools like credit and insurance in strategic planning and managing uncertainty. The Observatory aims to foster research and debate on financial sector challenges, focusing on innovation and sustainability.
Financial literacy & educationFinancial literacy and education
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2025-10-22•Nigeria•Ministry of Finance (Nigeria)
Nigeria's Ministry of Finance emphasized financial inclusion, highlighting digital identity and pro-growth regulation. Minister of State for Finance, Dr. Doris Uzoka-Anite, stressed the importance of the National Identification Number and Bank Verification Number for identity verification and financial onboarding. She cited fintech and bank-led services like Moniepoint, OPAY, and PalmPay as crucial for expanding financial services, while acknowledging challenges in power, connectivity, and skills.
Policy & regulationReform agendas & prioritiesFinancial inclusion
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2025-10-22•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) conducted a financial education session for Dharma Pertiwi to enhance financial literacy and inclusion among women. Friderica Widyasari Dewi emphasized the importance of women in household financial management and cautioned against app-based financial scams. The event, attended by 2,500 members, focused on improving household financial management and preparing for financial risks.
Financial literacy & educationFinancial literacy and education
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2025-10-22•Georgia•National Bank of Georgia
The National Bank of Georgia announced the first Tbilisi Finance Summit, featuring discussions on investment ecosystem development, financial innovation, and fintech, focusing on stablecoins. Part of the Silk Road Forum, it gathers over 1,000 delegates from 50+ countries, including executives from Paytm and Coinbase. Governor Natia Turnava highlighted the summit as a step towards establishing Georgia as a regional hub for digital and financial industries.
OtherFintech and insurtechStablecoinsArtificial intelligence
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2025-10-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP), with the International Finance Corporation (IFC), held a stakeholder consultation in Karachi for the ESG Pakistan Project to align the corporate sector with international ESG standards. SECP detailed its phased ESG reform programme, including a Regulatory Roadmap and disclosure guidance, using survey responses to tackle sectoral challenges. The three-year project, supported by the UK Foreign, Commonwealth & Development Office and the Facility for Investment Climate Advisory, will include nationwide stakeholder engagement and capacity-building workshops.
Policy & regulationImplementation, projects & pilotsESG
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2025-10-22•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority approved Maghreb Leasing Algérie’s DZD 4 billion bond issue for professional investors, with 400,000 bonds of DZD 10,000 each, a five-year maturity and a fixed 5.65% rate, to refinance the company’s leasing activities.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-10-22•Europe•European Banking Authority
The European Banking Authority (EBA) published its final report on AML/CFT colleges, noting effective information exchange but inconsistent cross-border coordination. Limited progress on tailoring functions to risk levels hampers resource allocation. Responsibility for monitoring these colleges will transfer to the Anti-Money Laundering Authority (AMLA) from January 2026, with EBA's findings informing AMLA's supervisory framework.
SupervisionPeer reviews and country evaluationsAML and CFT
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2025-10-22•Ukraine•National Bank of Ukraine
The National Bank of Ukraine's Q3 Bank Lending Survey shows banks plan to expand loan portfolios and ease lending standards amid rising competition. Corporate lending growth expectations hit a record high, with increased demand for corporate and household loans, except foreign-currency loans. Lending standards eased for businesses and consumers, with further easing anticipated, while banks reported higher operational and credit risks but a decline in foreign-exchange risk.
Data & statisticsLending
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2025-10-22•Indonesia•Bank Indonesia
Not applicable
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-10-22•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance outlined tax measures to boost long-term rental market participation, including an intermediate tax rate for rental income and a three-year tax exemption extension for long-term leases. The tax reform bill also broadens exemptions for larger homes leased to families with three or more children and includes provisions for public servants. Additionally, a Property Ownership and Management Registry is planned to enhance transparency and combat tax evasion.
Policy & regulationRules & requirementsOther
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2025-10-22•Hong Kong•Hong Kong Securities & Futures Commission
Hong Kong's Securities and Futures Commission (SFC) announced the High Court's conviction of Wong Ming Chun, former financial controller of Hua Han Health Industry Holdings Limited, for money laundering related to misappropriated company funds. Wong was sentenced to seven years and eight months in prison and disqualified from directorship in Hong Kong companies for 12 years. The SFC's ongoing investigation revealed false information in Hua Han's financial statements and led to the police referral.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-10-22•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission has initiated a consultation on proposed amendments to the Code on Unit Trusts and Mutual Funds to align with international standards and expand retail fund offerings. Key proposals include adopting a Value-at-Risk approach for derivatives risk management and enabling retail access to private markets through new fund offerings. The consultation also suggests changes to related codes, including those on MPF Products and Real Estate Investment Trusts.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-10-22•New Zealand•Ministry of Business, Innovation and Employment (New Zealand)
The New Zealand Ministry of Business, Innovation and Employment announced capital markets reforms, raising the climate-related disclosure threshold for listed companies from NZD 60 million to NZD 1 billion, exempting smaller firms. Managed investment scheme managers are removed from the regime, reducing reporting entities from 164 to 76. Managed funds must list private assets on the Disclose Register with new requirements by March 2027. Providing prospective financial information for IPOs becomes voluntary in June 2025. Legislation is anticipated in 2026.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-10-22•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) imposed CAD 430,000 in penalties, revoked Mortgage Bridge Canada's licence, and imposed conditions on Kasturi Chatterjee's licence for violations of the Mortgage Brokerages, Lenders and Administrators Act, 2006. Rebecca Thien Kim Nguyen Do and Jordan Ovejas requested a hearing on proposed penalties of CAD 30,000 and CAD 80,000, respectively.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-10-22•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) released a response paper detailing refinements to its proposed updates to the general insurance reinsurance framework. The revisions aim to facilitate insurers' access to diverse reinsurance structures, including insurance-linked securities, while ensuring policyholder protections. This approach, incorporating industry feedback, recalibrates capital settings and risk safeguards, and enhances flexibility for reinsurance sourcing and product innovation.
Policy & regulationGuidance & interpretationPrudential risks
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2025-10-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails targeting The Bank of East Asia, Shanghai Commercial Bank, and Chong Hing Bank. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-10-22•Latin America•Financial Action Task Force of Latin America (GAFILAT)
GAFILAT conducted its sixth unannounced simulation in Guatemala City to test targeted financial sanctions related to terrorist financing and weapons proliferation. The exercise assessed compliance with FATF Recommendations 6 and 7, focusing on designation criteria and communication procedures. It involved over 50 private-sector participants and identified good practices and areas for improvement.
SupervisionReviews, inspections & stress testsSanctions list update
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2025-10-22•Global•Ceres
Ceres and the California Department of Insurance won the Climate and Sustainability Collaboration of the Year award from InsuranceERM for their work on the Global Sustainable Insurance Summit (GSIS). Now in its second year, GSIS has influenced policy and market outputs, including California legislation on incentive-based rates, adaptation of Asian flood protection strategies, and TCFD-aligned climate disclosure frameworks used by over 1,700 insurers. The collaboration also developed open-source climate risk tools for smaller insurers and emerging markets.
OtherClimate risk and sustainable finance
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2025-10-22•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority issued a sanctions update notice, highlighting new information from the Isle of Man Treasury, Customs and Immigration Division on various sanctions regimes. These include Russia-related transport and financial sanctions, updates on ISIL (Da’esh) and Al-Qaida, and financial sanctions concerning Haiti. The Authority advised firms to consult the Isle of Man Government news releases and the Treasury Division’s Sanctions and Export Control webpage.
Policy & regulationGuidance & interpretationSanctions list update
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2025-10-22•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 attended the IMF and World Bank Group Annual Meetings, focusing on financial stability, sector reforms, and international cooperation. Discussions with IMF and World Bank officials covered banking sector conditions, FSAP recommendations, corporate governance, and risk-based insurance supervision. Engagements also included dialogues on investment fund market development, financial inclusion, and cooperation with credit rating agencies.
Policy & regulationCooperationCross-border cooperationFinancial stability and systemic risk
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2025-10-22•Ghana•Bank of Ghana
The Bank of Ghana outlined its "inclusion-through-innovation" priorities at the MOBEX Africa Tech Innovation Conference, focusing on digital payments, a retail CBDC, and virtual asset regulation. Initiatives include enhancing payment rails, interoperability, and agent-network quality, alongside piloting the eCedi with offline functionality and privacy features. In collaboration with the Securities and Exchange Commission and the Financial Intelligence Centre, the Bank has completed a Virtual Asset Service Providers Bill, including licensing and AML/CFT provisions.
Policy & regulationReform agendas & prioritiesFinancial inclusionRegtech and suptech
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2025-10-22•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 is reviewing a draft Law on Banks and Banking Activity to reform its regulatory and crisis-management framework. Key proposals include a revised licensing regime, proportionate regulation based on risk profiles, enhanced corporate governance, and stronger consumer protection. The draft introduces a three-tier framework for bank distress, emphasizing minimal state participation and aligning with Financial Stability Board standards.
Policy & regulationRules & requirementsRecovery and resolution
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2025-10-22•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 received support from the European Bank for Reconstruction and Development for its draft Law on Banks and Banking Activity. The law aims to strengthen Kazakhstan’s financial architecture by introducing a modern regime for insolvent banks and aligning with the Financial Stability Board’s Key Attributes. It emphasizes that losses should be covered by the bank’s shareholders and creditors, with additional contributions from the banking sector post-resolution.
Policy & regulationInternational standards & recommendationsLicensing framework and process
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2025-10-22•United Kingdom•UK Parliament
The UK House of Lords concluded the report stage of the Public Authorities (Fraud, Error and Recovery) Bill, agreeing on amendments to enhance oversight and refine investigative and recovery powers. Changes include increased ministerial and parliamentary oversight, strengthened bank eligibility verification, and adjustments to the Department for Work and Pensions' debt recovery powers. An amendment allowing government-initiated fraud investigations without prior invitation was approved, while a proposal on fraud risk management duties was rejected.
Policy & regulationRules & requirementsFraud and scams
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2025-10-22•Middle East•Union of Arab Securities Authorities
The Union of Arab Securities Authorities announced the appointment of Tarik Senhaji as President of the Moroccan Capital Market Authority, succeeding Nezha Hayat. Senhaji's extensive background includes roles in development finance, investment banking, and leadership positions within Moroccan public and market institutions.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-10-22•San Marino•Central Bank of San Marino
The Central Bank of the Republic of San Marino (CBSM) affirmed the solidity and resilience of its financial system in response to media reports suggesting potential risks. CBSM cited high liquidity, increasing profitability, and improved credit quality, while cautioning against unverified rumours that could harm confidence. It pledged to continue providing timely, verified communications to uphold financial stability and reputation.
SupervisionAlertsFinancial stability and systemic riskSupervision process and methodologies
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2025-10-22•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia's latest macroeconomic review indicates the economy is expanding at a slower pace in Q3, with GDP growth at 0.5%, inflation easing to 2.7%, and persistent labor market tightness. The report highlights weaker revenue growth and higher spending affecting public finances, with implications from upcoming pension reforms.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
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2025-10-22•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina has initiated a call for papers to encourage research on financial sector development, with selected works to be presented in seminar rounds and published on its website. Submissions are invited from researchers globally, focusing on topics such as banking, capital markets, and monetary policy. Papers must be exclusive to this program during consideration by the Central Bank.
ResearchMarket development
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2025-10-22•Armenia•Ministry of Finance (Armenia)
Karen Alaverdyan from the Ministry of Finance of Armenia presented the country's sustainability accountability reforms at the Central Bank's conference on ESG for banks and policymakers. He outlined near-term steps to support ESG integration.
Policy & regulationReform agendas & prioritiesESG
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2025-10-22•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) approved a draft proposal to revise deficit funding and surplus allocation calculations for closed pension funds, introducing a solvency-index based framework. The proposal, sent to the National Council for Complementary Pensions (CNPC), includes tolerance bands around a 100% solvency target and a limit on contributions. CNPC will discuss the proposal and consider public consultation.
Policy & regulationRules & requirementsPrudential risks
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2025-10-22•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) updated its PREVIC Citizen Dashboard, an online platform consolidating public information on pension funds and benefit plans. Developed with the Ministry of Management and Innovation in Public Services, the update adds management indicators for closed supplementary pension entities (EFPC) under CNPC Resolution 62/2024, facilitating performance comparisons. The platform now includes data for 265 EFPC and 1,130 benefit plans, refreshed periodically.
Policy & regulationImplementation, projects & pilotsOther
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2025-10-22•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines has amended rules for Islamic banking units (IBUs) within conventional banks, easing standalone requirements and streamlining reporting. Key changes include removing separate capital and liquidity requirements for IBUs, aligning them with the bank's category, and a three-year observation period for prudential reporting. These revisions support the development of the Philippine Islamic banking industry under the Islamic Banking Law.
Policy & regulationRules & requirementsMarket development
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2025-10-22•Morocco•Central Bank of Morocco
The Central Bank of Morocco has released three working papers on policy uncertainty, monetary policy and real estate asset prices, and health insurance and household savings. These publications aim to share research with the scientific community, contribute to economic and financial debates, and strengthen academic ties.
Research
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2025-10-22•Europe•European Central Bank
The European Central Bank (ECB) provided technical data to the European Parliament on the potential impacts of digital euro holding limits up to EUR 3,000 on financial stability. The analysis shows minimal effects on bank deposits and profitability under normal conditions, with no significant outflows at the EUR 3,000 limit. In an unlikely flight-to-safety scenario, liquidity metrics remain robust, with only a small fraction of banks potentially affected.
ResearchCBDC
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2025-10-22•Germany•German Bundesbank
Deutsche Bundesbank and the German Banking Industry Committee will end the domestic cheque collection procedure by 2027 due to declining cheque usage. Volumes fell from 75.5 million in 2007 to 2 million in 2024, now just 0.01% of cashless transactions. Authorities cite high processing costs and limited automation, urging users to switch to alternatives like SEPA credit transfers.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-10-22•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC has issued a draft memorandum proposing a framework for blockchain-based digital signing and authentication via its VERITAS system. This would integrate with digital identity tools, allowing digitally signed documents as official SEC records. The draft details user security responsibilities, potential misuse sanctions, and an initially free model, with future fees planned.
Policy & regulationRules & requirementsBlockchain and distributed ledger technology