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2025-07-02•Denmark•National Bank of Denmark
The National Bank of Denmark reported a DKK 5.5 billion increase in foreign-exchange reserves in June 2025, reaching DKK 666.4 billion, driven by net foreign-exchange purchases and central government borrowing. Policy rates remained unchanged since 6 June 2025, with the discount rate and current-account interest rate at 1.6% per annum. The balance sheet totaled DKK 732.3 billion, with foreign assets at DKK 575.8 billion and central government deposits at DKK 275.4 billion.
Data & statisticsBalance of payments and other external statistics
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2025-07-02•Cayman Islands•Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority has updated its Regulatory Handbook and Enforcement Manual, effective from 27 June 2025. Volume 1 enhances provisions on external membership and stakeholder engagement, while Volume 2 consolidates procedures for enforcement actions and administrative fines.
Policy & regulationRules & requirementsRegulatory burden
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2025-07-02•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on draft revised Guidelines on the Supervisory Review Process, aiming to clarify instructions post-Solvency II review and include emerging risks. The revisions align with recent regulatory developments and best practices, introducing sections on business model analysis, joint inspections, early intervention, and sustainability and IT risks. The changes focus on regulatory simplification and burden reduction.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-07-02•Europe•Single Resolution Board
The Single Resolution Board has updated its guidance on the solvent wind-down of trading books, replacing the 2021 guidance. The revised framework clarifies expectations for banks' SWD planning and execution, removing references to "steady state" and transitional arrangements. It distinguishes between SWD plans and playbooks, allowing for more tailored application based on a bank's risk profile.
Policy & regulationGuidance & interpretationRecovery and resolution
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2025-07-02•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE has fined a foreign bank branch AED 5,900,000 for non-compliance with Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations regulations. This enforcement action follows a supervisory examination revealing deficiencies in the bank's AML and CFT framework, as per Article 14 of Federal Decree Law No. 20 of 2018.
EnforcementSanctions & designationsAML and CFT
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2025-07-02•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank has released draft legislation for public comment to establish the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) to regulate Citizenship by Investment Programmes. ECCIRA would enforce uniform laws and standards to enhance transparency and accountability in the sector. The draft follows consultations with various stakeholders and is supported by legal drafting consultant Lydia Elliott.
Policy & regulationRules & requirementsOther
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2025-07-01•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission adopted a draft ordinance to amend its regulations and published the draft for public consultation. Comments and proposals are invited within 14 days of publication.
Policy & regulationRules & requirementsRegulatory burden
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2025-07-01•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released its Bank Lending Survey for Q1 2025, indicating stable credit standards for enterprises and households, with eased terms for new lending. Net demand for corporate loans rose, while household housing loan demand remained unchanged, and consumer loan demand declined.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-01•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg's consumer confidence survey for June 2025 indicates a significant decline, with the overall indicator dropping to -12 from -7 in May. While households' assessment of their past financial situation improved to 2, expectations for their future financial situation fell to -1, and the general economic outlook in Luxembourg decreased sharply to -18. Intentions for major purchases reached a historical low at -32.
Data & statisticsEconomic data and developments
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2025-07-01•Council of Financial Regulators•Council of Financial Regulators (CoFR)
The Council of Financial Regulators (CoFR) released the Q4 2025 Regulatory Initiatives Calendar, offering a consolidated timeline of planned and ongoing regulatory initiatives across participating agencies, with updates available quarterly.
Policy & regulationCooperationRegulatory burden
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2025-07-01•France•France Autorite des marches financiers
The French Financial Markets Authority released its 2025 market and risk mapping, offering a one-year overview of trend and risk changes and their effects on economic financing, markets, investment funds, and household savings.
SupervisionRisk monitoring & watch pointsMarket developmentMarket risk and volatility
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2025-07-01•France•France Autorite des marches financiers
The French Financial Markets Authority (AMF) released its 2025 market and risk mapping, noting resilience amid rising market risks and volatility. Concerns include US economic policy, geopolitical tensions, sharp equity index adjustments, increased asset class volatility, and cryptoasset sensitivity. French asset management is resilient, but commercial real estate, illiquid asset funds, and cyberattack readiness under the new EU DORA regulation are key watch areas.
SupervisionRisk monitoring & watch pointsMarket risk and volatilityFinancial stability and systemic risk
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2025-07-01•Israel•Bank of Israel
The Bank of Israel has ceased publication of the Telbor interest rates as of 30 June 2025, replacing it with the SHIR interest rate for derivative transactions. This transition aligns with global shifts from IBOR-type rates to risk-free overnight rates, with SHIR equating to the Bank of Israel interest rate and published daily except on specified non-publication dates.
Policy & regulationImplementation, projects & pilotsFinancial benchmarks
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2025-07-01•Ukraine•National Bank of Ukraine
The National Bank of Ukraine's June 2025 Business Outlook Survey indicates stable company performance expectations, with the Business Activity Expectations Index at 50.0, slightly down from May's 50.8. Trading remains the most optimistic sector, while services show declining optimism due to higher fuel costs and staffing shortages. Firms across sectors plan to reduce headcount, with construction anticipating the largest cuts.
Data & statisticsEconomic data and developments
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2025-07-01•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) released a thematic note on sustainability-related claims in non-regulatory communications, emphasizing clear, fair, and non-misleading statements. It includes four guiding principles and practical examples, focusing on sustainability credentials like labels or awards. It aligns with previous work by the European Insurance and Occupational Pensions Authority and the European Banking Authority without introducing new regulatory requirements.
Policy & regulationGuidance & interpretationDisclosuresESG
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2025-07-01•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo reported a Q1 2025 current account deficit of EUR 471.92 million, a 7.11% increase year-on-year, primarily due to a wider goods trade deficit. The goods trade deficit reached EUR 1.74 billion, with exports down 2.85% and imports up 16.62%. Despite this, a services surplus and remittances supported the balance, while direct investment in Kosovo rose slightly to EUR 276.78 million.
Data & statisticsBalance of payments and other external statistics
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2025-07-01•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority has appointed Rigmor Ansdal and Mette Tams Kitaj as new deputy directors, with Ansdal overseeing legal affairs and Kitaj focusing on capital markets and conduct supervision. Both will undergo a six-month cooling-off period to avoid conflicts of interest related to their previous employers. The executive management will now include Director Louise Mogensen and four deputy directors.
Institutional developmentLeadership change & appointmentsHiring and recruitment
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2025-07-01•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority published a report highlighting significant differences in how asset managers and pension companies classify "sustainable investments." It underscores the need for consistent calculation methods and compliance with sustainability requirements, while noting the European Commission's Omnibus proposal to simplify ESG reporting and potential revisions to the Sustainable Finance Disclosure Regulation.
SupervisionReviews, inspections & stress testsESG
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2025-07-01•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority has amended regulations to facilitate startup listings and enhance compliance on the Exchange. Resolution No. 108 of 2025 establishes a new platform for startup listings with flexible requirements, developed with Boursa Kuwait Securities Company. Additionally, amendments to Exchange rules mandate enhanced continuous listing conditions, including minimum free float and market value criteria, to support liquidity and investor protection.
Policy & regulationRules & requirementsMarket developmentSecurities offerings and listings
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2025-07-01•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) has partnered with the Spanish Confederation of People with Physical and Organic Disabilities (COCEMFE) to enhance the inclusion of people with disabilities in its employment processes. The agreement includes measures to improve accessibility, awareness, and training within CNMV, while COCEMFE will aid in publicizing CNMV opportunities and contribute to diversity initiatives. This collaboration aligns with CNMV's 2025 Activity Plan, focusing on inclusive financial education and accessible communication.
Institutional developmentCooperation & capacity buildingDiversity and inclusion
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2025-07-01•South Africa•National Credit Regulator
The National Credit Regulator has released Circular Number 5, mandating registered credit providers to submit the Statistical Return (Form 39).
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-07-01•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved amendments to a government resolution and adopted licensing, securities registration, and supervisory decisions affecting market participants. Key actions included terminating IC BUSINESS-INVEST LLC’s capital markets licence and approving asset lists for FREEDOM FINANCE UKRAINE LLC under sanction. Additional approvals involved appointments, share issue registrations, and capital formation for several entities.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-07-01•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank (DNB) fined Peken Global Limited (PGL), trading as KuCoin, EUR 4 million for offering crypto services in the Netherlands without required registration under the Anti-Money Laundering and Anti-Terrorist Financing Act. The penalty was due to non-compliance with DNB's order to cease operations without registration, impacting gatekeeper controls and reporting to the Financial Intelligence Unit-Netherlands. The order, now irrevocable, pertains to the pre-MiCAR period before new regulatory requirements took effect.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-07-01•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) published research on the Dutch Buy Now, Pay Later (BNPL) market, highlighting growth and persistent payment issues, advocating for stronger consumer protection. The AFM supports tightening transaction-value thresholds for creditworthiness assessments and Bureau Credit Registration checks, noting that most problematic transactions would evade mandatory checks under new rules. The BNPL sector and large e-commerce platforms are expected to come under AFM supervision by November 2026, focusing on age verification to prevent minors from using BNPL services.
ResearchBNPL
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2025-07-01•Peru•Central Bank of Peru
The Central Bank of Peru reported a 6.0% year-on-year growth in the construction sector for May 2025, driven by increased private and public works. From January to May 2025, the sector saw a cumulative growth of 4.0%. Domestic cement consumption rose 7.7% in May, with public works advancing 1.8% due to higher central government investment in road infrastructure and non-residential buildings.
Data & statisticsEconomic data and developments
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2025-07-01•Ecuador•Superintendencia de Bancos de Ecuador
Ecuador's Superintendency of Banks is monitoring digital service disruptions at financial institutions from 30 June to 1 July 2025, activating supervisory protocols to assess the incident. Affected entities must submit technical reports on disruptions and recovery measures, while on-site supervision verifies service restoration. Institutions are instructed to enhance business continuity plans and ensure transparent user communication.
SupervisionInterventionsOperational risk and resilience
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2025-07-01•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) has taken actions against PT Akseleran Keuangan Inklusif Indonesia (AKII), including management examination and sanctions, to address lender obligations and operational issues. Measures involve inspections, reviews, and monitoring AKII's progress, with potential law enforcement for non-compliance. OJK also emphasized regulatory enhancements for the Pindar sector, including borrower charge limits, platform caps, and strengthened controls.
SupervisionReviews, inspections & stress testsSupervision process and methodologies
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2025-07-01•Lebanon•Central Bank of Lebanon
Lebanon's Central Bank requires banks to get prior approval before repaying amounts above regulatory ceilings from foreign-currency accounts established before 17 October 2019. This measure ensures equitable depositor treatment amid the banking crisis and applies to accounts held or transferred after the specified date. Effective immediately, it addresses concerns over selective payments causing unfair depositor discrimination.
Policy & regulationRules & requirementsOther
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2025-07-01•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia emphasized its commitment to financial literacy at a ceremony for Macedonian students who placed second in the European Money Quiz. Governor Trajko Slaveski highlighted the first national Strategy for Financial Education and Financial Inclusion, aiming to integrate financial education into formal schooling. The Ministry of Education and Science plans to enhance cooperation with financial institutions and increase funding to support talented students in international competitions.
Financial literacy & educationFinancial literacy and education
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2025-07-01•United States•National Credit Union Administration
The National Credit Union Administration (NCUA) liquidated Aldersgate Federal Credit Union of Marion, Illinois, due to insolvency and violations of the Federal Credit Union Act and NCUA Rules. Members' deposits are insured up to USD 250,000 by the National Credit Union Share Insurance Fund. NCUA's Asset Management and Assistance Center will manage account inquiries and provide guidance on insurance coverage.
EnforcementInvestigations & enforcement actionsRecovery and resolution
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2025-07-01•Europe•European Banking Authority
The European Banking Authority issued final Guidelines under the Capital Requirements Regulation, allowing institutions using the standardised approach to apply a 100% risk weight to certain residential property exposures. Eligibility requires pre-sale or pre-lease contracts with specific cash deposits and obligors having substantial equity at risk, with adjusted thresholds for public housing. These Guidelines are part of the EBA's roadmap for credit risk implementation of the EU Banking Package.
Policy & regulationGuidance & interpretationCredit risk
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2025-07-01•Norway•Department of Finance (Norway)
The Norwegian Ministry of Finance has issued three regulations to finalize Norway’s implementation of EU securitisation rules, effective 1 August 2025. These regulations amend the Financial Institutions Act, aligning Norway's framework with the EU securitisation regime. Key changes include tailored capital requirements for banks and insurers and a national list of non-cooperative jurisdictions for tax purposes linked to securitisation requirements.
Policy & regulationRules & requirementsSecuritization
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2025-07-01•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) released findings from its second examination of EU Taxonomy Regulation Article 8 reporting by non-financial issuers for 2024. The review noted broad adoption of disclosure templates and improved qualitative explanations but identified weaknesses in KPI traceability and reliability, particularly in CapEx calculations and financial statement referencing. The report also highlighted ongoing EU-level changes, including the European Commission’s draft Omnibus Simplification Package and amendments to the Taxonomy Delegated Acts.
SupervisionReviews, inspections & stress testsAccounting and financial reporting
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2025-07-01•Croatia•Ministry of Finance (Croatia)
Croatia's Ministry of Finance, at a Zagreb Stock Exchange panel, outlined priorities for capital market development, focusing on legislative optimization and market infrastructure expansion. Deputy Prime Minister and Minister of Finance Marko Primorac emphasized sustainability-linked bonds (SLBs) as key to the green transition and regional stock exchange integration. The panel highlighted BOSQAR INVEST's EUR 143.2 million SLB issuance, with the European Bank for Reconstruction and Development as the exclusive investor.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-07-01•Portugal•Bank of Portugal
The Bank of Portugal reported that Maastricht definition public debt rose by EUR 3.7bn in May 2025 to EUR 284.5bn, driven by increases in long-term debt securities and savings certificates. Public administrations’ deposit assets increased by EUR 3.8bn, resulting in a net public debt decrease of EUR 0.1bn to EUR 260.3bn.
Data & statisticsBalance of payments and other external statistics
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2025-07-01•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance confirmed Euronext's preliminary discussions with the Athens Stock Exchange about a potential acquisition, emphasizing early-stage talks and the need for regulatory and shareholder approvals. The ministry supports the prospect, highlighting benefits like technology upgrades, integration of clearing functions, and enhanced synergies with European markets, aligning with the EU Savings and Investments Union initiative.
Policy & regulationOtherMarket development
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2025-07-01•United Kingdom•Financial Conduct Authority
The UK's Financial Conduct Authority (FCA) announced the Upper Tribunal upheld its decision to ban Diego Urra, Jorge Lopez Gonzalez, and Poojan Sheth from financial services and fine them for market manipulation. The traders, formerly of Mizuho International Plc, were found guilty of spoofing Italian Government Bond futures in 2016. The Tribunal confirmed fines of GBP 223,400 for Urra, GBP 100,000 for Lopez Gonzalez, and GBP 57,600 for Sheth.
EnforcementSanctions & designationsMarket abuse
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2025-07-01•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) confirms that serious bullying and harassment can breach Conduct Rules as non-financial misconduct, applying this to about 37,000 FSMA-authorised firms from September 2026. The FCA mandates sharing serious cases of poor personal behavior through regulatory references to prevent individuals from evading consequences by moving between firms. The FCA is consulting on draft guidance for assessing non-financial misconduct, including social media use, while deciding against certain unnecessary guidance.
Policy & regulationRules & requirementsCorporate governance
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2025-07-01•Ghana•Securities and Exchange Commission Ghana
The Securities and Exchange Commission Ghana issued a notice identifying News GH and Ghana News as social media entities promoting unlicensed investment products. News GH advertises the "Gold AI Rise Platform," while Ghana News promotes an unnamed product with unrealistic returns. The SEC emphasized that neither entity is licensed under the Securities Industry Act, 2016 (Act 929), and is collaborating with law enforcement to address the issue.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-07-01•Finland•Bank of Finland
The Bank of Finland announced that Deputy Governor Marja Nykänen has been appointed Co-Chair of the Financial Stability Board’s Regional Consultative Group for Europe, effective 1 July 2025. She will serve alongside Antoine Martin of the Swiss National Bank, reflecting the FSB's practice of appointing co-chairs from different countries.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-01•Gibraltar•Gibraltar Financial Services Commission
The Gibraltar Financial Services Commission released feedback from its thematic review of pricing, underwriting, claims, and data practices in the insurance sector. The findings are accessible on the Insurance Sector Thematic Reviews section of its website.
SupervisionReviews, inspections & stress testsOther
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2025-07-01•Zimbabwe•Zimbabwe Insurance and Pensions Commission
The Zimbabwe Insurance and Pensions Commission hosted Kartina Tahir Thomson, President of the UK's Institute and Faculty of Actuaries, to discuss actuarial talent and regulation. Commissioner Grace Muradzikwa highlighted Zimbabwe's role in contributing to Africa's actuarial talent and initiatives like the Zimbabwe Integrated Capital and Risk Programme. Thomson emphasized supporting the profession's growth and accessibility, with meetings planned with stakeholders, including the Reserve Bank of Zimbabwe.
Policy & regulationCooperationOther
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2025-07-01•Zimbabwe•Zimbabwe Insurance and Pensions Commission
The Zimbabwe Insurance and Pensions Commission reported a 4.8% growth in the insurance and pensions sector for 2024 at its 7th Annual General Meeting, highlighting key milestones such as the Farmer’s Basket parametric insurance pilot and the IPEC Amendment Bill. Challenges include low pension payouts and contribution arrears. Future priorities focus on digital supervision, financial inclusion, and governance reforms.
Policy & regulationReform agendas & prioritiesOperational excellence
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2025-07-01•Austria•Austrian National Bank (OeNB)
The Austrian National Bank (OeNB) and the Austrian Association of Municipalities are launching an initiative to install up to 120 new cash withdrawal machines in rural areas to improve access to cash. The first machine has been inaugurated in Obritzberg-Rust, with PSA Payment Services Austria GmbH operating the machines. The initial rollout begins in July 2025, targeting 48 municipalities, with further expansion planned following evaluation.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-07-01•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has implemented Prudential Standard CPS 230, requiring banks, insurers, and superannuation funds to enhance operational risk management and resilience. CPS 230 mandates identification of critical business services, continuity planning, and strengthened third-party risk management. Entities must submit a list of key service providers to APRA for concentration risk monitoring, with smaller entities given an extra year to comply with certain requirements.
Policy & regulationRules & requirementsOperational risk and resilienceOutsourcing and third-party risk management
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2025-07-01•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority (FMA) warned about a fraudulent WhatsApp account impersonating Executive Director Helmut Ettl to send share recommendations. The FMA emphasized these messages are not authentic and urged users to report and block such scams. It highlighted a rise in similar fraudulent activities, including deepfakes and identity theft, and informed the police and telecommunications providers.
SupervisionAlertsFraud and scams
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2025-07-01•France•Bank of France
The Bank of France released the first annual report of the Financial Savings Products Observatory, established under France’s Green Industry Law to monitor financial savings products' performance and fees. Covering products like life insurance, retirement savings plans, and equity savings plans, totaling EUR 2,048 billion in 2023, the report analyzes features, performance, and fees. It aims to inform understanding of the French financial savings market without steering investment decisions.
ResearchOther
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2025-07-01•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) released its 2024 Securities Markets Report, highlighting modest gains in Portuguese equities and a decline in PSI market capitalisation. It notes increased trading values in the regulated market, strong growth in public debt and derivatives activity, and a rise in assets under management driven by national UCITS and real estate investment entities. The edition features a new format with enhanced visual data for better accessibility.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-01•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) hosted a workshop on 30 June 2025, titled “Finfluencers – The Way Forward”, with National Competent Authorities and the European Securities and Markets Authority. Discussions focused on supervisory and investor protection challenges posed by finfluencers in capital markets, including activity characterization and cross-border implications. The event aimed to enhance regulatory cooperation and coordination in the digital landscape.
SupervisionCooperationFintech and insurtechConsumer and investor protection
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2025-07-01•Latin America•Financial Action Task Force of Latin America (GAFILAT)
The Financial Action Task Force of Latin America (GAFILAT) convened the 22nd meeting of contact points for its Asset Recovery Network (RRAG) in San José, Costa Rica, focusing on operational experience and strategic challenges for network sustainability. Participants from 18 Latin American countries and international organizations engaged in training, statistical briefings, and case discussions on asset recovery and cooperation improvements.
Policy & regulationCooperationCross-border cooperation
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2025-07-01•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors has launched a public consultation on a draft Application Paper outlining operational resilience objectives and a toolkit for supervisors and insurers, aligned with the Insurance Core Principles. The draft addresses the rising risk of operational disruptions due to technological reliance and third-party dependencies, offering adaptable practices and tools. Feedback is sought on both the objectives and toolkit, following updates from a previous consultation.
Policy & regulationGuidance & interpretationOperational risk and resilience
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2025-07-01•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) announced that the Supreme Constitutional Court upheld a prior judgment affirming CySEC's decision to impose a EUR 705,000 fine on Andreas Vgenopoulos, former non-executive chairman of Marfin Popular Bank, for breaches of transparency and prospectus laws related to financial reports and prospectuses he signed in 2010 and 2011. The appeal was dismissed, confirming the Administrative Court's earlier ruling.
EnforcementInvestigations & enforcement actionsAccounting and financial reporting
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2025-07-01•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 reported a 1.2% increase in total banking sector assets in May 2025, reaching KZT 63.4 trillion, driven by a 1.7% rise in the loan portfolio. Liabilities grew 1.3% to KZT 54.3 trillion, with client deposits making up 80% of liabilities, while capital adequacy ratios remained above statutory norms.
Data & statisticsLendingAsset quality
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2025-07-01•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 Kazakhstan reported on the insurance and reinsurance sector's performance as of June 2025, noting a 0.8% asset increase in May to KZT 3.4tn, driven by higher investment income. Insurance contracts rose 26.1% year to date, with premiums totaling KZT 674.5bn, up 23.8% year on year, and claims payments reaching KZT 166.7bn, up 40.7%. The market comprises 25 insurers, with significant growth in accident and pension annuity insurance premiums.
Data & statisticsLiquidity riskPrudential risks
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2025-07-01•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 Kazakhstan reported a 0.2% decline in stock market capitalisation to KZT 31.0 trillion and a 1.1% drop in the KASE Index to 5,561.46 points as of 1 June 2025. Equity trading volume halved to KZT 23.9 billion, while KASE Global turnover increased 3.0% to KZT 6.8 billion. Corporate bond trading surged 56.4% to KZT 742.6 billion, and government debt trading rose 0.9% to KZT 29.4 trillion.
Data & statisticsFinancial and market indicatorsMarket development
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2025-07-01•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 issued a warning about financial pyramid schemes, highlighting risks of total fund loss and legal violations. Indicators include unrealistic returns, reliance on new participant funds, lack of licensing, and aggressive promotion tactics. The agency advises victims to contact authorities and verify company credentials through official channels.
SupervisionAlertsFraud and scams
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2025-07-01•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 Kazakhstan's May 2025 update noted a 16% decrease in borrower complaints from April. It imposed KZT 1,455,000 in penalties and continued the Mortgage Housing Loan Refinancing Programme, refinancing 32.9 thousand mortgage loans and converting 15.9 thousand foreign-currency loans. Support measures have provided KZT 96.3 billion to 10.6 thousand borrowers, with assistance available through 2025.
SupervisionRisk monitoring & watch pointsLending
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2025-07-01•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 Arman Galiaskarovich Dunaev as Chair of the Board of Directors of Altyn Bank JSC, a subsidiary of China CITIC Bank Corporation Limited.
Institutional developmentLeadership change & appointmentsOther
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2025-07-01•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority updated insurance regulations to boost the Island’s insurance sector competitiveness, focusing on captive insurers and special purpose vehicles. Effective 30 June 2025, changes include fast-track authorisations and regulatory sandboxing. The package comprises the Insurance Regulations 2025, Insurance (Fees and Miscellaneous) (Amendment) Regulations 2025, and binding guidance notes, following public consultations CP24-03 and CP24-05.
Policy & regulationRules & requirementsAML and CFTRegulatory burden
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2025-07-01•Global•Bank for International Settlements
The Bank for International Settlements released a working paper modeling soybean yields in Argentina using high-frequency climate data, focusing on weather shocks and ENSO phases. The study employs a fixed effects spatial error model, revealing that extreme heat reduces yields, while precipitation and El Niño conditions enhance them. The paper's forecasting models, incorporating economic and technological factors, outperform some USDA forecasts in early-information scenarios.
ResearchClimate risk and sustainable finance
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2025-07-01•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) held its 2025 annual arbitration seminar, emphasizing arbitration as a key alternative dispute resolution for insurance disputes. The seminar aimed to enhance arbitrator capabilities and disseminate information on updated insurance laws and new policy terms, including health insurance with copayment conditions and earthquake-related coverage. This initiative is part of the OIC's efforts to improve effectiveness, fairness, and public trust in insurance arbitration.
Policy & regulationImplementation, projects & pilotsOther
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2025-07-01•Middle East•Union of Arab Securities Authorities
The Union of Arab Securities Authorities released a study on the engagement of financial services companies in Arab markets with foreign stock exchanges, highlighting strategic benefits, challenges, and best practices for cross-border exchange activity. The study, part of UASA's 2021–2025 strategic plan, was prepared with input from a questionnaire assessing the current situation in member countries.
ResearchMarket development
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2025-07-01•Middle East•Union of Arab Securities Authorities
The Union of Arab Securities Authorities published a study to enhance cooperation in financial technology and cyber risks among Arab financial markets, focusing on controls to manage these risks. The study, part of UASA's 2021–2025 strategic plan, incorporates insights from regional entities, international regulators, and fintech specialists, emphasizing global best practices and member collaboration.
Policy & regulationCooperationCyber resilienceFintech and insurtech
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2025-07-01•Middle East•Union of Arab Securities Authorities
The Union of Arab Securities Authorities released a study on due diligence and Know Your Customer requirements for financial institutions, aiming to align regulatory approaches across Arab jurisdictions and address electronic KYC procedures amid rising financial technology use.
Policy & regulationGuidance & interpretationKYC
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2025-07-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter-Governmental Action Group against Money Laundering in West Africa and the African Development Bank will hold the West African Compliance Summit 2025 in Praia, Cabo Verde, from July 28 to 31. The meeting will focus on emerging money laundering and terrorist financing risks, recent Financial Action Task Force standard changes, and readiness for GIABA's third round of mutual evaluations. GIABA expects 196 participants from all member states.
Policy & regulationCooperation
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2025-07-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter-Governmental Action Group against Money Laundering in West Africa has published Cabo Verde's sixth enhanced follow-up report. It reviews progress on technical compliance recommendations and gives re-ratings where sufficient progress has been demonstrated since the May 2019 mutual evaluation report.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-07-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter Governmental Action Group against Money Laundering in West Africa has published Côte d’Ivoire’s second enhanced follow-up report. It assesses progress on technical compliance recommendations marked for re-rating and provides new ratings where sufficient progress has been shown.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-07-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter Governmental Action Group against Money Laundering in West Africa has issued Benin’s fourth enhanced follow-up report, assessing technical compliance progress on 10 AML/CFT recommendations. Benin entered enhanced monitoring after its 2021 mutual evaluation found 11 weak effectiveness results and more than eight recommendations rated non-compliant or partially compliant. Earlier follow-up reports upgraded Recommendations 6, 7 and 34 from partially compliant to largely compliant.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-07-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter-Governmental Action Group against Money Laundering in West Africa has launched an expression of interest process for firms to audit the accounts of the PAPEV child protection project implemented by the ECOWAS Centre for Gender Development. Eligible ECOWAS-based audit firms must meet experience and staffing thresholds, including seven financial audits and five similar partner-funded audits over the past 10 years. A shortlist of six to eight firms will be created for 24 months, and applications are due by 4 August 2025.
Institutional developmentProcurement
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2025-07-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Intergovernmental Action Group Against Money Laundering in West Africa has launched a call for country researchers in Côte d'Ivoire, The Gambia, Nigeria and Sierra Leone for a study on trade-based financial crimes. One consultant will be selected per country to assess trade-related money laundering, terrorist financing and proliferation financing risks, vulnerabilities, enforcement challenges and red flags. Applications close on 13 August 2025 at 17:00 GMT.
ResearchAML and CFT
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2025-07-01•San Marino•Central Bank of San Marino
The Central Bank of San Marino has launched a public consultation on a draft Regulation for independent financial advisors to implement Article 25-bis of Law No. 165/2005, replacing the 2020 framework. The draft aligns with the investment services rulebook and MiFID II, expanding definitions, establishing a public register, and setting requirements for honourability, competence, and independence. It prohibits advisors from holding client assets or receiving third-party fees and mandates professional indemnity insurance and continuing education.
Policy & regulationRules & requirementsLicensing framework and process
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2025-07-01•San Marino•Central Bank of San Marino
The Central Bank of San Marino's Q1 2025 Bulletin reports a 1.7% rise in system funding to EUR 6.603 billion and a drop in impaired exposures, with a gross NPL ratio of 17.7%. Regulatory updates include Law No. 30/2025, Delegated Decree No. 48/2025 on lending spreads, and BCSM Regulation 2025-01 on calendar provisioning and banking activities. BCSM also prepared a self-assessment questionnaire on professional secrecy for the European Banking Authority, aiding San Marino's EU integration.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-01•Jordan•Jordan Securities Commission
The Jordan Securities Commission signed a memorandum of understanding with the Jordanian Economic and Social Council to enhance economic and financial stability, sustainable investment, and transparency through cooperation on training, research, and data-sharing.
Policy & regulationCooperationDomestic cooperation
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2025-07-01•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has licensed the closed joint-stock company micro deposit-taking credit organisation “Innovation Capital” to conduct banking operations in both national and foreign currencies. This is in accordance with the laws governing the National Bank, microfinance organisations, and the licensing system.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-01•Europe•Eurosif
Eurosif and several organizations urged EU policymakers to maintain the core of the EU sustainable finance framework in the Omnibus I simplification initiative. The statement emphasizes the importance of sustainability reporting, transition plans, climate targets, and corporate due diligence for achieving the EU’s economic and sustainability goals, highlighting support for preserving key elements of the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-07-01•South Africa•South African Reserve Bank
The South African Reserve Bank's Prudential Authority issued a Guidance Note under the Banks Act on the internal ratings-based (IRB) approach for credit risk, detailing supervisory expectations for banks using IRB models to calculate capital and reserve funds. It includes guidance on Basel III reforms, removal of the advanced IRB approach for certain asset classes, and clarifications on credit risk mitigation and reporting. The note also addresses modelling of exposures to local government and public sector entities under IRB.
Policy & regulationGuidance & interpretationCapital adequacy
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2025-07-01•Global•IOSCO
The International Organization of Securities Commissions (IOSCO) released a final report on Digital Engagement Practices (DEPs), proposing good practices for supervising market intermediaries using digital techniques to engage retail investors. The report highlights DEPs' potential benefits in broadening market access and financial literacy, alongside risks of riskier trading and conflicts of interest. It recommends designing DEPs to operate in investors' best interests, ensuring proper licensing, aligning prompts with suitability requirements, and improving disclosures and governance.
Policy & regulationInternational standards & recommendationsFintech and insurtechConsumer and investor protection
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2025-07-01•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand released its 2025/26 Statement of Performance Expectations, organizing performance measures into four output classes aligned with its objectives, with biannual reviews and reports to the Treasury Te Tai Ohanga against the SPE and the 2024–2028 Statement of Intent.
Institutional developmentGovernanceOther
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2025-07-01•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten has implemented Curaçao’s statutory Deposit Guarantee Scheme (DGS) as of July 1, 2025, offering automatic protection for depositors if a credit institution fails. Deposits at credit unions are insured up to Cg 25,000, while banks and savings funds are covered up to Cg 50,000 per account holder. A similar scheme is being developed for Sint Maarten in collaboration with its Ministry of Finance.
Policy & regulationImplementation, projects & pilots
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2025-07-01•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines and the Cooperative Development Authority launched the Credit Surety Fund Spotlight Forum Series to promote credit surety fund success stories and encourage participation in the MSME loan guarantee mechanism. The program enables MSMEs to borrow from banks without traditional collateral, with 46 registered cooperatives nationwide. The first session highlighted the Nueva Vizcaya Credit Surety Fund Cooperative, facilitating over PHP 509 million in loans since 2020.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-07-01•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority published its Statement of Performance Expectations for 2025/26, detailing performance measures, targets, and forecast financial statements, complementing its medium-term strategic objectives outlined in the Statement of Intent 2024–2028.
Institutional developmentGovernanceOther
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2025-07-01•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) warned about a counterfeit surety bond falsely linked to Lucura Versicherungs AG, a captive insurer for BASF in Italy. Lucura disclaimed ties to certain emails and an unreachable website. IVASS advised verifying insurers and intermediaries through its online resources before payments.
SupervisionAlertsFraud and scams
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2025-07-01•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has released an exposure draft memorandum circular outlining compliance guidelines for One Person Corporations (OPCs). The draft addresses officer appointments, financial statement submissions, fines for non-compliance, surety bonds, and adherence to SEC Memorandum Circular No. 28 series of 2020.
Policy & regulationRules & requirementsCompliance
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2025-07-01•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore is consulting on proposals to enhance Product Highlights Sheet disclosures and streamline distribution safeguards for complex products. Key measures include revised PHS templates with a question and answer format, a red label for complex products, and introducing a Product Knowledge Assessment. The proposals also suggest removing mandatory financial advice for complex products, except for "Selected Clients" who meet specific criteria.
Policy & regulationRules & requirementsDisclosures
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2025-07-01•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore imposed composition penalties totaling SGD 960,000 on five Major Payment Institutions for breaches of anti-money laundering and countering the financing of terrorism requirements. The enforcement actions, covering April to June 2025, underscore MAS's commitment to deterrence and maintaining Singapore's financial integrity.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-07-01•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued a circular letter providing regulatory guidance for copytrade services. It clarifies the definition of copytrade, its classification as a professional securities analysis activity, and the requirements for securities analyst accreditation. It emphasizes transparency on risks and warns that non-compliance may result in CVM sanctions and be deemed irregular market practice.
Policy & regulationGuidance & interpretationOther
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2025-07-01•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) released its Q1 2025 Enforcement Activity Report and launched an internal research initiative on ESG information disclosure. Key actions included rejecting settlement agreements with financial entities, initiating proceedings on audit irregularities, and issuing public warnings against alleged irregular activities by various groups. Additional measures involved suspending registrations, updating a jurisprudence tool, and postponing new takeover bid regulations.
EnforcementEnforcement statistics
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2025-07-01•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission has lifted the cease and desist order against The Premier Life and General Assurance Corporation and released the company from conservatorship, effective 30 June 2025.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-07-01•North Macedonia•Securities and Exchange Commission of the Republic of North Macedonia
The Securities and Exchange Commission of the Republic of North Macedonia highlighted its commitment to financial education during a ceremony celebrating the country's second-place finish in the European Money Quiz. The event underscored the regulator's focus on financial literacy as part of its broader market oversight role, with initiatives supported by the National Bank and the Ministry of Education and Science.
Financial literacy & educationFinancial literacy and education
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2025-07-01•Global•Institutional Investors Group for Climate Change
The Institutional Investors Group on Climate Change (IIGCC) endorsed a statement urging EU policymakers to preserve the EU sustainability framework's integrity amid proposed changes by the European Commission’s Omnibus I. The statement emphasizes safeguarding double materiality reporting, interoperability with international frameworks, and maintaining robust CSRD and CSDDD standards. It also highlights concerns over proposed thresholds and due diligence obligations that could weaken sustainability reporting and transition plans.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-07-01•Global•Network for Greening the Financial System
The Network for Greening the Financial System (NGFS) released its 2024 Annual Report, detailing key developments like the Transition Plan Package for supervisors, updates to long-term climate scenarios, and guidance on sustainable investment for central banks. The report also highlights replacing the Blended Finance Initiative with the Task Force on Adaptation, an increase in membership, and upcoming supervisory notes and scenario tools for 2025.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-07-01•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC has joined the Financial Sector Forum's Protect Your Money Campaign to boost investor protection and financial literacy, focusing on digital platforms to combat financial fraud. The campaign, involving the SEC, Bangko Sentral ng Pilipinas, Insurance Commission, and Philippine Deposit Insurance Corporation, addresses rising online scams. The SEC plans to produce digital content and advocate for the Capital Market Development Act to institutionalize financial literacy in education.
Financial literacy & educationConsumer and investor protectionFinancial literacy and education
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2025-07-01•Global•World Federation of Exchanges
The World Federation of Exchanges published a paper advocating for enhanced oversight and data in private markets, citing risks to market integrity and retail investor protection due to rapid growth. It recommends harmonized transparency standards, regulatory reviews, and supervisory reporting to address systemic risks from leverage, opaque valuations, and secondary trading platforms.
Policy & regulationReform agendas & prioritiesMarket developmentSupervision process and methodologies
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2025-07-01•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) summarized its roundtable with UK firms' CFOs on the Future Banking Data project, focusing on regulatory reporting improvements. Key initiatives include consulting on removing underused reporting templates and developing a digital portal for regulatory transactions. The PRA aims to establish a multi-year reporting change programme by the end of 2025, with further consultations and updates planned.
Policy & regulationReform agendas & prioritiesRegulatory burden
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2025-07-01•Global•World Savings and Retail Banking Institute
The World Savings and Retail Banking Institute released a joint statement from European Credit Sector Associations endorsing private-sector efforts to interconnect European retail payment solutions. It highlights initiatives by the European Payments Alliance and Initiative as crucial for enhancing interoperability and supporting European sovereignty in retail payments, noting the involvement of Bancomat, Bizum, MB WAY, and Vipps MobilePay.
Policy & regulationCooperationPayments and payment systems
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2025-07-01•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Markets Authority announced it is hosting the 23rd annual meeting of the Francophone Institute of Financial Regulation.
Policy & regulationCooperationOther
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2025-07-01•Malta•Central Bank of Malta
The Central Bank of Malta's Acting Governor, Alexander Demarco, attended the IMF and World Bank Group constituency meeting in Varese, Italy. The meeting, hosted by Italy's Ministry of Finance and the Bank of Italy, included discussions on disaster risk management, industrial policy, and competitiveness and growth considerations among officials from several countries.
Policy & regulationCooperationOther
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2025-07-01•United Kingdom•HM Treasury
HM Treasury issued a memorandum with the Bank of England, Prudential Regulation Authority, and Financial Conduct Authority to coordinate roles on Overseas Recognition Regimes. The MoU outlines procedures for jurisdiction assessments, designation decisions, and regulatory advice, with designations subject to Parliamentary oversight. It also addresses engagement with overseas authorities and ongoing monitoring of designated jurisdictions.
Policy & regulationCooperationCross-border cooperation
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2025-07-01•Tanzania•Bank of Tanzania
The Bank of Tanzania's first quarterly Uchumi Wetu magazine details a reduction of the Central Bank Rate (CBR) to 5.75% for July–September 2025 and introduces mandatory self-regulation for tier-2 microfinance institutions, requiring them to join TAMFI or TAMIU for oversight. The central bank retains licensing and policy duties. Additionally, the bank launched the SEMA NA BOT digital consumer complaints system and a fintech regulatory sandbox guide.
Monetary policyPolicy rate decisionsMarket development
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2025-07-01•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has updated its list of surveys intended for insurance and occupational pension firms.
SupervisionRisk monitoring & watch pointsSupervisory data