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2025-09-23•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance, via Minister Kyriakos Pierrakakis, announced an economic policy package expected to benefit public sector employees by EUR 1 billion by 2026. The package includes pay increases for the Armed Forces and Security Corps, a minimum wage hike affecting public sector wages, and reduced tax rates. Pierrakakis noted the measures are permanent, contrasting them with the higher cost of reintroducing a 13th monthly salary.
Policy & regulationReform agendas & priorities
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2025-09-23•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance announced a tax reform package focused on tax cuts, including a redesign of the income tax scale from 2026 with significant reductions in direct tax rates. The package features additional tax rate reductions based on family size, benefits for young workers, regional relief, and reduced rent taxation to boost housing supply. Measures effective from November 2025 include a rent refund for most tenants and a EUR 250 support payment for low pensioners.
Policy & regulationReform agendas & prioritiesOther
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2025-09-23•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance announced measures to reduce bank transaction charges, expand the IRIS payment scheme, and enhance debt settlement mechanisms. Initiatives include abolishing ATM withdrawal fees within the DIAS system, raising IRIS daily limits, and imposing clearer conduct obligations on loan servicers. The ministry also highlighted efforts to address Swiss franc-denominated loans, noting significant repayment progress.
Policy & regulationRules & requirementsOther
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2025-09-23•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has issued its final Automobile Insurance Rating and Underwriting Guidance, establishing a supervisory model focused on fair pricing, clear communication, and transparency. This principle-based approach outlines fair consumer treatment, introduces insurer accreditation, and sets filing requirements. The FSRA will collaborate with the industry to support implementation before the guidance becomes effective.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-09-23•Austria•Austria Financial Market Authority
The Austria Financial Market Authority's 16th Supervisory Conference emphasized maintaining post-crisis regulation, simplifying rules, and enhancing oversight of financial innovations under the Markets in Crypto-Assets Regulation. The FMA stressed Austria's financial stability amid global uncertainty and advocated for harmonized supervisory rigor across Europe. Additionally, the FMA plans to expand financial literacy initiatives, focusing on young clients' high usage of neo-brokerage platforms, and continues to monitor commercial real estate vulnerabilities.
SupervisionSupervision approach, priorities & toolkitFinancial stability and systemic riskSupervision process and methodologies
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2025-09-23•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, fake banking login screens, and phishing emails linked to press releases from four banks: The Bank of East Asia, Shanghai Commercial Bank, Chong Hing Bank, and OCBC Bank (Hong Kong). The HKMA stressed that banks will not send SMS or emails with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Crime Wing Information Centre of the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-09-23•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland's Economic Commentary highlights that "non-market" components of the personal consumption expenditures (PCE) price index sustained elevated overall PCE inflation in 2023 and 2024. The analysis by Randal Verbrugge and Saeed Zaman reveals that non-market inflation decelerated less than market-priced components, partly due to imputed financial services' correlation with strong stock market performance.
Research
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2025-09-23•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan held a roundtable with logistics startups, financial institutions, and government agencies to enhance startup development, transparency, and access to finance. Key initiatives include JC Xalq Bank's pilot insurance product, Uzbekinvest's logistics insurance integration, and FEA National Bank's fuel card proposal. Further collaboration will focus on joint product development, alternative scoring methods, VAT refund feasibility, and customs process improvements.
Policy & regulationImplementation, projects & pilotsFintech and insurtechFinancial inclusion
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2025-09-23•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
MENAFATF, with the Arab Monetary Fund and the German Agency for International Cooperation, is holding a regional workshop in Abu Dhabi from 22 to 26 September 2025. It focuses on risk-based AML/CFT supervision, beneficial ownership transparency, and public-private partnerships. The programme includes interactive case studies on AI and data analytics for risk assessment, aiming to enhance compliance through improved information sharing.
SupervisionCooperationAML and CFTRisk management
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2025-09-23•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
MENAFATF, with the Arab Monetary Fund and the German Agency for International Cooperation, is holding a regional workshop in Abu Dhabi from 22 to 26 September 2025. The event aims to enhance understanding of risk-based approaches in anti-money laundering and counter-terrorist financing frameworks, addressing financial sector challenges, beneficial ownership transparency, and public-private partnerships through interactive case studies and modern technology.
Policy & regulationImplementation, projects & pilotsAML and CFTRisk management
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2025-09-23•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) issued a warning against Capital40 Investments, which is soliciting investments without authorization. Capital40 promises unrealistic monthly returns linked to AI trading software, prompting the FSCA to advise caution and remind the public to verify provider credentials and report suspicious activities.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-09-23•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) announced at the Cooptech Summit 2025 that a draft regulation for insurance cooperatives will soon be open for public consultation. Prudential and Reinsurance Supervision Director Carlos Queiroz highlighted the sector's maturity and readiness following the enactment of Complementary Law No. 213/2025. The summit, part of the World Coop Management congress, focuses on technology, AI, and digital transformation.
Policy & regulationRules & requirementsFintech and insurtechArtificial intelligence
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2025-09-23•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has issued a tender to select an audit firm for auditing its consolidated financial statements from 2025 to 2029. Participation is limited to ten internationally recognized audit firms.
Institutional developmentProcurementLicence approval
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2025-09-23•Morocco•Central Bank of Morocco
The Central Bank of Morocco held its key interest rate at 2.25%, citing moderate inflation, robust growth prospects, and elevated domestic and external uncertainty. It forecasts inflation at 1% and growth at 4.6% in 2025, while continuing measures to ease business financing conditions, particularly for very small enterprises.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-09-23•Spain•Bank of Spain
The Bank of Spain reported a larger net international investment position (NIIP) debtor balance of -44.2% of GDP (EUR -722.3bn) for Q2 2025, up from -42.7% in Q1. Gross external debt was 161.8% of GDP (EUR 2,643.9bn), with a four-quarter net lending position of 4.2% of GDP (EUR 68.1bn). Excluding the central bank, the NIIP worsened to -35.0% of GDP, driven by non-transaction flows and negative exchange-rate and price effects.
Data & statisticsBalance of payments and other external statistics
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2025-09-23•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam showcased its financial literacy initiatives at Brunei’s 35th Teachers’ Day, featuring the Centsibly program and Usinwise campaign. His Majesty Sultan Haji Hassanal Bolkiah and the royal family visited the booth, where BDCB's Managing Director and senior management provided briefings. Centsibly, developed with the Ministry of Education, serves as a teaching resource aligned with the Brunei Darussalam Financial Literacy Competency Frameworks.
Financial literacy & educationFinancial literacy and education
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2025-09-23•South Africa•South African Reserve Bank
The South African Reserve Bank released updated composite business cycle indicators, with the leading indicator rising by 0.9% in July 2025, driven by higher US dollar export commodity prices and vehicle sales. The coincident indicator increased by 0.3% in June 2025, while the lagging indicator decreased by 0.5% in the same month. The indicators are subject to continuous revision as component data are updated.
Data & statisticsEconomic data and developments
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2025-09-23•Europe•European Central Bank
The European Central Bank's Economic Bulletin warns of potential euro area supply chain disruptions from China's rare earth export restrictions, impacting manufacturing and inflation. Over 80% of large firms rely on Chinese producers. While no immediate pressures are evident, the ECB stresses monitoring developments and accelerating the EU’s Critical Raw Materials Act to mitigate risks.
ResearchGeopolitical risk
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2025-09-23•Europe•European Central Bank
The European Central Bank released a Working Paper on the ECB Multi-Country Model (ECB-MC), a semi-structural macroeconomic model for forecasting and policy analysis within the Eurosystem. Covering economies representing over 80% of euro area GDP, the ECB-MC replaces the previous model and supports macroeconomic projections, scenario analysis, and shock transmission assessments. The paper details the model's structure, estimation, and operational use, with future papers to explore its trade linkages and fiscal block.
ResearchOther
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2025-09-23•Europe•European Central Bank
The European Central Bank's Working Paper No 3118 examines how firm-specific cyclical and idiosyncratic risk profiles affect corporate bond spreads' response to monetary policy. The study extends the excess bond premium framework, revealing that spread widening after a tightening shock reflects higher default-risk compensation, particularly in firms with more cyclical risk. A 25 basis point increase in the one-year Treasury bill leads to an almost 10 basis point rise in corporate spreads, significantly attributed to default-risk compensation.
ResearchCredit risk
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2025-09-23•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) has launched Public Consultation 01/2025 to revise its rulebook for closed supplementary pension entities (EFPC), updating Resolution PREVIC 23 to enhance governance, participant engagement, and investment standards. Key proposals include introducing an ombudsman for segment S1 EFPC, implementing diversity, equity, and inclusion programs, and reinforcing ESG considerations in investment analysis. The draft aligns with national rules and international standards, requiring ESG impact disclosures by 2028 and prohibiting EFPC participation in private equity investment committees.
Policy & regulationRules & requirements
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2025-09-23•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Superintendency of Banks of the Dominican Republic, with the Dominican Association of Fintech Companies and the Financial Innovation Hub, hosted the third open banking forum to explore implementation challenges and opportunities. Discussions emphasized consumer-centric initiatives, clear standards for market interaction, and a defined roadmap, while underscoring the necessity of regulation alongside cooperation among banks, fintechs, and public authorities.
Policy & regulationCooperationOpen banking and finance
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2025-09-23•Estonia•Finantsinspektsioon
Estonia’s Financial Supervision Authority issued a precept to Luminor Bank AS for deficiencies in its basic payment services procedures. The bank must address gaps in client data handling and improve communication regarding account refusals and closures. The decision can be appealed to the Tallinn Administrative Court within 30 days.
SupervisionInterventionsPayments and payment systems
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2025-09-23•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported a KRW55.5 trillion balance in Korean financial companies' overseas real estate investments as of March 2025, a KRW0.5 trillion decrease from the previous quarter. Insurance companies held the largest share at KRW30.3 trillion, with North America accounting for 62.1% of exposure. The update highlights increased supervisory focus on timely loss recognition and appraisals, particularly in the office sector facing structural demand challenges and high vacancy rates.
SupervisionRisk monitoring & watch pointsOther
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2025-09-23•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore and the China Securities Regulatory Commission held their ninth annual Supervisory Roundtable in Datong, China, to discuss capital market developments and enhance connectivity. Key topics included derivatives regulation, investor protection, and supervision of non-bank financial institutions, focusing on mutual understanding of supervisory frameworks. The roundtable also explored equity market development, high-quality listings, and cross-border initiatives to expand investor product offerings.
SupervisionCooperationCross-border cooperation
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2025-09-23•Serbia•National Bank of Serbia
The National Bank of Serbia reported a 38.3% year-on-year increase in online payments in Q2 2025, totaling 26.6 million transactions. In the first half of 2025, online purchases reached 50.2 million, with Serbian dinar, euro, and US dollar payments comprising 98.1% of transactions. The number of domestic online stores rose 19.1% to 5,171 by end-June 2025.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-09-23•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission stressed the need for financial firms to prioritize cybersecurity and customer data protection, warning of strict investigations and sanctions for negligence. Firms are urged to enhance cybersecurity protocols, ensure system stability, and maintain updated business continuity plans. The Commission plans regulatory improvements, including punitive fines and enhanced authority for Chief Information Security Officers.
Policy & regulationGuidance & interpretationCyber resilience
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2025-09-23•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) reported on its Technical Cooperation Agreement with the Brazilian Financial and Capital Markets Association (ANBIMA), highlighting settlement agreements with five institutions and recommendation letters to four others. These agreements addressed compliance with ANBIMA’s Distribution Code and the Code for Administration and Management of Third-Party Resources. The cooperation aims to enhance supervision efficiency and align enforcement strategies.
SupervisionCooperationSupervision process and methodologies
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2025-09-23•Albania•Albania Financial Services Authority
The Albania Financial Services Authority released the agenda for its Board meeting on 30 September 2025, focusing on mid-2025 financial reporting and draft supervisory approvals. Discussions will cover financial analyses of insurance companies, private pension funds, and collective investment undertakings, as well as draft decisions on audit firm approvals and public offers. The agenda includes proposals for statute changes, governance reappointments, and insurance agency activity approvals.
SupervisionAuthorisations & approvalsAuditing
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2025-09-23•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has amended the designation details for Yuri Olegovich Denisov under the Russia (Sanctions) (EU Exit) Regulations 2019, maintaining his asset freeze and trust services sanctions. Businesses must verify connections with Denisov or other designated persons, freeze related assets, and report findings to the States of Guernsey Policy & Resources Committee. Firms must also notify the Commission and submit detailed reports on affected relationships or transactions.
EnforcementSanctions & designationsNew sanctions designations
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2025-09-23•Switzerland•Swiss National Bank
The Swiss National Bank released Switzerland's Q2 2025 balance of payments and international investment position, with retroactive revisions back to 1983. The current account surplus was CHF 10 billion, down CHF 15 billion year on year, while the net international investment position rose by CHF 9 billion to CHF 956 billion. Revisions were driven by new data sources and methodological adjustments, with the Swiss Federal Statistical Office and the State Secretariat for Economic Affairs set to publish revised national accounts on 29 September 2025.
Data & statisticsBalance of payments and other external statistics
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2025-09-23•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said it held its first payments seminar with the National Competition Commission on Sept. 22 and 23, gathering regional central bank, multilateral and private-sector experts to discuss payment system challenges and market evolution. Discussions covered digital payments, card market developments, interoperability, QR payments and regional regulatory experience, while also referring to Paraguay’s existing SIPAP, instant payments and updated legal framework.
Policy & regulationCooperationPayments and payment systems
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2025-09-23•Global•Network for Greening the Financial System
The Network for Greening the Financial System released a paper analyzing six multisector environmental monetary DSGE models to evaluate the impact of carbon-intensive energy price changes on inflation, output, and interest rates. The study highlights differences in monetary policy responses to temporary versus permanent energy price shocks, with notable variations across jurisdictions like the euro area, United States, and Chile.
ResearchClimate risk and sustainable finance
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2025-09-23•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has amended its shelf registration framework, extending the validity of registrations for delayed and continuous offerings from three to five years. The amendments streamline the process for issuing subsequent tranches, requiring fewer documents and setting specific filing lead times based on the timing of the tranche relative to the initial offering. These changes apply to valid and subsisting shelf registration statements.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-09-23•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined four Kyrgyz citizens KGS 17,500 each for unlicensed cash foreign currency exchange operations in Bishkek and the Chuy region.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-09-23•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission urged bondholders of four Nakhonluang Capital Public Company Limited bond series to review information and exercise their rights before an electronic meeting on 25 September 2025. The agenda includes maturity extensions, interest rate increases, exemptions from default events, and early redemption changes. Bondholders should consult representatives and assess the proposals' impacts before voting.
SupervisionAlertsCorporate governance
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2025-09-23•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The minority of the U.S. Senate Committee on Banking, Housing and Urban Affairs, led by Elizabeth Warren and Bernie Sanders, has requested information from key economic officials on changes to economic data collection and reporting. The letter highlights concerns over the Bureau of Labor Statistics' survey delays and alleged political interference, including the firing of its Commissioner, which may undermine data quality and public trust.
OtherEconomic data and developments
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2025-09-23•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren sent a letter to Treasury Secretary Scott Bessent questioning President Donald Trump's plan to use U.S. resources to support Argentina's currency and financial markets, which she views as a potential bailout. Warren raised concerns about Trump's relationship with Argentine President Javier Milei and the timing before Argentina's midterm election, seeking details on the rationale, scale, and conditions of the proposed support.
Other
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2025-09-23•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
The Middle East and North Africa Financial Action Task Force (MENAFATF) launched a regional workshop in Abu Dhabi on risk-based approaches and risk assessment for financial institutions, with the Arab Monetary Fund and the German Agency for International Cooperation. The programme covers AML/CFT strategies, transparency in beneficial ownership, and public-private partnerships, using technological tools like artificial intelligence and data analytics.
Policy & regulationImplementation, projects & pilotsAML and CFTRisk management
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2025-09-23•Canada•Financial Transactions and Reports Analysis Centre of Canada
FINTRAC imposed a CAD 264,000 penalty on Spence Diamonds Ltd. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included failures in reporting suspicious transactions, maintaining compliance policies, risk assessment, training programs, and prescribed reviews. Spence Diamonds agreed to pay the penalty, concluding the proceedings.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-09-23•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC advises Eastern Power Group bondholders to review information and exercise rights at the electronic meeting addressing default exemptions and maturity extensions for four bond series, potentially involving debt restructuring over THB 500 million. The SEC mandates the bondholders’ representative to evaluate the implications of approval or rejection.
SupervisionAlertsCorporate governance
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2025-09-23•Russia•Central Bank of Russia
The Central Bank of Russia's August 2025 update highlights accelerated corporate lending and a modest rise in mortgage lending, while consumer lending remained stable and household fund inflows slowed significantly. Banks' claims on companies rose by 1.3%, driven by ruble corporate loans, and mortgage lending growth increased to 0.9%. The banking sector's net profit nearly halved to RUB 203 billion, excluding dividends from Russian subsidiaries.
Data & statisticsLending
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2025-09-23•Europe•European Fund and Asset Management Association
The European Fund and Asset Management Association (EFAMA) released a report on the global distribution of UCITS, noting their presence in over 50 countries outside the EU. The report highlights significant growth in cross-border UCITS net assets, with EUR 6.1 trillion within the EU and EUR 5.7 trillion outside, emphasizing regulatory stability's importance for maintaining UCITS' global reach. EFAMA recommends EU policymakers avoid frequent rule changes and engage with foreign regulators to extend UCITS' success to Alternative Investment Funds.
ResearchMarket development
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2025-09-23•United States•U.S. Financial Services Committee
U.S. House Committee on Financial Services Chairman French Hill published an op-ed highlighting Argentina's economic transition under President Javier Milei, likening it to Chile's "Chicago Boys" reforms. The piece notes macroeconomic improvements, including a drop in inflation from nearly 300% to 36.6%, a budget surplus, and reduced poverty rates. Hill emphasizes the importance of completing the transition and refinancing existing debt for long-term success.
OtherEconomic data and developments
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2025-09-23•United States•U.S. Financial Services Committee
U.S. House Financial Services Committee Chairman French Hill highlighted Argentina's economic improvements under President Javier Milei's deregulation and fiscal policies, citing reduced inflation and poverty rates. The piece notes the lifting of capital controls, increased foreign investment, and Paraguay and Peru's fiscal and regulatory reforms. Hill emphasizes the importance of Argentina completing its economic transition and refinancing its debt on global markets.
OtherEconomic data and developments
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2025-09-23•Canada•Quebec Autorite des marches financiers
Quebec's Autorité des marchés financiers (AMF) issued a warning about solicitations using multi-level marketing principles that may constitute pyramid scams. The AMF noted that these schemes often involve unregistered promoters promising earnings through recruitment, using persuasion techniques and false success stories. The regulator urged investors to verify promoters' registration status to avoid potential financial losses.
SupervisionAlertsFraud and scams
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2025-09-23•United Kingdom•HM Treasury
HM Treasury announced Revolut's new global headquarters in London, with a GBP 3 billion investment and 1,000 high-skilled jobs over five years. This is part of over GBP 110 billion in financial services commitments, including Blackstone's GBP 100 billion UK investment plan and BlackRock's GBP 7 billion allocation next year. The investment surge is linked to the Leeds Reforms, supporting fintech start-ups with a single regulatory contact point.
Policy & regulationReform agendas & prioritiesOther
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2025-09-23•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) has issued supervisory relief measures for FDIC-supervised institutions in Wisconsin's Milwaukee, Washington, and Waukesha Counties affected by severe weather. The relief includes flexibility in borrower assistance, reporting, and expedited approvals for temporary banking facilities. Banks are encouraged to work with affected borrowers and may receive favorable Community Reinvestment Act consideration for recovery efforts.
SupervisionInterventionsOther
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2025-09-23•United States•Federal Deposit Insurance Corporation
The FDIC issued guidance for institutions affected by storms and flooding in the Lake Traverse Indian Reservation, South Dakota. It supports operational continuity, borrower engagement, and loan adjustments. Institutions should notify the FDIC’s Kansas City Regional Office of reporting delays, and the FDIC will expedite requests for temporary banking facilities.
Policy & regulationGuidance & interpretationOther
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2025-09-23•Chile•Central Bank of Chile
The Central Bank of Chile reported a 3.1% increase in national GDP for Q2 2025, with 15 of 16 regions expanding economic activity and household consumption rising in every region. The Metropolitan Region led consumption growth, while personal services and commerce were key GDP drivers. Revised Q1 2025 estimates reflect updates to regional indicators, tax information, and sectoral data.
Data & statisticsEconomic data and developments
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2025-09-23•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority (FRA) added eight social media pages to its negative list for breaching non-banking financial laws and warned the public against unlicensed investment offers. These pages convert consumer finance credit limits into cash and provide unlicensed technical advice using AI. The FRA emphasized the financial risks and noted that none of the listed entities have sought authorization.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-09-23•Egypt•Central Bank of Egypt
The Central Bank of Egypt hosted a three-day visit by a South African Reserve Bank delegation to discuss the establishment and operation of Egypt’s Banknote Printing House and Cash Center. The visit included reviews of the CBE’s operating model, automation technology, and governance, alongside site tours and discussions on currency-related topics.
Institutional developmentCooperation & capacity buildingDomestic cooperation
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2025-09-23•Canada•Alberta Securities Commission
The Alberta Securities Commission settled with Colin Garfield Wagner over fraud and misleading statements made during his tenure as CFO of Target Capital Inc. Wagner admitted to unauthorized cash transfers and false disclosures, resulting in a CAD 100,000 penalty and a 15-year prohibition from various securities activities. The case against the remaining respondent, Shahin “Sonny” Mottahed, is set for a hearing.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-09-23•Romania•National Bank of Romania
The National Bank of Romania released provisional monetary statistics for August 2025, indicating broad money (M3) at RON 751,138.0 million, a slight decrease from July but an 8.3% increase year-on-year. Non-government credit rose modestly to RON 440,650.6 million, while resident non-government deposits fell to RON 632,656.1 million. Net foreign assets increased by 11.6% year-on-year, and net domestic assets grew by 5.0% year-on-year.
Data & statisticsMonetary data
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2025-09-23•Canada•Alberta Securities Commission
The Alberta Securities Commission reached a settlement with Colin Garfield Wagner, former CFO of Target Capital Inc, for fraudulent conduct and making false statements. Wagner transferred CAD 2,286,440 to a related company without proper disclosure, leading to misrepresentation in Target's filings. He agreed to pay CAD 100,000, resign from director/officer roles, and accepted a 15-year prohibition on various securities activities.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-09-23•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde published its Board of Directors’ 2024 Activities and Accounts report. The report details the institution's activities and results in areas such as monetary authority, macroeconomic and financial stability, payment systems, communication, partnerships, governance, and internal management.
Institutional developmentGovernanceOther
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2025-09-23•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde released its 2024 Financial Stability Report, evaluating the national financial system's recent developments, risks, and resilience, particularly in the banking sector. The report aims to enhance financial stability through preventive supervision and increased transparency.
ResearchFinancial stability and systemic risk
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2025-09-23•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) President, Roberto E. Silva, addressed the Ibero-American Institute of Securities Markets seminar, highlighting Argentina's regulatory framework on PSAVs and tokenisation. Silva positioned Argentina as a regional leader and encouraged other jurisdictions to consider the CNV's approach. The event in Cartagena de Indias, Colombia, also covered topics like cybersecurity, fintech regulation, and cryptoassets.
Policy & regulationCooperationCyber resilienceFintech and insurtechTokenization
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2025-09-23•Bangladesh•Bangladesh Securities & Exchange Commission
The Bangladesh Securities and Exchange Commission (BSEC) released draft amendments to the Debt Securities Rules, 2021, proposing an expanded sustainable bond framework and updated issuance conditions. Key changes include new definitions for various bonds, detailed requirements for use of proceeds, and specific disclosure mandates. Consent fees are proposed at 0.10% for general securities and 0.03% for sustainable bonds.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-09-23•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay’s Monetary Policy Committee unanimously kept the monetary policy rate at 6.00% on 23 September, unchanged since January 2025, citing solid economic activity, low recent monthly inflation, inflation expectations aligned with target, and reduced exchange-rate pressures, while projecting inflation to remain within the target range in 2025 and converge to 3.5% in 2026. August inflation was 0.1%, with year-on-year headline and core inflation at 4.6% and 4.0% respectively, while expectations stood at 3.7% for the next 12 months and 3.5% over the monetary policy horizon.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-09-23•South Korea•Bank of Korea
The Bank of Korea released its preliminary Producer Price Index (PPI) for August 2025, indicating a 0.1% month-on-month decrease and a 0.6% year-on-year increase. Notable sub-index movements include a 3.4% rise in agricultural, forestry, and marine products, while manufacturing products and utilities remained unchanged, and services declined by 0.4%.
Data & statisticsEconomic data and developments
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2025-09-23•South Korea•Bank of Korea
The Bank of Korea released preliminary Public Sector Accounts for 2024, indicating a net lending deficit of KRW 48.9 trillion as expenditures surpassed revenues. Total public sector revenue increased by 2.8% to KRW 1,150.0 trillion, while total expenditure rose by 2.6% to KRW 1,198.9 trillion, maintaining a similar deficit level to the previous year.
Data & statisticsEconomic data and developments
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2025-09-23•Anguilla•Anguilla Financial Services Commission
The Anguilla Financial Services Commission has re-circulated a revised draft IFRS 17 Quarterly Return and launched a draft IFRS 17 Annual Return for consultation with insurers under the Insurance Act. The drafts include updated solvency calculations and revised statutory reserve and deposit forms, with separate templates for Anguilla-only and consolidated worldwide operations.
Policy & regulationRules & requirementsRegulatory reporting
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2025-09-23•Mongolia•Central Bank of Mongolia
The Central Bank of Mongolia and the World Bank Group released a report on the Mongolian banking sector's climate change exposure, addressing physical and transition risks. It highlights Mongolia's vulnerability to climate events like droughts and floods, emphasizing the need to assess risks and opportunities for the economy and financial sector. The report discusses climate impacts, financial risk exposure, data gaps, and methodology limitations.
ResearchClimate risk and sustainable finance
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2025-09-23•Panama•Superintendencia de Bancos de Panama
The Superintendency of Banks of Panama conducted training for banking institution employees to enhance customer service, focusing on complaint handling. The session reviewed Agreements 1-2008 and 3-2008, which govern complaint management and responses, and provided best practices for aligning customer interactions with regulatory standards.
SupervisionSupervision approach, priorities & toolkitComplaints and dispute resolutionConsumer and investor protection
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2025-09-23•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury updated its sanctions list, amending one entry under the UK Sanctions List for the Russia regime, with Yuri Olegovich Denisov's entry still subject to an asset freeze and trust services sanctions. The update reiterates compliance expectations under the Russia (Sanctions) (EU Exit) Regulations 2019, including asset freezing, avoiding unauthorized fund access, and reporting to the Financial Intelligence Unit. Institutions are advised to manage false positives and assess ownership or control in customer screenings.
Policy & regulationGuidance & interpretationSanctions list update
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2025-09-22•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission released a report to Congress detailing policy recommendations from its 44th Annual Small Business Forum, with a focus on potential changes to the capital-raising framework. The report covers discussions on early-stage capital raising, growth-stage companies, smaller funds, and small cap companies in public markets.
Policy & regulationReform agendas & prioritiesSME financing
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2025-09-22•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro hosted a regional conference on preventing money laundering, terrorist financing, and fraud in instant payments, emphasizing stronger AML/TF controls for financial system integrity and Western Balkan integration with European frameworks. Governor Irena Radovic highlighted efforts to enhance regulatory frameworks and supervision with Eurosystem central banks. Discussions included regional cooperation and EU experiences with instant payments regulation and SEPA and TIPS systems.
Policy & regulationCooperationAML and CFTPayments and payment systems
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2025-09-22•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg released a study on a framework for system-wide stress testing to assess the financial sector's resilience, focusing on liquidity and solvency. It shows significant effects on investment funds, especially equity funds, while Luxembourg banks are less impacted, even under severe scenarios. The framework includes the European Central Bank’s stress-testing approach, adding flow-performance feedbacks and investment fund liquidity management, covering nearly all Luxembourg banks and major investment fund categories.
ResearchStress testingMacroprudential policy and tools
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2025-09-22•France•France Autorite des marches financiers
The French Financial Markets Authority's Savings Observatory found that while French savers expect discussions on responsible investments, understanding and trust are limited. 76% consider environmental impact important, but only 12% feel knowledgeable, and 59% doubt their responsibility. The Authority suggests simplifying the customer journey and enhancing adviser training.
ResearchESG
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2025-09-22•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority released a memorandum on best practices for credit institutions' governance and risk management of ESG-related risks, ahead of European Banking Authority guidelines effective January 2026. Based on a 2024 review of large Danish banks, it emphasizes integrating ESG factors into risk management, monitoring external trends, and improving data collection, while aligning policies with the Danish executive order on credit institutions' management and governance.
Policy & regulationGuidance & interpretationESG
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2025-09-22•France•France Autorite des marches financiers
France's Financial Markets Authority (AMF) released an OpinionWay study examining French individuals' perceptions of "responsible investments" as part of the AMF Savings Observatory. The biennial survey, now in its third edition, aims to monitor shifts in retail investors' attitudes and preferences, along with their expectations of financial institutions and advisers.
ResearchESG
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2025-09-22•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority launched the 2025 cohort of its Masaar graduate programme, enrolling six UAE Nationals for a two-year development track in financial regulation. The programme, rebranded as Masaar, supports the Dubai Economic Agenda (D33) by enhancing local regulatory expertise to position Dubai as a leading global financial hub.
Institutional developmentWorkforce & recruitmentHiring and recruitment
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2025-09-22•Papua New Guinea•Bank of Papua New Guinea
The Bank of Papua New Guinea and commercial banks have signed a Master Repurchase Agreement to facilitate collateralised borrowing and lending, using Government Inscribed Stock to reduce counterparty risk and deepen the interbank market. The agreement extends repo functionality to direct transactions between commercial banks and will integrate into the Central Securities Depository system by late 2025, with plans to align with the Global Master Repurchase Agreement by December 2025.
Policy & regulationImplementation, projects & pilotsMarket infrastructure
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2025-09-22•Papua New Guinea•Bank of Papua New Guinea
The Bank of Papua New Guinea will co-host the Alliance for Financial Inclusion Global Policy Forum in 2026 in Port Moresby, focusing on building resilient economies for an inclusive future. The event will highlight Papua New Guinea's financial inclusion agenda, including targets for new bank accounts, expanded access points, and financial literacy training, aiming to integrate at least 50% of Papua New Guineans into the formal banking network by 2030.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-09-22•Kenya•Central Bank of Kenya
The Central Bank of Kenya has established the Banking Sector Cybersecurity Operations Centre (BS-SOC) to enhance cybersecurity capabilities and support the 2024 Computer Misuse and Cybercrime Regulations. The BS-SOC will provide cyber threat intelligence, incident response, digital forensics, and cyber investigations. CBK is aligning existing cybersecurity guidelines with the new regulations, requiring institutions to comply and report incidents.
Policy & regulationImplementation, projects & pilotsCyber resilience
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2025-09-22•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority published its annual report on Catalist Markets Limited's compliance as a licensed market operator under the Financial Markets Conduct Act 2013, covering the period from 1 April 2024 to 31 March 2025.
SupervisionReviews, inspections & stress testsSupervision process and methodologies
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2025-09-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) has added Mykhailo Rudkovskyi Trading School, TFH/Topfin, and Trade Bino to its list of dubious investment projects, now totaling 447 entries. The list identifies projects with signs of fraud or legal breaches, such as unlicensed fundraising, lack of transparency, and promises of high returns. The NSSMC encourages reporting suspicious projects and provides the list on its website under "Protection of Investors’ Rights."
SupervisionAlertsSanctions list update
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2025-09-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) plans to conduct a training webinar on the updated procedure for submitting financial statements, transitioning from XML to a mandatory XBRL format starting 1 November 2025. The webinar will provide practical guidance on the new requirements, with details on the date and format to be announced.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-09-22•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority (CMA) approved Saleh Abdulaziz Al Rashed & Sons Company's application to offer 5,580,000 shares in an initial public offering, representing 30% of its share capital. The CMA emphasized that the prospectus will be available before the subscription period and cautioned investors about the risks of subscribing without reviewing it. The approval is valid for six months and will be void if the offering and listing are not completed within this timeframe.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-09-22•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority announced that Sadara Capital Company has fulfilled the requirements to commence business under its licence for managing investments and operating funds in the securities sector, following CMA approval on 13 January 2025.
SupervisionAuthorisations & approvalsLicence approval
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2025-09-22•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority announced that Abyan Capital has fulfilled the requirements to commence dealing, managing investments, and custody activities in the securities business. This follows a licence granted by a CMA resolution on 22 July 2024 under the Capital Market Law and its Implementing Regulations.
SupervisionAuthorisations & approvalsLicence approval
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2025-09-22•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved The Mediterranean and Gulf Insurance and Reinsurance Co.'s capital increase for its merger with Buruj Cooperative Insurance Co. via a securities exchange, raising MedGulf’s capital to SAR 1,381,578,940. Approval includes the offer timetable and requires document publication before Extraordinary General Assembly Meetings. Completion depends on shareholder approvals, with new shares for eligible Buruj shareholders and Buruj’s delisting. The authority emphasized its approval confirms legal compliance, not the merger's feasibility.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-09-22•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) issued a supervisory reminder to crowdfunding service providers (CSPs) regarding the legal limits of their bulletin board services. The AFM highlighted that certain features, such as buy and sell buttons or internal matching systems, may lead to unauthorized services and insufficient investor protection. The AFM will closely monitor CSPs to ensure compliance with these regulations.
SupervisionAlertsCrowdfunding
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2025-09-22•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets reported a 6% decline in consumer complaints to about 125,000 in 2024, with decreases across Life, Health, and Non-life insurance segments. Despite the decline, complaint handling times increased, and health insurance complaints remained the largest category. The AFM will use the data for risk-based supervision and share findings with the European Insurance and Occupational Pensions Authority.
Data & statisticsComplaints and dispute resolution
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2025-09-22•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority announced that BIM Capital has fulfilled the requirements to begin Managing Investment and Operating Fund Activities in the securities business. These activities were licensed under a CMA resolution dated 30 December 2024, in accordance with the Capital Market Law and its Implementing Regulations.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-09-22•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission has approved the registration of IMOVEST, a new closed-end real estate investment fund offered via private subscription. The fund will invest in real estate assets, surface rights, other real estate collective investment undertakings, Angolan Treasury securities, and short-term investment funds. Independent Finance Advisors is the management company, and Banco de Negócios Internacional is the depositary.
SupervisionAuthorisations & approvalsLicence approval
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2025-09-22•Peru•Central Bank of Peru
The Central Bank of Peru reported a 3.3% year-on-year increase in traditional exports to USD 5.23 billion in July 2025, driven by higher gold and copper prices. Non-traditional exports rose 6.1% in July, with significant volume increases in fishery and agricultural sectors, reaching USD 12.297 billion for January–July 2025. Peru recorded the highest regional growth in non-traditional exports over the 12 months to July, at 19.3%.
Data & statisticsBalance of payments and other external statistics
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2025-09-22•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) has begun reimbursing savers of Sociedad Financiera Popular CAME after its management intervention and authorisation revocation. Reimbursements, capped at 25,000 UDIS (approximately MXN 219,000) per person, will be funded by PROSOFIPO, covering over 99.5% of CAME’s savers. Payment claims can be submitted electronically or at designated service centres.
Policy & regulationImplementation, projects & pilotsOther
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2025-09-22•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico’s National Banking and Securities Commission (CNBV) has revoked the authorization for Consejo de Asistencia al Microemprendedor, S.A. de C.V., S.F.P. (CAME) to operate as a Sociedad Financiera Popular (SOFIPO). The CNBV has initiated the payment process to CAME’s savers and published the revocation order in the Official Gazette, indicating CAME is in liquidation.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-09-22•Ecuador•Superintendencia de Bancos de Ecuador
The Superintendency of Banks of Ecuador identified 53 entities operating without authorization in 2025 and published their names. Citing Article 254 of the Organic Monetary and Financial Code, the authority prohibits unauthorized financial activities and advises the public to verify institutions' legal status using its published lists.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-09-22•Ireland•Central Bank of Ireland
Central Bank of Ireland Governor Gabriel Makhlouf highlighted at an OECD seminar that Europe's workforce will be reshaped by demographics, migration, and technology. He noted the euro area labour market's resilience but projected a 0.7% decline in the working-age population by 2027, potentially tightening labour markets and increasing wages. Makhlouf suggested higher labour force participation, inward migration, and productivity measures as responses.
Monetary policyMonetary policy assessments & outlooks
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2025-09-22•Panama•Panama Superintendencia del Mercado de Valores
Panama’s Superintendency of the Securities Market issued an investor alert regarding Ariel Enrique Mina de Casta, who is not licensed to conduct securities, financial instruments, or Forex activities in Panama. The authority noted that Mina de Casta may be offering such services at an event titled “The Power of You 2025” without the necessary SMV licence.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-09-22•Panama•Panama Superintendencia del Mercado de Valores
The Panama Superintendency of the Securities Market (SMV) issued an investor alert regarding unauthorized securities-related trading and foreign exchange services at "The Power of You 2025" event. This activity may infringe upon the Securities Market Law.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-09-22•Panama•Panama Superintendencia del Mercado de Valores
Panama’s Superintendency of the Securities Market has issued an investor alert regarding Alexis Alejandro Gordon Welch, who lacks any licence from the regulator. The alert warns that he is not authorised to conduct brokerage, portfolio management, or investment advisory business in securities, financial instruments, or forex in or from Panama.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-09-22•Georgia•National Bank of Georgia
Giorgi Edilashvili, Head of International Relations at the National Bank of Georgia, attended the "Challenges from High Uncertainty" conference in Switzerland. He discussed regional cooperation on a panel about trade and financial fragmentation. Supported by the Swiss State Secretariat for Economic Affairs, the conference addressed economic shocks from COVID-19, regional conflicts, and supply-chain disruptions, focusing on macroeconomic uncertainty and policy unpredictability.
Policy & regulationCooperationCross-border cooperation
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2025-09-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) updated on efforts to enhance Australia's markets, focusing on private markets' growth, especially private credit. ASIC's update covers surveillance, enforcement, guidance, and public market attractiveness. Concerns include fee structures, governance, valuation independence, and liquidity risks, with ASIC issuing stop orders and investigations. Upcoming publications will address private credit practices, disclosure principles, and capital market strategies.
Policy & regulationGuidance & interpretationMarket development
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2025-09-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) released Report 814, urging industry bodies to enhance standards in the private credit sector after an independent review. The report emphasizes the need for stronger, internationally aligned standards and compliance with financial services law, highlighting issues like opaque remuneration, related-party transactions, and valuation practices. ASIC, which has issued stop orders against certain funds, warns of potential intervention if progress is inadequate in this AUD 200 billion market.
Policy & regulationGuidance & interpretationLendingCorporate governance
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2025-09-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan plans to amend the Companies Act, 2017 to introduce Waqf management companies under a dedicated licensing and regulatory framework. This amendment will empower SECP to license these entities, ensuring compliance with Shariah principles and preserving Waqf assets. The framework includes governance, reporting, fiduciary controls, and penalties for non-compliance, aiming to enable modern Waqf structures and develop Waqf-linked financial instruments.
Policy & regulationRules & requirementsOther
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2025-09-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan released FAQs to clarify the regulatory framework for mergers, amalgamations, winding up, and revival of companies. The FAQs address jurisdiction, application procedures, documentation, approvals, and key concepts to assist companies and stakeholders.
Policy & regulationGuidance & interpretationOther