The Central Bank of Cyprus released its Statistical Bulletin for April 2025, offering a comprehensive quarterly compilation of economic statistics. The bulletin includes monthly, quarterly, and annual data on various aspects of the Cypriot economy.
The Belgium Financial Services and Markets Authority released its quarterly dashboard on Belgian public open-ended investment funds for Q1 2025. The press release is available exclusively on its French and Dutch websites.
The Central Bank of Colombia released the Unidad de Valor Real (UVR) values for 16 June to 15 July 2025, as detailed in Board of Directors Bulletin 19 of 2025, pursuant to External Resolution 13 of 2000.
The Australian Securities & Investments Commission (ASIC) is suing Australian Unity Funds Management Limited for allegedly not ensuring retail investors in the Select Income Fund met the target market criteria, as required by design and distribution obligations. ASIC claims that although a questionnaire was issued to prospective "non-advised" investors, responses were not reviewed or used for screening until October 2023, despite ongoing issuance of interests. The regulator argues that issuing a questionnaire alone does not fulfill the obligation to actively assess investor suitability.
The New Zealand Financial Markets Authority released its 2025 report evaluating Ice Futures Europe's compliance as a licensed market operator in New Zealand for the period from 1 January 2023 to 31 December 2024, continuing its biennial review cycle.
The Mauritius Financial Services Commission congratulated its chairperson, Dr. Rama Krishna Sithanen, for being named co-winner of African Leadership Magazine’s Central Bank Governor of the Year 2025 Award. The accolade highlights his contributions to macroeconomic stability, institutional credibility, and financial sector transformation as Governor of the Bank of Mauritius. The FSC also emphasized his role in aligning monetary policy with regulatory oversight and its commitment to investor protection.
The Tanzania Insurance Regulatory Authority released its audited financial statements for the 2023/2024 financial year.
Angola's Ministry of Finance has launched a new Financial Sector Assessment Program (FSAP) with the World Bank and IMF to evaluate financial stability and development. Key reforms since the last FSAP in 2011 include anti-money laundering laws, a new payment system law, and enhanced supervisory structures. The government emphasized transparency, consumer protection, and financial inclusion, while the World Bank focused on expanding financial services access.
De Nederlandsche Bank (DNB) issued an irrevocable instruction to DTS Dutch Trust Services B.V. due to deficiencies in its systematic integrity risk analysis and customer due diligence under the Act on the Supervision of Trust Offices 2018. DNB found inadequate risk identification and mitigation in DTS's SIRA and customer due diligence, including issues with verifying ultimate beneficial owners and assessing asset origins. DTS must comply with regulatory standards by 31 March 2025.
The Dutch Authority for the Financial Markets has set the mortgage stress test interest rate (toetsrente) for Q3 2025 at 5%. This rate is used by mortgage providers to calculate financing burdens for mortgages with interest rate fixed periods of less than 10 years. If the offered borrowing rate exceeds the toetsrente, lenders must use the higher rate to determine affordability limits.
Morocco’s National Authority for Probity, Prevention, and Fight against Corruption and three financial sector authorities, including the Moroccan Insurance Authority (ACAPS), held their fifth annual meeting to review 2024–2025 progress and endorse the 2025–2026 anti-corruption roadmap. Initiatives included executive training, cooperation with the Moroccan Foundation for Financial Education, and a corruption risk assessment project for the insurance sector. The roadmap focuses on skills-building, integrity culture, and implementing action plans from corruption risk mapping, with a self-assessment of the 2019 cooperation agreement planned.
The Central Bank of Ireland's Financial Stability Review highlights increased risks to Ireland’s financial system from geopolitical tensions, global trade shifts, and economic uncertainty. The Countercyclical Capital Buffer rate remains at 1.5 percent. Ireland's vulnerability as a small open economy reliant on US foreign direct investment is noted, with potential impacts from reduced US multinational activity and structural vulnerabilities in the non-bank financial sector.
The Bank of Italy's annual report on Lazio's economy highlights a 0.9% growth in 2024, driven by foreign demand and public spending, despite weaker consumption and private investment. Employment rose by 1.7%, and unemployment fell to 6.3%, with inflation easing and consumer credit expanding. However, corporate loan quality deteriorated, and geopolitical tensions, along with US tariff increases, impact firms' outlooks, particularly in the pharmaceutical sector.
The Bank of Italy released remarks by Sergio Nicoletti Altimari, Head of the Economics and Statistics Department, on the topic of "Independence of the Central Bank and the rule of law," delivered at the Constitutional Court.
The Bank of Italy released the Italian-language text of a speech by Sergio Nicoletti Altimari, Head of the Directorate General for Economics, Statistics and Research, on "Central Bank Independence and the rule of law," delivered at Italy’s Constitutional Court.
The Securities and Exchange Commission of Pakistan reported a record 3,609 new company registrations in May 2025, raising over PKR 2.7 billion, with 99.9% processed digitally. Private limited companies made up 59% of registrations, with significant growth in IT, e-commerce, and other sectors. Additionally, 56 licences were granted across various sectors, including capital markets and non-banking financial services, under Section 42 of the Companies Act, 2017.
Bank of Indonesia reported a decrease in Indonesia's net International Investment Position (IIP) liabilities to USD 224.5 billion at the end of Q1 2025, down from USD 245.7 billion at the end of Q4 2024. This improvement was due to an increase in foreign financial assets to USD 533.1 billion and a decrease in foreign financial liabilities to USD 757.6 billion. The net liability IIP-to-GDP ratio fell to 16.0%, with long-term maturity instruments, mainly direct investment, dominating the structure.
Greece's Ministry of National Economy and Finance announced enhancements to the IRIS instant payments system, including increased transaction limits and mandatory QR code acceptance at points of sale. By end-2025, daily limits for person-to-person and professional payments will rise to EUR 1,000, with a EUR 5,000 monthly cap on P2P transfers. The IRIS system will join the "Europa Project," expanding its user base to about 105 million, with tax data indicating increased electronic payments could boost VAT revenue by EUR 388 million.
The Botswana Non-Bank Financial Institutions Regulatory Authority (NBFIRA) announced the commencement of the Credit Information Act, 2021, governing credit reporting and the licensing of credit bureaus. Non-bank lenders are reminded of their legal obligation to submit consumer credit data to licensed credit bureaus. The Bank of Botswana is the licensing authority for credit bureaus, and firms must verify bureau licensing and comply with the Act.
The Central Bank of Colombia announced AVAL Soluciones Tecnológicas – DALE as a new participant in CENIT through External Circular Letter DSP-0100.
The Hong Kong Financial Services and the Treasury Bureau announced a memorandum of understanding with TheCityUK to enhance cooperation in financial services, including digital assets. The agreement focuses on sharing insights for transition finance, workforce development, and establishing an annual review framework. Additionally, Hong Kong's integration into the London Metal Exchange network and a rise in securities market turnover were highlighted.
The Slovenia Insurance Supervision Agency's analysis of Q1 2025 data for Slovenian insurers shows an increase in gross written premiums by EUR 54m to EUR 693m and a decrease in gross claims paid by EUR 36m to EUR 345m compared to Q1 2024. Premium growth was driven by higher policy volumes and prices in motor and home insurance, while the largest decline in claims was in health insurance due to delayed payments.
The Hong Kong Securities and Futures Commission announced that the Eastern Magistrates’ Courts ordered suitability reports for Mr Lin Tai Fung and Mr Or Chun Nin after their conviction for conspiracy to commit false trading in Pa Shun International Holdings Limited shares. Lin also pleaded guilty to failing to disclose changes in his shareholding to The Stock Exchange of Hong Kong Limited. Sentencing is scheduled for 8 July 2025, with bail conditions set at HKD 20,000 cash and a HKD 50,000 surety.
The International Financial Reporting Standards Foundation Trustees announced progress on a transformation programme, including cost reductions and plans to decrease board members from 14 to 10 by 2028. The programme aims to simplify management structures, enhance revenue generation, and refresh the Foundation’s strategy on technology and sustainable funding. A consultation on constitutional amendments regarding board diversity and voting rights is planned for 2025.
The Portuguese Securities Commission (CMVM) is expanding its Sandbox Market4Growth programme, inviting additional entities to participate in its second edition. The initiative offers companies a tailored assessment of their readiness for capital markets and simulates market entry and participation processes. Since its launch in November 2023, 26 companies have registered.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has granted JSC KASE Clearing Center a licence to operate in the securities market under Deputy Chair Order No. B-158.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has drafted a resolution to amend regulatory acts affecting financial organisations and repeal certain existing acts. The draft aims to implement recent legislative changes, easing requirements for foreign banks and branches in Kazakhstan. It also seeks to optimise document submission and align procedures with Kazakhstan's laws on Public Services and Informatization.
Kazakhstan's Financial Market Agency drafted a resolution to amend regulations for better consumer protection in financial services. It requires banks and microfinance organizations to disclose the annual effective interest rate for remote services, including mobile apps, and clarifies charges in the rate calculation. The draft is on the Open NPA portal and the Agency's website.
The Isle of Man Financial Services Authority has issued a guide to enhance awareness of Commercially Exposed Persons (CEPs) and associated financial crime risks. The guide details CEP characteristics, high-risk industries, and includes a visual tool for assessing connections to CEPs or Politically Exposed Persons (PEPs). Firms are advised to integrate these considerations into their customer risk assessments under the AML/CFT Code 2019.
In a keynote address, the Bank of Ghana highlighted the transformative impact of Ghana’s Collateral Registry on secured lending, enhancing transparency and credit access through movable collateral. Established in 2010, the registry centralizes asset registration, aiding lenders in real-time verification and credit risk management. Future plans include technological upgrades and regulatory reforms, with increased collaboration with national and international bodies.
At the Ghana Diaspora Investment Forum 2025, the Bank of Ghana's First Deputy Governor outlined strategies to attract diaspora investment, including addressing high non-performing loans (NPLs) and tightening foreign exchange rules for remittances. The Bank plans to develop digital credit guidelines and expand the digital assets space. Recent economic indicators show a decline in headline inflation to 18.4% and a current account surplus of USD 2.1 billion. The Bank also highlighted ongoing regulatory enhancements to support innovation and diaspora-focused financial solutions.
The Bank for International Settlements released a bulletin analyzing the impact of trade-related policy uncertainty on private business investment and monetary policy. It highlights that uncertainty from US tariffs and potential retaliation may dampen investment and output, reducing investment responsiveness to interest rate changes. The bulletin notes that tariffs and uncertainty act as a stagflationary shock for participating economies, while monetary easing is less effective under high uncertainty.
The Qatar Central Bank reported that international reserves and foreign currency liquidity increased to QAR 258.1 billion in May 2025, with international official reserves rising 4.6% year-on-year to QAR 198.9 billion.
The Federal Reserve Bank of Atlanta appointed Kevin Dancy as vice president and regional executive for its Research Division, effective July 1. Dancy will support the Regional Economic Information Network and contribute to monetary policy and outreach activities. He previously served as assistant vice president in Operations and Administrative Services.
The Federal Reserve Bank of Boston's analysis shows worsening healthcare access in Maine, New Hampshire, and Vermont due to hospital service reductions and increased travel distances. Contributing factors include demographic pressures, staffing challenges, and financial strains, with significant hospital closures and losses reported. The report highlights a projected need for substantial financial support for Vermont hospitals to break even by 2028 and identifies regional capacity gaps in primary care and maternity services.
The National Bank of the Republic of Tajikistan reissued the banking operations licence for LLC microcredit deposit organisation "GANJ MOLIYA" due to a change in its registered location. This action complies with national laws on the central bank, microfinance organisations, and licensing.
The National Bank of the Republic of Tajikistan highlighted Tajikistan's participation in the Islamic Finance and Business Forum in Astana, Kazakhstan, where Kibryo Uroqova, head of the Islamic banking supervision unit, received a regional WOMANi award. Organized by the Association of Islamic Finance and Business, TIDAM, and the Astana International Financial Centre, the forum focused on regional economic themes and Islamic finance topics. Uroqova was recognized as "Professional Woman of the Year 2025" for her contributions to Islamic finance regulation and supervision.
The Brazilian Superintendence of Private Insurance (SUSEP) emphasized the necessity for associations involved in mutual property protection operations to register under Complementary Law 213/2025 to continue operating. SUSEP Director Carlos Queiroz indicated that further secondary regulation is required for full implementation. Associations must register by 15 July 2025 or cease operations to avoid sanctions.
The Brazilian Superintendence of Private Insurance (SUSEP) released the Boletim Susep with data showing BRL 140.72 billion in collections for the first four months of 2025, a nominal increase of 1.42% from 2024. Damage and personal insurance excluding VGBL generated BRL 70.48 billion, with motor insurance contributing BRL 19.21 billion. Accumulation products saw a decline, while capitalisation titles increased by 11.16% nominally.
Kyrgyzstan's Ministry of Finance announced USDKG, the first state-owned stablecoin backed by gold, tracking the US dollar 1:1. This pilot project aims to boost the digital economy and financial sovereignty, distinct from the proposed KGST and digital som. Initial issuance and platform listings are planned soon, with more details to follow.
Central Bank of Bosnia and Herzegovina Governor Jasmina Selimovic, at the Central Banking Summer Meetings in London, emphasized enhancing resilience amid inflation, geopolitical uncertainty, and technological change. She highlighted digital transformation and institutional resilience, advocating for regulation to keep pace with AI and advanced technologies. Selimovic stressed sustainable financing, foreign exchange reserve diversification, and public confidence for financial stability in small, open economies.
The United Arab Emirates Executive Office of Anti-Money Laundering and Counter Terrorism Financing has issued its first annual report, outlining national progress during 2023. It highlights completion of the Financial Action Task Force Action Plan, stronger legal and institutional capacity, international cooperation and increased use of technology to address financial crime risks.
The Central Bank of Brunei Darussalam's Business Sentiment Index for April 2025 shows a slight decline in current business conditions at 49.9, with a marginally optimistic outlook for May at 50.1. Investment and employment sub-indices indicate cautious expansion plans and seasonal hiring adjustments, while cost expectations suggest potential tariff-related pressures. Health & Education leads with optimism, whereas Wholesale & Retail Trade lags, and medium-sized firms show the most positive sentiment.
The Central Bank of the Philippines issued rules for the Anti-Financial Account Scamming Act, introducing IT risk management, financial account inquiry rules, and a process for disputed funds. These measures aim to reduce scams and enhance consumer protection across BSP-supervised institutions. Key provisions include strengthened fraud prevention, data sharing under formal agreements, and a system for managing disputed transactions.
The Central Bank of the Philippines has issued rules for the Anti-Financial Account Scamming Act through three circulars. These rules impose new obligations on BSP-supervised institutions to prevent and respond to financial account scams, enhance IT risk management, and establish a framework for account inquiries linked to suspected violations. The circulars also mandate real-time transaction monitoring and allow temporary fund movement restrictions to aid scam victim restitution.
The Central Bank of the Philippines has issued rules for Republic Act No. 12010, the Anti-Financial Account Scamming Act (AFASA), to prevent scams and enhance consumer protection. The rules include updated IT risk management, financial account inquiry and information-sharing, and temporary holds and verification requirements for BSP-supervised institutions. AFASA addresses scams like phishing and vishing, imposing penalties for social engineering and money muling activities.
The Central Bank of the Philippines has issued rules for the Anti-Financial Account Scamming Act (AFASA), enhancing powers to combat financial scams and cyber fraud. The framework includes updated IT risk management rules for BSP-supervised institutions, financial account inquiry protocols, and a coordinated verification process for disputed transactions. BSIs and clearing switch operators must deploy automated systems to track disputed transactions within one year.
The Central Bank of the Philippines (BSP) has issued rules for the Anti-Financial Account Scamming Act, establishing anti-scam and consumer protection obligations for BSP-supervised institutions. Detailed in three BSP circulars, the regulations mandate enhanced fraud prevention, transaction verification, and consumer protection measures, alongside rules for financial account inquiry and information sharing. Institutions must also implement systems to track disputed transactions and manage temporary holding of disputed funds.
The Financial Supervision Authority (Finantsinspektsioon) fined Svea Finance AS EUR 200,000 for two misdemeanours related to deficiencies in its consumer credit issuance framework. The fines were imposed for non-compliance with the Creditors and Credit Intermediaries Act and inadequate credit capacity assessments. Svea Finance has the option to contest the decision legally.
The Estonian Financial Supervision Authority has revoked the payment institution operating licence of OÜ MyFinancier, effective from 15 March 2021, upon the company's request. OÜ MyFinancier has not offered the account information services under the licence since 22 May 2025.
Bank Al-Maghrib, with the National Authority for Probity, the Moroccan Capital Market Authority, and the Supervisory Authority of Insurance and Social Welfare, reviewed 2024–2025 anti-corruption efforts and approved a 2025–2026 roadmap. Initiatives included executive training, seminars, and a UN-supported insurance-sector corruption risk assessment. Future cooperation will focus on skills-building, integrity culture, and implementing action plans from corruption risk mapping.
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation on three websites and instructed providers in Italy to block access. The websites affected are claritybrokers.it, agenziagiustiniani.it, and vittoriapietrasanta.it. IVASS has issued 250 cease-and-desist orders since November 2023 and advises consumers to verify the authorization of insurers and intermediaries.
The New Zealand Financial Markets Authority published its review of Ice Futures Europe's compliance as a licensed market operator in New Zealand for the period from 1 January 2023 to 31 December 2024, fulfilling its biennial reporting requirement.
The International Monetary Fund (IMF) conducted a voluntary assessment of the Central Bank of Oman (CBO), highlighting its strong emphasis on transparency and robust internal governance. The review praised CBO's transparent monetary policy communication and efforts to enhance financial stability management and AML/CFT frameworks. CBO plans to implement the IMF's recommendations as part of its ongoing modernization efforts.
The British Virgin Islands Financial Services Commission (FSC) issued a public statement warning that Trustflow HedgeFund is not licensed or regulated by the FSC for investment or financial services business in the Territory. The FSC advised caution and invited information on entities falsely claiming regulation, citing Section 37A of the Financial Services Commission Act, 2001.
The Brazil Securities Commission (CVM) rejected settlement proposals to close two sanctioning proceedings, following adverse recommendations from its Commitments Committee. In the T4F Entertainment case, CVM declined a proposal due to alleged serious conduct involving slavery-like labor conditions and fiduciary breaches. In the ETB FIP case, CVM rejected a proposal from Banco J. Safra S.A. and others due to legal impediments, inadequate amounts, and alleged improper payments and disclosure failures.
The Brazil Securities Commission (CVM) will deliver the 27th edition of its TOP Teacher Training Programme entirely online in 2025, following a record 580 registrations. The programme, now open to high school and technical teachers, saw over 90% of applicants opting for the online format, leading to the discontinuation of the hybrid option. Registrations were received from 24 of Brazil’s 26 states plus the Federal District.
The Central Bank of Estonia reported a 10% year-on-year increase in export turnover for goods and services in Q1 2025, with imports rising by 11%, resulting in a current account deficit of EUR 228 million, or 2.4% of GDP. Goods exports grew notably to the Netherlands, the United States, Poland, and Lithuania, while services exports were led by telecommunications and computer services. Despite the growth, companies remain pessimistic about future export orders due to trade tariff uncertainties.
The Central Bank of Estonia will issue a special-design EUR 2 commemorative coin in 2026 featuring Sipsik, a character from Estonian children's storybooks. The design, created with the Estonian Children’s Literature Centre using Edgar Valter's original illustrations, will not involve a public competition. The coin will be legal tender throughout the euro area.
The National Bank of Serbia and the IMF concluded discussions on the first review under Serbia’s PCI and the regular Article IV consultation. The IMF assessed Serbia's macroeconomic performance as strong, highlighting a resilient labour market, declining inflation, and a well-capitalised banking sector. Growth is projected to rise from 3% in 2025 to 4% in 2026, supported by state investment and manufacturing exports, while the fiscal deficit is expected to remain below 3% of GDP.
The National Bank of Serbia released the final results of the May 2025 professional exam for individuals seeking a licence to provide information on voluntary pension funds and distribute prospectuses. The publication lists 34 candidates who passed, detailing each successful candidate's reference number and name.
Poland's Ministry of Finance announced the Council of Ministers' adoption of a deregulation package to expedite handling inactive bank accounts and enhance electronic communication for certain insurance contracts. Proposed Banking Law amendments require banks and credit unions to verify account holder status via the PESEL register five years after the last activity. Additionally, insurance changes allow policyholders to opt for electronic communication anytime during the contract term.
The Guernsey Financial Services Commission announced the removal of HAJJAJ BIN FAHD AL AJMI from the United Nations Security Council's ISIL (Da'esh) and Al-Qaida sanctions list, lifting the associated asset freeze, travel ban, and arms embargo. The UN Consolidated List update is automatically effective in the UK and the Bailiwick of Guernsey under respective sanctions regulations.
The Guernsey Financial Services Commission added Itamar Ben-Gvir and Bezalel Yoel Smotrich to the UK Global Human Rights Sanctions Regulations 2020 list, enforcing an asset freeze in Guernsey. Businesses must freeze assets linked to these individuals and report to the States of Guernsey Policy & Resources Committee, adhering to the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also notify the Commission and submit a Handbook Rule 12.37 report detailing affected relationships or transactions.
The Guernsey Financial Services Commission's 2024 Annual Report outlines preparations for the MONEYVAL evaluation, highlighting a successful inspection and efforts to streamline regulatory processes via digital technology. Key initiatives include Technology Supervision and Innovation units, the Applications and Authorisations Portal, and pensions regime revisions. The Commission also signed the International Organization of Securities Commissions Enhanced Multilateral Memorandum of Understanding.
The Philippine Securities and Exchange Commission has introduced a regulatory framework for crypto-assets, including registration and operational requirements for service providers and marketers. It mandates disclosure, restricts marketing to registered entities, and subjects providers to Anti-Money Laundering supervision. Conditions include a PHP 100 million minimum capital and operational requirements like trading reports and asset segregation.
The Financial Services Regulatory Authority of Ontario (FSRA) warned that Woodbridge Credit Union, Finch Credit Union, and E-mobile Swift Credit Union are not registered credit unions in Ontario. FSRA advised consumers to verify registration status and exercise caution, as deposits with these entities are not covered by FSRA deposit insurance. The use of "credit union" in their names violates the Credit Unions and Caisses Populaires Act, 2020.
The Financial Services Regulatory Authority of Ontario issued a consumer alert regarding fraudulent invoices using FSRA’s logo and address, requesting cash e-transfers to a private email. FSRA emphasized it never requests e-transfers and advised consumers to verify invoice authenticity with FSRA. Victims of such scams are encouraged to contact local law enforcement and their financial institution.
The National Authority for Probity, Prevention, and Fight against Corruption and Morocco’s financial sector authorities held their fifth annual meeting to review their 2019 cooperation agreement on combating corruption. They endorsed the 2025–2026 roadmap, focusing on skills enhancement, integrity culture, and risk management in insurance and capital markets. The institutions also plan a self-assessment of the agreement to adapt to evolving contexts.
The Thailand Securities and Exchange Commission has mandated JKN Global Group Public Company Limited to correct its 2023 financial statements due to material misstatements and have them audited and submitted to the regulator. JKN must also publicly disclose the revised information via the Stock Exchange of Thailand’s SETLink by 11 July 2025. This follows an SEC criminal complaint against JKN and former directors for alleged false accounting and disclosure in 2023 financial statements.
The Thailand Securities and Exchange Commission has advised holders of NR Instant Produce Public Company Limited’s NRF254A bond to review information and exercise their rights at the upcoming bondholders’ meeting. The meeting will address proposed changes to the bond's repayment schedule and redemption terms. The SEC also mandates the bondholders’ representative to evaluate the implications of these changes for bondholders.
The European Commission and European Central Bank will host their annual conference on European financial integration, focusing on the Savings and Investments Union. The event will launch the European Commission’s annual European Financial Stability and Integration Review, examining EU household saving and investing habits and AI's role in financial services. Key participants include Commissioner Maria Luís Albuquerque and ECB Vice-President Luis de Guindos.
The European Commission has launched a call for evidence on a European blueprint for savings and investment accounts, part of the savings and investments union strategy. This initiative aims to facilitate retail investor participation in capital markets, improve savings returns, and boost funding for EU companies. The Commission seeks input on best practices, including tax treatment, to ensure these accounts serve as a convenient entry point to capital markets.
The Central Bank of Iceland reported to the Government after April 2025 inflation exceeded the upper deviation threshold of the 2.5% target, detailing reasons for the deviation, planned responses, and the expected timeline for returning to target. The Bank also released a letter to the Prime Minister and related documents, including the Monetary Bulletin 2025/2 and the Monetary Policy Committee's May 2025 statement and minutes.
The U.S. House Committee on Financial Services advanced H.R. 3633, the CLARITY Act, to the full House of Representatives with a bipartisan vote of 32 to 19. The House Agriculture Committee also approved the bill by a vote of 47 to 6, aiming to provide regulatory clarity for blockchain technology and digital assets.
The U.S. House Committee on Financial Services advanced eight bills to the full House, covering small business finance, HUD oversight, homebuyer privacy, and a digital assets regulatory framework. Key measures include the CLARITY Act, Homebuyers Privacy Protection Act, and the ACCESS Act. The bills now await consideration by the full U.S. House of Representatives.
The Central Bank of Russia has initiated a pilot project with federal ministries and six universities to introduce training in behavioural economics and economic psychology, starting autumn 2025. The initiative aims to enhance capabilities in modeling economic behavior and assessing risks in business and regulatory decisions. Major banks and financial companies have expressed support through internships and real-world case teaching.
The Central Bank of Russia assessed the convertible bond market, recommending updates to issuance rules to enhance usability and attractiveness for issuers and investors, particularly pre-IPO. Despite amendments in 2018–2019, issuance remains limited due to inflexible conversion parameters and low investor interest amid macroeconomic uncertainty. Proposed changes include adopting variable conversion ratios to better align with market conditions.
The Central Bank of Russia issued a warning about illegal online platforms, including crypto exchanges and online casinos, that use settlement schemes potentially involving individuals in criminal transactions unknowingly. The Bank highlighted risks such as reputational harm, account blocking, and restricted access to banking services, advising against engaging with these platforms.
Finland's Financial Supervisory Authority (FIN-FSA) has revised its Regulations and Guidelines 2/2023 to align with Finnish AML legislation and the EU Markets in Crypto-Assets Regulation. The scope now includes crypto-asset service providers while excluding virtual currency providers and certain other entities. Updates also replace references to the Act on Virtual Currency Providers with supervisory powers over crypto-asset service providers.
The Finnish Financial Supervisory Authority reported that the Finnish financial sector remains stable and well-capitalized despite economic and geopolitical uncertainties. While cyber threats are calm, fraud and phishing are increasing, prompting FIN-FSA to assess banks' preventive measures. The banking sector's capital ratios are expected to weaken slightly, and the employee pension sector's solvency ratio fell to 128.7%, while life and non-life insurers maintain good solvency ratios.
The Central Bank of Chile announced the resignation of Rosario Celedón as Head of the Financial Policy Division, effective 31 July, with Miguel Fuentes named as interim head. Celedón will advise the Board on non-current matters and support the division's transition. During her tenure, the Bank advanced macroprudential tools, regulatory updates, and international coordination efforts.
The Central Bank of Sri Lanka revised customer transaction limits for the Sri Lanka Interbank Payment System (SLIPS), capping fund transfers at LKR 10 million per transaction. This change, under Section 44 of the Payment and Settlement Systems Act, aims to promote digital transactions while ensuring customer fund safety.
The Bank of Albania Governor Gent Sejko addressed the 5th Conference of the Museum of the Bank of Albania, marking the central bank's 100th anniversary. Sejko outlined Albania's central banking evolution and highlighted digital currency, climate risks, AI, and financial innovation as future challenges. He emphasized the importance of aligning with European standards amid Albania's EU integration.
The Canadian Public Accountability Board (CPAB) imposed restrictions on Clearhouse LLP's public company audit practice due to significant inspection findings in 2022 and 2024. The enforcement includes a ban on accepting new high and moderate risk reporting issuers, public censure, and remediation requirements involving external reviews and training. These measures will remain until a follow-up inspection confirms satisfactory improvements in audit quality.
The Norwegian Financial Supervisory Authority published a report on Storebrand Forsikring AS, highlighting deficiencies in governance, risk management, and Solvency II compliance. Issues include unclear product oversight criteria, inadequate remuneration guidelines for external agents, and insufficient substantiation of deferred tax loss absorbency. The report calls for improved documentation, board-approved policies, and regular conflict-of-interest assessments.
Norway's Financial Supervisory Authority revoked the managing director's approval as a state-authorised accountant due to serious breaches in accounting services and anti-money laundering compliance. The inspection found deficiencies in engagement agreements, quality assurance, risk management, and anti-money laundering measures. The individual is barred from using the title "state-authorised accountant" and holding certain responsibilities but may work as an employee.
Moldova's National Commission for Financial Markets announced the Government's approval of the National Capital Market Development Strategy for 2025-2030. The strategy aims to modernize and strengthen Moldova’s capital market, enhance transparency and investor protection, and align regulations with European Union standards. Key objectives include expanding financing access, broadening the investor base, and improving market infrastructure.
Moldova's National Commission for Financial Markets has drafted a law to enhance transparency and comparability of payment account fees, streamline account switching, and ensure consumer access to basic payment accounts. The draft includes standardised fee naming, a free online fee comparison platform, and mandates PSPs to manage account switching. It guarantees all consumers the right to a basic account with essential services, either free or at a reasonable cost.
The US Commodity Futures Trading Commission and the Securities and Exchange Commission have extended the compliance date for the February 8, 2024 amendments to Form PF from June 12, 2025, to October 1, 2025. Form PF filers should continue using the current version until the release is published in the Federal Register. The extension provides additional time for programming and testing compliance with the amended reporting requirements.
The Commodity Futures Trading Commission (CFTC) secured a final default judgment against Mark Gillespie, John Roche, My Big Coin Pay, Inc., and My Big Coin, Inc., mandating a USD 19,326,324 penalty and USD 6,442,108 restitution. The judgment includes a permanent injunction prohibiting trading in CFTC-regulated markets and transacting in commodity interests or digital asset commodities. The defendants fraudulently promoted My Big Coin as a virtual currency backed by gold, raising over USD 6 million from customers.
The British Columbia Securities Commission survey shows recent U.S. trade policy changes have significantly concerned British Columbia investors, prompting strategy alterations. The study found 74% of investors closely monitoring market changes, with 61% responding to April's volatility. Actions included increased monitoring, strategy adjustments, and buying or selling investments, especially among self-directed investors and those with fewer investable assets.
The U.S. Securities & Exchange Commission (SEC) has extended the compliance date for the 2024 amendments to Form PF from June 12, 2025, to October 1, 2025, for certain SEC-registered investment advisers to private funds. Commissioner Caroline A. Crenshaw opposed the extension, suggesting it prioritizes reconsideration of the amendments over operational readiness, potentially reducing regulatory visibility into private markets. The extension followed a last-minute industry request and bypassed the usual notice and comment process due to timing constraints.
The U.S. Securities and Exchange Commission will vote on extending the compliance date for recent amendments to Form PF to 1 October 2025, with Chairman Paul S. Atkins supporting the extension. Atkins has also directed a comprehensive review of Form PF to evaluate the balance between data utility and reporting burdens. The extension follows industry feedback on the need for more time to interpret amendments and upgrade reporting systems.
The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission have extended the compliance date for Form PF amendments to October 1, 2025. This extension provides more time for investment advisers to program and test systems for compliance with the new reporting requirements. Form PF is a confidential reporting form for SEC-registered investment advisers to private funds, including those registered with the CFTC.
The U.S. Securities and Exchange Commission has extended the compliance date for Form PF amendments to October 1, 2025, allowing more time for system development and addressing reporting questions. This decision follows industry feedback and ongoing work on XML reporting schema and validations. Commissioner Hester M. Peirce expressed concerns about the scope and cost of Form PF expansions, supporting a review of its alignment with systemic risk goals.
The U.S. Securities and Exchange Commission announced the agenda for its June 26, 2025 roundtable on executive compensation and disclosure requirements, featuring remarks from Chairman Paul Atkins and Commissioners. The event will include panels on executive compensation setting, investor use of pay information, and the evolution of disclosure rules, including Dodd-Frank Act mandates. Online viewing is available, and feedback can be submitted via the SEC event page.
The Central Bank of Egypt has extended the grace period for auditors and affiliated accounting firms in its register by six months, now ending on 20 November 2025. This follows the expiration of the previous grace period on 20 May 2025.
Moldova's Ministry of Finance has approved the National Strategy for the Development of the Capital Market for 2025–2030, aiming to enhance market dynamism and broaden investor participation. The strategy includes financial education, new financial instruments like mortgage and green bonds, and modernized infrastructure with electronic auctions. Oversight will be conducted by the National Commission for Financial Markets, reporting to Parliament.
Argentina's Securities Commission (CNV) issued General Resolution No. 1068, exempting non-residents from the ARS 200 million daily limit on transfers of negotiable securities to foreign depository institutions. The exemption applies to National Treasury securities with amortisation dates at least 180 days from issuance, acquired in primary placements or auctions, and only up to the nominal amount subscribed. This measure is part of a broader easing of operating restrictions aligned with national government policy.