China Securities Regulatory Commission publishes its 2024 departmental final accounts
The China Securities Regulatory Commission published its 2024 departmental final accounts in a PDF document.
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United Arab Emirates Ministry of Economy and Tourism and Palestine Monetary Authority expand cooperation on AML CFT and beneficial ownership controls
The United Arab Emirates Ministry of Economy and Tourism met with the Governor of the Palestine Monetary Authority to enhance cooperation on anti-money laundering and combating the financing of terrorism. Discussions included global financial crime risks and the UAE's legislative updates aligning with international standards. The UAE also highlighted its Nomu National Economic Registry and efforts to unify beneficial ownership procedures.
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Maldives Monetary Authority signs deal with NPCI International to link Favara with India’s Unified Payments Interface
The Maldives Monetary Authority (MMA) has partnered with NPCI International Payments Limited to integrate the Maldives National Instant Payment System, Favara, with India's Unified Payments Interface (UPI) for instant cross-border transfers. Part of MMA's three-year Strategic Plan, this initiative aims to enhance digital payment solutions and includes legislative reforms to establish Payment Maldives for strategic payment reforms. Additionally, MMA is developing a National QR code standard to support Favara adoption and facilitate low-cost digital payments.
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China's National Financial Regulatory Administration disciplinary body expels former China Banking Association secretary-general Huang Runzhong and refers suspected bribery case to prosecutors
The Central Commission for Discipline Inspection and National Supervisory Commission, along with Fujian’s Quanzhou Municipal Supervisory Commission, concluded an investigation into Huang Runzhong, former Party committee member of the China Banking Association. Huang was expelled from the Communist Party, his illicit gains confiscated, and his case referred to prosecutors. The investigation revealed obstruction of oversight, acceptance of gifts, interference in personnel matters, and misuse of his position for personal gain.
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Argentina Superintendency of Insurance prohibits La Nueva Cooperativa de Seguros from writing new policies and administering real estate and reinsurance relations
Argentina's Superintendency of Insurance issued Resolution SSN No. 382/2025, prohibiting La Nueva Cooperativa de Seguros Limitada from entering new insurance contracts and conducting administrative acts over its real estate and reinsurance relationships. The measure aims to safeguard policyholders' interests and ensure the entity meets its obligations.
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National Bank of Moldova launches fourth School of Modern Finance programme in Bucharest with expansion to journalists from September 2025
The National Bank of Moldova, in collaboration with the National Bank of Romania and the Bucharest Academy of Economic Studies, has launched the fourth edition of the “School of Modern Finance” programme for students from the Academy of Economic Studies of Moldova. Running from 26 July to 3 August 2025 in Bucharest, it includes lectures, discussions, and cultural visits, with plans to expand to journalism students and economic journalists from September 2025. Participants will later conduct financial education sessions in rural areas.
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National Bank of Moldova puts Paul Gore MDL 50 silver commemorative coin into circulation
The National Bank of Moldova has issued a new commemorative coin in the "Personalities" series, honoring Paul Gore's 150th birth anniversary. The coin, with a nominal value of MDL 50, is made of 999/1000 silver, weighs 16.5 g, and has a mintage of 250 pieces. The obverse features Moldova's coat of arms, while the reverse displays Gore's effigy and family coat of arms.
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Insurance Regulatory and Development Authority of India imposes INR 33.9 million penalty and warning on Star Health for information and cyber security guideline breaches
The Insurance Regulatory and Development Authority of India (IRDAI) penalized Star Health and Allied Insurance Co. Ltd. INR 33.9 million for breaches of information and cyber security requirements. The enforcement action, under Section 14(1) of the IRDA Act, 1999 and Section 102 of the Insurance Act, 1938, also included a formal warning.
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Central Bank of Barbados reports 2.5% real GDP growth and record 3.9 billion international reserves in January to June 2025 review
The Central Bank of Barbados reported a 2.5% real GDP growth for January–June 2025, driven by construction, services, trade, and tourism, with unemployment at a record low of 6.3%. Foreign investment and strong tourism boosted international reserves to 3.9 billion BBD, despite a widening current account deficit. Fiscal outcomes improved with a surplus of 372.9 million BBD, reducing the debt-to-GDP ratio to 102%, while the financial sector remained stable.
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Ghana National Insurance Commission signs MoU with Youth Employment Agency to train and place about 500 youths in the insurance sector
The Ghana National Insurance Commission and the Youth Employment Agency signed a memorandum to train and employ 500 young people in Ghana's insurance sector, addressing youth unemployment and low insurance penetration. NIC will lead training through the Ghana Insurance College, with participants deployed to licensed insurance entities to promote insurance awareness. The initiative aims to alleviate the shortage of qualified insurance personnel and improve access to insurance services.
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Dominican Republic's Pensions Superintendency convenes New Trends in Pensions roundtable with CISS and the World Bank
The Dominican Republic's Pensions Superintendency (SIPEN) hosted a roundtable on "New Trends in Pensions" with stakeholders like the Inter-American Conference on Social Security and the World Bank Group to discuss modernising social security systems. Key topics included actuarial analysis, supplementary savings, individual savings models, new work arrangements, and the potential for a guaranteed minimum pension through eligibility changes.
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Saudi Arabia Capital Markets Authority completes compensation to investors affected by Watani Iron Steel share violations funded by SAR 41.4 million illegal gains
Saudi Arabia's Capital Markets Authority (CMA) has compensated investors affected by trading violations in Watani Iron Steel Co. shares using a Compensation Fund. Five individuals were ordered to pay SAR 41.4 million in illegal gains, with some compensations exceeding SAR 1 million. The fund, under Article 59 of the Capital Market Law, allows investors not included in the distribution to file claims with the Committee for Resolution of Securities Disputes.
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Saudi Arabia Capital Markets Authority approves public offering of Alpha Capital Freestyle GCC Equity Fund
The Saudi Arabia Capital Markets Authority approved Alpha Capital's public offering of the Alpha Capital Freestyle GCC Equity Fund, emphasizing that this approval confirms compliance with legal requirements but is not a subscription recommendation. Investors are advised to thoroughly review the fund's terms, strategy, and risk factors, and consult the fund manager for clarification on any provisions.
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Bermuda Monetary Authority consults on BDIC information-sharing powers and 2026 insurance fee changes including a GB IAIG fee capped at BMD 1,249,000
The Bermuda Monetary Authority (BMA) is consulting on amending the Bermuda Monetary Authority Act 1969 to create a legal gateway for information sharing with the Bermuda Deposit Insurance Corporation (BDIC) and revise insurance-related fees. Proposed changes include adding BDIC to entities eligible for information disclosure, aligning the Deposit Insurance Act 2011 with statutory functions, and introducing confidentiality requirements. Fee adjustments involve increased registration and annual fees for innovative insurers and Internationally Active Insurance Groups, effective 1 January 2026.
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European Securities and Markets Authority sets out October 2025 move to single 7% volume cap for reference price waiver trading
The European Securities and Markets Authority (ESMA) will transition to a single volume cap mechanism for trading under the reference price waiver in October 2025, limiting it to 7% of the total aggregated EU trading volume per instrument. Breaches will require a three-month suspension of the waiver. ESMA will use transaction reporting data from National Competent Authorities for calculations, decommissioning the double volume cap in January 2026.
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Belgium Financial Services and Markets Authority updates its warning list of fraudulent trading platforms including Flash Deal Academy and NeuroTradeX
Belgium’s Financial Services and Markets Authority (FSMA) warned about fraudulent online trading platforms, highlighting fake celebrity adverts and recruitment websites. The FSMA advises avoiding offers promising quick high returns and verifying authorisations via its “Check your provider” resource. It recommends suspected victims cease transactions, inform their bank, report to the FSMA and police, and be cautious of recovery scams.
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Australian Securities & Investments Commission consults on updated guidance for approving financial services sector codes of conduct
The Australian Securities & Investments Commission (ASIC) has proposed updates to Regulatory Guide 183 on financial services industry codes of conduct, seeking stakeholder feedback. The revisions incorporate changes from the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, clarify ASIC's role and approval criteria, and aim to simplify guidance. While code approval is not mandatory, ASIC approval signals consumer confidence.
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Australian Prudential Regulation Authority outlines banking proportionality reforms and increased cyber and operational risk supervision
At the Australian Banking Association Conference, APRA Chair John Lonsdale announced plans to cut banks' compliance costs while upholding prudential standards, focusing on cyber, operational, and geopolitical risks. APRA will adopt a three-tier proportionality approach, streamline internal-ratings based accreditation, and amend the bank licensing framework. The 2024 stress test confirmed banks' ability to meet obligations despite downturns and cyber incidents. Macroprudential settings remain unchanged, with discussions on riskier mortgage lending limits planned. APRA will start prudential reviews under CPS 230 and assess compliance with CPS 234.
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Australian Prudential Regulation Authority outlines three-tier bank proportionality reforms and steps up CPS 230 and CPS 234 supervisory reviews
The Australian Prudential Regulation Authority (APRA) plans to reduce compliance burdens and enhance proportionality for small and medium banks, focusing on rising risks like cyber, operational, and geopolitical threats. APRA will implement a three-tier banking proportionality framework, streamline internal ratings-based accreditation, and improve communication on capital decisions, while macroprudential settings remain unchanged. Further reviews will assess compliance with operational risk and information security standards.
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Australian Competition and Consumer Commission Chair outlines scam prevention obligations, Consumer Data Right simplification and cash distribution reforms for banks
ACCC Chair Gina Cass-Gottlieb discussed the commission's expanding role in consumer protection, competition, and digital regulation at the Australian Banking Association’s Banking 2025 Conference. Topics included the National Anti-Scam Centre's progress, Digital ID growth, Consumer Data Right priorities, findings from the Digital Platform Services Inquiry on Apple and Google, and initiatives for payments resilience and cash distribution regulation.
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Tanzania Insurance Regulatory Authority publishes guidelines for managing insurance claims and complaints
The Tanzania Insurance Regulatory Authority has issued guidelines on managing insurance claims and complaints, accessible through a public link.
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Saudi Arabia Capital Markets Authority approves public offering of Alpha Capital Freestyle GCC Equity Fund
The Saudi Arabia Capital Markets Authority approved Alpha Capital's public offer of the Alpha Capital Freestyle GCC Equity Fund. The authority emphasized that its approval confirms compliance with legal requirements but is not a subscription recommendation, and advised investors to thoroughly review the fund's terms and conditions due to potential high risks.
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Saudi Arabia Capital Markets Authority completes investor compensation for Watani Iron Steel share violations funded by SAR 41.4 million in illegal gains
Saudi Arabia's Capital Markets Authority (CMA) has compensated investors affected by violations related to Watani Iron Steel Co's shares, following a SAR 41.4 million penalty against five individuals. The compensation, facilitated through a CMA-established fund, reflects the scale of violations and investor harm, with some payments exceeding SAR 1 million. The CMA emphasizes that compensation funds complement other legal avenues and are assessed under Article 59 of the Capital Market Law based on criteria such as the feasibility of collecting illegal gains and the impact of violations.
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Indonesia's Financial Services Authority signs data exchange cooperation agreement with the Ministry of Law’s AHU Directorate General
Indonesia's Financial Services Authority (OJK) signed an agreement with the Directorate General of General Legal Administration to exchange data for licensing and supervision. This aims to enhance the Fiduciary Guarantee Law, improve beneficial ownership data for anti-money laundering and counter-terrorism financing, and support the National Strategy for Corruption Eradication by integrating and verifying legal entity profiles.
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Indonesia's Financial Services Authority launches integrated SI-GRC system to strengthen internal governance and risk management
Indonesia's Financial Services Authority (OJK) has launched the integrated Governance, Risk, and Compliance Information System (SI-GRC) to enhance governance and support regulatory functions in the financial sector. SI-GRC consolidates risk management and internal control systems into a single platform with real-time risk reporting. OJK emphasizes the need for stronger risk awareness and strategic engagement, particularly in cyber risk management.
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Central Bank of Costa Rica expands POS terminal interoperability to accept American Express, Mastercard and Visa on one terminal
The Central Bank of Costa Rica has expanded payment card interoperability, allowing merchants to accept American Express, Mastercard, and Visa using existing point-of-sale terminals for in-person and e-commerce transactions. This complies with Law 9831, enhancing efficiency, security, and cost-effectiveness in the payment card system. Merchants with acquiring services from specified banks and providers can now accept all three card brands without needing multiple acquiring providers.
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Algeria Market Authority announces closure of Tosyali Algeria bond subscription with DZD 15 billion raised
The Algeria Market Authority said the subscription for Tosyali Algeria's bond issue has closed and raised DZD 15 billion.
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National Credit Union Administration Board reviews artificial intelligence in credit unions and says any new AI requirements would need rulemaking
At the National Credit Union Administration Board's fourth 2025 meeting, AI use cases and potential regulatory clarity were discussed. The Board reviewed a U.S. Government Accountability Office report suggesting updates to model risk management guidance for AI. Updates on the Office of the Ombudsman, post-exam survey results, and the Central Liquidity Facility's financial performance were also provided.
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Australian Securities & Investments Commission bans two former MWL Financial Services advisers for 6–7 years over Shield Master Fund superannuation advice
The Australian Securities & Investments Commission (ASIC) has banned former financial advisers Rocco D’Amelio and Robert Crossing from providing financial services for seven and six years, respectively, due to inappropriate advice and misleading statements about superannuation investments in the Shield Master Fund. The bans are recorded on ASIC’s Banned and Disqualified Register, and the broader investigation continues, including into Keystone Asset Management Ltd and other involved parties. Both advisers may seek a review of the decisions by the Administrative Review Tribunal.
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Australian Securities & Investments Commission appeal dismissed as Federal Court finds Finder Earn crypto product was not a debenture
The Full Court of the Federal Court dismissed ASIC's appeal in the Finder Wallet case, affirming that the crypto-asset product Finder Earn is not a debenture and did not breach the Corporations Act. ASIC acknowledged the decision highlights challenges in regulating debentures and applying financial services laws to crypto assets. It emphasized that crypto-related products might still qualify as financial products, subject to Australian financial services licensing and other legal requirements.
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National Association of Insurance Commissioners members visit Southern California wildfire-impacted communities to inform climate resilience priorities
Members of the National Association of Insurance Commissioners (NAIC) visited wildfire-impacted areas in California to assess damage and gather insights from disaster response teams. This visit supports the NAIC National Climate Resilience Strategy for Insurance, aimed at improving risk reduction, data gathering, and consumer resilience against natural disasters.
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Bank of Lithuania states EstateGuru Lietuva is not authorised to provide crowdfunding services
The Bank of Lithuania clarified that EstateGuru Lietuva, UAB is not authorised to provide crowdfunding services in Lithuania and is not supervised by the Bank. EstateGuru Lietuva was removed from the public list of crowdfunding platform operators and lacks a licence under Regulation (EU) 2020/1503. Only firms licensed by the Bank of Lithuania or another Member State authority can provide such services in Lithuania.
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Bank of the Lao participates in 2025 China-ASEAN Financial Conference and highlights cross-border payments and local-currency settlement
Deputy Governor Sulisack Thammavong of the Bank of the Lao addressed the 2025 China-ASEAN Financial Conference, emphasizing cross-border payment services and regional financial cooperation. He highlighted integrating local currencies for trade settlements and using technology and AI to enhance financial services, fraud detection, and cybersecurity. The delegation also visited the China-ASEAN Artificial Intelligence Collaborative Innovation Center and toured Guangxi Beibu Gulf International Port Group operations.
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Financial Conduct Authority bans Jean-Noel Alba and fines him £1,049,500 for misleading the regulator in the H2O AM probe
The Financial Conduct Authority (FCA) fined Jean-Noel Alba, former deputy CEO of H2O AM LLP, £1,049,500 and banned him from the financial services industry for misleading the FCA during its investigation into H2O. Alba provided false statements and documentation. This action is part of the FCA's broader investigation into H2O's failure to conduct proper due diligence on high-risk investments linked to the Tennor Group, resulting in a EUR 250 million compensation agreement for affected investors.
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International Financial Reporting Standards Foundation publishes near-final climate-related examples to strengthen uncertainty disclosures in financial statements
The International Financial Reporting Standards Foundation released near-final examples to enhance disclosure of uncertainties in financial statements under IFRS Accounting Standards, using climate-related scenarios. Developed by the International Accounting Standards Board, these examples address stakeholder concerns about insufficient and inconsistent information. Coordination with the International Sustainability Standards Board ensures alignment with sustainability-related disclosure requirements.
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Austria Financial Market Authority report finds state-sponsored retirement provision contracts fell to around 782,000 in 2024
The Austria Financial Market Authority's annual study on state-sponsored retirement provision (PZV) reveals continued contraction in 2024, with contracts dropping to 782,000 from over 1.6 million in 2012. New contracts rose slightly to 8,077 but failed to offset expiries, while annual premium inflows decreased by 4.8% to EUR 637 million. The market remains concentrated, with only four insurers offering new contracts and one group receiving over half of the premium volume.
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Bank of France publishes CNMP 2024 update showing cash access remains high with over 99% of residents within 15 minutes of a withdrawal point
The Bank of France's National Payments Committee 2024 report highlights that access to cash in metropolitan France remains high, with over 99% of the population having access within a 15-minute drive. Despite a 3.5% decline in ATMs to 42,578, retailer-based cash distribution points increased by 3.9% to 28,479. The Ministry of the Economy and the Bank of France are committed to maintaining cash accessibility amid declining cash usage.
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Hong Kong Monetary Authority issues scam alert on fraudulent OCBC Bank Hong Kong website and internet banking login screen
The Hong Kong Monetary Authority issued a scam alert regarding fraudulent websites and internet banking login screens targeting OCBC Bank (Hong Kong) Limited. It emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact their bank and report to the Hong Kong Police Force.
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Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan eases requirements for opening foreign bank branches and subsidiaries
Kazakhstan's Financial Market Agency has eased requirements for foreign banks to open subsidiaries and branches, lowering the minimum consolidated assets threshold from USD 20 billion to USD 10 billion and streamlining documentation. Effective 1 July 2025, the amendments expand permissible activities for foreign bank branches, including foreign exchange operations and custodial services. Enhanced "impeccable business reputation" requirements will take effect from 31 August 2025.
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Isle of Man Financial Services Authority extends consultation deadline on the Financial Services Miscellaneous Provisions Bill to 1 September 2025
The Isle of Man Financial Services Authority has extended the deadline for responses to its consultation on the Financial Services (Miscellaneous Provisions) Bill by three weeks. The draft Bill proposes revisions to the Collective Investment Schemes Act 2008, the Designated Businesses (Registration and Oversight) Act 2015, the Financial Services Act 2008, and the Insurance Act 2008.
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Insurance and Private Pension Regulation and Supervision Agency of Türkiye updates minimum insurance expert appraisal fee tariffs from July 2025 in line with CPI
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye has updated the minimum appraisal fee schedules for insurance experts, indexed to the consumer price index change for the first half of 2025. The revised tariffs, effective July 2025, detail tiered fees for motor vehicle and non-motor insurance, with specific rates for different vehicle types and assessment services.
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Thailand Office of Insurance Commission expands OIC Be Smart First Jobber outreach to southern Thailand with Prince of Songkla University event
The Thailand Office of Insurance Commission (OIC) held its second "OIC: Be Smart First Jobber" event at Prince of Songkla University to boost insurance awareness and career opportunities for students. The event included discussions with industry leaders, a mini job fair, and highlighted the insurance sector's economic impact, with investment assets exceeding THB 4.5 trillion. This initiative aligns with OIC's efforts to strengthen financial resilience and broaden insurance access as part of its development plans.
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National Bank of the Republic of Tajikistan joins government talks with new IMF resident representative and highlights progress under the Policy Coordination Instrument
The National Bank of the Republic of Tajikistan announced that Chairman Firdavs Nazrimat Tolibzoda met with First Deputy Prime Minister Hokim Holiqzoda and IMF Resident Representative Ghazi Shbaykat to discuss cooperation under IMF-supported reform programmes, including the Policy Coordination Instrument (PCI). The meeting emphasized the need for a permanent IMF representative for ongoing dialogue and timely policy decisions, highlighting the PCI's role in structural reforms and fiscal transparency. Tajikistan has completed two PCI review stages and plans to continue reforms in investment climate, economic digitisation, financial inclusion, and sustainable energy.
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Sustainable Banking and Finance Network publishes white paper defining inclusive sustainable finance and outlining five building blocks
The Sustainable Banking and Finance Network (SBFN) released a white paper, “Leaving No One Behind: Unlocking Finance in Emerging Markets,” outlining approaches to inclusive sustainable finance to bolster resilience in emerging markets. The paper estimates a need for USD 2.5 trillion to achieve climate adaptation and resilience goals, emphasizing practices that expand access to capital for vulnerable populations. It identifies five building blocks and provides policy examples from SBFN members and industry bodies, recommending steps to enhance inclusivity.
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South African Reserve Bank settles Steinhoff Ibex exchange control enforcement with ZAR6.3 billion forfeiture and winding-down permissions
The South African Reserve Bank concluded its investigation into Steinhoff International Holdings N.V., now the Ibex Group, with a settlement over alleged violations of the Exchange Control Regulations, 1961. The agreement includes a forfeiture of approximately ZAR6.3 billion plus interest to the State and permits the group's structured winding-down process. The Ibex Group withdrew its legal challenge, and SARB agreed not to pursue further enforcement actions, abandoning all related litigation and judgments.
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Central Bank of Brunei Darussalam updates its Alert List and adds Fast Privacy Online Loan BN and Online Loan Jaya Trusted BN
The Central Bank of Brunei Darussalam (BDCB) updated its Alert List, adding entities like Fast Privacy Online Loan BN and Online Loan Jaya Trusted BN, which may be wrongly perceived as licensed. The central bank advises engaging only with licensed financial institutions and warns against unlicensed services, emphasizing these entities lack BDCB's regulatory protections. BDCB will continue monitoring and encourages reporting suspicious financial activities.
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Central Bank of Morocco publishes 2024 banking supervision report outlining new climate risk directives and payment services reforms
The Central Bank of Morocco's 2024 banking supervision report highlights a 50 basis point policy rate cut to 2.50%, 4.6% growth in bank credit, and 9.2% growth in customer deposits. Key supervisory priorities include climate risk management, digital payment reforms, and enhanced cyber-risk oversight. The report also notes reforms in bank crisis management, emergency liquidity mechanisms, and draft laws on non-performing loans and crypto-assets.
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Central Bank of Seychelles extends phase-out timeline for local currency cheques used by businesses to 1 January 2027
The Central Bank of Seychelles has extended the timeline for phasing out local currency cheques for businesses, with banks stopping cheque book issuance from 1 September 2026 and acceptance ending by 1 January 2027. This decision, approved by the Cabinet of Ministers, follows consultations with stakeholders addressing business concerns. A dedicated team will oversee the transition, promoting digital payment alternatives and engaging with affected sectors.
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Monetary Authority of Singapore consults on proposed changes to the group capital framework for designated financial holding companies of licensed insurers
The Monetary Authority of Singapore has proposed amendments to MAS Notice FHC-N133, focusing on the valuation and capital framework for designated financial holding companies that are licensed insurers. The changes aim to update the group capital framework under existing requirements.
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Monetary Authority of Singapore consults on proposed catastrophe risk capital requirement for general insurers
The Monetary Authority of Singapore released consultation paper P012-2025 outlining a proposed method for calculating the general insurance catastrophe risk requirement. The consultation period has concluded.
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Vietnam State Securities Commission instructs applicants to pay VND 1,000,000 fee to complete issuance of securities practising certificates
The Vietnam State Securities Commission requires individuals listed in an attached notice to pay a VND 1,000,000 fee for securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer to Vietinbank or Vietcombank or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
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Vietnam State Securities Commission warns investors about forged Ministry of Finance documents used in securities fraud
The Vietnam State Securities Commission issued an alert warning of forged documents falsely attributed to the Ministry of Finance and the Commission, used by scammers to impersonate state bodies. Investors are advised to verify information and licences before engaging in transactions and report suspected fraud to the police.
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Guernsey Financial Services Commission updates Russia sanctions notice for LITASCO MIDDLE EAST DMCC
The Guernsey Financial Services Commission updated the Russia sanctions notice for LITASCO MIDDLE EAST DMCC on the UK list, maintaining its designation under the Russia Sanctions EU Exit Regulations 2019. The entity remains subject to an asset freeze, director disqualification, transport sanctions, and trust services sanctions in the Bailiwick. Businesses must freeze assets linked to designated persons and report to the States of Guernsey Policy and Resources Committee, complying with the Sanctions Bailiwick of Guernsey Law 2018.
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Guernsey Financial Services Commission alerts firms to new UK Global Irregular Migration sanctions designations and reporting requirements
The Guernsey Financial Services Commission (GFSC) issued a sanctions notice on the UK's Global Irregular Migration and Trafficking in Persons (Sanctions) Regulations 2025, designating individuals and entities. Bailiwick legislation is expected soon. Businesses must check for relationships with designated persons and report to the States of Guernsey Policy & Resources Committee. Breaching UK immigration legislation is an offence in the Bailiwick, and firms must notify the GFSC and report under Handbook Rule 12.37 if affected relationships are identified.
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Guernsey Financial Services Commission issues notice on amended Russia sanctions ship listing for VICTOR KONETSKY
The Guernsey Financial Services Commission issued a Russia sanctions notice updating the listing details for the ship VICTOR KONETSKY under the Russia (Sanctions) (EU Exit) Regulations 2019. Businesses must verify connections to the vessel, report findings to the States of Guernsey Policy & Resources Committee, and comply with section 14 reporting obligations under the Sanctions Law. Affected firms must also notify the Commission and submit a Handbook Rule 12.37 report after statutory reporting.
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Ontario Securities Commission publishes 2025 RIE annual report outlining compliance review outcomes and supervisory sweeps
The Ontario Securities Commission's 2025 annual report for the Registration, Inspections and Examinations Division details key developments in registration, compliance reviews, and supervisory initiatives. It highlights a survey of the sales environment at bank-owned mutual fund dealers, a second phase of Client Focused Reforms sweeps, and a review of digital engagement practices. The report also notes significant settlement agreements and ongoing supervision of market participants in Ontario.
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Sustainable Banking and Finance Network publishes white paper setting a common definition and five building blocks for inclusive sustainable finance
The Sustainable Banking and Finance Network released a white paper proposing a common definition of "inclusive sustainable finance" and highlighting a USD 2.5 trillion financing need for emerging markets to meet climate goals. The paper outlines five key building blocks and provides policy examples from various members, developed by the SBFN Inclusive Sustainable Finance Task Force.
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Seychelles Financial Services Authority announces withdrawal of WOT Global Solutions’ virtual asset service provider licence application and orders cessation of services
The Seychelles Financial Services Authority announced that WOT Global Solutions Ltd has voluntarily withdrawn its application for a Virtual Asset Service Providers licence under the Virtual Asset Service Providers Act, 2024, effective 15 April 2025. The firm has been instructed to cease any virtual asset-related services in or from Seychelles.
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Philippine Securities and Exchange Commission streamlines 45-day registration statement reviews and grants 30% fee discount until 31 December 2025
The Philippine Securities and Exchange Commission issued Memorandum Circular No. 9, Series of 2025, to streamline the 45-day registration statement review process and offer a 30% discount on registration fees until 31 December 2025. The guidelines apply to various securities registrations, excluding agri-business corporations and hospitals, which have a 28-day processing period. The process includes timelines for fee payments, clearance requests, and responses to the Markets and Securities Regulation Department's comments.
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Croatian Financial Services Supervisory Agency warns of advance-fee investment scam using forged letters impersonating Hanfa, the European Central Bank and FINRA
The Croatian Financial Services Supervisory Agency issued an alert regarding an investment scam involving fraudulent letters mimicking Hanfa, the European Central Bank, and FINRA. These letters use forged logos and signatures to demand payments for releasing funds, falsely claiming they are on hold. Hanfa advises investors to verify intermediaries through its public registers and report any suspicious activity to authorities.
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Sustainable Banking and Finance Network publishes white paper proposing a common framework for inclusive sustainable finance
The Sustainable Banking and Finance Network (SBFN) released a white paper, "Leaving No One Behind: Unlocking Finance in Emerging Markets," on inclusive sustainable finance for climate adaptation. It highlights a USD 2.5 trillion financing need for emerging markets and proposes a definition to improve capital access for vulnerable populations. The paper identifies five key building blocks, provides policy examples from SBFN members, and offers recommendations for further action.
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Insurance Regulatory Authority of Uganda issues 2025 directives for deposit administration plans and guaranteed investment funds requiring segregated assets and Bank of Uganda licensed custodians
The Insurance Regulatory Authority of Uganda has issued 2025 directives for Deposit Administration Plans and Guaranteed Investment Funds, setting standards for life insurers. These require appointing a custodian licensed by the Bank of Uganda and professional advisers, including an accredited external auditor. The directives mandate segregated funds, separate accounts, and adherence to solvency calculations, with provisions for guaranteed interest rates in GIFs.
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Bank of England Prudential Regulation Authority finalises reforms to UK insurance special purpose vehicle regime with 10-working-day accelerated approvals
The Bank of England’s Prudential Regulation Authority (PRA) has finalized reforms to the UK Insurance Special Purpose Vehicle (UK ISPV) framework, introducing an accelerated application pathway for certain ISPVs, including catastrophe bonds, with approvals possible within 10 working days. The reforms streamline application processes, expand market practices, and clarify expectations for UK insurers ceding risks to ISPVs. The PRA is considering legislative changes proposed by HM Treasury to further develop the UK insurance-linked securities market and encourages industry engagement.
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U.S. Senate Committee on Banking, Housing and Urban Affairs sets July 29 markup for bipartisan ROAD to Housing Act of 2025
The U.S. Senate Committee on Banking, Housing and Urban Affairs will hold a legislative markup to consider the ROAD to Housing Act of 2025, a bipartisan package aimed at boosting housing supply and affordability, and enhancing oversight of federal housing regulators. The proposal includes measures to remove regulatory barriers, promote innovative construction, expand homeownership, and improve accountability and efficiency in housing programs. This is the committee's first bipartisan housing markup in over a decade.
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U.S. Senate Committee on Banking, Housing and Urban Affairs leaders introduce bill to lift banks’ public welfare investment cap to 20%
The U.S. Senate Committee on Banking, Housing and Urban Affairs introduced the Community Investment and Prosperity Act to raise the cap on banks' "public welfare" investments from 15% to 20% of capital and surplus. This increase, the first since 2006, aims to boost private capital for affordable housing and community development projects. The bill has received endorsements from KeyBank, the Bank Policy Institute, and other industry groups.
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U.S. Senate Committee on Banking, Housing and Urban Affairs chair Tim Scott tours Federal Reserve renovation with President Trump amid scrutiny of cost overruns
The U.S. Senate Committee on Banking, Housing and Urban Affairs issued a statement on Chairman Tim Scott's visit with President Trump, White House officials, and Federal Reserve Chair Jerome Powell to review the Federal Reserve's renovation project and discuss cost overruns. Scott expressed concerns over the Federal Reserve's spending on lavish renovation features and called for increased transparency. The statement also detailed prior oversight actions, including letters and briefings questioning the expenses.
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U.S. Senate Committee on Banking, Housing and Urban Affairs sets 29 July markup for bipartisan ROAD to Housing Act of 2025
The U.S. Senate Committee on Banking, Housing and Urban Affairs will hold an executive-session markup of the bipartisan ROAD to Housing Act of 2025, focusing on boosting housing supply, affordability, and enhancing oversight of federal regulators. The package includes measures to remove regulatory barriers, promote innovative construction, and support communities recovering from natural disasters, while addressing homeownership access, affordability, and homelessness.
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Central Bank of Malta business dialogue shows Q2 2025 conditions remain positive with services strongest and wholesale and retail contracting
The Central Bank of Malta's latest business dialogue results show positive but sectorally varied business conditions in Q2 2025, with a 22% net share of respondents reporting activity expansion. Service-oriented firms led in expansion, while wholesale and retail faced negative conditions. Firms are optimistic about the near-term outlook, with a net 33% expecting improvement, slightly down from the previous quarter.
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Bank of Namibia launches upgraded Namibia dollar banknotes and a fully redesigned coinage series
The Bank of Namibia has launched an upgraded series of Namibia dollar banknotes and a redesigned coinage series, maintaining existing denominations. The update aims to modernize the currency with enhanced security features to prevent counterfeiting and reinforce public trust.
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European Payments Council recommends SRTP applicants use API test toolboxes and notes two providers already offer them
The European Payments Council (EPC) issued guidance for SEPA Request-to-Pay (SRTP) scheme applicants, advising preliminary testing of SRTP rulebook implementation and API messages using an SRTP API Test Toolbox. Two SRTP Referenced Technical Solution Providers offer these toolboxes, which cover all scheme options and functionalities to aid applicants in validating their SRTP API implementation before homologation or production deployment.
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Bank of Tanzania launches survey of companies with foreign liabilities to update balance of payments and investment position statistics
The Bank of Tanzania, with the National Bureau of Statistics and the Tanzania Investment and Special Economic Zones Authority, is surveying companies with foreign liabilities to assess foreign private investment's impact on the domestic economy and update financial statistics. The 2024 survey requires selected companies to submit financial statements and questionnaires, with compliance mandated by law. Data will be used for statistical purposes and published in aggregated form to ensure confidentiality.
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Central Bank of Russia reports SBP acceptance exceeds 2.5 million companies as Q2 purchase volumes reach RUB 2.2 trillion
The Central Bank of Russia reported a significant increase in the use of the Faster Payments System (SBP) for retail purchases, with over 2.5 million companies enabling SBP payments by the end of Q2 2025. The SBP processed 4.6 billion transactions worth RUB 24.8 trillion during this period, with nearly a third related to goods and services payments. Small businesses are the most active users, and payments to individuals from insurers and brokers rose 1.5 times in number and 1.4 times in value.
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Central Bank of Russia recommends gated website and app disclosures for complex financial products
The Central Bank of Russia issued recommendations for credit and non-bank financial institutions on presenting information about complex financial products online, accessible only to qualified investors. These measures aim to prevent non-qualified investors from purchasing high-risk products. The bank reiterated the legal prohibition on offering certain complex products to non-qualified investors.
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Payments Canada moves Real-Time Rail into testing as technical build nears completion for Q3 2025
Payments Canada's 2025 Q3 update on the Real-Time Rail (RTR) shows the technical build is nearly complete and will soon enter comprehensive testing. This includes real-time clearing and settlement, exchange replatforming, and centralized fraud services, with extensive testing for operational readiness and security. Concurrently, work on the RTR by-law and rules continues, with expected regulatory changes to expand participation eligibility under the Canadian Payments Act and Retail Payments Activities Act.
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Canadian Securities Administrators grant blanket exemptions to enable eligible investment funds to access the Bank of Canada’s Contingent Term Repo Facility
The Canadian Securities Administrators issued blanket orders granting exemptive relief for eligible investment funds to participate in the Bank of Canada’s Contingent Term Repo Facility (CTRF). The CTRF provides Canadian-dollar funding for up to 30 days against government securities to address severe market-wide liquidity stress. This relief removes restrictions on funds exposed to Canadian-dollar money market and fixed income securities, enabling their use of the CTRF as a liquidity risk management tool.
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Commodity Futures Trading Commission obtains USD 13.9 million civil penalty and permanent trading bans in fraudulent retail forex and commodity scheme
The Commodity Futures Trading Commission (CFTC) resolved its case against Qian Bai, Chao Li, Lan Bai, Aipu Limited, and Fidefx Investments Ltd for operating fraudulent websites and misappropriating over USD 3.6 million. The U.S. District Court for the Western District of Washington imposed civil monetary penalties and restitution totaling over USD 19 million, along with permanent trading and registration bans. The CFTC noted that restitution may not be recovered if the defendants lack sufficient assets.
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State Bank of Vietnam reappoints Vietnam Deposit Insurance chair Pham Bao Lam and deputy CEO Vu Van Long and appoints two controllers
The State Bank of Vietnam announced personnel changes at Vietnam Deposit Insurance, reappointing Pham Bao Lam as Chair and Vu Van Long as Deputy CEO. Do Thi Hang and Tran Thanh Nga were appointed as Controllers. Deputy Governor Nguyen Ngoc Canh emphasized completing 2025 tasks, including finalizing the deposit insurance legal framework and preparing amendments to the Deposit Insurance Law.
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Alberta Securities Commission publishes written reasons for order ceasing trade Greenfire shareholder rights plan
The Alberta Securities Commission panel issued a decision detailing its November 2024 order regarding Greenfire Resources Ltd. securities. The order approved Waterous Energy Fund Management Corp.'s application to cease trade Greenfire’s shareholder rights plan and rejected Greenfire’s attempt to block share transfers under existing agreements.
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Alberta Securities Commission panel publishes written reasons for order ceasing Greenfire shareholder rights plan and dismissing bid to block share transfers
The Alberta Securities Commission (ASC) panel issued a decision on its November 2024 order regarding Greenfire Resources Ltd., ceasing trading of its Shareholder Rights Plan and rejecting Greenfire's request to halt share transfers under purchase agreements. This followed Waterous Energy Fund Management Corp.'s agreements to purchase Greenfire shares, leading to conflicting applications to cease trade the rights plan and share transfers. The ASC granted Waterous's application and dismissed Greenfire's.
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United Arab Emirates Ministry of Economy reports 1,063 AML compliance violations and over AED 42 million in fines for DNFBPs in H1 2025
The UAE Ministry of Economy reported 1,063 anti-money laundering compliance violations in the first half of 2025, resulting in fines exceeding AED 42 million for non-compliant businesses. Precious metals and gemstones traders and real estate brokerages were most penalized, with fines of AED 20 million and AED 18.5 million, respectively. The ministry emphasized due diligence, risk assessment, and suspicious transaction reporting for compliance improvements.
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Argentina Securities Commission reports first financial trust placement under medium-impact automatic authorisation regime
The Argentina Securities Commission (CNV) announced the first placement of a financial trust under the new medium-impact automatic authorisation regime. General Resolution No. 1051 established two automatic public offering regimes for financial trusts, with issuance caps of up to UVAs 1,000,000 and UVAs 7,000,000. These regimes streamline the process by waiving certain requirements, allowing issuers to offer securities without CNV review, while maintaining CNV's oversight.
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Bank of Cape Verde publishes 2024 conduct supervision report with 245 consumer complaints and CVE 3,267,665 returned to customers
The Bank of Cape Verde released its 2024 conduct supervision report, detailing oversight of financial product marketing and financial literacy initiatives. The central bank addressed 245 consumer complaints, leading to CVE 3,267,665 in customer reimbursements, and conducted five bank inspections. Financial literacy efforts reached 1,426 participants, emphasizing risks from digital financial services.
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China's National Financial Regulatory Administration convenes a 2025 Two Sessions proposal meeting on expanding health insurance and regulating city customised medical insurance
China's National Financial Regulatory Administration held a symposium to discuss proposals from the 2025 National People’s Congress and Chinese People’s Political Consultative Conference, focusing on enhancing health insurance development. Topics included optimising policy environments, standardising city customised commercial medical insurance, and improving data sharing between basic and commercial medical insurance. The Administration plans to consolidate feedback and collaborate with departments to refine regulatory mechanisms and supervisory measures.
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China Banking and Insurance Regulatory Commission deputy director attends EMEAP central bank governors and supervisors meeting on safe and inclusive digital finance
Deputy Director Xiao Yuanqi of the China Banking and Insurance Regulatory Commission participated in the Executive Meeting of East Asia and Pacific Central Banks' fourteenth informal meeting. The online event focused on best practices for safe and inclusive digital finance.
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Argentina Superintendency of Insurance disqualifies Ruta Productores y Asesores de Seguros and Ruta Seguros Generales from operating as insurance intermediaries
The Argentina Superintendency of Insurance issued Resolution SSN No. 371/2025, disqualifying "Ruta Productores y Asesores de Seguros" and "Ruta Seguros Generales" from operating under Article 8(g) of Law No. 22.400. This enforcement action prohibits them from lawfully intermediating insurance contract conclusions.
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Argentina Superintendency of Insurance disqualifies external auditor Mario Jorge Croce for three years
Argentina’s Superintendency of Insurance has disqualified Mario Jorge Croce, a certified public accountant and external auditor, for three years under Article 59(d) of Law No. 20,091.
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Argentina Superintendency of Insurance bars three individuals from governance and senior management roles at insurers and reinsurers
Argentina's Superintendency of Insurance issued Resolutions SSN 366/2025, 367/2025, and 368/2025, prohibiting Gonzalo Martín Campici, Mauricio Ariel Campici, and Carlos Martín Lufrano from serving in administrative, oversight, or senior management roles in insurance and reinsurance entities.
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Securities and Exchange Board of India and market institutions launch SEBI vs SCAM investor awareness campaign
The Securities and Exchange Board of India, in collaboration with Market Infrastructure Institutions and the Association of Mutual Funds in India, has launched the "SEBI vs SCAM" campaign to enhance investor protection and combat fraud in the securities market. The initiative educates investors on scam typologies, red flags, and verification protocols, while promoting trusted redressal mechanisms and good digital practices.
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Bank of Korea releases advance estimate putting Q2 2025 real GDP growth at 0.6% quarter-on-quarter
The Bank of Korea released its advance estimate for Q2 2025, showing a 0.6% quarterly and 0.5% annual increase in real GDP. Real gross domestic income rose by 1.3% quarter on quarter and 1.4% year on year. GDP is measured on a chained volume basis.
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Bank of Korea publishes July 2025 Business Survey Index and Economic Sentiment Index results
The Bank of Korea published its July 2025 Business Survey Index and Economic Sentiment Index, with detailed results available in an attachment.
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Superintendency of Banks of Panama publishes Banking Activity Report showing deposits up 6.74% to USD 113,163.7 million in June 2025
The Superintendency of Banks of Panama released its Banking Activity Report for Panama’s International Banking Center, noting year-on-year growth in deposits, assets, and net credit through June 2025, driven by external business. Liquidity and capital indicators remain above regulatory thresholds, with supervision focusing on macrofinancial conditions and financial performance. The report highlights priorities in operational efficiency, funding structure, income diversification, asset quality, and prudential standards.
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European Insurance and Occupational Pensions Authority reports EEA supervisors have largely implemented Solvency II outsourcing peer review recommendations
The European Insurance and Occupational Pensions Authority (EIOPA) released a follow-up report on its 2022 Peer Review on Outsourcing under Solvency II, evaluating 77 supervisory actions by National Competent Authorities (NCAs) in the European Economic Area. The report found 51 actions fulfilled, 22 partially fulfilled, and four not fulfilled, noting improvements in regulatory tools, internal procedures, and information systems, but identifying gaps in off-site supervision and operationalisation of tools. EIOPA will continue monitoring and may provide targeted guidance or facilitate best practice exchanges.
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ADGM Financial Services Regulatory Authority publishes 2024 annual report highlighting fiat-referenced token rules and 30% growth in licensed firms
The ADGM Financial Services Regulatory Authority's 2024 report highlights priorities in digital assets, international standards alignment, and financial crime prevention. Key developments include a regulatory framework for fiat-referenced tokens, Basel Committee standards alignment, and an ADGM-wide whistleblowing framework. The report notes the UAE's removal from the Financial Action Task Force grey list and a 30% increase in FSRA-licensed firms to 272.
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Central Bank of the United Arab Emirates and Mercury launch Unitey Business Services joint venture to strengthen national financial market infrastructure
The Central Bank of the United Arab Emirates (CBUAE) and Mercury have launched Unitey Business Services, a joint venture to bolster the CBUAE’s Financial Infrastructure Transformation (FIT) programme. This public-private partnership aims to enhance efficiency, resiliency, and business continuity in the UAE's financial market infrastructure, leveraging Mercury's payments technology to advance digital transformation and financial inclusion.
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Central Bank of the Republic of Kosovo engages the Slovenian Chamber of Businesses on SEPA accession and the TIPS Clone fast payments project
Governor Ahmet Ismaili of the Central Bank of Kosovo met with Bajram Fusha from the Slovenian Chamber of Businesses in Kosovo to discuss financial sector developments and stability. Key topics included Kosovo's SEPA membership, the TIPS Clone fast payments system, and regulatory frameworks for alternative financing. Both parties emphasized ongoing cooperation to enhance the investment climate and promote economic ties with Slovenian investors.
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Superintendency of Banks of Panama expands banking consumer definition and raises eligibility thresholds up to PAB 169,000
The Superintendency of Banks of Panama approved Agreement 5-2025, updating Articles 199 and 208 of the Banking Law to expand "banking consumer" definitions and raise monetary thresholds for consumer protections. Revised caps include PAB 68,000 for personal or family loans, PAB 169,000 for primary residence loans, PAB 27,000 for demand deposits, and PAB 68,000 for savings or fixed-term deposits. The update also adjusts the complaint resolution limit, reflecting a 35% consumer price index increase since 2008.
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Saudi Arabia Capital Markets Authority approves Dinar Investment Company’s public offering of Dinar US Equity Fund
The Saudi Arabia Capital Markets Authority approved Dinar Investment Company's public offering of the Dinar US Equity Fund. The CMA emphasized that the approval is not a subscription recommendation and urged investors to thoroughly review the fund's terms, strategy, and risks, consulting the fund manager for clarity if needed.
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Belgium Financial Services and Markets Authority clarifies when insurance comparison websites are carrying out insurance distribution
The Belgium Financial Services and Markets Authority issued an opinion clarifying the definition of insurance distribution concerning websites offering insurance product comparison tools. It outlines criteria for assessing these activities and emphasizes consumer due diligence, advising users to verify the identity and nature of the comparison website before sharing personal data.
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Angola Capital Markets Commission approves registration of KTESIOS as a corporate real estate appraiser
The Angola Capital Markets Commission has approved the registration of KTESIOS – Consultoria e Avaliação Imobiliária, Lda. as a corporate entity for real estate appraisal expertise.
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Financial Markets Standards Board consults on transparency draft good practice statement for unauthorised trading frameworks
The Financial Markets Standards Board has released a transparency draft Statement of Good Practice on Unauthorised Trading Frameworks for industry consultation, aiming to enhance oversight and controls and standardize expectations among firms and regulators. The consultation, addressing risks and uneven standards in unauthorised trading, is open for comments until 15 September 2025.