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2025-06-12•Australia•Australian Securities & Investments Commission
ASIC warned 18 social media "finfluencers" for promoting high-risk financial products and unlicensed advice. This is part of a Global Week of Action Against Unlawful Finfluencers with nine international regulators, involving arrests and website takedowns. Concerns include misleading claims about complex products like CFDs and OTC derivatives. ASIC stressed the need for a financial services licence.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-06-12•Australia•Australian Securities & Investments Commission
ASIC has banned former financial adviser Glenda Maree Rogan for ten years for misleading conduct and incompetence. Between March 2022 and June 2023, she transferred at least AUD 14.8 million of client funds to a cryptocurrency scam. The ban, effective 6 June 2025, also prevents her from controlling a financial services business. Rogan may seek review, and ASIC's investigation is ongoing.
EnforcementInvestigations & enforcement actions
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2025-06-12•Australia•Council of Financial Regulators
The Council of Financial Regulators highlighted a risk environment influenced by international trade policy shifts, market volatility, and geopolitical tensions, emphasizing the need for crisis preparedness in the Australian financial system. It plans to submit a final report on small and medium-sized banks to the Government by 1 July 2025 and is reviewing its Charter and crisis management memorandum for publication in July.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic riskGeopolitical risk
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2025-06-12•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine National Commission on Securities and Stock Market Chair Ruslan Magomedov marked the Commission's 30th anniversary by reviewing recent market activity and wartime measures, highlighting UAH 3.77 trillion in organized market trading over three years. Key initiatives include enhancing government bond roles, introducing credit and agricultural notes, and boosting investor protection. The Commission plans to broaden retail access via individual investment accounts.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-06-12•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank published a speech by Klaas Knot at a financial stability conference, highlighting non-bank financial intermediation as a recurring amplifier of market stress and cautioning against conflating regulatory simplification with deregulation. Knot discussed FSB policy work on money market fund resilience, liquidity mismatches, and leverage-related risks, with recommendations to be delivered to the G20. He also addressed data gaps, resolution challenges, and structural shifts from technology, payments, and climate risk, noting crypto-assets may be nearing a systemic risk tipping point.
Policy & regulationInternational standards & recommendationsFinancial stability and systemic risk
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2025-06-12•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank (DNB) published a speech by Gita Salden on regulating and supervising FinTechs, emphasizing authorisation as a gateway to trust. It differentiated DNB’s prudential supervision from the Netherlands Authority for the Financial Markets’ conduct supervision, highlighting feedback from the 2023 FinTech Census on perceived strictness. It also referenced Binance’s exit from the Dutch market due to anti-money laundering non-compliance and encouraged firms to engage with the joint DNB, AFM, and Authority for Consumers and Markets Innovation Hub.
Policy & regulationGuidance & interpretationFintech and insurtech
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2025-06-12•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets released its third State of the Capital Markets report, highlighting the impact of geopolitical developments on short-term pricing. The report notes significant price movements outside European trading hours following U.S. tariff announcements and increased trading during closing auctions. It also details the international nature of Dutch equity trading, with UK firms leading transaction shares on major indices.
ResearchGeopolitical riskMarket risk and volatility
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2025-06-12•Europe•European Financial Reporting Advisory Group
The European Financial Reporting Advisory Group (EFRAG) announced that 12 companies have joined its Friends of EFRAG – Sustainability Reporting initiative to support the development and implementation of sustainability reporting standards. The initiative remains open to other interested organizations.
Policy & regulationCooperationESG
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2025-06-12•Italy•Bank of Italy
The Bank of Italy's annual report on Calabria indicates modest economic growth of 0.8% in 2024, with weak consumption offset by positive public investment. Employment rose slightly, but youth employment and labour market participation declined, while household income increased as inflation eased. Credit to the non-financial private sector grew modestly, with stable credit deterioration for households and a rise for firms, and local government spending increased, driven by healthcare and essential services.
ResearchOther
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2025-06-12•Italy•Bank of Italy
The Bank of Italy's annual report on Lombardy's economy for 2024 indicates a 0.7% regional output growth, with services and construction offsetting a manufacturing contraction. Inflation dropped significantly in 2024 but rose to 1.8% in March 2025 due to higher energy prices. The report highlights digitalisation, environmental sustainability, and AI as key structural change drivers, with AI adoption expected to increase significantly by 2027.
ResearchEconomic data and developments
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2025-06-12•Italy•Bank of Italy
The Bank of Italy, with the European Commission and OECD, hosted a workshop on AI in Italian financial markets. Deputy Governor Chiara Scotti emphasized fostering dialogue and responsible AI adoption while ensuring financial stability and market integrity. The initiative highlights governance efforts to address cross-border technological advancements without stifling innovation.
Policy & regulationImplementation, projects & pilotsArtificial intelligence
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2025-06-12•Italy•Bank of Italy
The Bank of Italy published a keynote speech by Director General Luigi Federico Signorini, also President of the Institute for the Supervision of Insurance, at a University of Palermo conference on banking market challenges.
Other
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2025-06-12•Italy•Bank of Italy
The Bank of Italy released seven papers in its Questioni di economia e finanza series, addressing energy prices in macroeconomic models, natural gas demand elasticity, and household house price expectations amid high inflation. Other papers explore Italian banks' decarbonisation strategies, digitalisation impacts on the public sector, optimal Eurobond use, and insights on necessity entrepreneurship and financial literacy from an international survey.
ResearchOther
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2025-06-12•Italy•Bank of Italy
Senior Deputy Governor Luigi Federico Signorini of the Bank of Italy, also President of the Insurance Supervisory Authority (IVASS), delivered a keynote speech at the University of Palermo conference on banking market challenges.
Policy & regulationGuidance & interpretationOther
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2025-06-12•Georgia•Insurance State Supervision Service of Georgia
The Insurance State Supervision Service of Georgia co-organised the Georgian International Insurance Conference in Batumi, focusing on Georgia’s insurance market priorities and regulatory agenda. Key topics included market conditions, regulatory harmonisation, digital transformation, consumer protection, and ESG standards. The event featured high-ranking officials and IAIS representatives, highlighting Georgia's integration with international practices.
SupervisionCooperationSupervision process and methodologies
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2025-06-12•Italy•Bank of Italy
The Bank of Italy released seven Occasional Papers (Nos. 936-942) on topics like energy prices in macroeconomic models, natural gas consumption price elasticities, and household house price expectations amid high inflation. Other papers explore Italian banks' decarbonisation strategies, digitalisation impacts on public-sector efficiency, Eurobond issuance for European safe assets, and the link between necessity entrepreneurship, financial literacy, and business performance.
ResearchOther
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2025-06-12•China•Central Bank of the Republic of China
The People's Bank of China hosted a keynote by European Central Bank President Christine Lagarde, emphasizing the importance of global cooperation over unilateral policy adjustments and protectionism in addressing trade imbalances. Lagarde advocated for dialogue and cooperation as solutions to global trade frictions. The event was attended by Governor Pan Gongsheng and other senior officials.
OtherCross-border cooperation
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2025-06-12•China•Central Bank of the Republic of China
The People's Bank of China and the European Central Bank held their inaugural annual meeting and signed a memorandum of understanding to enhance central bank cooperation. The memorandum establishes a framework for information sharing, policy communication, and technical cooperation. Discussions included China-EU economic conditions, international monetary system reform, and global financial regulation.
Policy & regulationCooperationCross-border cooperation
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2025-06-12•Indonesia•Bank Indonesia
Bank of Indonesia's May 2025 Consumer Survey indicates sustained consumer confidence, with the Consumer Confidence Index at 117.5, above the 100-point optimism threshold. The Current Economic Condition Index and Consumer Expectation Index remain optimistic at 106.0 and 129.0, despite slight declines from April levels.
Data & statisticsEconomic data and developments
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2025-06-12•Europe•European Banking Authority
The European Banking Authority (EBA) has updated its list of validation rules under the Implementing Technical Standards on supervisory reporting, identifying those deactivated due to errors or IT issues. EU competent authorities are advised not to validate supervisory data against these deactivated rules. The EBA also released a micro taxonomy package and scripts to ensure consistent application of rule deactivations in the Data Point Model.
Policy & regulationRules & requirementsRegulatory reporting
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2025-06-12•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission is consulting on proposals to restrict unregulated entities from using misleading names, expanding the list of restricted titles under the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The proposals target terms like "exchange," "trading platform," and references to regulated products and platforms, reflecting the growth of virtual asset trading.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-06-12•Global•International Financial Reporting Standards Foundation
The International Financial Reporting Standards Foundation released 17 jurisdictional profiles on IFRS Sustainability Disclosure Standards adoption, with 36 jurisdictions adopting or finalizing integration. Of these, 14 aim for full adoption, two for climate requirements, and one for partial incorporation. Additionally, 16 "snapshots" were published for jurisdictions still finalizing approaches, mostly aligning with ISSB Standards.
Policy & regulationImplementation, projects & pilotsAccounting and financial reporting
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2025-06-12•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has released a consultation paper proposing changes to the capital framework for annuities, allowing reduced capital requirements for life insurers that improve risk management. The proposal links capital relief to measures like closer asset-liability matching and aims to align Australian requirements with international standards, supporting competitively priced annuities without increasing risks to policyholders.
Policy & regulationRules & requirementsCapital adequacy
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2025-06-12•Latin America•Financial Action Task Force of Latin America (GAFILAT)
The Financial Action Task Force of Latin America conducted its fourth simulation in Lima, Peru, to test implementing targeted financial sanctions related to UN Security Council sanctions on terrorist financing and weapons proliferation. The exercise, involving a fictitious match linked to the UN Security Council Resolution 1718 (2006) sanctions list for North Korea, included key Peruvian AML/CFT/CPF authorities and various obliged entities. GAFILAT noted the simulation identified good practices and areas for improvement in Peru's preparedness for real cases.
Policy & regulationImplementation, projects & pilotsSanctions list update
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2025-06-12•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has expanded JSC Housing Construction Savings Bank Otbasy Bank's licence to include opening and maintaining individuals’ current bank accounts. This expansion facilitates credit savings payments from education savings deposits or insurance payouts under an education savings insurance contract for housing improvements.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-12•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan has launched an online course, "Life and Health Insurance," as part of its mandatory programme for training actuaries. The course covers reserving methods, capital management, and actuarial principles for insurance and pension products. Completing all 10 courses in the programme enables participants to obtain a licence for actuarial activities in Kazakhstan.
Policy & regulationImplementation, projects & pilotsOther
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2025-06-12•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails involving banks like The Bank of East Asia and Shanghai Commercial Bank. The alert emphasizes that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information. Affected individuals should contact their bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-06-12•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors announced that the Consultative Group to Assist the Poor (CGAP) will host the Access to Insurance Initiative (A2ii) from 1 July 2025, with IAIS joining CGAP as a member. A2ii will focus on promoting the Inclusive Insurance Declaration, running innovation labs, and informing IAIS activities under CGAP's stewardship. A2ii materials will transition to CGAP's website, while training tools will be supported by the Toronto Centre, Frankfurt School of Finance and Management, and the International Actuarial Association.
Policy & regulationCooperationFinancial inclusion
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2025-06-12•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission issued a consultation paper proposing amendments to the Alternative Investment Funds Law of 2018 to facilitate limited partnership fund structures without separate legal personality. Key changes include allowing the general partner to appoint an external manager, who will not assume the general partner role or liabilities, aiming for clearer role delineation and reduced burdens while maintaining investor protection.
Policy & regulationRules & requirementsOther
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2025-06-12•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) announced that the Supreme Constitutional Court has dismissed an appeal by the Provident Fund of the Employees of the Cyprus Popular Bank, upholding CySEC's EUR 50,000 fine for violating the Insider Dealing and Market Manipulation Law. The fine, imposed in April 2014, was previously upheld by the Administrative Court in July 2020.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-06-12•Czech Republic•Czech National Bank
Czech National Bank Governor Aleš Michl received the Central Banking Award 2025 for world's best governor, recognized for reducing inflation and safeguarding monetary value in the Czech Republic. Under Michl's leadership, inflation decreased from 17.5% in July 2022 to 2% in early 2024, with a full-year average of 2.4%, the lowest since 2018. The award also acknowledged the CNB's management of international reserves, operational efficiency improvements, and support for the instant payment system.
Other
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2025-06-12•Belgium•National Bank of Belgium
The National Bank of Belgium has inaugurated a new cash centre in Zellik to coordinate the country's cash logistics, replacing operations previously conducted at its Brussels headquarters. The facility, designed for automation and security, reduces staffing needs by one third and processes approximately 600 million banknotes annually. The move supports extensive renovations at the headquarters, scheduled for 2026–2030.
Policy & regulationImplementation, projects & pilotsOperational excellence
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2025-06-12•United Kingdom•UK Parliament
On the UK Parliament's Lord Speaker’s Corner podcast, Lord Jim O’Neill discussed global economic developments and UK policy, emphasizing regulated AI development and deeper devolution. He advocated for full devolution of adult skills policy, local tax-raising powers, and exploring welfare budget devolution to enhance UK growth. O’Neill also proposed reviving local authority bond markets, co-funding transport projects, supporting borrowing for high-multiplier projects, and creating NISTA for transparent infrastructure assessments.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2025-06-12•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan re-registered a licence for the limited liability small deposit credit organisation “Doro Pay” to conduct banking operations following its relocation. This action aligns with the laws governing the National Bank, microfinance organisations, and the licensing system.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-12•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) participated in Conexão Futuro Seguro 2025, focusing on new legislation and its impacts on the insurance sector. Superintendent Alessandro Octaviani and Directors Carlos Queiroz and Jessica Bastos engaged in discussions on sector transformation, Mutualistic Patrimonial Protection, and the new Insurance Contract Law.
Policy & regulationCooperation
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2025-06-12•Israel•Bank of Israel
The Bank of Israel’s Banking Supervision Department released a report on revolving credit cards, highlighting issues in sales, disclosure, and servicing, and outlining requirements for improvement. The report notes that as of September 2024, revolving credit card balances were NIS 6.2 billion, and the department is considering further regulatory measures.
SupervisionReviews, inspections & stress testsLending
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2025-06-12•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
Governor Jasmina Selimovic of the Central Bank of Bosnia and Herzegovina participated in a panel on "Women Leading Central Banks in a Transformative Era," discussing inflation management, digital currencies, and innovation challenges. She emphasized resilience, adaptability, and gender diversity in central banking, linking gender equality in financial education to economic efficiency and societal stability. Selimovic highlighted women's leadership in fostering inclusivity, understanding systemic risks, and focusing on sustainability.
OtherDiversity and inclusionFinancial literacy and education
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2025-06-12•South Africa•South African Reserve Bank
The South African Reserve Bank's Working Paper analyses South Africa’s Phillips curve from 2000 to 2024, revealing a state-dependent inflation-slack relationship that steepens when inflation is high. Using a self-exciting threshold autoregressive model, the paper suggests an inflation target of 3.37% to avoid a high-attention threshold range of 4.28% to 9.29%. The preliminary findings, not official policy, support targeting 3% to mitigate supply shocks.
Monetary policyMonetary policy assessments & outlooks
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2025-06-12•Global•Bank for International Settlements
The Bank for International Settlements has published BIS Papers No 157 on how household and firm heterogeneity affects monetary policy transmission in emerging market economies and how central banks can incorporate such information into policy analysis. Based on a survey of 22 emerging market central banks and country papers, it finds most authorities see heterogeneity as improving monitoring, forecasting and transmission analysis, with key factors including household debt, income and wealth, and firm sector, size, leverage, funding currency, export orientation and informality. The volume notes that distributional effects are generally secondary to aggregate outcomes for rate-setting and highlights data, modelling and communication challenges in integrating heterogeneity into policy frameworks.
Research
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2025-06-12•British Virgin Islands•British Virgin Islands Financial Services Commission
The British Virgin Islands Financial Services Commission has opened registration for its Meet the Regulator Forum on 23 June. The event will include presentations on access to beneficial ownership information by the Commission and government officials. This forum is part of the Commission's broader Summer MTR Forums series.
Financial literacy & educationBeneficial ownership
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2025-06-12•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission revoked Nguyen Thi Phuong Thao's securities practising certificate due to her absence from the profession for three consecutive years. The revocation pertains to certificate No. 001795/MGCK, as detailed in Decision No. 290/QD-UBCK dated 11 June 2025.
SupervisionAuthorisations & approvalsOther
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2025-06-12•Europe•European Council
The European Council amended the EU's Capital Requirements Regulation to permanently maintain current transitional ratio levels in the net stable funding ratio (NSFR) for certain short-term securities financing transactions (SFTs). This supports market liquidity and prevents competitive disadvantages for EU banks compared to international peers. The amendments take effect on 29 June 2025, with the European Banking Authority monitoring the impact every five years.
Policy & regulationRules & requirementsLiquidity riskPrudential risks
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2025-06-12•Germany•German Bundesbank
The German Bundesbank's April 2025 securities market statistics reveal net redemptions in the German bond market, with gross bond issuance at EUR 115.9bn, down from March's EUR 137.9bn. Domestic credit institutions reduced capital market debt by EUR 17.2bn, while domestic corporates issued EUR 4.1bn net. On the investor side, domestic banks were net buyers of bonds by EUR 12.5bn, and non-resident investors sold German bonds by EUR 5.5bn net.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-12•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission issued Circular Letter CVM/SSE 03/2025, guiding Investment Funds in Agroindustrial Production Chains (FIAGRO) on applying Article 2 of Annex VI to CVM Resolution 175. Governance provisions of other fund categories apply when FIAGRO invests over 50% of net assets in eligible assets, excluding disclosure, portfolio compliance, and unitholders' meeting rules. FIAGRO investing in Agribusiness Receivables Certificates or Real Estate Receivables Certificates may also apply Annex III of Resolution 175.
Policy & regulationGuidance & interpretationSecuritization
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2025-06-12•Serbia•National Bank of Serbia
The National Bank of Serbia has authorized NLB Komercijalna banka AD Beograd to enable legal entities and entrepreneurs to make instant payments at points of sale and pay bills using the NBS IPS QR code via its mobile banking app. This service is part of the IPS NBS system, which is also offered by other system participants.
SupervisionAuthorisations & approvalsPayments and payment systems
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2025-06-12•Malaysia•Malaysia Securities Commission
The Malaysia Securities Commission highlights Malaysia's unique adoption of the ISSB Standards with limited transition. The National Sustainability Reporting Framework (NSRF) phases in IFRS S1 and S2, offering transitional reliefs like climate-first reporting and deferred Scope 3 emissions disclosures. The NSRF's PACE initiative supports implementation readiness through training and upcoming outputs, including illustrative reports and a preparers’ programme.
Policy & regulationImplementation, projects & pilotsAccounting and financial reporting
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2025-06-12•Malaysia•Malaysia Securities Commission
The Malaysia Securities Commission upheld the Audit Oversight Board's decision to suspend Chengco PLT's registration for two years due to serious audit quality issues. Five audit partners were sanctioned, with two suspended for two years and three prohibited for one year from auditing public interest entities. The sanctions were based on multiple breaches of International Standards on Auditing, including inadequate audit evidence and engagement quality control.
EnforcementSanctions & designationsAuditing
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2025-06-12•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has launched initiatives to enhance consumer and investor protection, emphasizing call centres and improving access to its "966" hotline. A meeting with financial associations discussed call centre organization and proposed improvements for information accessibility. Measures were also implemented to ensure electronic money institutions and payment platforms display "966" hotline information for timely issue reporting.
Policy & regulationImplementation, projects & pilotsConsumer and investor protection
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2025-06-12•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has ordered "Katech" CJSC to cease payment services due to operating without the necessary licence. This enforcement action is part of the Central Bank's supervisory measures under relevant Azerbaijani laws.
SupervisionInterventionsLicence withdrawal
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2025-06-12•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia will fully implement the Qualified Resident Investor Programme for eligible resident corporates starting 1 July 2025. This initiative allows registered corporates to manage direct investments abroad without prior approval, provided they repatriate and convert foreign currency funds into ringgit. The programme, following a successful pilot, will run until 30 June 2028.
Policy & regulationImplementation, projects & pilotsForeign exchange policy and markets
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2025-06-12•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has granted a banking licence to Aston (Guernsey) Limited, which will operate as Bank Aston. However, the firm is prohibited from accepting deposits during its start-up phase until it meets specific prerequisites set by the Commission.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-12•Europe•European Council
The European Council has agreed on an EU directive to harmonize insolvency law, reducing complexity for foreign investors. Key provisions include a pre-pack mechanism, automatic transfer of essential contracts, and harmonized creditors' committees. The Council will negotiate with the European Parliament to finalize the directive once the Parliament sets its position.
Policy & regulationRules & requirementsRecovery and resolution
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2025-06-12•Canada•Ontario Securities Commission
The Ontario Securities Commission (OSC) has finalized rules to establish a statutory framework for distributing funds collected under disgorgement orders to investors affected by misconduct. The OSC will launch a website section for investors to track disgorgement orders and submit claims. The rules are anticipated to take effect in late summer or early fall 2025, pending legislative amendments.
Policy & regulationRules & requirementsDisclosures
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2025-06-12•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario released its Q1 2025 Solvency Report for defined benefit pension plans, noting a median solvency ratio of 119%, down three percentage points from the previous quarter. An early April estimate indicated a further decline of about five percentage points due to adverse market conditions following US tariff announcements. FSRA advised plan administrators to manage risk proactively, recommending stress testing and analytical tools to enhance financial resilience.
SupervisionRisk monitoring & watch points
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2025-06-12•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario revoked the licences of Daumier Financial Services Inc., Carmen Munoz Gutierrez, and Andres Antonio Hernandez Silva, and denied a licence to 1000532009 Ontario Ltd, following their withdrawal of hearing requests. They violated Ontario’s Insurance Act by making false or misleading statements. The regulator discontinued action against Ana Huang Yu, Maylin Rodriguez Perez, and Michael Lue after their licences expired.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-06-12•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario released a pensions sector update, including the Q1 2025 Solvency Report with a median solvency ratio of 119%, and the annual Pension Benefits Guarantee Fund report. It published an anonymized summary of decisions on retroactive adverse amendments and outcomes from its family law consultation, deciding against developing a Family Law Rule. FSRA announced forthcoming reports and is seeking new members for its Pensions Technical Advisory Committees.
Policy & regulationImplementation, projects & pilotsSupervision process and methodologiesActivity and performance reporting
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2025-06-12•Poland•Central Bank of Poland
The Central Bank of Poland's Financial Stability Report confirms the stability of Poland’s financial system and resilience of its banking sector, with systemic risk at moderate or low levels. Key risks include legal and regulatory challenges, particularly concerning FX housing loans and zloty-denominated loans. The report recommends measures to mitigate these risks, enhance lending, and address issues in the non-banking and insurance sectors.
ResearchCapital adequacyLiquidity riskPrudential risks
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2025-06-12•Ecuador•Central Bank of Ecuador
The Central Bank of Ecuador has raised the capacity of letters of credit from investment-grade international financial institutions to USD 1.710 billion, up from USD 966 million in June 2021. This expansion aids non-financial public sector entities in import payments for materials, spare parts, and products like fuel and domestic gas. The initiative aims to streamline payment management and alleviate pressure on the national treasury and international reserves.
Monetary policyMonetary policy instruments & operationsLending
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2025-06-12•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Markets Authority has approved L’Oréal’s prospectus for issuing new shares to employees.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-12•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Markets Authority has approved Sanofi's prospectus for issuing new shares to its employees.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-12•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has imposed civil sanctions on four individuals for manipulating Triton Holding Public Company Limited's share price, with penalties totaling THB 34,379,151. The sanctions include trading bans and prohibitions on serving as directors or executives for specified periods. If the individuals do not consent, the SEC will escalate the cases to the Civil Court.
EnforcementSanctions & designationsMarket abuse
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2025-06-12•Global•ISDA
The International Swaps and Derivatives Association (ISDA) has initiated a pre-adherence process for the ISDA Notices Hub, a secure online platform managed by S&P Global Market Intelligence, set to launch on July 15. This protocol amends ISDA Master Agreements to facilitate instantaneous delivery of termination notices and waivers, aiming to mitigate losses from delivery delays and operational disruptions.
Policy & regulationInternational standards & recommendationsMarket infrastructure
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2025-06-12•Canada•Financial Transactions and Reports Analysis Centre of Canada
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 99,000 penalty on Hub Capital Inc for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its Regulations. The firm failed to maintain up-to-date compliance policies, assess risks, and implement a compliance training program. FINTRAC emphasized that penalties are non-punitive and aim to encourage compliance.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-06-12•Malta•Central Bank of Malta
The Central Bank of Malta published its third annual Climate-related Financial Disclosures Report, detailing advancements in incorporating climate risk into its investment strategies. The report also outlines steps toward achieving carbon neutrality by 2050.
Data & statisticsClimate risk and sustainable finance
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2025-06-12•Europe•European Commission
The European Commission adopted technical standards under the Markets in Financial Instruments Regulation (MiFIR) to facilitate consolidated tapes for shares, bonds, and derivatives across EU Member States. These standards ensure high-quality data delivery, set criteria for authorising tape providers, and outline revenue-sharing and data accessibility conditions. The package includes an implementing act and three delegated acts, with further transparency rules forthcoming.
Policy & regulationRules & requirementsMarket infrastructure
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2025-06-12•Europe•European Commission
The European Commission has adopted a delegated act delaying the EU application of the Fundamental Review of the Trading Book (FRTB) by one year to 1 January 2027, postponing revised market risk capital requirements for banks. This decision follows implementation delays by major global jurisdictions and input from public consultation and technical assessment. The delegated act is subject to scrutiny by the European Parliament and the Council for up to six months.
Policy & regulationRules & requirementsCapital adequacyPrudential risks
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2025-06-12•United States•U.S. Financial Services Committee
The U.S. Financial Services Committee’s Subcommittee on Housing and Insurance held a hearing on rural housing needs, highlighting unique cost and delivery barriers compared to urban areas. Key issues included permitting delays, adding up to USD 60,000 per home, and regulation's impact on home prices. Witnesses emphasized the need for public-private partnerships to address contractor shortages, infrastructure costs, and affordability pressures in rural housing markets.
Policy & regulationOther
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2025-06-12•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee’s Housing and Insurance Subcommittee is holding a hearing on enhancing rural housing through private investment and community solutions. Subcommittee Chair Mike Flood highlighted rural cost pressures and federal requirements that increase project costs. The hearing also reviews U.S. Department of Agriculture’s Rural Housing Service programs and a draft bill proposing changes to these initiatives.
Policy & regulationReform agendas & prioritiesOther
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2025-06-12•Mauritius•Bank of Mauritius
The Bank of Mauritius and Bank of China Limited have launched Bank of China (Mauritius) Limited as the official RMB Clearing Bank in Mauritius, following an agreement with the People’s Bank of China. This initiative aims to enhance the settlement of RMB-denominated transactions and bolster Mauritius' international payment systems, supporting trade and investment between Africa and Asia.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-06-12•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) propose amendments to National Instrument 43-101 to clarify, harmonize, and streamline Canada's mining disclosure regime. The updates aim to modernize standards for disclosing scientific and technical information about mineral projects, aligning with current industry practices and expectations. Key changes include updating definitions, streamlining provisions, and enhancing clarity without new requirements.
Policy & regulationRules & requirementsDisclosures
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2025-06-12•United States•Federal Reserve Board
The Federal Reserve Board issued a consent prohibition order against Christopher Timos, a former Arvest Bank employee, for misappropriating customer funds.
EnforcementInvestigations & enforcement actions
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2025-06-12•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets met with insurance stakeholders to enhance mandatory motor third-party liability insurance through digitalisation and improved claims processes. A proposal was presented to digitise the amicable accident report via the government EVO application, and regulatory options for direct settlement and damage assessment were discussed. Additionally, the Government approved the National Capital Market Development Strategy for 2025-2030.
Policy & regulationImplementation, projects & pilotsOther
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2025-06-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam’s Region 15 unit reviewed the performance of People’s Credit Funds (QTDND) in An Giang and Dong Thap provinces for the first half of 2025, noting stable and effective operations. Acting Director Tran Van Phuoc emphasized strengthening governance, implementing restructuring plans, enhancing credit quality, and accelerating digital transformation.
SupervisionReviews, inspections & stress testsSupervision process and methodologies
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2025-06-12•Vietnam•State Bank of Vietnam
Vietnam's National Assembly is reviewing a draft resolution to establish an international financial centre in Ho Chi Minh City and Da Nang by 2025, aiming to attract global financial institutions and investors. The draft proposes a governance model with a Prime Minister-led steering committee and outlines financial activities, including banking, securities, and fintech. Targets include ranking within the top 75 global financial centres by 2035 and the top 20 by 2045.
Policy & regulationRules & requirementsOther
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2025-06-12•Vietnam•State Bank of Vietnam
During its fourth Party Congress for the 2025–2030 term, the State Bank of Vietnam prioritized rapid implementation of working rules, organizational streamlining, and digital transformation for the Vietnam Co-operative Bank (Co-opBank). Co-opBank's financial results showed growth in funding and loans, with significant participation in its payments network. A seven-member Party Executive Committee was elected, along with delegates for the State Bank of Vietnam Party Congress.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's Finance and Accounting Department held its first Party cell congress for the 2025–2027 term, focusing on governance and work priorities. Key initiatives include strengthening internal arrangements and advancing policy work on accounting, finance, and investment management. The department aims to complete mechanisms and policies on accounting and finance, and issue accounting rules for supervised entities in line with the amended Accounting Law.
Institutional developmentGovernanceLeadership change and appointments
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2025-06-12•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority (Finanstilsynet) reported that Stiansen & Co AS failed to obtain sufficient audit evidence and perform necessary review procedures in two engagements, breaching the Auditor Act. Issues included inadequate evidence on a deferred tax asset and related-party receivables, and lack of documented procedures in interim financial statements. Stiansen & Co AS has begun an internal review, and Finanstilsynet will monitor actions.
SupervisionReviews, inspections & stress testsAuditing
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2025-06-12•Canada•British Columbia Securities Commission
The British Columbia Securities Commission has launched Scamtones, a fraud-prevention campaign using custom ringtones to help seniors recognize and avoid investment scams. The campaign includes downloadable ringtones with anti-fraud messages and resources on investment fraud and elder financial abuse, available on Scamtones.ca and the BCSC’s InvestRight.org website.
Financial literacy & educationFraud and scams
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2025-06-12•Egypt•Central Bank of Egypt
The Central Bank of Egypt approved Development Partners International as the new manager of the Nclude FinTech Fund, targeting USD 150 million to attract foreign investment and become the region's largest fintech fund. This aligns with the Central Bank's strategy to support fintech innovation, digital transformation, and financial inclusion. Backed by major Egyptian banks and Mastercard, the fund aims to enhance funding access for fintech startups and firms in Egypt.
SupervisionAuthorisations & approvalsFintech and insurtech
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2025-06-12•Global•Financial Stability Board
Financial Stability Board Chair Klaas Knot, at a Madrid conference, highlighted vulnerabilities in non-bank financial intermediation (NBFI), unfinished banking reforms, and technology-driven risks. He emphasized systemic-risk oversight, citing liquidity mismatches and leverage in NBFI, and noted upcoming G20 policy recommendations. Knot warned of rising technology and payments risks, including cyber threats and crypto-assets nearing a systemic risk tipping point.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-06-12•Argentina•Argentina Securities Commission (CNV)
Argentina's Securities Commission (CNV) issued General Resolution No. 1069, establishing a regulated framework for tokenising "Real World Assets" using distributed ledger technology. The regime applies to publicly offered financial trusts and closed-end mutual funds, ensuring digital representations meet security and traceability standards. Implementation will occur through a one-year regulatory sandbox, after which no new issuances will be admitted, though existing ones remain valid.
Policy & regulationRules & requirementsTokenization
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2025-06-12•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) released a consultation paper proposing changes to the capital framework for annuities, allowing reduced capital requirements for life insurers with enhanced risk management. This aims to align with international standards and support competitively priced annuities, with submissions due by 25 July 2025.
Policy & regulationRules & requirementsCapital adequacy
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2025-06-12•Argentina•Argentina Superintendency of Insurance
Argentina’s Superintendency of Insurance has disqualified an external auditor from practice for five years due to non-compliance with minimum accounting audit procedures. The decision, based on the General Regulation of Insurance Activity, will be recorded and notified to relevant professional bodies once final.
EnforcementInvestigations & enforcement actionsAuditing
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2025-06-12•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance issued Resolution 304/2025, amending the General Regulation of Insurance Activity to enhance the sector's solvency framework and simplify technical ratio calculations. Key changes include allowing deferred assets linked to single-premium policies in eligible capital and removing redundant investment concepts. Property valuation must adhere to standards set by the Argentine Federation of Professional Councils in Economic Sciences.
Policy & regulationRules & requirementsCapital adequacyPrudential risks
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2025-06-12•Australia•Australian Competition and Consumer Commission
The ACCC approved Allianz Australia's acquisition of RAAI's personal insurance business, finding it unlikely to reduce competition in South Australia's insurance market. Allianz and RAAI will remain constrained by other insurers like Suncorp and Insurance Australia Group. The decision doesn't set a precedent for IAG's proposed acquisition of RAC Insurance.
Policy & regulationGuidance & interpretationMergers and acquisitions
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2025-06-12•Moldova•National Bank of Moldova
The National Bank of Moldova visited Romania's State Mint to enhance cooperation in currency issuance, focusing on joint projects and experience exchange. Discussions included commemorative coin programmes, operational efficiency, and promoting Moldova's cultural heritage. The partnership, spanning over 30 years, recently featured a historic coin-minting press exhibition in Chisinau.
Policy & regulationCooperationDomestic cooperation
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2025-06-12•India•Securities & Exchange Board of India
The Securities and Exchange Board of India (SEBI) is promoting the Centralized Fee Collection Mechanism (CeFCoM) as an optional, secure, and transparent payment route for fees to SEBI-registered investment advisers and research analysts. Operational since October 2024 and managed by BSE Ltd with MF Utilities India Pvt. Ltd., CeFCoM supports various payment modes and has processed over INR 50 million in fees by June 2025.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-06-12•Taiwan•Central Bank of Taiwan
In May 2025, the Central Bank of Taiwan authorized Taishin International Bank to issue foreign currency denominated negotiable certificates of deposit and CTBC Bank to issue dollar-denominated senior unsecured structured notes linked to equity derivatives. The Central Bank reported a total of 3,450 authorized banks, including domestic, Mainland, and foreign banks.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-12•Taiwan•Taiwan Financial Services Commission
Taiwan's Financial Supervisory Commission has proposed amendments to encourage financial institutions to establish branches in local asset management zones, aiming to position Taiwan as an Asian asset management hub. The draft exempts these institutions from certain financial and operational conditions and mandates a seven-year location commitment unless relocation is approved by the authority.
Policy & regulationRules & requirementsMarket development
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2025-06-12•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported record-high Q1 2025 profits from China investments by Taiwan Stock Exchange and Taipei Exchange listed companies, despite fewer firms with China exposure. Accumulated China investment outflows rose to NTD 2,856 billion, while profits reached NTD 116 billion. Excluding China, overseas investments also grew, with accumulated outflows at NTD 9,930 billion and Q1 profits at NTD 242 billion, reflecting a trend since the 2018 US–China trade war.
Data & statisticsMarket developmentMergers and acquisitions
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2025-06-12•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission released April 2025 operational statistics for Taiwan's credit card, cash card, and electronic payment sectors. Key figures include NT$373.3 billion in monthly retail sales for credit cards, NT$10.2 billion in cash card loan balances, and NT$20.34 billion in monthly transaction agency flows for electronic payments. Delinquency ratios were 0.3% for credit cards and 1.128% for cash cards.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-12•Barbados•Central Bank of Barbados
The Central Bank of Barbados will open public subscription for the Barbados Optional Savings Bonds Plus 202502 on June 16, 2025, with a fixed interest rate of 4.50% per annum. The issue size is BDS 200 million, with a minimum purchase of BDS 500. Bonds mature five years after issuance, with redemption at par available 24 months post-payment.
Monetary policyMonetary policy instruments & operationsSecurities offerings and listings
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2025-06-12•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank reported a lithium-ion battery explosion at its Saint Kitts and Nevis campus, causing a fire but no injuries or operational disruptions. The affected battery storage system, powering the Sir K Dwight Venner building, has been shut down, with an investigation by ELM FieldSight scheduled. Staff will work remotely for two days as a precaution.
OtherOperational risk and resilience
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2025-06-11•Angola•Angola Capital Markets Commission
Elmer Serrão, Chair of the Angola Capital Markets Commission, attended the SADC Sustainable Finance Forum 2025 in Cape Town, focusing on embedding sustainable finance in development agendas. Organized with the World Bank Group and regional banking associations, the forum covered sustainable finance architecture, innovation in sustainability instruments, and capital mobilization for development plans. Discussions included capacity-building on sustainability instruments and climate risk management, with the CMC emphasizing integrating environmental, social, and governance criteria into its regulatory activities.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-06-11•Bahamas•Bahamas Securities Commission
The Bahamas Securities Commission has informed its licensees and registrants of an update to the United Nations Security Council ISIL (Da’esh) and Al-Qaida Sanctions List, following the removal of an entry by the Security Council Committee. Firms must update their sanctions screening records to exclude the delisted individual and are advised to regularly consult UN Security Council sanctions resources for compliance.
Policy & regulationGuidance & interpretationSanctions list update
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2025-06-11•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) unveiled its "CNMV 2030" strategy, outlining nine strategic priorities for the next six years, focusing on modernisation, investor protection, and market incentives. Key initiatives include enhancing anti-fraud communications, boosting retail investor participation, and supporting green bond issuance. The plan also involves revising the Corporate Governance Code, simplifying supervisory practices, and completing digital transformation with AI and cloud tools.
Policy & regulationReform agendas & prioritiesCorporate governance
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2025-06-11•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority and the Danish Business Authority released their 2024 financial reporting enforcement report, reviewing compliance with disclosure rules in annual and interim reports. They examined 16% of reports, closing 22 cases without errors but identifying issues in seven reports. The review included 79 financial firms and 109 non-financial companies, with 11 cases still open into 2025.
EnforcementEnforcement statisticsAccounting and financial reporting
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2025-06-11•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro (CBCG) met with Slovak Ambassador Boris Gandel to discuss economic conditions and banking trends, emphasizing cooperation. Governor Irena Radovic outlined CBCG's strategic reforms to align with European System of Central Banks (ESCB) standards. The meeting highlighted collaboration under the regional program to strengthen central bank capacities in the Western Balkans, with Slovakia supporting Montenegro's reform agenda and European integration efforts.
Institutional developmentCooperation & capacity buildingDomestic cooperation
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2025-06-11•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission hosted a financial education event for students from the Instituto Superior Politécnico Alvorecer da Juventude, featuring a lecture on capital markets fundamentals and a visit to the CMC’s facilities. Daniel Chipenda delivered the lecture on stock exchange dynamics, the CMC’s role, and access to financial instruments, attended by about 70 students. The event concluded with a visit to the CMC to observe its operations and engage with technical staff.
Financial literacy & educationFinancial literacy and education
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2025-06-11•France•France Autorite des marches financiers
The French Financial Markets Authority's mediator reported a 15% increase in referrals in 2024, largely due to a downturn in the real estate market. Disputes involving real estate investment companies and crowdfunding surged, with issues in processing redemption requests and project selection. Despite a decline in equity savings plan disputes, crypto-asset cases rose 22%, reflecting increased platform registrations as digital asset service providers.
Policy & regulationImplementation, projects & pilotsActivity and performance reporting