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  • 2025-09-18United StatesU.S. Financial Services Committee

    U.S. Financial Services Committee reviews rising financial fraud and asks Federal Reserve for details on mitigation and consumer outreach

    The U.S. Financial Services Committee’s Subcommittee on Oversight and Investigations held a hearing on the increasing impact of financial fraud on American consumers, highlighting schemes like check washing, identity theft, and AI-enabled impersonation. The hearing noted 2.6 million fraud cases in 2024 with USD 12.5 billion in losses, emphasizing transnational networks and low recovery rates. Witnesses urged a comprehensive response involving telecom, social media, mail security, and enhanced government intelligence-sharing.

    Policy & regulationCooperationFraud and scams
  • 2025-09-18United StatesU.S. Financial Services Committee

    U.S. House Committee on Financial Services presses Federal Reserve for information on payments fraud mitigation and consumer outreach

    The U.S. House Committee on Financial Services and two subcommittees have requested information from Federal Reserve Chair Jerome Powell on efforts to combat rising payments fraud. The inquiry seeks details on consumer outreach, plans to address scams, the Fed's organizational structure, and external collaborations. The letter highlights concerns over increasing check fraud and broader fraud losses.

    Policy & regulationOtherFraud and scams
  • 2025-09-18United StatesU.S. Financial Services Committee

    U.S. Financial Services Committee subcommittee holds hearing on financial sector use of AI and regulatory readiness

    The U.S. Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence held a hearing to evaluate AI use in financial services and its regulatory implications. Chairman Bryan Steil emphasized the need for a regulatory framework supporting responsible AI adoption without hindering innovation, referencing existing legislation like the CLARITY Act and the GENIUS Act. The hearing aims to inform future policy to enhance U.S. competitiveness in AI-driven financial technology.

    Policy & regulationOtherArtificial intelligence
  • 2025-09-18PakistanState Bank of Pakistan

    State Bank of Pakistan to hold Women Entrepreneurship Day 2025 nationwide events and awards on 19 November

    The State Bank of Pakistan will celebrate Women Entrepreneurship Day 2025 on 19 November with nationwide workshops and campaigns to enhance women's financial inclusion and entrepreneurial skills. The main ceremony in Karachi will honor high-performing banks and women-led businesses and announce winners of the Business Idea Competition 2025. Last year's outreach engaged over 1,500 women entrepreneurs and facilitated PKR 24 billion in bank disbursements to over 20,000 women-led businesses.

    Financial literacy & educationDiversity and inclusion
  • 2025-09-18CanadaOffice of the Superintendent of Financial Institutions

    Canada's Office of the Superintendent of Financial Institutions discusses updated Supervisory Framework, AMP enforcement and 2025–26 risk outlook

    Canada's Office of the Superintendent of Financial Institutions (OSFI) highlighted its focus on pressing risks and policy modernization. Updates include an enhanced Supervisory Framework for transparency and flexibility, and a risk-based Administrative Monetary Penalty framework to encourage compliance. These initiatives align with OSFI's mandate to protect financial stakeholders while fostering competitive and innovative institutions.

    SupervisionSupervision approach, priorities & toolkitRisk analysis and outlookSupervision process and methodologies
  • 2025-09-18CanadaOffice of the Superintendent of Financial Institutions

    Office of the Superintendent of Financial Institutions sets out regulatory efficiency measures and a dedicated Integrity and National Security team

    Superintendent Peter Routledge of the Office of the Superintendent of Financial Institutions (OSFI) emphasized regulatory efficiency while maintaining prudential safeguards, highlighting burden-reduction measures, capital adjustments, and a focus on integrity, cyber, and national security risks. Key actions include rescinding outdated guidelines, adjusting capital charges, and enhancing climate risk quantification. OSFI is also addressing AI-related risks and collaborating with Canadian security agencies, with plans to release its Risk Outlook in October 2025.

    Policy & regulationRules & requirementsFinancial stability and systemic riskPrudential risks
  • 2025-09-18EgyptEgypt Financial Regulatory Authority

    Egypt Financial Regulatory Authority mandates a consumer finance blacklist and market-wide bans to curb cashing out of consumer finance

    The Egypt Financial Regulatory Authority mandates the Consumer Finance Union to create a prohibition list of entities and individuals who have misused consumer finance for cash conversion. Consumer finance companies must cease dealings with those involved and report them to the union, which will maintain and update the list. An electronic link with the authority will facilitate data sharing, and credit information companies will be informed of violators.

    Policy & regulationRules & requirementsLicensing and supervisory fees
  • 2025-09-18EgyptEgypt Financial Regulatory Authority

    Egypt Financial Regulatory Authority mandates immediate reporting of approved credit limits to the Egyptian credit information company and bans charges on unused limits

    The Egypt Financial Regulatory Authority mandates non-bank finance companies to report approved credit limits to the Egyptian credit information company immediately, regardless of usage, and prohibits charging fees on unused limits. This change from end-of-month to immediate reporting aims to enhance credit data accuracy and support creditworthiness verification. Fees should only apply to the utilised portion of financing.

    Policy & regulationRules & requirementsCredit riskPrudential risks
  • 2025-09-18EgyptEgypt Financial Regulatory Authority

    Egypt's Financial Regulatory Authority signs cooperation protocol with Egypt's Court of Cassation on joint legal and supervisory training

    The Egypt Financial Regulatory Authority and Egypt’s Court of Cassation signed a cooperation protocol to facilitate specialised training and workshops for judges and FRA staff. The initiative aims to enhance legal and regulatory drafting skills and improve integration of legal and regulatory perspectives in non-banking financial markets.

    Institutional developmentCooperation & capacity buildingDomestic cooperation
  • 2025-09-18MauritiusBank of Mauritius

    Bank of Mauritius denies media allegations of unauthorised Rs500,000 payment and invoice splitting to evade procurement rules

    The Bank of Mauritius refuted media claims that its Governor and First Deputy Governor authorized a Rs500,000 payment to an external legal adviser without Board approval. It clarified that no such payment or cumulative payments of Rs500,000 have been made by the current management.

    Institutional developmentGovernanceCorporate governanceFraud and scams
  • 2025-09-18United StatesFederal Reserve Board

    Federal Reserve Board issues consent prohibition orders against former First Horizon and M&T employees over customer data and fund misappropriation

    The Federal Reserve Board executed consent prohibition orders against two former bank employees for alleged customer-related misconduct. Jermal McGlown of First Horizon Bank was cited for misappropriating customer data, while Rahimlen Dean of Manufacturers and Traders Trust Company was cited for misappropriating customer funds.

    EnforcementInvestigations & enforcement actionsFraud and scams
  • 2025-09-18LiechtensteinFinance Liechtenstein

    Finance Liechtenstein highlights S&P Global reaffirmation of Liechtenstein banking sector stability in BICRA Group 2

    Finance Liechtenstein reported that S&P Global reaffirmed Liechtenstein's banking sector stability, maintaining its position in BICRA Group 2. The assessment highlights conservative business models, robust capitalisation, strong liquidity, and low credit risk. Additional factors include a resilient economy, low loan-to-value ratios, and IMF membership providing liquidity support and technical assistance.

    Data & statisticsFinancial stability and systemic risk
  • 2025-09-18United StatesU.S. Securities & Exchange Commission

    U.S. Securities & Exchange Commission convenes roundtable to inform next steps on Regulation NMS trade-through prohibitions

    The U.S. SEC’s Division of Trading and Markets held a Roundtable on Trade-Through Prohibitions to assess the Regulation NMS trade-through framework, focusing on Rule 611. Discussions evaluated the framework's relevance and compared it with other investor-protection mechanisms, with insights from the Office of Analytics and Research on trade-through rates and market structure changes. The event included panels on the historical and current role of trade-through prohibitions and potential future directions.

    Policy & regulationReform agendas & prioritiesTrading
  • 2025-09-18United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission Commissioner Crenshaw spotlights review of foreign private issuer rules and guardrails for retail access to private markets

    At the SEC's Investor Advisory Committee meeting, Commissioner Caroline A. Crenshaw discussed policy changes on foreign private issuers and retail investor access to private markets, emphasizing investor protection. She highlighted disclosure gaps and regulatory advantages for foreign issuers, especially from non-extradition jurisdictions, and stressed robust disclosures in private markets. Crenshaw advocated for Regulation D reforms to ensure expanded access includes consistent investor information and reporting.

    Policy & regulationReform agendas & prioritiesSecurities offerings and listings
  • 2025-09-18United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission Commissioner Peirce questions proposed caps and added disclosure for retail access to private markets

    The U.S. Securities and Exchange Commission published remarks by Commissioner Hester M. Peirce linking the review of foreign private issuer (FPI) eligibility with retail investor access to private market assets. Peirce questioned current FPI disclosures and the role of regulatory bodies in determining private-market investment suitability. She critiqued proposals for increased issuer disclosure requirements and prudential investment limits, advocating for broader investor access.

    Policy & regulationGuidance & interpretationSecurities offerings and listings
  • 2025-09-18United StatesU.S. Securities & Exchange Commission

    U.S. Securities & Exchange Commission Chair Atkins highlights foreign private issuer eligibility review and ends staff comments restricting certain closed-end funds to accredited investors

    SEC Chairman Paul S. Atkins discussed a concept release for updating foreign private issuer accommodations, possibly adding conditions like minimum foreign trading volume. He noted a shift in the registration review of certain closed-end funds, removing the sales limitation to accredited investors, linked to private market growth and increased oversight. The SEC is exploring ways to facilitate individual participation in private markets with appropriate safeguards.

    Policy & regulationGuidance & interpretationSecurities offerings and listings
  • 2025-09-18United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission Chair Atkins calls for a course correction on Regulation NMS trade-through prohibitions

    SEC Chairman Paul S. Atkins, in a roundtable, called for reassessing Rule 611 of Regulation NMS, citing its impact on market fragmentation and liquidity. He argued the rule's price focus limits prioritizing other execution factors like speed and order-type attributes. Atkins emphasized the need for SEC staff to review Regulation NMS to prevent past regulatory errors.

    Policy & regulationReform agendas & prioritiesTrading
  • 2025-09-18United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission Commissioner Peirce frames options to amend or repeal Regulation NMS trade-through rule

    SEC Commissioner Hester M. Peirce discussed potential amendments to Rule 611 of Regulation NMS at a roundtable on trade-through prohibitions. Key considerations include whether revised rules should apply only to exchanges above a certain volume threshold and implications for other Regulation NMS provisions. Peirce emphasized the need to consider market structure complexity and technological changes in any amendments.

    Policy & regulationReform agendas & prioritiesTrading
  • 2025-09-18United StatesOffice of the Comptroller of the Currency

    Office of the Comptroller of the Currency issues five prohibition orders and terminates two cease and desist orders in September 2025

    The Office of the Comptroller of the Currency (OCC) reported no new enforcement actions against national banks or federal savings associations for September 2025. The OCC issued five Orders of Prohibition against former bank employees for fraudulent activities and terminated two previous Cease and Desist Orders against Gateway Bank, F.S.B. and Vast Bank, N.A.

    EnforcementInvestigations & enforcement actionsOther
  • 2025-09-18United StatesOffice of the Comptroller of the Currency

    Office of the Comptroller of the Currency realigns bank supervision into three business lines and reorganizes the Chief National Bank Examiner office

    The Office of the Comptroller of the Currency (OCC) announced a new framework for bank supervision, effective 1 October, with three lines of business: Large and Global Financial Institutions, Regional and Midsize Financial Institutions, and Community Banks, each led by a Senior Deputy Comptroller. The Office of the Chief National Bank Examiner will reorganize into five divisions, with the Office of Financial Technology reporting directly to the Chief National Bank Examiner.

    Institutional developmentMandate & organizational structureOrganizational structure
  • 2025-09-18MaltaMalta Financial Services Authority

    Malta Financial Services Authority issues transfer instrument moving Satabank depositor liabilities over EUR 30,000 and legally blocked accounts to the Residual Balances Fund

    The Malta Financial Services Authority issued a Deposit Liability Transfer Instrument for Satabank plc, transferring certain depositor liabilities and corresponding assets to the Residual Balances Fund. This applies to accounts with balances exceeding EUR 30,000 or with legal impediments. Depositors with balances of EUR 30,000 or less and no legal impediments will receive distributions directly from Satabank’s Controller.

    SupervisionInterventionsConsumer and investor protection
  • 2025-09-18GlobalBank for International Settlements - Innovation Hub

    Bank for International Settlements Innovation Hub publishes report on tokenisation and DLT options for wholesale settlement using central bank money

    The BIS Innovation Hub released a report by seven central banks and the BIS on using tokenisation and distributed ledger technology to enhance large-value transaction settlements between commercial banks, while maintaining the two-tier monetary system and central bank reserve-anchored money. It discusses private versus central bank-led solutions, integrated versus synchronised settlement platforms, and third-party involvement, emphasizing central bank control for systemic robustness.

    Policy & regulationInternational standards & recommendationsCBDC
  • 2025-09-18ChinaChina Banking and Insurance Regulatory Commission

    China Banking and Insurance Regulatory Commission outlines governance expectations for safe and fair use of artificial intelligence in finance

    At the 2025 China-ASEAN Financial Cooperation and Development Forum, the China Banking and Insurance Regulatory Commission outlined its strategy for expanding AI in financial services, emphasizing stability and security. The Commission highlighted AI's role in enhancing services, decision-making, and operations, citing examples in credit management and anti-money laundering. It stressed the importance of digital governance, AI-adapted risk management, and cross-border regulatory cooperation through platforms like the Asian Financial Cooperation Association.

    Policy & regulationReform agendas & prioritiesFintech and insurtechArtificial intelligence
  • 2025-09-18VietnamState Bank of Vietnam

    State Bank of Vietnam Region 13 reviews six state-owned bank branches in Tay Ninh and orders plans to accelerate safe credit growth

    The State Bank of Vietnam’s Region 13 branch reviewed six state-owned commercial bank branches in Tay Ninh province, focusing on credit growth, cost reduction, and digital transformation. The banks were instructed to enhance credit growth safely while maintaining quality control and to address issues like credit growth constraints and impacts from new tax rules. Coordination with local authorities is planned for October 2025 to support these initiatives.

    SupervisionReviews, inspections & stress testsLendingSupervision process and methodologies
  • 2025-09-18VietnamState Bank of Vietnam

    State Bank of Vietnam issues P2P lending sandbox rules with VND 100 million borrower cap and CIC connectivity requirements

    The State Bank of Vietnam issued Decisions 2866/QD-NHNN and 2970/QD-NHNN to implement a controlled testing mechanism for peer-to-peer (P2P) lending under Government Decree 94/2025/ND-CP. Decision 2866/QD-NHNN sets borrower exposure limits, while Decision 2970/QD-NHNN outlines requirements for data connection and reporting with Vietnam’s National Credit Information Centre. These decisions provide the legal framework for organizations to prepare for participation in the P2P lending sandbox.

    SupervisionInnovation & testingCrowdfunding
  • 2025-09-18VietnamState Bank of Vietnam

    State Bank of Vietnam issues updated anti-money laundering implementing rules effective 1 November 2025 with transition to 2026 for internal controls and electronic reporting

    The State Bank of Vietnam issued new guidance under the Anti-Money Laundering Law, updating its 2023 framework to address implementation issues and support Vietnam's Financial Action Task Force commitments. The circular outlines requirements for money laundering risk assessment, internal rules, transaction reporting, and electronic data submissions, with specific thresholds for customs documentation. It mandates updates to internal processes and IT systems by 1 January 2026 to enhance compliance and monitoring capabilities.

    Policy & regulationGuidance & interpretationAML and CFT
  • 2025-09-18ArgentinaArgentina Securities Commission (CNV)

    Argentina Securities Commission president discusses PSAV and tokenization regulation in a University of Salvador virtual lecture

    Argentina Securities Commission President Roberto E. Silva delivered a virtual lecture on tokenisation, highlighting the CNV's new regulatory framework for Virtual Asset Service Providers and its Tokenisation Regime. Silva emphasized these initiatives as part of efforts to modernize Argentina's capital markets and positioned them as pioneering in the region and globally.

    Policy & regulationReform agendas & prioritiesTokenization
  • 2025-09-18VietnamState Bank of Vietnam

    State Bank of Vietnam briefs IMF on cautious monetary policy and restructuring to 20 departments and 15 regional branches

    The State Bank of Vietnam summarized Governor Nguyen Thi Hong's meeting with IMF Deputy Managing Director Kenji Okamura, discussing Vietnam's macroeconomic outlook, institutional reforms, and global challenges. The Governor emphasized a proactive, flexible monetary policy focused on inflation control and stability, supported by IMF assistance. The meeting highlighted Vietnam's priorities in export diversification, domestic demand development, selective foreign investment, public sector reform, and digital transformation initiatives.

    Monetary policyMonetary policy framework & strategyMonetary policy decisions and developments
  • 2025-09-18ArgentinaArgentina Superintendency of Insurance

    Argentina Superintendency of Insurance sets out technology-led supervision and regulatory simplification priorities at LaConfe 2025

    Argentina’s Superintendency of Insurance, led by Superintendent Guillermo Plate, emphasized technology and innovation to enhance supervision efficiency and market proximity at LaConfe 2025. The agenda includes simplifying rules and reducing procedural burdens while safeguarding insurers' solvency and policyholder commitments. Plate also highlighted regional efforts on innovation and transformation in international regulatory forums.

    Policy & regulationReform agendas & prioritiesSupervision process and methodologiesRegtech and suptech
  • 2025-09-18United StatesU.S. Department of the Treasury

    U.S. Department of the Treasury urges Mexican Banking Association to strengthen compliance to disrupt cartel and fentanyl financing

    The U.S. Department of the Treasury reported Under Secretary John K. Hurley’s meeting with the Mexican Banking Association, focusing on joint efforts to combat drug cartels and disrupt fentanyl flow into the U.S. Hurley highlighted Mexico’s financial sector's role in countering illicit finance and emphasized government and industry cooperation to enhance compliance. Recent enforcement actions were cited as part of the U.S. strategy to cut off cartel funding.

    Policy & regulationCooperationAML and CFTCompliance
  • 2025-09-18United StatesU.S. Department of the Treasury

    U.S. Department of the Treasury opens consultation on implementing the GENIUS Act payment stablecoin regulations

    The U.S. Department of the Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM) to gather public input on implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The ANPRM aims to foster innovation while safeguarding consumers and addressing risks related to illicit finance and financial stability. Treasury clarified that the ANPRM does not impose new requirements but will inform future rules.

    Policy & regulationRules & requirementsStablecoins
  • 2025-09-18PanamaSuperintendencia de Bancos de Panama

    Superintendency of Banks of Panama joins accounting convention panel on corporate governance strategic and compliance challenges

    The Superintendency of Banks of Panama participated in Panama’s 17th Annual Accounting Convention, with Deputy Director Yoriel Moreno Romero discussing strategic and compliance challenges in corporate governance. The forum included representatives from accounting and corporate governance sectors, focusing on accountants' roles in transparency, accountability, and regulatory compliance, alongside the importance of professional training and ethics.

    Policy & regulationCooperationAccounting and financial reporting
  • 2025-09-18Isle of ManThe Treasury (Isle of Man)

    The Isle of Man Treasury publicises amended Russia sanctions listing for AUTEL ROBOTICS CO LTD while maintaining asset freeze and trust services sanctions

    The Isle of Man Treasury amended the Russia sanctions regime, updating AUTEL ROBOTICS CO., LTD.'s entry following UK Sanctions List changes. The company remains under an asset freeze and trust services sanctions for providing goods or technology potentially destabilizing Ukraine. The Treasury stresses the obligation to freeze assets, avoid unauthorized dealings, and report to the Financial Intelligence Unit.

    Policy & regulationRules & requirementsSanctions list update
  • 2025-09-17IsraelBank of Israel

    Bank of Israel launches new monthly Index of Economic Activity replacing the Composite State of the Economy Index and reports a 0.1% rise in August

    The Bank of Israel has introduced a new monthly Index of Economic Activity, replacing the Composite State of the Economy Index, to track short-term economic changes. The first release shows a 0.1% increase in August, with the Bank noting volatility due to military operations and cautioning that revisions may occur as recovery indicators are incomplete.

    Data & statisticsEconomic data and developments
  • 2025-09-17BulgariaBulgaria Financial Supervision Commission

    Bulgaria Financial Supervision Commission approves EUR 22 million bond prospectuses and authorises governance appointments and a pension insurer shareholding increase

    The Bulgaria Financial Supervision Commission approved prospectuses for two secured, non-convertible bond issues by Rodna Zemlya Holding AD (EUR 15 million) and Zenith Investment Holding AD (EUR 7 million), authorized appointments at an investment intermediary and insurers, permitted Commercial League – Global Pharmacy Center AD to acquire 100% of Pension Insurance Company DallBogg: Life and Health EAD, and terminated a cross-border insurance proceeding at the applicant’s request.

    SupervisionAuthorisations & approvalsSecurities offerings and listings
  • 2025-09-17GhanaGhana National Insurance Commission

    Ghana National Insurance Commission opens applications for insurance regulatory sandbox with 3 October 2025 submission deadline

    The Ghana National Insurance Commission has invited submissions for its insurance regulatory sandbox to foster innovative and inclusive insurance solutions in Ghana. The initiative targets young entrepreneurs, insurtech and fintech firms, insurers, technology developers, and other organizations.

    SupervisionInnovation & testingFintech and insurtechRegulatory sandbox
  • 2025-09-17KosovoCentral Bank of the Republic of Kosovo

    Central Bank of the Republic of Kosovo launches financial product and service comparison platform with mandatory institution data updates

    The Central Bank of the Republic of Kosovo has launched an online platform to enhance consumer transparency by allowing users to compare standardized financial products and services from 50 financial institutions. Available in Albanian, Serbian, and English, it covers 17 product categories and includes over 10,000 data points. Financial institutions must report and update their data on the platform, which will be in a testing phase until the end of 2025.

    Policy & regulationImplementation, projects & pilotsOther
  • 2025-09-17KosovoCentral Bank of the Republic of Kosovo

    Central Bank of the Republic of Kosovo governor sets out insurance reforms including IFRS 17 implementation and preparation for Solvency II

    Governor Ahmet Ismaili of the Central Bank of Kosovo outlined reforms to enhance the insurance sector's sustainability, transparency, and competitiveness, including risk-based supervision and IFRS 17 adoption. Sector indicators show 10% asset growth, 14.7% premium growth, and 7.8% in paid claims, with a 91.6% combined ratio. The central bank is preparing for Solvency II, prioritizing digitization, voluntary insurance expansion, and joining the Green Card system for cross-border motor insurance.

    Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
  • 2025-09-17Dominican RepublicCentral Bank of the Dominican Republic

    Central Bank of the Dominican Republic hosts GAFILAT visit to prepare for fifth-round AML/CFT mutual evaluation

    The Central Bank of the Dominican Republic and the Ministry of Finance and Economy are preparing for GAFILAT's fifth mutual evaluations by showcasing progress in anti-money laundering and counter-terrorist financing. The review will assess the jurisdiction's application of the 40 Financial Action Task Force recommendations, focusing on virtual asset service providers and designated non-financial businesses. About 18 experts will evaluate compliance with Law No. 155-17, with the financial sector expected to conduct internal assessments to align with these standards.

    Policy & regulationPeer reviews and country evaluationsAML and CFTSupervision process and methodologies
  • 2025-09-17Hong KongHong Kong Mandatory Provident Fund Schemes Authority

    Hong Kong Mandatory Provident Fund Schemes Authority signals broader MPF investment options and continued rollout of eMPF and benefit portability

    The Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) affirmed its commitment to enhancing the MPF System following the Chief Executive’s 2025 Policy Address. Initiatives include broadening the MPF investment universe, advancing operational reforms, and implementing full portability of MPF benefits to boost competition and reduce fees. The MPFA also marked the MPF System’s 25th anniversary, emphasizing its focus on balancing returns and risks for members.

    Policy & regulationReform agendas & prioritiesMarket developmentArtificial intelligence
  • 2025-09-17Hong KongHong Kong Insurance Authority

    Hong Kong Insurance Authority welcomes 2025 Policy Address initiatives and launches review of Risk-based Capital Regime calibration

    The Hong Kong Insurance Authority (IA) aims to enhance the insurance sector by focusing on market development and prudential frameworks. Key initiatives include boosting competitiveness in captive and reinsurance business, establishing a marine risk pool, and reviewing the Risk-based Capital Regime to attract offshore reinsurance and support infrastructure financing. The IA is also exploring ways to facilitate medical treatment access in the Mainland and support self-drive tours in the Greater Bay Area.

    Policy & regulationReform agendas & prioritiesPrudential risksMarket development
  • 2025-09-17ColombiaSuperintendencia Financiera de Colombia

    Financial Superintendence of Colombia highlights COP 1,000 trillion in system assets and urges stronger risk management to expand formal credit

    The Financial Superintendence of Colombia highlighted Deputy Delegate Felipe Noval's panel at the XXIII Latin American Leasing and Renting Conference, stressing robust credit and counterparty risk management for expanding formal credit. As of June 2025, the Colombian financial system managed over COP 1,000 trillion in assets, with total lending at COP 733 trillion and a real annual growth of 0.84%. Noval emphasized guarantees and financial education in enhancing credit penetration while maintaining financial stability and consumer protection.

    OtherCredit riskMarket development
  • 2025-09-17MontenegroMontenegro Capital Market Authority

    Montenegro Capital Market Authority opens IOSCO and World Bank workshop on ISSB sustainability reporting roadmaps in Podgorica

    Montenegro Capital Market Authority's president, Željko Drinčić, inaugurated a two-day workshop in Podgorica on sustainability reporting adoption, organized by the International Organization of Securities Commissions and the World Bank. The event aims to assist jurisdictions in developing national roadmaps for the International Sustainability Standards Board standards, with participation from regulators in North Macedonia, Albania, Georgia, Kazakhstan, and Serbia. Drinčić emphasized the importance of shared responsibility and cross-jurisdictional learning.

    Policy & regulationImplementation, projects & pilotsAccounting and financial reporting
  • 2025-09-17AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission bans NSW solicitor and accountant Christopher Malcolm Edwards from providing financial services for 10 years

    The Australian Securities & Investments Commission (ASIC) has banned NSW solicitor and accountant Christopher Malcolm Edwards from providing financial services and controlling a financial services business for 10 years, effective 15 September 2025. ASIC found Edwards operated without an Australian Financial Services licence, arranged self-managed superannuation funds, and advised clients to invest in entities he controlled, creating conflicts of interest. Edwards may seek a review of the decision, and ASIC's investigation continues.

    EnforcementSanctions & designationsUnlicensed or unauthorized activity
  • 2025-09-17AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission appoints Victoria Weekes as Markets Disciplinary Panel Chair and refreshes panel membership

    The Australian Securities & Investments Commission (ASIC) has appointed Victoria Weekes as Chair and Anthony Brittain as Deputy Chair of the Markets Disciplinary Panel (MDP), with three new members joining and five retiring. The MDP, which issues infringement notices for market integrity rule breaches, can impose penalties up to AUD 4.95 million.

    Institutional developmentLeadership change & appointmentsOther
  • 2025-09-17FranceFrance Autorite des marches financiers

    French Financial Markets Authority urges expanded ESMA powers and governance reform to deliver the EU Savings and Investment Union

    The French Financial Markets Authority (AMF) responded to the European Commission’s consultation on the Savings and Investment Union, advocating for a more integrated EU capital markets supervision model with an enhanced role for the European Securities and Markets Authority (ESMA). The AMF suggests ESMA ensure greater supervisory convergence and directly supervise large cross-border entities, while smaller entities remain under national supervision through an ESMA-organised delegation model. Proposed changes to ESMA’s governance include a council of supervisory authorities and a smaller executive committee for operational decisions.

    Policy & regulationReform agendas & prioritiesSupervision process and methodologies
  • 2025-09-17Council of Financial RegulatorsCouncil of Financial Regulators (CoFR)

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

    New Zealand's Council of Financial Regulators (CoFR) released its September 2025 quarterly statement, highlighting ongoing discussions on its future operating model following an independent assessment by Sapere. Final decisions are anticipated by the Q4 Heads meeting in early December, alongside the publication of the Sapere report.

    Institutional developmentMandate & organizational structureOther
  • 2025-09-17AustraliaAustralian Prudential Regulation Authority

    Australian Prudential Regulation Authority issues consultation response and finalises section 66 Banking Act instruments

    APRA issued its response to a consultation on minor proposals concerning instruments under section 66 of the Banking Act 1959, releasing a finalized instrument. The proposals addressed section 66 exemption and determination instruments set to sunset in 2025 or needing updates to align with current practices. APRA also published its consultation response letter and non-confidential submissions.

    Policy & regulationRules & requirementsPrudential risks
  • 2025-09-17AustraliaAustralian Prudential Regulation Authority

    Australian Prudential Regulation Authority finalises updated section 66 Banking Act exemption and determination instruments after consultation

    The Australian Prudential Regulation Authority (APRA) has issued its response to a consultation on minor proposals for instruments under section 66 of the Banking Act 1959 and released the finalised instrument, addressing exemptions and determinations due to sunset in 2025 or needing updates.

    Policy & regulationRules & requirementsPrudential risks
  • 2025-09-17ItalyBank of Italy

    Bank of Italy releases three Occasional Papers on US trade policy spillovers, euro area monetary easing transmission and Italian company redomiciliations

    The Bank of Italy published three Occasional Papers (Nos. 963 to 965) exploring the macroeconomic effects of US trade policies, the transmission of euro area monetary policy easing through banks, and the impact of corporate redomiciliations on macroeconomic statistics. Paper No. 965 focuses on US trade policies, No. 964 on euro area monetary policy transmission, and No. 963 on corporate mobility and macroeconomic measurement.

    ResearchOther
  • 2025-09-17GeorgiaNational Bank of Georgia

    National Bank of Georgia confirms cooperation with investigators in alleged money laundering case and ongoing AML and sanctions supervision of currency exchange offices

    The National Bank of Georgia clarified its cooperation with authorities in an alleged money laundering case, providing information and conducting supervisory measures under the Organic Law. It supervises currency exchange offices for anti-money laundering and counter-terrorist financing compliance, applying penalties and referring potential criminal conduct cases. Georgia's financial-sector compliance is positively assessed by international bodies, including MONEYVAL.

    SupervisionCooperationAML and CFT
  • 2025-09-17Costa RicaCentral Bank of Costa Rica

    Central Bank of Costa Rica warns of scammers offering fake loans using the bank’s identity and its president’s name

    The Central Bank of Costa Rica (BCCR) issued a public alert regarding a scam where fraudsters impersonate the bank to offer fake loans. The scammers use instant messaging and social media to distribute fabricated documents, falsely claiming BCCR's involvement in credit services. The BCCR clarified it does not provide credit and advised against sharing personal data.

    SupervisionAlertsFraud and scams
  • 2025-09-17United StatesNational Credit Union Administration

    National Credit Union Administration releases Q2 2025 state-level data showing higher median assets and deposits and slightly lower loans

    The National Credit Union Administration's Q2 2025 report shows increased assets and shares, but a slight decline in loans. The national median loan-to-share ratio was 70 percent, with aggregate membership growth despite a 0.5 percent drop in median membership, mainly affecting smaller credit unions. Profitability improved, with 87 percent of federally insured credit unions reporting positive net income, up from 84 percent in Q2 2024.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-09-17AlgeriaAlgeria Market Authority (COSOB)

    Algeria Market Authority withdraws BNP Paribas El Djazaïr securities custody account keeper approval at the bank’s request

    The Algeria Market Authority withdrew BNP Paribas El Djazaïr’s approval as a securities custody account keeper at the bank’s request. The bank was removed from the list of approved firms effective Sept. 17, 2025, and transfers will be handled by Algeria Clearing.

    SupervisionAuthorisations & approvalsLicence withdrawal
  • 2025-09-17ChinaCentral Bank of the Republic of China

    People's Bank of China Vice Governor Zou Lan discusses China–Hungary currency cooperation at Budapest Renminbi Initiative forum

    People's Bank of China Vice Governor Zou Lan attended the 2025 Budapest Renminbi Initiative forum, discussing bilateral currency cooperation and local-currency use in trade with Hungarian National Bank officials. Co-hosted by the Hungarian National Bank and Bank of China’s Hungary branch, the forum explored the Renminbi Program framework and financial cooperation opportunities. Remarks were also made by Hungarian National Bank Governor Varga and other key officials.

    Policy & regulationCooperationCross-border cooperation
  • 2025-09-17United StatesNational Association Of Insurance Commissioners

    National Association of Insurance Commissioners urges 7–10 year Terrorism Risk Insurance Act reauthorization in US House hearing

    The National Association of Insurance Commissioners (NAIC) testified before the U.S. House Financial Services Subcommittee on Housing and Insurance, advocating for a 7–10 year reauthorization of the Terrorism Risk Insurance Act (TRIA) to sustain the federal backstop for commercial terrorism insurance. Connecticut Insurance Commissioner Andrew N. Mais emphasized that early reauthorization aids planning for insurers, reinsurers, and businesses, as TRIA facilitates a private market for terrorism coverage. Without TRIA, private insurers would not offer significant capacity for affordable terrorism insurance.

    Policy & regulationReform agendas & prioritiesOther
  • 2025-09-17NorwayDepartment of Finance (Norway)

    Norway's Department of Finance tasks Finanstilsynet with assessing implementation of Solvency II amendments and new insurer crisis management rules

    Norway's Department of Finance has tasked the Financial Supervisory Authority of Norway with evaluating the implementation of anticipated European Economic Area rules related to amendments to the Solvency II Directive and the Insurance Recovery and Resolution Directive (IRRD), including a new crisis management framework for insurance undertakings. The mandate also involves reviewing potential changes to Chapter 15 of the Financial Institutions Act and related regulations.

    Policy & regulationReform agendas & prioritiesPrudential risksRecovery and resolution
  • 2025-09-17NorwayDepartment of Finance (Norway)

    Norway's Ministry of Finance launches consultation on expanding confidential information sharing to combat economic crime

    Norway's Ministry of Finance is consulting on proposed rule changes by the Financial Supervisory Authority of Norway to amend financial institutions’ confidentiality duties and information sharing to combat economic crime. The proposals aim to simplify the framework, allowing information sharing with other institutions, police, and electronic communication providers, and include using digital platforms inspired by Finanstilsynet’s sandbox.

    Policy & regulationRules & requirementsAML and CFTCompliance
  • 2025-09-17BermudaBermuda Monetary Authority

    Bermuda Monetary Authority reports long-term insurers hold adequate capital buffers in 2025 Global Financial Crisis stress test

    The Bermuda Monetary Authority's 2025 Global Financial Crisis stress test results show Bermuda’s long-term commercial insurers have adequate capital buffers, enduring severe stresses without management actions. The report emphasizes ongoing recovery planning and capital management, with data refining risk-based supervision. A treaty-level recapture analysis provides insights into cross-border transmission channels for future international supervisory cooperation.

    SupervisionReviews, inspections & stress testsStress testingPrudential risksFinancial stability and systemic risk
  • 2025-09-17LithuaniaBank of Lithuania

    Bank of Lithuania highlights IMF assessment urging productivity and revenue reforms as the budget deficit is projected near 4% in 2026

    The Bank of Lithuania released an overview of the IMF's Article IV consultation, projecting Lithuania's GDP growth at 2.9% in 2025 and 3.4% in 2026, despite challenges like weaker productivity and fiscal pressures from rising defence spending. Inflation is expected to decrease, while unemployment is projected to fall to 6.1% by 2026. The IMF suggests tax reforms and productivity enhancements, with Lithuania's Ministry of Finance agreeing to improve tax administration.

    Policy & regulationInternational standards & recommendationsEconomic data and developments
  • 2025-09-17United KingdomFinancial Conduct Authority

    Financial Conduct Authority consults on applying FCA Handbook rules to firms conducting regulated cryptoasset activities

    The Financial Conduct Authority (FCA) has issued a consultation paper on applying existing FCA Handbook rules to firms conducting regulated cryptoasset activities, anticipating new legislation. The proposals aim to align cryptoasset firms with FSMA-authorised firms, covering governance, accountability, financial crime, and operational resilience. The FCA also seeks feedback on future Consumer Duty applications, complaint handling, and conduct of business for cryptoasset activities.

    Policy & regulationRules & requirementsFintech and insurtechRegulatory burden
  • 2025-09-17T?rkiyeCapital Markets Board of Türkiye

    Capital Markets Board of Türkiye starts Cyber World and Financial Footprints for Youth financial literacy training

    The Capital Markets Board of Türkiye has launched “Cyber World and Financial Footprints for Youth,” to educate young people on financial literacy and cyber-focused content. It includes modules on fraud prevention, digital scams, and secure management of financial traces, with sessions delivered by Board executives to girls supported by the Koruncuk Foundation. The initiative builds on previous projects and cooperation protocols, with 22 May designated as “Financial Literacy Day” by presidential circular.

    Financial literacy & educationFinancial literacy and education
  • 2025-09-17United KingdomFinancial Conduct Authority

    Financial Conduct Authority launches consultation on guidance and new dealing model to progress fund tokenisation

    The Financial Conduct Authority has released proposals to facilitate fund tokenisation in UK asset management, clarifying existing rules and potential changes for broader adoption. The proposals include guidance on tokenised fund registers, a streamlined dealing model for fund managers, and a roadmap addressing barriers like public blockchain use and on-chain settlement. This initiative supports the FCA's digital assets roadmap in a market managing GBP 14 trillion for UK and global clients.

    Policy & regulationGuidance & interpretationTokenizationMarket development
  • 2025-09-17United KingdomFinancial Conduct Authority

    Financial Conduct Authority marks one year of access to cash rules as the 121st banking hub opens in Monmouth

    The Financial Conduct Authority (FCA) marked the first anniversary of its access to cash rules, highlighting a new banking hub in Monmouth, Wales, and expanded shared cash services across the UK. The rules require banks and building societies to assess cash access impacts before changing services and address significant gaps. FCA data shows over 95% of the UK population can access cash within government-set distances, with ongoing stakeholder discussions to enhance cash and banking service access.

    SupervisionRegulatory reportingPayments and payment systems
  • 2025-09-17Hong KongHong Kong Securities & Futures Commission

    Hong Kong Securities and Futures Commission backs Policy Address 2025 plans for Stock Connect expansion, digital assets and a fixed income and currency roadmap

    The Hong Kong Securities and Futures Commission endorsed measures from the Chief Executive’s Policy Address 2025 to enhance markets, focusing on the listing regime, Stock Connect, digital asset offerings, and fixed income and currency markets. Initiatives include integrating renminbi counters and real estate investment trusts into Stock Connect, expanding digital asset products for professional investors, and developing fixed income markets. Collaboration with the Hong Kong Monetary Authority is ongoing to establish a comprehensive fixed income and currency roadmap.

    Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
  • 2025-09-17CanadaFinancial Services Regulatory Authority of Ontario

    Financial Services Regulatory Authority of Ontario reminds insurers to file 2025 auto insurance attestation by 31 October 2025 and report minor rating errors by 16 February 2026

    The Financial Services Regulatory Authority of Ontario (FSRA) has mandated that all licensed insurance companies in Ontario file the Annual Auto Insurance Attestation, signed by the CEO or senior officer, confirming compliance with Ontario laws. This requirement, under section 442.3 of the Insurance Act, aims to uphold high business conduct standards. Insurers must also report Minor Rating and Underwriting Rule Errors for 2025 using FSRA's forms.

    Policy & regulationRules & requirementsRegulatory reporting
  • 2025-09-17ZimbabweZimbabwe Insurance and Pensions Commission

    Zimbabwe's Insurance and Pensions Commission consults stakeholders on its 2026–2030 strategic plan

    Zimbabwe's Insurance and Pensions Commission (IPEC) held a consultation in Harare for its 2026–2030 Strategic Plan, reviewing achievements and challenges from the current strategy. The meeting included diverse stakeholders and emphasized collaborative regulation to protect policyholders and pension fund members. Feedback will guide a plan balancing market stability, consumer protection, and industry growth, aligned with the National Development Strategy II.

    Policy & regulationReform agendas & prioritiesOther
  • 2025-09-17GlobalG30

    Group of Thirty report calls for wider carbon pricing and CBAMs and for credible carbon removal credit markets

    The Group of Thirty's study, chaired by Lord Adair Turner, reviews carbon pricing schemes and trading systems. It recommends expanding domestic carbon pricing or emissions trading, especially in hard-to-abate sectors, and suggests using Carbon Border Adjustment Mechanisms where coordination is lacking. The report advocates allocating revenue from carbon taxes to support low-income countries and scaling carbon dioxide removal through credible carbon credit markets.

    Policy & regulationInternational standards & recommendationsClimate risk and sustainable finance
  • 2025-09-17Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority issues scam alert after ICBC (Asia) reports phishing emails

    The Hong Kong Monetary Authority issued a scam alert after phishing emails were reported by Industrial and Commercial Bank of China (Asia) Limited. The HKMA reminded the public that banks will not send emails or SMS with embedded hyperlinks for transactions or request sensitive information. It advised affected individuals to contact their bank and report to the Hong Kong Police Force.

    SupervisionAlertsFraud and scams
  • 2025-09-17Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority extends SME Financing Guarantee Scheme 80% Guarantee Product to March 2028 and lifts commitment to HKD 310 billion

    The Hong Kong Monetary Authority announced enhancements to the SME Financing Guarantee Scheme, extending the 80% Guarantee Product applications by two years to March 2028 and increasing the total loan guarantee commitment by HKD 20 billion to HKD 310 billion. The principal moratorium arrangement is extended by one year, allowing eligible enterprises up to 24 months of relief. HKMC Insurance Limited will coordinate with lenders to implement these changes.

    Policy & regulationRules & requirementsSME financing
  • 2025-09-17Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority and Monetary Authority of Singapore exchange Memorandum of Understanding to strengthen banking supervisory cooperation

    The Hong Kong Monetary Authority and the Monetary Authority of Singapore have exchanged a Memorandum of Understanding to enhance banking supervisory cooperation. This MoU aims to facilitate information exchange and mutual assistance, supporting the supervision of cross-border banking operations due to the significant presence of banks from both jurisdictions.

    SupervisionCooperationCross-border cooperation
  • 2025-09-17Latin AmericaFinancial Action Task Force of Latin America (GAFILAT)

    Financial Action Task Force of Latin America delivers intensive AML CFT mutual evaluation preparation course in Cuba ahead of fifth round review

    GAFILAT conducted a training in Cuba to prepare authorities and private-sector entities for an anti-money laundering and counter-terrorist financing evaluation. Cuba will be the first assessed under GAFILAT's fifth evaluation round. The programme, held with Spain's cooperation, focused on technical and institutional aspects of the AML/CFT system and implementation effectiveness.

    Policy & regulationCooperationAML and CFTCapacity building
  • 2025-09-17KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approves Asel Ergaziyeva as independent director at Halyk Finance

    The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Asel Muratovna Ergaziyeva as an independent director of JSC Subsidiary of Halyk Bank of Kazakhstan “Halyk Finance” in the securities market.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-09-17KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan proposes basic and universal licences for second-tier banks

    Kazakhstan's Financial Market Agency proposed draft legislation for basic and universal banking licences for second-tier banks, differing in operational scope and regulatory requirements. Basic-licence banks would face asset and capital limits, restrictions on lending to non-residents and affiliates, and reduced prudential norms and supervision. The draft law aims to adapt to technological changes, enhance competition, and address financial technologies and digital asset circulation.

    Policy & regulationRules & requirementsLicensing framework and process
  • 2025-09-17KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan presents draft banking law to introduce Islamic windows for universal banks

    The Agency for Regulation and Development of the Financial Market of Kazakhstan has submitted draft laws to the Mazhilis to update the banking framework and facilitate Islamic finance through "Islamic windows" in universal banks. This model allows banks to offer Islamic products via dedicated units with separate accounting and Sharia compliance oversight. The draft laws also address technological change, competition, financial technologies, and digital asset circulation.

    Policy & regulationRules & requirementsOther
  • 2025-09-17United KingdomUK Parliament

    UK Parliament's House of Lords Finance Bill Sub-Committee launches inquiry into Draft Finance Bill 2025–26 inheritance tax and property relief reforms

    The UK Parliament’s House of Lords Finance Bill Sub-Committee has initiated an inquiry into the Draft Finance Bill 2025–26, emphasizing tax administration, clarification, and simplification. The inquiry will explore proposals to include unused pension funds and death benefits in Inheritance Tax and reforms to agricultural and business property relief.

    Policy & regulationReform agendas & prioritiesOther
  • 2025-09-17UzbekistanCentral Bank of the Republic of Uzbekistan

    Central Bank of the Republic of Uzbekistan signs INCEIF cooperation memorandum to support Islamic finance capacity building

    The Central Bank of the Republic of Uzbekistan reported on the 20th International Shari’ah Scholars Forum, highlighting a Memorandum of Understanding with INCEIF to enhance cooperation in Islamic finance. The agreement includes collaboration on training, research, and translating Islamic finance books into Uzbek. The forum's discussions focused on contract classification and structuring, emphasizing transparency and client trust.

    Institutional developmentCooperation & capacity buildingClimate risk and sustainable finance
  • 2025-09-17UzbekistanCentral Bank of the Republic of Uzbekistan

    Central Bank of the Republic of Uzbekistan signs MoU with INCEIF to expand Islamic finance training research and Uzbek language resources

    The Central Bank of the Republic of Uzbekistan announced a cooperation memorandum with INCEIF at the 20th International Shari’ah Scholars Forum to enhance Islamic finance capabilities. The agreement includes collaboration on training, joint research, and translating Islamic finance literature into Uzbek. The forum also addressed contract classification and application in modern practice to build client trust.

    Institutional developmentCooperation & capacity buildingClimate risk and sustainable finance
  • 2025-09-17Middle EastArab Monetary Fund

    Arab Monetary Fund convenes 49th Council of Arab Central Bank Governors meeting in Tunis focusing on trade-war risks, cybersecurity and instant payments

    The Arab Monetary Fund held the 49th Annual Meeting of the Council of Arab Central Bank Governors and Monetary Authorities in Tunis, focusing on economic challenges such as trade wars, monetary policy, and cybersecurity. The agenda included the Arab Instant Payments Initiative, financial stability reports, and preparations for a Joint Arab Statement for the upcoming International Monetary Fund and World Bank Annual Meetings.

    Policy & regulationCooperationCross-border cooperationFinancial stability and systemic risk
  • 2025-09-17Middle EastArab Monetary Fund

    Arab Monetary Fund convenes 49th Council of Arab Central Bank Governors meeting in Tunis to address trade wars, cybersecurity and instant payments

    The Arab Monetary Fund held the 49th Annual Meeting of the Council of Arab Central Bank Governors and Monetary Authorities in Tunis, focusing on trade wars, monetary policy, cybersecurity, and the Arab Instant Payments Initiative, with ongoing preparations for a Joint Arab Statement for the IMF and World Bank Annual Meetings.

    Policy & regulationCooperationCross-border cooperationFinancial stability and systemic risk
  • 2025-09-17JordanJordan Securities Commission

    Jordan Securities Commission appoints Emad Abu Haltam as chair and names three full-time commissioners

    The Jordan Securities Commission announced the appointment of its Board of Commissioners for a four-year term starting 2 September 2025, with Emad Mohamed Mahmoud Abu Haltam as Chairman, following a Royal Decree. Three full-time members, Alaa Al-Din Nasser Abdulkarim Al-Zoubi, Elias Ayoub Sharari Zureikat, and Mohamed Abdel Sattar Mohamed Jaradat, were also appointed.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-09-17BrazilBrazilian Superintendence of Private Insurance (SUSEP)

    Brazilian Superintendence of Private Insurance highlights parametric climate insurance and step-in surety bonds at VI SIFRA 2025

    The Brazilian Superintendence of Private Insurance (SUSEP) participated in the VI SIFRA 2025 seminar in Rio de Janeiro, discussing insurance's role in municipal climate resilience. Key topics included parametric insurance for climate events and natural disasters, surety insurance for labour claims and art, and performance bonds with a step-in clause under Brazil's new procurement law to prevent project stoppages.

    Policy & regulationCooperationClimate risk and sustainable finance
  • 2025-09-17BrazilBrazilian Superintendence of Private Insurance (SUSEP)

    Brazilian Superintendence of Private Insurance launches 45-day consultation on draft CNSP resolution consolidating rules for insurance brokers and related entities

    The Brazilian Superintendence of Private Insurance (SUSEP) issued Public Consultation Notice No. 5/2025 on a draft resolution to establish a unified framework for insurance brokers and related entities. The proposal consolidates requirements from thirteen existing resolutions, aligning with recent legislative changes to simplify processes and enhance competition. It updates rules for self-regulatory entities and revises the qualification regime for insurance brokers.

    Policy & regulationRules & requirementsLicensing framework and process
  • 2025-09-17BrazilBrazilian Superintendence of Private Insurance (SUSEP)

    Brazilian Superintendence of Private Insurance highlights key changes in Brazil’s new insurance contract law at international reinsurance seminar

    The Brazilian Superintendence of Private Insurance (SUSEP) participated in the 3rd International (Re)Insurance Seminar in São Paulo, where Superintendent Alessandro Octaviani discussed Brazil’s new insurance contract legal framework under Law No. 15.040/2024. Octaviani emphasized the law's focus on consumer protection, transparency, and reducing information asymmetries. The seminar also addressed claims regulation, new technologies, surety insurance, and geopolitical impacts on aviation and marine insurance.

    Policy & regulationGuidance & interpretation
  • 2025-09-17TajikistanNational Bank of the Republic of Tajikistan

    National Bank of the Republic of Tajikistan discusses implementing a digital factoring platform with OZPLANET and IFC

    The National Bank of the Republic of Tajikistan discussed with LLC “OZPLANET” and the International Finance Corporation (IFC) using a digital platform for factoring operations to support SMEs and enhance financial service digitisation. This initiative aligns with the IFC’s “Movable Asset-Based Financing” programme, aiming to improve SMEs' access to financial services and alternative credit products. OZPLANET showcased its digital factoring platform, highlighting its experience in Uzbekistan and the Russian Federation.

    Policy & regulationImplementation, projects & pilotsOther
  • 2025-09-17TajikistanNational Bank of the Republic of Tajikistan

    National Bank of the Republic of Tajikistan reviews World Bank financial sector strengthening work and GFPP grant initiatives with new regional lead

    The National Bank of the Republic of Tajikistan and the World Bank reviewed cooperation on the "Strengthening the Financial Sector in Tajikistan" project and grant-supported initiatives, including the SEED startup ecosystem and digital economy transition. Discussions covered green finance, digital services, climate risks, consumer protection, and financial inclusion. Tatiana Didier was introduced as the new World Bank financial sector lead for Europe and Central Asia, with the World Bank expressing readiness to continue collaboration.

    Policy & regulationCooperationMarket development
  • 2025-09-17SpainBank of Spain

    Bank of Spain launches pilot with University of Castilla-La Mancha to train university staff in financial education outreach

    The Bank of Spain and the University of Castilla-La Mancha launched a pilot project to enhance financial education, with the central bank training university staff to disseminate content. Governor José Luis Escrivá suggested the initiative could expand to other universities. Escrivá also presented the Quarterly Report on the Spanish Economy, noting strong performance despite slowing activity and high international uncertainty.

    Financial literacy & educationFinancial literacy and education
  • 2025-09-17SpainBank of Spain

    Bank of Spain reports July 2025 public sector debt at 102.3% of GDP with ratio down 1.9 percentage points year on year

    The Bank of Spain reported that General Government debt under the Excessive Deficit Procedure was 102.3% of GDP in July 2025, a decrease of 1.9 percentage points from the previous year. In nominal terms, debt rose 3.9% year on year to EUR 1.680 trillion. State debt increased by 4.1% to EUR 1.525 trillion, while Social Security debt rose 8.6% to EUR 126 billion due to State loans for budget imbalances.

    Data & statisticsBalance of payments and other external statistics
  • 2025-09-17New ZealandReserve Bank of New Zealand

    Reserve Bank of New Zealand appoints Hayley Gourley to the Monetary Policy Committee for a four-year term from 1 October

    The Reserve Bank of New Zealand announced the appointment of Hayley Gourley as a new external member of its Monetary Policy Committee, effective 1 October, succeeding Professor Bob Buckle. Gourley, an agribusiness executive, will participate in the October Monetary Policy Review.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-09-17EuropeEuropean Central Bank

    European Central Bank vice-president de Guindos says TPI has not been revisited and digital euro rollout depends on EU legislation

    ECB Vice-President Luis de Guindos stressed central bank independence amid political pressures and defended current interest rates. He emphasized credible fiscal rules to prevent inflation and rate hikes, and noted the ECB's readiness for a digital euro once regulated. De Guindos also urged international cooperation on stablecoin regulation, citing limited presence in Europe but potential global financial stability risks.

    Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
  • 2025-09-17EuropeEuropean Central Bank

    European Central Bank working paper finds financial stress amplifies monetary tightening effects across banks and non-banks

    The European Central Bank's Working Paper Series No 3114 examines monetary policy shocks on euro area banks and non-bank financial institutions, highlighting amplified contractionary effects during financial stress. Monetary tightening leads to broad-based asset and debt securities contractions, with banks and investment funds most affected, while loan responses vary, including increased lending by some non-bank segments. The analysis uses euro area balance sheet data from 2009 to 2022 and confirms findings with robustness checks.

    ResearchOther
  • 2025-09-17EuropeEuropean Central Bank

    European Central Bank sets out financial resilience priorities including cyber stress testing and a digital euro backstop

    In a keynote speech, ECB Executive Board member Piero Cipollone emphasized the ECB's role in enhancing financial sector resilience amid geopolitical, technological, and climate risks. He highlighted disruptions like the Iberian Peninsula blackout and Silicon Valley Bank run, stressing Europe's payments resilience. Cipollone discussed rising cyber incidents, ECB's cyber resilience stress tests, and the importance of instant payments infrastructure, mandating payment service providers to offer instant payments by 9 October 2025.

    Policy & regulationReform agendas & prioritiesFinancial stability and systemic risk
  • 2025-09-17EuropeEuropean Central Bank

    European Central Bank working paper links Liquidity Coverage Ratio to a surge in evergreen repos and a denser secured interbank network

    The European Central Bank's Working Paper analyzes secured money market transactions for the 47 largest euro area banks, highlighting the Liquidity Coverage Ratio's (LCR) impact and the shift from unsecured to secured funding on repo activity and interbank connections. Using data from July 2016 to December 2022, the study notes a significant rise in evergreen repurchase agreements post-LCR introduction and stable, dense network patterns in secured exposures. Collateral re-use aligns with previous European findings.

    ResearchMarket infrastructureMarket risk and volatilityLiquidity risk
  • 2025-09-17EuropeEuropean Central Bank

    European Central Bank President Lagarde urges vigilant supervision as non-banks and technology reshape financial stability risks

    ECB President Christine Lagarde spoke at the 10th ECB Annual Research Conference on financial stability amid rapid change. She noted the growth of non-bank financial institutions and tech pressures on banks, referencing recent US bank collapses. Lagarde stressed the importance of regulation to manage risks while supporting innovation, aligning with Europe's simplification agenda.

    ResearchFinancial stability and systemic riskMarket development
  • 2025-09-17EuropeEuropean Central Bank

    European Central Bank updates wage tracker and extends forward-looking horizon to June 2026

    The European Central Bank updated its wage tracker, incorporating collective wage agreements through August 2025 and extending projections to June 2026. The tracker indicates easing negotiated wage growth, with 2024 and 2025 growth at 4.6% and 3.2% respectively, and a projected 1.7% for the first half of 2026. Employee coverage is limited, and forward-looking signals are conditional on active agreements and may be revised.

    Data & statisticsEconomic data and developments