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2025-06-19•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina revised its nowcast for real GDP growth, estimating a 2.2% increase in Q1 2025, down 0.4 percentage points from previous forecasts, and a 2.5% growth in Q2 driven by services. Inflation is projected at 3.3% headline and 4.0% core in Q2, with Q3 estimates at 3.0% headline and 4.0% core, influenced by higher input costs and wage effects. The nowcast aligns with medium-term projections, though short-term inflation uncertainty remains due to potential international commodity price shocks.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
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2025-06-19•South Africa•South African Reserve Bank
The South African Reserve Bank's 2025 Financial Stability Review shows the financial system's resilience despite vulnerabilities from geopolitical tensions, policy uncertainty, and rapid capital outflows. It highlights non-resident equity sales, banks' sovereign exposure imbalances, and household financial strain, noting capital and liquidity buffers remain above minimum requirements. It also reports on the first Climate Risk Stress Test and updates on key policy initiatives, including a countercyclical capital buffer increase and crisis simulation exercises.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-06-19•South Africa•South African Reserve Bank
The South African Reserve Bank issued Exchange Control Circular No. 14/2025, amending the Currency and Exchanges Manual for Authorised Dealers to clarify tax compliance for capital distributions to non-residents from local testamentary trusts. Authorised dealers must verify a trustees’ resolution and the Last Will and Testament for beneficiary entitlement. Distributions from renounced trust capital rights must be referred to the Financial Surveillance Department.
Policy & regulationRules & requirementsCross-border payments
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2025-06-19•South Africa•South African Reserve Bank
The South African Reserve Bank released an updated version of its exchange control requirements for June 2025.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2025-06-19•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines issued updated guidelines for the Enhanced Comprehensive Credit and Equity Exposures Report of 2023 (COCREE 2.0) under Circular No. 1184, applicable to various financial institutions. Monthly submissions are required via the BSP Relationship Management System COCREE 2.0 Live Module, with revised due dates starting from the 30 April 2025 reporting period. Strict penalties for reporting violations will be enforced from the 30 September 2025 reporting period.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-06-19•Bulgaria•Ministry of Finance (Bulgaria)
Bulgaria's Ministry of Finance announced unanimous support from euro area member states for Bulgaria to join the euro area on 1 January 2026, following Eurogroup discussions. The lev to euro exchange rate is set at BGN 1.95583 per 1 euro, with the Council of the European Union expected to finalize the decision on 8 July. The Economic and Financial Affairs Council (ECOFIN) is expected to approve the Eurogroup recommendation and adopt final legal acts.
Policy & regulationRules & requirementsOther
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2025-06-19•Morocco•Central Bank of Morocco
The Central Bank of Morocco, with the European Bank for Reconstruction and Development and the International Finance Corporation, launched the Women Entrepreneurs Finance Initiative Code to enhance financial access for women-led MSMEs in Morocco. The initiative will use gender-disaggregated data and provide technical assistance to strengthen financial institutions' capacity to serve women entrepreneurs. This marks the central bank's entry into the global WeFi Code community, with EBRD and IFC as partners.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-06-19•Europe•European Council
The Eurogroup endorsed Bulgaria's adoption of the euro on 1 January 2026, following positive assessments by the European Commission and ECB. The Economic and Financial Affairs Council will adopt this recommendation on 20 June 2025, with the European Council discussing it on 26–27 June. The process concludes with three legal acts in July, after consultations with the European Parliament and ECB.
Policy & regulationInternational standards & recommendationsOther
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2025-06-19•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan conducted a training session for media on its role in protecting financial services consumers' rights, focusing on consumer protection organization and application handling. The session included discussions on the legal framework, application review mechanisms, and information accessibility, with practical examples and a Q&A segment. This event was part of Azerbaijan’s annual Human Rights Month.
Financial literacy & educationConsumer and investor protection
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2025-06-19•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan held a training session in Baku on open banking, unveiling its Open Banking Roadmap and exploring solutions with the International Finance Corporation. The event included presentations on domestic implementation and global approaches, followed by workshops with industry experts. The central bank emphasized its commitment to expanding fintech adoption and developing a digital banking ecosystem.
Policy & regulationImplementation, projects & pilotsFintech and insurtechOpen banking and finance
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2025-06-19•Ukraine•Ministry of Finance (Ukraine)
Ukraine’s Ministry of Finance announced that Finance Minister Sergii Marchenko met with European Central Bank President Christine Lagarde in Kyiv to discuss Ukraine's financial integration with the EU and the use of frozen Russian central bank assets. Discussions included legal and financial mechanisms for utilizing the full stock of immobilized assets, with EU data indicating EUR 210 billion in frozen Russian assets.
Policy & regulationCooperationCross-border cooperationFinancial stability and systemic risk
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2025-06-19•Canada•Ontario Securities Commission
The Ontario Securities Commission published a study on the trading practices of Exchange-Traded Funds (ETFs) in Canada, focusing on secondary-market liquidity and the effectiveness of arbitrage in aligning ETF prices with net asset value. The study, set against the backdrop of rapid market expansion and increased retail participation, informed the Canadian Securities Administrators' concurrent consultation on enhancing ETF regulation.
ResearchMarket developmentTrading
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2025-06-19•Canada•Ontario Securities Commission
The Ontario Securities Commission announced that Shabina Ahmad received a 30-month suspended sentence and probation for possession of property obtained by crime over CAD 5,000. Ahmad is banned from trading, advising on securities, or acquiring securities, and must pay CAD 7,500 in restitution to three victims. The case involved a joint investigation by the OSC and Peel Regional Police.
EnforcementSanctions & designationsFraud and scams
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2025-06-19•Global•Institutional Investors Group for Climate Change
The Institutional Investors Group on Climate Change has introduced the Climate Resilience Investment Framework 1.0 to help asset owners, managers, and advisers manage physical climate risks financially. It includes a four-step Physical Climate Risk Assessment Methodology, currently guiding infrastructure and real estate, with plans to expand to sovereign bonds, listed equities, and corporate fixed income. It complements the Net Zero Investment Framework and adapts to various mandates and governance structures.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-06-19•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario imposed a CAD 5,000 penalty on Donald Newton Mason and suspended his insurance agent licence for non-compliance with information requests. The action was based on subsection 442.3(1) of Ontario’s Insurance Act. Mason did not contest the proposal or request a hearing.
EnforcementInvestigations & enforcement actionsCompliance
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2025-06-19•Global•United Nations Environment Programme Finance Initiative
The United Nations Environment Programme Finance Initiative updated on the UN-convened Net-Zero Export Credit Agencies Alliance's roadmap to COP30, reaffirming its commitment to the Paris Agreement's 1.5°C limit and ceasing support for new international unabated fossil fuel projects. The Alliance's second high-level meeting reviewed progress and discussed carbon accounting and transition finance, with new members including Finland’s Finnvera and Bpifrance AE. Members are implementing targets under the NZECA Target-Setting Protocol, with the first progress report due in Q4 2025.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-06-19•Uganda•Uganda Insurance Regulatory Authority
The Insurance Regulatory Authority of Uganda issued a circular on the 2026–2027 licence renewal for insurance and reinsurance brokers, requiring online applications and a UGX 1,000,000 compliance fee by 1 September 2025. It specifies documentation needs, including evidence of paid-up capital, corporate governance details, and professional indemnity insurance. Brokers must submit audited accounts for 2025 by 31 March 2026, with licensed entities listed on 1 January 2026.
Policy & regulationRules & requirementsLicence approval
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2025-06-19•Uganda•Uganda Insurance Regulatory Authority
The Insurance Regulatory Authority of Uganda has initiated its 2026 compliance review for licensed risk advisors, loss assessors, and loss adjusters, requiring submissions via its online platform and an annual compliance fee of UGX 400,000 per business type by 1 September 2025. Documentation includes professional indemnity insurance, auditor details, and proof of membership in relevant professional bodies. The review concludes on 1 December 2025, with the list of authorised entities published on 1 January 2026.
SupervisionReviews, inspections & stress testsLicensing framework and process
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2025-06-19•Uganda•Uganda Insurance Regulatory Authority
The Insurance Regulatory Authority of Uganda has begun licensing bancassurance agents for 2026-2027, requiring online applications by 1 September 2025. Agents must pay a UGX 1,000,000 compliance fee and meet criteria, including membership in the Insurance Training College of Uganda and professional indemnity insurance. Renewal decisions will consider 2025 conduct, and agents not published as licensed must cover publication costs.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-06-19•Uganda•Uganda Insurance Regulatory Authority
The Uganda Insurance Regulatory Authority issued a circular detailing 2026 compliance requirements for Health Membership Organisations, including a non-refundable fee of UGX 3,000,000 due by 1 September 2025. Requirements include proof of membership in relevant associations, professional indemnity cover, corporate governance details, and financial submissions. Incomplete submissions will incur penalties, and the Authority will publish the list of authorised HMOs on 1 January 2026.
Policy & regulationRules & requirementsLicensing framework and process
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2025-06-19•Uganda•Uganda Insurance Regulatory Authority
The Uganda Insurance Regulatory Authority issued a circular detailing compliance evidence and fees for insurers and reinsurers for 2026, with submissions due by 1 September 2025. Requirements include paid-up capital, statutory deposit statements, and various clearances, with penalties for late submissions. Audited financial statements for 2025 are due by 31 March 2026, and the Authority will publish its list of authorised entities on 1 January 2026.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-06-19•Uganda•Uganda Insurance Regulatory Authority
The Uganda Insurance Regulatory Authority has begun licensing risk advisors, loss assessors, and adjusters for 2026–2027, requiring online applications by 1 September 2025. Applicants must have professional indemnity insurance of at least UGX 100 million and submit 2025 audited financial statements by 31 March 2026. The Authority will publish the list of licensed entities on 1 January 2026, with unlisted entities covering their publication costs.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-06-19•Saudi Arabia•Saudi Arabia Insurance Authority
The Saudi Arabia Insurance Authority has allowed Al Sagr Cooperative Insurance Company to resume mandatory vehicle insurance sales from June 19, 2025. The company took steps to improve governance, address violations and meet regulatory requirements, and will remain subject to monitoring.
SupervisionAuthorisations & approvalsConsumer and investor protectionCorporate governanceCompliance
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2025-06-19•Europe•European Commission
The European Commission announced a political agreement to amend the Central Securities Depositories Regulation, reducing the EU securities settlement cycle from T+2 to T+1 by 11 October 2027. This change aims to enhance market efficiency, resilience, and liquidity while aligning with jurisdictions already at T+1. The Commission anticipates ongoing collaboration with EU authorities and the financial industry for implementation.
Policy & regulationRules & requirements
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2025-06-19•Europe•European Commission
The European Commission has approved UniCredit S.p.A.'s acquisition of Banco BPM S.p.A. under the EU Merger Regulation, contingent on remedies to address local competition concerns in Italy. The Commission rejected the Italian competition authority's request to assess the merger under Italian law. UniCredit will divest 209 branches to mitigate local market overlaps, with an independent trustee overseeing the process.
Policy & regulationRules & requirementsOther
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2025-06-19•Canada•New Brunswick Financial & Consumer Services Commission
The Financial and Consumer Services Commission of New Brunswick issued a warning that six crypto asset trading platforms, including Arctic Summit Capital and Stone Bridge Funds, are not registered to deal or advise in securities in New Brunswick. The alert specifies that the notice regarding Stone Bridge Funds pertains only to the entity linked to the listed website.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-19•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission issued an investor alert warning that Arctic Summit Capital is not registered to deal or advise in securities in New Brunswick. The Commission advises investors to verify registration status using the National Registration Search tool.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-19•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission issued a warning that Evolution Global Ltd, based in the United Kingdom, is not registered to deal or advise in securities in New Brunswick. Investors are advised to use the National Registration Search tool to verify registration status.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-19•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission issued an investor warning that Open Access Finance is not registered to deal or advise in securities in New Brunswick. The firm’s location is unknown, and investors are advised to use the National Registration Search tool to verify registration status.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-19•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission issued a warning that Rise Spark Solution is not registered to deal or advise in securities in New Brunswick. The firm is identified as being located in Switzerland and associated with the website www.risesparksolution.com. Investors are reminded to use the National Registration Search tool to verify registration status.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-19•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission issued a warning that SMRT Capital PTE Ltd, based in Singapore, is not registered to deal or advise in securities in New Brunswick. Investors are advised to verify registration status using the National Registration Search tool.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-19•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission issued a warning that Stone Bridge Funds is not registered to deal or advise in securities in New Brunswick. The warning specifically pertains to Stone Bridge Funds associated with a Toronto address and the website stonebridgefunds.com.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-19•Russia•Central Bank of Russia
The Central Bank of Russia released its June 2025 monitoring results, indicating an average maximum interest rate of 18.87% on Russian rouble deposits across the top 10 credit institutions. Rates varied by maturity, with 17.57% for up to 90 days and 16.48% for over one year. The data excludes special-category deposits and conditional rates, and is based on information from the banks' websites.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-19•Russia•Central Bank of Russia
The Central Bank of Russia reported a slowdown in business activity in June, with the Business Climate Index dropping to 2.9 points from 4.8 in May. Output and demand estimates fell below May levels, and companies' short-term expectations moderated. Price expectations declined for the sixth consecutive month.
ResearchEconomic data and developments
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2025-06-19•Russia•Central Bank of Russia
The Central Bank of Russia's 2024 poll on payment preferences shows a split between cash and cashless methods. Bank cards were the top cashless choice at 77%, followed by mobile transfers and online banking at 44%, and the Faster Payments System at 34%. Cash is favored for its universal usability, with a quarter using it daily and half keeping it for situations where cashless payments might fail.
Data & statisticsPayments and payment systems
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2025-06-19•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority has extended submission deadlines for periodic financial statements for insurance companies and pools for 2025. Deadlines for periods ending 31 March, 30 June, and 30 September are now 30 July, 15 September, and 15 December, respectively. Consolidated financial statements for groups with insurance subsidiaries may be submitted 15 days after these revised dates, aligning with Egyptian Accounting Standard No. 50 requirements.
Policy & regulationRules & requirementsRegulatory reporting
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2025-06-19•Canada•Canadian Securities Administrators
The Canadian Securities Administrators have amended National Instruments and Policies to align the Canadian Securities Exchange's (CSE) new Senior Tier with other non-venture exchanges. These changes redefine "venture issuer" to exclude CSE Senior Tier issuers, expand exemptions and eligibility requirements, and codify previous exemptions for Canada Business Corporations Act reporting issuers. The amendments update references to Cboe Canada Inc. and AQSE Growth Market and remove the requirement for escrow agreements to be witnessed.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-06-19•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) released a consultation paper on the exchange-traded fund (ETF) regulatory framework, proposing tailored rules for ETF-specific features like primary market creations/redemptions and secondary market trading. Key proposals include formalizing operational controls, enhancing disclosure requirements, and increasing transparency around authorized participant arrangements. The CSA aims to address ETF growth, with assets under management reaching CAD 518 billion by 2024.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-06-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam convened the 2025–2027 congress of its Foreign Exchange Management Department, outlining priorities like amending Decree 24 on gold market management and enhancing foreign-exchange and reserves policy. The department, formed by merging two divisions, will simplify administrative procedures, develop policies for a planned Financial Centre, and strengthen reserves management. The new executive committee will draft working regulations and task allocations, with the Decree 24 amendment expected by June.
Institutional developmentMandate & organizational structureLeadership change and appointments
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2025-06-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's new Credit Institutions Management and Supervision Department will focus on supervision, licensing, bank restructuring, and non-performing loans. Formed from reorganising the former Banking Inspection and Supervision Agency, it will continue microprudential safety supervision and enhance compliance with banking regulations. The Party cell committed to integrating these directives into its 2025–2027 programme.
Institutional developmentMandate & organizational structureOther
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2025-06-19•Vietnam•State Bank of Vietnam
State Bank of Vietnam Governor Nguyễn Thị Hồng set a 2025 credit growth target of 16% to support economic growth, with adjustments possible if inflation is controlled. She highlighted the banking system's critical role in funding, noting systemic risks from reliance on bank credit and the need for improved capital efficiency and foreign investment. A proposed 2% interest-rate support policy for green projects will be funded by the state budget, with the Ministry of Finance developing a lending channel and coordinating with the central bank for clearer guidance.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-06-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) outlined priorities for the National Banknote Printing Plant's 2025–2030 term, emphasizing leadership enhancement and technology adoption. The SBV called for improved internal mechanisms, clearer responsibilities, and stronger human resources planning. It also highlighted the importance of security, product quality, and staff welfare.
Institutional developmentGovernanceOther
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2025-06-19•Canada•British Columbia Securities Commission
The British Columbia Securities Commission (BCSC) secured a Supreme Court declaration that a $6.8 million disgorgement order against Thomas Arthur Williams remains enforceable despite potential bankruptcy discharge. The court applied the Supreme Court of Canada's 2024 test, linking the disgorgement to Williams's fraudulent conduct in a Ponzi scheme. The BCSC is engaging federal officials on including securities regulators' financial sanctions in the Bankruptcy and Insolvency Act's list of debts that survive discharge.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-06-19•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority (BCFSA) fined real estate agent Alan Hu CAD 120,000 and revoked his licenses for manipulating a property sale for personal gain. Hu was guilty of professional misconduct, failing to act in the client's best interests, breaching confidentiality, and not disclosing conflicts of interest. A court also ordered Hu to disgorge profits from the sale, including the commission.
EnforcementInvestigations & enforcement actionsOther
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2025-06-19•Egypt•Central Bank of Egypt
The Central Bank of Egypt has issued licensing and registration rules for Payment System Operators and Payment Service Providers under the Central Bank and Banking System Law No. 194 of 2020. The rules outline conditions for domestic and foreign payment institutions, covering activities like cash deposits, payment transactions, and remittances in EGP. They include prerequisites for licensing, such as documentation, capital requirements, and compliance for foreign institutions operating in Egypt.
Policy & regulationRules & requirementsLicensing framework and process
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2025-06-19•Thailand•Bank of Thailand
The Bank of Thailand (BOT) approved three groups to establish virtual banks after a review by the Minister of Finance and BOT. The approved entities are ACM Holding Company Limited, a consortium led by Krung Thai Bank, and a group involving SCB X and KakaoBank Corp. The review assessed applicants' qualifications, business plans, and their ability to serve unserved and underserved customers while maintaining financial stability.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-19•Global•Financial Stability Board
The Financial Stability Board's report on non-bank commercial real estate investors highlights liquidity mismatches, high leverage, and opaque valuations as key risks. It warns that CRE market shocks could impact the banking system due to interlinkages and calls for improved risk monitoring and valuation transparency. The report stresses addressing liquidity mismatches in open-ended funds and closing data gaps to enhance risk oversight.
Policy & regulationInternational standards & recommendationsLiquidity riskPrudential risksFinancial stability and systemic risk
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2025-06-19•Moldova•Ministry of Finance (Moldova)
Moldova's Ministry of Finance announced Cabinet approval of a draft law to enhance consumer protection in financial services, with the National Commission for Financial Markets (CNPF) assuming supervisory duties from 1 July 2023. The law mandates clear product information from insurers and intermediaries, extends CNPF oversight to savings and loan associations, and strengthens consumer protection in credit agreements.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-06-19•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1070, extending the 40% participation threshold for non-"Large Companies" in financial trusts for SMEs until 31 December 2025. The resolution also temporarily broadens eligible assets for SME mutual funds to enhance SMEs' access to capital markets.
Policy & regulationRules & requirementsSME financing
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2025-06-19•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1071, establishing a regulatory regime for "Employment Termination" Collective Investment Products under Decree No. 847/2024. This regime allows for creating an Employment Termination Fund, managed through Open-End Common Investment Funds or Financial Trusts, as an alternative to statutory severance payments. The resolution incorporates feedback from a public consultation and includes provisions for fund management, employer contributions, and protection from seizure.
Policy & regulationRules & requirementsOther
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2025-06-19•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has finalized changes to the treatment of Higher Education Loan Program debt repayments by authorized deposit-taking institutions in home loan assessments, releasing a response letter, revised reporting standard, and prudential practice guide.
Policy & regulationRules & requirementsLending
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2025-06-19•China•China Banking and Insurance Regulatory Commission
China Banking and Insurance Regulatory Commission Chairman Li Yunze visited Shanghai to assess financial development in the Lingang New Area, urging enhanced financial opening and support for Shanghai as an international financial center. Li emphasized advancing institutional opening in reinsurance and prioritized tighter implementation of central conduct rules to support Shanghai's financial center construction and explore technology and cross-border finance initiatives.
Policy & regulationReform agendas & prioritiesMarket development
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2025-06-19•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority is attending the Ordinary General Meeting of the Association of National Numbering Agencies in Croatia to discuss digital asset developments, cooperation enhancement, and updates to ANNA’s strategic initiatives. QFMA, an ANNA member since 2015, aligns its participation with international best practices for market development and securities protection. Established in 1992, ANNA promotes ISO standards for financial instrument identification.
Policy & regulationCooperationTradingMarket infrastructure
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2025-06-19•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority is participating in the Ordinary General Meeting of the Association of National Numbering Agencies in Croatia. The meeting will address developments in digital assets, cooperation among member states, and updates to ANNA’s strategic programmes. QFMA has been an ANNA member since 2015, aligning its market development with ANNA’s implementation of international ISO standards for capital markets.
Policy & regulationCooperationTradingMarket infrastructure
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2025-06-19•Australia•Australian Competition and Consumer Commission
The Australian Competition and Consumer Commission (ACCC) issued four infringement notices to National Australia Bank Limited (NAB) for alleged breaches of the Consumer Data Right (CDR) Rules, resulting in penalties totaling AUD 751,200. The ACCC highlighted the importance of accurate CDR data, noting NAB's cooperation and data rectification, while emphasizing data quality as a priority as the CDR regime expands.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-06-19•Europe•Council of Europe
The Council of Europe’s MONEYVAL published follow-up reports on Bulgaria, Cyprus, and the Republic of Moldova, reassessing their compliance with FATF recommendations. Bulgaria improved compliance on financial sanctions and customer due diligence, now rated compliant on eight recommendations. Cyprus and Moldova also showed progress, with Cyprus compliant on 16 recommendations and Moldova on nine.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-06-19•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission has updated its Virtual Asset Custody Services Thematic Pilot Program, confirming receipt of four applications by April 2025 and reopening applications from 15 June 2025. The program, launched in November 2024, aims to assess market demand and inform regulatory adjustments, with consultation support offered to applicants.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
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2025-06-19•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority's June 2025 Financial Stability Report confirms the robustness of Europe's insurance, reinsurance, and occupational pensions sectors despite a volatile macroeconomic environment. It highlights the need for closer monitoring of exchange-rate, interest-rate, and equity-valuation volatility, as well as geopolitical and cyber risks. The report notes a decline in solvency ratios under Solvency II, growth in non-life and life premiums, and improved profitability, while emphasizing vulnerabilities due to concentrated fixed-income portfolios and exposure to US assets.
ResearchFinancial stability and systemic riskMarket risk and volatility
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2025-06-19•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE has signed a Memorandum of Understanding with CIPS Co., Ltd., operator of China's Cross-Border Interbank Payment System, to enhance cooperation on payment infrastructure and cross-border payment efficiency between the UAE and China. The agreement includes joint initiatives for streamlined transactions and expertise sharing in risk and compliance to improve security and stability.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2025-06-19•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE will host its inaugural Climate Forum and a Network for Greening the Financial System (NGFS) meeting in Abu Dhabi on 26 June 2025. The event aims to advance sustainable finance and integrate climate considerations into financial-sector policy. Discussions will focus on climate policy integration into risk management, financial-sector resilience, and regional and international cooperation, with the NGFS meeting addressing climate impacts in monetary policy.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-06-19•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank plans to pilot the CARICOM Payments and Settlement System (CAPSS) for faster, cheaper transfers within the Caribbean Community and between CARICOM and Africa. CAPSS aims to reduce foreign exchange costs and reliance on correspondent banks by processing transactions in local currencies. A proof of concept is complete, with the ECCB likely participating in the initial pilot alongside other central banks.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-06-18•Europe•Committee on Economic and Monetary Affairs
The European Parliament's Committee on Economic and Monetary Affairs will hold a scrutiny debate on the Solvency II Review Directive on 24 June 2025, focusing on delegated acts and implementing measures. The directive, effective from 28 January 2025, will apply from 30 January 2027. The debate aims to oversee the European Commission’s and the European Insurance and Occupational Pensions Authority’s ongoing work.
Policy & regulationRules & requirementsPrudential risks
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2025-06-18•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia’s Capital Markets Authority approved Quality Education Company’s application to register and offer 2,500,000 shares, representing 20% of its share capital, in the Parallel Market, limited to Qualified Investors. The CMA emphasized that its approval is not an investment recommendation and confirms compliance with legal requirements. The approval is valid for six months from the resolution date.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-18•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority (CMA) approved Sahat Almajd Company Trading's application to register and offer 4,375,000 shares, representing 11.11% of its share capital, on the Parallel Market, limited to qualified investors. The CMA emphasized that approval indicates compliance with regulations, not an investment recommendation, and advised investors to perform due diligence. The approval is valid for six months from the resolution date.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-18•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia’s Capital Markets Authority (CMA) has approved Zahr Al Khuzama Aluminum Company’s application to register and offer 300,000 shares on the Parallel Market, representing 20% of its share capital. The offer is restricted to Qualified Investors as per CMA regulations. The approval is valid for six months and is not an investment recommendation but confirms compliance with legal requirements.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-18•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency (SIPEN) awarded the "Aquí Sabemos de Pensiones" seal to the General Directorate of State Retirement and Pensions (DGJP) for completing pension-system training. Over 80% of DGJP employees participated in the programme, which included financial education and pension-related topics. SIPEN plans to continue promoting accessible pension training.
SupervisionInterventionsCapacity building
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2025-06-18•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority has implemented a new login procedure for its online platforms, offering users additional authentication options, including itsme®. This update affects Cabrio, FiMiS, eCorporate, and eManex platforms. A "User Guide for Strong Authentication" has been published to assist users with the new procedure.
Institutional developmentTechnology & data transformationOther
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2025-06-18•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority announced the resumption of trading in TINC financial instruments on Euronext Brussels. Trading will recommence on 18 June 2025 at 16:00 CET, as per Article 78 of the Law of 21 November 2017.
SupervisionAuthorisations & approvalsTrading
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2025-06-18•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority is seeking input from economists and securities-activity dealers via an online opinion poll to inform its fourth strategic plan for fiscal years 2027/2028 to 2030/2031.
Policy & regulationReform agendas & prioritiesOther
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2025-06-18•Israel•Bank of Israel
The Bank of Israel reported a larger net asset surplus in Israel's International Investment Position for Q1 2025, with gross liabilities to nonresidents decreasing by USD 1 billion to USD 553 billion and residents' assets abroad increasing by USD 3.3 billion to USD 779 billion. The net surplus in debt instruments rose by USD 5.8 billion to USD 285 billion, while the gross external debt-to-GDP ratio fell to 27 percent.
Data & statisticsBalance of payments and other external statistics
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2025-06-18•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission reported the Capitalisation Index (ICAP) for commercial banks as of April 2025 at 19.68%, with a Basic Capital Coefficient of 17.76% and a Core Capital Coefficient of 16.38%.
Data & statisticsCapital adequacy
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2025-06-18•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has appointed Ante Žigman of Croatia’s HANFA as a new Management Board member, succeeding Eduard Müller of Austria’s FMA. Additionally, Carlos San Basilio Pardo and Annemie Rombouts were elected as Chairs of the Investment Management and Issuers Standing Committees, respectively. These appointments were made during the ESMA Board of Supervisors meeting in Warsaw.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-18•British Virgin Islands•Ministry of Finance (British Virgin Islands)
The British Virgin Islands Ministry of Finance responded to the Financial Action Task Force's grey list decision by committing to enhance its anti-money laundering and counter-terrorism financing regime. The plan includes improving risk-based supervision, beneficial ownership information, and money laundering investigations, aiming for removal from the grey list within two years. The government also supports fintech and digital assets, establishing a Virtual Asset Service Provider Advisory Committee.
Policy & regulationReform agendas & prioritiesAML and CFTFinancial stability and systemic risk
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2025-06-18•British Virgin Islands•Ministry of Finance (British Virgin Islands)
The British Virgin Islands Ministry of Finance outlined its strategic response to the Financial Action Task Force grey listing at the RISA BVI & South Square Conference 2025, aiming for removal within two years. The conference, held at Peter Island Resort, focused on cross-border recognition issues and was a platform for engaging with international partners on global restructuring standards.
Policy & regulationReform agendas & prioritiesCross-border cooperation
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2025-06-18•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority suspended trading in TINC's financial instruments on Euronext Brussels under Article 78 of the Law of 21 November 2017. The suspension is effective from 18 June 2025 at 09:00 CET until a press release is issued.
SupervisionInterventionsTrading
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2025-06-18•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority, with the UAE Sustainable Finance Working Group, has initiated a public consultation on draft Principles for Climate Transition Planning to help financial firms develop effective plans. Covering eight areas like governance, risk management, and transparency, these Principles are flexible and proportionate for various institutions, complementing previous SFWG Principles on climate-related financial risks and sustainability disclosures.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-06-18•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority released its NZX Obligations Review 2025, assessing NZX's compliance with licensed market operator obligations for 2024 under the Financial Markets Conduct Act 2013, with a focus on managing potential conflicts between regulatory and commercial functions.
SupervisionReviews, inspections & stress testsSupervision process and methodologies
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2025-06-18•Kenya•Central Bank of Kenya
The Central Bank of Kenya will extend the Kenya Electronic Payment and Settlement System (KEPSS) hours from 7:00 a.m. to 7:00 p.m. starting 1 July 2025. This change, part of the National Payments Strategy 2022–2025, aims to enhance processing flexibility, reduce settlement risks, and support cross-time-zone transactions. The extended hours align with global payment system modernization efforts and follow consultations with system participants.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-06-18•Tanzania•Ministry of Finance (Tanzania)
Tanzania's Ministry of Finance announced agreements with mining companies and the Geita Gold Refinery to secure domestic gold supply for the Bank of Tanzania's (BoT) gold buying programme. The contracts, linked to Section 59 of the Mining Act, support domestic refining and aim for London Bullion Market Association accreditation. BoT has exceeded its USD 350 million reserve target for FY 2024/25, purchasing 5,022.85 kg of gold valued at USD 554.28 million, aiming for 6 tonnes for FY 2024/25.
Policy & regulationImplementation, projects & pilotsOther
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2025-06-18•Tanzania•Tanzania Insurance Regulatory Authority
Juma Mkomi, Permanent Secretary in the President’s Office for Public Service Management and Good Governance, visited the Tanzania Insurance Regulatory Authority's stand at the 2025 Public Service Week exhibition, emphasizing the need for government vehicles to be insured. Mkomi also highlighted the importance of diligence and accountability among public servants to enhance professionalism and efficiency. TIRA advises the government on insuring official vehicles to manage resources and protect assets.
Policy & regulationGuidance & interpretationOther
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2025-06-18•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market proposed a housing construction financing model focused on mortgage securitization, as outlined by Chair Ruslan Magomedov. This model aims to convert banks’ mortgage loans into market-based instruments to enhance lending and attract investors. Key steps include legislative adoption, tax and regulatory synchronization, and collaboration with banks to establish a construction financing market.
Policy & regulationReform agendas & prioritiesSecuritization
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2025-06-18•Netherlands•De Nederlandsche Bank
Olaf Sleijpen of De Nederlandsche Bank stressed at the 9th Annual Macroprudential Conference that financial stability requires patience, commitment, and international cooperation. He warned against confusing simplification of banking regulation with deregulation and emphasized post-crisis reforms' role in strengthening bank buffers. Sleijpen urged vigilance and political willingness to act preemptively, advocating for continued international coordination through bodies like the Basel Committee and the Financial Stability Board.
Policy & regulationOtherFinancial stability and systemic risk
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2025-06-18•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
MONEYVAL's follow-up report shows Cyprus has improved its anti-money laundering and counter-terrorist financing framework, notably enhancing compliance with Financial Action Task Force standards on correspondent banking. Cyprus's rating for Recommendation 13 is upgraded to "Largely Compliant," leading to its removal from the fifth-round follow-up process. Despite progress on Recommendation 8, the rating remains "Partially Compliant" due to moderate deficiencies.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-06-18•Ecuador•Superintendencia de Bancos de Ecuador
Ecuador's Superintendency of Banks and Central Bank have updated their 1997 framework to enhance secure, timely information exchange. The agreement aims to improve risk identification, technical analysis, and evidence-based decision-making, aligning with international standards like the IMF's. It also facilitates stress tests using shared macroeconomic scenarios.
SupervisionCooperationDomestic cooperation
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2025-06-18•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) urges Information Technology-Based Joint Funding Services (Pindar) providers to enhance risk management by improving repayment-capacity assessments and electronic know-your-customer processes. Aligned with OJK Circular Letter Number 19/SEOJK.06/2023, this initiative aims to protect lenders and curb borrower defaults. From 31 July 2025, Pindar operators must report to the Financial Information Service System to support creditworthiness assessments.
Policy & regulationRules & requirementsRisk management
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2025-06-18•Monaco•Ministry of Finance & Economy (Monaco)
Monaco's Ministry of Finance and Economy released a report on the national strategy against financial crimes, highlighting progress in the first FATF follow-up report and preparations for future evaluations. Recent reforms include Sovereign Ordinance No. 11.242, allowing a magistrate to chair the sanctions formation of the Monegasque Financial Security Authority. Additionally, Monaco clarified its inclusion on the EU high-risk list for money laundering and signed an amendment to the 1963 customs convention with France.
Policy & regulationImplementation, projects & pilotsAML and CFT
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2025-06-18•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has formed a committee to streamline the account opening process with capital market intermediaries, aiming to enhance efficiency and customer experience. The committee will review the onboarding journey, identify bottlenecks, and recommend regulatory improvements, including digital onboarding enhancements. Members include representatives from the SECP, Pakistan Stock Exchange, and other key market entities.
Policy & regulationImplementation, projects & pilotsAccounting and financial reporting
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2025-06-18•China•Central Bank of the Republic of China
At the Lujiazui Forum, the Central Bank of the Republic of China stressed diversifying the international monetary system away from a single dominant currency, proposing reforms for competition among strong sovereign currencies and an enhanced role for the IMF’s Special Drawing Rights (SDR). The speech addressed cross-border payment challenges, the impact of technologies like central bank digital currencies, and called for stronger international coordination and IMF reforms.
Policy & regulationInternational standards & recommendationsMonetary policy decisions and developments
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2025-06-18•China•Central Bank of the Republic of China
The People's Bank of China and the Hungarian National Bank signed a memorandum of understanding to enhance bilateral central bank cooperation, focusing on economic and financial exchanges, green finance, and broader collaboration. Discussions highlighted global uncertainty, with China adopting a more proactive macro policy stance and Hungary seeking to expand cooperation to support economic and financial development.
Policy & regulationCooperationCross-border cooperation
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2025-06-18•United States•National Credit Union Administration
The National Credit Union Administration (NCUA) has placed Aldersgate Federal Credit Union into conservatorship to address operational issues, ensuring continued member services. Member deposits remain protected by the National Credit Union Share Insurance Fund up to USD 250,000 per account type. Aldersgate reported 811 members and USD 10.6 million in assets.
SupervisionInterventionsFinancial stability and systemic riskSupervision process and methodologies
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2025-06-18•China•Central Bank of the Republic of China
At the Lujiazui Forum, the Central Bank of the Republic of China announced plans for deep reforms and high-level opening in the foreign exchange (FX) field. The agenda includes facilitating compliant entities, advancing FX services for technology firms and SMEs, and implementing new FX policy evaluation mechanisms. Additional measures involve optimizing the qualified foreign investor regime, enhancing cross-border flow monitoring, and expanding pilots for high-level opening in cross-border trade.
Policy & regulationReform agendas & prioritiesMonetary policy decisions and developments
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2025-06-18•Mexico•Central Bank of Mexico
The Central Bank of Mexico's Technical Committee of the Welfare Pension Fund approved reports on the Fund’s financial position, including audited 2024 financial statements and first-quarter 2025 reports. The committee reviewed progress on an actuarial evaluation and contributions, and noted transparency measures with documentation to be published online.
Data & statisticsAccounting and financial reporting
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2025-06-18•Europe•European Banking Authority
The European Banking Authority has initiated a public consultation on draft Regulatory Technical Standards to standardize information required from proposed acquirers of qualifying holdings in credit institutions. The standards focus on the acquirer's identity, reputation, financial soundness, and funding sources, with specific requirements for acquisitions conferring control. Proportionality measures include exemptions and reduced requirements for certain acquisition structures.
Policy & regulationRules & requirementsLicensing framework and process
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2025-06-18•Norway•Department of Finance (Norway)
Norway's Department of Finance has transferred responsibility for setting the statutory late payment interest rate and standard compensation for recovery costs under the Late Payment Interest Act to the Financial Supervisory Authority of Norway. Previously managed by the ministry, these rates will be determined by the authority starting 1 July 2025. The late payment interest rate is based on Norges Bank’s policy rate plus at least 8 percentage points, with a standard compensation of EUR 40.
Policy & regulationImplementation, projects & pilotsOther
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2025-06-18•Ukraine•National Bank of Ukraine
The National Bank of Ukraine has updated its list of systemically important banks, adding Idea Bank JSC to the existing 15 banks from 2024. The revised list, approved by NBU Board Decision No. 198, now includes 16 institutions. This designation is based on annual performance data as of 1 January, per the NBU’s regulation.
Policy & regulationRules & requirementsFinancial stability and systemic risk
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2025-06-18•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Operational and Services Circular DTE-205 (Subject 56) regarding COP 50,000 banknotes.
Policy & regulationGuidance & interpretationCurrency and cash management
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2025-06-18•Australia•Australian Prudential Regulation Authority
The APRA Chair emphasized balancing financial safety with competition and compliance in the next Corporate Plan. APRA aims to simplify the prudential framework for smaller institutions while maintaining resilience. Rising non-financial risks and a new operational risk management standard were highlighted, alongside enhanced information security measures.
Policy & regulationReform agendas & prioritiesOther
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2025-06-18•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) highlighted rising disruption risks for banks, insurers, and superannuation funds due to geopolitical tensions, technology reliance, and third-party dependencies. APRA and the Council of Financial Regulators (CFR) are tackling these through the upcoming Prudential Standard CPS 230 Operational Risk Management, enhanced cyber expectations, and a new CFR geopolitical work program. CPS 230 will improve supply chain vulnerability identification and disruption planning. APRA urged superannuation funds to enhance authentication controls, with system-wide monitoring and new crisis management powers in progress.
Policy & regulationRules & requirementsOperational risk and resilienceGeopolitical risk
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2025-06-18•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has initiated a consultation on minor updates to instruments under section 66 of the Banking Act 1959, which limits the use of specific terms like "bank" in financial business contexts without APRA's consent. The updates address exemption and determination instruments set to sunset or require alignment with current practices.
Policy & regulationRules & requirementsLicensing framework and process
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2025-06-18•France•Bank of France
The Bank of France reported on a crisis simulation by the Groupe de Place Robustesse, testing the resilience of card and mobile payments against cyberattacks. The exercise involved key financial and state institutions, assessing response and business-continuity capabilities, and concluded with strong engagement and preparedness from participants.
Policy & regulationImplementation, projects & pilotsOperational risk and resilienceCyber resilience