The Central Bank of the Philippines will cease accepting digital bank applications from 1 December 2025, following Monetary Board approval. Applications submitted by 30 November 2025 will be processed based on completeness and compliance, with deficient applications returned and treated as closed. No new or returned applications will be accepted after this deadline.
South African Reserve Bank Governor Lesetja Kganyago stressed stronger regulation due to current risks, linking it to Basel III's capital requirements and South Africa's implementation. He cited intensified risk drivers like global debt, policy uncertainty, crypto assets, and climate change, noting the Financial Action Task Force greylisting as evidence of regulatory gaps. Kganyago also mentioned guidance on climate-related disclosure and risk management, despite data gaps.
At the CORE Summit 2025 in São Paulo, the Brazilian Pension Funds Authority (PREVIC) and other financial regulators discussed cyber resilience and digital security in the financial sector. PREVIC highlighted Brazil’s National Cybersecurity Strategy and emphasized mechanisms for pension fund security. The Central Bank of Brazil, CVM, and Susep stressed the importance of cooperation, regulatory coordination, and proactive engagement to address digital threats.
The European Central Bank's Economic Bulletin article evaluates the macroeconomic impact of increased government defence spending using various models. A scenario with government consumption rising from 2% to 3% of GDP by 2028 suggests higher output and modest inflation, with a two-year GDP multiplier of 0.93 and a 0.07 percentage point inflation impact. Variations in estimates are due to expectation formation, financing assumptions, and spending distribution, affecting multipliers and inflation outcomes.
European Central Bank research by Bartosz Maćkowiak introduces a rational inattention framework to analyze survey experiments on information provision and its effects on belief and action adjustments. The study finds that survey treatment effects vary based on individuals' baseline attention levels and the cost of attention, with implications for central bank communication strategies. The model suggests that communication effectiveness depends on whether it expands new information or restates existing information, impacting different audiences variably.
The European Central Bank's Economic Bulletin notes a sectoral shift in early 2025, with manufacturing rebounding due to temporary US demand, while services slowed amid US tariff-related trade uncertainty. Manufacturing rose sharply in March, especially in export-exposed sectors like pharmaceuticals, before declining in the second quarter. Ongoing trade policy uncertainty and euro appreciation could dampen both sectors, though potential EU-US trade agreements and increased spending may offer support.
The European Central Bank released a paper by Michele Lenza and Oreste Tristani on how household and firm heterogeneity affects monetary policy transmission in the euro area. It finds that both conventional and unconventional monetary policy easing have temporary distributional effects, with low liquid wealth households responding more to policy changes. It highlights the importance of heterogeneity in understanding aggregate outcomes, especially during large shocks and uncertainty spikes, and its implications for financial stability analysis.
ECB Executive Board member Piero Cipollone reported positive results from the digital euro innovation platform with 70 partners and announced plans for more private-sector collaboration. The digital euro aims to retain cash-like features, including free use, privacy, and euro area-wide acceptance, addressing online/offline functionality and deposit outflow safeguards. Cipollone highlighted risks of reliance on dollar-denominated stablecoins and positioned the digital euro as a stable alternative, with issuance contingent on EU legislative approval and a potential mid-2029 launch.
The Central Bank of the Philippines will cease accepting new digital bank licence applications from 1 December 2025, following a moratorium approved by the Monetary Board. Applications submitted by 30 November 2025 will be evaluated on a first-come, first-served basis, provided they meet all requirements. The move aims to balance digital innovation with financial stability, focusing on governance and risk management.
The Slovenia Securities Market Agency has adopted two general acts under the Investment Funds and Management Companies Act (ZISDU-3). One act defines key elements and typologies for investment funds, while the other establishes detailed reporting requirements for management companies, including those from other Member States. The reporting act will be effective from 1 December 2025.
The Monetary Authority of Singapore, in collaboration with the Advertising Standards Authority of Singapore, has issued a guide for content creators on responsible financial content creation. The guide outlines when an MAS licence may be necessary, steps to take before promoting financial products or services, and disclosure expectations regarding compensation.
The Monetary Authority of Singapore (MAS) introduced new guidelines for responsible digital advertising by financial institutions and online content creators, in collaboration with the Advertising Standards Authority of Singapore. Effective 25 March 2026, the guidelines emphasize clear disclosures and monitoring of digital advertising activities. MAS also issued advisory letters to five content creators for potentially providing unlicensed financial advice.
South Korea's Financial Services Commission proposed amendments to tighten disclosure obligations for listed companies regarding treasury stocks, lowering the disclosure threshold from 5% to 1% of issued shares and requiring biannual reporting. The changes introduce stricter penalties for repeated disclosure breaches, including executive removal recommendations and criminal punishment. The amendments are expected to take effect in Q4 2025 following legislative review and government approval.
HM Treasury has launched a consultation and call for evidence on potential reforms to the UK’s Commercial Credit Data Sharing scheme to reflect changes in the small and medium-sized enterprise lending market and financial technology. Proposals cover data quality, timeliness and format, the scope of firms, products and customers in the regime, the extension of designation beyond banks to other significant finance providers, and possible changes to statutory and non-statutory arrangements.
The Vietnam State Securities Commission held an internal training for officials on the Law on Promulgation of Normative Legal Documents and related instruments. The program covered the 2025 Law, Decree No. 78/2025/ND-CP, and the Ministry of Finance’s updated regulation on drafting and implementing legal documents. Presentations were given by representatives from the Ministry of Justice and the Ministry of Finance, followed by discussions and Q&A.
The Brazil Securities Commission (CVM) has lifted the suspension of Sanesalto Saneamento S.A.'s public company registration. The suspension, imposed on 19 May 2025 due to non-compliance with CVM Resolution 80, was reversed after the company submitted all required periodic information.
The Central Bank of the Republic of Azerbaijan has launched an online survey to collect data on household consumption, saving behavior, debt burden, and servicing capacity. The results will help assess aggregate demand, inflation expectations, and household financial stability, supporting macroeconomic analysis and monetary policy decisions. Conducted quarterly, the survey is accessible to all population groups via the central bank's website.
The Guernsey Financial Services Commission has updated its explanatory notes on enforcement processes, incorporating feedback from the Royal Court and operational experience. The revisions include notes on the investigation and decision-making process and the general approach to enforcement. All future matters will adhere to these 2025 procedures.
The Guernsey Financial Services Commission has designated Rampage Productions and Embers of an Empire under the UK's Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019, imposing a full asset freeze. Businesses must verify and freeze any assets linked to these entities and report findings to the States of Guernsey Policy & Resources Committee. Firms must also notify the Commission and comply with reporting obligations under the Sanctions (Bailiwick of Guernsey) Law, 2018.
The Bank of Zambia issued a warning about unlicensed online credit providers engaging in predatory lending practices, advising the public to verify licensing before transacting. It emphasized the risks consumers face with unlicensed entities due to the lack of consumer protection mechanisms. The central bank is collaborating with other authorities to address these unlicensed activities.
The Ontario Securities Commission has updated its OSC TestLab: Early-Stage Capital Raising initiatives, introducing a Self-Certified Investor Prospectus exemption effective 25 October 2025. The updates, which include changes to existing exemptions and a new local blanket order, follow consultations with over 500 stakeholders. These initiatives align with a proposed harmonized multilateral exemption by the Canadian Securities Administrators.
The Philippine SEC has released Southeast Asia's first Green Equity Guidelines, setting criteria for companies to obtain the Philippine Green Equity label. Eligible companies must be listed or preparing to list on the Philippine Stock Exchange, with over 50% of revenues and investments in Green Activities per the Philippine or ASEAN Sustainable Finance Taxonomy, and less than 5% from fossil fuels. Compliance requires an external review assessment report, and label holders face annual assessments by the Philippine Stock Exchange.
The Taskforce on Nature-related Financial Disclosures (TNFD) released its 2025 Status Report, highlighting increased commitments and TNFD-aligned reporting, with 620 organizations managing USD 20 trillion in assets now committed to nature-related reporting. The report notes that 63% of surveyed companies view nature-related issues as significant as climate-related ones, and 78% have integrated climate and nature reporting. Investor demand for specific nature-related standards is rising, with 77% seeking standards based on TNFD.
The National Bank of the Kyrgyz Republic fined three citizens KGS 17,500 each for unlicensed cash foreign exchange operations in Bishkek and the Chuy Region.
The National Bank of the Kyrgyz Republic suspended the licence of Narodny kapital Suzak LLC exchange bureau in Jalal-Abad for breaches of Kyrgyz legislation and central bank regulations. The suspension is effective from 23 September to 7 October 2025.
The Thailand Securities and Exchange Commission has launched the TouristDigiPay sandbox to test digital asset conversion into Thai baht for foreign tourists. Licensed digital asset exchanges, brokers, or dealers can apply to participate, integrating with e-money providers for QR code payments, subject to SEC approval and compliance with KYC and Anti-Money Laundering requirements. Effective from 24 September 2025, the initiative includes obligations for data submission, asset verification, and performance evaluation.
Thailand's SEC is investigating unauthorized control and potential takeover of a listed company without a tender offer. Legal actions were taken against Bitazza Global and Bitazza for operating an unlicensed digital asset exchange, and an investor alert was issued. Civil sanctions for insider trading were imposed, and disclosure of a related-party transaction involving Thana Power Holding Co., Ltd. was ordered.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has levied a CAD 19,552,000 penalty on Peken Global Limited, also known as KuCoin, for breaches of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations include failure to register as a foreign money services business, report large virtual currency transactions, and submit suspicious transaction reports.
The Central Bank of Russia reported the average maximum interest rate on Russian ruble household deposits was 15.59% in early September and 15.56% in mid-September. These rates are based on the arithmetic mean of the maximum publicly available deposit rates from the top 10 credit institutions, excluding certain restricted products. The average maximum rates by maturity ranged from 15.00% for deposits up to 90 days to 12.20% for those over one year.
The Central Bank of Russia will now publish its bank ranking based on borrower complaints about retail loans semi-annually instead of annually. This change aims to provide consumers with quicker insights into service quality and reflect banks' adjustments post-supervisory inspections. The ranking considers banks with more than one well-grounded complaint per 100,000 agreements, categorized by bank status and customer base size.
HM Treasury and the Australian Treasury issued a joint statement on the first UK-Australia Joint Financial Regulatory Forum, discussing regulatory reform, pensions regulation, and digital assets under the UK-Australia Free Trade Agreement. Key topics included market access, pension fund investment behaviors, and cryptoasset regulation, with commitments to ongoing bilateral engagement and cooperation through international fora. Further discussions are anticipated on open finance and sustainable finance, including climate-related disclosures and data sharing.
The Swedish Financial Supervisory Authority's survey reveals that despite a rule mandating digital issuance of amortisation statements to facilitate mortgage switching, only one in four borrowers have requested the document. The survey, conducted with Origo Group, found that one in ten borrowers switched banks in the past year, and nearly 80% are aware of the digital availability of the statement.
The U.S. House Committee on Financial Services, led by Chairman French Hill, outlined fall priorities on community banking, digital assets, housing, and capital markets. Key initiatives include tailoring federal supervision, advancing the CLARITY Act for digital assets, and bipartisan housing reforms. The Committee is coordinating with the Senate to progress its legislative agenda.
The New Brunswick Financial and Consumer Services Commission announced Investor Education Month initiatives to help young adults identify deepfake scams and deceptive investment offers. Activities include documentary screenings, a guide on AI and deepfake scams, and the Permission to Pause campaign. These efforts align with the International Organization of Securities Commissions’ World Investor Week, emphasizing technology, digital finance, and fraud prevention.
Canada's Office of the Superintendent of Financial Institutions (OSFI) is reorienting supervision to address integrity and security threats from geopolitical instability and technological advancements. OSFI has created an Integrity and Security Risk Division and a National Security Sector, enhancing oversight through thematic reviews and collaboration with security agencies. The Superintendent noted artificial intelligence's dual role as a risk and control tool, with existing frameworks as key mitigants.
The Canadian Securities Administrators issued a Notice and Request for Comment on a proposed harmonized prospectus exemption for "self-certified investors" in 11 jurisdictions. This would allow individuals with relevant education or experience to invest in prospectus-exempt offerings, with an annual investment cap of CAD 50,000 and standardized risk acknowledgment. The proposal includes changes to existing regulations and aims to expand access beyond the accredited investor exemption.
The Canadian Securities Administrators (CSA) have finalized amendments to the mandatory central counterparty clearing regime for derivatives, updating the list of over-the-counter derivatives that must be cleared. These changes align with the transition to a new interest rate benchmarks framework and add certain derivative classes. The amendments, part of National Instrument 94-101, are set to take effect on March 25, 2026, pending ministerial approvals.
The Egypt Financial Regulatory Authority joined the Youth Financial and Digital Inclusion Summit, highlighting its role in regulating the non-banking financial sector and promoting youth financial awareness. Vice Chairman Mohamed El-Sayyad discussed initiatives like the Certified Financial Awareness Trainer programme and Y Champions competition to boost financial literacy and career understanding, aligning with the government's financial inclusion agenda and collaborating with the Ministry of Youth and Sports.
The Bank of Mauritius announced the appointment of Dr. Priscilla Muthoora Thakoor as Governor for a three-year term starting 29 September 2025, following the President's decision under the Bank of Mauritius Act 2004 and the Prime Minister's recommendation.
The Bank of Mauritius announced the appointment of Mr. Ramsamy Chinniah as Second Deputy Governor for a three-year term starting 29 September 2025. The appointment was made by the President of the Republic of Mauritius under the Bank of Mauritius Act 2004, following the Prime Minister's recommendation.
The Federal Reserve Board has issued a consent prohibition order against Nicholas Leroy Klug, a former Dacotah Bank employee, for embezzling bank funds.
Federal Reserve Board Governor Michael S. Barr criticized proposed stress testing changes, arguing they could weaken the framework's rigor. He suggested separating stress tests from binding capital requirements, maintaining capital levels through other measures, and opposed the notice-and-comment process for stress test models. Barr proposed treating stress tests as supervisory tools, preserving scenario flexibility, and replacing firm-specific stress capital buffers with regulatory capital requirements, including a 2.5% buffer floor for most non-global systemically important banks.
The Canadian Investment Regulatory Organization (CIRO) announced the results of its Annual General Meeting board election, re-electing 10 directors and electing two new directors. Independent directors include Kathryn Chisholm, Miranda Hubbs, Helena Gottschling, Louis Marcotte, Philip Mayers, Jennifer Newman, and Laura Tamblyn Watts. Industry directors are Debra Doucette, Robert Frances, Kevin Kennedy, Michelle Khalili, and Timothy Mills.
Moldova's National Commission for Financial Markets made decisions on capital markets and consumer protection, registering a Sireți mayor’s office bond issuance and authorising Magazinul Universal Central “UNIC” SA's corporate reorganisation. The Sireți bond issuance involved two tranches totaling MDL 3.0 million, fully subscribed by 36 individuals and two legal entities. Additionally, the Commission dismissed a challenge by “IUTE CREDIT” SRL against a decision on abusive credit contract clauses.
Chile’s Financial Market Commission's Financial Report for H1 2025 noted a 10.2% real increase in total insurance sales to USD 8,442 million compared to H1 2024. Life insurance sales rose 15.4% to USD 5,771 million, while general insurance sales edged up 0.3% to USD 2,672 million. Sector profits fell 5% to USD 598 million, with life insurers' profits down 11% and general insurers' profits up 12.9%, driven by varying claim costs and contribution margins.
Norway's Financial Supervisory Authority's review of eight fund managers found misleading marketing and inadequate sustainability-risk disclosures under the SFDR. Issues included misrepresentation of sustainability ratings, improper use of labels, and missing mandatory product information. Reports for firms like DNB Asset Management and Storebrand Asset Management were published, with guidance for improvement.
The British Columbia Financial Services Authority (BCFSA) has suspended David William Rodney Foxwell’s real estate licence for 10 months due to conduct unbecoming under the Real Estate Services Act, following his conviction in the Alberta Court of Justice for offences during a traffic stop. The suspension, effective until June 2026, includes a requirement for Foxwell to pay CAD 17,298.50 for investigation and hearing expenses.
The British Columbia Financial Services Authority has suspended David William Rodney Foxwell's real estate licence for 10 months due to conduct unbecoming under the Real Estate Services Act, following criminal convictions in Alberta. The suspension, effective until June 2026, stems from violations during a 2021 traffic stop, including resisting arrest and assaulting a police officer. Foxwell must also pay CAD 17,298.50 for investigation and hearing expenses.
The Office of the Comptroller of the Currency's Quarterly Report for Q2 2025 shows U.S. commercial banks and savings associations earned USD 16.6 billion in trading revenue, a 10.7% increase from the previous quarter. Four large banks held 87.3% of the industry's USD 223.5 trillion derivatives notional amount, which rose by USD 13.1 trillion. Interest rate products dominated, comprising 66.5% of total notional amounts.
The Malta Financial Services Authority has amended Malta’s beneficial ownership reporting framework for trusts, extending obligations to private trustees under the Trusts and Trustees Act. Trustees must file beneficial ownership declarations via the TUBOR Online Portal, maintain updated information, and report changes within 14 days. Non-compliance may result in enforcement actions, and further amendments are expected to align with the EU’s Anti-Money Laundering Directive 6.
The China Securities Regulatory Commission and the Monetary Authority of Singapore agreed to deepen capital markets cooperation at the ninth China-Singapore Securities and Futures Regulatory Roundtable. Key areas include exchange-traded fund connectivity, index cooperation, and mutual support for financial institutions. Discussions also covered capital markets reform, investor protection, and oversight of non-bank financial institutions and listed companies.
The China Banking and Insurance Regulatory Commission hosted a seminar in Nanning, Guangxi, with ASEAN and China-Japan-Korea financial regulators to discuss regional supervisory priorities, sustainable finance, and cross-border financial data flows. Part of the China-ASEAN Financial Cooperation and Development Forum, the event aimed to enhance mutual understanding and cooperation. The Commission plans to deepen cross-border supervisory cooperation within the ASEAN plus China-Japan-Korea framework, supporting joint development of financial institutions and regional trade.
Argentina Securities Commission (CNV) President Roberto E. Silva, at El Cronista’s CFO Summit, outlined efforts to enhance transparency and confidence in Argentina’s capital markets. Key initiatives include an automatic public offering approval regime, tokenisation, and a framework for virtual asset service providers. Silva emphasized these measures as part of a broader strategy to modernize the regulatory framework with the national government.
The State Bank of Vietnam's Anti-Money Laundering Department and the Vietnam Border Guard Command signed a protocol to enhance information exchange for investigating money laundering and illegal cross-border asset movements. This cooperation aims to help Vietnam exit the Financial Action Task Force's increased monitoring list. The conference reviewed past cooperation, handling 56 requests related to drug offences, smuggling, and human trafficking, and recommended criteria development for prioritizing suspicious transactions and expanding training.
The State Bank of Vietnam outlined Prime Minister Phạm Minh Chính’s directives for advancing science, technology, digital transformation, and administrative reform, including a VND 500 trillion credit package. Key tasks involve standardizing databases, enhancing digital infrastructure, and improving cybersecurity. The plan also includes simplifying administrative procedures and developing real-time KPI tools by September 2025.
The State Bank of Vietnam and Vietnam’s Central Internal Affairs Commission reviewed a decade of their coordination on combating corruption in the monetary and banking sector. The conference highlighted achievements in information exchange, policy advice, and handling major economic and corruption cases. Future priorities include amending rules on credit and anti-money laundering, enhancing inspections, and improving early risk identification.
The State Bank of Vietnam has instructed credit institutions to continue the credit programme for agriculture, forestry, and fisheries until lending reaches VND 185 trillion. Loans must be priced 1–2 percentage points below each bank's average rate for the same tenor. Eighteen commercial banks are responsible for tracking programme results and fulfilling commitments to eligible borrowers.
At Smart Banking 2025 in Hanoi, State Bank of Vietnam Deputy Governor Pham Tien Dung emphasized data as the foundation of banking digitalization, supported by circulars governing the data lifecycle. He highlighted integration with the National Population Database and a circular on Open API, noting significant digital transaction metrics and biometric matching achievements. Execution gaps were identified, including manual checks and the need for improved data standardization, privacy governance, and real-time analytics for better customer protection and fraud monitoring.
Swift is launching a new scheme framework with network rules for retail cross-border payments to enhance predictability, transparency, and instant settlement where possible. Developed with over 30 banks across 17 countries, the initiative leverages Swift's platform to improve retail flows, with 75% of payments reaching beneficiary banks within 10 minutes, and aims to address the domestic "last mile" challenges.
The Monetary Authority of Macao confirmed normal operations for all financial institutions post-typhoon Ragasa, with stable financial infrastructure. Insurers activated a "green channel" to expedite payouts for 22 storm-related claims, including three under "Property insurance against major disasters for small and medium-sized enterprises." The Authority is coordinating with banks and insurers for service stability and efficient claims processing.
The Australian Competition and Consumer Commission granted an eight-year authorisation to Australian Payments Network Limited and members of the Issuers and Acquirers Community to coordinate the migration of the Australian card payments system from Triple Data Encryption Standard to Advanced Encryption Standard, allowing agreements and information sharing to facilitate this transition.
FINMA assessed UBS's resolvability as of December 31, 2024, noting progress in using a single point of entry bail-in strategy. However, legislative changes are needed to enhance crisis management, and legal uncertainties exist in restructuring and market exit strategies. UBS's emergency plan meets current requirements but lacks integration into the resolution plan, with FINMA reviewing an updated recovery plan submitted in summer 2025.
The Nepal Insurance Regulatory Authority has directed all insurance companies to expedite claim payments for damages to property, vehicles, goods, and equipment due to natural disasters. Companies must assess losses immediately, settle claims promptly, and offer advance payments of up to 50% based on initial assessments. For motor insurance, a 50% advance is required upon submission of necessary documents.
Peru's Superintendence of the Securities Market (SMV) hosted an international seminar to discuss developing the securities market, focusing on removing barriers and enhancing market mechanisms. Key proposals include a company-preparation programme for capital market participation, promoting corporate governance and sustainability, regional stock exchange integration, and strengthening SMV's regulatory capacity. The SMV also aims to revive a legal proposal to supervise private investment fund managers.
The Isle of Man Treasury updated its Counter Terrorism (Domestic) sanctions regime, aligning with the UK Sanctions List by adding Embers of an Empire and Rampage Productions to the Consolidated List, subjecting them to an asset freeze. These entities are suspected of facilitating terrorism through music dissemination. The notice emphasizes immediate asset freezing upon suspicion, reporting obligations, and the criminality of sanctions non-compliance.
Australia's Treasury proposed draft legislation applying financial services laws to digital asset and tokenised custody platforms, treating them as financial products under Australian licensing and ASIC supervision. It includes platform-specific requirements, exemptions for low-value transactions, and ministerial powers to classify platforms as financial markets or clearing facilities.
The Palestine Monetary Authority launched iDplus, a digital financial identity platform, to enhance electronic payments and services. The mobile app enables citizens to create a digital identity with biometric verification and facial recognition, protecting against electronic financial fraud. The initiative aims to boost financial inclusion and support new services by public and private sector providers.
The Abu Dhabi Global Market Financial Services Regulatory Authority has finalized amendments mandating fund managers to submit periodic reports for each managed fund, with content and frequency varying by fund type. Reporting templates have been published, and implementation will be phased. Miscellaneous amendments to the FUNDS and GLO Rulebooks were also made following Consultation Paper No. 8 of 2025.
The Central Bank of Barbados has issued comprehensive regulatory guidance for payment service providers, detailing oversight, licensing, and supervisory requirements. The guidance includes an Oversight Policy Framework, a Licensing and Authorisation Framework, and a Supervisory Framework. Entities must submit a compliance programme within three months under Section 60(1) of the National Payment System Act.
The Bulgaria Financial Supervision Commission approved IPO prospectuses for Republic Holding AD and Texim Bank AD, and a EUR 15 million bond issue by Web Media Group AD. It updated the register of public companies, requested more information for Karoll Capital Management EAD's mutual fund management authorization, and Alfa Bulgaria AD's acquisition of a qualified participation in an investment intermediary. Tchaikapharma High Quality Medicines AD's share issue was entered for trading, and TBI Bank EAD's EUR 10 million bond issue was removed from the register.
The Central Bank of Montenegro hosted a European Commission TAIEX peer review mission to enhance its institutional framework and central bank independence as part of the EU accession process. Discussions focused on corporate governance to safeguard legal and actual independence, with recommendations expected to align with EU best practices. The mission, led by Klaas Knot, included meetings with key CBCG officials and EU representatives.
The Montenegro Capital Market Authority announced a second training programme for investment advisers from 20–22 October 2025 in Podgorica. The programme covers Montenegro’s capital market framework, regulatory requirements, ethical standards, and anti-money laundering policies, concluding with a qualifying test.
The Central Bank of Luxembourg reported a decline in external financial assets by EUR 252.7 billion to EUR 12,644 billion in Q2 2025, with liabilities decreasing to EUR 12,611 billion, resulting in a net external position of EUR 33 billion. Direct investment stocks fell due to negative price and exchange-rate effects, while portfolio investment assets in foreign securities increased by EUR 38.2 billion. Luxembourg securities held by foreign entities rose by EUR 30.5 billion, driven by positive transactions despite negative price and exchange-rate impacts.
The U.S. Securities and Exchange Commission appointed Jon Kroeper as deputy director of its Division of Trading and Markets, effective 29 September 2025. Kroeper brings extensive experience from his previous roles at the Financial Industry Regulatory Authority and Patomak Global Partners, as well as prior tenures at the SEC.
The Spanish Securities Commission (CNMV) has appointed María Dorronsoro Alberdi as deputy director general of the CNMV Legal Service and deputy secretary to the CNMV Board. Dorronsoro Alberdi, a State Attorney, previously coordinated major administrative litigation cases for the State Attorney’s Office and served in various legal roles, including Chief State Attorney in Madrid.
France's Ministry of Economics and Finance announced measures effective from late September and October 2025, including mandatory euro instant credit transfers for euro-area payment service providers and a EUR 1,000 top-up for electric vehicle purchases. Initiatives include social leasing for electric cars, updated property tax deadlines, new fibre-connection installation aid, and anti-fraud measures for energy performance certificates. Further details on eligible electric vehicles and fibre-installation aid are forthcoming.
The Kuwait Capital Markets Authority reiterated that Circulars Nos. 20 and 23 of 2025 are binding for handling customers and counterparties whose Kuwaiti nationality was revoked. The announcement aligns procedures with Council of Ministers' decisions and addresses rights under the Kuwaiti Nationality Law. It confirms acceptance of state-approved identity documents, including those from the Central Agency for Dealing with the Status of Illegal Residents, if verified and authenticated.
The Central Bank of the Republic of Kosovo hosted a World Bank mission to review financial sector development projects FinDev and FinSAC, focusing on results and future priorities. Discussions included the fast payments project "TIPS Clone," deposit insurance framework, and potential cooperation on financial stability instruments. Governor Ahmet Ismaili highlighted recent financial sector developments and progress in regulatory and technical infrastructure.
The Central Bank of Cyprus released updated data on the banking sector as of 30 June 2025, highlighting a year-on-year decline in first-half profitability by EUR 25 million to EUR 578 million, due to lower net interest income. Total assets grew by EUR 950 million (1.4%) in Q2 2025, reaching EUR 66,976 million, driven by higher loans and advances. The Common Equity Tier 1 (CET1) ratio improved by 0.4 percentage points to 26.3%, supported by increased capital.
The Central Bank of Cyprus reported a decrease in the Non-Performing Loans (NPLs) ratio to 5.6% as of 30 June 2025, down from 6.1% at the end of March 2025. The coverage ratio of Non-Performing Exposures (NPEs) with bad debt provisions rose to 62.0% from 60.5%. The decline in the NPL ratio was driven by exchange rate fluctuations, repayments, improvements in performing loans, and write-offs.
Montenegro Capital Market Authority's president, Željko Drinčić, addressed the third annual international Pensión Conference, discussing Montenegro's pension system modernization and alignment with European standards. Key developments include the Law on Voluntary Pension Funds and a framework for a third pension pillar based on voluntary savings. The conference also covered ESG investing, long-term pension fund investment, and digital solutions.
The European Banking Authority's Q2 2025 Risk Dashboard shows modest improvements in capital and liquidity for major EU/EEA credit institutions, with Common Equity Tier 1 at 16.3% and liquidity coverage ratio at 161.6%. Despite these gains, net interest margin compressed to 1.58% and net interest income declined to December 2023 levels. Sovereign exposures increased significantly, while credit quality slightly improved with non-performing loans at 1.84% of total loans.
Giacomo Ricotti, Head of the Tax Directorate at the Bank of Italy, testified before the Parliamentary Committee on Oversight of the Taxation Register. The testimony was part of an inquiry into combating tax evasion, securing tax register databases, and protecting taxpayers' data.
The Australian Securities & Investments Commission (ASIC) has remade five legislative instruments providing financial reporting relief, extending their expiration to 1 October 2030. These measures cover various reporting reliefs, including for non-reporting entities and externally administered bodies. ASIC received limited feedback during consultation and decided not to extend reliefs for sustainability reports and voluntarily deregistered companies, while monitoring future needs.
The Reserve Bank of New Zealand announced the appointment of Dr Anna Breman as Governor for a five-year term starting 1 December 2025, succeeding Christian Hawkesby, whose term will be extended to 30 November 2025 to ensure a smooth transition. Dr Breman's appointment follows a comprehensive recruitment process, with her experience in central banking, academia, and financial markets highlighted by the Board.
The Australian Securities & Investments Commission (ASIC) has permanently banned Simone Hildebrand from credit activities and disqualified her from managing corporations for five years, effective 17 September 2025. ASIC alleges Hildebrand misused AUD 1,159,127.63 held on trust, transferring it to companies she directed, and exhibited dishonesty or gross recklessness. Additional allegations include failing to pay statutory debts and not preventing a company from incurring debts while insolvent. Hildebrand can appeal ASIC's decision to the Administrative Reviews Tribunal.
The Australian Securities & Investments Commission (ASIC) has issued a class no-action position reducing the internal dispute resolution (IDR) data reporting frequency for small banks from twice yearly to once per year, providing interim relief before a formal rule change. This exempts eligible small banks from IDR data submissions in early 2026 and 2027, following a Council of Financial Regulators recommendation to lower regulatory costs and enhance competitiveness. ASIC plans to formalize these changes in 2027, while the no-action position does not prevent third-party legal actions.
The New Zealand Financial Markets Authority released a consultation paper and proposed guidance on ethical investing disclosure, with feedback due by 7 November 2025.
The Tanzania Insurance Regulatory Authority is participating in the 8th Mining Technology Exhibition in Geita to provide insurance education and services. The initiative, conducted from a shared "Insurance Village" stand, aims to raise awareness among mining workers, traders, and the public about insurance's role in risk protection, including health insurance.
The Dutch Authority for the Financial Markets participated in the Eurofi Financial Forum in Copenhagen, focusing on EU financial markets, regulation, and supervision. Discussions centered on the Savings and Investment Union, simplification, and burden reduction. AFM board member Hanzo van Beusekom moderated a panel on enhancing EU capital markets' competitiveness and contributed to Eurofi’s magazine.
The Dutch Authority for the Financial Markets (AFM) issued a public warning against crypto platform MEXC Global for operating in the Netherlands without required authorisation. MEXC, which is no longer registered in a trade register, offers high-risk crypto services and has been actively targeting Dutch consumers. The AFM highlighted concerns over asset handling and consumer protection, noting the potential risk of total investment loss.
MONEYVAL Chair Nicola Muccioli presented the annual report to the Council of Europe’s Committee of Ministers, summarizing 2024 efforts against money laundering and terrorist financing and concluding the fifth round of mutual evaluations. The sixth evaluation round, initiated in 2024, advanced with Latvia’s Mutual Evaluation Report adopted in June 2025 at a joint MONEYVAL/FATF plenary. Cooperation with international partners, Council of Europe bodies, and member states was also highlighted.
Saudi Arabia's Ministry of Finance announced Deputy Minister Khaled Bawazier led the delegation to the 74th Meeting of GCC Finance Ministries’ Deputies in Kuwait City, focusing on preparations for the 124th Ministerial Meeting of the GCC Financial and Economic Cooperation Committee. Discussions included outcomes from the Committee of Governors of the Central Banks, the Customs Union Authority, and other related committees, concluding with recommendations for the upcoming ministerial meeting.
The National Bank of Georgia released the second issue of its journal, Monetary Economics, marking the 30th anniversary of the lari. This edition features articles on topics such as hyperinflation, foreign exchange interventions, interest rate formation, geopolitical fragmentation, and corporate bond market liquidity. The journal serves as an academic resource and platform for dialogue in monetary policy and financial sector development.
The Central Bank of Costa Rica announced that the Constitutional Chamber dismissed a challenge by the Costa Rican Banking Association, affirming the Bank's authority to request information for statistical purposes. The challenge contested provisions of the Central Bank of Costa Rica Organic Law and the National Statistics System Law. The decision supports the Bank's compliance with the law in producing statistics and conducting research.
Lithuania's Ministry of Finance announced the 11th International Financial Markets Conference in Vilnius on 7 November 2025, focusing on enhancing European capital markets' competitiveness and resilience. Organized with Lietuvos bankas and the Lithuanian Banking Association, it will address innovation, regional capital-market hubs, and funding models for geopolitical challenges. Key participants include European Commissioner Maria Luís Albuquerque and senior representatives from major financial institutions.
The Securities and Exchange Commission of Pakistan has released a consultation paper on the Companies (Further Issue of Shares) Regulations, 2020, addressing the requirement for a clean Credit Information Bureau report before announcing a rights issue. The paper examines the impact of removing this condition, which affects the issuing company and its affiliates, and includes a comparative analysis of international practices.
The Securities and Exchange Commission of Pakistan met with Capital Market Infrastructure Institutions to streamline the account opening process, enhancing investor experience. The Pakistan Stock Exchange will coordinate with the Central Depository Company, the National Clearing Company of Pakistan, and other stakeholders to develop a roadmap with specific milestones, focusing on removing bottlenecks and enhancing digital capabilities. The initiative aims to modernize infrastructure and promote digital onboarding.
The FINRA Board approved amendments to replace day trading rules, including the USD 25,000 minimum equity requirement, with an intraday margin rule applying existing maintenance margin rules to intraday exposure. Four FINRA Forward rule modernization proposals were advanced for filing with the SEC, covering corporate financing, outside activities, gift limits, and Capital Acquisition Broker rules. Updates were also provided on the Consolidated Audit Trail and FINRA’s cybersecurity program.
Hong Kong’s Financial Services and the Treasury Bureau reported Secretary Christopher Hui’s participation in a conference in Slovenia, promoting Hong Kong as a gateway to Chinese markets. Hui highlighted 59 new listings raising EUR14.6 billion in IPOs, a 579% increase from last year, and significant net fund inflows from the Mainland. He also discussed initiatives to attract Mainland enterprises, enhance tax regimes, and develop fintech and green finance measures.