The Central Bank of Russia has introduced a Code of Responsible Investment for institutional investors, including banks and insurers, focusing on equity instruments. The Code encourages active engagement with issuers to enhance corporate governance and shareholder value. Adherents are expected to publish annual reports on their implementation of the principles.
The Central Bank of Russia attended a meeting of the Foreign Exchange Policy Advisory Board of Eurasian Economic Union central banks in Kyrgyzstan, discussing economic outlook, monetary policy, and regulatory coordination. Key topics included the countercyclical capital buffer, ESG activities, and joint cyber drills. Governor Elvira Nabiullina led the Russian delegation.
The Central Bank of Russia's July Monitoring of Businesses commentary shows a slowdown in business activity, with the Business Climate Index dropping to 1.5 points from 3.0 in June. Output, demand, and short-term expectations have decreased, while business price expectations have risen. The central bank will now regularly publish monitoring indicators by macro region and provide time series survey results via its Official Statistics Retrieval Service.
The Central Bank of Luxembourg and STATEC reported a provisional current account surplus of EUR 883 million for Q1 2025, up EUR 316 million from Q1 2024. The goods balance showed a deficit of EUR 184 million, with notable changes in exports and imports, while the services surplus rose 18% to EUR 1,273 million. In the financial account, there were significant portfolio investment inflows into Luxembourg equities and debt securities, alongside net disinvestment in foreign equities.
The Egypt Financial Regulatory Authority approved incorporations and licence amendments for real estate investment funds and SME and microfinance activities. The National Bank of Egypt and Qatar National Bank were cleared to deal in government securities and financial instruments in the secondary market. Key approvals include establishing Saqr Real Estate Investment Fund Company and Nawy Shares Real Estate Investment Fund Company, with authorizations for related firms to promote, underwrite, and manage real estate investment funds.
The Egypt Financial Regulatory Authority (FRA) outlined strategic priorities for reforming the non-bank financial sector, emphasizing market integrity, investor protection, digitalization, and product expansion. Key initiatives include developing digital market infrastructure, frameworks for SPAC shares, and updates to accounting standards. The FRA also highlighted launching a voluntary carbon market and plans for rules on digital platforms for real estate investment funds.
The Egypt Financial Regulatory Authority (FRA) participated in the London Stock Exchange's "Egypt Day" to enhance strategic partnerships with international institutions. The delegation, including senior Egyptian financial officials, aims to expand cooperation with UK businesses and align Egypt's capital market with global practices.
The Federal Deposit Insurance Corporation (FDIC), Federal Reserve, and Office of the Comptroller of the Currency proposed rescinding the 2023 Community Reinvestment Act (CRA) rule, reverting to the 1995 CRA regulations with technical amendments. This affects all FDIC-supervised and insured institutions, updating asset-size thresholds for "small bank" definitions and adjusting CRA Sunshine Requirements. The 2023 rule has not taken effect and remains under legal scrutiny.
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency proposed rescinding the 2023 Community Reinvestment Act (CRA) rule, which is under legal challenge, and reinstating the 1995 CRA regulations with technical amendments. The proposal aims to restore certainty for stakeholders and reduce regulatory burden on banks while ensuring community service expectations are met.
Federal Reserve Board Governor Michael S. Barr's speech highlighted the historical pattern of financial regulation weakening during boom periods, increasing bank fragility and exacerbating downturns. Barr advocated for a through-the-cycle regulatory approach to maintain resilience, citing past crises like the Great Depression and the Savings and Loan crisis as examples of regulatory gaps leading to significant bank failures. He emphasized the need for continuous regulatory updates to address evolving risks and resist deregulatory pressures during economic expansions.
The US Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency proposed rescinding the 2023 Community Reinvestment Act (CRA) final rule, reverting to the 1995 CRA regulations with technical amendments. The 2023 rule, not yet in effect due to legal challenges, would be replaced to reduce regulatory burden while ensuring banks continue serving their communities.
SEC Commissioner Hester Peirce urged enhanced UK-US regulatory cooperation to foster innovation in global capital markets, proposing a cross-border "sandbox" for testing distributed ledger technology. Her speech emphasized existing cooperation tools and outlined critical sandbox design features, focusing on crypto and blockchain experimentation. Peirce encouraged joint discussions between firms and regulators and highlighted the SEC's call for public comment on Foreign Private Issuer eligibility.
The State Bank of Vietnam appointed Tran Anh Quy as Deputy Head of the Department of Credit for Economic Sectors for a five-year term. Deputy Governor Nguyen Ngoc Canh emphasized the department's focus on regulatory framework development, credit support programs, and managing risky sectors to achieve an 8% GDP growth target.
At a forum in Hanoi, State Bank of Vietnam Deputy Governor Pham Tien Dung highlighted digitalisation's impact on banking, with automation displacing traditional roles and a shift towards "smart" digital ecosystems. Key indicators included a daily throughput of VND 820 trillion in the interbank payment system and a rise in QR-code transactions. The forum also addressed the growing demand for IT skills due to AI and other technologies, with calls for enhanced training and a digital competency framework.
The State Bank of Vietnam and J.P. Morgan discussed enhancing technical cooperation, focusing on foreign exchange reserve management and bond transactions. They highlighted ongoing exchanges and workshops on securities lending, custody, and central bank gold investment. The State Bank expressed interest in making these workshops an annual event to further expand cooperation.
Prime Minister Pham Minh Chinh has directed the State Bank of Vietnam to support a 2025 GDP growth target of 8.3–8.5% through proactive monetary policy, including adjusting the credit growth target and reducing borrowing costs. The central bank must ensure credit for priority sectors and implement a VND 500 trillion lending package for infrastructure and digital technology. Efforts will also focus on stabilizing the exchange rate and keeping inflation below 4.5%.
The European Central Bank Banking Supervision released its final Guide on outsourcing cloud services, detailing expectations for banks under the Digital Operational Resilience Act (DORA). The non-binding Guide aims to enhance supervision consistency and outlines good practices for cloud outsourcing risk management. It incorporates feedback from a public consultation, clarifying distinctions between DORA requirements and ECB recommendations, and emphasizes a risk-based approach to IT security and cyber risks.
The Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency proposed rescinding the 2023 Community Reinvestment Act (CRA) final rule and reinstating the 1995 CRA regulations with technical amendments. This move aims to provide greater certainty amid pending litigation and reduce regulatory burden, as the 2023 rule has not taken effect and remains under legal scrutiny.
The Bank of Korea released preliminary data for June 2025, indicating declines in both the Export and Import Price Indexes in Korean won terms. The Export Price Index fell 1.1% month-on-month and 4.5% year-on-year, while the Import Price Index decreased 0.6% month-on-month and 6.2% year-on-year. The Net Barter Terms of Trade Index improved by 4.0% year-on-year.
SEBI issued an updated master circular for portfolio managers, consolidating requirements from previous circulars and superseding the June 2024 version. The framework covers registration, operating standards, client protection, investment controls, and disclosure obligations, including a minimum INR 50 lakh investment and cyber security compliance. Transition provisions ensure continuity for actions and applications under rescinded circulars, with ongoing reporting obligations maintained.
The Taiwan Financial Supervisory Commission released the 2024 Financial Inclusion Indicators, showing Taiwan surpassing global averages in access and usage metrics, including bank branches, ATMs, and digital payments. All 2024 targets were met, with notable achievements in online insurance sales and financial literacy. For 2025, the FSC revised one observatory indicator on futures market e-trading and raised target values for six performance indicators, maintaining 23 performance and four observatory indicators in the updated framework.
The Insurance Regulatory and Development Authority of India (IRDAI) approved the transfer of 26% equity shares in Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance from Allianz SE to Bajaj Finserv Limited, Bajaj Holdings & Investment Limited, and Jamnalal Sons Private Limited. The decision was made by IRDAI’s Panel of Whole Time Members on 15 July 2025.
The Central Bank of the UAE has fined a foreign bank branch AED 600,000 for non-compliance with Market Conduct and Consumer Protection Regulations and Standards. This enforcement action is based on Article 137 of Decretal Federal Law No. 14 of 2018, as amended.
The Central Bank of Nicaragua reported a current account surplus of USD 413.3 million for Q1 2025, equivalent to 8.0% of GDP, up from 4.1% in Q1 2024. Goods exports rose to USD 1,857.5 million, while imports increased to USD 2,540.0 million, resulting in a reduced trade deficit. Remittance inflows surged by 26.3% year-on-year to USD 1,441.3 million, and gross foreign direct investment inflows totaled USD 707.3 million.
The Central Bank of the Dominican Republic announced that Governor Héctor Valdez Albizu discussed economic conditions with the Dominican College of Engineers, Architects and Surveyors, highlighting the release of DOP 81 billion for loans to productive sectors at a maximum interest rate of 9% and policy rate cuts totaling 125 basis points in 2024. The construction sector, accounting for 13.1% of GDP, saw private credit growth of 8% year on year by end-June, with projections of 10%–12% by year-end. CODIA is enhancing governance, training, and monitoring of construction costs.
The Payment Systems Regulator unveiled a new model for UK retail payments infrastructure, redistributing roles among public authorities and industry while retaining Pay.UK's role. It focuses on public-private collaboration to improve the Faster Payments System and adopt new technologies, guided by international comparisons and past UK strategies, with coordination under an updated Memorandum of Understanding as the PSR consolidates into the Financial Conduct Authority.
The Belgium Financial Services and Markets Authority has announced its 2025 continuing professional training programme for accredited auditors, to be held in person in Brussels. The programme includes sessions on 25 November for collective investment entities and on 2 December for occupational retirement institutions.
The Angola Insurance Authority (ARSEG) released a guide detailing criteria and procedures for identifying politically exposed persons in the insurance and pension funds sector.
The Angola Capital Markets Commission participated in a roundtable organized by Cape Verde's General Audit of the Securities Market, discussing financial intermediation market opportunities and challenges among Portuguese-speaking jurisdictions. Executive Administrator Nádia Pinto highlighted Angola's progress in regulation, digitalization, and diversification, while addressing challenges like financial literacy and system confidence.
The Kuwait Capital Markets Authority has licensed Gulf Capital Investment Company to establish the Pearl Money Market Fund, a USD-denominated fund compliant with Islamic Sharia. The licence, valid for three years, was issued under the Authority’s securities law and executive bylaws, referencing Resolution No. 88 of 2025 and Article Nine.
The European Supervisory Authorities published a guide detailing oversight of critical ICT third-party service providers under the Digital Operational Resilience Act. The guide outlines governance, principles, and processes, including the use of Joint Examination Teams, and is non-binding. Stakeholders are encouraged to use the guide for preparation and refer to additional resources for implementing the DORA Oversight framework.
ASIC has charged Glenn Alexander Rosewall, former Executive Chairman of BBY Limited, with aiding and abetting the company's alleged dishonest conduct involving client money. Rosewall allegedly used AUD 1.95 million of client funds to pay an unrelated corporate invoice between March and May 2015. He faces charges under the Corporations Act 2001 and the Criminal Code, prosecuted by the Commonwealth Director of Public Prosecutions.
The Australian Securities & Investments Commission (ASIC) announced the conviction of Remedy Housing officials Brent Smith, Mahmoud Khodr, and Fue Mano for dishonesty offences related to promoting interest-free mortgages. They were found guilty of using their positions dishonestly between 2019 and 2021. Remedy Housing falsely claimed to offer interest-free mortgages and refunds, using deposits for operations and personal gain. The Commonwealth Director of Public Prosecutions prosecuted the case after an ASIC investigation. Interim orders and injunctions were previously obtained by ASIC. Sentencing is set for 9 September 2025.
SIPEN held a training at the General Directorate of Internal Taxes on maximizing retirement outcomes under the Individual Capitalization System. The session highlighted the impact of ordinary and voluntary contributions on pension increases, using illustrative cases. This initiative is part of SIPEN's educational program to enhance pension literacy and award the DGII the “Aquí Sabemos de Pensiones” designation.
The Australian Securities & Investments Commission (ASIC) announced that Daniel Kirby, former director of Berndale Capital Securities Pty Ltd, was sentenced to 2 years and 11 months for dishonest conduct and misuse of funds, with possible release after 12 months on a AUD 1,000 recognisance and three years of good behaviour. Kirby pleaded guilty to charges including providing false information to an auditor. This case is the first under ASIC’s expanded corporate criminal jurisdiction in the Federal Court. Co-accused former director Mr. D’Amore has a case management hearing on 24 July 2025.
The Tanzania Insurance Regulatory Authority participated in the 49th Saba Saba International Trade Fair, engaging with over 40 insurance companies and agent banks. Insurance providers reported strong outcomes, including customer acquisition and increased public visibility. Insurance Commissioner Dr Baghayo Saqware emphasized professionalism and transparency in operations.
The Ukraine National Commission on Securities and Stock Market released its June 2025 analytical digest, highlighting a significant increase in securities trading. Organised market turnover rose to UAH 96.3 billion, driven by government bonds, while unorganised market turnover reached UAH 58.8 billion, with notable activity in government and corporate bonds. Commodity exchange trading also increased to UAH 32.4 billion.
The Central Bank of Peru, with the Reinventing Bretton Woods Committee and the Inter-American Development Bank, stressed macroeconomic stability and regional reforms amid global uncertainty. The conference noted weaker growth prospects, trade pattern shifts, and US fiscal measures' impact on the dollar. Policy priorities include aligning monetary and fiscal policies, avoiding demand-driven inflation, and advancing infrastructure, digitalisation, and social protection reforms.
Mexico's Ministry of Finance clarified that fines reported for CI Banco, Intercam, and Vector Casa de Bolsa are the same as those communicated on 25 June. The updated MXN 185 million reflects breaches in administrative processes identified through regular reviews. The ministry stated it has no conclusive evidence of illicit activities but will act decisively if such evidence arises.
Indonesia's Financial Services Authority (OJK) released “Getting to Know and Understand Carbon Trading for the Financial Services Sector” to bolster the sector's role in green economy transition, as mandated by Law No. 4 of 2023. The publication outlines principles, regulatory foundations, and trading mechanics for carbon trading, highlighting market potential, challenges, and the need for strong governance. OJK reported Indonesian carbon market data, including a traded volume of 1,599,336 tonnes of carbon dioxide equivalent valued at IDR 78 billion.
The Indonesia Financial Services Authority (OJK) mandates investment managers to implement risk management and undergo soundness assessments, aligning with risk-based supervision. Effective 9 May 2025, it outlines requirements for risk management, soundness assessments, and follow-up actions, consistent with International Organization of Securities Commissions guidance. Obligations commence on 9 May 2027, revoking Article 47 of OJK Regulation No. 17/POJK.04/2022.
The National Bank of Georgia and the Bank of Korea have initiated a project to advance cashless payments in Georgia, linked to Real-Time Gross Settlement modernisation and instant payment solutions. The collaboration will leverage Korean expertise in payment system modernisation, focusing on technological innovation, consumer behaviour, infrastructure constraints, and financial inclusion. The project includes meetings with banking and fintech stakeholders and aims to develop policy, regulatory, and technological recommendations for Georgia's payments landscape.
The National Bank of Georgia published an interactive update detailing money transfer statistics for June 2025, accessible on its website.
The Securities and Exchange Commission of Pakistan (SECP) has released the Draft Women EquiSmart Policy 2025–2028 for public consultation, marking its first comprehensive gender equality framework for SECP-regulated sectors. The policy, structured around six pillars, aims to enhance women's leadership, entrepreneurship, and workplace inclusivity, aligning with national and global priorities. Stakeholders are encouraged to provide feedback on the proposed recommendations and action plan.
People's Bank of China Governor Pan Gongsheng and Bernard Mensah, President of Bank of America International, discussed the global economic and financial situation, China's macroeconomic policies, and financial market development.
Latvia's Ministry of Finance has drafted amendments to the Alternative Investment Funds and their Managers Law to support sector development and reduce administrative burdens. The amendments refine rules for managers, enhance registration requirements, and update anti-money laundering and counter-terrorist financing expectations. They propose new requirements for fund unit issuance, closed-end fund frameworks, and empower Latvijas Banka to fine unnotified acquisitions of holdings in registered managers.
The European Supervisory Authorities, including the European Banking Authority, have released a guide on oversight activities under the EU Digital Operational Resilience Act (DORA). It details the use of Joint Examination Teams to oversee critical ICT third-party service providers and explains the oversight framework's governance, processes, and tools. It is non-binding and aims to assist stakeholders in preparing for DORA's implementation.
The UK Financial Conduct Authority and the UK Financial Ombudsman Service propose reforms to enhance predictability, consistency, and firm accountability in mass redress events. Key proposals include a six-criteria assessment framework, updated FCA Handbook guidance, and changes to complaint handling. The reforms also aim to improve Financial Services Compensation Scheme efficiency through simplified eligibility and broader default-determination powers.
Greece's Ministry of National Economy and Finance reported a provisional state budget deficit of EUR 416 million for January–June 2025, significantly below the target of EUR 2,795 million. The primary surplus was EUR 4,667 million, exceeding the target of EUR 2,235 million. Net revenues were 1.4% above target, driven by strong tax receipts, while expenditure was EUR 1,891 million below target due to timing delays in payments.
Greece’s Ministry of National Economy and Finance, via Deputy Minister Georgios Kotsiras, presented the draft Property Taxation Code to the Greek Parliament’s Standing Committee on Economic Affairs. The code aims to consolidate decades of real estate tax legislation to enhance legal certainty and transaction security. Kotsiras also highlighted the government's broader tax policy achievements since 2019, including reductions and efforts to combat tax evasion.
Greece's Ministry of National Economy and Finance shared Deputy Minister Giorgos Kotsiras's priorities at the 8th InvestGR Forum, focusing on reducing bureaucracy and enhancing the business environment through tax policy and digitalisation. Kotsiras emphasized efforts to lower taxes, combat tax evasion, and streamline administrative processes. A new Customs Code, aimed at digitising trade processes, is anticipated to be voted on next week.
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) stresses robust AML/CFT protections for firms in crypto activities, focusing on Crypto-Asset Service Providers (CASPs) in its 2025 Work Programme. AMLA expects more licensed CASPs under the Markets in Crypto-Assets Regulation (MiCA) and notes the risk of inconsistent application across jurisdictions. Coordination with national authorities and European bodies will uphold high AML/CFT standards and conduct joint financial intelligence analyses.
Bolivia’s Financial System Supervisory Authority (ASFI) has implemented a new framework for Financial Technology Companies (ETFs), including a Controlled Testing Environment (ECP) for testing innovative services. The regulation emphasizes responsible innovation, interoperability, and confidentiality, with requirements for data protection, cybersecurity, and risk management. Existing firms must begin adapting by 31 December 2025 while continuing declared services.
The International Association of Deposit Insurers (IADI) announced the Reserve Bank of New Zealand's membership and updates on deposit insurance policy activities. The consultation on Core Principles for Effective Deposit Insurance Systems has closed, while the e-money and deposit insurance consultation remains open. IADI is also conducting a digitalisation webinar series addressing issues like stablecoin regulation and Brazil's Digital Brazilian Real (Drex).
The Reserve Bank of Australia has released a consultation paper proposing the removal of surcharges on eftpos, Mastercard, and Visa cards, reduced interchange fee caps, and increased fee transparency. Feedback is due by 26 August 2025, with final conclusions and an implementation timeline expected by the end of 2025.
The Agency for Regulation and Development of the Financial Market of Kazakhstan approved senior appointments at the newly converted second-tier bank from JSC “Microfinance Organization KMF.” Appointments include Olga Vladislavovna Yugay, Karlygash Tlekovna Raikhanova, and Dmitry Mikhailovich Larin as Deputy Chairs, Evgeniy Yuryevich Chernykh as chief accountant, and board members Konstantin Tsereteli, Yoachim Bold, and Andrew Pospilovski.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Alexander Alexandrovich Kamchatny for appointment to an executive body in the securities market.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan issued guidance on rising mobile device fraud, highlighting threats from malicious apps and fake links. Recommended precautions include using antivirus software, downloading apps from official stores, and employing strong passwords. The agency advises against storing sensitive information on phones and outlines steps for responding to device loss or suspected compromise.
The National Bank of Bulgaria released June 2025 statistical data on banknotes and coins in circulation, available in a tabular format in its "Statistics of banknotes and coins in circulation" section. The dissemination calendar is accessible online.
In a keynote address, the Bank of Ghana's Governor, Dr. Johnson P. Asiama, outlined strategies to sustain cedi stability, highlighting a 42% cedi appreciation and USD 11.1 billion in reserves. The turnaround is attributed to coordinated policies, including a 28% monetary policy rate, FX market discipline, and fiscal consolidation under an IMF program. Future plans include expanding FX forward auctions, developing derivatives markets, enforcing legal tender laws, integrating eCedi with payment systems, and finalizing a regulatory framework for Virtual Asset Service Providers.
The UK Parliament’s Public Accounts Committee (PAC) criticizes HM Revenue & Customs (HMRC) for failing to accurately assess tax payments and avoidance by UK billionaires, urging enhanced transparency and tax yield from wealthy individuals, including offshore assets. Despite increased revenue from wealthy taxpayer compliance, the PAC questions HMRC's tax gap estimates and highlights enforcement issues, such as reduced penalties and lengthy investigations. The PAC calls for better utilization of data and sanctions to address non-compliance among the wealthy.
The Central Bank of the Republic of Uzbekistan commenced a study tour in Kuala Lumpur on Islamic finance, supported by the Asian Development Bank and the International Centre for Education in Islamic Finance. The programme involves representatives from various Uzbek ministries and covers regulatory frameworks, Shariah governance, taxation, and liquidity management.
The National Bank of the Republic of Tajikistan met with banking stakeholders to review the first half of 2025 and set objectives for the rest of the year. Discussions focused on monetary and credit policy, banking system soundness, and inflation control, with instructions to address high non-performing loans, software issues, and foreign exchange operation weaknesses. Credit financial institutions were directed to enhance internal controls, risk management, and non-cash payment infrastructure, especially in remote areas.
The Brazilian Superintendence of Private Insurance (SUSEP) released the Boletim Susep, showing total sector revenue of BRL 175.88 billion through May 2025, a 0.75% nominal increase from 2024. Property and casualty insurance, excluding VGBL, rose 8.09% to BRL 88.08 billion, while accumulation products saw a decline of 8.33% to BRL 73.86 billion. Technical provisions reached BRL 1.9 trillion, representing 15.85% of Brazil's GDP.
The Central Bank of the Philippines reported a 2.9% year-on-year increase in May 2025 cash remittances through banks, totaling USD 2.66 billion. Sea-based overseas Filipinos contributed USD 536 million (up 3.1%) and land-based workers USD 2.12 billion (up 2.8%). January-May cumulative cash remittances rose 3.0% to USD 13.77 billion, with the United States as the top source, followed by Singapore and Saudi Arabia. Personal remittances grew 3.0% year-on-year to USD 2.97 billion in May, reaching USD 15.34 billion for the first five months, despite a 0.6% month-on-month decline seasonally adjusted.
The Italian Institute for Insurance Supervision (IVASS) announced updated information on the liquidation of FWU Life Insurance Lux S.A., with an Italian translation available on its website. IVASS advises stakeholders to review these updates and monitor the liquidation and IVASS websites for further developments. Support is offered through a multilingual telephone line and IVASS’s consumer contact centre.
Vietnam's Ministry of Finance and the Vietnam State Securities Commission have initiated a consultation on a draft circular detailing rules for securities business services and securities transfer, linked to the Value Added Tax Law. The draft is pursuant to Government Decree No. 181/2025/ND-CP.
The Monetary Authority of Singapore released Consultation Paper P010-2025 proposing changes to the regulatory framework for large exposures for Singapore-incorporated merchant banks and banks. The amendments focus on capital adequacy and risk management.
The Monetary Authority of Singapore released the Financial Sector Development Fund Annual Report 2024/2025, detailing grants to bolster talent development, technology and innovation, and asset class capabilities in the financial sector.
The Monetary Authority of Singapore released its Annual Report 2024/2025, detailing its activities and achievements for the fiscal year, along with financial statements and a message from Chairman Gan Kim Yong.
The National Bank of Serbia reported 3,119 counterfeit banknotes detected in the first half of 2025, with euro notes being the most common. Among 966 counterfeit Serbian dinar notes, RSD 2,000 notes were predominant, representing 83.23% of the total. Foreign currency counterfeits included 1,774 euros and 379 US dollars, with euro counterfeits accounting for 86.09% of the total nominal dinar equivalent of all counterfeits.
The Securities and Exchange Regulator of Cambodia supported an investor seminar at Pannasastra University of Cambodia's Siem Reap Campus, organized by Canadia Securities Co., Ltd. The event aimed to enhance knowledge of the securities sector and encourage active trading, featuring guest speakers from the regulator and the Cambodia Securities Exchange. Approximately 50 participants attended, including professors and students.
The Bank of England has finalized changes to its approach for setting minimum requirements for own funds and eligible liabilities (MREL) and preferred resolution strategies, effective 1 January 2026. Key updates include an increased indicative total assets range for strategy-setting and clarified requirements for internal MREL instruments. The Prudential Regulation Authority has initiated consultations on MREL reporting amendments, with legislative changes expected to align with the revised framework by 2026.
The Croatian Financial Services Supervisory Agency (Hanfa) appointed Martina Verić to its Board, succeeding Tomislav Ridzak, who stepped down at his request. Verić, formerly Head of Hanfa’s Funds and Investment Firms Supervision Division, has been involved in regulatory initiatives related to pension and investment funds, investment services, and crypto-markets.
The Prudential Regulation Authority (PRA) is consulting on changes to the UK recovery and resolution framework for PRA-authorised banks and building societies. Key proposals include raising the threshold for periodic resolvability reporting to firms with retail deposits of at least GBP 100 billion and reducing the minimum recovery-plan review frequency for Small Domestic Deposit Takers to biennially. Estimated annualised savings from these changes range from GBP 8.2 million to GBP 12.3 million across the industry.
The Prudential Regulation Authority (PRA) has issued a consultation on proposed changes to minimum requirement for own funds and eligible liabilities (MREL) reporting, aiming to align submissions with the Bank of England's revised MREL approach and eliminate redundant data requests. The changes include amendments to MREL templates and reporting instructions, with an estimated net benefit to firms of GBP 1.1 million. The revised policy is expected to take effect on 1 January 2027.
The Prudential Regulation Authority (PRA) has issued a consultation on revising the UK Pillar 3 disclosure regime for PRA-authorised banks, building societies, and investment firms. Proposed changes include standardising public disclosures on resources supporting resolvability, introducing new MREL disclosure templates, and adding qualitative disclosures for firms with capital distribution constraints. The PRA estimates the annualised industry cost of these proposals at GBP 1,440,000 over 10 years, with negligible costs for other changes.
The Prudential Regulation Authority (PRA) has issued a consultation on proposed amendments to its near-final Basel 3.1 market risk rules, focusing on the Fundamental Review of the Trading Book (FRTB). Key proposals include delaying the FRTB internal model approach to 1 January 2028, while implementing other FRTB and Basel 3.1 reforms from 1 January 2027. The consultation also suggests operational simplifications for collective investment undertakings and changes to reporting requirements.
The Prudential Regulation Authority (PRA) reported to the Chancellor on regulatory approval speeds, achieving 99.7% application determinations within statutory deadlines for 2024/25. The PRA set internal targets to further accelerate outcomes, including a three-month target for complete insurance firm applications and enhanced quarterly reporting from 2026. Proposed reforms aim to reduce senior manager roles requiring approval, targeting 50% of Senior Managers Regime applications within 45 days.
The Financial Conduct Authority and Prudential Regulation Authority support HM Treasury's plans to expand the UK captive insurance market with a proportionate authorisation and supervisory regime. This will facilitate captives within protected cell companies, offering an affordable option for smaller businesses. Stakeholder expert groups will guide policy development, focusing on streamlining authorisation, international benchmarking, and defining prudential standards.
The Prudential Regulation Authority (PRA) will not proceed with the modification by consent process for including certain non-UK covered bonds as Level 2A high-quality liquid assets under the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook. This decision follows a policy update from His Majesty’s Treasury considering an Overseas Prudential Requirements Regime for non-UK covered bonds. The PRA will work with HMT to ensure a smooth transition to future liquidity treatment changes.
The Central Bank of the Republic of Kosovo reported its June 2025 balance sheet, showing total assets at EUR 1.79 billion, a slight decrease from the previous month. Deposits at the central bank rose to EUR 1.51 billion, with significant contributions from the Republic of Kosovo budget and the Kosovo Privatization Agency. International reserve assets increased to EUR 1.41 billion, primarily due to higher deposits and investments in securities.
The Thailand SEC is consulting on a regulatory sandbox for foreign tourists to convert digital assets into Thai baht via licensed operators, using e-money services. Compliance with SEC and Bank of Thailand regulations, including KYC and AML, is required, and connectivity with e-money operators is mandated. The sandbox, limited to 18 months with possible extension, excludes direct digital asset payments to merchants.
The Thailand Securities and Exchange Commission announced that JCK International Public Company Limited will hold electronic bondholders’ meetings on 18 July 2025 to seek approval for changes to six bond series, including maturity extensions and revised repayment terms. Proposals involve extending maturities, rescheduling principal repayments, and modifying collateral provisions. The SEC urges bondholders to review the proposals and consult representatives before voting.
The Thailand Securities and Exchange Commission has instructed East Coast Furnitech Public Company Limited (ECF) to clarify its decision to change the exercise price of ECF-W5 warrants from THB 0.55 to THB 5 per share, potentially impacting warrant holders' benefits. ECF must provide this clarification to the SEC and disclose it publicly via the Stock Exchange of Thailand’s SETLink system. The SEC stresses that warrant adjustments should not reduce previously stipulated benefits and requires ECF to substantiate its consultation with the Department of Business Development regarding this adjustment.
The Bank of England announced a policy package addressing prudential, market risk, and resolution frameworks, including a Prudential Regulation Authority (PRA) consultation on UK Basel 3.1 market risk implementation adjustments. Key proposals include deferring the new internal model approach for market risk to 2028, raising MREL thresholds, and updating resolution reporting requirements. The package aims to ease burdens for smaller firms while maintaining Basel 3.1 timelines.
The Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority have launched consultations on reforms to the Senior Managers and Certification Regime (SM&CR) to enhance effectiveness and reduce burdens on firms. Proposed changes include removing the Certification Regime, increasing flexibility in senior manager approvals, and reducing certification roles by 15%. The reforms align with the government's legislative consultation on SM&CR.
UK HM Treasury released the Digitisation Taskforce's final report, accepting recommendations to modernise the UK shareholding framework by phasing out paper share certificates and transitioning to an intermediated holding model. The government plans to legislate the end of paper shares by 2027 and improve the intermediated system for effective rights exercise by beneficial owners. An industry Chair will lead a Technical Group to develop an implementation plan, with criteria set for full migration to intermediation.
The Central Bank of Russia announced a phased rollout of digital ruble services, mandating major banks to offer digital ruble accounts and transactions starting 1 September 2026, with full compliance by September 2028. Retailers with prior-year revenue above RUB 120 million must accept digital ruble payments from 2026, with staggered obligations for smaller entities. The law also introduces a universal QR code for non-card payments, requiring all banks to support it by 1 September 2026.
The Central Bank of Russia announced a new guarantee system for type 3 individual investment accounts (IIAs), offering compensation if the asset holder becomes bankrupt. The State Duma passed the law, renaming the Federal Public-State Foundation for the Protection of Investors’ and Shareholders’ Rights as the Individual Investment Account Guarantee Fund to manage the scheme. Compensation is capped at RUB 1.4 million, with specific terms for fund participation and management.
The U.S. House Financial Services Committee held a hearing to assess the Dodd-Frank Act's impact 15 years post-enactment, featuring Chairman French Hill's remarks. Hill criticized the Act for imposing burdens on community financial institutions, expanding regulatory overreach, and contributing to a decline in U.S. initial public offerings. He advocated for bipartisan reforms to address these issues and reduce market uncertainty.
HM Treasury and the Financial Services Skills Commission (FSSC) are collaborating on an industry skills compact for the UK financial services sector, addressing skills gaps from AI and emerging technologies. Supported by the City of London Corporation and TheCityUK, a steering group chaired by FSSC Chair Mark Hoban, with HM Treasury and other government departments, will lead the initiative. The compact aims for completion within 12 months, with regular progress reviews.
HM Treasury has unveiled its Financial Services Growth and Competitiveness sector plan, introducing the 'Leeds Reforms' to attract investment, boost retail market participation, and reduce regulatory burdens. Key measures include an industry-led advertising campaign, reforms to Individual Savings Accounts, and a new concierge service for market entry. The plan supports Bank of England reforms to raise the MREL threshold and introduces Basel 3.1 from January 2027, alongside housing-related measures like simplified mortgage lending rules and a permanent Mortgage Guarantee Scheme.
HM Treasury unveiled the "Leeds Reforms," the most significant UK financial regulation changes in a decade, aimed at reducing regulatory burdens and increasing mortgage access for first-time buyers. Key measures include adjustments to the loan-to-income limit on mortgage lending, expected to create up to 36,000 additional first-time buyer mortgages in the first year. Nationwide will lower salary requirements for its "Helping Hand" mortgage, potentially supporting 10,000 more first-time buyers annually.
HM Treasury issued its first remit letter to the Bank of England’s Financial Market Infrastructure Committee, advising alignment with government economic priorities while fostering innovation in central counterparties and central securities depositories. The letter emphasizes the systemic importance of UK financial market infrastructures and calls for proportionate regulation, international leadership, and market participant engagement. The Bank's response outlines ongoing measures, including finalizing Fundamental Rules for FMIs and consulting on a CCP rulebook, with further consultations planned for 2025 on systemic payment stablecoins and post-trade risk reduction services.
The Egmont Group's 2025 Plenary in Luxembourg endorsed elevating Financial Intelligence Unit (FIU) autonomy to core requirements, approved enhancements to the Egmont Secure Web for anti-money laundering and counter-terrorism financing analysis, and adopted a new funding approach for the Egmont Centre of FIU Excellence and Leadership. Membership increased to 181 with new FIUs from Mozambique, The Gambia, Equatorial Guinea, and Sierra Leone, and Daniel Thelesklaf was selected as Vice-Chair for a two-year term.
The Federal Deposit Insurance Corporation is considering a proposal to streamline branch application processes for FDIC-supervised banks, shifting routine cases to automatic approvals and removing public comment steps. The proposal aims to reduce the burden of processing over 650 applications annually, while maintaining oversight in exceptional cases. Exemptions for minor branch relocations are also included.
The Federal Deposit Insurance Corporation (FDIC) Board is considering a request for information to gather stakeholder feedback on industrial loan companies (ILCs) to inform its review process for ILC applications. Acting Chairman Travis Hill noted the FDIC aims to develop a policy statement clarifying the interpretation of statutory factors for ILC applications, amid ongoing interest from diverse institutions.
The Federal Deposit Insurance Corporation (FDIC) proposes a standalone Office of Supervisory Appeals for handling appeals of material supervisory determinations, replacing the current system with senior FDIC officials. The new office would recruit external reviewing officials for time-limited terms, ensuring independence and scalability, with at least one panel member having direct supervisory experience. The FDIC seeks comments on this proposal.
At the Education Investment Summit, Egypt Financial Regulatory Authority's deputy chair, Islam Azzam, outlined financing and de-risking strategies for education investments via insurance and capital markets. He highlighted government insurance for students, specialised insurance products, and future cash flow securitisations valued at EGP 2bn. Azzam also noted financial leasing and consumer finance options for educational infrastructure and student expenses.