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2025-10-10•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority issued a note for smaller credit institutions on handling ESG-related credit risks, highlighting varied progress among banks and setting supervisory expectations. It advises banks to map all material ESG-related risks across industries and customer groups, integrating these into their Internal Capital Adequacy Assessment Process (ICAAP). This follows an October 2024 good-practice note and emphasizes a systematic approach to identifying and quantifying ESG risks.
Policy & regulationGuidance & interpretationESG
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2025-10-10•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority announced a meeting between its president, Željko Drinčić, and senior representatives from Montenegro’s and Croatia’s Central Clearing Depository Companies. Discussions focused on enhancing capital-market infrastructure, digitalisation, and investor services. A memorandum of cooperation was signed to support alignment with European standards.
Policy & regulationCooperationCross-border cooperation
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2025-10-10•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) has blocked 13 websites for offering financial or crypto-asset services to Italian investors without authorization. This includes five sites linked to abusive financial intermediation and eight providing unauthorized crypto-asset services. Consob's actions, under Italy’s Growth Decree and the Markets in Crypto-Assets Regulation, bring the total blocked sites to 1,426 since July 2019.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-10-10•France•France Autorite des marches financiers
France's Financial Markets Authority (AMF) issued a warning and updated its blacklist of websites illegally offering crypto-assets or services in France, adding 22 names since early 2025. The blacklist is available on the AMF and Assurance Banque Épargne Infoservice websites, though it is not exhaustive. Investors are advised to consult the AMF's whitelist of registered Digital Asset and authorised Crypto-asset Service Providers.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-10-10•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority has initiated its first thematic review under the Digital Operational Resilience Act (DORA), focusing on IT risk management in selected insurance companies and pension funds. This review is part of broader DORA-related IT supervision, including inspections and dialogue on IT incidents. Results from the review of 14 firms are expected in spring 2026.
SupervisionReviews, inspections & stress testsIT managementOperational risk and resilience
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2025-10-10•Italy•Bank of Italy
The Bank of Italy's report on Open Banking reveals limited adoption in Italy, with growth concentrated in business use cases. Open Banking payments represent 0.13% of online credit transfers, primarily in the B2B segment, while the retail sector lags due to competition and technical challenges. The study also notes a low internationalisation rate among domestic operators compared to European peers.
ResearchOpen banking and finance
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2025-10-10•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand published Competition Assessment Guidelines for Prudential Policy to enhance competition analysis in policy development, aligning with recommendations from the Commerce Commission and the Minister of Finance's expectations. These guidelines are pertinent to the ongoing implementation of the Deposit Takers Act 2023, with standards expected by 31 May 2027 and effective from 1 December 2028.
Policy & regulationGuidance & interpretationCompetition and market structure
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2025-10-10•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority announced the listing of Mahwi Grain Millers Plc’s second tranche of a corporate bond on the Rwanda Stock Exchange, with a RWF 2 billion issuance under a RWF 5 billion, five-year note programme. The offer was oversubscribed, reflecting increased diversity in Rwanda’s capital market. The issuance aims to expand investable options and provide Mahwi with long-term financing.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-10-10•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority attended the 48th General Meeting of the Committee of Insurance, Securities and Non-Banking Financial Authorities in Botswana, focusing on aligning regulatory frameworks and promoting international standards for non-bank financial services. Key agenda items included proposed amendments to CISNA Rules, budget approval, and implementation of the CISNA Strategy 2022–2026, with participation from the SADC Secretariat and other regional bodies.
Policy & regulationCooperationCross-border cooperation
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2025-10-10•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved amendments to its 2025 rule-making plan and endorsed draft regulatory changes, including securities issuance registrations and key personnel appointments. Amendments involve changes to the National Bank of Ukraine's depository and clearing activities and laws on cloud services and digital accessibility. The Commission also registered several corporate bond issues and share issuances, and confirmed appointments at regulated entities.
Policy & regulationRules & requirementsOther
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2025-10-10•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank highlighted the euro area's reliance on non-European payment providers, advocating for European solutions like Wero and EuroPA, and the potential introduction of a digital euro. The digital euro, under consideration by the European Council and Parliament, could launch by 2029, offering privacy and offline capabilities. Wero, succeeding iDEAL, is anticipated to be available in the Netherlands by 2026.
Financial literacy & educationPayments and payment systems
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2025-10-10•Guatemala•Bank of Guatemala
The Bank of Guatemala released updated balance of payments statistics, extending data from Q1 2008 to Q3 2025, including projections for 2025. In Q3 2025, exports totaled USD 4,516.99 million, with goods comprising 73.21% and services 26.79%, while imports reached USD 9,821.01 million, with goods at 81.75% and services at 18.25%. Year-on-year, exports rose by 1.82% and imports by 9.71%.
Data & statisticsBalance of payments and other external statistics
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2025-10-10•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL) conducted an on-site visit to Armenia from 29 September to 10 October 2025 for its sixth round of mutual evaluations. The visit assessed Armenia's adherence to international AML/CFT/CPF standards, in line with the revised Financial Action Task Force methodology. MONEYVAL will review the evaluation report for discussion and adoption in 2026.
Policy & regulationPeer reviews and country evaluationsAML and CFTSupervision process and methodologies
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2025-10-10•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
MONEYVAL conducted an on-site visit to Slovenia for its sixth round mutual evaluation, assessing the country's adherence to international AML/CFT/CPF standards. The evaluation involved meetings with various Slovenian authorities and stakeholders, including banks and virtual asset service providers. The report will be discussed at the MONEYVAL plenary meeting in May 2026.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-10-10•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) inaugurated Adi Surahmat as Head of the new OJK North Maluku Provincial Office to enhance financial services supervision and public services in eastern Indonesia. Operational since 6 October 2025, the office aims to improve local oversight, financial education, and regional economic development. This initiative is part of OJK’s 2024–2027 roadmap to expand regional offices across Indonesia.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-10-10•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) highlighted significant governance and risk management weaknesses in offshore outsourcing by financial advice licensees and responsible entities of managed investment schemes. ASIC warned these deficiencies could harm consumers, particularly through cyber incidents, and stressed that licensees remain accountable even when outsourcing. The review noted risks like loss of control, operational disruption, and conflicts due to foreign laws, with ASIC committing to ongoing monitoring and enforcement.
SupervisionReviews, inspections & stress testsOutsourcing and third-party risk management
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2025-10-10•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) reviewed Australian financial services advice licensees' use of offshore service providers (OSPs), finding significant deficiencies in risk management and oversight. The review of 10 licensees and over 300 representatives highlighted inadequate onboarding due diligence, insufficient monitoring of OSP use, and reliance on intermediaries' cyber security claims without independent verification. ASIC stressed the need for better governance and risk management frameworks to protect consumers and investors.
SupervisionReviews, inspections & stress testsOutsourcing and third-party risk management
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2025-10-10•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) reviewed offshore service providers used by responsible entities (REs) of registered managed investment schemes, focusing on oversight frameworks and cyber security. The review, covering 30 REs and a detailed assessment of 10, found varied quality in risk management for offshore outsourcing, highlighting risks like loss of control, data and technology issues, and cyber incident management. ASIC urged REs to improve due diligence, service level agreements, and cyber resilience, and will continue monitoring governance and risk management frameworks.
SupervisionReviews, inspections & stress testsOutsourcing and third-party risk management
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2025-10-10•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua reported gross foreign direct investment (FDI) inflows of USD 1,427.9 million and net inflows of USD 818.7 million for the first half of 2025. Net inflows increased by 3.7% compared to the same period in 2024, while gross inflows decreased. Key sectors receiving net inflows included energy and mining, financial intermediation, and manufacturing, with Panama and the United States as major source countries.
Data & statisticsBalance of payments and other external statistics
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2025-10-10•Lithuania•Ministry of Finance (Lithuania)
Lithuania's Finance Ministry reported Vice-Minister Januš Kizenevic met with Austrian Finance Minister Markus Marterbauer to encourage Austrian banks to expand in Lithuania, highlighting its stable banking sector and strong credit demand. Discussions also covered the EU's new Savings and Investment Union, aimed at aligning savings with investment needs and facilitating capital raising for companies.
Policy & regulationCooperationCross-border cooperation
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2025-10-10•Europe•European Banking Authority
The European Banking Authority (EBA) criticized the European Commission's proposed amendments to the Markets in Crypto-Assets Regulation (MiCA) on reserve asset composition and liquidity requirements. The EBA argues these changes could permit investment in non-highly liquid instruments, introduce liquidity risks, and enable regulatory arbitrage, conflicting with MiCA's prudential framework. The Opinions respond to the Commission's intention to amend the EBA's final draft regulatory technical standards submitted in June 2024.
Policy & regulationGuidance & interpretationLiquidity riskPrudential risks
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2025-10-10•Portugal•Bank of Portugal
The Bank of Portugal released the financial national accounts for Q2 2025, highlighting Portugal's net lending position to the world at 2.4% of GDP. Households were the largest net lenders, primarily funding the financial sector, while non-financial corporations were net borrowers. A 15-year analysis shows a decline in financial-sector assets and liabilities as a share of GDP, with the rest of the world holding 43% of financial-sector assets by counterparty.
Data & statisticsBalance of payments and other external statisticsFinancial and market indicatorsMonetary data
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2025-10-10•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) found compliance gaps in corporate finance firms' adherence to COBS 3 client categorisation and COBS 4 certification requirements, noting issues in onboarding, categorisation processes, and financial promotions. The FCA plans to update COBS 3 rules for all regulated firms and will consult on modernising these rules, urging firms to consider forthcoming changes. Ongoing supervision will monitor conduct in these areas.
SupervisionReviews, inspections & stress testsCompliance
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2025-10-10•Australia•Australian Financial Complaints Authority
The Australian Financial Complaints Authority has concluded its consultation on joint life insurance complaint handling Approaches and is reviewing feedback before finalizing the Approach, with plans to publish a Consultation Response Paper and the new Approach document soon.
Policy & regulationGuidance & interpretationComplaints and dispute resolution
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2025-10-10•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance outlined a draft tax reform bill with personal income tax rate reductions linked to the number of children and changes to living-expense presumptions. It proposes lower rental income taxation, a three-year extension of tax exemptions for vacant homes leased long-term, and an automatic rent subsidy for primary residences and student housing starting November 2025. The draft is under public consultation, and applications for a special tax regime for returning Greeks can be filed electronically.
Policy & regulationRules & requirements
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2025-10-10•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance shared Minister Kyriakos Pierrakakis’ interventions at Eurogroup and ECOFIN meetings, highlighting concerns over abrupt tobacco excise tax increases and advocating for rapid implementation of the Savings and Investments Union (SIU) recommendations. Pierrakakis emphasized a balanced regulatory approach to stablecoins within the EU’s Markets in Crypto-Assets Regulation (MiCA). He also discussed deepening the Capital Markets Union and held bilateral meetings with finance ministers from Luxembourg and Romania.
Policy & regulationReform agendas & prioritiesStablecoins
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2025-10-10•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance announced the submission of its draft 2026 budget, projecting 2.4% GDP growth, a 2.8% primary surplus, and a 10% investment increase. Minister Kyriakos Pierrakakis emphasized a fiscal policy combining prudence with ambition. ECOFIN discussions will address the Savings and Investments Union, removal of barriers in manufacturing and services, and digital monetary system transformation.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2025-10-10•Sweden•Riksbank
Sweden's Riksbank published research from its conference on monetary and fiscal policy interaction, highlighting its increased prominence amid rising public debt. The conference explored how fiscal policy changes impact the economy and monetary policy decisions, especially with higher public debt. Governor Erik Thedéen and Deputy Governor Anna Seim participated with experts from various institutions.
Research
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2025-10-10•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) aims to "futureproof" the insurance sector by focusing on resilience, innovation, and leadership. APRA emphasizes system safety and reducing regulatory burdens, highlighting strong capital, prudent underwriting, risk management, operational resilience, and cybersecurity. The Financial Accountability Regime mandates insurers appoint accountable persons for key roles by March 2025. APRA's survey noted good practices and challenges, especially for claims and tech staff. For general insurers, APRA may adjust reinsurance settings and explore data-sharing to boost efficiency, seeking industry feedback on complex requirements.
SupervisionSupervision approach, priorities & toolkitClimate risk and sustainable finance
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2025-10-10•Austria•Austria Financial Market Authority
The Austria Financial Market Authority's market study on Austrian retail fund fees reveals that average charges in 2024 remained largely unchanged, with a continued moderate decline in equity fund fees. The study, covering 988 funds with EUR 120 billion in assets, reports a volume-weighted average ongoing management fee of 1.13% and highlights that sustainability funds are no longer cheaper than other types.
ResearchFinancial and market indicators
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2025-10-10•France•Bank of France
The Bank of France and Euroclear have launched Project Pythagore to tokenize Negotiable European Commercial Paper (NEU CP) using distributed ledger technology, aiming to modernize euro area short-term funding markets. This initiative seeks to enhance operational efficiencies, transparency, and security, with Euroclear's platform focusing on interoperability. A pilot phase is planned for late 2026, alongside the Eurosystem's Pontes project for a wholesale central bank digital currency.
Policy & regulationImplementation, projects & pilots
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2025-10-10•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) introduced a new Investor Portal section on financial fraud and launched the social-media initiative “Business, business — scams aside” under its Financial Literacy Plan 2025. The portal provides updates on fraud schemes, warning signs, and guidance on responding to suspicious activities, while the social-media content aims to enhance fraud awareness and encourage verification of authorised entities in Portugal.
Financial literacy & educationFraud and scamsFinancial literacy and education
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2025-10-10•Slovenia•Central Bank of Slovenia
Acting Governor Primož Dolenc of the Central Bank of Slovenia will attend the IMF and World Bank Annual Meetings in Washington, D.C., from 13 to 18 October 2025. Discussions will focus on global economic challenges, including geopolitical tensions and economic fragmentation, and the IMF's role in financial assistance and the Global Financial Safety Net. Dolenc will also engage in bilateral meetings with IMF representatives.
Other
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2025-10-10•Türkiye•Insurance and Private Pension Regulation and Supervision Agency of Türkiye
Türkiye's Insurance and Private Pension Regulation and Supervision Agency amended its circular to raise maximum premiums for compulsory motor vehicle third-party liability insurance by 1% for November 2025. This change, applicable by vehicle group and usage type, is under Temporary Article 11(2) of the Regulation on Tariff Implementation Principles for Road Motor Vehicles Compulsory Financial Liability Insurance. The amendment takes effect on 1 November 2025.
Policy & regulationRules & requirementsOther
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2025-10-10•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City's third quarter Tenth District Energy Survey shows a continued decline in regional energy activity, with firms not expecting a rebound in the next six months. Drilling, business activity, revenues, employment, and capital expenditures decreased, with many firms delaying investment due to policy uncertainty. The survey includes diffusion indexes for drilling, capital spending, and employment, along with firms' oil and gas price expectations.
Data & statisticsEconomic data and developments
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2025-10-10•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority announced that VP Bank AG has waived its registrations as a token issuer and token generator under the Token and TT Service Provider Act, effective 1 September 2025. Consequently, VP Bank AG is no longer authorized to provide the TT services previously covered by these registrations.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-10-10•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina has formed a Committee for Financial Education and Inclusion with the OECD and local stakeholders. The committee aims to enhance financial literacy and inclusion by coordinating efforts among regulatory bodies, educational institutions, and the financial sector. Participants will define the committee's structure and roles as part of an OECD-supported project, backed by the Ministry of Finance of the Kingdom of the Netherlands.
Policy & regulationImplementation, projects & pilotsFinancial literacy and education
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2025-10-10•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) attended the Pre-COP30 Casa do Seguro event, where Market Infrastructure and Conduct Supervision Director Júlia Normande Lins discussed insurance's role in reducing socio-economic vulnerability amid climate change. The panel emphasized inclusive insurance solutions for low-income populations, effective public policies, and the importance of financial education and cross-sector partnerships.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-10-10•Spain•Bank of Spain
Bank of Spain Governor José Luis Escrivá, at the Brokerslink Global Conference, described 2025 as turbulent for the global economy but noted resilience due to productivity gains from generative AI and a robust banking sector. He warned of financial market vulnerabilities despite high equity indices and tight bond spreads, highlighting fiscal risks in systemic economies, particularly the U.S. Escrivá emphasized Europe's strengths in institutional quality and macroeconomic stability, identifying regulatory simplification and capital market development as priorities.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
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2025-10-10•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the Business Sentiment Index for August 2025, showing a stable Current Business Conditions sub-index at 50.0, with similar projections for September. Sectoral sentiment varied, with Transport & Communication and Hotels & Restaurants optimistic, while Health & Education lagged. Investment was slightly positive, Employment marginally negative, and Costs showed a slight decline in the forward outlook.
Data & statisticsEconomic data and developments
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2025-10-10•South Africa•South African Reserve Bank
South African Reserve Bank Governor Lesetja Kganyago, at the Kgalema Motlanthe Foundation Drakensberg Inclusive Growth Forum, highlighted South Africa's strengthened external position with a less volatile rand and foreign exchange reserves over USD 70 billion. He emphasized the benefits of a free-floating exchange rate policy as a shock absorber and noted the shift towards lower inflation within the 3–6% target range. Kganyago also mentioned that option-implied rand volatility is at long-term lows and that the Bank is prepared to accumulate more reserves if the rand becomes "uncomfortably strong."
Monetary policyMonetary policy assessments & outlooks
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2025-10-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported net foreign direct investment (FDI) inflows of USD 1.3 billion in July 2025, a 7.5% decrease from July 2024. The decline was driven by a 39.4% drop in nonresidents' net investments in debt instruments, partially offset by increases in net equity capital placements and reinvestment of earnings. Cumulatively, net FDI inflows for January–July 2025 fell 20% to USD 4.7 billion compared to the same period in 2024.
Data & statisticsBalance of payments and other external statistics
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2025-10-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines announced that Senior Assistant Governor Arifa A. Ala received the “Woman Influencer in Financial Services Industry” award from the World Financial Innovation Series for her leadership in advancing Islamic banking and finance. She was recognized for her role in the enactment and implementation of the Islamic Banking Law and contributions through the Islamic Finance Coordination Forum, facilitating the licensing of new Islamic banks and takaful operators.
OtherDiversity and inclusion
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2025-10-10•Europe•European Central Bank
The European Central Bank (ECB) reviewed studies on the investment costs of a digital euro, suggesting banks could cut spending by leveraging external synergies and mutualising costs. The ECB estimates euro area banking-sector investment could range from €4 billion to €5.77 billion, lower than previous estimates, by adjusting for design elements and excluding certain infrastructure costs. This analysis supports discussions on the digital euro legislative proposal and has been presented to the Euro Retail Payments Board.
Policy & regulationGuidance & interpretationCBDC
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2025-10-10•Europe•European Central Bank
The European Central Bank's Consumer Expectations Survey shows most euro area workers perceive no change in job security after recent US tariff announcements, though export-oriented sectors and lower-income groups report higher job-loss risks. While 85% of workers see unchanged or lower job-loss expectations, 15% perceive increased risk, especially in countries and sectors with significant US export exposure. A follow-up survey could assess perception shifts after the EU-US tariff ceiling agreement on 27 July 2025.
ResearchEconomic data and developments
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2025-10-10•Europe•European Central Bank
The European Central Bank's data estimates the impact of digital euro holding limits on financial stability, assessing scenarios with caps up to EUR 3,000. Payment digitalisation could lead to a EUR 127 billion deposit inflow by 2034, exceeding digital euro outflows under normal conditions. In a flight-to-safety scenario, retail sight-deposit outflows could rise significantly, but liquidity metrics remain above 100%, with some banks potentially at risk due to collateral insufficiencies.
ResearchCBDC
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2025-10-10•Europe•European Central Bank
The European Central Bank's weekly financial statement reports a decrease in total assets and liabilities to EUR 6,199,268 million, down EUR 9,950 million from the previous week. Key changes include a EUR 12,733 million drop in euro-denominated securities of euro area residents and a EUR 15,461 million decrease in monetary policy-related liabilities of euro area credit institutions. The statement includes annexes and commentary dated 14 October 2025.
Monetary policyMonetary policy instruments & operationsBalance of payments and other external statistics
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2025-10-10•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has released a draft memorandum proposing new beneficial ownership disclosure rules for domestic and foreign corporations. It mandates identifying beneficial owners as natural persons, introduces a 20% ownership threshold, and outlines a reporting and penalty framework. It prohibits bearer shares and requires disclosure of nominee arrangements, with penalties for non-compliance up to PHP 2,000,000.
Policy & regulationRules & requirementsBeneficial ownership
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2025-10-10•Serbia•National Bank of Serbia
The National Bank of Serbia requires lenders to aid borrowers in financial distress due to uncontrollable circumstances, like job loss or illness. The framework suggests extending repayment periods or reducing interest rates. Lenders must monitor loans for early issues and decide on relief applications within 30 days, with an appeal process through the lender's Relief Commission and the National Bank of Serbia.
Policy & regulationRules & requirementsLending
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2025-10-10•Serbia•National Bank of Serbia
The National Bank of Serbia's report on counterfeit detection for January–September 2025 reveals 3,750 counterfeit banknotes, with euro counterfeits comprising the largest share. Of these, 1,337 were counterfeit dinar notes, predominantly RSD 2,000, while 2,413 were foreign currency notes, mainly EUR 100 and EUR 200. The total nominal value of counterfeits was RSD 42,740,557.94, with euro counterfeits accounting for 85.24% of this value.
Data & statisticsCurrency and cash management
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2025-10-10•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia endorsed Budget 2026 measures to boost market activity and enhance capital access, particularly for regional businesses and MSMEs. Key initiatives include expanded funding for the New Industrial Master Plan 2030 Strategic Co-Investment Fund and Malaysia Co-Investment Fund, and the introduction of an ASEAN Business Entity status. The Single-Family Office Scheme, targeting RM2 billion in assets under management by end-2026, has approved six family offices with nearly RM400 million in AUM.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-10-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission announced that the Ministry of Finance has issued consolidated versions of circulars for representative offices and branches of securities companies and foreign fund management companies in Vietnam. This follows Circular 88/2025/TT-BTC, which amended reporting provisions for these entities. Consolidated Documents 39/VBHN-BTC and 40/VBHN-BTC provide updated guidance on their operations.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-10-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission launched VN100 index futures at Vietnam Exchange, enhancing the derivatives market. Vice Chair Bui Hoang Hai emphasized the foundational role of VN30 index futures and urged improved surveillance and investor communications. VN100 futures aim to expand hedging tools and align with international practices, supporting the 2025–2030 securities market development strategy.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-10-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission’s Securities Research and Training Center held a two-day "Corporate Governance" course in Ho Chi Minh City to enhance governance in public companies and listed firms. Part of the 2025 training plan, it focused on transparency, legal compliance, corporate governance fundamentals, international standards, and Vietnam's legal requirements. Participants included board members, senior management, and legal teams, with discussions on practical implementation issues.
Policy & regulationImplementation, projects & pilotsCorporate governance
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2025-10-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission (SSC) held a conference in Hanoi to discuss amendments to the Securities Law, focusing on transparency, fraud supervision, and administrative reforms. Key measures include Ministry of Finance Circular 19/2025/TT-BTC on public company registration and Decree 245/2025/ND-CP amending Decree 155/2020/ND-CP. Over 500 stakeholders attended, with further briefings planned in other regions.
Policy & regulationGuidance & interpretationRegulatory burden
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2025-10-10•North Macedonia•Securities and Exchange Commission of the Republic of North Macedonia
The Securities and Exchange Commission of North Macedonia joined an OECD meeting in Sarajevo on financial education and inclusion. The Commission shared its projects and plans for the National Strategy for Financial Education and Inclusion. The meeting facilitated experience and best practice exchanges among capital market regulators, addressing financial literacy, fraud, and abuse.
Policy & regulationCooperationFinancial literacy and education
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2025-10-10•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission will restructure senior management in January 2026, creating a part-time Director of Resolution role for the Bank Resolution Law, 2025. Dr Jeremy Quick will fill this role. Martin McHugh and Nick Herquin will become directors of Banking and Insurance Supervision and Investment, Fiduciary and Pension Supervision, respectively. Gillian Browning will lead policy development, Dr Conor Osborough will direct technology optimization, and Alice Joy will become Director of External Affairs.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-10-10•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia hosted a seminar in Siem Reap on "Investment Opportunities in the Derivatives Market," led by Director General Sou Socheat. The event, in collaboration with B.I.C. Markets Co., Ltd., the Derivatives Broker Association in Cambodia, and the Siem Reap Provincial Administration, covered Cambodia's derivatives market, regulatory supervision, trading, investment opportunities, and investor confidence.
Policy & regulationGuidance & interpretationMarket development
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2025-10-10•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,145 examines UK bond and repo market data, revealing that dealer market power and persistent shocks significantly impact gilt pricing and liquidity. Dealer-induced frictions account for 0.5 to 1.3 percentage points of bond price deviations, while persistent shocks contribute 2 to 4 percentage points. The paper suggests enhancing monitoring and transparency in OTC markets to address these funding-market frictions.
ResearchMarket developmentMarket infrastructure
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2025-10-10•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC approved Megawide Construction's follow-on offering of up to 20 million preferred shares, with a 10 million oversubscription option, priced at up to PHP 100 each, aiming to raise PHP 2.97 billion for debt refinancing, project financing, and corporate purposes. PNB Capital, RCBC Capital, and Security Bank Capital will manage the offering, with listing on the Philippine Stock Exchange set for 19 November.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-10-10•Malaysia (Labuan)•Labuan Financial Services Authority
Labuan Financial Services Authority conditionally approved Green Digital Bank Corp. and Fasset Islamic Digital Bank Limited to operate as Islamic digital banks in Labuan IBFC. Approvals follow the Guidelines on the Establishment of Labuan Islamic Digital Bank and Section 63 of the Labuan Islamic Financial Services and Securities Act 2010. Both must meet operational and prudential requirements before starting, with Labuan FSA ensuring compliance via its Digital Financial Sandbox.
SupervisionAuthorisations & approvalsRegulatory sandbox
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2025-10-10•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate passed the fiscal year 2026 National Defense Authorization Act, which includes three priorities from the U.S. Senate Committee on Banking, Housing and Urban Affairs. These priorities are the ROAD to Housing Act, the Protect Our Bases Act, and an extension of the Defense Production Act.
Policy & regulationRules & requirementsOther
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2025-10-10•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission announced that Chayo Group Public Company Limited will hold an electronic bondholders’ meeting on 16 October 2025 to vote on proposed amendments to five bond series, including a two-year maturity extension and conditional coupon step-up. If approved, the issuer will implement a 0.25 percentage point annual coupon increase and new covenants for asset disposal proceeds and cashflow earmarking. The SEC instructed the bondholders’ representative to assess implications of both approval and non-approval scenarios.
Policy & regulationGuidance & interpretationCorporate governance
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2025-10-10•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission urges bondholders of five TTCL Public Company Limited bond series to review information and exercise their rights at an electronic meeting on 16 October 2025. The agenda includes waiving events of default, amending bond terms, and extending maturities, with bondholders encouraged to contact the issuer or representative for informed voting. The SEC also requires bondholders’ representatives to analyze the implications of approval and non-approval scenarios.
Policy & regulationGuidance & interpretationCorporate governance
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2025-10-10•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's special edition of CBNUPDATE outlines progress under Governor Olayemi Cardoso, focusing on the 2024–2028 strategy and a compliance-led model. Key developments include a 750 basis point rise in the Monetary Policy Rate, FX market reforms, and banking sector recapitalisation. The report also highlights consumer protection achievements, digital transformation efforts, and ongoing work to address FATF grey list deficiencies.
Policy & regulationImplementation, projects & pilots
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2025-10-10•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority (Finansinspektionen, FI) has launched an initiative to raise awareness about the risks of relying on social media for investment advice, especially among young consumers. The campaign emphasizes distinguishing facts from opinions, skepticism towards quick profit promises, and vigilance against fraud. FI also offers guidance for finfluencers to ensure compliance with financial communication rules.
Financial literacy & educationConsumer and investor protection
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2025-10-10•Canada•New Brunswick Financial & Consumer Services Commission
The Financial and Consumer Services Commission of New Brunswick warned that Carrendor Group is not registered to deal or advise in securities or derivatives in New Brunswick. Investors are advised to avoid unregistered firms due to the lack of assured protections. The Commission provided resources for verifying registration status and guidance on avoiding fraud in crypto asset trading.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-10-10•Canada•Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) highlighted evolving risks in its Semi-Annual Risk Outlook, focusing on integrity, security, wholesale credit, funding, liquidity, and real estate lending risks. Key concerns include softness in Toronto and Vancouver condo markets, rising mortgage delinquencies, and uncertainty from trade protectionism. OSFI is enhancing stress preparedness, liquidity monitoring, and supervisory tools, with further guideline rescissions expected on November 20.
SupervisionRisk monitoring & watch pointsCredit riskLiquidity riskMarket risk and volatility
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2025-10-10•Canada•Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) announced a shift towards reducing regulatory content while maintaining intensive supervision of material risks, including cyber and governance. OSFI rescinded 20 guidelines in 2024 and plans further withdrawals through May 2026, marking its most comprehensive regulatory reduction. Additionally, OSFI paused Basel III output floor increases, reduced capital requirements for infrastructure investments by life insurers, and introduced a redesigned supervision framework with expanded risk ratings.
Policy & regulationRules & requirementsCapital adequacyPrudential risksSupervision process and methodologies
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2025-10-10•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation released a Financial Institution Letter containing interagency FAQs on Suspicious Activity Reports (SARs) and anti-money laundering (AML) considerations. The FAQs clarify SAR and Bank Secrecy Act (BSA)/AML compliance expectations, focusing on high-value reporting for law enforcement. They do not alter existing BSA/AML requirements or introduce new supervisory expectations.
Policy & regulationGuidance & interpretationAML and CFT
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2025-10-10•Chile•Chile Financial Market Commission
The Chile Financial Market Commission sanctioned Administradora Mountain Chile VC S.A. and THL Capital Investments S.A. for failing to submit quarterly financial information on time, in violation of General Rule No. 475. Administradora Mountain Chile VC S.A. was fined UF 300, while THL Capital Investments S.A. received a UF 150 fine.
EnforcementInvestigations & enforcement actionsCompliance
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2025-10-10•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) outlined its supervisory focus for insurers, emphasizing core expectations in capital strength, risk management, and cyber security, while encouraging innovation in digital capabilities. APRA also highlighted the impact of the Financial Accountability Regime on accountability and detailed its Corporate Plan's initiatives to minimize regulatory burdens and enhance data-sharing.
SupervisionSupervision approach, priorities & toolkitClimate risk and sustainable finance
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2025-10-10•China•China Securities Regulatory Commission
The China Securities Regulatory Commission, in collaboration with the Taizhou Municipal Supervisory Commission, has launched a supervisory investigation into Guo Xudong, a former chair of the CSRC’s Issuance Examination Committee. Guo voluntarily surrendered over suspected serious duty-related legal violations.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-10-10•China•China Securities Regulatory Commission
The China Securities Regulatory Commission announced penalties against Yuan Cheng Environment Co., Ltd. for overstating revenue and profits. Proposed penalties include a CNY 37.4546 million fine for the company, CNY 42 million in fines for five individuals, and a 10-year market ban for the actual controller. The Shanghai Stock Exchange may initiate delisting procedures, and criminal leads will be referred to public security authorities.
EnforcementInvestigations & enforcement actionsFinancial benchmarksAccounting and financial reporting
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2025-10-10•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) has issued three financial industry standards to standardize data elements and supervisory data collection in securities and futures. These standards cover stock exchanges, enterprise asset securitization, and futures companies' asset management, aiming to enhance data governance and information sharing. CSRC plans to further develop data governance and business service standards to advance technology-enabled supervision.
Policy & regulationRules & requirementsRegulatory reporting
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2025-10-10•Global•Financial Stability Board
The Financial Stability Board (FSB) released a report advising financial authorities on monitoring AI adoption in the financial sector, highlighting early-stage challenges due to data gaps and lack of standardised taxonomies. It proposes direct and proxy indicators for tracking AI adoption and risks, with a case study on AI supply chain vulnerabilities from reliance on few third-party providers. The FSB urges national authorities to improve monitoring using these indicators and aims to align taxonomies and indicators across borders.
Policy & regulationGuidance & interpretationArtificial intelligence
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2025-10-10•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission issued a notice to strengthen regulatory requirements for property insurers' non-motor insurance business, focusing on curbing irregular practices and irrational competition. Measures include revising performance assessments to prioritize quality, tightening product and premium controls, and enhancing financial management and market conduct supervision. The regulator will assist local offices and insurers in implementing these requirements.
Policy & regulationRules & requirementsOther
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2025-10-10•Vietnam•State Bank of Vietnam
The State Bank of Vietnam’s Regional Branch 13 and the Ho Chi Minh City branch of Vietnam Deposit Insurance signed a coordination regulation to enhance information exchange and supervisory effectiveness for the People’s Credit Fund system. The collaboration aims to improve risk detection and prevention as the banking sector advances phase 2 of the scheme to consolidate and develop the People’s Credit Fund system through 2030. Recent cooperation included assessments of operations and risks in Dong Thap and Tay Ninh.
Policy & regulationCooperationDomestic cooperation
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2025-10-10•Vietnam•State Bank of Vietnam
The State Bank of Vietnam and fintech group Tether held a session to discuss stablecoins, focusing on international regulatory approaches and Tether's operations. The meeting, chaired by Deputy Governor Pham Tien Dung, linked the discussion to Vietnam's efforts to develop a legal framework for digital finance. Both parties agreed to continue cooperation and information sharing on stablecoin-related matters.
Policy & regulationCooperationStablecoins
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2025-10-10•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's Governor Nguyễn Thị Hồng and Deputy Governor Phạm Tiến Dũng inspected Project NH.09B, emphasizing its significance as a major state and banking-sector initiative. With Phase II having completed 11 of 17 procurement packages, the SBV leadership urged acceleration of the remaining work, focusing on staffing, equipment, and safety measures to ensure timely and secure completion.
Policy & regulationImplementation, projects & pilotsOther
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2025-10-10•India•Securities & Exchange Board of India
SEBI and Indian stock exchanges revised the framework for broker sanctions to standardize penalties and prevent multiple penalties for the same infraction. Changes include using a lead exchange for common violations and reclassifying certain penalties as "financial disincentives" to reduce reputational impact. SEBI also updated the Samuhik Prativedan Manch, allowing brokers to file a single report at one exchange, with phased implementation of compliance reports.
Policy & regulationRules & requirementsRegulatory burden
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2025-10-10•South Korea•Bank of Korea
The Bank of Korea released a press statement detailing official foreign reserves for September 2025, with specific figures available in accompanying documents.
Data & statisticsBalance of payments and other external statistics
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2025-10-10•Mongolia•Central Bank of Mongolia
The Central Bank of Mongolia participated in the EuroChamber's "Back to Business" event, focusing on sustainable finance. Chief Economist Bayardavaa Bayarsaikhan discussed monetary policy and sustainable finance, while Urgamalsuvd Nanjid addressed climate finance access, ESG investment strategies, and green bond market development.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-10-10•Peru•Superintendencia del Mercado de Valores de Peru
Peru's SMV announced Investor World Week 2025, part of IOSCO's campaign on financial education and investor protection. Activities include talks, seminars, and educational material to enhance awareness of investment alternatives, risks, and rights. The initiative runs nationally from 13 to 17 October 2025, with virtual and in-person events supported by Peru's securities market participants.
Financial literacy & educationFinancial literacy and education
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2025-10-10•Moldova•National Bank of Moldova
The National Bank of Moldova reported on the National Committee for Financial Stability's third meeting of 2025, highlighting system-wide risk developments as of June 30. Banking credit growth outpaced GDP, with moderate credit risk and a slight rise in non-performing loans. Non-bank lending risks remained low despite increased non-performing loans, while the insurance sector saw a 2.6% rise in gross written premiums and strong solvency ratios.
SupervisionRisk monitoring & watch pointsOther
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2025-10-10•Moldova•National Bank of Moldova
Governor Anca Dragu of the National Bank of Moldova highlighted Moldova's integration into the Single Euro Payments Area (SEPA), reducing transaction costs and boosting investor confidence due to the EU's trade significance. She emphasized SEPA's complementarity with the MIA Instant Payments system and introduced an AI-first assistant to enhance financial stability. Dragu also noted the central bank's role in EU accession negotiations, focusing on financial services and economic policies.
Policy & regulationReform agendas & prioritiesCross-border cooperationPayments and payment systems
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2025-10-09•Global•Financial Markets Standards Board
The Financial Markets Standards Board has issued a final Statement of Good Practice on Unauthorised Trading Frameworks, providing industry-wide guidance to enhance oversight and controls in wholesale markets and promote consistent expectations among firms and regulators. This guidance addresses ongoing risks of unauthorised trading due to vulnerabilities and aims to standardize baseline standards across markets.
Policy & regulationGuidance & interpretationRisk managementMarket development
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2025-10-09•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission (FSC) registered MAY CAR INSURANCE BROKER Ltd as an insurance broker and expanded Focal Point Investments AD’s investment intermediary licence. It also updated Ever Financial AD’s EU cross-border services notification and removed Bulgarian Energy Holding EAD’s EUR 600 million bond issue from the public companies and securities issuers register.
SupervisionAuthorisations & approvalsLicence approval
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2025-10-09•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has initiated a public consultation on draft Regulatory Technical Standards (RTS) for central counterparties (CCPs) regarding participation requirements. The draft RTS outlines criteria for CCP admission, focusing on assessing non-financial counterparties' ability to meet margin and default fund obligations. ESMA seeks feedback from CCPs and both financial and non-financial counterparties.
Policy & regulationRules & requirementsCCPs
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2025-10-09•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission conducted a lecture at the Technical University of Angola during World Investor Week 2025, emphasizing financial education's role in preventing scams and fraud. The session, moderated by Salomão Abílio, featured contributions from the National Bank of Angola and the Angolan Insurance Regulation and Supervision Agency, aiming to enhance financial literacy and asset protection.
Financial literacy & educationFinancial literacy and education
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2025-10-09•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission participated in TPA1’s Tempo Certo programme during World Investor Week 2025, emphasizing investor education and protection against fraud. CMC staff member Daniel Chipenda discussed identifying fraudulent schemes, safeguarding personal wealth, and the importance of financial literacy in investment decisions.
Financial literacy & educationFinancial literacy and educationConsumer and investor protection
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2025-10-09•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission hosted an international panel during World Investor Week 2025, focusing on investor protection, financial education, and fraud prevention. Moderated by Sebastião Manuel, the session featured experts from Portugal, Brazil, and Cabo Verde discussing strategies to combat financial fraud and market manipulation.
Policy & regulationCooperationConsumer and investor protectionFinancial literacy and education
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2025-10-09•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission hosted a panel during World Investor Week 2025 on leveraging technology platforms to enhance financial product access, focusing on digital transformation and financial inclusion. The event featured discussions on digital investment platforms, security, investor protection, and fintech's role in market access.
Policy & regulationImplementation, projects & pilotsFintech and insurtechFinancial inclusion
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2025-10-09•Pakistan•State Bank of Pakistan
The State Bank of Pakistan, in collaboration with GIZ Pakistan and funded by the German Federal Ministry for Economic Cooperation and Development, has launched the Paris-Aligned Finance Fellowship to enhance climate risk management in the financial sector. The initiative aims to integrate climate considerations into financial practices and support clean energy and green exports. Fifty senior professionals from various financial institutions will receive training on climate risk management and sustainability reporting.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-10-09•Ghana•Ghana National Insurance Commission
The Ghana National Insurance Commission, with the Chartered Insurance Institute of Ghana, launched the inaugural Insurance Retiree Programme to engage retired insurance professionals. The initiative aims to create a national platform for retirees, establish mentorship programs, and involve veterans in research, advisory work, and policy review. The event included former CEOs, Commissioners of Insurance, and other industry professionals.
Institutional developmentCooperation & capacity buildingOther
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2025-10-09•Italy•Bank of Italy
The Bank of Italy released ten Occasional Papers (Nos. 966–975) on financial market valuation, cross-border capital and liquidity flows, and crisis management tools. Key studies include a potential tech bubble in the US stock market, geopolitical risk and capital flows, and financial stability considerations on bail-in. Additional research explores Italy's economic structure, innovation, and measurement, including the impact of PRIN scientific grants and Italy's fashion export performance.
ResearchArtificial intelligenceGeopolitical risk
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2025-10-09•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority has referred a case to the Attorney General regarding a company's non-compliance with a Disciplinary Board decision under Article 127 of Law No. 7 of 2010. The company, formerly listed on Boursa Kuwait, failed to pay a fine despite being validly notified on 24 June 2025.
EnforcementInvestigations & enforcement actionsWhistleblowing
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2025-10-09•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has released final reports on two sets of Regulatory Technical Standards (RTS) for central counterparties (CCPs) under EMIR 3. The first RTS outlines requirements for initial authorisation and extensions, while the second addresses validation of changes to CCPs’ models and parameters. These reports incorporate feedback from ESMA's public consultations and will be submitted to the European Commission for approval.
Policy & regulationRules & requirementsCCPs
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2025-10-09•Kosovo•Central Bank of the Republic of Kosovo
Labinot Lekaj and Korab Gashi from the Central Bank of the Republic of Kosovo attended a seminar in Podgorica on central bank governance and internal audit. Co-organised by the Central Banks of Montenegro and the Netherlands, the event focused on governance, institutional independence, and internal audit roles. Lekaj, a panellist, discussed governance failure identification, technology use, auditor skillset development, and strategic direction through 2030.
Institutional developmentCooperation & capacity buildingAuditing
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2025-10-09•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released statistics for September 2025 from the Central Information Repository.
Data & statisticsSupervisory data