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  • 2025-09-26RussiaCentral Bank of Russia

    Central Bank of Russia extends cross-border transfer restrictions with USD 1 million monthly cap through March 2026

    The Central Bank of Russia has extended restrictions on money transfers abroad until 31 March 2026. Russian citizens and non-residents from friendly states can transfer up to USD 1 million monthly, while transfers via funds transfer systems are capped at USD 10,000 per month. Non-residents from unfriendly states not working in Russia remain banned from transferring funds, with exceptions for foreign companies controlled by Russian entities.

    Policy & regulationRules & requirementsCross-border payments
  • 2025-09-26RussiaCentral Bank of Russia

    Central Bank of Russia publishes new Russian Journal of Money and Finance issue on regional monetary transmission, Telegram-based perception metrics and financial culture measurement

    The Central Bank of Russia's latest Russian Journal of Money and Finance examines regional heterogeneity in monetary policy transmission, social network analysis for public perception, and financial culture measurement methods. Key findings include the impact of regional economic structures on inflation response to policy shocks and the development of a perception index from Telegram channel analyses. The journal is accessible on its website.

    Research
  • 2025-09-26RussiaCentral Bank of Russia

    Central Bank of Russia strengthens enforcement of anti-sanctions rules, fining PSMPs over RUB 20 million and revoking three depository licences

    The Central Bank of Russia acted against securities market participants for breaching orders on non-resident transactions under the anti-sanctions framework. From January to September 2025, fines over RUB 20 million were imposed on five financial institutions, and three depositories had licenses revoked. The Bank will continue monitoring compliance and publish violations and penalties online.

    EnforcementInvestigations & enforcement actionsSanctions list update
  • 2025-09-26EuropeEuropean Payments Council

    European Payments Council opens applications for end-user and technical multi-stakeholder groups with mandates starting 1 January 2026

    The European Payments Council (EPC) is seeking candidates for its Scheme End-User Multi-Stakeholder Group and Scheme Technical Player Multi-Stakeholder Group to enhance stakeholder dialogue. These groups will include representatives from EPC scheme participants, European associations, and technical players, with membership criteria outlined in the Terms of Reference. Successful applicants will serve a two-year term starting January 2026.

    Institutional developmentGovernancePayments and payment systems
  • 2025-09-26EuropeEuropean Commission

    European Commission to host Vienna Initiative Full Forum 2025 on the Savings and Investments Union in CESEE

    The European Commission will host the Vienna Initiative Full Forum 2025 in Brussels on 29 September, focusing on the savings and investments union (SIU) project for central, eastern, and southern-eastern European economies. Discussions will address SIU's challenges and benefits, with Commissioner Maria Luís Albuquerque delivering the keynote. The forum, part of the European Bank Coordination Vienna Initiative, includes central bank governors, ministers, and major financial institution representatives.

    Policy & regulationCooperationMarket development
  • 2025-09-26United StatesFederal Deposit Insurance Corporation

    Federal Deposit Insurance Corporation names Ryan Billingsley RMS Director and makes four other senior leadership appointments

    The Federal Deposit Insurance Corporation (FDIC) announced five senior leadership appointments, including Ryan Billingsley as Director of the Division of Risk Management Supervision and Matthew P. Reed as General Counsel. Alex LePore was named Deputy to the Chairman for Policy, Mark L. Handzlik as Special Advisor to the Chairman, and Dan Marcotte as Ombudsman.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-09-26United StatesFederal Deposit Insurance Corporation

    Federal Deposit Insurance Corporation publishes August 2025 enforcement orders and reports no administrative hearings scheduled for October 2025

    The Federal Deposit Insurance Corporation (FDIC) released its August 2025 enforcement actions, issuing 14 orders and one notice. These include two orders of prohibition, three consent orders, three orders terminating consent orders, and six orders terminating 100 waiver orders. No administrative hearings are scheduled for October 2025.

    EnforcementEnforcement statistics
  • 2025-09-26EgyptEgypt Financial Regulatory Authority

    Egypt Financial Regulatory Authority highlights completed FinTech regulatory framework and anti-fraud priorities at youth financial inclusion summit

    The Egypt Financial Regulatory Authority highlighted Assistant Chairman Mohamed Abdel Aziz's call for youth to adopt financial literacy at the Youth Financial and Digital Inclusion Summit. The FRA emphasized its supervisory role over non-banking financial activities and the completion of a regulatory framework for financial technology to support digital startups. Ongoing collaboration with the Ministry of Youth and Sports includes initiatives like the Y Champions competition to promote understanding of non-banking financial activities.

    Financial literacy & educationFinancial literacy and education
  • 2025-09-26MoldovaNational Commission for Financial Markets

    Moldova’s National Commission for Financial Markets begins shift to risk-based capital markets supervision by aligning investment firm rules with EU IFD and IFR

    Moldova’s National Commission for Financial Markets (CNPF) is transitioning to a risk-based supervision model for capital markets, aligning with the EU Investment Firms Directive and Regulation. This initiative, supported by Romanian experts, involves legislative changes and capacity building to enhance investor protection and market access. The project is part of the EU-funded "Moldova is Europe – Support for EU integration" initiative.

    SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
  • 2025-09-26ChileChile Financial Market Commission

    Chile Financial Market Commission fines EY audit firm and former partner UF 600 and UF 300 for breaches in Factotal audits

    The Chile Financial Market Commission fined EY Servicios Profesionales de Auditoría y Asesorías Limitada and former EY partner Eduardo Rodríguez Barrios for violating the Law on the Securities Market and Generally Accepted Auditing Standards. The sanctions concern audits of Factotal S.A.’s 2020 and 2021 financial statements, where auditors failed to act with due care, leading to improper reporting. The case underscores the critical role of external auditors in ensuring financial information reliability.

    EnforcementInvestigations & enforcement actionsAuditing
  • 2025-09-26United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission issues concept release on RMBS disclosure requirements and potential enhancements to asset-backed securities regulation

    The U.S. Securities and Exchange Commission issued a concept release seeking public feedback on disclosure requirements for residential mortgage-backed securities (RMBS) and the broader regulatory framework for asset-backed securities (ABS). This initiative aims to revive the public RMBS market and modernize ABS regulation, with potential rulemaking based on comments. The release questions whether Regulation AB II's asset-level disclosure requirements hinder public issuance and seeks input on balancing investor information needs with privacy concerns.

    Policy & regulationReform agendas & prioritiesSecurities offerings and listings
  • 2025-09-26United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission Commissioner Peirce points to pullback from expansive crypto exchange registration and broad digital asset securities interpretations

    SEC Commissioner Hester M. Peirce, at the Coin Center dinner, highlighted a shift towards narrower applications of securities laws to digital assets, moving away from treating decentralized communication protocols as regulated exchanges. This contrasts with earlier periods when tokens and certain NFTs were treated as securities, impacting NFT activity. Peirce's term ended in June, but she continues to serve under statutory provisions amid ongoing legislative efforts on crypto regulation.

    Policy & regulationGuidance & interpretation
  • 2025-09-26United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission opens concept release on RMBS disclosures and potential barriers to the registered ABS market

    The U.S. Securities and Exchange Commission issued a concept release seeking public input on regulatory barriers affecting issuer and investor access to the registered asset-backed securities (ABS) market. It examines asset-level disclosure burdens for residential mortgage-backed securities (RMBS) and the narrow ABS definition for registration. Commissioner Caroline A. Crenshaw highlighted concerns about the "artificially depressed" RMBS market and emphasized the importance of transparency and investor diligence.

    Policy & regulationReform agendas & prioritiesSecuritization
  • 2025-09-26United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission reinstates simultaneous review of enforcement settlements and related waiver requests

    The U.S. Securities and Exchange Commission will revert to allowing entities to submit enforcement settlement offers alongside waiver requests for automatic disqualifications. This involves simultaneous consideration by the Commission, with input from relevant divisions, but the Commission may separate the settlement and waiver decisions. If a waiver is denied, the entity must quickly confirm its intent to proceed with the accepted settlement terms to avoid potential litigation.

    EnforcementEnforcement frameworkOther
  • 2025-09-26Bosnia and HerzegovinaRepublic of Srpska Securities Commission

    Securities Commission of the Federation of Bosnia and Herzegovina has its 2024 work report and 2025 work programme and financial plan adopted by Parliament

    The Parliament of the Federation of Bosnia and Herzegovina adopted the Securities Commission's 2024 report and approved its 2025 work programme and financial plan. The Commission highlighted the endorsement by both Houses as a significant milestone, citing efforts since 2021 to address market issues and rebuild trust. It emphasized the need for ongoing cooperation to enhance the securities-market legal framework.

    Policy & regulationImplementation, projects & pilotsOther
  • 2025-09-26ChinaChina Securities Regulatory Commission

    People's Bank of China, China Securities Regulatory Commission and State Administration of Foreign Exchange allow eligible foreign investors to conduct bond repo in China’s bond market

    The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange announced support for overseas institutional investors to conduct bond repurchase transactions in China's bond market. This initiative responds to increased foreign participation and aims to align interbank market repo arrangements with international practices. The agencies will refine mechanisms to balance market openness with financial security.

    Policy & regulationImplementation, projects & pilotsCross-border payments
  • 2025-09-26ChinaChina Securities Regulatory Commission

    China Securities Regulatory Commission and peers expand foreign institutional investors’ access to bond repo in China’s bond market

    The China Securities Regulatory Commission, with the People’s Bank of China and the State Administration of Foreign Exchange, has issued new rules to support overseas institutional investors in bond repurchase transactions in China's bond market. The framework includes compliance with Chinese laws, updated operational rules for domestic infrastructures, and coordinated supervision among the three authorities. These measures, effective immediately, replace the 2015 notice on repo trading by offshore RMB clearing and participating banks.

    Policy & regulationRules & requirementsCross-border payments
  • 2025-09-26ChinaChina Securities Regulatory Commission

    China Securities Regulatory Commission and New Zealand’s Financial Markets Authority update securities and futures supervisory cooperation memorandum of understanding

    The China Securities Regulatory Commission and New Zealand’s Financial Markets Authority have updated and re-signed their memorandum of understanding on securities and futures regulatory cooperation, replacing the 2004 arrangement. The updated MoU aims to support capital market development and cross-border cooperation. The CSRC has now signed bilateral supervisory cooperation MoUs with regulators in 67 countries and regions.

    Policy & regulationCooperationCross-border cooperation
  • 2025-09-26ArgentinaArgentina Securities Commission (CNV)

    Argentina Securities Commission outlines second phase of the Tokenization Regime expanding digitally representable securities

    The Argentina Securities Commission (CNV) outlined its Tokenization Regime at a real estate tokenization event, detailing the framework under General Resolution No. 1081. The regime expands the range of securities eligible for digital representation, including shares, corporate bonds, and CEDEARs.

    Policy & regulationGuidance & interpretationTokenization
  • 2025-09-26VietnamState Bank of Vietnam

    State Bank of Vietnam endorses SEACEN draft 2026-2030 strategy and backs special committee meeting in Q1 2026

    The State Bank of Vietnam's delegation, led by Standing Deputy Governor Dao Minh Tu, attended the 24th SEACEN Executive Committee meeting in Seoul, supporting SEACEN's draft 2026–2030 strategic plan. Discussions focused on training, research, and cooperation, structured around uncertainty, digital transformation, and climate risk management. Dao Minh Tu also participated in a BIS-SEACEN seminar on central bank operations amid global uncertainty, highlighting trade policy shifts, geopolitical conflicts, and disruptive technologies.

    Policy & regulationCooperationCross-border cooperation
  • 2025-09-26LuxembourgMinistry of Finance (Luxembourg)

    Luxembourg's Ministry of Finance strengthens financial centre ties with Spain in Madrid mission

    Luxembourg's Finance Minister Gilles Roth visited Madrid to strengthen ties between Luxembourg and Spanish financial centres, highlighting Luxembourg's role as a European platform. Discussions with Spanish institutions covered interconnections, financial education, and cooperation, focusing on digital and sustainability skills. Highlights include Luxembourg funds' presence in Spain and six Spanish banks operating in Luxembourg.

    Policy & regulationCooperationCross-border cooperation
  • 2025-09-26ArgentinaArgentina Superintendency of Insurance

    Argentina Superintendency of Insurance superintendent Plate calls for labour modernisation and macro stability at Entre Ríos industry forum

    Superintendent Guillermo Plate of the Argentina Superintendency of Insurance advocated for labour modernisation reforms at the 21st Entre Ríos Industry Day to enhance market predictability and efficiency. He emphasized economic stability, fiscal discipline, and tax cuts for growth, highlighting the Superintendency's role in ensuring a reliable insurance system that supports productive development. Plate also noted insurers' roles as institutional investors and channels for savings, credit, and investment to drive employment and industrial investment.

    Policy & regulationReform agendas & prioritiesMarket development
  • 2025-09-26SwitzerlandFederal Department of Finance (Switzerland)

    Swiss Federal Council launches consultation on phasing in full CET1 deductions for systemically important banks’ foreign subsidiary participations

    Switzerland’s Federal Council has initiated a consultation on amendments to the Banking Act and Capital Adequacy Ordinance, requiring systemically important banks to fully capitalise foreign subsidiaries by deducting their carrying value from Common Equity Tier 1 (CET1) capital. This measure, primarily affecting UBS, aims to enhance parent banks' resilience and aligns with Switzerland’s too-big-to-fail objectives. The Federal Council, Swiss National Bank, and Swiss Financial Market Supervisory Authority support the proposal, with implementation planned over seven years.

    Policy & regulationRules & requirementsCapital adequacy
  • 2025-09-26United Arab EmiratesGeneral Pension and Social Security Authority

    General Pension and Social Security Authority board reviews Q3 performance and investment strategy as insured registrations rise 16%

    The General Pension and Social Security Authority (GPSSA) held its fourth 2025 board meeting, focusing on strengthening insurance protection for Emirati citizens and ensuring the pension system's long-term sustainability. The meeting highlighted investment diversification, digital transformation, and service transparency, with growth in insured individuals and employers linked to Emiratisation policies. Pension payments increased to AED 486 million, and the board approved prior resolutions and discussed upcoming projects for enhanced performance.

    Institutional developmentGovernanceOperational excellence
  • 2025-09-26ArgentinaCentral Bank of Argentina

    Central Bank of Argentina vice president Vladimir Werning links economic stability to better health in ALAMI congress speech

    At the ALAMI International Health Congress, Argentina's Central Bank vice president, Vladimir Werning, stressed macroeconomic stability as crucial for better health and quality of life. He cited fiscal deficit and public spending as inflation risks, labeling 2023 a hyperinflation risk and 2024 a period of fiscal and monetary tightening. The presentation noted lower inflation, reserve building, and debt reduction as stabilization signs, with future support anticipated from the US Treasury and renewed market access.

    Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
  • 2025-09-26DenmarkNational Bank of Denmark

    National Bank of Denmark reports foreign investors’ share of floating-rate mortgage bonds rising to 24%

    The National Bank of Denmark reported an increase in foreign investors' holdings of floating-rate mortgage bonds from 17% to 24% over the past year, primarily driven by Danish-controlled investment funds abroad. Foreign ownership of fixed-rate callable mortgage bonds and adjustable-rate bonds remained largely unchanged.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-09-26MoldovaNational Bank of Moldova

    National Bank of Moldova issues draft amendments removing provisions from banks’ cash and travellers’ cheque export and import regulation

    The National Bank of Moldova’s Executive Committee released a draft decision to amend the 2019 regulation on banks’ export and import of cash and travellers’ cheques by repealing several requirements and related documentation. The draft cites the Law on the National Bank of Moldova and the Law on foreign exchange regulation as its legal basis. No effective date or consultation timeline is provided.

    Policy & regulationRules & requirementsCurrency and cash management
  • 2025-09-26MoldovaNational Bank of Moldova

    National Bank of Moldova discusses financial sector cooperation with the US Embassy and highlights Moldova’s imminent operational entry into SEPA

    The National Bank of Moldova's Governor Anca Dragu met with US Embassy officials to discuss strengthening financial institutions and banking governance, supporting US investment in Moldova. The discussions included macroeconomic developments and banking-sector reforms as Moldova aligns with European standards. Moldova is set to join the Single Euro Payments Area, enhancing European financial integration and cross-border payments.

    Policy & regulationCooperationCross-border cooperation
  • 2025-09-26MoldovaNational Bank of Moldova

    National Bank of Moldova governor says Moldova will become an operational part of SEPA in the coming days and confirms partnership with ASEM

    National Bank of Moldova Governor Anca Dragu announced Moldova's imminent participation in the Single Euro Payments Area (SEPA), enhancing access to a market of over 500 million European citizens. Dragu emphasized efforts in financial sector modernization, including digitalization and capital market development, and highlighted a partnership with the Academy of Economic Studies of Moldova for financial education and economist training.

    Policy & regulationImplementation, projects & pilotsFinancial literacy and education
  • 2025-09-26MoldovaNational Bank of Moldova

    National Bank of Moldova publishes draft foreign exchange rule amendments adding sanctions-related refusal grounds and new requirements for exchange units

    The National Bank of Moldova released a draft decision to amend foreign exchange regulations, focusing on authorisations for cash exports, foreign exchange operations, and residents' accounts abroad. Key changes include refusal of authorisations linked to international restrictive measures and updates to application processes and documentation requirements. The amendments take effect upon publication in the Official Monitor of the Republic of Moldova.

    Policy & regulationRules & requirementsOther
  • 2025-09-26MoldovaNational Bank of Moldova

    National Bank of Moldova publishes interview with Banque de France Governor on SEPA integration, digital euro expected in about three years and AI black box limits

    The National Bank of Moldova released a Romanian translation of an interview with Banque de France Governor François Villeroy de Galhau, discussing SEPA and technology's role in modernizing Moldova's payments and banking systems. Villeroy de Galhau emphasized the digital euro's potential to provide risk-free central bank money in a digital economy, pending legislative approval, and highlighted the importance of understanding AI in banking supervision.

    Monetary policyMonetary policy assessments & outlooksFintech and insurtechSupervision process and methodologies
  • 2025-09-26Isle of ManThe Treasury (Isle of Man)

    Isle of Man Treasury will not progress plans for an NHS Levy

    The Isle of Man Treasury announced it will not proceed with the proposed NHS Levy, initially intended to support future National Health Service funding. The decision follows a consultation process and ongoing collaboration with the Department of Health and Social Care and Manx Care on a Financial Recovery Programme. Government income and taxation receipts have exceeded expectations, with reserves recovering under a new investment mandate.

    Policy & regulationRules & requirementsOther
  • 2025-09-26EuropeSingle Resolution Board

    Single Resolution Board publishes operational guidance on bank resolvability testing under a rolling three-year programme

    The Single Resolution Board has released Operational Guidance on Resolvability Testing for Banks, detailing expectations for banks to plan, execute, and follow up on resolution tests. This guidance aligns with the revised European Banking Authority Guidelines and includes a multi-annual testing programme tailored to individual banks, subject to annual review. Simplifications and clarifications were made following public consultation feedback.

    Policy & regulationGuidance & interpretationRecovery and resolution
  • 2025-09-26Trinidad & TobagoMinistry of Finance (Trinidad & Tobago)

    Trinidad and Tobago Ministry of Finance notes S&P affirms BBB- sovereign rating while revising outlook to negative

    Trinidad and Tobago's Ministry of Finance announced that Standard & Poor’s maintained the country's BBB- sovereign rating but revised the outlook from stable to negative. S&P warned of a potential downgrade within 6 to 24 months without corrective fiscal measures, while a return to a stable outlook is possible if fiscal sustainability and growth prospects improve. The government's response is expected to focus on fiscal discipline and diversification in the 2026 budget.

    OtherCredit ratings
  • 2025-09-25KosovoCentral Bank of the Republic of Kosovo

    Central Bank of the Republic of Kosovo convenes banking sector workshop on instant payments and the TIPS Clone implementation project

    The Central Bank of the Republic of Kosovo, in collaboration with the Kosovo Banking Association and the Bank of Italy, held a workshop on implementing instant payments via the TIPS Clone platform. The initiative aims to modernize payment infrastructure to European standards, ensuring 24/7 availability and rapid execution. Future membership in the Single Euro Payments Area could further enhance cross-border payment efficiency.

    Policy & regulationImplementation, projects & pilotsPayments and payment systems
  • 2025-09-25AngolaAngola Capital Markets Commission

    Angola Capital Markets Commission explains how to invest in shares on national radio programme

    The Angola Capital Markets Commission participated in Rádio Nacional de Angola’s “Altamente” programme to educate retail investors on equity investment in Angola, emphasizing practical steps and investor protection. The session, part of the Capital Markets Development Programme, covered share characteristics, risks, custody account opening, investor rights, and fraud prevention measures.

    Financial literacy & educationFinancial literacy and education
  • 2025-09-25AngolaAngola Capital Markets Commission

    Angola Capital Markets Commission participates in launch of Massangano heritage crowdfunding campaign

    The Angola Capital Markets Commission participated in the launch of the "Crowdfunding for Massangano – Roots Reconnected" campaign in Luanda, aimed at supporting Massangano's cultural and tourism heritage. The event, part of Angola's 50th independence anniversary celebrations, highlighted Massangano as an "open-air museum" and underscored the Commission's support for innovative financing like crowdfunding.

    Policy & regulationImplementation, projects & pilotsCrowdfunding
  • 2025-09-25AngolaAngola Capital Markets Commission

    Angola Capital Markets Commission holds public consultation session on draft rules for property appraisers of collective investment schemes

    The Angola Capital Markets Commission presented its draft regulation on real estate appraisers for collective investment schemes during a public session as part of Public Consultation Process No. 4/25. The session aimed to explain the draft's rationale and encourage dialogue and feedback from market participants.

    Policy & regulationRules & requirementsOther
  • 2025-09-25BelgiumBelgium Financial Services and Markets Authority

    Belgium Financial Services and Markets Authority chair meets Queen Máxima in New York to discuss financial health inclusion and education

    Belgium’s FSMA Chairman, Jean-Paul Servais, met with Queen Máxima of the Netherlands in New York to discuss financial health, inclusion, and education. Queen Máxima is the UN Secretary-General’s Special Advocate for Financial Health and Chair of the International Advisory Board of the Global Finance & Technology Network. Servais linked these themes to the FSMA’s Wikifin programme and IOSCO’s financial literacy initiatives.

    Policy & regulationCooperationFinancial literacy and education
  • 2025-09-25Hong KongHong Kong Insurance Authority

    Hong Kong Insurance Authority bans So Yuen Wa from acting as an insurance intermediary for 50 months

    The Hong Kong Insurance Authority banned Ms So Yuen Wa from acting as an insurance intermediary for 50 months due to misconduct involving misleading advice and deceptive practices related to policy replacement. Ms So misled clients about policy acquisitions, impersonated a client, and misappropriated surrender values, although most funds were later repaid. The IA emphasized the serious implications of policy replacement and warned that unethical practices will incur severe penalties.

    EnforcementInvestigations & enforcement actions
  • 2025-09-25Saudi ArabiaSaudi Arabian Monetary Authority

    Saudi Central Bank licenses Global Exchange AS Currency Service Limited for foreign currency trading taking licensed exchange centers to 66

    The Saudi Central Bank (SAMA) has licensed Global Exchange AS Currency Service Limited to conduct foreign currency transactions in Saudi Arabia, increasing the total number of licensed money exchange centers to 66. SAMA emphasized the importance of engaging only with authorized financial institutions listed on its website.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-09-25Council of Financial RegulatorsCouncil of Financial Regulators (CoFR)

    New Zealand's Council of Financial Regulators reviews Sapere findings and targets early December decisions on its future state

    The Council of Financial Regulators (CoFR) released its quarterly statement on the 1 September 2025 meeting, highlighting the need for further discussion on CoFR's future state following an independent review by Sapere. Final decisions are anticipated by the Q4 Heads meeting in early December, coinciding with the publication of the Sapere report.

    Institutional developmentGovernanceOther
  • 2025-09-25Council of Financial RegulatorsCouncil of Financial Regulators (CoFR)

    Australia's Council of Financial Regulators publishes Q4 2025 Regulatory Initiatives Calendar

    Australia's Council of Financial Regulators released an updated Regulatory Initiatives Calendar for Q4 2025, detailing the timing of planned and ongoing regulatory initiatives across member agencies. The calendar, updated quarterly, is available in spreadsheet format and includes a tracked version and an archive of previous editions.

    Policy & regulationReform agendas & prioritiesRegulatory burden
  • 2025-09-25EuropeEuropean Securities and Markets Authority

    European Securities and Markets Authority updates MiFID II weekly commodity derivatives position reporting schema to version 1.2.0 for use from 1 April 2026

    The European Securities and Markets Authority (ESMA) has released updated reporting instructions and XML schema version 1.2.0 for weekly reporting of commodity derivatives positions under MiFID II. Key changes include requiring two weekly reports, excluding spot emission allowances, and harmonizing reporting units for energy derivatives. These updates, based on ESMA's Final Report to the European Commission, aim to streamline reporting while minimizing schema updates.

    Policy & regulationRules & requirementsRegulatory reporting
  • 2025-09-25GlobalISDA

    International Swaps and Derivatives Association wins GlobalCapital Industry Association of the Year and Digital Solution of the Year awards

    The International Swaps and Derivatives Association (ISDA) was named Industry Association of the Year for the third consecutive year at the GlobalCapital Global Derivatives Awards 2025 and won Digital Solution of the Year for its Digital Regulatory Reporting initiative. ISDA highlighted its recent initiatives, including the launch of the ISDA Notices Hub, involvement in Saudi Arabia’s close-out netting legislation, and engagement with regulators on Basel III implementation.

    Other
  • 2025-09-25IndiaReserve Bank of India

    Reserve Bank of India issues new directions on two-factor authentication for domestic digital payments with April 2026 compliance deadline

    The Reserve Bank of India has issued new directions for authentication in India's digital payment chain, emphasizing alternatives to SMS-based one-time passwords while maintaining two-factor authentication. The rules apply to all payment system providers for domestic transactions and include additional instructions for certain cross-border card-not-present transactions. Issuers must ensure compliance with the Digital Personal Data Protection Act, 2023, and compensate customers for losses from non-compliant transactions.

    Policy & regulationRules & requirementsPayments and payment systems
  • 2025-09-25KosovoCentral Bank of the Republic of Kosovo

    Central Bank of the Republic of Kosovo adopts first licensing regulation for crypto-asset exchange service operators

    The Central Bank of the Republic of Kosovo has approved a regulation for licensing crypto-asset service operators, marking the first regulatory step under Law No. 08/L-295 on Crypto-Assets. Aligned with the EU's Markets in Crypto-Assets Regulation, it includes requirements for authorisation, corporate governance, capital, client fund safeguarding, and anti-money laundering measures. Further regulatory developments are anticipated, supported by International Monetary Fund technical assistance.

    Policy & regulationRules & requirementsLicensing framework and process
  • 2025-09-25CyprusCentral Bank of Cyprus

    Central Bank of Cyprus publishes August 2025 MFI deposits and loans statistics showing deposit growth and a net loan contraction

    In August 2025, the Central Bank of Cyprus reported total deposits increased by EUR 44.3 million, reversing a previous decline, while total loans decreased by EUR 60.8 million. The annual growth rate for deposits eased to 6.0%, with the stock reaching EUR 56.5 billion, driven by increases from households and non-financial corporations. The outstanding loan stock stood at EUR 26.4 billion, with declines noted in loans to households and non-financial corporations.

    Data & statisticsMonetary data
  • 2025-09-25KuwaitKuwait Capital Markets Authority

    Kuwait Capital Markets Authority refers two cases to the Attorney General over continued investment portfolio management after licence revocation

    The Kuwait Capital Markets Authority has referred two reports to the Attorney General regarding an alleged offence of unauthorized investment portfolio management following licence revocation. The referrals pertain to violations under Article (63) and Article (126) of Law No. 7 of 2010.

    EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
  • 2025-09-25KosovoCentral Bank of the Republic of Kosovo

    Central Bank of the Republic of Kosovo adopts regulation on information systems and cyber risk management for financial institutions

    The Central Bank of the Republic of Kosovo has approved a Regulation on Information Systems and Cyber Risk Management to enhance digital security and operational resilience in the financial sector. It mandates standards based on the proportionality principle, considering each institution's activity, size, complexity, and risk profile. Developed with IMF support, it aligns with international frameworks and allows advanced technologies for complex operations.

    Policy & regulationRules & requirementsCyber resilience
  • 2025-09-25AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission takes Macquarie Investment Management to court over Shield Master Fund and secures undertaking to repay members in full

    The Australian Securities & Investments Commission (ASIC) has initiated Federal Court proceedings against Macquarie Investment Management Ltd (MIML) for contraventions of the Corporations Act related to the Shield Master Fund. MIML admitted to failing in its duties as a superannuation trustee and agreed to a court-enforceable undertaking to repay affected members their full investments in Shield, minus withdrawals. ASIC prioritized a timely resolution and member compensation, opting not to pursue a civil penalty, while ongoing investigations into related misconduct continue.

    EnforcementInvestigations & enforcement actions
  • 2025-09-25AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission proposes extending stablecoin distribution licensing exemption to cover a second stablecoin

    The Australian Securities & Investments Commission (ASIC) has released a draft amending instrument to extend class relief for intermediaries in the secondary distribution of stablecoins to include a second stablecoin issued by an Australian financial services licensee. The proposal involves amending ASIC’s stablecoin distribution exemption instrument and includes minor consequential and clarification changes.

    Policy & regulationRules & requirementsStablecoins
  • 2025-09-25AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission confirms firm-level IDR dashboard and shifts RS publication to aggregate data

    The Australian Securities & Investments Commission (ASIC) will publish two public dashboards on Internal Dispute Resolution (IDR) complaints data and Reportable Situations (RS) breach reporting data. Firm-level publication will continue for IDR, while RS data will be reported at an aggregate level due to concerns about the RS regime's maturity. The IDR data presentation will include privacy measures and contextual explanations, complementing existing data from the Australian Financial Complaints Authority.

    Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution
  • 2025-09-25AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission publishes Report 815 finding improved hardship support but ongoing weaknesses in lenders’ responses

    ASIC's Report 815 highlights improvements in financial hardship assistance since its 2024 review but notes deficiencies in customer outcomes. Despite policy corrections, ASIC criticized "cookie-cutter" approaches, urging tailored responses. Enforcement includes a AUD 15.5 million penalty against NAB and a proposed AUD 40 million penalty against ANZ for inadequate hardship responses.

    SupervisionInterventionsComplaints and dispute resolution
  • 2025-09-25KenyaCentral Bank of Kenya

    Central Bank of Kenya consults on draft regulations to register and license credit guarantee providers

    The Central Bank of Kenya (CBK) has released draft regulations for the Credit Guarantee Business, detailing the regulatory and supervisory framework under the amended CBK Act. Entities must register or obtain a license from CBK within five years, with varying regulatory standards based on their status. The draft outlines requirements for registration, licensing, governance, risk management, and operational obligations.

    Policy & regulationRules & requirementsLicensing framework and process
  • 2025-09-25KenyaCentral Bank of Kenya

    Central Bank of Kenya launches public consultation on draft National Financial Inclusion Strategy 2025–2028

    The Central Bank of Kenya has released a draft Kenya National Financial Inclusion Strategy for 2025–2028, seeking public input. The strategy aims to enhance financial inclusion by coordinating nationwide initiatives and reducing policy fragmentation. Developed with public and private sector collaboration, it seeks to create synergy among stakeholders.

    Policy & regulationReform agendas & prioritiesFinancial inclusion
  • 2025-09-25AustraliaDepartment of Treasury (Australia)

    Australian Department of the Treasury co-chairs inaugural UK-Australia Joint Financial Regulatory Forum to deepen cooperation on regulatory reform pensions and digital assets

    The Australian Department of the Treasury and the United Kingdom’s HM Treasury held the inaugural UK-Australia Joint Financial Regulatory Forum, fulfilling a commitment under the 2021 UK-Australia Free Trade Agreement to enhance regulatory cooperation in financial services. Discussions included regulatory reform, market access, pensions regulation, digital assets, and future bilateral talks on open and sustainable finance.

    Policy & regulationCooperationCross-border cooperation
  • 2025-09-25UkraineUkraine National Commission on Securities and Stock Market

    Ukraine National Commission on Securities and Stock Market opens public discussion on unified ownership structure and substantial participation approval rules

    The Ukraine National Commission on Securities and Stock Market has initiated a public discussion on a draft regulation concerning the ownership structure of legal entities and approval conditions for substantial participation. Key proposals include mandatory disclosure of key participants and ultimate beneficial owners, enhanced oversight of significant participation, and updated business reputation requirements. Changes will be phased in following alignment with the Law of Ukraine "On Capital Markets and Organized Commodity Markets".

    Policy & regulationRules & requirementsBeneficial ownership
  • 2025-09-25West AfricaCentral Bank of West African States

    Central Bank of West African States publishes list of 30 authorised payment institutions across the West African Monetary Union

    The Central Bank of West African States has released a list of 30 authorised payment institutions across the West African Monetary Union, in accordance with Instruction No. 001-01-2024 on payment services. The distribution includes nine in Côte d'Ivoire and 11 in Senegal, among others.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-09-25AustraliaDepartment of Treasury (Australia)

    Australia's Department of the Treasury and HM Treasury launch the inaugural UK-Australia Joint Financial Regulatory Forum

    Australia's Treasury summarized the first UK-Australia Joint Financial Regulatory Forum, held virtually on 24 September 2025, under the UK-Australia Free Trade Agreement. Discussions covered regulatory reform, pensions regulation, digital assets, and financial stability, with major financial authorities participating. Further engagement on pensions and stablecoin approaches was noted, alongside plans for open and sustainable finance discussions.

    Policy & regulationCooperationCross-border cooperation
  • 2025-09-25EuropeEuropean Financial Reporting Advisory Group

    European Financial Reporting Advisory Group publishes two reports mapping 100 GHG tools and 223 platforms supporting VSME sustainability reporting for SMEs

    The European Financial Reporting Advisory Group (EFRAG) released two reports to aid the application of the Voluntary Sustainability Reporting Standard for SMEs (VSME). The first report analyzes 100 digital tools for greenhouse gas emissions reporting, while the second evaluates 223 SME reporting platforms. These publications aim to foster a pan-European VSME ecosystem and support market acceptance, following the European Commission's recommendation in July.

    Policy & regulationGuidance & interpretationAccounting and financial reporting
  • 2025-09-25MoroccoMoroccan Insurance Authority (ACAPS)

    Moroccan Insurance Authority ACAPS holds regional training for insurance intermediaries on new construction insurance obligations and conduct supervision tools

    The Moroccan Insurance Authority (ACAPS) conducted a training session for insurance intermediaries in the Marrakech-Safi region to enhance skills and compliance with regulatory expectations. The workshop addressed the new requirements for All Risks Construction and Ten-Year Civil Liability insurance, claims management, and a new commercial practices questionnaire. This session is part of ACAPS's ongoing regional training tour.

    Policy & regulationGuidance & interpretationCapacity building
  • 2025-09-25GeorgiaNational Bank of Georgia

    National Bank of Georgia reviews reserve management cooperation with World Bank RAMP mission

    The National Bank of Georgia met with the World Bank’s Reserves Advisory and Management Partnership to discuss ongoing technical cooperation on international reserve management. Key topics included the Tactical Asset Allocation framework, foreign exchange reserves investment strategy, and gold management policy. Governor Natia Turnava expressed plans to share reserve management experiences with other central banks in RAMP.

    Policy & regulationCooperationCross-border cooperation
  • 2025-09-25United StatesNational Credit Union Administration

    National Credit Union Administration removes reputational risk from supervision and ends risk-category ratings in examinations

    The National Credit Union Administration (NCUA) has ceased using reputational risk in its supervisory process and stopped assigning ratings to examination Risk Categories, following Executive Order 14331. This change aims to prevent politicized or unlawful debanking, with NCUA updating regulations and guidance accordingly. Examination reporting will now focus more on material concerns and CAMELS ratings.

    SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
  • 2025-09-25United StatesNational Credit Union Administration

    National Credit Union Administration releases 2026–2027 staff draft budget for comment with 2026 proposal of USD 313.8 million

    The National Credit Union Administration released its 2026–2027 staff draft budget, proposing USD 313.8 million, a 20.6% decrease from 2025. The reduction is driven by a 23% cut in staffing, a 34.1% decrease in contracted services, and a 13.4% reduction in travel budgets. The budget includes an operating budget of USD 292.4 million, a capital budget of USD 18.1 million, and a Share Insurance Fund administrative budget of USD 3.3 million.

    Institutional developmentOther
  • 2025-09-25ChinaCentral Bank of the Republic of China

    People's Bank of China starts Digital RMB International Operations Center with cross-border payments and blockchain platform in Shanghai

    The People's Bank of China launched the Digital RMB International Operations Center in Shanghai for cross-border digital payments, blockchain services, and digital assets. Managed by the Digital Currency Research Institute, it aims to enhance cross-border and blockchain infrastructure for the digital renminbi, aligning with principles of non-disruption, compliance, and interoperability. Shanghai authorities plan to expand local applications and improve platform security and usability.

    Policy & regulationImplementation, projects & pilotsCBDC
  • 2025-09-25NorwayDepartment of Finance (Norway)

    Norway's Ministry of Finance launches consultation on national list of roles conferring politically exposed person status

    Norway's Ministry of Finance has launched a consultation on a proposed regulation defining politically exposed person (PEP) status under the anti-money laundering framework, aligning with the EU's Fifth Anti-Money Laundering Directive. The proposal clarifies the domestic scope of PEPs, requiring enhanced due diligence by financial institutions and other entities. It also suggests relying on PEP lists from other European Economic Area countries.

    Policy & regulationRules & requirements
  • 2025-09-25NorwayDepartment of Finance (Norway)

    Norway's Department of Finance launches consultation on allocating crisis measures fund contributions to finance resolution authority support

    Norway's Department of Finance has proposed amendments to the Financial Institutions Act regarding the use of the crisis measures fund. The proposal suggests earmarking a portion of financial institutions’ annual contributions to finance assistance from the Banks' Guarantee Fund to Finanstilsynet, the crisis management authority.

    Policy & regulationRules & requirementsRecovery and resolution
  • 2025-09-25LuxembourgLuxembourg Commission de Surveillance du Secteur Financier

    Luxembourg Commission for the Supervision of the Financial Sector publishes U1.1 XML schema for reporting from the December 2025 reference period

    The Luxembourg Commission for the Supervision of the Financial Sector (CSSF) released the XML schema for the new U1.1 reporting format, effective from December 2025. The schema is backward compatible, with optional new fields subject to checks based on the reporting period.

    SupervisionRegulatory reporting
  • 2025-09-25LithuaniaBank of Lithuania

    Bank of Lithuania publishes August 2025 MFI data showing deposit growth and higher interest rates on new loans

    The Bank of Lithuania's August 2025 MFI balance sheet and interest rate statistics show growth in deposits and lending, alongside rising interest rates on new credit. Lithuanian resident deposits increased by EUR 236.9 million, with household and corporate deposits rising to EUR 26.5 billion and EUR 10.9 billion, respectively. Loans to residents grew by EUR 489.2 million, with interest rates on new household and corporate loans increasing to 5.30% and 4.93%.

    Data & statisticsFinancial and market indicatorsMonetary data
  • 2025-09-25PortugalBank of Portugal

    Bank of Portugal publishes August 2025 banking loans and deposits statistics showing housing credit up 8.4% year on year and household deposit growth slowing to 4.8%

    The Bank of Portugal released August 2025 statistics showing an 8.4% year-on-year increase in housing loans and a 4.8% rise in household deposits, which have decelerated for ten consecutive months. Corporate lending grew 4.0% year on year, with construction and real estate credit accelerating to 8.2%. Household deposits decreased by EUR 944m from July, while corporate deposits increased by EUR 2.6bn month on month.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-09-25United KingdomFinancial Conduct Authority

    Financial Conduct Authority flags UK EMIR Refit reporting gaps and steps up monitoring of breach notifications

    The Financial Conduct Authority (FCA) released a Market Watch review on UK EMIR Refit reporting, highlighting supervisory observations and expectations for derivatives reporting under Article 9. Key issues include incomplete legacy trade uplift, weaknesses in change and vendor management, and under-reporting of errors. The FCA aims to enhance data quality by focusing on reconciliation rates, monitoring breach notifications, and assessing counterparties' systems.

    SupervisionReviews, inspections & stress testsRegulatory reporting
  • 2025-09-25AustraliaAustralian Financial Complaints Authority

    Australian Financial Complaints Authority reinstates United Global Capital to membership until 31 March 2026 to allow complaints linked to the Shield and First Guardian fund collapse

    The Australian Financial Complaints Authority has reinstated United Global Capital Pty Ltd as a member until 31 March 2026 to allow consumers affected by the Shield and First Guardian Master Funds collapse to access dispute resolution. This decision follows the firm's expulsion due to liquidation and aims to address consumer confusion and ensure timely complaint lodgment.

    SupervisionAuthorisations & approvalsLicence withdrawal
  • 2025-09-25LaosBank of the Lao

    Bank of the Lao receives Belarus Development Bank delegation to discuss expanding bilateral banking cooperation

    The Bank of the Lao hosted a visit from a Belarus Development Bank delegation to discuss enhancing banking cooperation to facilitate financial transactions between Laos and Belarus. Deputy Governor Vatthana Dalaraloy acknowledged past Belarusian support and emphasized the need to expand cooperation in banking to support bilateral trade and investment.

    Policy & regulationCooperationOther
  • 2025-09-25GreeceMinistry of National Economy and Finance (Greece)

    Greece’s Ministry of National Economy and Finance publishes August 2025 budget execution showing EUR 1.964 billion surplus and EUR 8.499 billion primary surplus for January–August

    Greece's Ministry of National Economy and Finance reported a central government surplus of EUR 1.964 billion for January–August 2025, surpassing the target deficit of EUR 1.381 billion. The primary balance showed a surplus of EUR 8.499 billion, exceeding the target of EUR 4.929 billion. The Ministry attributed these results to timing shifts in transfer and defence procurement payments and noted that tax revenues were EUR 2.042 billion above target.

    Data & statisticsOther
  • 2025-09-25United StatesFederal Housing Finance Agency

    Federal Housing Finance Agency completes withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System

    The Federal Housing Finance Agency (FHFA) has officially withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), citing alignment with President Trump's Executive Orders. The FHFA will cease participation in NGFS activities and focus on its housing finance responsibilities, including oversight of Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks.

    Policy & regulationCooperationClimate risk and sustainable finance
  • 2025-09-25Hong KongHong Kong Securities & Futures Commission

    Hong Kong Securities and Futures Commission reprimand and HKD 4 million fine on RaffAello Capital upheld for sponsor due diligence failures

    The Hong Kong Securities and Futures Commission fined RaffAello Capital Limited HKD 4 million for inadequate due diligence as sponsor for Paprika Holdings Limited’s listing application. The Securities and Futures Appeals Tribunal upheld the action, citing RaffAello's failure to verify information and address red flags, including unusual sales patterns. The fine was reduced from HKD 13 million due to RaffAello's financial difficulties, with the Tribunal emphasizing the need for thorough due diligence and proper documentation.

    EnforcementInvestigations & enforcement actionsCorporate governance
  • 2025-09-25Hong KongHong Kong Securities & Futures Commission

    Hong Kong Securities and Futures Commission and Hong Kong Monetary Authority unveil roadmap to develop fixed income and currency markets

    The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority released a Roadmap for Fixed Income and Currency Markets, outlining initiatives to enhance demand, liquidity, and innovation. It includes 10 initiatives under four pillars: primary market issuance, secondary market liquidity, offshore renminbi business, and next-generation infrastructure. The regulators also co-hosted the Fixed Income and Currency Forum 2025 to engage with market participants.

    Policy & regulationReform agendas & prioritiesMarket development
  • 2025-09-25SwedenRiksbank

    Sweden's Riksbank backs stronger fund liquidity rules, calls for up to 10 banking days notice periods and tighter mortgage fund safeguards

    Sweden's Riksbank supports proposals to improve liquidity risk management in the fund sector. It advocates aligning redemption terms with asset liquidity and using at least two liquidity management tools. The Riksbank endorses reducing mutual funds' minimum redemption frequency and adjusting pension fund platforms for new rules. It also recommends stricter leverage limits for mortgage-lending alternative investment funds to enhance financial stability.

    Policy & regulationRules & requirementsLiquidity riskPrudential risks
  • 2025-09-25GlobalInternational Financial Reporting Standards Foundation

    International Financial Reporting Standards Foundation publishes educational resources to support implementation of the third edition of the IFRS for SMEs Accounting Standard

    The International Financial Reporting Standards Foundation has released new educational resources to aid stakeholders in understanding the third edition of the IFRS for SMEs Accounting Standard. The materials include webcasts, educational modules, a podcast episode, and Spanish translations, covering key sections and updates. Premium digital subscribers and registered users have varying access to these resources.

    Financial literacy & educationAccounting and financial reporting
  • 2025-09-25Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority and Securities and Futures Commission unveil roadmap with 10 initiatives to develop Hong Kong’s fixed income and currency markets

    The Hong Kong Monetary Authority and the Securities and Futures Commission published Hong Kong’s Roadmap for the Development of Fixed Income and Currency Markets, aiming to position Hong Kong as a global hub. The Roadmap outlines 10 initiatives across primary market issuance, secondary market liquidity, offshore renminbi business, and next-generation infrastructure. It seeks to enhance demand, liquidity, and innovation, guided by industry stakeholders.

    Policy & regulationReform agendas & prioritiesMarket development
  • 2025-09-25GlobalInternational Banking Federation

    International Banking Federation joins the Global Anti-Scam Alliance as a Foundation Member

    The International Banking Federation (IBFed) has joined the Global Anti-Scam Alliance (GASA) as a Foundation Member to enhance efforts against online scams and fraud. IBFed will contribute to intelligence-sharing initiatives, participate in GASA's Advisory Board, and collaborate on research, ensuring the banking sector's voice in joint solutions. This partnership aims to improve intelligence sharing and disrupt scam networks, representing 18,000 banks globally.

    Policy & regulationCooperationFraud and scams
  • 2025-09-25CyprusCyprus Securities and Exchange Commission

    Cyprus Securities and Exchange Commission reaffirms Cyprus investment and capital markets regulation is fully aligned with EU law

    CySEC confirmed that Cyprus' investment and capital markets regulatory framework aligns with EU law, ensuring compliance with directives and regulations. This alignment, linked to Cyprus' 2004 EU accession, enhances transparency, risk mitigation, and market effectiveness. The statement noted positive evaluations from European and international bodies and CySEC's role in EU anti-money laundering initiatives.

    Policy & regulationGuidance & interpretationAML and CFTCompliance
  • 2025-09-25GlobalBank for International Settlements

    Bank for International Settlements bulletin reports cooling labour markets in advanced economies with rising wage–price risks in some emerging markets

    The Bank for International Settlements' BIS Bulletin analyzes labour market trends affecting wages, inflation, and monetary policy. It highlights stable labour markets in emerging economies, while advanced economies face rising unemployment and potential weakening. Nominal wage growth surpasses inflation, with limited wage-driven inflation risk in advanced economies, but emerging markets face increased inflation risks due to higher unit labour cost pass-through.

    Research
  • 2025-09-25KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan completes first climate stress test showing aggregate bank capital could fall to 14.2%

    The Agency for Regulation and Development of the Financial Market of Kazakhstan released 2024 climate stress test results for the banking sector, showing a decline in aggregate bank capital from 17.4% to 14.2% under severe scenarios. The test, covering 11 banks representing 85% of system assets, assessed physical and transition risks, significantly impacting credit and market risks. The agency plans to continue its work and has published a full report online.

    SupervisionReviews, inspections & stress testsClimate risk and sustainable finance
  • 2025-09-25KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan explains when borrowers can use the bank ombudsman for loan disputes

    The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan issued guidance on using the bank ombudsman for resolving loan disputes. The ombudsman serves as a free mediator with binding decisions on financial organisations, while borrowers can appeal outcomes to the agency. The guidance outlines the ombudsman's remit, exclusions, and required documentation for borrowers.

    Policy & regulationGuidance & interpretationComplaints and dispute resolution
  • 2025-09-25KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan explains how to bring microcredit disputes to the microfinance ombudsman

    The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan issued guidance for borrowers in disputes with microfinance organisations, highlighting the role of the microfinance ombudsman as an independent, free dispute resolution mechanism. The ombudsman's decisions are binding on microfinance organisations, and applications can be submitted online, by email, or in person with specified documentation.

    Policy & regulationGuidance & interpretationComplaints and dispute resolution
  • 2025-09-25KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan drafts amendments to curb unsecured consumer lending and cut the debt burden coefficient for delinquent borrowers

    The Agency for Regulation and Development of the Financial Market of Kazakhstan has drafted a resolution to amend risk management and internal control rules for second-tier banks and non-resident bank branches. The proposal aims to curb consumer credit growth and household indebtedness by reducing the debt burden coefficient from 0.5 to 0.25 for borrowers with loans over 90 days past due in the last year and imposing restrictions on unsecured consumer loans under specific conditions.

    Policy & regulationRules & requirementsLending
  • 2025-09-25United StatesFederal Reserve Bank of Kansas City

    Federal Reserve Bank of Kansas City releases September Manufacturing Survey showing slightly higher Tenth District activity and cooler expectations

    The Federal Reserve Bank of Kansas City's September Manufacturing Survey shows a slight increase in Tenth District manufacturing activity, with future expectations cooling but still positive. Price growth eased, while production and employment rose, and new orders softened. Updated seasonal adjustment factors have been applied, affecting historical index comparisons.

    Data & statisticsEconomic data and developments
  • 2025-09-25UzbekistanCentral Bank of the Republic of Uzbekistan

    Central Bank of the Republic of Uzbekistan reissues banking licences for Open Bank, Hayot Bank, Anor Bank and Soderot Bank after corporate changes

    The Central Bank of the Republic of Uzbekistan has reissued banking licences for four institutions due to changes in their names, legal forms, and/or registered locations. Smart Bank JSC is now Open Bank JSC, while Hayot Bank JSC and Anor Bank JSC updated their postal addresses. Soderot Bank in Tashkent converted from a branch to a joint-stock company, with a name change and address update.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-09-25South AfricaSouth Africa Financial Sector Conduct Authority

    South Africa Financial Sector Conduct Authority publishes list naming 5,830 employers in arrears with retirement fund contributions

    The South Africa Financial Sector Conduct Authority released FSCA Communication 18 of 2025, identifying 5,830 employers with arrear retirement fund contributions in violation of section 13A of the Pension Funds Act, 1956. The report highlights a 50% increase in non-compliant employers since December 2023, with total arrears estimated at ZAR 7.23 billion. This increase is largely due to the inclusion of the Auto Workers Provident Fund and the Motor Industry Provident Fund, which account for 57.5% of the published employers.

    SupervisionAlertsOther
  • 2025-09-25EuropeEuropean Central Bank

    European Central Bank working paper develops translation-free daily newspaper sentiment indices for euro area forecasting

    The European Central Bank's Working Paper No 3122 details a dictionary-based method to derive daily sentiment indicators from euro area economic newspaper articles. It constructs indices for Economic News Sentiment, Labour News Sentiment, and Inflation News Sentiment, enhancing nowcasting and short-horizon forecasting of GDP, labour market conditions, and inflation. Derived from about 3 million articles, these indicators show strong co-movement with standard survey indicators and GDP, with recession-word measures excelling in downturns.

    ResearchOther
  • 2025-09-25TajikistanNational Bank of the Republic of Tajikistan

    National Bank of the Republic of Tajikistan hosts CIS insurance supervisors’ coordination council meeting in Dushanbe

    The National Bank of the Republic of Tajikistan hosted the 21st meeting of the Inter-State Coordination Council of Heads of Insurance Supervisory Authorities of the Commonwealth of Independent States in Dushanbe. Deputy Chairman Daler Murodalizoda highlighted Tajikistan's insurance market growth, expanding 4.3 times since 2017, and emphasized modern supervisory methods and digital platforms. The meeting focused on legislative improvements, technology use, and the Council's role in experience exchange and joint decision-making.

    SupervisionCooperationCross-border cooperation