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2025-07-22•Angola•Angola Insurance Authority (ARSEG)
The Angola Insurance Authority (ARSEG) has cancelled the licences of inactive insurance intermediaries under Law No. 6/24 on Insurance Mediation and Brokerage. This law mandates cancellation if intermediaries are unreachable for over 90 days or inactive for more than six months. The cancellation results in the automatic transfer of contract rights and obligations to insurance companies, which must notify policyholders and inform them of their right to appoint a new intermediary.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-07-22•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets released the Financial Stability Committee's 9 July 2025 meeting readout, highlighting financial stability pressures from geopolitical tensions and economic vulnerabilities. The committee reviewed IMF recommendations on mortgage lending governance and emphasized diversifying trade relations and strengthening the European internal market. It noted the benefits and risks of US economic ties, citing initiatives like the European Payments Initiative and the Digital Operational Resilience Act as key to resilience and strategic autonomy.
SupervisionRisk monitoring & watch pointsGeopolitical riskFinancial stability and systemic risk
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2025-07-22•El Salvador•Central Reserve Bank of El Salvador
The Central Reserve Bank of El Salvador reported USD 4,837.5 million in family remittances for the first half of 2025, marking a continued increase primarily from the United States. June 2025 saw remittances rise 29% year-on-year to USD 829.9 million, with notable growth in average monthly remittance values and geographic distribution within El Salvador. Investment-purpose remittances totaled USD 59.3 million, while consumption-purpose remittances reached USD 4,778.3 million, with financial institutions handling most payouts.
Data & statisticsBalance of payments and other external statistics
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2025-07-22•El Salvador•Central Reserve Bank of El Salvador
The Central Reserve Bank of El Salvador reported goods exports reached USD 574.1 million in June 2025, a 12.5% year-on-year increase, with significant contributions from coffee and manufactured items. From January to June 2025, exports totaled USD 3,418.3 million, up 6.5% from the same period in 2024, while imports rose 11.5% to USD 8,681.6 million. Key export markets included Central America and the United States, accounting for 82% of total exports.
Data & statisticsBalance of payments and other external statistics
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2025-07-22•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC has cancelled an enforceable undertaking with PayPal Australia after completing a two-year remediation plan to improve its international funds transfer systems. This followed a 2020 audit revealing inadequate anti-money laundering and counter-terrorism financing controls. AUSTRAC highlighted increased regulatory scrutiny on payment platforms due to sector growth and compliance concerns.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-07-22•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC has closed Gold Corporation’s enforceable undertaking after confirming compliance with Anti-Money Laundering and Counter-Terrorism Financing Act obligations. Initiated in November 2023, the undertaking addressed serious deficiencies in Gold Corporation’s systems and reporting. AUSTRAC emphasized ongoing vigilance due to money laundering risks associated with bullion and highlighted bullion dealers as a focus in its 2024 regulatory priorities.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-07-22•Ireland•Central Bank of Ireland
The Central Bank of Ireland appointed Colm Kincaid as Deputy Governor, Consumer & Investor Protection, effective 1 August. Kincaid will lead strategic development and execution of consumer and investor protection policies and represent the Bank in various forums. He previously held senior roles at the Central Bank, including Director of Enforcement and Director of Consumer Protection.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-22•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) issued Regulation No. 16 of 2025, mandating fit and proper assessments for key individuals in the Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets sector to enhance governance and integrity. The regulation targets controlling shareholders, directors, and boards of commissioners, focusing on integrity, financial reputation, and competence. It implements Law No. 4 of 2023 and takes effect on 1 October 2025.
Policy & regulationRules & requirementsCorporate governance
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2025-07-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has issued the country's first digital-only non-life insurance license to Digi Insurance Limited, enabling a fully digital operating model without physical branches. This move supports SECP's strategy to promote technology-driven insurance distribution, aiming to lower costs and expand access to underserved areas while fostering competition and innovation in the non-life insurance sector.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-22•United States•National Credit Union Administration
The National Credit Union Administration (NCUA) released its Office of the Ombudsman 2024 Annual Report, detailing core programs and activities, including engagement with examiners and independent reviews. The report highlights the processing of 44 inquiries related to data breaches and cyber threats, one recommendation to the NCUA Board on consumer complaints, and the resolution of 598 inquiries.
Institutional developmentGovernanceComplaints and dispute resolution
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2025-07-22•China•Central Bank of the Republic of China
The People's Bank of China summarized the G20 finance ministers and central bank governors meeting in Durban, highlighting global downside risks and IMF quota reform. The meeting emphasized the need for a strong, quota-based IMF and urged completion of domestic approval processes for the 16th General Review of Quotas. Deputy Governor Tao Ling noted China's economic improvement and the central bank's role in advancing the G20 Sustainable Finance agenda.
Policy & regulationCooperationFinancial stability and systemic riskMonetary policy decisions and developments
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2025-07-22•China•Central Bank of the Republic of China
The People's Bank of China reported Q2 2025 lending statistics, with outstanding RMB loans at CNY 268.56 trillion, a 7.1% year-on-year increase. Notable growth areas include medium to long term industry loans up 10.7% to CNY 26.27 trillion, and tech-based SME loans up 22.9% to CNY 3.46 trillion. Methodological changes were noted, affecting comparability of inclusive finance, green loans, and rural-area statistics.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-22•Ukraine•National Bank of Ukraine
The National Bank of Ukraine's quarterly Bank Funding Survey reveals banks increased retail deposits and wholesale funding in Q2, with expectations for further rises in Q3. Funding costs are anticipated to increase due to higher interest rates on retail deposits, while the share of foreign-currency funding declined. Nearly all banks reported higher total capital, driven by profitability, despite potential regulatory and macroeconomic challenges.
ResearchFinancial and market indicators
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2025-07-22•France•Bank of France
The Bank of France has launched the 2025 “Young Researchers in Green Finance” prize, offering EUR 3,000 to early-career researchers in green finance. Eligible candidates must be affiliated with a French academic institution and either hold a PhD and be under 40 or be enrolled in a PhD programme. Applications are due by 10 October 2025.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-07-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority concluded enforcement actions against 33 Financial Services Limited (33FS) for breaching the Payment Systems and Stored Value Facilities Ordinance, imposing a penalty of HKD 1,600,000. 33FS failed to maintain adequate systems of control for anti-money laundering and counter-financing of terrorism compliance. The penalty reflects the seriousness of the violations, the firm's history, and its cooperation and remedial efforts.
EnforcementInvestigations & enforcement actionsAML and CFTCompliance
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2025-07-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority fined Indian Overseas Bank, Hong Kong Branch, HKD 8.5 million and Bank of Communications entities HKD 7.7 million for deficiencies in monitoring customer relationships. The penalties considered the seriousness of deficiencies, deterrence needs, remedial actions, and the banks' cooperation.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-07-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites and fake internet banking login screens linked to The Bank of East Asia, Shanghai Commercial Bank, and Chong Hing Bank. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information. Affected individuals should contact their bank and report to the Hong Kong Police Force's Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-07-22•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Vladimir Vladimirovich Tsapko's appointment to the Board of Directors of a second-tier bank.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-07-22•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Shalkar Amangosovich Jusupov's appointment to the board of directors of a second-tier bank.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-07-22•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency released an explainer on CASCO, a voluntary motor insurance covering vehicle damage, including theft and accidents. It outlines claims procedures, evidence requirements, and settlement options, emphasizing prompt incident reporting and insurer notification. It also advises on handling additional damage discovered during repairs and provides recourse options for disputed claims.
Policy & regulationGuidance & interpretationOther
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2025-07-22•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria issued an alert regarding fraudulent phone calls from individuals impersonating central bank employees, falsely claiming to offer loans. The bank emphasized these calls are scams and advised the public not to share personal data or follow instructions from such calls. It urged those suspecting fraud to contact their bank and report to the Ministry of Interior.
SupervisionAlertsFraud and scams
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2025-07-22•Samoa•Central Bank of Samoa
The Central Bank of Samoa seeks a consultant to train commercial banks and insurance providers on ESG and green finance, as part of the Global Green Growth Institute's initiative to enhance financial system sustainability in Pacific Island Countries. This effort supports implementing Samoa's ESG Guidelines and Sustainable Finance Roadmap, aiming for standardized definitions and data reporting to develop a national green taxonomy.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-07-22•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority released a discussion paper and draft Net Stable Funding Ratio reporting forms to gather feedback on updating the Isle of Man’s Basel III liquidity standards implementation.
Policy & regulationGuidance & interpretationLiquidity riskPrudential risks
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2025-07-22•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission's Advanced Insurance Institute launched its 13th insurance leadership programme, emphasizing a supervisory reform agenda. Secretary-General Chuchart Pramoolpol announced plans for full-consolidation group-wide supervision by 2026, enhanced investment flexibility, and updated standards for insurer financial stability. The agenda also includes new ESG requirements, controls on agents and brokers, and electronic premium-payment channels.
Policy & regulationReform agendas & prioritiesOther
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2025-07-22•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a discussion draft of digital asset market structure legislation, building on the House-passed CLARITY Act, and issued a Request for Information (RFI) for stakeholder feedback. The draft proposes defining "ancillary assets," tailored disclosure requirements, and a new "Regulation DA" to exempt certain offers from SEC registration. It also seeks input on regulatory clarity, investor protection, trading venues, custody, and banking innovation.
Policy & regulationRules & requirementsFintech and insurtechMarket infrastructure
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2025-07-22•South Africa•South African Reserve Bank
The South African Reserve Bank reported a 1.3% decrease in the composite leading indicator for May 2025, driven by declines in residential building plans and domestic manufacturing orders. Conversely, the composite coincident and lagging indicators rose in April 2025, supported by industrial production and trade sales. The only positive contribution to the leading indicator was an increase in the US dollar-denominated export commodity index.
Data & statisticsEconomic data and developments
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2025-07-22•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Superintendency of Banks of the Dominican Republic, with the Ministry of Foreign Affairs, introduced digital mechanisms for financial entities to verify document authenticity. Implemented via Circular SB: CSB-REG-202400010, the measures aim to prevent fraud and enhance traceability using QR codes, digital certificates, or unique verification links. Entities can select the most suitable solution, ensuring user-friendly verification for documents like bank reference letters and account statements.
Policy & regulationRules & requirementsDigital identity
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2025-07-22•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation via the websites www.ostiassicurazioni.com and ostiassicurazioni.com, instructing Italian internet service providers to block access. This action is part of IVASS's efforts to combat scams, with 263 websites blocked since November 2023. IVASS advises consumers to verify the legitimacy of insurance offers and intermediaries through its online registers before making payments.
SupervisionInterventionsFraud and scams
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2025-07-22•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission announced cabinet approval for legislative revisions raising the maximum deposit protection coverage to KRW100 million from KRW50 million, effective 1 September 2025. This applies to deposits at banks, savings banks, insurance companies, financial investment businesses, and mutual finance businesses under the Korea Deposit Insurance Corporation. The FSC and the Korea Deposit Insurance Corporation will oversee implementation and review deposit insurance premium rates, with updates expected in 2028.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-07-22•Kazakhstan•Astana Financial Services Authority
The Astana Financial Services Authority released three consultation papers on proposed amendments to the Astana International Financial Centre regulatory framework, focusing on capital markets, digital assets, and crowdfunding. Key proposals include streamlining securities offering processes, revising digital asset service provider obligations, and enhancing crowdfunding platform disclosures and eligibility requirements. The amendments aim to align regulations with broader frameworks and improve market efficiency.
Policy & regulationRules & requirementsCrowdfundingSecurities offerings and listings
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2025-07-22•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) acquitted PricewaterhouseCoopers Auditores Independentes S.A. and Claudia Eliza Medeiros de Miranda in a proceeding concerning alleged audit irregularities for Vince Shopping Centers Fundo de Investimento Imobiliário's 2018 financial statements. The decision, supported by Acting Chair Otto Lobo and Director João Accioly, faced partial dissent from Director Marina Copola, who advocated a warning due to specific audit failures.
EnforcementInvestigations & enforcement actionsAuditing
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2025-07-22•Germany•German Bundesbank
The German Bundesbank's July Bank Lending Survey shows tightened lending standards for corporate and household loans in Q2 2025, despite rising credit demand. Standards tightened by +3% for SME corporate loans and +11% for housing and consumer loans, due to higher perceived credit risk and lower risk tolerance. For Q3 2025, banks plan to ease corporate lending standards but may tighten household lending if creditworthiness declines, with demand expected to rise across all segments.
Data & statisticsMonetary data
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2025-07-22•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan announced a three-year programme starting 1 August 2025 to expand real-sector access to finance by enabling banks and non-bank credit organisations to hedge foreign funding. Funds from non-resident financial institutions will be converted into manat and hedged using the Central Bank’s instrument, targeting loans and leasing for micro, small, and medium-sized enterprises, family-farm households, and the self-employed. Eligible funding raised before the start date can switch to the Central Bank’s facility, with 50% of savings directed to easing credit terms for customers.
Policy & regulationImplementation, projects & pilotsLending
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2025-07-22•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Russia sanctions notice under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, applicable in Guernsey, detailing ships subject to sanctions. Firms must identify and report any business links to these ships to the States of Guernsey Policy & Resources Committee and comply with section 14 of the Sanctions (Bailiwick of Guernsey) Law 2018. Affected firms should notify the Commission with a Rule 12.37 report detailing relevant transactions and relationships.
Policy & regulationGuidance & interpretationSanctions list update
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2025-07-22•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, in collaboration with Australia, organized a workshop to enhance public awareness on the Prakas on the Offering of Infrastructure Debt Securities and related guidelines. The event, chaired by SERC Director General Sou Socheat and Australian Ambassador Derek Yip, included participation from various stakeholders and expert speakers from GuarantCo and CGIF.
Policy & regulationImplementation, projects & pilotsSecurities offerings and listings
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2025-07-22•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has designated INTERSHIPPING SERVICES LLC and LITASCO MIDDLE EAST DMCC under the UK Russia (Sanctions) (EU Exit) Regulations 2019, imposing an asset freeze and trust services sanctions. Businesses must freeze any funds linked to these entities and report findings to the Policy & Resources Committee and the Commission. Firms are prohibited from providing funds to the designated entities unless permitted by a derogation or licence.
Policy & regulationRules & requirementsNew sanctions designations
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2025-07-22•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Russia sanctions notice after UK designation amendments for Yegor Yurievich Karasev and OJSC Keremet Bank, maintaining asset freeze and trust services sanctions under the Russia (Sanctions) (EU Exit) Regulations 2019. Businesses must check for relationships with designated persons, freeze funds, and report findings to the States of Guernsey Policy & Resources Committee. Affected firms should also notify the GFSC and submit a report under Handbook Rule 12.37.
Policy & regulationGuidance & interpretationSanctions list update
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2025-07-22•Global•Network for Greening the Financial System
The Network for Greening the Financial System published a paper advocating for integrating adaptation and resilience into climate transition plans, highlighting the need to manage physical climate risks and identify adaptation opportunities. It outlines adaptation objectives and response options, emphasizing developing metrics and targets to address underfunded adaptation efforts, serving as input for the G20 Sustainable Finance Working Group's 2025 priority on scaling up adaptation finance.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-07-22•Global•Network for Greening the Financial System
The Network for Greening the Financial System (NGFS) released an input paper for the G20 Sustainable Finance Working Group, detailing methods to integrate climate adaptation and resilience into transition plans. The paper outlines a maturity pathway for institutions to develop adaptation metrics and targets, emphasizing public-sector conditions and real-economy planning to enhance adaptation-inclusive transition planning.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-07-22•Global•The Wolfsberg Group
The Wolfsberg Group issued a statement advocating for a risk-based approach (RBA) to financial crime compliance, emphasizing proportionality and effectiveness while rejecting a "zero failure" approach. The statement aligns with the Financial Action Task Force’s reforms and includes plans to update the Wolfsberg Group’s 2006 RBA guidance and related materials.
Policy & regulationGuidance & interpretationAML and CFT
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2025-07-22•Poland•Central Bank of Poland
The Central Bank of Poland reported a PLN 15.9bn increase in the M3 money supply for June 2025, reaching PLN 2,585.8bn, primarily driven by a rise in deposits and other claims of non-financial corporations. Deposits for non-financial corporations increased by PLN 22.0bn, while those for households rose by PLN 1.6bn. Debt of non-financial corporations increased by PLN 11.6bn, whereas net debt of the central government decreased by PLN 3.7bn.
Data & statisticsMonetary data
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2025-07-22•Uganda•Uganda Insurance Regulatory Authority
The Uganda Insurance Regulatory Authority issued directives to enhance local insurance personnel development by restricting foreign staffing and requiring regulator approval for work permits. Each insurance company may employ only one foreign staff member, excluding the Chief Finance Officer. The Immigration Department will not issue or renew work permits without IRA's prior written approval, effective immediately for new and renewing contracts.
Policy & regulationRules & requirementsCapacity building
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2025-07-22•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission issued an alert urging holders of JCK International Public Company Limited’s JCK213A and JCK217A bonds to review information and vote at the reconvened bondholders’ meeting on 25 July 2025. The meeting will address proposed changes to bond terms, including maturity extension and rescheduling of principal repayments. Bondholders’ representatives must analyze the implications of the proposals and provide their opinions.
SupervisionAlertsCorporate governance
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2025-07-22•Thailand•Thailand Securities & Exchange Commission
Thailand's Securities & Exchange Commission imposed civil sanctions on three individuals for insider trading of AAPICO Hitech shares, resulting in payments of THB 7,167,579 and barring them from executive roles in securities companies for specified periods. The sanctions follow a referral from the Stock Exchange of Thailand and relate to trading before AH disclosed its Q3 2022 results. If offenders refuse to comply, the SEC will seek a Civil Court order for maximum sanctions.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-07-22•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senators Elizabeth Warren and Jack Reed expressed concerns to SEC Chairman Paul S. Atkins about the revised compliance date for Form PF amendments, emphasizing risks to systemic risk monitoring. They argue Form PF data is crucial for detecting large-scale risks in private funds, as authorized by the Dodd-Frank Act. The letter also references SEC Commissioner Crenshaw’s dissent on the deadline extension and potential loss of benefits from delayed data collection.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-07-22•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren warned BNY Mellon CEO Robin Vince that acquiring Northern Trust could be "presumptively illegal" under federal antitrust law and increase financial stability risks. The letter notes the combined entity's custodial services market share would exceed 30%, with significant market concentration increases. Warren also cited past enforcement actions against BNY Mellon and requested a briefing on the potential merger.
Policy & regulationGuidance & interpretationOther
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2025-07-22•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren welcomed a U.S. District Court decision reinstating National Credit Union Administration Board Members Todd Harper and Tanya Otsuka, who were removed by President Trump in April. Warren described the firings as illegal and the court's decision as beneficial for credit unions, consumers, and the economy.
Institutional developmentLeadership change & appointmentsOther
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2025-07-22•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority announced that REIM International Limited has fallen below the 5% voting rights threshold in CFG Bank after selling 43,480 shares. Post-transaction, REIM holds 4.96% of CFG Bank's voting rights. REIM plans to continue selling shares within the next six months.
SupervisionRegulatory reportingSecurities offerings and listings
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2025-07-22•Canada•Department of Finance (Canada)
The Department of Finance Canada has initiated public consultations and released a paper to review the federal deposit insurance framework for federally regulated financial institutions. This review, conducted with the Canada Deposit Insurance Corporation and other agencies, aims to evaluate depositor protection amid evolving financial systems. The last review in 2014 led to legislative changes in 2018, enhancing coverage and rules for various deposit categories.
Policy & regulationReform agendas & priorities
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2025-07-22•Russia•Central Bank of Russia
The Central Bank of Russia announced a law allowing SMEs, individual entrepreneurs, and self-employed persons to request six-month loan repayment holidays every five years for loans under subsidised SME lending programmes. Approval depends on loan size limits, with interest accruing at the contractual rate during the holiday. The law takes effect on 1 October 2025, permitting applications for agreements signed before its adoption but no earlier than 1 March 2024.
Policy & regulationRules & requirementsLending
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2025-07-22•Russia•Central Bank of Russia
The Central Bank of Russia and Moscow Exchange have chosen initial participants for the Shareholder Value Creation Programme to boost market capitalisation for fast-growing companies. A new stock index includes shares of these issuers, limited to those on Moscow Exchange’s Level 1 or Level 2 quotation lists. Index inclusion decisions are made by a committee evaluating corporate governance, transparency, and financial performance.
Policy & regulationImplementation, projects & pilotsFinancial benchmarks
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2025-07-22•Russia•Central Bank of Russia
The Central Bank of Russia will supervise buy-now-pay-later (BNPL) operators under new laws prohibiting pricing practices disguising interest and setting limits on late payment fees. The framework mandates BNPL operators report liabilities over RUB 50,000 to credit history bureaus and standardizes product pricing regardless of payment method. The maximum zero-interest period will be reduced to six months by April 2026 and to four months by April 2028.
Policy & regulationRules & requirementsBNPL
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2025-07-22•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee released Chairman French Hill’s statement for a markup session on bipartisan bills to enhance small business capital access and modernize venture capital regulations. Key proposals include adjusting the Securities and Exchange Commission's exemption threshold for inflation, expanding fund managers' capital-raising abilities, and reforming Federal Deposit Insurance Corporation board requirements. The session also included a vote to reauthorize the Monetary Policy Task Force.
Policy & regulationReform agendas & prioritiesSME financing
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2025-07-22•Europe•European Commission
The European Commission has launched a consultation on a draft Communication to clarify favourable prudential treatment under the Capital Requirements Regulation (CRR) for banks' equity investments in qualifying legislative programmes. Supported by EU and national laws, these programmes involve public and private financing to aid specific sectors, allowing banks reduced capital requirements. The draft ensures consistent CRR rule application and outlines eligibility conditions, including significant public subsidies or guarantees and public authority oversight.
Policy & regulationGuidance & interpretationCapital adequacy
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2025-07-22•Egypt•Egypt Financial Regulatory Authority
Egypt’s Financial Regulatory Authority (FRA) outlined priorities for digital transformation in non-banking financial activities, emphasizing fintech enablement to expand access and support savings and investment. Chair Mohamed Farid highlighted the FRA's focus on digitization, cybersecurity, and service continuity, supported by frameworks like Fintech Law No. 5 of 2022 and recent decisions on technology, digital identity, and outsourcing. The FRA is also advancing crowdfunding frameworks and supporting fintech startups with flexible licensing and reduced regulatory costs.
Policy & regulationReform agendas & prioritiesFintech and insurtechMarket development
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2025-07-22•Egypt•Egypt Financial Regulatory Authority
Egypt's Financial Regulatory Authority (FRA) launched a regulatory sandbox for fintech in the non-banking financial sector to enhance supervision and support innovation. It's open to non-banking financial service providers and firms in the FRA's fintech outsourcing register, based on originality, market efficiency, and consumer protection. FRA also announced hackathons and reported significant digitisation uptake, including digital verification checks and contracts.
Policy & regulationImplementation, projects & pilotsFintech and insurtechRegulatory sandbox
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2025-07-22•United States•Federal Reserve Board
Federal Reserve Chair Jerome H. Powell outlined a review of the US bank capital framework at the Integrated Review of the Capital Framework for Large Banks Conference. The review covers risk-based capital requirements, leverage requirements, surcharges for large banks, and stress tests, with ongoing proposals. Powell emphasized the importance of supervisory practices in maintaining bank safety and competitiveness and invited feedback from participants.
Policy & regulationGuidance & interpretationCapital adequacy
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2025-07-22•Moldova•National Commission for Financial Markets
Moldova's Parliament amended the capital markets framework to enhance retail investor protections against complex derivatives and aggressive marketing. The changes ban binary options promotion and restrict leveraged derivatives marketing to non-professional clients, specifically prohibiting CFDs. The National Commission for Financial Markets can issue alerts and block misleading ads, with breaches as criminal offences.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-07-22•Chile•Chile Financial Market Commission
The Chile Financial Market Commission's 24th annual Report on Gender in the Financial System highlights women's representation in governance roles and gender disparities in financial product access. Women hold 17% of directorships, with notable gaps in banking subsidiaries and non-banking payment card issuers. The report also notes gender differences in loan amounts, mutual fund investments, and insurance possession, with women showing better debt payment indicators.
Data & statisticsDiversity and inclusion
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2025-07-22•United States•U.S. Securities & Exchange Commission
SEC Chair Paul S. Atkins addressed the Small Business Capital Formation Advisory Committee, discussing potential Regulation A enhancements and the ambiguity around "finders" connecting investors with small businesses. He stressed the need for a framework clarifying finder activities outside registered broker-dealers, referencing past recommendations and an unacted SEC proposed exemptive order. Atkins emphasized that committee recommendations should not undermine public markets while revitalizing initial public offerings.
Policy & regulationReform agendas & prioritiesSME financing
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2025-07-22•United States•U.S. Securities & Exchange Commission
U.S. SEC Commissioner Caroline A. Crenshaw issued a statement on Erica Y. Williams’ departure as Chair of the PCAOB, noting her contributions to updating auditing standards and enhancing inspections. The statement highlighted inspections in over 50 jurisdictions, including China, and improvements in the timeliness of firm inspection reports. Crenshaw also acknowledged PCAOB Board Member Botic, who will assume his new role on July 23, 2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-22•United States•U.S. Securities & Exchange Commission
SEC Commissioner Hester M. Peirce urged the Small Business Capital Formation Advisory Committee to enhance Regulation A and reconsider exemptive relief for "finders" connecting entrepreneurs with investors. Peirce highlighted issues with broker-dealer registration triggers and critiqued the SEC's 2020 proposed exemptive order's two-tier approach. The committee's discussions aim to shape recommendations for the Commission.
Policy & regulationReform agendas & prioritiesCrowdfunding
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2025-07-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced organizational and staffing decisions for Regional Branch 14, aligning with new provincial boundaries effective 1 July 2025. The branch, covering Can Tho City and Vinh Long province, will focus on governance, digital transformation, and credit growth with risk control. By end-July 2025, outstanding loans reached over VND 491.7tn, with significant allocations to trade, services, and agriculture.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam released an implementation plan for Directive 39, focusing on enhancing social policy credit through the Vietnam Bank for Social Policies. The plan aims to modernize concessional lending, diversify funding sources, and set targets for state budget and bond funding by 2030. It also includes measures to expand borrower eligibility, prioritize disadvantaged groups, and advance digital banking and risk management.
Policy & regulationImplementation, projects & pilotsOther
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2025-07-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced changes at Regional Branch 13, with Deputy Governor Nguyen Ngoc Canh overseeing management appointments and emphasizing smooth operations. The branch reported a 6.21% increase in outstanding credit, with significant lending to agriculture, rural areas, and SMEs. Supervisory priorities include expanding credit for high-tech agriculture and value-chain projects, maintaining stable interest rates, and advancing digital transformation.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-22•Egypt•Central Bank of Egypt
The Central Bank of Egypt reported a 22.6% improvement in the current account deficit for July to March FY 2024/2025, narrowing to USD 13.2 billion. However, the overall balance of payments shifted to a USD 1.9 billion deficit from a USD 4.1 billion surplus, primarily due to a sharp decline in capital and financial account inflows to USD 7.7 billion from USD 20.0 billion, which previously included the USD 15.0 billion Ras El Hekma deal.
Data & statisticsBalance of payments and other external statistics
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2025-07-22•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay’s Monetary Policy Committee unanimously kept the monetary policy rate at 6.00% on 22 July 2025, extending the unchanged stance maintained since January, as strong domestic activity and an upward revision to the 2025 inflation forecast were offset by medium-term inflation expectations that remain aligned with the 3.5% target. The Committee raised its 2025 gross domestic product growth projection to 4.4% from 4.0% and its 2025 inflation forecast to 4.0% from 3.8%, while noting renewed external uncertainty and saying it stands ready to act to ensure compliance with the target over the monetary policy horizon.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-07-22•South Korea•Bank of Korea
The Bank of Korea reported preliminary Producer Price Index data for June 2025, indicating a 0.1% month-on-month and 0.5% year-on-year increase in producer prices. Sub-index movements included a 0.6% rise in agricultural, forestry, and marine products, stable manufacturing products, a 0.1% decline in electric power, gas, water, and waste, and a 0.3% increase in services.
Data & statisticsEconomic data and developments
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2025-07-22•United Arab Emirates•General Pension and Social Security Authority
The UAE's General Pension and Social Security Authority, with the Ministry of Human Resources and Emiratisation and the Federal Authority for Government Human Resources, launched the Ma’ashi platform to automate pension processes. It includes automatic registration and notification of contribution obligations, enhancing efficiency and accuracy in pension administration. The platform also facilitates proactive disbursement of insurance benefits and updates data automatically, reducing paperwork and processing times.
Policy & regulationImplementation, projects & pilotsOther
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2025-07-22•Taiwan•Central Bank of Taiwan
The Central Bank of Taiwan reported June 2025 statistics for the Taipei foreign exchange market, with a total net trading volume of USD 963.7 billion and an average daily turnover of USD 45.9 billion. Customer-related trades comprised 71.2% of the volume, while foreign exchange swaps were the predominant instrument at 50.4%. The New Taiwan dollar against foreign currencies accounted for USD 387.8 billion, primarily NTD/USD at USD 371.9 billion.
Data & statisticsForeign exchange policy and markets
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2025-07-22•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury has updated its Russia sanctions regime, aligning with the UK Sanctions List as of 21 July 2025. The update includes 137 new entries and amendments to two existing entries, imposing asset freezes, trust services sanctions, and shipping sanctions on specified vessels. Institutions are required to freeze relevant assets, avoid unauthorized dealings, and report to the Financial Intelligence Unit.
Policy & regulationRules & requirementsSanctions list update
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2025-07-22•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) has initiated consultations on draft technical standards to implement the EU’s Insurance Recovery and Resolution Directive, effective 2027. The proposals include criteria for establishing resolution colleges and procedures for insurers' resolution planning submissions. The standards aim to streamline collaboration and reporting, leveraging existing Solvency II processes.
Policy & regulationRules & requirementsRecovery and resolution
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2025-07-22•United Arab Emirates•Dubai International Financial Centre
Dubai International Financial Centre announced Gordian Capital's plan to expand to Dubai, establishing a fund platform in the DIFC pending approval from the Dubai Financial Services Authority. The platform aims to replicate Gordian's services in Singapore, Hong Kong, and Tokyo, targeting global firms with a regulated entry pathway. The initiative will leverage Gordian's expertise, managing USD17 billion in assets and over 115 funds for institutional investors.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-22•United Arab Emirates•Dubai International Financial Centre
Dubai International Financial Centre has issued a Commercial Licence to Hut 8 Investment Ltd, a subsidiary of Hut 8 Corp, for proprietary investments and certain non-financial activities. This licence aims to enhance Hut 8's capital strategy by facilitating active treasury management of Bitcoin reserves through structured derivatives strategies. The company expects its DIFC presence to improve access to institutional counterparties and products, enable direct trading on global derivatives markets, and reduce trading friction and transaction costs.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-21•Sierra Leone•Ministry of Finance (Sierra Leone)
Sierra Leone’s Finance Minister Ahmed Sheku Fantamadi Bangura is now Chair of the GIABA Ministerial Committee, focusing on combating financial crime in West Africa. At the GIABA meeting in Accra, Bangura emphasized enhanced regional cooperation, targeted capacity-building, and improved intelligence-sharing to tackle cybercrime and illicit financial flows. He stressed moving from technical compliance to demonstrable effectiveness with strong political commitment and policy alignment.
Institutional developmentLeadership change & appointmentsAML and CFTCross-border cooperation
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2025-07-21•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro (CBCG) and Deutsche Bundesbank discussed enhancing cooperation to strengthen CBCG's capacity for European integration. Key initiatives include a third phase of the regional Instrument for Pre-accession Assistance project and a new twinning project to align Montenegro's regulatory framework with EU standards. The CBCG highlighted progress in European integration, including contributions to negotiation chapters and integration into the Single Euro Payments Area.
Policy & regulationCooperationCapacity buildingCross-border cooperation
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2025-07-21•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission released the "Njila Investor Guide" to enhance informed and secure financial decision-making. This initiative supports investor protection and financial literacy amid the proliferation of digital financial content, promoting education and critical engagement with financial information.
Financial literacy & educationFinancial literacy and education
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2025-07-21•Global•Financial Markets Standards Board
The Financial Markets Standards Board published a Spotlight Review updating its assessment of carbon markets, expanding its 2022 focus on voluntary carbon markets to include compliance markets. The review highlights advances in market design, constraints like market fragmentation, and the need for international cooperation to integrate voluntary and compliance markets into a unified system.
ResearchClimate risk and sustainable finance
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2025-07-21•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) released its seventh report on non-financial reporting by Italian listed companies, highlighting increased transparency and integration of sustainability into governance. The report notes a shift in financial reporting to include climate-change impacts, with 150 companies on Euronext Milan publishing non-financial statements in 2024. Additionally, 82% of reporters had sustainability committees, and 151 issuers incorporated non-financial factors into CEO pay, with ESG components averaging 18.8% of short-term and 20.6% of long-term variable pay.
SupervisionReviews, inspections & stress testsESGActivity and performance reporting
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2025-07-21•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has amended regulations to address legal gaps in collective investment activities, refining asset management and fund registration processes. Key updates include clarified timelines and actions for asset management company (AMC) transitions, electronic document retention, and agreement processes between AMCs and corporate investment funds. Prospectus registration rules now include additional deadlines and provisions for representative signatures.
Policy & regulationRules & requirementsRegulatory burden
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2025-07-21•Peru•Central Bank of Peru
The Central Reserve Bank of Peru reported that non-traditional textile exports reached USD 712 million from January to May, marking an 11.8% increase year-on-year. This growth was driven by a 10.4% rise in export volumes and a 1.2% increase in prices. In May, exports totalled USD 148 million, with notable volume gains in alpaca and llama fibres to China and cotton fabrics to Colombia.
Data & statisticsBalance of payments and other external statistics
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2025-07-21•Andorra•Andorran Financial Authority
The Andorran Financial Authority announced that Moody’s Ratings has affirmed Andorra’s sovereign rating at Baa1 with a stable outlook, citing strong macroeconomic and institutional fundamentals. Moody’s noted solid economic growth, a fiscal surplus of 2.2% of GDP in 2024, and moderate debt levels. The stable outlook is supported by expectations of sustained fiscal strength and potential economic diversification through an EU Association Agreement.
Data & statisticsCredit ratings
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2025-07-21•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) secured Supreme Court orders requiring Liberty Primary Metals Australia, Tahmoor Coal, and Liberty Bell Bay, part of GFG Alliance, to submit overdue reports. Liberty Primary Metals and Tahmoor Coal must file 2024 reports by 22 August 2025, while Liberty Bell Bay must lodge 2021-2023 reports by 3 October 2025 and the 2024 report by 31 October 2025. ASIC stressed timely reporting's importance for informed decision-making by creditors and stakeholders.
EnforcementInvestigations & enforcement actionsAccounting and financial reporting
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2025-07-21•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has cancelled the Australian Credit Licence of Lendflex Holdings Pty Ltd, effective 15 July 2025, due to the firm's failure to lodge its 2024 annual compliance certificate and nominate a Key Person. Lendflex, which held ACL 548515 since September 2023, can seek a review of this decision by the Administrative Review Tribunal.
EnforcementInvestigations & enforcement actionsLicence withdrawal
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2025-07-21•Latvia•Ministry of Finance (Latvia)
Latvia's Ministry of Finance proposes amendments to the Insurance and Reinsurance Distribution Law to enhance supervision and conduct for distributors, aiming to bolster market development, competition, and customer protection. Key changes include updated supervision and professional requirements, clarified registration for brokers and agents, and adjustments to supervisory information submissions. The proposal also addresses increased digital distribution, new EU sustainability rules, and revises the annual supervision fee for brokers due to inflation and resource needs.
Policy & regulationRules & requirementsMarket development
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2025-07-21•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority has released a consultation paper proposing a regulatory framework for licensing and supervising Digital Identity Service Provider Businesses under a new Act. It mandates licensing for identity proofing and authentication, introduces three licence classes, and sets requirements including a Bermuda principal place of business, minimum net asset thresholds, and annual compliance certifications. Civil penalties up to 10 million USD and restrictions on unlicensed use of the term "digital identity service provider business" are also proposed.
Policy & regulationRules & requirementsLicensing framework and process
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2025-07-21•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) reviewed the Government’s Motor Insurance Taskforce, noting UK motor insurance premiums have risen due to increased claims costs. Total claims costs rose 34% from 2019 to 2023, driven by higher vehicle values, repair complexities, and labour shortages. The FCA proposes actions to improve affordability, focusing on repair capacity, claims cost control, and fraud deterrence.
ResearchClaims management
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2025-07-21•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) released findings from a review of benchmark administrators' data risk management, revealing inconsistent practices undermining a robust control environment. Based on FCA Principles 2 and 3 and the UK Benchmarks Regulation, the review highlighted strong practices like risk-based supplier onboarding and weaknesses such as inadequate management information and governance. The FCA plans further work on benchmark controls and corporate governance in 2025 and 2026.
SupervisionReviews, inspections & stress testsRegulatory reporting
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2025-07-21•United Kingdom•Financial Conduct Authority
The FCA's July 2025 Market Watch newsletter highlights inefficiencies in UK MiFID transaction reporting. It emphasizes timely, accurate reporting and warns against delays affecting data reliability and market abuse detection. The FCA reviewed breach notifications, noting varying quality and setting best-practice expectations for clearer disclosures.
SupervisionRisk monitoring & watch pointsRegulatory reporting
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2025-07-21•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance proposed amending the draft National Customs Code bill to reduce ATM and bank service fees. Key measures include abolishing the EUR 1.50–2.00 commission for cash withdrawals at DIAS-member ATMs, capping fees at EUR 1.50 for non-DIAS transactions, and eliminating balance inquiry fees. The amendment also introduces a EUR 0.50 fee cap for remittances and ensures free withdrawals in areas with only one ATM.
Policy & regulationRules & requirementsPayments and payment systems
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2025-07-21•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) confirmed mortgage rule changes to simplify requirements and increase flexibility, making it quicker and cheaper for borrowers to adjust mortgages. The changes facilitate term shortening, remortgaging for cheaper products, and obtaining advice, while removing outdated guidance to reduce regulatory burden. These measures are part of the FCA's broader Mortgage Rule Review outlined in PS25/11.
Policy & regulationRules & requirementsLending
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2025-07-21•Bolivia•Financial System Supervisory Authority of Bolivia
The Financial System Supervisory Authority of Bolivia (ASFI) clarified its criminal complaint against a citizen for spreading alarmist content on TikTok about bank safety. Filed under Article 491 of Law No. 393, the complaint addresses false information that could undermine confidence in the National Financial System, potentially leading to mass deposit withdrawals. ASFI emphasized safeguarding public savings and urged reliance on official sources.
EnforcementInvestigations & enforcement actions
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2025-07-21•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) secured a Court of First Instance order disqualifying Ms Ho Siu Man, former executive director of First Credit Finance Group Limited, from directorship roles for seven years due to breaches of fiduciary duties. The SFC's investigation revealed Mr Cho Kwai Chee acted as a de facto director and participated in misleading share placements. Proceedings against other former directors of First Credit are ongoing.
EnforcementSanctions & designationsCorporate governance
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2025-07-21•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert regarding a fraudulent website linked to The Hongkong and Shanghai Banking Corporation Limited. The HKMA reminded the public that banks do not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through these channels. Affected individuals should contact their bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-07-21•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors and the World Bank Group published a paper for the G20 Sustainable Finance Working Group on natural catastrophe protection gaps in emerging markets. It outlines steps for governments, supervisors, and the insurance industry, including capacity building, risk-based frameworks, and solutions like parametric insurance and catastrophe bonds. The IAIS and World Bank will continue developing guidance and tools to help policymakers close these gaps.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-07-21•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) issued a warning that greymax.net and finotivefunding.com are not authorized to provide investment services under Article 5 of Law 87(I)/2017. CySEC advises investors to verify the licensing status of firms on its website before engaging in business.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-07-21•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reissued the banking licence to Joint Stock Company First Heartland Jusan Bank, now renamed Joint Stock Company Alatau City Bank, to conduct banking operations under Kazakhstan’s banking legislation.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-07-21•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Gulnara Zhamankulovna Shamshieva as chair of the board of directors of a second-tier bank, as per protocol No. 61/БВУ/Т dated 14 July 2025.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-07-21•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) outlined progress on consumer protection, including faster remediation for major loss events, tech-enabled complaints handling, and enhancements to compulsory motor insurance. Key initiatives include raising compulsory motor insurance cover to THB 20 million per accident and launching Phase 2 of the Policyholder Protection Management System. The OIC also plans to expand its Prachinburi road-safety pilot and enhance online insurance services for vulnerable groups.
Policy & regulationImplementation, projects & pilotsConsumer and investor protection
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2025-07-21•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan approved Gojo&Company, Inc's acquisition of a 90.71% stake in Closed Joint Stock Company Bank Arvand under the Law on Banking Activity.
SupervisionAuthorisations & approvalsOther