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2025-06-27•China•China Banking and Insurance Regulatory Commission
Liu Wei, a former first-level inspector in the National Financial Regulatory Administration's Institutions Recovery and Disposition Department, is under disciplinary review and investigation for suspected serious violations of discipline and law. The investigation is conducted by Hubei's Xiangyang Municipal Supervisory Commission with the Central Commission for Discipline Inspection and National Supervisory Commission's unit at the NFRA.
EnforcementInvestigations & enforcement actionsOther
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2025-06-27•United States•Financial Crimes Enforcement Network
FinCEN launched COMMAND under its FinCEN Exchange program to combat money linked to narcotics and drug trafficking. The initiative partners community and regional financial institutions with law enforcement to target illicit finance. COMMAND supports Executive Order 14157 and collaborates with the Texas Department of Banking and local law enforcement.
Policy & regulationCooperationAML and CFT
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2025-06-27•Argentina•Central Bank of Argentina
The Central Bank of Argentina has initiated a public consultation process for draft regulations, starting with rules on special accounts for employment termination funds. Drafts will be available on the BCRA’s website for two weeks, allowing stakeholders to submit non-binding improvement proposals. The first draft pertains to implementing rules for "Fondos de Cese Laboral" under Article 96 of Law 27,742 and Annex II of Decree 847/24.
Policy & regulationRules & requirementsRegulatory burden
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2025-06-27•India•Securities & Exchange Board of India
The Securities and Exchange Board of India confirmed conducting search and seizure operations in June 2025 related to alleged pump-and-dump activities in certain scrips. Incriminating evidence was seized, and the investigation is ongoing.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-06-27•Moldova•National Bank of Moldova
The National Bank of Moldova released a video detailing its alignment with international best practices in financial stability as part of Moldova's European integration efforts. It highlights the bank's role in maintaining price stability, harmonizing legislation with European standards, adopting Basel III resilience standards, and integrating into European financial networks like SEPA to modernize the payments system and bolster trust in the banking system.
Financial literacy & educationFinancial stability and systemic risk
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2025-06-27•India•Securities & Exchange Board of India
The Securities and Exchange Board of India has issued an updated master circular for Research Analysts, consolidating all relevant circulars and directions. It outlines key operational requirements, including client-count based deposits, retail fee caps, client-level segregation, AI-tool accountability, and record-keeping standards. It also includes guidelines for proxy advisers, investor grievance handling, and compliance timelines for existing Research Analysts.
Policy & regulationRules & requirementsRegulatory reporting
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2025-06-27•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury announced senior appointments, including Paras Malik as Counselor to the Secretary and Chief AI Officer. John Crews was named Deputy Assistant Secretary for Financial Institutions Policy, with Connor Dunn and John Poulson as Deputy Assistant Secretaries for Legislative Affairs. Other appointments include Spencer Hurwitz and David O’Brien in Public Affairs, Ashtyn Landen and Zach Mollengarden as Deputy Executive Secretaries, Shane Shannon as Counselor to the General Counsel, and Cory Wilson for Cybersecurity and Critical Infrastructure Protection.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-27•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority, European Banking Authority, and European Securities and Markets Authority have launched a public consultation on draft Joint Guidelines for ESG stress testing under the Capital Requirements Directive and Solvency II. These Guidelines aim to harmonize the integration of environmental, social, and governance risks into supervisory stress tests across the EU, focusing on methodology, governance, and data management. The draft seeks to enhance the effectiveness and efficiency of existing practices without imposing new requirements for ESG-focused stress tests.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-06-26•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission approved the prospectus for Debitum Invest REIT's EUR 5.5 million bond issue and registered it for trading on a regulated market. Additionally, it registered a share issue by Corporation for Technology and Innovations AD for market trading and adopted its normative activities programme for the second half of 2025.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-26•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico's Ministry of Finance and Public Credit announced a temporary managerial intervention at CI Banco, S.A. and Intercam Banco, S.A. to protect depositors and creditors. Under Article 129 of the Credit Institutions Law, this action replaces the banks' administrative bodies and legal representatives. The intervention responds to potential impacts from U.S. Treasury measures, with ongoing coordination among Mexican financial authorities to maintain financial system stability.
SupervisionInterventionsPrudential risks
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2025-06-26•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo and UK Ambassador Jonathan Hargreaves discussed strengthening institutional cooperation, focusing on legal and regulatory reforms and financial system integrity. The meeting highlighted UK support through development agencies, cooperation with the Bank of England, and alignment with EU requirements, including SEPA preparations. Delays in financial sector laws due to constitutional review were noted, alongside governance reforms and anti-counterfeiting efforts.
Policy & regulationCooperationCross-border cooperation
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2025-06-26•Europe•European Securities and Markets Authority
ESMA issued a final report advising the European Commission on defining cash penalties under the CSDR settlement discipline regime. ESMA's advice excludes scenarios like technical failures at the Central Securities Depository level and full-day trading suspensions. The European Commission will use this advice to draft a new delegated act specifying applicable operations and transactions.
Policy & regulationGuidance & interpretationMarket infrastructure
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2025-06-26•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Markets Authority announced the conviction of ten investors for violating securities laws in trading Dar Alarkan shares. They were fined SAR 860,000, ordered to pay over SAR 96 million for illegal gains, and banned from purchasing shares for two to three years. The violations involved manipulating share prices to create a misleading market impression. Affected parties may file compensation claims with the Committee for Resolution of Securities Disputes.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-06-26•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia (SFC) announced five strategic projects to transform the financial system: regulatory optimisation, open finance, digital supervision, optimal risk management, and institutional modernisation. A new Basic Legal Circular was introduced under the regulatory optimisation programme. The update was presented at an SFC-hosted event with participation from financial institutions, industry associations, and academia.
Policy & regulationImplementation, projects & pilotsSupervision process and methodologies
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2025-06-26•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia outlined five strategic projects led by Superintendent César Ferrari to reform the financial system, including the introduction of a new Basic Legal Circular under the Regulatory Optimisation project. Other initiatives focus on open finance, digital supervision, optimal risk management, and institutional modernisation, with supporting materials provided at a recent event.
Policy & regulationImplementation, projects & pilotsSupervision process and methodologies
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2025-06-26•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia announced progress on five strategic projects aimed at transforming the financial system, including the introduction of a new Circular Básica Jurídica for regulatory optimisation. The update, presented at an event with industry stakeholders, also covered initiatives in open finance, digital supervision, risk management, and institutional modernisation.
Policy & regulationImplementation, projects & pilotsSupervision process and methodologies
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2025-06-26•Mexico•Central Bank of Mexico
Mexico's National Banking and Securities Commission has ordered a temporary managerial intervention in CI Banco, S.A. and Intercam Banco, S.A. to protect depositors and creditors. The intervention, based on Article 129 of the Credit Institutions Law, replaces the banks’ administrative bodies and legal representatives. Mexican financial authorities will continue coordinating actions to support financial system stability and integrity.
SupervisionInterventionsPrudential risksOperational risk and resilience
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2025-06-26•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) has initiated a temporary managerial intervention at CI Banco, S.A. and Intercam Banco, S.A. under Article 129 of the Credit Institutions Law to protect depositors and creditors. The intervention involves replacing the banks' administrative bodies and legal representatives due to potential impacts from U.S. Department of the Treasury measures. Mexican authorities will continue coordinating efforts to maintain financial system stability and integrity.
SupervisionInterventionsPrudential risks
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2025-06-26•Europe•European Financial Reporting Advisory Group
EFRAG released its final comment letter on the ISSB's exposure draft amending greenhouse gas emissions disclosure requirements in IFRS S2. EFRAG suggests proposed reliefs to omit certain disclosures should be temporary and reassessed as reporting practices develop. The letter serves as input to the ISSB’s due process, focusing on applying IFRS S2 for those reporting under the ESRS.
Policy & regulationInternational standards & recommendationsClimate risk and sustainable finance
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2025-06-26•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay has issued a warning about a fraudulent AI-generated video misusing its image to promote a fake investment platform. The Bank emphasized that it does not endorse investment mechanisms or request personal data and urged the public to verify the authorization of financial product providers. It also encouraged reporting suspected fraud through official channels.
SupervisionAlertsFraud and scams
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2025-06-26•Denmark•Danish Finanstilsynet
The Danish Finanstilsynet completed its annual designation of systemically important financial institutions (SIFIs) in Denmark, the Faroe Islands, and Greenland, resulting in three classification changes. Nordea Kredit Realkreditaktieselskab A/S moved to category 1, while Spar Nord Bank A/S is now included within the Nykredit Realkredit A/S group, which remains in category 3. The 2025 Danish SIFI groups include Danske Bank A/S, Nykredit Realkredit A/S, Jyske Bank A/S, Nordea Kredit Realkreditaktieselskab, Sydbank A/S, DLR Kredit A/S, Saxo Bank A/S, and Aktieselskabet Arbejdernes Landsbank.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-06-26•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus will maintain the countercyclical buffer rate at 1.5% under the Macroprudential Supervision of Institutions Laws of 2015 to 2022, effective from 14 January 2026.
Policy & regulationRules & requirementsMacroprudential policy and tools
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2025-06-26•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has issued technical advice to the European Commission on revising the UCITS Eligible Assets Directive to enhance regulatory clarity and uniformity. Key proposals include a look-through approach for asset eligibility, allowing up to 10% indirect exposure to alternative assets with safeguards, and improved retail investor access to EU alternative investment funds. The European Commission will consider this advice in its review of the directive.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-06-26•Global•Bank for International Settlements
The Bank for International Settlements, with CGAP, the IMF, the UN's Special Advocate for Financial Health, and the World Bank, released "Key considerations for open finance" to aid financial authorities. The paper defines open finance as customer-permissioned data access beyond banking, covering investments, insurance, and pensions, and discusses benefits, risks, and supervisory needs. It includes 10 framework elements, focusing on risk-based rules, privacy measures, and standardized APIs.
Policy & regulationGuidance & interpretationOpen banking and finance
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2025-06-26•Tanzania•Ministry of Finance (Tanzania)
Tanzania's Ministry of Finance held a capacity-building programme for Microfinance Services Coordinators to enhance financial education and promote formal financial channels. Supported by the President’s Office, the Bank of Tanzania, and the Tanzania Cooperative Development Commission, it involved participants from 13 regions. Dr. Charles Mwamwaja emphasized the need for increased speed, innovation, and professionalism in community outreach.
Institutional developmentCooperation & capacity buildingFinancial literacy and education
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2025-06-26•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority will participate in the 49th Dar es Salaam International Trade Fair, operating an "Insurance Village" to connect the public with insurers and provide insurance education. The village will feature multiple insurance companies and an NHIF booth, offering various insurance services and opportunities for visitor feedback.
Financial literacy & educationMarket development
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2025-06-26•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority will participate in the Saba Saba 2025 International Trade Fair in Dar es Salaam, featuring an "Insurance Village" with various insurance companies. The event will showcase health, motor, and agricultural insurance products, and TIRA's Eastern Zone team will be available to gather public opinions and complaints.
Financial literacy & educationOther
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2025-06-26•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market attended the OSCE summit in Warsaw, focusing on digital asset market security and cross-border risk responses. Discussions covered regulatory strategies, international cooperation, and Financial Action Task Force standards, addressing risks related to DeFi, anonymous transactions, and stablecoins. The NSSMC highlighted the summit's relevance to Ukraine's legislative framework for virtual asset market regulation.
Policy & regulationCooperationAML and CFTCross-border cooperationDeFi
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2025-06-26•Angola•Ministry of Finance (Angola)
Angola's Ministry of Finance held a seminar under the Competition Regulatory Authority's advocacy strategy to foster dialogue among financial sector operators amid banking and insurance market convergence. ARC administrator Ana Ramalheira highlighted issues with banks hindering insurers and exceeding regulatory limits, advocating for an educational response to complaints. The seminar reviewed the ARC’s framework and competition law, focusing on restrictive practices in bancassurance and risks from collective agreements.
Policy & regulationCooperationComplaints and dispute resolutionMarket development
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2025-06-26•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) released a study on banks and insurers using consumer behavioural insights, highlighting the growing prominence of behavioural expertise. The study notes that while interventions focus on improving consumer insight and self-reliance, there is potential in altering choice environments and product offerings. The AFM suggests integrating behavioural insights more structurally into processes like product development.
ResearchConsumer and investor protection
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2025-06-26•Netherlands•Dutch Authority for the Financial Markets
Dutch Authority for the Financial Markets (AFM) officials highlight systemic vulnerabilities in the Dutch audit sector, citing widespread exam fraud at major firms as indicative of broader issues. The AFM, alongside the US Public Company Accounting Oversight Board, has conducted investigations and imposed fines, emphasizing market and organizational drivers like time pressure and commercial incentives. The AFM plans to oversee firms' remediation efforts, focusing on outcome-based supervision while allowing firms to develop their own detection capabilities.
SupervisionSupervision approach, priorities & toolkitAuditing
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2025-06-26•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
MONEYVAL's follow-up report indicates Romania has made limited progress in strengthening its anti-money laundering framework, with several moderate shortcomings remaining. Romania is rated compliant on seven of the 40 Financial Action Task Force recommendations, largely compliant on 18, and partially compliant on 15. The country will continue under MONEYVAL’s enhanced follow-up procedure, with a progress report due in May 2026.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-06-26•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) has ordered a temporary managerial intervention of Vector Casa de Bolsa, S.A. de C.V. to protect investors and creditors by replacing its administrative bodies and legal representatives. This action, under Article 141 of the Securities Market Law, responds to potential implications from measures announced by the U.S. Department of the Treasury.
SupervisionInterventionsOperational risk and resilience
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2025-06-26•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS) attended the third annual exchange meeting for ISO 37001 certified organizations at Bank Al-Maghrib in Rabat. The event, part of the Anti-Corruption Commission's annual roadmap, gathered around 20 organizations to discuss ethics and anti-corruption issues.
Policy & regulationCooperationBribery and corruption
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2025-06-26•Ecuador•Superintendencia de Bancos de Ecuador
The Superintendency of Banks of Ecuador has enhanced its social media presence to provide verified and timely information to the public. It will utilize platforms such as Facebook, Instagram, X, LinkedIn, YouTube, and TikTok to disseminate information on the national financial system, prevention campaigns, and citizen alerts.
SupervisionAlertsOther
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2025-06-26•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico's Ministry of Finance and Public Credit reported that the Financial System Stability Council's 60th session concluded the financial system remains solid and resilient, despite global trade tensions and geopolitical conflicts. The Council noted easing inflation and monetary policy rate cuts globally, with the US Federal Reserve maintaining its target range. Domestically, the Mexican peso appreciated, bond yields declined, and equity indices rose, while potential vulnerabilities in non-bank financial intermediaries were deemed non-systemic.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-06-26•Mexico•Central Bank of Mexico
Mexico's Financial System Stability Council reported the financial system remains solid and resilient despite global uncertainties, following its 23 June 2025 session. Key risks include global volatility from trade policies, geopolitical tensions, and potential surprises in financial conditions. Local markets showed stability with the peso appreciating, bond yields declining, and equity indices rising, while commercial banks maintain strong capital and liquidity.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskMacroprudential policy and tools
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2025-06-26•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission announced that the Companies Auditors Disciplinary Board has cancelled Bradley Laurence Willot Taylor's registration as a company auditor due to inadequate performance in auditing iSignthis Ltd’s 2018 financial statements. Taylor, a partner at Grant Thornton Audit Pty Ltd, was subject to ASIC's application to the CADB in November 2020. The proceedings faced delays due to related criminal cases and judicial reviews, with ASIC emphasizing auditor misconduct as a 2025 enforcement priority.
EnforcementInvestigations & enforcement actionsAuditing
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2025-06-26•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has formed a three-member panel to investigate the Australian Securities Exchange (ASX) group's governance, capability, and risk management. Chaired by Rob Whitfield, with Christine Holman and Guy Debelle, the panel will recommend solutions for deficiencies. The inquiry, linked to concerns about ASX's infrastructure stability, will conclude with a report by 31 March 2026. An ASIC Secretariat, led by Senior Executive Jane Eccleston, will support the panel.
SupervisionReviews, inspections & stress testsCorporate governance
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2025-06-26•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced that Cairns pawnbroker Cash Lenders was fined AUD 12,000 by the Cairns Magistrates Court for unlicensed credit activity. Between July 2015 and May 2020, Cash Lenders issued 9,641 pawn tickets functioning as credit contracts, allowing debt recovery actions beyond typical practices. ASIC highlighted excessive fees, misleading loan representations, and inadequate contract term disclosures. The prosecution followed an ASIC referral, prompted by concerns from the Indigenous Consumer Assistance Network.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-06-26•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier reported a year-on-year decline in net interest income for the Luxembourg banking sector as of 31 March 2025, attributed to falling interest rates. Despite higher fee and commission income and other net income, the cost-to-income ratio slightly increased, with 14 out of 116 banks recording negative results. Staff costs and general expenses also rose during the period.
Data & statisticsFinancial and market indicators
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2025-06-26•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) reported that its chair, Margarida Corrêa de Aguiar, hosted a delegation from the Monetary Authority of Macao on 16 June. The delegation included Wilson Vong Lap Fong, board member responsible for insurance supervision, and Doris Chan, Director of Supervision.
SupervisionCooperationCross-border cooperation
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2025-06-26•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance, represented by Deputy Minister Giorgos Kotsiras, emphasized internal audit's role in enhancing fiscal responsibility and public administration integrity. The ministry supports the Internal Audit System framework to improve accountability and transparency, focusing on technology upgrades and formal audit procedures. Internal audit is crucial for effective tax administration and anti-tax-evasion efforts, aiming to boost compliance and return resources to citizens.
Policy & regulationImplementation, projects & pilotsAuditing
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2025-06-26•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance, through Deputy Minister Giorgos Kotsiras, emphasized extending digital transformation to enhance economic competitiveness and tax compliance. Key initiatives include connecting POS terminals to cash registers and the myDATA system, which generated an additional EUR 2 billion in 2024. A draft customs code aimed at modernizing outdated provisions is open for public consultation.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
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2025-06-26•Colombia•Central Bank of Colombia
The Central Bank of Colombia updated rules on interoperability for immediate low-value payment systems, detailing how "Identifiers as Keys" can be uploaded under transitional measures. This modifies sections of External Regulatory Circular DSP-465, allowing participants to request identifier uploads from systems maintaining these databases. The circular targets administrators of low-value payment systems and relevant Colombian supervisory bodies.
Policy & regulationRules & requirementsPayments and payment systems
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2025-06-26•Laos•Bank of the Lao
The Bank of the Lao PDR’s Bank Inspection Department conducted a meeting to enhance staff understanding of corruption prevention and anti-corruption frameworks. Co-chaired by Vingsavanh Xaiyavong and Thepphathai Phankha, the session covered updates on relevant laws and compliance, with 120 participants from various financial sectors.
Policy & regulationGuidance & interpretationOther
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2025-06-26•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) announced that Matthew and Nikolas West pleaded guilty to insider dealing, with sentencing rescheduled to 1 September 2025. Matthew West traded shares using confidential information, generating GBP 42,948 in profits, while Nikolas West dealt on disclosed information. The offences, occurring between 2016 and 2020, are punishable by a fine and/or up to seven years’ imprisonment.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-06-26•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong's Financial Services and the Treasury Bureau released Policy Statement 2.0 on Digital Assets, introducing a "LEAP" framework for risk management and investor protection. The Securities and Futures Commission will oversee licensing for digital asset dealing and custodian services, with a stablecoin issuer licensing regime set for August 1. Plans include tokenisation of government bonds, real-world assets, and financial instruments, alongside a blockchain and digital asset funding scheme by Cyberport.
Policy & regulationRules & requirements
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2025-06-26•Mauritius•Mauritius International Financial Centre
The Mauritius International Financial Centre reported on the 2025 Workshop on Gender Mainstreaming in the Financial Services Sector, urging stakeholders to commit to the Women in Investment and Finance Charter. The Charter, initiated by the Association of Women in Investment and Finance, advocates for internal gender targets and leadership accountability. Several firms reaffirmed their commitment, with others pledging to join.
OtherDiversity and inclusion
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2025-06-26•Slovenia•Slovenia Insurance Supervision Agency
The Slovenia Insurance Supervision Agency summarized its director's address at the 31st Insurance Days, noting a 13% decline in gross premiums to EUR 2.43 billion in 2024 due to the abolition of supplementary health insurance. The agency is guiding insurers on preventive recovery plans under the IRRD directive and preparing a new insurance resolution law. Key topics included natural catastrophe protection proposals, distribution transparency challenges, and intensified supervision under the DORA Regulation.
SupervisionSupervision approach, priorities & toolkitOperational risk and resilienceSupervision process and methodologies
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2025-06-26•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) announced that the Court of First Instance has set terms for a buy-out offer requiring Mr. Wen Yibo to purchase shares from minority shareholders of Sound Global Ltd. at $2.98 per share, following findings of falsified bank balances. Wen has not made the required advance payment to the court-appointed administrator and has proposed postponing implementation due to enforcement measures over his Mainland assets. The SFC is considering Wen’s proposal and appropriate actions.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-06-26•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority have concluded their joint consultation on the annual update to the Financial Services Providers list under the OTC derivatives clearing regime. The update, confirming changes proposed in April 2025, will be gazetted in Q4 2025 and implemented on 1 January 2026.
Policy & regulationImplementation, projects & pilotsOther
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2025-06-26•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) released results from its 2025 biennial stakeholder survey, showing strong support for its supervisory approach among banks, insurers, and superannuation trustees. With a 70% response rate, the survey revealed positive impacts on organizational strength and risk management, though only 24% felt regulatory cost considerations were adequate. APRA Chair John Lonsdale noted the feedback will inform APRA's priorities, balancing financial safety with minimizing industry burden.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-06-26•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has published product-level data on superannuation retirement products to enhance transparency regarding investment returns, fees, costs, and strategies. This release includes performance data for 600 multi-sector investment options, detailing fee structures, investment strategies, and strategic asset allocations. APRA plans to expand insights in the 2026 Comprehensive Product Performance Package.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-26•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority issued a circular on the supervisory framework for private residential real estate loans post-KIM-V expiry on 30 June 2025, maintaining core lending standards with flexibility for justified deviations. Key rules include a maximum 90% loan-to-collateral ratio, repayment instalments capped at 40% of annual income, and a maximum term of 35 years. The FMA highlighted a significant rise in residential property loans and warned of potential systemic risks due to overvalued real estate.
Policy & regulationGuidance & interpretationLending
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2025-06-26•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority (FMA) held its first in-person dialogue with Austria's financial influencers to address applying financial market rules to social media, focusing on preventing unlawful investment advice. The Vienna meeting discussed risks of misleading information, promoting complex products, and undisclosed conflicts of interest. The FMA will evaluate if current regulations adequately cover finfluencers' impact on retail investors and market participants.
Policy & regulationGuidance & interpretationFintech and insurtechConsumer and investor protection
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2025-06-26•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) released a research paper highlighting capital market development's role in fostering economic growth and innovation in Portugal. The study finds that improved access to capital markets enhances investment, productivity, and innovation, with listed firms and venture capital-backed companies showing superior performance. It also notes limited household participation in capital markets due to economic and behavioral barriers.
ResearchMarket development
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2025-06-26•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) determined that Visabeira Indústria SGPS, S.A.'s acquisition of a stake in Martifer, SGPS, S.A. does not require a mandatory public takeover bid, as Visabeira lacks dominant influence. Despite clauses suggesting coordinated voting, Visabeira cannot override I’M — SGPS, S.A.'s position, which holds 49.18% of voting rights. Visabeira must notify the CMVM of significant voting rights changes and launch a takeover bid if it gains dominant influence.
SupervisionAuthorisations & approvalsCorporate governance
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2025-06-26•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the Asian Infrastructure Investment Bank have partnered to support venture capital in emerging Asia through joint investments in VC funds. The focus will be on innovative technologies and green infrastructure, leveraging AIIB's expertise and network. The initiative aims to enhance Hong Kong's venture capital and innovation ecosystem.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-06-26•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the Securities and Futures Commission have concluded their joint consultation on the annual updates to the Financial Services Providers List under Hong Kong’s OTC derivatives clearing regime. The updates, based on the April 2025 consultation, will be implemented on 1 January 2026. The consultation conclusions and updated list are available on the HKMA and SFC websites.
Policy & regulationRules & requirementsCCPs
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2025-06-26•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors released its mid-year update of the 2025 Global Insurance Market Report, noting stability in the global insurance sector at year-end 2024 with consistent solvency, liquidity, and profitability. The report highlights risks from slower global growth, trade tensions, and rising debt burdens, while diversified portfolios have bolstered returns. Supervisory focus areas include geoeconomic fragmentation, private credit investments, AI governance, and cyber and climate-related risks.
ResearchFinancial and market indicatorsSupervisory data
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2025-06-26•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 has approved Dina Tuleubekovna Galieva as a member of the governing body and an independent director of JSC Halyk Global Markets, a subsidiary of JSC Halyk Bank of Kazakhstan.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-06-26•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 has approved Zarina Mukhtarovna Abitayeva as a senior executive in the securities market, consenting to her appointment as a member of an executive body.
Institutional developmentLeadership change & appointmentsLicence approval
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2025-06-26•Belgium•National Bank of Belgium
The National Bank of Belgium's Financial Market Infrastructures and Payment Services Report 2025 emphasizes supervision of Belgian financial market infrastructures amid geopolitical and technological changes. It highlights the need for robust IT security frameworks and updates on the EU Digital Operational Resilience Act, including a shift to binding requirements for Swift. The NBB supports regulatory simplification in the EU but questions the effectiveness of a single European FMI supervisor in enhancing competitiveness or reducing legal fragmentation.
SupervisionRisk monitoring & watch pointsMarket infrastructurePayments and payment systemsOperational risk and resilience
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2025-06-26•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority announced that the Isle of Man High Court has ordered the final closure of the Depositors Compensation Scheme for Kaupthing Singer & Friedlander (Isle of Man) Limited. From 31 July 2025, remaining depositors will forfeit rights to claim any unclaimed dividends or surplus interest. The Authority will complete the closure process on or after this date.
Policy & regulationImplementation, projects & pilotsAML and CFTPrudential risks
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2025-06-26•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland released President Hammack’s opening remarks, "Community Development: Paying It Forward," from the Policy Summit on June 26, 2025.
Policy & regulationOtherMonetary policy decisions and developments
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2025-06-26•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland's SORCE Insights report reveals that 70% of surveyed companies in its District foresee a negative impact from higher tariffs over the next six months, with 62% planning price increases. Conversely, 77% of respondents report no impact from new immigration policies on hiring or retention.
Research
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2025-06-26•Middle East•Arab Monetary Fund
The Arab Monetary Fund, in collaboration with HEC Paris and the International Monetary Fund, has launched a six-month Executive Education Program on "Tax Policy and Tax System Management" as part of its 2025–2030 strategy to enhance institutional capacity in Arab countries. The program includes self-paced learning, in-person attendance, and virtual interaction, covering global tax policy, digital transformation in tax administration, resource mobilization, reducing tax gaps, and international taxation trends.
Policy & regulationImplementation, projects & pilotsTax transparency and information exchange
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2025-06-26•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan announced the results of its MF252628 credit auction, allocating TJS 20 million at a weighted average annual interest rate of 8.81%. Total bids reached TJS 35 million, with interest rates ranging from 8.55% to 9.0% per annum.
Monetary policyMonetary policy instruments & operationsLiquidity riskPrudential risks
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2025-06-26•South Africa•South African Reserve Bank
The South African Reserve Bank released a staff note and statistical tables on South Africa’s 2024 national financial account, highlighting subdued domestic conditions with reduced saving and investment. Real economic growth slowed to 0.5%, and the foreign sector’s net lending position decreased to ZAR 47.7 billion. The general government’s net borrowing requirement narrowed, primarily financed through government bonds and Treasury bills, while financial intermediaries saw a significant rise in net asset acquisition.
Data & statisticsEconomic data and developmentsFinancial and market indicators
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2025-06-26•South Africa•South African Reserve Bank
The South African Reserve Bank's Quarterly Bulletin now includes new statistical tables for collective investment scheme management companies and revised national government finance and domestic debt securities statistics. Key changes involve reclassification of tax categories and revisions to time series data from April 2019. Experimental tables on rand-denominated debt securities now include unlisted bond issuance data.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-26•South Africa•South African Reserve Bank
The South African Reserve Bank (SARB) has updated its spreadsheet detailing the descriptions and metadata for its Quarterly Bulletin time series. The document includes time-series codes, definitions, frequency, and units of measure for SARB balance-sheet and operational series, as well as Corporation for Public Deposits assets and liabilities. Values are generally expressed in ZAR millions and available at monthly and quarterly frequencies.
Data & statisticsMonetary data
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2025-06-26•South Africa•South African Reserve Bank
The South African Reserve Bank's June 2025 Quarterly Bulletin reports a current account deficit of ZAR 47,991 million for 2024, with merchandise exports and imports totaling ZAR 1,892,677 million and ZAR 1,828,234 million, respectively. The bulletin highlights real GDP growth of 0.1% in Q1 2025, with household consumption rising by 0.4% and gross fixed capital formation declining by 1.7%. Data for the previous four years remain preliminary and subject to revision.
Data & statisticsBalance of payments and other external statistics
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2025-06-26•South Africa•South African Reserve Bank
The South African Reserve Bank released the "Tax Chronology of South Africa: 1979–2025", detailing historical and current tax rates, duties, and levies. Available on the Reserve Bank's website, it includes personal and corporate income tax rates, VAT, excise duties, and a time series of national tax revenue. Notable updates include unchanged personal income tax brackets for 2024 and 2025 and a proposed inflationary increase in the general fuel levy from June 2025.
Data & statisticsOther
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2025-06-26•United Arab Emirates•National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC)
The United Arab Emirates’ national anti-money laundering committee signed an agreement with the Arab Youth Centre to develop young people’s financial security and compliance capabilities across the Arab world. The partnership includes training, secondments, mentorship, career guidance and public awareness initiatives.
Policy & regulationImplementation, projects & pilotsAML and CFTCompliance
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2025-06-26•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) ended its 14-year intervention in Portus – Instituto de Seguridade Social, returning control to participants, beneficiaries, and sponsors. PREVIC will continue oversight through monitoring and special supervisory follow-up until restructuring is complete, stressing informed management and adherence to governance and investment guidelines. The transition follows an agreement with stakeholders and includes provisional authorization of Portus’ statutory body members.
SupervisionInterventionsSupervision process and methodologies
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2025-06-26•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Superintendence of Banks of the Dominican Republic reported an 8.5% year-on-year increase in MSME lending, reaching DOP 534,988 million as of March 2025. MSME loans rose 13.6% to 557,287, with a weighted average interest rate of 14.3% and a delinquency rate of 1.79%. Foreign currency lending accounted for 28.7% of the MSME portfolio, with growth comparable to local-currency lending.
SupervisionRisk monitoring & watch pointsSME financing
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2025-06-26•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the Residential Property Price Index (RPPI) for Q1 2025, showing a 4.8% decline from Q1 2024 and a 1.9% decrease from Q4 2024. Based on bank-sourced mortgage data, the index recorded 103 transactions, a 29.9% drop from the previous quarter but a 27.2% increase year on year, with detached houses comprising 58.3% of purchases. The median purchase price fell to BND 220,000, with significant declines across all property types.
Data & statisticsFinancial and market indicators
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2025-06-26•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority (FMA) cancelled Filcare Services Limited’s Financial Advice Provider licence at the firm's request after an inquiry revealed breaches in obligations, including inadequate record-keeping, insufficient client understanding, and poor disclosure practices. The inquiry highlighted deficiencies in Filcare's advice processes, particularly in assessing insurance cover levels and replacement advice, and found the firm failed to ensure adviser compliance with their duties.
EnforcementInvestigations & enforcement actionsComplaints and dispute resolution
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2025-06-26•Europe•European Council
The European Council and European Parliament agreed to reform the EU’s Crisis Management and Deposit Insurance framework, enhancing bank crisis management and deposit guarantee scheme use. Eurogroup President Paschal Donohoe noted the deal fulfills a 2022 commitment to strengthen the banking union and improve the EU's capacity to manage bank failures, protect depositors, and ensure financial stability. The Eurogroup will consider additional measures to further strengthen the banking union.
Policy & regulationReform agendas & prioritiesRecovery and resolution
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2025-06-26•Serbia•Republic of Serbia Securities Commission
The Republic of Serbia Securities Commission attended an event unveiling the Belgrade Stock Exchange's two-year development plan. The event, organized by the Ministry of Finance and the Belgrade Stock Exchange, featured presentations by Assistant Minister of Finance Ognjen Popovic and Belgrade Stock Exchange CEO Lazo Ostojic, highlighting market-relevant steps for implementation.
Policy & regulationCooperationMarket development
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2025-06-26•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has ordered Digital Smart LLC (BULLEX) and Guilherme Leite dos Santos to cease public offerings of securities intermediation services. This action follows an alert from the Superintendence of Market and Intermediary Relations (SMI) regarding unauthorized activities targeting Brazilian clients. The order was formalized through CVM Declaratory Act 23,539.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-06-26•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) hosted the IOSCO Secondary Markets Regulation Committee meeting in Rio de Janeiro, focusing on global capital market structures and financial market infrastructure. CVM's Margareth Noda shared Brazilian supervisory practices amid increasing market internationalisation. The CVM will host another IOSCO meeting in September for the Committee on Emerging Risks.
Policy & regulationCooperationMarket developmentMarket infrastructure
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2025-06-26•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission announced that Insurance Commissioner Reynaldo A. Regalado has been elected Chairperson of the Asian Reinsurance Corporation’s Management Board for 2025-2027. Asian Re’s Shareholders Assembly approved the 2024 financial statements, reporting a combined ratio of 84.9%, a 117.9% increase in net profit to USD 7.01 million, and a solvency ratio of 336%. A.M. Best upgraded Asian Re’s Financial Strength Rating to B++ and its Long-Term Issuer Credit Rating to bbb.
Institutional developmentLeadership change & appointmentsCorporate governance
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2025-06-26•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission sanctioned Channel Island Finance Limited's executive director Scott Greaves Carré and director Jason Paul Cook for breaches of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. Mr Carré received a GBP 21,000 penalty and a seven-year prohibition from supervised roles, while Mr Cook was prohibited for 2 years. Violations included unauthorized funding, misleading statements, and poor conflict management.
EnforcementSanctions & designationsLendingCorporate governance
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2025-06-26•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a prohibition order under section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020, banning Jason Paul Cook from holding a supervised role from 25 June 2025 to 25 July 2027.
EnforcementSanctions & designationsUnlicensed or unauthorized activity
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2025-06-26•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a prohibition order against Mr. Scott Greaves Carré under section 33 of The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020. The order prohibits him from holding a supervised role from 25 June 2025 until 25 June 2032.
EnforcementSanctions & designationsOther
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2025-06-26•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission will reduce fees for corporate document requests by 50% starting 1 July, as outlined in Memorandum Circular No. 6, Series of 2025. Revised rates include PHP 1,000 for authenticated copies of company filings and PHP 750 for plain copies, with digital copies accessed via eSEARCH also halved. Pricing for the SEC API Marketplace remains unchanged.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-06-26•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has launched its second annual proceeds from enforcement grant program, directing funds from enforcement actions to financial education and research. Not-for-profit organizations and FSRA proposals are eligible for funding. Updated guidance on the use of enforcement proceeds is available for applicants.
Policy & regulationImplementation, projects & pilotsFinancial literacy and education
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2025-06-26•Global•United Nations Environment Programme Finance Initiative
The UN Environment Programme Finance Initiative's Principles for Sustainable Insurance Working Group for Nature released "Rooted in Risk," a guide for assessing nature-related dependencies and risks in insurance underwriting. It helps insurers identify nature-related issues across their value chains and serves as a technical foundation for nature-related assessments. A follow-up document, "Breaking Ground," is anticipated in 2025.
Policy & regulationGuidance & interpretationNature-related risk
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2025-06-26•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority published the Bank of England’s Enforcement Decision Making Committee annual report for 2024-2025, highlighting its role in contested enforcement cases and updated procedures following the Financial Services and Markets Act 2023. No contested cases were concluded, and no statutory notices were issued. The committee met seven times, incurred costs of GBP 22,015.26, and maintained a membership of nine, with recruitment planned ahead of 2026 term expirations.
EnforcementEnforcement framework
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2025-06-26•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) released an annual report from the Cost Benefit Analysis (CBA) Panel, highlighting its advisory role to the PRA and the Bank of England on CBAs for rule changes affecting PRA-regulated firms and financial market infrastructure entities. The report details the Panel's focus on enhancing clarity, transparency, and methodological rigour in CBAs, with feedback incorporated into consultation papers. The PRA will consult the Panel on CBAs where annualised net direct costs exceed ±GBP 10 million, noting Sergio Afonso's appointment as a PRA firm member.
Policy & regulationImplementation, projects & pilotsRegulatory burden
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2025-06-26•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) released the 2024/25 annual report of its Practitioner Panel, highlighting discussions on Basel 3.1, ICT and cyber risk, climate-related risk management, and the Pillar 2A review. The Panel addressed proportionality in the Senior Managers and Certification Regime and contributed to the PRA's secondary competitiveness and growth objective. Changes in the nominations process were noted, with new member nominations from the Lloyd’s Market Association and the Association for Financial Markets in Europe.
Institutional developmentGovernanceOther
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2025-06-26•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) released the Insurance Practitioner Panel (IPP) Annual Report 2024/25, detailing the panel's engagement in policy development and regulatory work. Key topics included insurers' contributions to productive investment, feedback on Solvency II reforms, and the Dynamic General Insurance Stress Test for 2026. Governance updates noted Charlotte Jones's appointment as chair and member replacements.
Policy & regulationCooperationOther
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2025-06-26•Thailand•Thailand Securities & Exchange Commission
Thailand's SEC announced that the Ministry of Digital Economy and Society will block access to five unauthorized digital asset trading platforms from 28 June 2025, following the SEC's information submission. The action, under the Royal Decree on Measures for the Prevention and Suppression of Technological Crime, aims to protect investors and mitigate money laundering risks. The SEC advised investors to withdraw or transfer assets from Bybit.com, 1000x.live, CoinEx, OKX, and XT.COM before restrictions take effect.
Policy & regulationImplementation, projects & pilotsOther
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2025-06-26•Global•ISDA
The International Swaps and Derivatives Association (ISDA) will launch the ISDA Notices Hub on July 15, an online platform for instant delivery of termination notices and other communications in over-the-counter derivatives, addressing operational risks from physical delivery requirements. ISDA has initiated a pre-adherence process for a protocol enabling firms to use the hub under existing ISDA Master Agreements, with planned adoption by two-thirds of global primary dealers and 42 buy-side institutions.
Policy & regulationImplementation, projects & pilotsOperational risk and resilience
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2025-06-26•Sweden•Finansinspektionen
Starting 1 July 2025, the Swedish Financial Supervisory Authority (Finansinspektionen, FI) will assess the suitability of agents for foreign payment service providers in Sweden, following amendments to the Payment Services Act and the Electronic Money Act. FI will access criminal and suspected persons registers and share findings with the provider’s home-country authority, which will decide on agent registration. Previously, FI lacked the authority to assess agent management suitability.
Policy & regulationRules & requirementsLicence approval
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2025-06-26•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee's Oversight and Investigations Subcommittee is scrutinizing the Consumer Financial Protection Bureau's (CFPB) investigative authority and its "regulation by enforcement" approach under former Director Rohit Chopra. Subcommittee Chair Dan Meuser highlighted concerns over the high costs and reputational risks of Civil Investigative Demands (CIDs) for small firms and criticized Chopra for denying all CID petitions during his tenure.
Policy & regulationReform agendas & prioritiesConsumer and investor protection
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2025-06-26•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission issued a warning that CoinRely is not registered to deal or advise in securities in New Brunswick. The firm operates under the name CoinRely-Online with an unknown address, and its website was registered on May 21, 2025. Investors are advised to verify registration status using the National Registration Search tool.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-26•Europe•European Commission
The European Commission has endorsed a political agreement between the European Parliament and the Council on reforms to the EU's bank crisis management and deposit insurance framework. The reforms aim to enhance the banking union by broadening resolution options for small and medium-sized banks and strengthening depositor protection while considering national banking sector specificities. Technical work continues to finalize details before co-legislators reconvene to endorse the final text.
Policy & regulationReform agendas & prioritiesRecovery and resolution