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2025-06-26•Russia•Central Bank of Russia
The Central Bank of Russia's Q1 2025 review indicates a slowdown in microfinance lending due to higher interest rates and macroprudential limits. Loans issued by microfinance organisations decreased to RUB 497 billion, while outstanding loans rose by 10% to RUB 688 billion. Profit fell to RUB 13 billion, with MFOs boosting income from non-core activities and reducing client complaints about coercive tied selling.
Data & statisticsLending
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2025-06-26•Russia•Central Bank of Russia
The Central Bank of Russia reported modest growth in household mortgage lending in May, with a 0.3% increase, primarily under government-subsidized programs. Consumer lending stabilized, and banking sector profitability rose to RUB 296 billion, despite a 10% year-on-year decline in year-to-date earnings. Corporate and household funds in bank accounts showed varied growth, influenced by tax payments and holiday spending.
Data & statisticsLendingAsset quality
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2025-06-26•Finland•Finanssivalvonta
The Finnish Financial Supervisory Authority (FIN-FSA) has updated its Regulations and guidelines on financial information reporting and Common European Reporting (COREP) to align with current EU requirements. Amendments include updated regulatory references, revised article numbering, and the addition of the European Banking Authority’s Guidelines GL/2023/08. These changes take effect on 28 June 2025.
Policy & regulationRules & requirementsRegulatory reporting
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2025-06-26•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) proposed amendments to National Instrument 31-103 to prohibit chargebacks in distributing securities of investment funds that are reporting issuers, addressing conflicts of interest for dealing representatives paid upfront commissions. The CSA notes limited current usage, with one mutual fund dealer identified as using the model. The amendments are expected to come into force six months after final publication, with potential conforming changes by the Canadian Investment Regulatory Organization.
Policy & regulationRules & requirementsSales and distribution
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2025-06-26•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) unveiled its 2025-2028 Business Plan, prioritizing enhanced competitiveness of Canadian capital markets and investor protection. It focuses on maintaining a supportive regulatory framework, advancing investor confidence, fostering responsible innovation, and addressing systemic risks. The announcement coincides with the re-appointments of CSA Chair Stan Magidson, Vice-Chair David Cheop, and Grant Vingoe as Chair of the Policy Coordination Committee.
Policy & regulationReform agendas & prioritiesOther
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2025-06-26•United States•Federal Reserve Board
Federal Reserve Governor Michael S. Barr discussed the Federal Reserve System’s community development role in supporting monetary policy and supervision under the Community Reinvestment Act (CRA). He emphasized integrating local economic conditions into policy, promoting credit access for small businesses and low- and moderate-income communities, and noted tariffs' potential impact on inflation and the economy. Barr described community development work as an early warning system for risks like unfair borrower treatment.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-06-26•United States•Federal Reserve Board
The Federal Reserve Board has approved Chang Hwa Commercial Bank, Ltd.'s application to upgrade its Los Angeles branch from a limited state-licensed branch to a full-service branch. The bank is based in Taipei, Taiwan.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-26•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority's inspection of an audit firm revealed inadequate fraud risk follow-up, leading to insufficient audit evidence for the 2023 audit opinion and tax return. Breaches of the Auditor Act included unsupported conclusions on material costs and inadequate revenue testing. The firm acknowledged deficiencies and submitted an improvement action plan, with potential follow-up by the authority.
SupervisionReviews, inspections & stress testsAuditing
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2025-06-26•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission approved the prospectus for Metlen Energy & Metals PLC's optional and conditional public offer to existing shareholders of Metlen Energy & Metals SA, including the listing of shares on the Athens Stock Exchange. It also approved amendments to the rulebooks of Athens Exchange Clearing House S.A. and Hellenic Central Securities Depository S.A.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-26•Canada•British Columbia Securities Commission
The British Columbia Securities Commission alleges Aarif Jamani and three companies engaged in unregistered trading and advising by selling USD 38.1 million of over-the-counter market securities through Canadian accounts. The companies allegedly used accounts at five Canadian investment dealers to sell shares from third parties between 2019 and 2022, with Jamani directing sales and authorizing contraventions of the Securities Act. The allegations remain unproven.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-06-26•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has issued an action plan to implement the Government's programme for developing the private economy, as outlined in Government Resolution 138/NQ-CP. The plan emphasizes consistent banking-sector measures, enhanced public communications, and improved policy frameworks. Key initiatives include thematic workshops, early-warning guidance, a dedicated online feedback channel, and efforts to facilitate resource access and promote innovation.
Policy & regulationImplementation, projects & pilotsOther
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2025-06-26•Vietnam•State Bank of Vietnam
At the AIIB 10th Annual Meeting, State Bank of Vietnam Deputy Governor Nguyễn Ngọc Cảnh emphasized stronger strategic risk management, increased private capital mobilization, and enhanced cross-border connectivity. He highlighted AIIB's growth to 110 members and over USD 60bn in committed financing, addressing challenges like achieving 50% private sector financing by 2030. He discussed ASEAN's connectivity agenda, proposing expanded policy support, regulatory harmonization, and blended-finance solutions to enhance AIIB's impact.
Policy & regulationReform agendas & prioritiesOther
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2025-06-26•Vietnam•State Bank of Vietnam
Deputy Governor Nguyen Ngoc Canh outlined Vietnam's ASEAN connectivity priorities at the AIIB's 10th anniversary, emphasizing regional energy integration and partnerships. The speech highlighted the ASEAN Connectivity Strategic Plan 2026–2035, climate resilience in infrastructure, and digital economy expansion. Key domestic milestones include environmental risk management for financial institutions, a USD 15.5bn Just Energy Transition Partnership, and a pilot carbon market launch in 2025.
Policy & regulationReform agendas & prioritiesOther
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2025-06-26•United States•U.S. Securities & Exchange Commission
SEC Commissioner Caroline A. Crenshaw stressed the importance of comprehensive executive compensation disclosure at the SEC’s Executive Compensation Roundtable. She highlighted the need for improved data comparability and invited feedback on enhancing disclosure quality, referencing recent SEC rules and amendments. Crenshaw also noted potential impacts on shareholder engagement due to changes in SEC guidance on Schedule 13D and 13G filings.
Policy & regulationGuidance & interpretationCorporate governance
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2025-06-26•United States•U.S. Securities & Exchange Commission
U.S. Securities and Exchange Commission Chair Paul S. Atkins initiated a review of the executive compensation disclosure framework, questioning its effectiveness in providing clear, cost-effective information. Atkins highlighted the complexity of current requirements under Item 402 of Regulation S-K, which may necessitate specialized support and challenge investors to interpret. He encouraged further public comments to guide potential amendments.
Policy & regulationReform agendas & prioritiesDisclosures
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2025-06-26•United States•U.S. Securities & Exchange Commission
The U.S. SEC’s Division of Economic and Risk Analysis released reports and datasets on broker-dealers, mergers and acquisitions, and business development companies. The broker-dealer report highlights a 30% decline in numbers since 2010, despite a USD 1.7 trillion asset increase, indicating consolidation. The M&A analysis details deal characteristics, with an average deal value of USD 3.5 billion, while the BDC datasets provide comprehensive financial and non-financial information from SEC filings.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-26•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) released its biennial stakeholder survey results, showing strong support from banks, insurers, and superannuation trustees for APRA's supervision, with 97% acknowledging its benefits. While 93% noted enhanced financial and operational strength and 96% reported improved risk management, only 24% felt regulatory cost considerations were adequate; APRA plans to use this feedback to refine its priorities.
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 on investment returns, fees, costs, and strategies, covering 600 multi-sector investment options. This initiative aims to support competition and innovation as more Australians approach retirement, with further insights to be included in the 2026 Comprehensive Product Performance Package.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-26•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) hosted the International Organization of Securities Commissions (IOSCO) Committee 8 meeting in Buenos Aires, focusing on retail investor financial education and protection. Discussions addressed investment risk prevention, technology challenges, and communication strategies. CNV highlighted its Financial Education Programme and ongoing IOSCO involvement.
Policy & regulationCooperationConsumer and investor protectionFinancial literacy and education
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2025-06-26•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration and the People's Bank of China unveiled a plan for high-quality inclusive finance development in banking and insurance, targeting a comprehensive system within five years. Measures include enhancing rural financial services, improving credit for micro and small enterprises, and strengthening inclusive insurance. The plan emphasizes organizational requirements, focusing on coordination, digital capabilities, and public communication.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-06-26•China•China Banking and Insurance Regulatory Commission
China’s National Financial Regulatory Administration and the People’s Bank of China released a five-year plan for high-quality development of inclusive finance in banking and insurance. The plan emphasizes expanding coverage, accessibility, and reducing financing costs, with priorities in enhancing service systems, strengthening credit frameworks, and advancing inclusive insurance. Key actions include expanding unsecured credit, improving credit reporting, and broadening insurance offerings for rural and SME sectors.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-06-26•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) alerted about phishing emails falsely claiming to be from FINMA employees or board members. FINMA clarified it does not send such emails or contact private individuals, advising recipients to verify sender addresses ending with @finma.ch. Recipients are urged not to respond to suspicious emails or click on embedded links, and to refer to FINMA's guidance on identity fraud.
SupervisionAlertsFraud and scams
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2025-06-26•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance has introduced interactive dashboards to enhance accessibility and exploration of insurance market data for the public and market participants. These dashboards provide insights into insurers' financial and operational conditions, along with detailed entity-level data, production rankings, and sector indicators, allowing users to filter and compare results by various criteria.
Data & statisticsSupervision process and methodologies
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2025-06-26•Global•Financial Action Task Force
The Financial Action Task Force (FATF) released its sixth update on virtual assets (VAs) and virtual asset service providers (VASPs), highlighting progress in AML/CFT regulation but noting persistent gaps in licensing and offshore risk mitigation. The report indicates 99 jurisdictions are advancing legislation on the Travel Rule, with Best Practices published to aid supervisory frameworks. Emerging risks include increased stablecoin use in illicit activities and significant thefts linked to North Korean actors.
Policy & regulationGuidance & interpretationAML and CFT
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2025-06-26•South Korea•Bank of Korea
The Bank of Korea published its June 2025 Business Survey Index and Economic Sentiment Index update, with comprehensive results available in an attachment.
Data & statisticsEconomic data and developments
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2025-06-26•South Korea•Bank of Korea
The Bank of Korea published preliminary statistics on South Korea's 2024 international investment position, including regional and currency breakdowns.
Data & statisticsBalance of payments and other external statistics
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2025-06-26•Moldova•National Bank of Moldova
The National Bank of Moldova issued a draft decision to amend regulations for licensing payment and electronic money institutions, creating a licensing pathway for EU-licensed non-bank payment service provider branches in Moldova. The amendments align with Law No. 114/2012, requiring specific documentation and compliance for licensing. The changes take effect one month after publication in the Official Gazette of the Republic of Moldova.
Policy & regulationRules & requirementsLicensing framework and process
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2025-06-26•Denmark•National Bank of Denmark
The National Bank of Denmark has introduced new statistics on banking and mortgage lending using microdata from its Credit Register, covering debt across loan types reported by major banks and all mortgage credit institutions. The data, dating back to Q1 2020, allows segmentation of loans to non-financial corporations by company size, with small corporations holding DKK 645 billion in debt, predominantly mortgage credit. The series will be updated quarterly, with data published on the 50th banking day post-reference period.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-26•Europe•Council of Europe
MONEYVAL's follow-up reports on North Macedonia and Romania assessed FATF compliance. North Macedonia progressed in wire transfers and transparency, achieving compliance or near compliance with 31 recommendations. Romania made limited progress, with deficiencies in financial sanctions and virtual assets, remaining compliant or largely compliant with 25 recommendations. Both countries remain under enhanced follow-up.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-06-26•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported a pre-tax loss of TWD 49.5 billion for the insurance sector as of May 2025, due to a decline in life insurers' performance and foreign-exchange impacts. Life insurers faced a pre-tax loss of TWD 61.7 billion, while non-life insurers had a pre-tax profit of TWD 12.2 billion. The Taiwan dollar's appreciation and foreign exchange valuation reserve adjustments led to a TWD 263.8 billion negative impact on reserves, with overseas investments incurring a net loss of TWD 138.4 billion.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-26•United Kingdom•The Pensions Regulator
TPR CEO Nausicaa Delfas urged asset managers to create new funds to help pension trustees diversify investments amid shifts in the defined contribution (DC) market. Delfas noted changes in the DC system, including increased memberships and assets under management, and fewer non-micro DC and hybrid schemes. TPR also mentioned upcoming policy developments, like a trusteeship strategy and a value for money framework to enhance scheme scrutiny.
Policy & regulationReform agendas & prioritiesMarket development
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2025-06-26•Trinidad & Tobago•Trinidad & Tobago Securities & Exchange Commission
The Trinidad and Tobago Securities and Exchange Commission issued Investor Alert No. 3, warning of increasingly sophisticated investment scams and urging caution with unregistered entities under the Securities Act Chapter 83:02. The alert highlights tactics such as fake social media profiles, unrealistic return promises, and the use of AI to impersonate officials, alongside red flags like urgent deposit pressures and demands for withdrawal fees.
SupervisionAlertsFraud and scams
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2025-06-26•Isle of Man•The Treasury (Isle of Man)
Moody’s maintained the Isle of Man's Aa3 stable credit rating, citing low debt, substantial reserves, and a diversified economy. Challenges include workforce skill access, global political uncertainty, and market volatility. Treasury Minister Dr. Alex Allinson emphasized the Island's robust institutional framework, prudent fiscal policy, and the recent 15% global minimum tax for large multinationals.
ResearchCredit ratings
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2025-06-26•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE concluded its Climate Forum in Abu Dhabi, emphasizing a shift to practical implementation of climate-related financial strategies. Discussions included integrating climate risks into regulatory frameworks, enhancing financial-system resilience, and promoting sustainable finance, focusing on regional and international cooperation. The UAE Banks Federation pledged over AED 1 trillion to sustainable finance by 2030, and the CBUAE committed to ongoing collaboration with the Network for Greening the Financial System.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-06-26•Barbados•Central Bank of Barbados
The Central Bank of Barbados mandates all commercial banks, the three largest credit unions, the Barbados Stock Exchange, and the Accountant General’s Office to operate on the Instant Payments System (IPS) by March 31, 2026. This ensures a fully interoperable model for instantaneous transactions under the Barbados Payments System Modernisation Project. Future access will extend to non-bank financial entities, including money transfer services and fintechs.
Policy & regulationRules & requirementsPayments and payment systems
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2025-06-26•Barbados•Central Bank of Barbados
The Central Bank of Barbados mandates all commercial banks, the three largest credit unions, the Barbados Stock Exchange, and the Accountant General’s Office to operate on the Instant Payments System (IPS) by 31 March 2026. This ensures a fully interoperable model for instantaneous transactions across Barbados. The IPS is part of the Barbados Payments System Modernisation Project and will eventually include other Central Bank-licensed non-bank entities.
Policy & regulationRules & requirementsPayments and payment systems
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2025-06-26•Barbados•Central Bank of Barbados
The Central Bank of Barbados has appointed Montran Corporation to develop the national Instant Payments System (IPS) for 24/7/365 real-time payments as part of the Barbados Payments System Modernisation Project. Initially, the IPS will include six commercial banks, three credit unions, the Barbados Stock Exchange, and the Treasury Department, with plans to expand to other non-bank participants. The Bank is also updating the legal and regulatory framework to enhance consumer protection, fraud control, and data privacy.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-06-26•Barbados•Central Bank of Barbados
The Central Bank of Barbados has contracted Montran Corporation to develop the national Instant Payments System (IPS) under the Barbados Payments System Modernisation Project. The IPS will enable 24/7 real-time transactions for all Barbadians and involve major financial entities, with future access for non-bank financial entities. The Central Bank is also enhancing the legal framework and launching a public education campaign to support IPS adoption and strengthen consumer protection.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-06-25•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay, led by Vice President Ana Claudia de los Heros, outlined its five-year priorities focusing on open finance, payments interoperability, and cross-border payments. Key initiatives include fostering local currency credit, enhancing cybersecurity, and promoting financial inclusion. The bank will also develop its 2026–2030 Strategic Plan, reviewing its institutional role as both a catalyst and executor.
Policy & regulationReform agendas & prioritiesCross-border paymentsMarket development
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2025-06-25•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority has approved Cherry Trading Company's application to register and offer 9,000,000 shares, representing 30% of its share capital, in an initial public offering. The prospectus will include essential investor information and must be published before the subscription period. The approval is valid for six months, contingent on completing the offering and listing within this timeframe.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-25•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico's Ministry of Finance addressed US Treasury sanctions on two Mexican banks and a brokerage for alleged money laundering, stating domestic reviews found only administrative issues, resulting in MXN 134 million in fines. The ministry noted the US Treasury's lack of corroborable proof and highlighted electronic transfers involving Chinese companies, with similar transactions identified by over 300 Mexican firms. It affirmed readiness to act if conclusive evidence of illicit conduct emerges.
SupervisionReviews, inspections & stress testsAML and CFT
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2025-06-25•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) released a report on the Distributed Ledger Technology (DLT) Pilot Regime, assessing the EU market for authorised DLT infrastructures and recommending enhancements to the European Commission. Key proposals include making the regime permanent and increasing flexibility in regulatory thresholds based on risk profiles. ESMA's recommendations align with the European Commission's broader consultation on the DLT Pilot Regime and the Savings and Investments Union.
Policy & regulationReform agendas & prioritiesBlockchain and distributed ledger technology
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2025-06-25•Panama•Superintendencia de Bancos de Panama
Panama's Superintendency of Banks outlined strategic priorities from the Financial Coordination Council's 2025 meeting, focusing on national financial stability. Discussions included preparations for the Fifth Round of Mutual Evaluations and a national strategy in response to Financial Action Task Force changes. Updates covered financial-sector risk analysis, Council statistics, and progress on a single "Know Your Customer" form.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskSupervision process and methodologies
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2025-06-25•Serbia•Ministry of Finance (Serbia)
Serbia’s Ministry of Finance introduced "mini bonds" as a new debt instrument to support small and medium-sized enterprises, with UniCredit Bank issuing the first such bond. The initiative is part of broader capital-market development efforts, including the recent issuance of a green corporate bond. The ministry plans to support further initiatives, potentially offering these instruments on the Belgrade Stock Exchange.
Policy & regulationImplementation, projects & pilotsSME financing
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2025-06-25•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Operating and Services Circular DTE–203 regarding COP 10,000 banknotes.
Policy & regulationGuidance & interpretationCurrency and cash management
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2025-06-25•British Virgin Islands•Ministry of Finance (British Virgin Islands)
The British Virgin Islands Ministry of Finance, led by Honourable Lorna Smith OBE, is diversifying the financial services sector by expanding fintech and digital asset activities. Initiatives include the 2021 Regulatory Sandbox for testing new business models and the first dual licensing application for a Virtual Asset Service Provider. The ministry also aims to enhance regulatory capacity and leverage technologies like RegTech for compliance and financial crime prevention.
Policy & regulationReform agendas & prioritiesFintech and insurtech
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2025-06-25•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) has approved BME Easy Access, a new listing route simplifying the process by separating initial trading admission from share placement. Companies valued above EUR 500m can use this route, with trading initially restricted to professional investors until the required free float is achieved. If distribution targets are unmet within 18 months, the CNMV may extend deadlines or consider delisting.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-06-25•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) released its inaugural central counterparty (CCP) resolution briefing, detailing a methodology for National Resolution Authorities (NRAs) to implement the resolution cash call mechanism in CCP resolution plans. The briefing, developed by ESMA’s CCP Resolution Committee, advises NRAs on data collection, stakeholder impact assessment, and execution process testing.
Policy & regulationGuidance & interpretationCCPsRecovery and resolution
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2025-06-25•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority's semi-annual risk assessment indicates unchanged main risks since December 2024, but notes increased uncertainty due to trade wars and geopolitical tensions. The assessment guides supervisory planning, emphasizing a risk-based approach and prioritizing high-risk areas, sector robustness, and compliance with legal requirements.
SupervisionRisk monitoring & watch pointsGeopolitical risk
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2025-06-25•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority's report on six banks' home loan insurance practices states that insurance must be necessary for loan repayment or property value protection, and banks cannot mandate specific insurers. Requirements must be linked to specific risks, and banks must accept adequate existing policies from other providers. The report advises banks to remind borrowers about insurance cancellation post-loan and assess coverage needs if intermediating insurance.
Policy & regulationGuidance & interpretationOther
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2025-06-25•Bolivia•Central Bank of Bolivia
The Central Bank of Bolivia reported record growth in electronic payment use through May 2025, with transactions increasing 89% year-on-year to 605 million. The expansion is attributed to regulatory measures enhancing interoperability and security, including Board Resolution No. 111/2024. Future developments include the integration of stable virtual assets like USDT into the payment system.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-06-25•Panama•Superintendencia de Bancos de Panama
The Superintendency of Banks of Panama issued Agreement No. 4-2025, amending transparency guidelines for consumer information on banking products and services. The updates to Articles 6 and 9 of Agreement No. 1-2011 enhance disclosures during special sales or promotional fairs. Banks are required to notify customers at least two months in advance about renewal commission charges on mortgage loans.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-06-25•Botswana•Bank of Botswana
Kenneth Molosi has been appointed Chairman of the Bank of Botswana Board from 1 May 2025 to 31 August 2029 by Botswana’s Vice President and Minister of Finance, Ndaba Nkosinathi Gaolathe, under Section 9 of the Bank of Botswana (Amendment) Act, 2022. A Board member since 2021, Molosi has contributed to strategic oversight, Human Resources initiatives, Audit and Risk Committee work, and has been involved in the Bank’s Digitalisation Project and fintech innovation efforts.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-25•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority's Financial Conduct Report for 2025/26 focuses on reducing compliance burdens, addressing risks in private markets and virtual assets, and enhancing consumer outcomes. Key initiatives include a pilot regulatory sandbox, streamlined licensing, tackling investment scams, and scrutinizing adviser conduct and disclosures, emphasizing remediation and proactive reviews by banks and insurers.
Policy & regulationReform agendas & prioritiesDisclosures
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2025-06-25•Rwanda•Rwanda Capital Markets Authority
Rwanda Capital Markets Authority, with the Rwanda Stock Exchange and Rwanda National Investment Trust, hosted the inaugural Capital Market Youth Forum 2025 to promote financial literacy among university students. The event concluded the Capital Market University Challenge, awarding shares to five winners, including a top prize of RWF 600,000. Over 2,700 students participated this year, expanding the network to over 10,000 young Rwandans since the programme's inception.
Financial literacy & educationFinancial literacy and education
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2025-06-25•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market updated its list of dubious investment projects, adding BRAINVEST, ONE1PERCENT.CLUB, SpiceProp, and Thaurus Guru as SCAM projects. This update is part of its ongoing investor protection efforts. The full list is available on the NSSMC website under the “Protection of Investors’ Rights” section.
SupervisionAlertsSanctions list update
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2025-06-25•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) has placed Deloitte, PwC, and EY under heightened supervision following fines by the Public Company Accounting Oversight Board (PCAOB) for exam fraud, with penalties of USD 3 million for Deloitte and PwC, and USD 2.5 million for EY. The firms must investigate root causes and implement corrective measures. The PCAOB's findings revealed widespread cheating over five years, involving professionals at all levels, and highlighted issues like time pressure and inadequate governance.
SupervisionInterventionsAuditing
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2025-06-25•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
MONEYVAL's follow-up report on North Macedonia highlights improvements in its anti-money laundering and counter-terrorist financing framework, upgrading three FATF recommendations to "largely compliant." However, the country still faces material shortcomings, with Recommendation 26 on financial sector regulation and supervision remaining "partially compliant." North Macedonia now has 31 of 40 FATF recommendations rated compliant or largely compliant.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-06-25•Georgia•National Bank of Georgia
The National Bank of Georgia has issued new macroeconomic scenarios to help financial institutions apply International Financial Reporting Standard 9 (IFRS 9) transparently and consistently. These scenarios consider the ongoing Middle East conflict and global tariff policies, with varying assumptions for domestic and external demand. The bank emphasizes these scenarios are not forecasts but aim to enhance comparability of macroeconomic assumptions in assessing expected credit losses.
Policy & regulationGuidance & interpretationAccounting and financial reporting
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2025-06-25•Georgia•National Bank of Georgia
The National Bank of Georgia released interactive press releases detailing trends in resident commercial banks' loan portfolios and deposits as of May 2025.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-25•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority published four implementing instructions for its October 2024 OPCR regulation. They define the content of OPCR approval applications, set registration rules for external valuers and statutory auditors, and address qualified investors.
Policy & regulationImplementation, projects & pilotsLicensing framework and process
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2025-06-25•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority has opened a recruitment call for three roles. The vacancies cover payroll administration, graphic design, and website and social media management.
Institutional developmentWorkforce & recruitmentHiring and recruitment
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2025-06-25•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority released a feedback statement and roadmap for its Mortgage Rule Review, focusing on modernizing the mortgage conduct framework. Key themes include expanding access for first-time buyers, enhancing later life lending, enabling innovation, and protecting vulnerable consumers. Planned policy work involves a joint review with the Prudential Regulation Authority on loan-to-income requirements and exploring interest-only lending, product design, and foreign currency lending requirements.
Policy & regulationReform agendas & priorities
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2025-06-25•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance Regulator (ASF) reported that Bruna Szego, President of the EU Anti-Money Laundering Authority (AMLA), visited Portugal on 4 June. She met with representatives of national supervisory authorities and the Financial Intelligence Unit of the Polícia Judiciária, which are part of AMLA’s General Board.
SupervisionCooperationAML and CFTSupervision process and methodologies
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2025-06-25•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance is expanding the Just Development Transition Portfolio Fund to include islands with up to 3,100 residents in the North Aegean, South Aegean, and Crete regions. Part of the Just Development Transition Programme 2021–2027, the fund aims to enhance access to finance for island businesses, focusing on green and sustainable entrepreneurship. It provides EUR 70 million in investment and working-capital loans on favourable terms, complementing the "Doing Business Green" state-aid actions.
Policy & regulationImplementation, projects & pilotsSME financing
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2025-06-25•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance reported a state budget cash surplus of EUR 1.875bn for January–May 2025, surpassing the target of a EUR 2.475bn deficit and improving from a EUR 535mn deficit in the same period of 2024. The primary surplus reached EUR 5.343bn, exceeding the target of EUR 1.055bn. Net state budget revenues were EUR 28.969bn, driven by higher tax receipts, while expenditures were EUR 27.094bn, below target due to delayed transfers and reduced armament spending.
Data & statisticsOther
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2025-06-25•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance announced that the upcoming policy package at the Thessaloniki International Fair will focus on growth measures, easing middle-class burdens, and further digitalising tax compliance. Efforts include a digital client registry to curb tax evasion, digital invoices via ERP systems and the AADE web application, collaboration with the Bank of Greece and commercial banks on Swiss-franc borrower costs, and OPEKEPE's integration into AADE by early 2026.
Policy & regulationImplementation, projects & pilotsEconomic data and developments
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2025-06-25•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance and Cyprus’s Finance Ministry agreed to enhance coordination in bilateral and EU forums, with Greece supporting Cyprus's EU Presidency in 2026. Discussions included geopolitical developments in the Middle East, EU priorities on energy, digitisation, green transition, and Greece's projected 2.3% growth in 2025. Cyprus also engaged in talks on investment, competitiveness, and EU resources, highlighting Greek investment in Cyprus.
Policy & regulationCooperationCross-border cooperation
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2025-06-25•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance has launched a public consultation on a draft bill to modernize the National Customs Code, aligning it with the EU Customs Code. The bill aims to simplify and digitize customs procedures, tighten penalties, and introduce flexible operating hours, while proposing tax and administrative measures to enhance compliance and expand the Independent Authority for Public Revenue's remit. Key tax proposals include integrating the Financial and Economic Crime Unit into the Authority, mandating bank payments for rents, and creating a Property Ownership and Management Registry.
Policy & regulationRules & requirementsTaxation
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2025-06-25•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC's Cryptocurrency Taskforce found illicit activity among high-value crypto ATM users, prompting law enforcement referrals and a national operation involving police contact with 90 individuals, mainly scam victims or money mules. Supported by New South Wales Police and the Australia-New Zealand Crypto Practitioners Working Group, the operation uncovered significant illegal transactions and substantial financial losses from scams. AUSTRAC announced new standards for crypto ATM providers, including a $5,000 cash transaction limit, enhanced due diligence, mandatory scam warnings, and improved monitoring.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-06-25•United States•Federal Financial Institutions Examination Council
The Federal Financial Institutions Examination Council released the 2025 list of distressed or underserved nonmetropolitan middle-income geographies eligible for Community Reinvestment Act (CRA) credit. The list reflects local economic conditions and updates the methodology for identifying underserved areas, consolidating urban influence codes from 12 to 9 categories. CRA consideration for qualifying activities applies for 12 months post-publication, with a one-year lag for areas removed from the 2024 list.
Policy & regulationGuidance & interpretationFinancial inclusion
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2025-06-25•Sweden•Riksbank
Riksbank's First Deputy Governor Anna Breman stressed transparency's role in reducing economic uncertainty at a Bank of England conference. She highlighted Riksbank's unique communication tools, like policy rate forecasts, alternative scenarios, and attributed minutes, enhancing accountability and predictability. Breman suggested publishing alternative scenarios may become more important for other central banks amid ongoing economic policy uncertainty.
Monetary policyMonetary policy framework & strategyMonetary policy decisions and developments
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2025-06-25•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) and Saudi Arabia’s Capital Market Authority (CMA) met in Hong Kong to enhance regulatory collaboration and market connectivity. Key topics included supervisory collaboration, dual listing of investment products, and recent market developments. The SFC and CMA also co-hosted a roundtable with asset managers to explore cross-border investment opportunities and potential partnerships.
Policy & regulationCooperationCross-border cooperation
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2025-06-25•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission's Annual Report 2024-25 highlights increased fund-raising and trading activity, with advancements in tokenisation and virtual assets, including authorising tokenised money market funds and virtual asset ETFs. Connectivity milestones include southbound inflows through Stock Connect and new Middle East links, while market development efforts have improved listing application timeframes and increased IPO fund-raising. Additional outcomes include a rise in market capitalisation for ETFs and leveraged products, more approved licence applications, and a successful anti-scam campaign.
OtherMarket developmentFinancial and market indicators
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2025-06-25•Austria•Austrian National Bank (OeNB)
The Austrian National Bank (OeNB) and Austria’s Federal Ministry of the Interior launched "Achtung, Betrug!", a pilot project under the “Sicher Bezahlen” initiative to enhance fraud awareness and digital payment security. The project involved workshops connecting students and older adults to address scams like phishing and credit card fraud, with input from police security officers. OeNB may expand the initiative to other regions after a positive evaluation.
Financial literacy & educationConsumer and investor protection
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2025-06-25•Hong Kong•Hong Kong Monetary Authority
HKMC Annuity Limited, a subsidiary of The Hong Kong Mortgage Corporation Limited, launched a six-month public education campaign, "Panda Mode ON!", to promote retirement financial planning. The campaign features television, outdoor, online, and social media advertising, along with exhibitions and outreach events across Hong Kong. It aims to enhance understanding of the HKMC Annuity Plan and longevity risk management.
Financial literacy & educationFinancial literacy and education
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2025-06-25•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority announced the release of The Hong Kong Mortgage Corporation Limited's Annual Report 2024. The report reviews HKMC's business performance, financial position, and environmental, social, and governance initiatives for the year.
Data & statisticsActivity and performance reportingESG
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2025-06-25•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 Aslan Talpakov, Alexander Naumov, and Iskander Vakhitov as independent directors on the Board of Directors of JSC Nurbank. The approvals were documented in protocols dated 16 June 2025.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-06-25•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 issued its first banking licence since 2010 to JSC BNK Commercial Bank, part of South Korea's BNK Financial Group Inc. This move aims to attract reputable foreign banks and boost competition in Kazakhstan's banking sector. BNK Commercial Bank, reorganized from BNK Finance Kazakhstan LLP, plans a strategy focusing on digital banking, risk management, and regional expansion.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-06-25•Isle of Man•Isle of Man Financial Services Authority
Aurum Insurance Limited has surrendered its authorization as an insurer under section 8 of the Insurance Act 2008, effective 24 June 2025, as announced by the Isle of Man Financial Services Authority.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-06-25•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority released findings from a thematic review on compliance with the Financial Services Rule Book 2016, focusing on regulatory registers. The review, involving questionnaires and inspections, highlighted good practices and areas for improvement in managing Conflicts of Interest, Complaints, Breaches, and Pricing Errors.
SupervisionReviews, inspections & stress testsComplianceSupervision process and methodologies
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2025-06-25•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has granted a Financial Services Licence to T Rowe Price Investment Management, Inc. under section 7 of the Financial Services Act 2008. The licence covers class 2 (investment business) sub-classes (3) and (4), and class 3 (services to collective investment schemes) sub-class (6).
SupervisionAuthorisations & approvalsLicence approval
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2025-06-25•Kuwait•Central Bank of Kuwait
The Central Bank of Kuwait published the tenth edition of its quarterly report series, "Price Dynamics & Inflation and Macroeconomics Expectations," analyzing inflation trends and expectations, macroeconomic definitions, short-term growth, business cycles, and sustainable long-term growth drivers.
Research
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2025-06-25•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority appointed Franz-Anton Steurer as Executive Board member and Head of Asset Management and Markets, effective 1 July 2025. Steurer, a long-standing employee, has led the division on an interim basis since March and been involved in supervisory roles since 2012. The division oversees asset management companies, investment funds, alternative investment fund managers, and handles notifications and reporting for stock exchange-traded entities.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-25•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan, with credit institutions, insurance organisations, and development partners, hosted a financial literacy festival in Tursunzoda under the 2022–2026 National Financial Inclusion Strategy. The event featured educational sessions and a product showcase on Islamic banking, financial fraud prevention, household financial literacy, cashless payments, and insurance system digitisation. Activities included Q&A competitions, an exhibition, and a cultural programme with a prize draw.
Financial literacy & educationMarket development
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2025-06-25•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) participated in the Sou Segura Summit 2025, focusing on ESG and inclusion in the insurance market. Superintendent Alessandro Octaviani discussed SUSEP Circular No. 666/2022, emphasizing sustainability and inclusion, while Director Júlia Normande Lins highlighted the need for tailored insurance products and referenced the Working Group's report on the National Policy for Insurance Access.
Policy & regulationGuidance & interpretationESG
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2025-06-25•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) outlined its strategy for implementing Law No. 15.040/2024, focusing on aligning regulations with the new Insurance Contract Law. Director Jessica Bastos emphasized prioritizing reviews requiring significant systems changes and highlighted amending conflicting provisions without exceeding the law's scope. Discussions included artificial intelligence in claims handling, innovative products, complex claims adjustment, transparency, and the role of insurance brokers.
Policy & regulationRules & requirements
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2025-06-25•Iraq•Central Bank of Iraq
The Central Bank of Iraq released an IMF mission statement commending progress in liquidity absorption and foreign trade financing reforms, linking these to enhanced compliance with international transparency standards. The IMF urged further banking sector reforms, including reducing dollarization, enhancing governance, and improving digital infrastructure and anti-money laundering measures.
Policy & regulationReform agendas & prioritiesSupervision process and methodologiesFinancial stability and systemic risk
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2025-06-25•Iraq•Central Bank of Iraq
The Central Bank of Iraq launched the Al-Fursan programme to support entrepreneurs with investment opportunities and soft loans, aiming to enhance the private sector and youth engagement in the national economy. Governor Ali Mohsen Al-Alaq emphasized its alignment with banking reforms and the focus on youth-driven projects.
Policy & regulationImplementation, projects & pilotsSME financing
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2025-06-25•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand released a snapshot on Maori access to capital, highlighting efforts by participating banks to reduce finance barriers and improve data and practices. The initiative, developed with Tawhia the Maori Bankers Ropu, aligns with the Minister of Finance’s 2025 expectations, focusing on competition-enhancing initiatives and reducing lending barriers for Maori freehold land.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-06-25•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten's June 2025 Economic Bulletin stresses the need for economic and fiscal reforms to sustain post-pandemic growth, highlighting labour-market reforms and investment in human capital. It warns of fiscal challenges, including refinancing Dutch state loans and demographic pressures on healthcare systems. The bulletin also addresses trade vulnerabilities due to import reliance and calls for climate resilience through actionable national adaptation plans.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2025-06-25•Estonia•Ministry of Finance (Estonia)
Estonia’s Ministry of Finance proposed legislative amendments to enhance the anti-money laundering and counter-terrorist financing framework, focusing on the Financial Intelligence Unit's database processing and strategic analysis. The amendments clarify data collection, usage, and processing, particularly for legal-person data, and introduce an annual reporting obligation to the Riigikogu special committee. The package also transposes an EU directive, updating governance and oversight arrangements, including beneficial ownership data accessibility.
Policy & regulationRules & requirementsAML and CFT
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2025-06-25•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines was named Currency Manager of the Year by Central Banking for its efforts in maintaining a reliable banknote supply and expanding its polymer banknote series. The award recognized the introduction of polymer notes, starting with the PHP 1,000 denomination in 2022, and subsequent agreements with Banque de France and Bundesdruckerei for currency management and production.
OtherCurrency and cash management
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2025-06-25•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines received Central Banking’s Currency Manager of the Year award for maintaining a quality currency supply, notably through its polymer banknote series. The award acknowledged BSP's cooperation with Banque de France, Germany’s Bundesdruckerei, and Note Printing Australia. Governor Eli M. Remolona, Jr. emphasized the importance of physical cash, while Assistant Governor Mary Anne Lim highlighted international collaborations supporting BSP's currency management.
Other
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2025-06-25•Estonia•Finantsinspektsioon
The Estonian Financial Supervision Authority issued an advisory guideline for credit servicers and purchasers to standardize debt collection practices, prohibiting the collection of time-barred debts and clarifying communication expectations. The guideline aims to harmonize market practices and clarify legislative requirements, with further analysis and potential clarifications planned.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-06-25•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority (FMA) released its Financial Conduct Report for 2025/26, focusing on reducing regulatory burdens, enhancing supervision of emerging risks, and improving operational resilience. Key initiatives include collaborating with the Reserve Bank on the twin peaks regime, addressing scams, engaging in custody law reform, and intensifying oversight in financial advice, banking, insurance, and capital markets.
Policy & regulationReform agendas & prioritiesDisclosures
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2025-06-25•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority released its Financial Conduct Report 2025, outlining supervisory priorities for the next 12 months, including consumer complaint improvements, investment scam disruption, and custody protection enhancements. The report also addresses market development through a single conduct licence, a regulatory sandbox for fintech, and focuses on virtual assets and operational resilience.
SupervisionSupervision approach, priorities & toolkitOther
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2025-06-25•Slovakia•National Bank of Slovakia
The National Bank of Slovakia approved its 2024 Annual Report and June 2025 Macroprudential Commentary, maintaining the countercyclical capital buffer rate. It also reviewed the Summer 2025 Economic and Monetary Developments report and the 2024 consumer protection activities report. These documents will be published on the NBS website.
Policy & regulationRules & requirementsActivity and performance reporting
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2025-06-25•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a VND 1,000,000 fee for a securities practice certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly to the commission. Failure to complete the procedure within one year of notification will result in certificate cancellation.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-06-25•Seychelles•Central Bank of Seychelles
The Central Bank of Seychelles' Financial Stability Committee noted increased domestic financial stability risks amid global uncertainties, despite strong banking indicators. A shift towards consumer loans, particularly household borrowing, was observed, alongside potential challenges from upcoming assessments affecting financial stability. The Committee emphasized vigilance and proactive oversight as external risks from global trade tensions and geopolitical issues persist.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk