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2025-10-09•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg released a paper proposing a new method to measure the business cycle using a vector autoregression model. Applied to US data, it identifies two shocks as key drivers, aligning with official recession and expansion timelines. The study suggests a stronger link between inflation and real activity than typically assumed, with robustness tests supporting the method's reliability.
ResearchEconomic data and developments
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2025-10-09•Hong Kong•Hong Kong Mandatory Provident Fund Schemes Authority
The Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) has reprimanded and disqualified LAM Chung Ho, a former intermediary at AIA International Limited, from registration as a Mandatory Provident Fund intermediary for 13 years due to severe misconduct. LAM forged signatures and misused personal information to improperly open MPF accounts, violating conduct requirements under the Mandatory Provident Fund Schemes Ordinance. The MPFA issued a circular to all registered intermediaries emphasizing compliance with conduct requirements and published a Statement of Disciplinary Action.
EnforcementSanctions & designations
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2025-10-09•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority and the Hong Kong Monetary Authority will host the second DFSA–HKMA Joint Climate Finance Conference on 26 November in Dubai, focusing on green finance for sustainability. The event will feature discussions on technological innovation, policy frameworks, and cross-sector collaboration, as well as panel sessions on greening the Asia-Middle East Corridor and tokenisation's role in the global transition. Participants will review joint research findings on sustainable debt in emerging markets, with DIFC Authority and Nasdaq Dubai as strategic partners.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-10-09•Italy•Bank of Italy
The Bank of Italy published the October 2025 issue of “The Italian economy in brief,” offering updated data on Italy's economic and financial systems. The bulletin includes sections on real economic activity, prices, foreign transactions, private sector financial conditions, banking sector developments, public finances, and inflation and growth forecasts.
Data & statisticsEconomic data and developments
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2025-10-09•Australia•Australian Securities & Investments Commission
ASIC Chair Joe Longo detailed the agency's restructure and heightened enforcement at a Senate hearing, noting a 50% rise in investigations and a 20% increase in civil proceedings. Priorities include high-risk super switching, with 24 investigations, and ANZ's misconduct affecting 65,000 customers. ASIC also focuses on public and private markets, with a February discussion paper and a September report on private credit standards.
EnforcementEnforcement statisticsMarket developmentRegulatory burden
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2025-10-09•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services licence of CPG Research & Advisory Pty Ltd, effective 2 October 2025, due to the firm ceasing its financial services business and failing to pay industry funding levies for over 12 months. CPG's licence, held since 2004, allowed it to advise wholesale clients on financial products. ASIC cited its authority under the Corporations Act 2001 and the ASIC Supervisory Cost Recovery Levy Act 2017 for the cancellation.
SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
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2025-10-09•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has banned Timothy Archibald, former financial adviser and director at Lighthouse Partners, from providing financial services for 10 years due to fees for no service (FFNS) conduct and inadequate response measures. Archibald failed to report, investigate, or prevent FFNS affecting 14 clients and did not refund AUD 81,652 in fees. The ban, effective from 30 June 2025, is recorded on ASIC’s banned and disqualified register, and Archibald has sought a review of the decision.
EnforcementInvestigations & enforcement actions
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2025-10-09•Mozambique•Ministry of Finance (Mozambique)
Mozambique's Ministry of Finance held a public consultation in Inhambane on establishing the Development Bank of Mozambique (BDM), a government initiative to enhance long-term financing and support economic growth. The BDM aims to fund strategic sectors like industrialisation, agriculture, and infrastructure, while promoting technological innovation and supporting SMEs. This consultation is part of a broader effort to gather societal input to ensure the bank meets diverse national needs.
Policy & regulationImplementation, projects & pilotsOther
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2025-10-09•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market met with the European Bank for Reconstruction and Development to discuss capital market integration and review progress on related reforms. Key topics included aligning Ukrainian legislation with EU standards, developing secured bond instruments, ESG bond regulation, and potential incentives for local bond issuance and IPOs.
Policy & regulationCooperationMarket developmentMarket infrastructure
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2025-10-09•Angola•Ministry of Finance (Angola)
Angola's Ministry of Finance raised AOA 64 billion via sustainable bonds for dam projects, supporting climate-change mitigation and social goals. This aligns with Angola’s Sustainable Finance Framework, facilitating green and social bonds for sectors like renewable energy and health. The National Bank of Angola and the Capital Markets Commission enabled financial institutions to finance environmental projects.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-10-09•Angola•Angola Insurance Authority (ARSEG)
The Angola Insurance Authority has issued a regulatory standard adopting a new chart of accounts for insurance and reinsurance companies to align sector accounting with International Accounting Standards and International Financial Reporting Standards. The Chart of Accounts for Insurance Companies (PCES) is annexed to the standard and was developed in consultation with Angola’s Order of Accountants and Accounting Experts, utilizing the supervisor’s statutory power to set accounting rules and specify information disclosure requirements.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-10-09•Mozambique•Insurance Supervision Institute of Mozambique
The Insurance Supervision Institute of Mozambique joined ISCTEM’s Second Scientific Days, where Executive Administrator Mércio Sitoe discussed the insurance market's role in strengthening Mozambique’s economy. Sitoe highlighted an 11.5% increase in gross written premiums to MZN 24.16 billion in 2024 and emphasized the need for a regulatory environment fostering innovation and financial service expansion, particularly for rural and low-income communities. He also noted the potential of artificial intelligence in driving sector development.
Policy & regulationGuidance & interpretationMarket development
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2025-10-09•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) confirmed financial sector stability in its September 2025 meeting, despite mixed global conditions. Key developments include revoking PT Bank Pembiayaan Rakyat Syariah Gayo Perseroda's banking license, fines totaling IDR 2.02 billion, and directives for banks to block accounts linked to online gambling. OJK also outlined ongoing regulatory initiatives, including new rules for micro, small, and medium-sized enterprises, health insurance, and digital financial assets.
Policy & regulationImplementation, projects & pilotsFinancial stability and systemic riskMarket risk and volatility
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2025-10-09•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia and the Agency for Real Estate Cadastre signed a memorandum to enhance data exchange, focusing on the Register of Prices and Rents. This cooperation aims to bolster the National Bank's analysis of real estate market risks, supporting financial stability efforts.
Institutional developmentCooperation & capacity buildingDomestic cooperation
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2025-10-09•United States•National Credit Union Administration
The National Credit Union Administration, in collaboration with other U.S. financial regulators, released a FAQ document on Suspicious Activity Reports (SARs) and AML/CFT considerations. The FAQ aims to clarify SAR requirements to enhance compliance and optimize resource allocation for law enforcement. Key topics include structuring, continuing activity reviews, and documentation for decisions not to file a SAR.
Policy & regulationGuidance & interpretationAML and CFT
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2025-10-09•Indonesia•Bank Indonesia
Bank of Indonesia's September 2025 Retail Sales Survey indicates an expected acceleration in annual retail sales growth, with the Real Sales Index projected to rise 5.8% year-on-year, up from 3.5% in August. Monthly sales are forecasted to contract by 0.3% in September, primarily due to weaker clothing sales. Price expectations remain stable, with the Price Expectations Index for November 2025 and February 2026 at 134.6 and 169.2, respectively.
Data & statisticsEconomic data and developments
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2025-10-09•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority said it held a student investor education event at the Higher School of Commerce in Kolea during World Investor Week and used it to promote financial market literacy. COSOB also launched the national “FinTech Challenge – FinTalk” competition, inviting young people to produce short educational videos on capital market topics. The event also covered Algeria’s market development prospects and innovative financing tools.
Financial literacy & educationFinancial literacy and education
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2025-10-09•Ireland•Department of Finance (Ireland)
Ireland’s Department of Finance announced that Minister for Finance and Eurogroup President Paschal Donohoe will chair the Eurogroup and represent Ireland at the Economic and Financial Affairs Council (ECOFIN) in Luxembourg. Discussions will focus on macroeconomic and fiscal monitoring, Capital Markets Union progress, stablecoin developments, and preparations for the October Euro Summit. ECOFIN will address Ukraine financing, EU budget resources, financial services legislation, and international climate finance.
Policy & regulationCooperationOther
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2025-10-09•United States•Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia appointed Troy A. Peters, CEO of JBT Bancorp, Inc., to its Community Depository Institutions Advisory Council (CDIAC) for a three-year term starting October 2025. CDIAC, comprising 12 members from banks, thrifts, and credit unions, meets biannually with Philadelphia Fed officials to discuss trends impacting community depository institutions. Peters brings over 30 years of banking experience to the council.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-10-09•Europe•EBA Clearing
EBA Clearing announced the successful 9 October 2025 changeover by user communities of its RT1 and STEP2 SCT services under the Instant Payments Regulation (IPR). The upgrades include Verification of Payee (VOP) requirements for eurozone credit institutions and a pan-European VOP solution utilizing Fraud Pattern and Anomaly Detection (FPAD) functionality. Nearly 50 participants went live with FPAD VOP, with more preparing to adopt additional FPAD indicators for enhanced fraud prevention.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-10-09•Europe•European Banking Authority
The European Banking Authority released a report on money laundering and terrorist financing risks in crypto-asset services, focusing on issuance, trading, and service provision. It outlines how authorities can enhance supervision of crypto-asset service providers under the Markets in Crypto-Assets Regulation framework. The report highlights sector vulnerabilities, evasion tactics, and safeguards introduced by MiCA and the revised AML/CFT regime.
Policy & regulationGuidance & interpretationAML and CFT
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2025-10-09•Croatia•Ministry of Finance (Croatia)
Croatia's Ministry of Finance reported that Deputy Prime Minister and Finance Minister Marko Primorac attended a Eurogroup meeting in Luxembourg, discussing euro area macroeconomic and fiscal policy issues. Primorac presented a Central and South Eastern Europe initiative on capital markets development, recognized by the European Commission as a best-practice example for 2025. The meeting also addressed crypto-assets, focusing on risks to financial stability and monetary sovereignty, and preparations for the Euro Summit on 23 October 2025.
Policy & regulationCooperationCross-border cooperationMonetary policy decisions and developments
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2025-10-09•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued an External Operational and Services Circular on "information management instruments" (DG-GI-393, Matter 3).
Policy & regulationGuidance & interpretationOther
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2025-10-09•Colombia•Central Bank of Colombia
The Central Bank of Colombia amended procedures for foreign exchange operations, introducing classifications for external credits from collaborative financing via debt-representative securities. Key changes include a new purpose code for external credits and updates to direct investment registration and income entry items. The circular is effective immediately, targeting the Central Bank's offices, foreign exchange intermediaries, and entities involved in foreign exchange and international investments.
Policy & regulationRules & requirementsCross-border payments
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2025-10-09•Colombia•Central Bank of Colombia
The Central Bank of Colombia released Board of Directors Bulletin 37 of 2025, detailing the Unidad de Valor Real (UVR) values effective from 16 October 2025 to 15 November 2025, in accordance with External Resolution No. 13 of 2000.
Data & statisticsOther
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2025-10-09•Belize•Central Bank of Belize
The Central Bank of Belize has launched Belize’s Credit Reporting System (CRS) to enhance credit information sharing and support lending decisions. Licensed credit bureau CRIF Information Services Limited will manage data collection from financial institutions to improve borrower credit assessments. The system aims to benefit micro, small, and medium-sized enterprises and households, with operations expected to commence in early 2026.
Policy & regulationImplementation, projects & pilotsCredit riskFinancial inclusion
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2025-10-09•Greece•Ministry of National Economy and Finance (Greece)
Greece's Minister of National Economy and Finance, Kyriakos Pierrakakis, is attending the Eurogroup and ECOFIN meetings in Luxembourg, focusing on investment, competitiveness, and citizen participation in European capital markets. ECOFIN will address establishing a Savings and Investment Union, EU legislative simplification, and the Ukraine war's economic impact. The Eurogroup will review macroeconomic trajectories and discuss capital market integration and digital financial instruments.
Policy & regulationCooperationOther
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2025-10-09•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario reported that Ontario credit unions' assets grew to CAD 100.32 billion in Q1 2025-26, driven by increases in residential mortgage and commercial lending. Profitability improved with a return on average assets of 28 basis points, aided by reduced interest expenses. The delinquency rate on residential mortgages was 0.83%, reflecting a year-over-year increase but a quarterly decrease.
ResearchAsset quality
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2025-10-09•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) outlined its 2024-25 agenda, emphasizing proportionate regulation and financial resilience. Key initiatives include streamlining bank licensing, enhancing superannuation trustee oversight, and reducing regulatory burdens. APRA plans to finalize governance reforms, strengthen cyber resilience, and publish a System Stress Test. Macroprudential settings remain unchanged, with ongoing work on high debt-to-income lending limits. Deputy Chair Margaret Cole will depart at the end of her term next year.
Policy & regulationReform agendas & prioritiesPrudential risksOperational risk and resilience
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2025-10-09•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has disqualified former Xinja Bank CEO Eric Wilson and former non-executive director Craig Swanger from acting as accountable persons at any authorised deposit-taking institution. Wilson received an eight-year ban and Swanger a ten-year ban due to breaches related to accountability obligations. The disqualifications follow an APRA investigation into misleading capital raising practices at Xinja in 2020.
EnforcementSanctions & designationsCorporate governance
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2025-10-09•France•Bank of France
The Bank of France has reaffirmed its commitment to the FX Global Code, a voluntary conduct code for the wholesale foreign exchange market. It emphasized the continued support from central banks within the European System of Central Banks and its ongoing promotion of the Code to market participants. The FX Global Code, revised in December 2024, outlines best practices for a robust and transparent FX market.
Policy & regulationInternational standards & recommendationsForeign exchange policy and markets
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2025-10-09•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the Dubai Financial Services Authority announced the second DFSA–HKMA Joint Climate Finance Conference on 26 November in Dubai, themed “Transforming Tomorrow: Harnessing Green Finance for Sustainability.” It will focus on innovation, resilience, and cross-border collaboration, featuring discussions on technological innovation, policy frameworks, and tokenisation's role in climate finance. Strategic partners include the Dubai International Financial Centre Authority and Nasdaq Dubai.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-10-09•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria purchased 66,000 troy ounces of gold on international markets to prepare for Bulgaria's euro adoption on 1 January 2026 and meet European Central Bank (ECB) reserve asset requirements. The purchase ensures compliance with the ECB's 85% foreign currency and 15% gold reserve asset split, without depleting existing gold holdings. This transaction, representing less than 1% of the bank's gross foreign exchange reserves, is recorded as a claim on the ECB and an asset on the bank's balance sheet.
Monetary policyMonetary policy instruments & operationsBalance of payments and other external statistics
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2025-10-09•Global•Bank for International Settlements
The Bank for International Settlements introduced the BIS Multisector Model (BIS-MS), a dynamic stochastic general equilibrium model for analyzing macroeconomic dynamics in a multi-sector production network across over 80 economies. BIS-MS facilitates the study of sectoral interdependencies, shock transmission, and monetary policy strategies, with simulations showing varied inflation and output responses to energy price shocks. The model uses input-output data from sources like the OECD and features sector-specific nominal rigidities to compare monetary policy rules.
Research
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2025-10-09•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 reported a 2.4% increase in second-tier banks' total assets to KZT 66.6 trillion in August, driven by a 2.7% rise in the loan portfolio. Credit to the economy grew 2.4% to KZT 38.0 trillion, with household lending up 3.1% and business lending up 1.4%. Total liabilities rose 2.3% to KZT 56.9 trillion, while equity increased 3.1% to KZT 9.8 trillion. Banks achieved a net profit of KZT 1,864 billion and maintained strong capital adequacy ratios.
Data & statisticsLendingAsset quality
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2025-10-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported continued growth in the insurance sector as of September 2025, with total assets rising 2.9% in August to KZT 3.7tn. Premiums under insurance and reinsurance contracts increased 14.9% year to date, driven by significant growth in life and voluntary property insurance. Payouts rose 39.0% year to date, led by a 59.7% increase in voluntary property insurance payouts.
Data & statisticsBalance of payments and other external statistics
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2025-10-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's financial market saw a 5.1% rise in equity market capitalisation to KZT 39.6 trillion and a 9.0% increase in the Kazakhstan Stock Exchange Index to 6,993.05 points in August 2025. However, equity trading volumes dropped 12.2% to KZT 24.8 billion, while corporate bond trading surged 34.0% to KZT 496.8 billion. Outstanding government debt rose 1.6% to KZT 30.0 trillion, with government securities trading at KZT 791.2 billion.
Data & statisticsFinancial and market indicatorsSecurities offerings and listings
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2025-10-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has approved Gao Yan's appointment as Chair of the Board of Directors of JSC Subsidiary Bank "Bank of China in Kazakhstan."
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-10-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
In August 2025, the Agency for Regulation and Development of the Financial Market of Kazakhstan focused on borrower complaints about fraud and loan restructuring. It addressed legal breaches by financial institutions and detailed its mortgage refinancing programme, which refinanced 33,000 mortgages and converted 15,900 foreign-currency mortgages. Additional support for vulnerable borrowers totaled KZT 98.6 billion for 10,600 borrowers, with deadlines extended to 31 December 2025.
SupervisionInterventionsLending
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2025-10-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan issued a reminder to implement protective measures against credit fraud. It advises using the "Stop Credit" service and maintaining confidentiality of SMS codes, PINs, and passwords. The notice also recommends avoiding remote access software from unknown sources and regularly checking credit reports.
SupervisionAlertsKYC
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2025-10-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has issued licence No. 2.1.30 to Freedom Finance Insurance Insurance Company JSC for operations in the general insurance segment. This includes a new voluntary insurance class for guarantees and sureties.
SupervisionAuthorisations & approvalsLicence approval
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2025-10-09•Ghana•Bank of Ghana
The Bank of Ghana outlined Ghana’s corporate insolvency and bank resolution frameworks, noting a review of the Banks and Specialised Deposit-Taking Institutions Act, 2016, to enhance financial stability. The address emphasized the Corporate Insolvency and Restructuring Act, 2020, detailing resolution entry points and legal processes, including appointing an Official Administrator and conditions for licence revocation. The review aims to strengthen the resolution regime, aligning with the Financial Stability Board’s principles.
Policy & regulationRules & requirementsCorporate governance
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2025-10-09•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission joined the Thailand Securities and Exchange Commission and the Bank of Thailand at the Thailand Influencer Awards 2025. They received a "Responsible Voices" honour for promoting accurate financial content. The event, with over 1,000 participants, emphasized training finfluencers to enhance public understanding and foster a sustainable financial-content ecosystem.
Financial literacy & educationOther
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2025-10-09•Jordan•Jordan Securities Commission
The Jordan Securities Commission has implemented amendments to its auditor standards, effective immediately, updating eligibility, independence, and appointment rules. Key changes include a five-year experience requirement, restrictions on auditor independence and share ownership, and revised appointment terms limiting consecutive reappointments.
Policy & regulationRules & requirementsAuditing
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2025-10-09•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority has adopted TIBER-EU LI as the national implementation document for threat-led penetration testing (TLPT) under the Digital Operational Resilience Act. This framework aims to enhance digital operational resilience in Liechtenstein's financial sector by providing a uniform standard for TLPT.
Policy & regulationRules & requirementsCyber resilience
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2025-10-09•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina discussed cooperation with the Ministry of Finance of the Kingdom of the Netherlands on financial education and capacity building. The Netherlands-funded regional project, in collaboration with the OECD, aims to enhance financial literacy and inclusion across 11 member countries. Future initiatives will focus on education programmes for young people and vulnerable groups in Bosnia and Herzegovina.
Financial literacy & educationFinancial literacy and education
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2025-10-09•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) participated in the 8th Legal Insurance Seminar in Brasília, discussing Law 15.040/2024, Brazil’s Insurance Legal Framework. Superintendent Alessandro Octaviani emphasized the law's role in enhancing regulatory strength and legal certainty, while Director Carlos Queiroz addressed practical changes in claims adjustment and settlement.
Policy & regulationGuidance & interpretationOther
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2025-10-09•Iraq•Central Bank of Iraq
The Central Bank of Iraq engaged with Deutsche Commerzbank to enhance cooperation, focusing on banking relations, trade finance, international payments, and correspondent banking to improve Iraq's financial system and strengthen ties with the European banking sector. Both parties committed to ongoing coordination to support Iraq's global financial standing.
Policy & regulationCooperationCross-border cooperation
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2025-10-09•Spain•Bank of Spain
The Bank of Spain's 2025-2030 strategy focuses on modernizing the financial system and enhancing governance, analytics, supervision, and payments. Key initiatives include a cultural transformation program, specialist recruitment, and a review of independence and transparency. The plan also emphasizes AI supervision, cyber resilience, and prudential policy enhancements, including a 1% countercyclical capital buffer and streamlined regulatory processes.
Institutional developmentGovernanceFinancial stability and systemic riskMacroprudential policy and tools
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2025-10-09•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) highlighted concerns about pension funds' high investment concentration during APEP's seminar, emphasizing the need for diversification in defined contribution plans. PREVIC's ongoing public consultation on updating Resolution PREVIC 23/2023 includes recommendations for improved participant communications, advocating for plain language and dedicated service channels.
Policy & regulationRules & requirements
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2025-10-09•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority (Finantsinspektsioon) hosted an international conference on 8 October, focusing on financial-sector regulation and cyber risk protection. Management Board Chair Kilvar Kessler emphasized Estonia's expertise in cyber risk management and regulatory simplification. The event, attended by 200 participants, will become an annual tradition, with the next conference in Warsaw.
Policy & regulationCooperationCyber resilienceRegulatory burden
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2025-10-09•Europe•European Central Bank
The European Central Bank's Occasional Paper finds no significant link between overall capital requirements and euro area banks' profit efficiency, challenging claims that higher requirements constrain profitability. The study, covering 35 significant institutions from 2019 to 2024, reveals an inverted U-shaped relationship between capital ratios and profit efficiency, peaking at a common equity tier 1 ratio of around 18%. The findings are robust across alternative efficiency measures and an expanded sample including unlisted banks.
ResearchCapital adequacy
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2025-10-09•Europe•European Central Bank
The European Central Bank's research on about seven million new bank loans to non-financial corporations in 2022-23 highlights the impact of risk-free rate maturity on loan sensitivity to ECB rate changes. Loans priced off shorter-maturity overnight interest rate swap rates saw sharper lending rate increases during the tightening cycle, with banks adjusting premia to mitigate this effect. The study also reveals substantial cross-country differences in the maturity of relevant risk-free rates, influencing the pass-through of ECB rate changes to lending rates.
ResearchLending
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2025-10-09•Europe•European Central Bank
The European Central Bank's working paper examines "fiscal drag" in personal income tax systems across 21 European countries, highlighting significant sensitivity of tax revenues to nominal income growth and varying policy responses between 2019 and 2023. The study finds tax-to-base elasticities around 1.7–2, with stronger effects on labour income and larger impacts on low- and middle-income groups. It concludes that while all countries mitigated fiscal drag to some extent, about one-third only partially offset it, leading to increased effective tax rates and revenues, with many relying on non-indexation reforms.
Research
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2025-10-09•Europe•European Central Bank
The European Central Bank released a speech by Executive Board member Philip R. Lane on euro area household asset holdings and a macroeconomic framework for asset supply and demand in Europe. Lane contrasts Europe with the U.S. on pension asset pools and capital gains. The speech outlines a policy agenda for a savings and investments union, addressing retail participation, pension systems, market integration, and the international role of the euro.
Policy & regulationOtherMarket development
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2025-10-09•Europe•European Central Bank
The European Central Bank's Eurosystem analysis estimates banks' investment costs for a digital euro at EUR 4 billion to EUR 5.8 billion over four years. It identifies upward biases in previous estimates due to underestimated synergies, incorrect assumptions, and extrapolations. The note, not endorsed by ECB decision-makers, highlights uncertainties in banks' internal IT costs pending final regulatory decisions.
Policy & regulationGuidance & interpretationCBDC
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2025-10-09•British Virgin Islands•British Virgin Islands Financial Services Commission
The British Virgin Islands Financial Services Commission has issued a warning that TCWB / TCWB.US is not licensed or regulated to conduct financial services in the Territory. The entity falsely claims to be a BVI financial institution offering banking services and is not a BVI Business Company. The public is advised to avoid financial dealings with TCWB / TCWB.US.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-10-09•British Virgin Islands•British Virgin Islands Financial Services Commission
The British Virgin Islands Financial Services Commission issued a circular reminding companies of procedural and documentary requirements under section 184 of the BVI Business Companies Act for valid continuation out of the Virgin Islands. The Commission highlighted deficiencies like premature jurisdictional continuations and non-compliance with section 184(1B)(b), outlining an interim process requiring written signed declarations. Registered agents must ensure compliance by filing the notice of intention before continuation and attaching all necessary declarations.
Policy & regulationGuidance & interpretationOther
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2025-10-09•Serbia•National Bank of Serbia
The National Bank of Serbia stated that national payment instruments like DinaCard and instant options IPS Scan and IPS Show remain available for non-cash payments at NIS Petrol gas stations amid potential international card scheme blocks. The bank emphasized the importance of independent national payment systems, highlighting their lower costs and resilience against foreign sanctions. NIS Petrol plans to offer additional payment benefits, with details forthcoming.
SupervisionAlertsCross-border payments
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2025-10-09•Europe•European Council
The European Council summarized a Eurogroup meeting in Luxembourg on the euro area's macroeconomic and budget situation, Capital Markets Union (CMU) progress, and stablecoin developments. Ministers noted the euro area's resilience amid high uncertainty, with better-than-expected growth and a strong euro against the US dollar. Discussions included fiscal policy coordination, CMU updates, and stablecoin opportunities and risks, with plans to revisit these topics, particularly in light of digital euro advancements.
Policy & regulationCooperationStablecoins
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2025-10-09•Malaysia•Malaysia Securities Commission
The Malaysia Securities Commission has filed criminal charges against Choong Lee Aun, former Managing Director of AT Systematization Berhad, alleging wrongful loss of RM16.35 million. Choong faces 41 charges under section 317A(1) of the Capital Markets and Services Act 2007, related to payments to Delta Million Dynamic Sdn Bhd and Midas Mode Sdn Bhd. He claimed trial and was granted bail of RM420,000, with conditions including passport surrender and monthly reporting.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-10-09•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission and the Ministry of Finance have initiated a consultation on a draft circular for covered warrants, aiming to replace the 2016 framework for their offering and trading.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-10-09•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has issued instructions for individuals on a specified list to pay a VND 1,000,000 licensing fee for securities practising certificates. Payment can be made via bank transfer or in person, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Failure to collect the certificate within one year of the fee notice will result in cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-10-09•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) approved a technical cooperation agreement with the Federal Regional Court of the 4th Region to use the SEI Julgar module within the Electronic Information System. This module aims to streamline case management by reducing effort in administrative proceedings and facilitating random and proportional case distribution among collegiate members.
Institutional developmentCooperation & capacity buildingCross-border cooperation
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2025-10-09•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has lifted the suspension of Caramuru Alimentos S.A.'s publicly held company registration. This decision follows the company's submission of all overdue periodic information, addressing non-compliance with CVM Resolution 80 that led to the suspension on 19 May 2025.
SupervisionAuthorisations & approvalsRegulatory reporting
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2025-10-09•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) approved a settlement with Icaro Borrello, a director at Vivara Participações S.A., involving a BRL 300,000 payment to resolve insider trading allegations. However, it rejected a joint settlement proposal from Sansuy S.A. executives due to the seriousness of the alleged conduct and a proposed amount inconsistent with typical settlement levels. Allegations against Sansuy include obstructing minority shareholders' rights and procedural violations at the 2023 annual general meeting.
EnforcementInvestigations & enforcement actions
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2025-10-09•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has launched the Innovation Sandbox + Concierge to support firms in testing and launching innovative financial products with regulatory guidance. Part of the Commission’s Digital Finance Initiative, it facilitates early engagement on novel business models like blockchain and AI-driven finance. Firms in the Sandbox operate under tailored licence conditions with consumer protection measures and receive dedicated support from Guernsey Finance.
SupervisionInnovation & testingFintech and insurtechRegulatory sandbox
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2025-10-09•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has amended Azərikard LLC’s licence, removing its authorization to issue and execute payment transactions using electronic money. This change follows an application by Azərikard and redefines its role to operate solely as a payment institution and payment system operator.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-10-09•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan conducted training sessions on financial technologies and digital transformation for students at three universities to enhance digital financial literacy. The programme included topics such as open banking, virtual assets, payment systems, digital fraud, cybersecurity, and AI in data management. Participants engaged with electronic educational resources and received certificates upon completion.
Financial literacy & educationFintech and insurtechFinancial literacy and education
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2025-10-09•United Kingdom•Bank of England
The Bank of England released a consultation paper on proposed supervisory fees for FMIs for the 2025/26 fee year, detailing updated fee rates, changes to fee ratios, and revised hourly rates for special project fees. The proposals affect UK and non-UK CCPs, CSDs, recognised payment systems, and specified service providers. Key changes include a new Category 3 for UK payment systems and a harmonised fee ratio of 1.75:1.00:0.33 across FMI categories.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-10-09•Zambia•Bank of Zambia
The Bank of Zambia released the Governor's remarks from the final consultative meeting on the draft 2025 Currency Directives, mandating domestic transactions in Zambian kwacha, with exceptions. Part of a broader reform package, including systems for monitoring payments and foreign exchange, these directives have raised stakeholder concerns about exchange controls and implementation challenges. The consultation process, initiated in February 2024, concluded with an invitation for further comments on the latest draft.
Policy & regulationRules & requirementsCurrency and cash management
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2025-10-09•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission clarified that Chairperson Francis Lim's statement about PHP 1.7 trillion in market value loss due to corruption was based on a fictitious report. Lim expressed regret for any confusion, emphasizing the importance of integrity and the SEC's commitment to transparency, good governance, and investor protection.
OtherBribery and corruption
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2025-10-09•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic annulled the licence of the exchange bureau ОсОО ОВ “Million som” in the Talas region. The decision followed an application submitted on 8 October 2025.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-10-09•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic suspended the licence of Dildara exchange bureau LLC from 8 to 12 October 2025 for violations of Kyrgyz legislation and regulatory requirements.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-10-09•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined an exchange bureau in Bishkek KGS 55,000 for breaching Kyrgyz Republic legislation and the bank's regulatory legal acts.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-10-09•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Osh regional office fined two currency exchange bureaus KGS 55,000 each for breaching Kyrgyz Republic legislation and the bank's regulatory requirements.
EnforcementInvestigations & enforcement actionsOther
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2025-10-09•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic is seeking public consultation on a draft Board resolution to amend specific normative legal acts. The draft is accessible on the central bank's website and the Kyrgyz Republic's unified portal for public discussion.
Policy & regulationRules & requirementsRegulatory burden
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2025-10-09•Poland•Central Bank of Poland
The Central Bank of Poland has reaffirmed its adherence to the FX Global Code by publishing an updated Statement of Commitment. The FX Global Code, established in May 2017 and updated in December 2024, outlines global best practices to enhance integrity, transparency, and liquidity in foreign exchange markets.
Policy & regulationGuidance & interpretationForeign exchange policy and markets
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2025-10-09•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) issued Policy Statement 16/25, restating organisational requirements from the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg) into the PRA Rulebook for UK banks and investment firms. This restatement, including updates and minor amendments, aims to prevent enforceability gaps when HM Treasury revokes the MiFID Org Reg. The new rules are set to take effect on 23 October 2025, contingent on HM Treasury's commencement order.
Policy & regulationRules & requirementsOther
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2025-10-09•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo outlined its agenda to modernize the payments ecosystem at the Payments Forum 2025, focusing on aligning with European Union standards and enhancing financial inclusion. Key developments include the uptake of basic services accounts by over 400,000 citizens, legislative efforts to support SEPA application, and participation in the Bank of Italy’s TIPS Clone project for instant payments. The SEPA application was delayed due to legal publication issues, but the central bank plans to resume once resolved.
Policy & regulationReform agendas & prioritiesPayments and payment systemsFinancial inclusion
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2025-10-09•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo and the Kosovo Chamber of Commerce discussed expanding cooperation, focusing on financial stability, resilience, and access to finance. Key topics included advancing the legal and regulatory framework, joining the Single Euro Payments Area (SEPA), and developing alternative financing channels. They emphasized ongoing communication and potential joint events to promote foreign investment.
Policy & regulationCooperationCross-border cooperation
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2025-10-09•Russia•Central Bank of Russia
The Central Bank of Russia's latest "Monitoring of Sectoral Financial Flows" review indicates weaker economic activity in Q3 2025, with a 7.3% decline in incoming payments via its Payment System compared to the previous quarter. September payments were consistent with August but below the Q2 average, with declines across all industry groups.
Data & statisticsEconomic data and developments
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2025-10-09•Russia•Central Bank of Russia
The Central Bank of Russia announced the operating hours for the Bank of Russia Payment System on 3 November 2025. The regular session will run from 01:00 to 21:00 Moscow time, with a standard period from 01:00 to 20:00 and a settlement period from 20:00 to 21:00. The faster payments service will remain operational 24/7.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-10-09•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senators Shaheen, Warren, and Kaine criticized the Trump Administration's removal of Global Magnitsky Act sanctions on former Paraguayan President Horacio Cartes, arguing it undermines the Act's purpose. They highlighted the lack of required advance notice to Congress and urged adherence to the Act to ensure accountability for human rights abuses and corruption. The statement also referenced the U.S. Treasury Department's previous findings on Cartes and other recent sanctions decisions.
Policy & regulationOtherNew sanctions designations
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2025-10-09•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Democratic lawmakers on the U.S. Senate Committee on Banking, Housing and Urban Affairs, led by Elizabeth Warren, introduced the No Argentina Bailout Act to prevent the U.S. Treasury from using the Exchange Stabilization Fund to aid Argentina. The proposal aims to restrict Treasury Secretary Scott Bessent from providing financial support during President Javier Milei's term. Additionally, Warren requested information from the Managed Funds Association regarding its involvement in the Administration's support for Argentina.
Policy & regulationRules & requirementsOther
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2025-10-09•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs released remarks from Ranking Member Elizabeth Warren supporting Senator Rand Paul’s amendment to stop the Federal Reserve from paying interest on overnight funds deposited by banks and shadow banks. Warren criticized this policy as a subsidy to large financial institutions, noting USD 785 billion paid since 2008, and questioned its necessity for managing interest rates. She urged a bipartisan effort to pass the amendment, emphasizing the need for congressional authorization for any additional emergency powers.
Policy & regulationReform agendas & prioritiesMonetary policy decisions and developments
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2025-10-09•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren urged support for Senator Rick Scott’s bipartisan amendment for a presidentially appointed, Senate-confirmed Inspector General for the Federal Reserve, citing conflicts of interest. The amendment, supported by a majority of Senators, would take effect in 2029, replacing the current structure where the Federal Reserve Chair selects the Inspector General. Warren highlighted past ethics controversies and previous legislation advocating for independent Inspectors General at the Federal Reserve and the Consumer Financial Protection Bureau.
Policy & regulationRules & requirementsCorporate governance
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2025-10-09•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced the Senate's passage of the bipartisan FIGHT China Act, restricting certain U.S. investments in China and mandating notifications in key technology sectors. Introduced by Senators John Cornyn and Catherine Cortez Masto, the bill aims to prevent U.S. capital from aiding advancements in sensitive areas like artificial intelligence, quantum computing, and microelectronics. Ranking Member Elizabeth Warren emphasized efforts to advance a version of the legislation for enactment.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2025-10-09•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate passed the bipartisan ROAD to Housing Act, which aims to boost housing supply, improve affordability, and enhance oversight of federal regulators and housing programs. Senator Elizabeth Warren, Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, emphasized her commitment to advancing the legislation with the House.
Policy & regulationRules & requirementsOther
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2025-10-09•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced that the Senate-passed National Defense Authorization Act includes three priorities by Chair Tim Scott: the ROAD to Housing Act, the Protect Our Bases Act, and an extension of the Defense Production Act. The ROAD to Housing Act aims to expand housing supply and improve affordability, while the Protect Our Bases Act enhances the review process for foreign land purchases. The Defense Production Act extension focuses on defense production and reducing reliance on adversaries for critical inputs.
Policy & regulationReform agendas & prioritiesOther
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2025-10-09•Canada•Financial Transactions and Reports Analysis Centre of Canada
FINTRAC imposed a CAD 72,750 penalty on DMCL Chartered Professional Accountants for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The firm failed to maintain a compliant regime, including inadequate compliance policies, risk assessments, and biennial reviews. FINTRAC issued 23 notices of violation in 2024–25, totaling over CAD 25 million.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-10-09•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority has approved Crédit du Maroc's prospectus for issuing unlisted subordinated bonds in two ten-year tranches of MAD 1 billion each. Tranche A offers a fixed rate, while Tranche B has an annually revisable rate, both linked to Treasury bill yield curves with specified risk premiums. Allocation will occur through a French auction, prioritizing the fixed-rate tranche.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-10-09•Europe•European Fund and Asset Management Association
The European Fund and Asset Management Association has called for enhanced market outage protocols in Europe, citing recent exchange outages as a critical concern.
Policy & regulationReform agendas & prioritiesOperational risk and resilience
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2025-10-09•United Kingdom•HM Treasury
HM Treasury released minutes from the Economic Secretary's performance review meeting with FCA Chief Executive Nikhil Rathi, focusing on the FCA's alignment with government economic policy and statutory objectives. Discussions included the FCA's strategy for international competitiveness, operational improvements, and regulatory burden reduction. The FCA also addressed mortgage lending increases and upcoming initiatives like the Scale-Up Unit.
Policy & regulationCooperationOperational excellence
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2025-10-09•United Kingdom•HM Treasury
HM Treasury has established the Dematerialisation Market Action Taskforce (DEMAT), chaired by Mark Austin CBE, to reform the UK shareholding framework following the Digitisation Taskforce's recommendations. DEMAT will oversee transitioning from paper share certificates to a fully intermediated model, involving temporary digitised registers and improved systems. The Chair will report by Summer 2026 with a "go-live" date for Step 1 and an implementation plan for subsequent steps.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-10-09•United Kingdom•HM Treasury
UK HM Treasury published the record of the Economic Secretary's first performance review with the Prudential Regulation Authority (PRA) Chief Executive, focusing on the PRA's alignment with statutory objectives and government economic policy. Key topics included Basel 3.1 implementation, Solvency II reforms, and proposed changes to the Senior Managers and Certification Regime. The review also covered joint work on the ring-fencing regime and efforts to cut business administrative costs by 25% by the end of the Parliament.
Policy & regulationImplementation, projects & pilotsOperational excellence
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2025-10-09•Eswatini•Central Bank of Eswatini
The Central Bank of Eswatini has granted a provisional licence to SBS Bank Eswatini to operate as a medium-sized commercial bank, with ongoing oversight to ensure compliance before a full licence is issued. Additionally, the Central Bank provided a status update on Letshego Eswatini Bank, which holds a provisional licence to operate as a digital bank, with progress monitored through a dedicated mechanism.
SupervisionAuthorisations & approvalsLicence approval
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2025-10-09•Eswatini•Central Bank of Eswatini
The Central Bank of Eswatini (CBE) completed the tender for Phase 1 of its new headquarters at the Ezulwini Complex, selecting Ingcebo Joint Venture as the preferred bidder with a contract value of SZL 2,969,793,267.99. The relocation to Ezulwini is underway, with the final staff move scheduled for 10 October 2025, and full realignment expected by December 2025. The procurement process involved a competitive evaluation, with all bidders meeting the minimum local participation requirement.
Policy & regulationImplementation, projects & pilotsMandate change
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2025-10-09•Pakistan•State Bank of Pakistan
State Bank of Pakistan Governor Jameel Ahmad stressed the need for durable macroeconomic stability for inclusive growth, noting reduced inflation and stronger external buffers. He announced revisions to Prudential Regulations for Microfinance Banks, adopting a principle-based approach, and introduced a World Bank-funded Climate Risk Fund and Risk Coverage Scheme to support microfinance expansion. Inflation is expected to stay within the 5–7 percent target range, with foreign exchange reserves significantly increased since February 2023.
Policy & regulationRules & requirementsFinancial inclusion
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2025-10-09•Canada•Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) updated its 2025–2026 Annual Risk Outlook, highlighting risks related to tariffs and housing market strains while affirming the resilience of Canadian financial institutions. OSFI's priorities include monitoring adherence to Guideline B-20, compliance with the loan-to-income measure, and reviewing risk management for variable-rate mortgages. Ongoing work on liquidity risk guidance will incorporate feedback to enhance institutions' preparedness for stress events.
SupervisionRisk monitoring & watch points