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2025-09-30•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority released consumer research and an information sheet urging financial service providers to improve complaint handling, highlighting that fewer than one-third of consumers know how to complain and many face barriers. The FMA emphasizes that complaint processes should be visible, accessible, and fair, with findings integrated into business practices, aligning with its Financial Conduct Report priorities.
Policy & regulationGuidance & interpretationComplaints and dispute resolution
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2025-09-30•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has released a draft Memorandum Circular proposing rules on term duration and limits for independent directors of publicly listed companies, public companies, and registered issuers. It mandates fixed three-year terms with a maximum cumulative limit of nine years, effective from 2012, and includes penalties for non-compliance. The proposal outlines staggered term expiries and requires disclosure of nominees breaching the term limit in SEC Form 20-IS.
Policy & regulationRules & requirementsCorporate governance
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2025-09-30•Seychelles•Central Bank of Seychelles
The Central Bank of Seychelles has launched the 2026 Guy Morel High Achievement Scholarship programme, offering two fully funded scholarships for Seychellois citizens. For the first time, Artificial Intelligence is included as a field of study, alongside various undergraduate and postgraduate disciplines. Applications are open until 30 January 2026, with results announced in March 2026.
Financial literacy & educationOther
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2025-09-30•South Korea•South Korea Financial Services Commission
South Korea's Financial Services Commission's Korea Financial Intelligence Unit surveyed 25 registered virtual asset service providers, revealing a market slowdown in H1 2025. Despite a 1.07 million increase in trade-eligible users, average daily trading volume, operating profits, market capitalization, and total deposits declined. Coin-only exchanges saw significant growth in trading volume and market capitalization, while KRW-based exchanges remained dominant.
Data & statisticsFinancial and market indicators
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2025-09-30•Germany•German Bundesbank
The German Bundesbank reported Germany's international investment position at the end of 2024, with net foreign assets reaching EUR 3,452bn, over 80% of GDP. The net position rose by EUR 555bn, driven by increases in cross-border securities and other investments. Gross external assets and liabilities grew significantly, with notable rises in net direct and securities investment positions, while foreign currency reserves increased to EUR 364bn due to higher gold prices.
Data & statisticsBalance of payments and other external statistics
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2025-09-30•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission’s Securities Practising Certificate Examination Council has released the list of candidates eligible for the round II 2025 securities practising certificate test in Hanoi. The computer-based multiple-choice exam is scheduled for 09–10 October 2025 at the Securities Research and Training Center. Candidates must verify their details by 03 October 2025, as no changes will be accepted afterward.
Policy & regulationImplementation, projects & pilotsSecurities offerings and listings
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2025-09-30•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued guidance on registering public tender offers for shares (OPA) under CVM Resolution 215, highlighting new Sistema SRE functionalities. From 1 October 2025, Sistema SRE will handle OPA registration requests under the ordinary procedure and grant registrations automatically without CVM intervention. All OPA registration requests must be submitted through Sistema SRE, except for "CIC Hoteleiro" offerings.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-09-30•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued a circular letter via its Securities Registration Superintendence, guiding intermediary institutions on applying for registration as coordinators of public offerings under CVM Resolution 161. This aims to streamline the process and reduce additional consultations. The circular consolidates technical guidance on Resolution 161, covering registration application, periodic information delivery, and permitted activities.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-09-30•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia (BNM) took action against Armania Resources and Garuda Ventures Travel Sdn. Bhd. for allegedly operating unlicensed money services and potential money laundering. The investigation, supported by the Royal Malaysia Police, involved raids on eight premises, seizure of documents and RM65,487 in cash, and freezing of 27 accounts. BNM emphasized legal penalties for unlicensed operations and urged the public to use licensed money services businesses.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-09-30•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia issued an exposure draft on Interest Rate Risk in the Banking Book (IRRBB) for financial institutions, detailing qualitative management expectations and a quantitative Standardised Framework for IRRBB measurement and reporting. It includes supervisory expectations for Pillar 2 capital allocation related to IRRBB. Written feedback is requested on the proposed requirements, with submissions potentially made public unless confidentiality is requested.
Policy & regulationRules & requirements
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2025-09-30•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia's Policy Document on Personal Financing introduces new requirements for prudent lending and responsible borrowing. Key measures include a maximum financing tenure of 10 years for certain products, a prohibition on flat rate and Rule of 78 interest calculations, and mandatory financial education for loans over MYR 100,000. These provisions take effect on 1 January 2027.
Policy & regulationRules & requirementsLendingConsumer and investor protection
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2025-09-30•Albania•Albania Financial Services Authority
The Albania Financial Services Authority announced Board decisions on securities issuance approvals, audit appointments for 2025, and corporate governance and licensing authorisations for insurance and investment firms. Key actions include bond issuance registration for "American Bank of Investments" sh.a., audit firm approvals for SHAFP, SIK, and insurance companies, and amendments to the statute of "Ansig" sh.a. following a shareholding change. The Board also reappointed members of "Albsig Invest" sh.a. and "Intersig VIG" sh.a., and authorised insurance agent activities.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-09-30•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued an Iran sanctions notice detailing the UK's statutory instrument amending the Iran (Sanctions) Regulations 2023 as part of the JCPOA snapback process. The amended regime, effective 1 October 2025, will include a substantial package of designations. The notice references UN Security Council Resolution 2231 and outlines the implementation of UK regulations in Guernsey under local sanctions law.
Policy & regulationRules & requirementsNew sanctions designations
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2025-09-30•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia disclosed Malaysia’s international reserves as of end-August 2025, detailing reserve composition and expected foreign exchange movements over the next 12 months under the IMF’s Special Data Dissemination Standard. Official reserve assets were USD122,679.1 million, with short-term outflows and net short forward positions reflecting ringgit liquidity management. The only contingent short-term net drain was USD417.1 million in government guarantees of foreign currency debt due within a year.
Data & statisticsBalance of payments and other external statistics
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2025-09-30•Canada•Ontario Securities Commission
The Ontario Securities Commission issued an investor warning identifying 28 companies and platforms not registered to deal or advise in securities in Ontario. The OSC advises investors to verify registration through its resources and offers email notifications for new warnings.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-09-30•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro Council has drafted amendments to the Law on Credit Institutions to align with upcoming EU financial reforms, incorporating digital operational resilience, crypto-assets regulation, and capital requirements standards. Key changes include enhanced risk management, expanded activities for credit institutions, and stricter requirements for management assessments and ICT. The Council also endorsed joining the ECB-led OSSAT platform to bolster cyber resilience and made decisions on financial support within credit institution groups and outsourcing risk management.
Policy & regulationRules & requirementsRegulatory burden
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2025-09-30•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has rejected CodeSphere Limited's application for approval as a virtual asset service provider under the Virtual Asset Service Providers Act, 2024. Despite being instructed to cease operations, CodeSphere, trading as CoinCraddle, continues to provide services, which the authority deems illegal. The statement warns that engaging with CodeSphere may result in legal consequences and notes enforcement actions are underway.
EnforcementInvestigations & enforcement actionsLicence withdrawal
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2025-09-30•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority issued a scam alert regarding a website associated with "ICPindex," falsely claiming FSA authorization under licence number SD096. The FSA clarified that ICPindex is not licensed or regulated by the authority and urged the public to perform due diligence before engaging with the site. The FSA disclaimed liability for any transactions conducted through the website.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-09-30•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has awarded Maynilad Water Services, Inc. the first Philippine Green Equity label under its new guidelines, confirming compliance with sustainable finance criteria. Maynilad, which derived 100% of its revenues from green activities, plans a Philippine Stock Exchange listing in November, offering up to 1.66 billion shares at PHP 20 each, potentially raising PHP 37.38 billion.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-09-30•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC approved Damosa Land, Inc.'s condotel rental pool program, the first under streamlined SEC RENT guidelines. The registration includes 100 certificates for the TRYP by Wyndham Samal project, with units in a rental pool. SEC RENT aids real estate firms in registering investment contracts via rental pool agreements, enabling buyers to share rental profits.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-09-30•Global•Taskforce on Nature-related Financial Disclosures
The Taskforce on Nature-related Financial Disclosures and the United Nations Sustainable Stock Exchanges Initiative released model guidance to aid stock exchanges in supporting issuers with nature-related disclosures. The guidance offers a framework for consistent reporting on nature-related dependencies, impacts, risks, and opportunities, aiming to integrate nature into corporate reporting and reduce market disclosure fragmentation.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-09-30•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has suspended the licences of two currency exchange bureaus, LLC “006MMM” and LLC “Exchange Bureau Aigul,” for violations of national legislation and regulatory acts. The suspensions are effective from 27 September to 12 October 2025.
SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
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2025-09-30•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has finalized a policy to address liquidity reporting gaps for major UK insurers with significant derivatives or securities lending exposures, introducing new liquidity templates and amending reporting requirements. The policy applies to large UK Solvency II firms with specific asset and exposure thresholds and includes changes to streamline Standard Formula reporting for certain internal model firms. The liquidity reporting rules will take effect on 30 September 2026, while changes to SF.01 reporting are effective immediately, exempting certain firms from submission requirements.
Policy & regulationRules & requirementsRegulatory reporting
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2025-09-30•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) gave feedback to CFOs of selected deposit-takers on auditor reports about IFRS 9 expected credit loss (ECL) accounting, stressing timely credit risk recognition and better climate risk integration. Key issues include model risk, robust ECL processes, and addressing historical bias in Loss Given Default (LGD) assumptions. The PRA also outlines focus areas for its 2026 analysis, including data quality and securitisation-related risks.
SupervisionReviews, inspections & stress testsRegulatory reporting
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2025-09-30•Fiji•Reserve Bank of Fiji
The Reserve Bank of Fiji's 2024 Insurance Annual Report highlights record premium volumes, asset growth, and increased solvency buffers in the Fijian insurance industry, alongside higher claims and policy payments. The report also discusses ongoing regulatory modernization efforts and the introduction of climate risk parametric insurance products, noting the 2025 outlook's exposure to climate-related claims volatility and geopolitical risks.
Data & statisticsActivity and performance reporting
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2025-09-30•Poland•Central Bank of Poland
The Central Bank of Poland released data on turnover in the foreign exchange and over-the-counter derivatives markets.
Data & statisticsForeign exchange policy and markets
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2025-09-30•Global•ISDA
The International Swaps and Derivatives Association (ISDA) is advancing efforts to support tokenized assets as collateral for non-cleared derivatives, addressing liquidity challenges highlighted by recent market shocks. ISDA's initiatives focus on developing legal and regulatory frameworks, interoperability standards, and exploring tokenized money market funds to expand collateral options beyond cash and government securities.
Policy & regulationGuidance & interpretationCredit riskTokenization
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2025-09-30•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a letter from Ranking Members Elizabeth Warren and Maxine Waters urging committee chairs to summon HUD Secretary Scott Turner to address whistleblower claims of inadequate enforcement of fair housing and civil rights laws. Allegations include deprioritizing fair housing, plans to cut Office of Fair Housing staffing by 70%, and restricting OFH attorneys' communications without political approval. The letter also highlights the reassignment of 75% of the OFH VAWA team and dropping significant housing discrimination cases.
OtherWhistleblowing
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2025-09-30•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren expressed concerns about responses from four nominees for Assistant Secretary roles at the Treasury and HUD. She criticized Treasury nominee Jonathan Burke for not opposing counter-illicit finance rollbacks and HUD nominee Ben Hobbs for supporting measures undermining housing programs. HUD nominee Ronnie Kurtz and Treasury nominee Christopher Pilkerton were also noted for lacking commitment to key housing and investment security initiatives.
Policy & regulationOther
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2025-09-30•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, opposed four Trump Administration nominees for Assistant Secretary roles at the Treasury and HUD. Warren criticized their records, citing concerns over housing affordability, HUD's crisis response, efforts to counter illicit finance, and broader administration policies like a potential government shutdown and a proposed USD 20 billion bailout to Argentina.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-09-30•Russia•Central Bank of Russia
The Central Bank of Russia reported a 12% year-on-year decrease in suspicious transactions in the first half of 2025, primarily due to a 19% reduction in illegal cash-out activities. The Know Your Customer Platform has significantly contributed to this decline by restricting transactions in over 178,000 high-risk accounts, while the bank's risk-checking website has been utilized over 500,000 times.
SupervisionRisk monitoring & watch pointsAML and CFT
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2025-09-30•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs advanced nominations for senior posts at the Department of Housing and Urban Development (HUD) and the Department of Treasury, sending them to the full Senate. Nominees include Ben Hobbs and Ronnie Kurtz for HUD, and Christopher Pilkerton and Jonathan Burke for Treasury. Chairman Tim Scott emphasized the nominees' roles in housing supply, affordability, and combating illicit finance.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-09-30•Europe•European Association of CCP Clearing Houses
The European Association of CCP Clearing Houses (EACH) supports extending TARGET2 operating hours to enhance euro central bank money availability, aiding CCPs and clearing members in meeting EUR margin obligations and reducing reliance on non-EUR funding. EACH suggests a phased implementation, starting with extending hours past 18:00 CET, and highlights the need for interoperability, collateral mobilisation, and alignment with TARGET2-Securities processing. It also recommends making all cash in T2 eligible for the deposit facility as an interim liquidity measure.
Policy & regulationGuidance & interpretationMarket infrastructure
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2025-09-30•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's Third Quarter 2025 Economic Report highlights continued domestic expansion with real GDP growth at 3.98% and headline inflation moderating to 20.98%. External reserves increased to USD 42.77 billion, and the naira appreciated by 3.94% against the USD. The report projects global growth at 3.20% in 2025, with further domestic inflation moderation expected, noting risks such as security challenges and external shocks.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
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2025-09-30•Namibia•Bank of Namibia
The Bank of Namibia has completed the rollout of upgraded Namibia Dollar banknotes and a new coinage series, available from 30 September 2025. Existing currency remains legal tender alongside the new series. A nationwide campaign is ongoing to educate the public on the new security features.
Monetary policyMonetary policy instruments & operationsCurrency and cash management
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2025-09-30•Europe•European Third Party Providers Association
The European Third Party Providers Association and European fintech and payments bodies urge EU policymakers to maintain the Framework for Financial Data Access (FIDA) without delays or weakening. They emphasize FIDA's role in promoting secure, customer-permissioned data access and competition, advocating for simplification priorities like demand-driven approaches and mandatory digital interfaces. The coalition calls for robust privacy and security standards, urging focus on implementation and safeguards in upcoming trilogue negotiations.
Policy & regulationReform agendas & prioritiesOpen banking and finance
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2025-09-30•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority released its 2026 supervisory categorisation of Swedish credit institutions and foreign branches, detailing proportionality in supervision per European Banking Authority guidelines. New authorisations include Anyfin AB, Brixo AB, Fedelta Finance AB, Frink AB, and Morgon Finans AB, with several classified as small and non-complex institutions. Changes in foreign branches include Pareto Bank ASA Filial Sverige's establishment and Nordea Finance Equipment AS, Sverige filial's deregistration.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-09-30•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services is concerned with the SEC over IT failures that led to the loss of former Chair Gary Gensler’s text messages, questioning oversight and potential special treatment. The SEC Office of Inspector General reported Gensler’s phone was inactive for 62 days without investigation, leading to data loss after a factory reset. The Committee seeks further investigation and transparency from the SEC to ensure accountability.
OtherOperational risk and resilience
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2025-09-30•Europe•European Commission
The European Commission has unveiled a package to promote the Savings and Investments Union, recommending Member States establish or enhance Savings and Investment Accounts (SIAs) to simplify retail investing. SIAs, offered by authorised financial services providers, feature tax incentives, a user-friendly experience, and access to diversified products while excluding high-risk items. The Commission will monitor the adoption of these recommendations.
Policy & regulationInternational standards & recommendationsFinancial literacy and education
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2025-09-30•Europe•European Commission
The European Commission proposed measures under its savings and investments union agenda, focusing on financial literacy and "savings and investment accounts" (SIAs) to simplify retail investing. The literacy strategy includes EU-wide campaigns and funding, while the SIA blueprint suggests tax incentives and simplified procedures for investment through various providers. The Commission plans to collaborate with EU countries and stakeholders for implementation.
Policy & regulationReform agendas & prioritiesFinancial literacy and education
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2025-09-30•Finland•Finanssivalvonta
The Finnish Financial Supervisory Authority kept the maximum loan-to-collateral ratio for housing loans at 90% and the first-home loan cap at 95%, with the countercyclical capital buffer at 0.0%. It adopted Norway's minimum risk weight floors for certain Norwegian real estate exposures of Finnish credit institutions, with the commercial real estate floor effective immediately and the residential floor from January 2026. The decision reflects easing household indebtedness vulnerabilities and no signals of an upturn in the financial cycle.
Policy & regulationRules & requirementsCapital adequacyFinancial stability and systemic risk
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2025-09-30•Chile•Central Bank of Chile
The Central Bank of Chile released the 2024 Household Financial Survey, detailing household savings, debt, income, and financial assets for the latter half of 2024. Key findings include a decline in average household size, growth in one-person households, stable total income compared to 2017, and a decrease in households holding debt due to reduced retail store credit usage. Based on 4,649 interviews, the survey represents 6.7 million households and supports financial stability analysis.
Data & statisticsEconomic data and developmentsFinancial and market indicators
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2025-09-30•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority, with the Egyptian Insurance Federation and the Policyholders’ Protection Fund, launched a nationwide campaign to enhance public awareness of insurance and promote inclusion in line with Egypt Vision 2030. The campaign aims to improve understanding of insurance's role in risk management and savings protection, utilizing traditional media, digital platforms, and in-person events across Egypt.
Financial literacy & educationFinancial literacy and education
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2025-09-30•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority emphasized actuaries' crucial role in risk management and financial stability at the Society of Actuaries 2025 Regional Business Forum in Cairo. The forum discussed actuaries' evolving role amid climate change, cyber risks, and economic instability, highlighting educational initiatives to increase qualified actuaries in Egypt. A cooperation protocol with the American University in Cairo led to 15 students graduating from the actuarial science diploma, with registration open for the next intake.
Institutional developmentCooperation & capacity buildingOther
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2025-09-30•United States•Federal Reserve Board
The Federal Reserve Board reduced Morgan Stanley's 2025 stress capital buffer requirement to 4.3% from 5.1% after reconsidering the firm's request. The adjustment was due to conservative loss estimates in the firm's fair value option loan portfolio and changes in the counterparty-loss methodology. Future stress test model refinements will be addressed in the Board's proposal to enhance transparency.
SupervisionAuthorisations & approvalsStress testing
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2025-09-30•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has extended the management suspension of Konsegur Seguros de Garantías y Crédito S.A. for six months and reappointed Robert Rivas Carrillo as administrator. This measure aims to ensure the firm's continuity and protect policyholders amid concerns about its claims, policy portfolio, and financial situation.
SupervisionInterventionsRecovery and resolution
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2025-09-30•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) issued an alert identifying seven entities not registered or authorized to provide regulated financial services in Chile. Consequently, the CMF cannot supervise or sanction these entities. Investors are advised to verify firm registration on the CMF website and consult the Fraud Alerts Page for additional information.
SupervisionAlertsOther
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2025-09-30•United States•U.S. Securities & Exchange Commission
SEC Commissioner Hester M. Peirce stressed the need for SEC custody requirements to better accommodate blockchain assets, highlighting the SEC Crypto Task Force's efforts to clarify crypto custody rules. She criticized prior SEC actions, like the Special Purpose Broker-Dealer framework and Staff Accounting Bulletin 121, for limiting regulated crypto custody. Peirce advocated for a principles-based custody framework and interim measures to address compliance and smart contract use in self-custodial trading platforms.
Policy & regulationGuidance & interpretationClient asset custody and safekeeping
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2025-09-30•United States•U.S. Securities & Exchange Commission
SEC Commissioner Caroline A. Crenshaw criticized the SEC staff's no-action relief allowing state-chartered trust companies to act as custodians for crypto assets, arguing it undermines the federal custody framework by including entities not federally chartered. She highlighted the disparity between state trust oversight and federal banking standards, emphasizing the need for Commission rulemaking with public input. Crenshaw noted the potential disadvantage to firms seeking national bank charters for crypto custody.
Policy & regulationGuidance & interpretationClient asset custody and safekeeping
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2025-09-30•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission updated on its Treasury Clearing rule, clarifying that certain "mixed CUSIP" triparty repo transactions are exempt from clearing requirements. Compliance dates remain December 31, 2026, for cash transactions and June 30, 2027, for repo, with no further extensions planned. The Commission is also considering changes to interaffiliate exemptions and other outstanding implementation topics.
Policy & regulationGuidance & interpretationMarket infrastructure
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2025-09-30•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission announced the departure of Stacey Bowers as Director of the Office of the Advocate for Small Business Capital Formation, effective October 17, 2025. Bowers, who served since January 2024, engaged with startups and smaller public companies on capital-raising issues and recommended policy changes.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-09-30•United States•U.S. Securities & Exchange Commission
The SEC’s Division of Investment Management issued a no-action letter permitting registered investment advisers and regulated funds to maintain crypto assets with State Trust Companies, clarifying their classification under custody provisions. The letter applies to State Trust Companies with regulatory frameworks ensuring investor protection. Commissioner Hester M. Peirce noted it clarifies a regulatory "gray zone" and suggested modernizing custody requirements for advisers and funds.
Policy & regulationGuidance & interpretationClient asset custody and safekeeping
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2025-09-30•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission approved conditional exemptive relief for changes to the Consolidated Audit Trail (CAT) to reduce annual operating costs, which have surged from USD 55 million in 2016 to a projected USD 228 million in 2025. The SEC is reviewing the CAT, including data scope and reporting systems, with further changes expected based on staff recommendations. The U.S. Court of Appeals for the Eleventh Circuit's decision to vacate the 2023 CAT Funding Model Order underscores the need for improved CAT efficiency.
Policy & regulationRules & requirementsRegulatory burden
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2025-09-30•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released its Monthly Authorised Deposit-taking Institution Statistics for August 2025, now accessible on its website.
Data & statisticsSupervisory data
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2025-09-30•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released its bi-annual intermediated general insurance statistics for June 2025, detailing insurance placements with APRA-authorised insurers, Lloyd's underwriters, and unauthorised foreign insurers.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-09-30•China•China Securities Regulatory Commission
The China Securities Regulatory Commission, led by Chairman Wu Qing, convened a symposium in Beijing to discuss capital market priorities for the 15th Five-Year Plan. Key topics included reforms in issuance, listing, and M&A, enhancing corporate governance, and expanding the A-share ecosystem. Emphasis was placed on the STAR Market and ChiNext as pivotal for advancing investment and financing reforms.
Policy & regulationReform agendas & prioritiesMarket development
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2025-09-30•Malta•Malta Financial Services Authority
The Malta Financial Services Authority's report on 2024 supervisory engagements highlights digital operational resilience improvements but urges stronger baseline ICT controls. Nearly 90% of controls were achieved under the Outcomes-based framework, while 21% were unmet in non-Outcomes-based assessments, revealing foundational resilience gaps. Recurring weaknesses relate to the Digital Operational Resilience Act, covering ICT risk management, incident management, resilience testing, and third-party risk management.
SupervisionReviews, inspections & stress testsCyber resilience
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2025-09-30•Romania•National Bank of Romania
The National Bank of Romania and the National Institute of Statistics released 2024 foreign direct investment (FDI) statistics, reporting net FDI flows of EUR 5,603 million and an FDI stock of EUR 125,035 million as of year-end. The data, compiled using IMF and OECD guidelines, shows non-resident income from FDI at EUR 10,899 million. Detailed results are available in the publication "Foreign direct investments in Romania in 2024".
Data & statisticsBalance of payments and other external statistics
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2025-09-30•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration issued Guiding Opinions to advance health insurance development, focusing on service improvement and market oversight. The guidance prioritizes reform across four insurance product types and emphasizes digital enhancements and stronger enforcement against non-compliance. It also aims to improve the operating environment through industry standards, coordination, and public education.
Policy & regulationReform agendas & prioritiesOther
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2025-09-30•Vietnam•State Bank of Vietnam
The State Bank of Vietnam conducted a study in Switzerland and the UK on fintech supervision, digital asset policy, and payment system modernisation. Discussions with Swiss and UK authorities covered fintech regulation, crypto-assets, sandbox models, and RTGS modernisation. This programme, funded by the Swiss State Secretariat for Economic Affairs and managed by the Asian Development Bank, aims to inform Vietnam's digital banking and fintech policy development.
Policy & regulationCooperationFintech and insurtechSupervision process and methodologies
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2025-09-30•Global•Financial Action Task Force
The Financial Action Task Force (FATF) announced a webinar on "Demystifying Extended Confiscation" to aid countries in enhancing criminal asset confiscation while safeguarding fundamental rights. This session is part of FATF's series on implementing revised Standards for asset recovery, offering practical examples and case studies. The webinar will also address integrating rights safeguards into extended confiscation laws.
Policy & regulationGuidance & interpretationAML and CFT
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2025-09-30•India•Securities & Exchange Board of India
The Securities and Exchange Board of India, with the Association of Mutual Funds in India and market infrastructure institutions, released the Investor Survey 2025, highlighting low market participation despite 63% awareness among households. Covering over 90,000 households, it reveals urban participation at 15% and rural at 6%, with barriers like complexity and lack of knowledge. It notes a preference for capital preservation and identifies potential growth, with 22% of aware non-investors intending to invest within the next year.
ResearchConsumer and investor protectionFinancial literacy and education
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2025-09-30•South Korea•Bank of Korea
The Bank of Korea reported August 2025 interest rate statistics, noting a decline in deposit rates while loan rates remained stable. The average rate on new deposits decreased to 2.49%, and outstanding deposits fell to 2.08%. The average rate on new loans held steady at 4.06%, with outstanding loans decreasing to 4.26%.
Data & statisticsMonetary data
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2025-09-30•Argentina•Central Bank of Argentina
The Central Bank of Argentina clarified that there are no regulatory changes affecting individual dollar purchases, which can continue through the Mercado Libre de Cambios via banks and authorised entities. The bank emphasized that foreign-exchange transactions are regulated and must be conducted through authorised entities, with outsourcing prohibited.
Policy & regulationGuidance & interpretationForeign exchange policy and markets
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2025-09-30•Moldova•National Bank of Moldova
The National Bank of Moldova reported on the liquidation of Banca de Economii, Banca Socială, and Unibank, focusing on asset realisation and emergency loan repayments backed by state guarantees. From October 2015 to September 2025, liquidators collected MDL 3,062,272.7 thousand and repaid MDL 2,920,958.0 thousand, leaving MDL 11,200,800.0 thousand outstanding. The report details ongoing recovery efforts, including court actions, insolvency proceedings, and enforcement activities, with no auctions held in the third quarter of 2025.
Policy & regulationImplementation, projects & pilotsLiquidity risk
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2025-09-30•Moldova•National Bank of Moldova
The National Bank of Moldova published consolidated and individual figures for total assets, liabilities, and capital and reserves. Consolidated totals were MDL 117.69 billion in assets, MDL 109.80 billion in liabilities, and MDL 7.89 billion in capital and reserves. Individual totals were MDL 117.68 billion in assets, MDL 109.80 billion in liabilities, and MDL 7.88 billion in capital and reserves.
Data & statisticsAccounting and financial reporting
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2025-09-30•Moldova•National Bank of Moldova
The National Bank of Moldova reported net losses in its consolidated and individual financial statements, with a consolidated net loss of MDL 1,684,625 thousand and a total comprehensive loss of MDL 1,568,133 thousand. The profit available for distribution was MDL 1,050,478 thousand. On an individual basis, the net loss was MDL 1,684,894 thousand, with a total comprehensive loss of MDL 1,568,402 thousand.
Data & statisticsAccounting and financial reporting
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2025-09-30•Moldova•National Bank of Moldova
The National Bank of Moldova's supervisory snapshot of the insurance sector as of 30 June 2025 indicates growth in assets, eligible own funds, and technical reserves, with improved solvency and liquidity ratios. Despite a year-on-year increase in gross written premiums and claims, net profit declined by 34.6%, and the net combined operating ratio rose to 98.7%. All licensed insurers maintained solvency ratios above 100%, with government securities making up 64.6% of assets covering technical reserves and minimum capital requirements.
SupervisionRisk monitoring & watch pointsOther
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2025-09-30•Moldova•National Bank of Moldova
The National Bank of Moldova released unaudited condensed consolidated and individual interim financial statements for the six months ended 30 June 2025, highlighting its financial position. These statements, prepared under International Accounting Standard 34, are not directly linked to the bank's primary goal of maintaining price stability and should be read alongside the 2024 annual financial statements.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-09-30•Isle of Man•The Treasury (Isle of Man)
The Treasury of the Isle of Man announced that the UK amended its Iran (Sanctions) (Nuclear) (EU Exit) Regulations, effective in the Isle of Man through the Sanctions (Implementation of UK Sanctions) Regulations 2024. Key changes include revised statutory purposes, updated definitions, extended trade restrictions, and new exceptions for certain Treasury-related payments. The Customs and Immigration Division updated its guidance, emphasizing that breaches and attempts to circumvent sanctions are criminal offences.
Policy & regulationRules & requirementsSanctions list update
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2025-09-30•United Arab Emirates•ADGM Financial Services Regulatory Authority
The ADGM Financial Services Regulatory Authority has released Consultation Paper No. 10 of 2025, proposing a regulatory framework for the staking of Virtual Assets and seeking public feedback. The proposals outline which categories of Authorised Persons may conduct staking activities with clients' Virtual Assets and the applicable requirements.
Policy & regulationRules & requirementsRegulatory reporting
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2025-09-30•Barbados•Central Bank of Barbados
The Central Bank of Barbados held a public education roadshow to promote BiMPay, the national instant payment system launching in March 2026. Part of the Small Business Association’s Small Business Week, the event engaged business owners and communities to highlight BiMPay's benefits for cash flow and record-keeping. The roadshow concluded at the Emerging Entrepreneurs Manufacturing and Services Trade Fair and Expo, attracting over 100 visitors to the Bank's booth.
Financial literacy & educationPayments and payment systems
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2025-09-30•Timor-Leste•Central Bank of Timor-Leste
The Central Bank of Timor-Leste’s third-quarter 2025 Petroleum Fund report shows the fund’s balance rose to USD 18.95 billion from USD 18.74 billion in the previous quarter. The portfolio returned 3.05% against a 3.02% benchmark and generated USD 557.92 million in gross investment income. Withdrawals totaled USD 355.78 million, including USD 351.95 million transferred to the Treasury account for the state budget.
Data & statisticsActivity and performance reporting
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2025-09-29•Belgium•Belgium Financial Services and Markets Authority
Belgium’s Financial Services and Markets Authority released an interview with its chairman, Jean-Paul Servais, highlighting international cooperation among financial markets supervisors and investor protection. Servais, also Chair of the International Organization of Securities Commissions, discussed IOSCO’s efforts in promoting resilient global financial markets, addressing emerging cross-border risks, and technology's influence on financial markets.
Policy & regulationCooperationCross-border cooperationFinancial stability and systemic risk
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2025-09-29•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo, with the German Embassy and GIZ, is launching a project to modernize financial infrastructure and enhance service access. Priorities include upgrading currency processing, expanding electronic payments, and promoting financial education. The initiative aligns with the Central Bank's Strategic Plan and involves cooperation with the EU Office in Kosovo and Deutsche Bundesbank.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-09-29•Israel•Bank of Israel
The Bank of Israel's Research Department released its macroeconomic forecast for 2025–2026, projecting GDP growth of 2.5% in 2025 and 4.7% in 2026, with inflation at 3.0% and 2.2% respectively, assuming the Gaza conflict ends by Q1 2026. The average interest rate is expected to be 3.75% in Q3 2026, aligning with inflation targets.
ResearchEconomic data and developments
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2025-09-29•Italy•Bank of Italy
The Bank of Italy will host a scientific roundtable in Rome on 24 October 2025, focusing on "The Digital Economy Amid Rising International Tensions," in collaboration with the George Washington University Competition and Innovation Lab. The event will feature discussions on AI supply chains, digital trade fragmentation, and lawfare, with a keynote by Paul Nemitz.
ResearchGeopolitical risk
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2025-09-29•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Markets Authority has approved Bidaya Finance Company's application to register and publicly offer debt instruments up to SAR 1 billion. The approval is valid for six months and contingent on meeting legal requirements under the Capital Market Law and its Implementing Regulations. A prospectus will be published before the subscription period, detailing financial statements, business information, and risk factors.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-09-29•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved the public offer of the Nusuk Endowment Fund by Al Rajhi Capital, emphasizing that this approval confirms compliance with legal requirements but is not a subscription recommendation. Investors are advised to thoroughly review the fund's terms, investment strategy, and risk factors, and to consult the fund manager for clarification on any provisions.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-09-29•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority has initiated a communication campaign through its Wikifin financial education programme to aid young people in financial management. The campaign utilizes social media and includes a tour of schools and campuses, addressing practical situations like personal money management, starting work, renting, and investing.
Financial literacy & educationFinancial literacy and education
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2025-09-29•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro and the National Security Agency discussed enhancing cooperation to address risks in economic and financial flows, focusing on combating money laundering and terrorist financing. They emphasized the importance of effective control mechanisms and strong institutions. Both parties agreed to maintain ongoing dialogue to support Montenegro's European integration efforts.
Policy & regulationCooperationAML and CFTCross-border cooperation
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2025-09-29•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority's chairman and a commission member attended an international conference in Zagreb on IPOs and capital market growth. The event featured HANFA's 2024 Annual Corporate Governance Report, awards for listed companies, and a panel on IPOs as strategic turning points. The Authority also held bilateral meetings with regional participants, including discussions with Erste Asset Management on registering a UCITS fund in Montenegro.
Policy & regulationCooperationSecurities offerings and listings
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2025-09-29•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority (CMA) has completed the first phase of its fourth multi-year strategy for 2027/2028–2030/2031, producing a Current Situation Assessment Report. This phase involved extensive stakeholder engagement and analysis, including input from over 80 local and international entities. The strategy focuses on financial market development, sustainability, digital transformation, and enhancing Kuwait's global standing.
Policy & regulationReform agendas & prioritiesOther
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2025-09-29•France•France Autorite des marches financiers
France's Financial Markets Authority (AMF) has updated its indicators for the French money market fund market from 30 June 2023 to 30 June 2025. The publication includes charts on key metrics such as outstanding amounts, asset maturity, liquidity buffers, performance, and asset allocation by issuer type.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-09-29•Italy•Bank of Italy
The Bank of Italy released Deputy Governor Sergio Nicoletti Altimari's opening remarks at the 10th SDMX Global Conference 2025 in Rome, themed "Innovation and cooperation for modern statistics".
Other
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2025-09-29•Italy•Bank of Italy
The Bank of Italy released a paper on implementing a quantum-safe public key infrastructure (PKI) in payment systems, highlighting challenges in transitioning to a quantum-resistant architecture. The study underscores the foundational role of PKI-based digital certification in secure payment systems and addresses risks from quantum computers. It concludes that while quantum-safe algorithms perform well, existing PKI software needs adaptation to align with emerging standards.
Policy & regulationGuidance & interpretationQuantum computing
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2025-09-29•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission has extended its relief on managed investment product consideration for five years, maintaining pricing requirement modifications for registered managed investment schemes, excluding time-share schemes, registered before 1 October 2013. The new instrument simplifies pricing-related documentation and allows schemes with interests quoted on Cboe Australia Pty Ltd's market to rely on the relief, providing certainty and flexibility in setting issue prices and applying pricing formula discretions.
Policy & regulationRules & requirementsOther
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2025-09-29•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has cancelled Lief Pty Ltd's financial services licence, effective 21 August 2025, due to its failure to maintain membership with the Australian Financial Complaints Authority (AFCA) and non-compliance with financial reporting obligations. ASIC emphasized that AFS licensees must be AFCA members to provide consumers access to an external dispute resolution scheme. Lief may seek a review of this decision by the Administrative Review Tribunal.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-09-29•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) issued two infringement notices totaling AUD 37,560 to Retail Employees Superannuation Pty Ltd (Rest) for allegedly making false or misleading representations by inadvertently activating insurance cover for over 2,000 members. From June 2024 to January 2025, communications to affected members incorrectly indicated active insurance coverage, despite cancellations or opt-outs. Rest paid the notices on 22 September 2025, though payment does not admit liability.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-09-29•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) is preparing its 2024 Annual Market Report to be launched in Dodoma, providing a data-based overview of the insurance sector's performance. The report aims to enhance transparency, support decision-making, and strengthen public confidence while promoting accountability and regulatory compliance. It will also inform policy development, identify market opportunities, and track progress on financial inclusion goals.
Data & statisticsActivity and performance reporting
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2025-09-29•Türkiye•Central Bank of Türkiye
The Central Bank of the Republic of Türkiye hosted the Organization of Islamic Cooperation and Standing Committee for Economic and Commercial Cooperation Central Banks Forum in Istanbul. Discussions covered the global economic outlook, payment services, cross-border transactions, and progress in the OIC 2025 Programme of Action. A workshop and panel on inflation expectations in OIC countries were also conducted.
Policy & regulationCooperationCross-border cooperationMonetary policy decisions and developments
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2025-09-29•Latvia•Central Bank of Latvia
The Central Bank of Latvia released Working Paper 6/2025, analyzing how banks' specialization in lending impacts euro area monetary policy transmission. The study reveals that higher specialization leads to more favorable lending conditions and that specialized banks partially shield preferred borrowers from policy changes by moderating interest rate and lending volume adjustments.
Research
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2025-09-29•Latvia•Central Bank of Latvia
The Central Bank of Latvia released a working paper analyzing how bank specialization influences the transmission of euro area monetary policy to credit. The study reveals that highly specialized banks offer more favorable lending conditions and partially shield preferred borrower groups from monetary policy impacts by adjusting interest rates and lending volumes. This has significant implications for the aggregate and distributional effects of monetary policy.
Research
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2025-09-29•West Africa•Central Bank of West African States
The Central Bank of West African States released a document listing entities authorized to offer PI-SPI services to the public starting 30 September 2025.
SupervisionAuthorisations & approvalsLicence approval
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2025-09-29•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia's 55th Researchers’ Club session featured a paper by Marija Stojkoska on modelling short-term demand for currency in circulation using an ARIMA approach. The model aims to enhance daily forecasts of denar cash in circulation, crucial for liquidity management and monetary policy. The central bank noted the model's potential to improve banks' liquidity projections and cash-flow management.
ResearchLiquidity risk
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2025-09-29•Georgia•National Bank of Georgia
Governor Natia Turnava of the National Bank of Georgia will deliver the keynote address at SWIFT’s SIBOS conference, focusing on financial sector challenges and central banks' roles amid global economic fragmentation. The Georgian delegation will also engage with international financial institutions and companies, including Deutsche Börse Group and SWIFT, to discuss cooperation and innovation in financial services.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2025-09-29•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority said AOM Invest Spa will pay its 2024 dividend by 30 September 2025 at DZD 2.18 per share.
Other
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2025-09-29•Europe•European Banking Authority
The European Banking Authority has initiated its 2025 EU-wide Transparency Exercise to enhance transparency and market discipline by publishing consistent data on EU banks. Covering over 100 major banks, it details capital positions, financial assets, risk exposures, and asset quality from Q3 2024 to Q2 2025. Results will be released in December with the EBA’s Risk Assessment Report, using supervisory reporting data without imposing additional reporting burdens on banks.
Policy & regulationImplementation, projects & pilotsSupervisory dataFinancial and market indicators
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2025-09-29•Latvia•Ministry of Finance (Latvia)
Latvia's Ministry of Finance and the Bank of Latvia have developed a 2025–2027 strategy to enhance the financial technology sector, aiming to establish Latvia as a competitive FinTech hub in the Baltic and Scandinavian regions. The strategy targets a 30% increase in registered FinTech companies, a 15% rise in new capital investment, and an 18% boost in FinTech-related employment. Key measures include improving infrastructure and regulation, enhancing access to capital, promoting international engagement, and aligning education with industry needs.
Policy & regulationReform agendas & prioritiesFintech and insurtech
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2025-09-29•Ukraine•National Bank of Ukraine
The National Bank of Ukraine's tenth report on the Financial Stability Council's activities (August 2024-August 2025) highlights key decisions and systemic risk assessments amid Russia's ongoing war. It details the approval of the Mortgage Lending Development Strategy, an updated Ukrainian Financial Sector Development Strategy, and a capital market infrastructure integration plan. The war is identified as the primary risk to financial stability, while international support and business adaptation have aided economic recovery and financial sector resilience.
Policy & regulationImplementation, projects & pilotsFinancial stability and systemic risk