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2025-06-23•Europe•European Association of CCP Clearing Houses
The European Association of CCP Clearing Houses (EACH) has published a position paper advocating for extending the optional VAT reverse charge mechanism and Quick Reaction Mechanism beyond 31 December 2026, suggesting removing the sunset date. EACH argues these measures are crucial for limiting VAT fraud in high-value commodities markets and reducing liquidity and operational costs for CCPs and clearing members. Without these mechanisms, EMIR-compliant CCPs may face increased clearing costs and liquidity challenges.
Policy & regulationReform agendas & prioritiesTaxation
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2025-06-23•Global•ISDA
The International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) submitted a comment letter on the Federal Reserve Board's proposal to revise the capital plan rule and stress capital buffer (SCB). They welcomed efforts to reduce SCB volatility but highlighted unresolved issues like implausible stress scenarios. They recommended maintaining current SCB requirements through September 30, 2026, and proposed reforms including asymmetric averaging of stress test results and removing the dividend add-on component.
Policy & regulationOtherCapital adequacyStress testing
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2025-06-23•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority (Finansinspektionen) will participate in Almedalsveckan 2025, featuring nine seminars on fraud, cyber security, digital payments, climate adaptation, and household indebtedness. Key participants include Acting Director General Malin Alpen, Sustainability Head Emilia Högquist, Consumer Protection Economist Moa Langemark, and Acting Head of Payments Marie Jesperson, who will discuss digitalisation risks, climate readiness, youth debt, and fraud prevention.
OtherConsumer and investor protectionFinancial inclusion
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2025-06-23•United States•U.S. Financial Services Committee
The U.S. Financial Services Committee announced the House passed bills on securities regulation, small business capital formation, homebuyer privacy, and international matters. Key measures include expanding the "accredited investor" definition, streamlining IPO processes, and enhancing SEC rules for small business capital access. Additional bills focus on limiting credit reporting agencies' sale of mortgage leads and advocating for Taiwan's IMF participation.
Policy & regulationRules & requirementsSME financing
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2025-06-23•Russia•Central Bank of Russia
The Central Bank of Russia reported a slowdown in credit growth to 10.9% in May from 12.4% in April, amid tight monetary conditions. Banks' claims on companies and households rose by 0.8% and 0.4%, respectively, while broad money growth decelerated to 0.6%. High deposit rates continued to support household savings, primarily in time RUB deposits.
Data & statisticsMonetary data
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2025-06-23•United States•U.S. Department of Justice
The U.S. Department of Justice sentenced Terren Scott Peizer, former CEO of Ontrak Inc., to 42 months in prison for insider trading using Rule 10b5-1 trading plans, avoiding losses over USD 12.5 million. The U.S. District Court for the Central District of California also imposed a USD 5.25 million fine and ordered forfeiture of more than USD 12.7 million. This case marks the first insider trading prosecution based solely on Rule 10b5-1 plans, linked to a DOJ initiative targeting executive abuses.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-06-23•Chile•Central Bank of Chile
The Central Bank of Chile reported a 2.3% national GDP growth in Q1 2025, with fifteen out of sixteen regions showing positive growth. Key contributors were trade, manufacturing, and personal services, while mining had a mixed impact. Household consumption rose 1.8%, driven by durable goods, with the Metropolitan Region leading contributions.
Data & statisticsEconomic data and developments
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2025-06-23•Chile•Central Bank of Chile
The Central Bank of Chile has appointed Claudio Raddatz Kiefer as Manager of the Financial Policy Division, effective 14 July. Raddatz will lead macroprudential and regulatory policy analysis, coordinate Financial Policy Meetings, and oversee the Financial Stability and Payments System Reports. His role includes technical coordination with the Ministry of Finance and advising on financial stability and systemic risk measures.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-23•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka issued new directions under the Finance Business Act, capping interest rates for licensed finance companies' LKR deposits and debt instruments, effective 1 July 2025. Caps are linked to Treasury bill weighted average yield rates and the Overnight Policy Rate, with specific margins for different deposit tenors and debt instruments. Finance companies must report rates via the Financial Information Network Reporting System, revoking previous directives.
Policy & regulationRules & requirements
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2025-06-23•United States•Federal Reserve Board
The Federal Reserve Board announced the removal of reputational risk from its examination programs for Board-supervised banks, focusing instead on specific financial risks. Supervisory materials will be updated, and examiner training will be enhanced to ensure consistent application. The change does not affect banks' internal use of reputational risk in their risk management frameworks.
SupervisionSupervision approach, priorities & toolkitRisk management
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2025-06-23•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission’s Division of Market Oversight issued a no-action letter extending the no-action position from CFTC Letter No. 22-14 regarding swap reporting requirements under Parts 45 and 46. The extension applies to certain non-U.S. swap dealers and major swap participants in specified countries, excluding those affiliated with U.S. entities.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-06-23•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission’s Division of Market Oversight seeks public comment on a proposed no-action position for MIAX Futures Exchange, LLC to temporarily allow trading of Minneapolis Hard Red Spring Wheat options exclusively through block trades. MIAX Futures aims to reduce the block-trade threshold and permit non-eligible contract participants to trade due to its electronic trading system's unavailability. The relief seeks to mitigate market disruption and provide time for managing open positions, with comments requested before June 30, 2025.
Policy & regulationGuidance & interpretationTrading
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2025-06-23•Vietnam•State Bank of Vietnam
The State Bank of Vietnam released Deputy Governor Pham Tien Dung's remarks at the Vietnam Asset Management Company (VAMC) Party Congress, highlighting VAMC's performance in non-performing loan (NPL) resolution from 2020 to 2025. VAMC reported purchasing 3,010 NPLs via special bonds and 392 at market price, recovering VND 121,982 billion in principal. Dung urged VAMC to enhance productivity, intensify market-based debt activities, and expand partnerships to develop an NPL market.
Institutional developmentLeadership change & appointmentsOther
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2025-06-23•Portugal•National Council of Financial Supervisors
Portugal's National Council of Financial Supervisors approved initiatives on technological free zones, a 2025 cybersecurity work plan, and the next national financial literacy survey. The Council reviewed financial innovation efforts, including the Financial Technological Innovation Working Group's progress and the sixth edition of Portugal Finlab. It also addressed financial stability risks, IMF Financial Sector Assessment Program preparations, and Banco de Portugal's macroprudential decisions for 2025.
Policy & regulationImplementation, projects & pilotsCyber resilience
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2025-06-23•Liechtenstein•Finance Liechtenstein
Finance Liechtenstein featured David Gamper, Managing Director of the Liechtenstein Investment Funds Association, discussing the demand for customised investment funds among families and family offices. The article highlights benefits like administrative outsourcing, EU-aligned investor protection, tax advantages, and flexible structuring. It also notes the absence of statutory diversification requirements in Liechtenstein's alternative investment fund regime, allowing concentrated holdings.
Financial literacy & educationOther
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2025-06-23•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority's CEO outlined a strategy for a multi-province agreement allowing credit unions to serve members across provincial boundaries. The approach emphasizes activity-specific, risk-based implementation, starting with coordination and progressing toward convergence and standardization. Key priorities include supervisory coordination, common reporting templates, early alignment on capital and liquidity treatment, and joint reviews and risk assessments.
Policy & regulationImplementation, projects & pilotsCross-border cooperation
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2025-06-23•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission announced Kevin Muhlendorf as the new Inspector General, effective July 28, with Katherine Reilly returning to her role as Deputy Inspector General. Muhlendorf, a former SEC and U.S. Department of Justice attorney, has extensive experience in white-collar defense and government investigations. The SEC’s Office of Inspector General functions independently, reporting to both the Commission and Congress.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-23•Egypt•Central Bank of Egypt
The Central Bank of Egypt reported a significant increase in remittances from Egyptians abroad, totaling approximately USD 29.4 billion from July to April of FY 2024/2025, a 77.1% rise year on year. Inflows from January to April 2024/2025 rose 72.3% to around USD 12.4 billion, with April 2025 alone seeing a 39.0% increase to about USD 3.0 billion.
Data & statisticsCross-border payments
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2025-06-23•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency released its Quarterly Report on Bank Trading and Derivatives Activities for Q1 2025, noting a trading revenue of USD 15.0 billion, down 2.7% from the previous quarter. Four large banks held 87.1% of the industry's derivatives notional amount, which increased by USD 23.9 trillion to USD 210.4 trillion. Interest rate products dominated, accounting for 67.0% of total derivatives notional.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-23•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) approved General Resolution No. 1072, establishing a public offering regime with automatic authorisation for low or medium impact share issuances. The framework introduces simplified regimes to reduce costs and streamline access, based on offer size. Offerings up to 1,000,000 UVA require no prospectus, while offerings up to 7,000,000 UVA necessitate an admission process with reduced requirements and specific disclosure obligations.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-06-23•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority, Qatar Stock Exchange, and Edaa Qatar joined the 4th HSBC GCC Conference and Qatar Investment Roadshow in London to promote Qatar's capital market developments. The events highlighted regulatory reforms and technological enhancements, attracting over 300 participants, including 60 global investment institutions. This aligns with Qatar's Third Financial Sector Strategy, facilitating discussions on financial performance and growth strategies with global fund managers.
Policy & regulationCooperationMarket development
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2025-06-23•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority, Qatar Stock Exchange, and Edaa Qatar participated in the 4th HSBC GCC Conference in London and a Qatar Investment Roadshow to showcase Qatar's capital market developments. The events facilitated over 190 meetings with global investors, focusing on financial performance, growth strategies, and Qatar's economic landscape, as part of the Third Financial Sector Strategy.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-06-23•Asia•Asia/Pacific Group on Money Laundering (APG)
The Asia/Pacific Group on Money Laundering carried out a Strategic Implementation Planning visit to Timor-Leste after the adoption of its 2024 mutual evaluation report. The visit centred on actions to address identified AML/CFT deficiencies through interagency coordination, technical assistance and training. APG said it will continue to support Timor-Leste and work with donors to accelerate assistance.
Policy & regulationImplementation, projects & pilotsAML and CFTDomestic cooperation
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2025-06-23•Global•Financial Action Task Force
The Financial Action Task Force (FATF) updated its Guidance on Financial Inclusion and AML/CFT/CPF Measures to enhance access to formal financial services with risk-based safeguards. The guidance emphasizes a proportionate risk-based approach for unserved and underserved populations and includes practical case studies. FATF also revised its assessment methodology to align with these changes, emphasizing the risk-based approach in future evaluations.
Policy & regulationGuidance & interpretationAML and CFTFinancial inclusion
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2025-06-23•South Korea•Bank of Korea
The Bank of Korea's Financial Statement Analysis for Q1 2025 shows weakened growth indicators for non-financial companies compared to the previous year, while profitability indicators improved from the prior quarter. Further details are available in the accompanying attachment.
ResearchFinancial and market indicatorsActivity and performance reporting
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2025-06-23•Moldova•National Bank of Moldova
National Bank of Moldova Governor Anca Dragu attended the Annual Meeting of the Governing Board of the Centre of Excellence in Finance in Montenegro, emphasizing the central bank's role in the CEF community and the outcomes of the "NBM LearnOrgLab" project. The meeting focused on enhancing institutional capacity for reforms and fundraising strategies for regional learning programs. Dragu highlighted the project's aim to foster a modern organizational culture of continuous learning and knowledge exchange, with plans to extend this approach to other public institutions in Moldova.
Institutional developmentCooperation & capacity buildingDomestic cooperation
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2025-06-23•Taiwan•Central Bank of Taiwan
The Central Bank of Taiwan released May 2025 statistics for the Taipei foreign exchange market, reporting a total net trading volume of USD 953.3 billion, with an average daily turnover of USD 47.7 billion. Transactions between banks and customers accounted for 71.9% of the volume, while interbank transactions made up 28.1%. Foreign exchange swaps dominated transaction types at 51.0%, followed by spot transactions at 39.9%.
Data & statisticsForeign exchange policy and markets
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2025-06-23•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority has updated its technical documentation for calculating risk-free interest rate term structures, removing the 19-year euro Interest Rate Swap tenor from 30 June 2025. This change aims to address volatility in the euro risk-free rate curve due to declining liquidity. The 15-year tenor will now serve as the penultimate liquid point before the euro last liquid point of 20 years.
Policy & regulationGuidance & interpretationFinancial benchmarks
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2025-06-23•United Arab Emirates•Dubai International Financial Centre
Dubai International Financial Centre announced Wealthbrix Capital Partners Limited, a new independent wealth management firm licensed by the Dubai Financial Services Authority. Founded by experienced professionals, Wealthbrix secured an eight-figure USD equity funding round and targets mid-tier millionaires and ultra-high-net-worth individuals. The firm plans to develop a DIFC-based fund platform and in-house asset management capabilities, supported by a cloud-native client reporting system.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-22•Peru•Central Bank of Peru
The Central Bank of Peru reported a 46.5% year-on-year increase in non-traditional agricultural exports, reaching USD 720 million in April, driven by a 58.2% rise in shipped volumes. Growth was primarily due to increased shipments of avocados, pomegranates, mangoes, and mandarins, following a recovery from adverse climatic conditions in 2023. From January to April, exports totaled USD 3,469 million, a 29.2% increase supported by a 36.1% rise in volume.
Data & statisticsBalance of payments and other external statistics
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2025-06-22•Mexico•CONDUSEF
CONDUSEF reported 4,185 complaints in Guanajuato from January to May 2025, a 3.1% increase from 2024, with claims totaling MXN 104.2 million, down 46.3% year on year. Credit and debit cards and special credit reports were the most complained-about products, with unrecognised transactions and debt collection as major issues. Commercial banking accounted for 57.7% of complaints, with 51.4% linked to potential fraud, especially unrecognised card and online purchases.
Data & statisticsComplaints and dispute resolution
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2025-06-22•Kuwait•Central Bank of Kuwait
The Central Bank of Kuwait will host an event on 23 June 2025 to launch its Buy Now Pay Later Project, a key initiative within its Initiative Accelerator Program aimed at developing BNPL solutions for the Kuwaiti financial sector.
Policy & regulationImplementation, projects & pilotsBNPL
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2025-06-22•Jordan•Jordan Securities Commission
The Jordan Securities Commission met with the Financial Services Companies Syndicate to discuss enhancing cooperation and coordination to improve Jordan's capital market performance, focusing on integrated services and technological advancements. The meeting aligns with the JSC's strategic objectives of justice, transparency, and integrity, and is part of ongoing engagements with market partners.
Policy & regulationCooperationDomestic cooperation
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2025-06-22•Oman•Central Bank of Oman
The Central Bank of Oman has joined the Network for Greening the Financial System, a coalition of over 160 central banks and supervisors addressing climate-related financial risks. This aligns with Oman Vision 2040 and the Sultanate’s net-zero emissions strategy. The bank is also advancing a regulatory framework for sustainable finance and participating in global climate initiatives.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-06-22•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority approved the revised statute of the Federation of Egyptian Insurance Companies, aligning it with the Unified Insurance Law No. 155 of 2024. Updates include changes to the federation's structure, membership provisions, board candidacy rules, and expanded funding sources. The Egyptian Insurance Institute is renamed the Institute for Training and Qualification for the Insurance Sector, designated as the sector's training body under the new law.
Policy & regulationRules & requirementsOther
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2025-06-22•Bangladesh•Bangladesh Securities & Exchange Commission
The Bangladesh Securities & Exchange Commission (BSEC) has released a draft amendment to the Depository (User) Regulations, 2003, for public consultation, proposing a revised annual account maintenance fee of BDT 150 per Beneficiary Owner account. BDT 100 would be retained by the depository, and BDT 50 remitted to the Commission. Non-payment would result in the closure of accounts with no securities and suspension of accounts with securities until fees are settled.
Policy & regulationRules & requirementsOther
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2025-06-22•Palestine•Palestine Monetary Authority
The Palestine Monetary Authority (PMA) is advancing its digital transformation strategy by collaborating with government and private-sector stakeholders to boost electronic payment adoption and address the surplus of Israeli shekel (ILS) liquidity. Measures include expanding electronic payment services, enhancing point-of-sale systems, and promoting digital wallets and instant payment systems. The PMA is also exploring alternative currency options due to challenges in repatriating excess ILS banknotes to Israeli banks.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-06-21•South Africa•National Credit Regulator
South Africa's National Credit Regulator urged young consumers to be cautious of excessive spending, online gambling, and impulsive borrowing linked to the "soft life" culture. The NCR warned that small loans and quick online bets can cause long-term financial harm, including damaged credit profiles and reduced employment opportunities. It advised youth to budget, track spending, and borrow only when necessary from NCR-registered providers.
SupervisionAlertsConsumer and investor protection
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2025-06-21•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority held the Annual Insurance Day 2025 in Arusha, opened by Engineer Zena A. Said, who praised TIRA's performance and sector growth. Insurance Commissioner Dr. Baghayo Saqware highlighted achievements and urged providers to enhance efficiency to broaden insurance access. The event included various activities and was attended by industry leaders and stakeholders.
OtherMarket development
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2025-06-21•Samoa•Central Bank of Samoa
The Central Bank of Samoa, supported by the World Bank, has issued terms of reference and a request for expressions of interest for the first phase of the Samoa Finance Sector Resilience and Development Project to enhance its ability to assess and mitigate climate-related financial risks. Expressions of interest for phase one are due by 07 July 2025.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-06-21•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has licensed Forfinance LLC as a non-bank credit organisation. This authorisation allows it to issue loans and conduct activities as outlined under the Law of the Republic of Azerbaijan on Non-bank Credit Organisations.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-21•United States•U.S. Financial Services Committee
U.S. House Committee on Financial Services Chairman French Hill commented on President Trump's signing of S.J. Res. 13, which disapproves an OCC rule on bank merger application reviews. Hill criticized the repealed rule for imposing burdensome standards and emphasized that the resolution would enhance competition, consumer choice, and regulatory balance.
Policy & regulationRules & requirementsRegulatory burden
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2025-06-20•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo and the Austrian National Bank (OeNB) agreed to intensify bilateral cooperation, focusing on technical and professional engagement. Discussions included financial stability, macro-modelling, and potential development of a survey on household financial behavior in the Western Balkans. The institutions aim to identify further areas for technical support and expertise exchange.
Policy & regulationCooperationCross-border cooperation
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2025-06-20•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo announced enhanced cooperation with the National Coordinator for Combating Economic Crime to tackle economic and financial crime. The meeting emphasized improving efficiency in addressing money laundering, terrorist financing, and cybercrime through strategic alignment and information exchange. Discussions highlighted the need for coordination on crypto-asset legislation and financial education initiatives.
Policy & regulationCooperationCross-border cooperation
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2025-06-20•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo and the World Bank held a workshop on "Financial Education and Digital Communication" to boost consumer empowerment and financial stability. The event highlighted educational programs, public campaigns, digital tools, and the central bank's new membership in the International Financial Consumer Protection Organisation. Participants included central bank staff, financial sector representatives, and international experts discussing strategies for integrating digital communication into financial education.
Financial literacy & educationFinancial literacy and education
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2025-06-20•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has issued a Q&A clarifying that "shared order book" arrangements involving non-EU trading platforms violate the Markets in Crypto-Assets Regulation (MiCA). The guidance addresses models where multiple crypto-asset platforms merge order books, emphasizing compliance with MiCA's authorisation requirements.
Policy & regulationGuidance & interpretationTrading
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2025-06-20•Peru•Superintendencia del Mercado de Valores de Peru
Peru's Superintendency of the Securities Market (SMV) has signed a cooperation agreement with GERENS Graduate School to provide training and upskilling for SMV personnel. GERENS will offer access to various educational programmes in multiple formats. The agreement is valid for two years and may be renewed.
Institutional developmentCooperation & capacity buildingCapacity building
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2025-06-20•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has initiated the selection process for a Consolidated Tape Provider (CTP) for shares and exchange-traded funds (ETFs). The CTP will consolidate pre-trade and post-trade data into a single electronic stream, with assessments based on European Commission regulatory standards. ESMA aims to finalize the selection by 2025, with the provider operating for five years under ESMA supervision.
Policy & regulationImplementation, projects & pilotsMarket infrastructure
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2025-06-20•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority released a report on its review of five banks' compliance with product approval procedures for consumer savings products. The report found that while procedures are generally established, several banks fail to identify a negative target market as required. The review, initiated in December 2024, outlines focus areas for banks to address in offering savings products to consumers.
SupervisionReviews, inspections & stress testsSupervision process and methodologies
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2025-06-20•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority (FSMA) published its 2024 Annual Report, emphasizing "value for money" in financial products and introducing a cost comparison tool for investment funds. The FSMA completed 234 value-for-money surveys on insurance products, halting distribution in 78 cases and reducing costs in 141 cases. A new online report version and a related webinar were also released to enhance accessibility and understanding.
SupervisionSupervision approach, priorities & toolkitConsumer and investor protection
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2025-06-20•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission updated its administrative penalties framework, revising settlement discounts and clarifying when discussions are prohibited. Discounts are 50% for early settlement, 20% after referral but before a Warning Notice, and 10% after a Warning Notice but before a Decision Notice. Settlement discussions are barred post-Decision Notice and in specific review and reconsideration scenarios.
Policy & regulationRules & requirements
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2025-06-20•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved amendments for appointing heads of market participants and internal control officials. It agreed on a draft resolution to establish the Joint Stock Company “Guaranteed Buyer” and made several registration and licensing decisions. Additionally, the Commission approved bond and share issuances, amendments to prospectuses, and changes to prior decisions related to joint stock companies.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-20•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica reported private-sector environmental protection expenditure in 2022 totaled CRC 118,325 million, or 0.26% of GDP, with 80% as current expenditure and 20% as capital investment. The 2024 material flow account recorded domestic extraction of 44.2 million tonnes, with biomass leading exports at 6.9 million tonnes. Environment-related fiscal revenues in 2024 accounted for 2.12% of GDP, primarily from energy and transport-related taxes.
Data & statisticsClimate risk and sustainable finance
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2025-06-20•Nigeria•Nigeria Securities & Exchange Commission
The Nigeria Securities and Exchange Commission issued an investor alert against CMTRADING, warning it is not registered to operate in Nigeria's capital market and shows signs of a Ponzi scheme. The platform allegedly uses cloned media and social media content to lure investors with promises of high returns and relies on a referral system. The SEC advises investors to verify the registration status of investment platforms through its official portals.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-20•Georgia•National Bank of Georgia
The National Bank of Georgia plans to modernize its payment infrastructure by 2026, including upgrading the Real-Time Gross Settlement system and introducing an Instant Payments System. NBG President Natia Turnava emphasized the alignment of these projects with regulatory-led innovation and broader fintech initiatives, highlighting collaboration with the World Bank and the need for cooperation with government and private sectors.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-06-20•Georgia•National Bank of Georgia
The National Bank of Georgia (NBG) emphasized fintech as a strategic priority at an international conference, highlighting its transparent and flexible regulatory framework. Governor Natia Turnava cited the NBG’s Fintech Development Strategy, developed with World Bank support, as key to advancing Georgia’s fintech ecosystem. The conference served as a public-private platform to enhance cooperation in implementing the strategy.
Policy & regulationReform agendas & prioritiesFintech and insurtech
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2025-06-20•Georgia•National Bank of Georgia
The National Bank of Georgia announced a meeting between Governor Natia Turnava and Robert Bregy, Secretary General of the City of Lugano, to discuss FinTech developments and potential cooperation in financial innovation. The Lugano delegation, visiting Tbilisi for a FinTech event, shared insights on their municipal stablecoin and tokenized securities, while Georgia presented its FinTech ecosystem and future initiatives.
Policy & regulationCooperationFintech and insurtechDomestic cooperation
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2025-06-20•Georgia•National Bank of Georgia
The National Bank of Georgia published its June Current Macroeconomic Review and Financial Sector Review, aiming to enhance analytical communication and provide data for economic analysis.
ResearchEconomic data and developments
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2025-06-20•Georgia•National Bank of Georgia
The National Bank of Georgia hosted an international conference on "Development of Financial Technologies – Challenges and Opportunities," unveiling its FinTech Development Strategy with the World Bank. The event featured contributions from key government and international figures, focusing on fintech advancements and public-private collaboration. Governor Natia Turnava emphasized achievements and future plans to enhance fintech and financial services in Georgia.
Policy & regulationReform agendas & prioritiesFintech and insurtech
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2025-06-20•United States•National Credit Union Administration
The US National Credit Union Administration (NCUA) liquidated Soul Community Federal Credit Union in Austell, Georgia, due to insolvency and violations of the Federal Credit Union Act and NCUA regulations. Member deposits are insured by the National Credit Union Share Insurance Fund up to USD 250,000. NCUA's Asset Management and Assistance Center will contact account holders within a week.
EnforcementInvestigations & enforcement actionsFinancial stability and systemic riskPrudential risks
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2025-06-20•China•Central Bank of the Republic of China
The People's Bank of China and the Hong Kong Monetary Authority announced the Mainland–Hong Kong Cross-border Payment Link, enabling real-time cross-border payments by connecting the Mainland's online payment interbank clearing system with Hong Kong’s Faster Payment System. This service will facilitate CNY and HKD remittances for various use cases, complying with anti-money laundering and other regulatory requirements. The system is set to launch on 22 June 2025.
Policy & regulationImplementation, projects & pilotsCross-border cooperationCross-border payments
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2025-06-20•China•Central Bank of the Republic of China
The Central Bank of the Republic of China released a Q&A on the Cross-border Payment Link, connecting mainland China's Online Payment Interbank Clearing System with Hong Kong's Faster Payment System. This initiative facilitates faster, safer retail cross-border payments in renminbi and Hong Kong dollars, supporting transactions like remittances, education, and medical fees. Participating institutions must adhere to settlement rules and anti-money laundering obligations, with initial participants including major banks from both regions.
Policy & regulationGuidance & interpretationCross-border payments
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2025-06-20•China•Central Bank of the Republic of China
The People's Bank of China and the Hong Kong Monetary Authority launched Cross-border Payment Connect, linking mainland China's online payment interbank clearing system with Hong Kong's Faster Payment System. Going live on 22 June 2025, it aims to enhance cross-border payment efficiency and support economic activities between the regions. They will collaborate to ensure orderly operation and refine institutional arrangements.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-06-20•Europe•European Banking Authority
The European Banking Authority (EBA) reviewed the Union standardised terminology for payment account services under the Payment Accounts Directive and found no immediate need for amendments to the Regulatory Technical Standards. Despite recognizing potential benefits in adding terminology for instant credit transfers, the EBA determined the costs would outweigh the benefits. The EBA plans to revisit the findings in four years or sooner if significant changes arise.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-06-20•Norway•Department of Finance (Norway)
Norway's Department of Finance has proposed legislative amendments to align with the EU Investment Firms Regulation and Directive, introducing a new capital requirements regime specifically for investment firms. This regime addresses prudential and conduct-related topics such as capital and liquidity requirements, governance, and reporting. The proposal seeks the Storting's approval to incorporate these EU directives into the EEA Agreement.
Policy & regulationRules & requirementsCapital adequacy
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2025-06-20•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority has issued a public warning about a fraudulent entity, the Bermuda Financial Markets Commission, which operates a fake website mimicking the Authority's own. The Authority is working to remove the site and has added the entity to its warning list, advising the public to exercise caution with emails linking to the fake site.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-20•Ukraine•National Bank of Ukraine
The National Bank of Ukraine revised the balance of payments data for 2024 and Q1 2025, increasing the current account deficit to USD 15.9 billion and USD 6.9 billion, respectively. Key revisions include adjustments to goods imports and exports due to expanded electronic customs clearance and reductions in travel services imports. The NBU also updated technical assistance figures and reinvested earnings, providing detailed methodological explanations for these changes.
Data & statisticsBalance of payments and other external statistics
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2025-06-20•Ukraine•National Bank of Ukraine
The National Bank of Ukraine (NBU) announced that an external assessment by the Bank of England confirmed its internal audit function's full compliance with International Standards for Internal Auditing, receiving the highest rating of "generally conforms." The review, based on Institute of Internal Auditors criteria, found no deficiencies and required no recommendations. This assessment, covering two years, is part of a mandatory five-year external evaluation cycle.
Institutional developmentCooperation & capacity buildingAuditing
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2025-06-20•Ukraine•National Bank of Ukraine
Deputy Governor Sergiy Nikolaychuk of the National Bank of Ukraine highlighted Ukraine's progress towards EU accession, noting over 75% equivalence with European banking standards. At the Annual Research Conference, he emphasized integration as a policy task, linking economic policy with security, and discussed capital markets, sanctions policy, and the use of frozen Russian assets. Academic insights included Professor Kenneth Rogoff's analysis of the weakening US dollar dominance and potential for multiple reserve currencies.
Policy & regulationReform agendas & prioritiesCross-border cooperation
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2025-06-20•Lithuania•Bank of Lithuania
The Bank of Lithuania reported a shift in Lithuania's balance of payments for Q1 2025, with the current account moving into a deficit of EUR 99.0 million, or -0.5% of GDP, after four quarters of surplus. This change was driven by increased deficits in primary and secondary income, despite positive trade and services balances. Additionally, the capital account surplus decreased, and net financial account investment flows were negative due to a significant fall in official reserve assets.
Data & statisticsBalance of payments and other external statistics
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2025-06-20•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance Regulator (ASF) clarified that Decree-Law 26/2025, transposing Directive (EU) 2021/2118, redefines vehicles needing compulsory motor third-party liability insurance (SORCA). Most personal mobility devices like bicycles and e-scooters are excluded if they meet new speed and weight limits, but certain high-powered devices may still require coverage. The ASF also notes that devices banned from public roads must still be insured and may face fines and seizure.
Policy & regulationGuidance & interpretationOther
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2025-06-20•Portugal•Portuguese Insurance Regulator (ASF)
Dr. Margarida Corrêa de Aguiar, Chair of Portugal's Insurance and Pension Funds Supervisory Authority (ASF), highlighted the robustness of the Portuguese insurance sector and improvements in governance, digitalisation, and consumer protection. She identified population ageing as a structural challenge, advocating for complementary retirement solutions and sustainable mechanisms to alleviate pressure on the public pension system.
OtherLeadership change and appointments
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2025-06-20•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance issued a statement post-Eurogroup and ECOFIN meetings, emphasizing the need to enhance Europe's competitiveness through EU customs reform and energy market integration. The statement called for de-escalation in the Middle East and highlighted Greece's commitment to fiscal stability and ongoing reforms. It also welcomed Bulgaria's euro area accession, noting its nominal convergence with criteria.
Policy & regulationReform agendas & prioritiesGeopolitical risk
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2025-06-20•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance reported Minister Kyriakos Pierrakakis’s participation in the Eurogroup and ECOFIN meetings, emphasizing Greece's economic resilience and commitment to fiscal discipline and reforms. He advocated for EU competitiveness through regulatory harmonization, supported Customs Union reforms, and called for energy cost reductions. Discussions included the digital euro, Bulgaria's euro adoption, and meetings with key European financial leaders.
Policy & regulationReform agendas & prioritiesGeopolitical risk
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2025-06-20•Croatia•Ministry of Finance (Croatia)
Croatia's Ministry of Finance and the Zagreb Stock Exchange announced a new company in Zagreb to integrate stock exchanges across Central and Southeast Europe, covering eight countries. This initiative aims to enhance financial connectivity and capital market liquidity, aligning with Croatia's Strategic Framework for Capital Market Development. Political support is anticipated through a Memorandum of Understanding among the participating countries' finance ministries.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-06-20•Portugal•Bank of Portugal
The Bank of Portugal's May 2025 securities statistics show a EUR 3.7 billion increase in listed shares' market value and a EUR 3.9 billion net issuance of public sector debt securities. The total resident-issued debt securities stock rose to EUR 314.5 billion, with significant contributions from general government and non-financial corporations. ESG-labelled debt securities amounted to EUR 14.7 billion, representing 4.7% of the total resident debt securities stock.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-20•United States•Financial Industry Regulatory Authority
FINRA's Board approved rule proposals to update carrying agreements and allow performance projections in some investor communications, aligning broker-dealer requirements with investment adviser standards. Amendments to FINRA Rules 4311 and 2210 will be filed with the SEC for approval. The Board also appointed new members to FINRA’s Advisory Committees and approved the 2024 Annual Financial Report.
Policy & regulationRules & requirementsRegulatory reporting
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2025-06-20•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong announced changes to the Green Technology and Finance Development Committee, appointing three new non-official members and reappointing ten for a two-year term starting June 23, 2025. The Committee, chaired by the Financial Secretary, aims to develop Hong Kong into an international green technology and financial centre.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-20•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong announced the reappointment of Ms Miranda Kwok Pui-fong and Mr Sun Yu to the Risk Management Committee of Hong Kong Exchanges and Clearing Limited, effective 1 July 2025 for a two-year term. The committee, chaired by HKEX Chairman Mr Carlson Tong Ka-shing, formulates risk management policies for HKEX and its subsidiaries.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-06-20•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong's Financial Services and the Treasury Bureau amended the Prevention of Bribery Ordinance to include Hong Kong Investment Corporation Limited and three financial infrastructure-related institutions. These entities are now public bodies subject to the Ordinance’s restrictions, extending provisions to those doing business with them. The order will be presented to the Legislative Council for negative vetting on June 25.
Policy & regulationRules & requirementsBribery and corruption
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2025-06-20•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Pension Funds Administrators (SBS) held an awards ceremony during World Savings Week 2025, the country's largest financial education campaign. The event featured over 1,200 activities, reaching nearly 10 million Peruvians, and highlighted the need to address the 33% of Peruvians without access to financial services. Award winners included Caja Ica, Financiera Confianza, EESTP CERTUS, and Banco de la Nación for innovative and inclusive proposals.
Financial literacy & educationFinancial literacy and education
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2025-06-20•Austria•Austria Financial Market Authority
Austria's Financial Market Authority released quarterly reports for pension and corporate provision companies, citing weaker investment results due to international market volatility in Q1 2025. Pension companies saw a 0.5% decline in assets to EUR 28.6 billion, while corporate provision companies experienced a 1.6% increase to EUR 21.5 billion. Despite quarterly declines, both sectors showed year-on-year growth in assets and investment performance.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-20•Global•World Bank
The World Bank approved USD 500 million for Bangladesh to support reforms enhancing transparency in public institutions and strengthening corporate governance and financial stability. The initiative aims to improve tax administration, align financial reporting with international standards, and empower the Bangladesh Bank with resolution powers. Reforms include mandatory publication of government project appraisals, electronic procurement with ownership disclosure, and enhancing auditing and statistical capacities.
Policy & regulationImplementation, projects & pilotsCorporate governanceFinancial stability and systemic risk
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2025-06-20•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia's report shows the banking system performed well in early 2025 despite international uncertainty, with profitability declining due to lower European Central Bank interest rates. Non-banking sector deposits increased, driven by household inflows, while lending rose 7.4% year on year, led by household lending. Asset quality remained stable, although the non-performing exposure ratio for non-financial corporations slightly increased to 2.0%.
SupervisionRisk monitoring & watch pointsAsset quality
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2025-06-20•Latin America•Financial Action Task Force of Latin America (GAFILAT)
GAFILAT held a workshop in Guatemala City on simplified due diligence for financial and non-financial institutions, aligned with a risk-based approach and changes to Recommendation 1. Part of GAFILAT’s annual Action Plan, it gathered over 100 delegates to discuss proportional due diligence to enhance resource allocation and financial inclusion. GAFILAT reaffirmed its commitment to supporting member countries in implementing international anti-money laundering and counter-terrorist financing standards.
SupervisionCooperationAML and CFT
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2025-06-20•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority's Q1 2025 statistics show a 4.5% quarterly and 9.5% annual increase in credit cards to 21.88 million. Credit card transaction volumes decreased 2.0% quarterly but rose 10.0% year-on-year, with transaction value up 1.0% quarterly and 8.4% annually to HKD 274.1 billion. Debit card transaction volumes fell 1.8% quarterly, while value increased 1.1% to HKD 73.8 billion, despite a 12.8% annual volume rise and a 2.0% value decline.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-20•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert regarding fraudulent websites, fake internet banking login screens, and phishing emails linked to The Bank of East Asia, Limited, Shanghai Commercial Bank Limited, and Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS.
SupervisionAlertsFraud and scams
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2025-06-20•Hong Kong•Hong Kong Monetary Authority
The People’s Bank of China and the Hong Kong Monetary Authority announced linking the Mainland’s Internet Banking Payment System and Hong Kong’s Faster Payment System via "Payment Connect" for real-time cross-boundary remittances. Coordinated by the China National Clearing Center and Hong Kong Interbank Clearing Limited, it will facilitate renminbi and Hong Kong dollar remittances for residents, subject to legal and regulatory requirements. Participating institutions must adhere to anti-money laundering and other compliance standards.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-06-20•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the People’s Bank of China will launch Payment Connect on 22 June 2025, facilitating real-time cross-boundary payments between the Mainland and Hong Kong. The service supports instant small-value remittances using mobile or account numbers and initially involves six institutions from each region. Additional institutions are expected to join as the service expands.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-06-20•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released Q1 2025 statistics on stored value facility schemes, introducing a new "withdrawal" transaction category. This addition led to reclassification of certain transactions and adjustments to previous figures for comparison. At end-Q1 2025, SVF accounts totaled 80.89 million, with 2.1 billion transactions valued at HKD 288.4 billion, reflecting a 1.0% increase in value despite a 7.6% drop in volume quarter-on-quarter.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-20•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) has issued guidance for supervisors on implementing a risk-based solvency (RBS) regime, developed with the International Monetary Fund. The document highlights key considerations for RBS design and implementation, emphasizing the need for stakeholder engagement and cultural change within supervisory bodies and the insurance sector.
Policy & regulationGuidance & interpretationCapital adequacy
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2025-06-20•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission announced the dissolution and voluntary liquidation of the investment compartment JUSTY SIX FUND of AIF JUSTY AIF Variable Capital Investment Company Ltd. This follows a decision made at a shareholders’ general meeting and was communicated by the external manager, Fortified Capital Limited, in line with the Alternative Investment Funds Law of 2018.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-06-20•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority warned about the fraudulent website www.handzlawfirm.com, falsely claiming to represent "Hauert & Zofia Law Firm" from an Isle of Man address. The Authority confirmed no association with a legitimate Isle of Man business and cautioned against potential fraud or identity theft. It advised verifying legal practices through official registers and reporting any involvement to local police and Isle of Man authorities.
SupervisionAlertsAML and CFTFraud and scams
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2025-06-20•Ghana•Bank of Ghana
At the 14th AFI Leaders’ Roundtable, the Bank of Ghana’s First Deputy Governor emphasized strengthening cyber resilience in digital financial services, highlighting supervisory tools and the 2018 Cyber and Information Security Directives. The speech noted over 21,000 cyber fraud attempts in 2022 and vulnerabilities in over 40% of assessed entities, prompting targeted interventions. It also called for regional coordination and consumer protection as mobile money accounts surpass 70 million.
Policy & regulationGuidance & interpretationCyber resilience
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2025-06-20•Global•Bank for International Settlements
The Bank for International Settlements published a Bulletin analyzing the US dollar's depreciation alongside equities and bonds following US tariff announcements in April 2025. The report attributes the dollar's decline primarily to currency hedging by non-US investors, not a broad loss of confidence in dollar assets. It highlights the impact of elevated short-term US dollar interest rates on hedging costs and notes potential stress in dollar funding markets due to FX hedge ratios and maturity mismatches.
ResearchForeign exchange policy and markets
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2025-06-20•Global•Bank for International Settlements
The Bank for International Settlements published a paper identifying FX swaps as a proxy for FX hedging linked to advanced-economy investors' cross-border bond portfolios, reflecting risk-taking and global financial conditions. Using data from 1998 to 2024, it notes growth in FX swaps and forwards to USD 75 trillion, driven by "other financial institutions" in major currencies against the USD. Findings indicate FX swap volumes correlate with yield-curve slopes, hedging costs, and risk appetite, with bidirectional spillovers from non-US policy actions affecting US bond investments.
ResearchForeign exchange policy and markets
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2025-06-20•India•Reserve Bank of India
The Reserve Bank of India revised priority sector lending norms for small finance banks, reducing the target from 75% to 60% of Adjusted Net Bank Credit or Credit Equivalent of Off-Balance Sheet Exposures, effective from the financial year 2025-26. SFBs must allocate 40% to PSL sub-sectors per existing prescriptions, with the discretionary component reduced from 35% to 20%. These changes are issued under Section 22(1) of the Banking Regulation Act, 1949.
Policy & regulationRules & requirementsLending
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2025-06-20•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has issued LLC “Somon Air Airline Company” a new special licence for foreign currency operations, invalidating its previous licence No. 01/22 from 08 June 2022.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-20•Spain•Bank of Spain
Juan Ayuso, Director General at the Bank of Spain, emphasized a data-driven approach to climate risks and adaptation at "Green Friday." The Bank released a report on its investment portfolios using the Eurosystem's framework. Ayuso highlighted EUR 900 billion in EU economic losses from natural catastrophes since 1981 and stressed adaptation's importance per the Paris Agreement, noting the interconnectedness of physical and transition risks and the need for high-quality climate data.
ResearchClimate risk and sustainable finance
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2025-06-20•Spain•Bank of Spain
The Bank of Spain reported Spain's public administrations debt under the Excessive Deficit Procedure at 102.7% of GDP in April 2025, down 2.5 percentage points from the previous year. Nominal EDP debt reached EUR 1,663bn, a 3.5% increase year on year, with State debt at EUR 1,514bn and Social Security debt at EUR 126bn. Territorial government debt included EUR 338bn for autonomous communities and EUR 23bn for local corporations.
Data & statisticsEconomic data and developmentsFinancial and market indicators