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2025-06-10•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE imposed 12.3 million AED in sanctions on six exchange houses for violating the Anti-Money Laundering and Combating the Financing of Terrorism framework under Article (14) of Federal Decree Law No. (20) of 2018. The sanctions followed examinations revealing non-compliance with AML/CFT regulations. This enforcement aligns with the CBUAE's mandate to uphold transparency and integrity in financial transactions and protect the UAE financial system.
EnforcementSanctions & designationsAML and CFT
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2025-06-10•United Arab Emirates•ADGM Financial Services Regulatory Authority
The Abu Dhabi Global Market Financial Services Regulatory Authority has amended its digital assets framework to streamline Virtual Assets acceptance and refine capital requirements and fees. The changes, effective immediately, introduce a product intervention power, confirm prohibitions on privacy tokens and algorithmic stablecoins, and expand investment scopes for Venture Capital Funds. Updated guidance on Virtual Asset regulation and assessment criteria has also been issued.
Policy & regulationRules & requirements
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2025-06-09•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro adopted its Annual Report 2024 and issued a Decision on Capital Adequacy of Credit Institutions, aligning with EU CRR III regulation. The report highlights positive banking sector trends, including asset growth of 7.7% and loan growth of 13.3%, alongside payment system modernization and sustainable finance initiatives. The Financial Stability Report assessed systemic risks as moderate, while the Price Stability Report recorded average inflation of 3.3% in 2024, projecting 2025 inflation between 1.6% and 3.6%.
Policy & regulationRules & requirements
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2025-06-09•Ukraine•National Bank of Ukraine
The National Bank of Ukraine has updated its list of benchmark domestic government debt securities for banks to meet reserve requirements, effective 11 June 2025. The update includes the removal of ISIN UA4000227102 and the addition of ISIN UA4000235642, allowing banks to cover up to 60% of reserve requirements with these securities. The list, now comprising 17 securities, was revised following proposals from the Ministry of Finance of Ukraine.
Policy & regulationRules & requirementsFinancial benchmarks
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2025-06-09•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) met with a World Bank delegation to align Ukraine’s capital market framework with IOSCO standards and advance EU financial integration. Chairman Ruslan Magomedov emphasized digitalisation, investor protection, and investment accounts as key initiatives. Both parties committed to supporting transparent market transformation and global financial integration.
Policy & regulationInternational standards & recommendationsCross-border cooperationMarket development
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2025-06-09•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine's National Commission on Securities and Stock Market suspended FC ZHYTLO-CAPITAL LLC's license for systemic legislative violations, including non-compliance with ownership structure requirements. The firm is appealing but cannot create new construction financing funds or expand existing ones. The suspension aims to protect investors and enforce compliance in the housing sector amid ongoing war conditions.
SupervisionAuthorisations & approvalsCorporate governance
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2025-06-09•Angola•Ministry of Finance (Angola)
Angola's Ministry of Finance has introduced a regime for authorising and registering corporate bodies and management in capital markets to enhance order, investor protection, and combat financial crimes. It now includes non-bank financial institutions, collective investment scheme managers, and regulated market operators under Capital Markets Commission supervision. It mandates notifying the CMC of management changes and permits outsourcing management functions with conditions.
Policy & regulationRules & requirementsCorporate governance
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2025-06-09•Italy•Bank of Italy
The Bank of Italy's annual report on Tuscany's economy highlights modest regional output growth in 2024, with a 0.6% increase compared to Italy's 0.7%. Manufacturing struggled due to a crisis in the fashion industry, partially offset by pharmaceuticals and jewellery, while services and tourism saw slight expansions. The report flags high uncertainty for 2025, with Tuscany's international openness exposing it to trade policy shifts, including new US tariffs impacting exports.
ResearchOther
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2025-06-09•Italy•Bank of Italy
The Bank of Italy released Quaderno di Ricerca Giuridica No. 104, examining the institutional frameworks of resolution authorities in European Union Member States.
ResearchRecovery and resolution
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2025-06-09•Italy•Bank of Italy
The Bank of Italy will host two public events in Potenza on 9–10 June as part of its "In viaggio con la Banca d’Italia" initiative, focusing on financial literacy and regional economic engagement. The programme includes a session on payment fraud prevention and the presentation of a new report on the Basilicata economy, with discussions on innovation and labour-market trends.
Financial literacy & educationFinancial literacy and education
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2025-06-09•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia and the Chamber of Commerce of North Macedonia agreed to enhance cooperation through regular consultations and exchanges. Discussions between Governor Trajko Slaveski and President Branko Azeski focused on monetary policy, financial stability, and business access to finance. The central bank emphasized transparency and stability, while the Chamber expressed readiness for active collaboration.
Policy & regulationCooperationDomestic cooperation
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2025-06-09•Italy•Bank of Italy
The Bank of Italy released Legal Research No. 104, analyzing the institutional setup of resolution authorities in EU Member States.
Research
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2025-06-09•Bermuda•Ministry of Finance (Bermuda)
The Bermuda Ministry of Finance released a summary of the Financial Policy Council's 28th meeting, highlighting a roundtable with Bermuda-based international long-term insurers on financial stability risks and (re)insurance supervision. The Council reviewed regulatory enhancements for life reinsurers and stressed improved communication with the Bermuda Monetary Authority. Discussions included crisis management planning, geopolitical risks, and international tax developments.
Policy & regulationCooperationLeadership change and appointments
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2025-06-09•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York's Center for Microeconomic Data released the May 2025 Survey of Consumer Expectations. It shows a decline in households' median inflation expectations over one-, three-, and five-year horizons, alongside improved labor market expectations and a slight increase in household financial and delinquency expectations.
Data & statisticsEconomic data and developments
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2025-06-09•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners, led by Wisconsin Insurance Commissioner Nathan Houdek, is reassessing U.S. insurance financial oversight due to shifts in insurers' investment strategies. Key initiatives include updating accounting standards and advancing the NAIC's Risk-Based Capital modernization project. Houdek emphasized the need for international collaboration amid increasingly global investment markets.
Policy & regulationImplementation, projects & pilotsAccounting and financial reporting
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2025-06-09•United States•National Association Of Insurance Commissioners
NAIC President Jon Godfread emphasized international supervisory engagement at the 2025 NAIC International Insurance Forum, focusing on cybersecurity, AI, climate resilience, and financial transparency. He noted the 2023 AI Model Bulletin's adoption by 24 jurisdictions and discussed initiatives like the Catastrophe Modeling Center of Excellence and the Insurance Capital Standard. Godfread expressed concerns about the Federal Insurance Office's international role, citing potential uncertainty in U.S. insurance oversight representation.
Policy & regulationReform agendas & prioritiesCross-border cooperation
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2025-06-09•Croatia•Croatian National Bank
The Croatian National Bank has launched the HNB Podcast to enhance public education and financial literacy, covering topics such as inflation, monetary policy, and financial stability. The first episode, featuring Governor Boris Vujcic, focuses on the digital euro, its purpose, usage, and introduction. The podcast is accessible on the bank's YouTube channel and website.
Financial literacy & educationFinancial literacy and education
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2025-06-09•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission hosted the "Powering Growth with Resilience" broker forum, engaging 700 senior securities representatives on supervisory observations and regulatory updates. Key topics included IPO market developments, innovation in exchange-traded and tokenised products, and enhanced account-opening approaches. The SFC emphasized improving cybersecurity and internal controls to prevent unauthorised trading.
SupervisionOtherMarket development
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2025-06-09•Zimbabwe•Zimbabwe Insurance and Pensions Commission
The Zimbabwe Insurance and Pensions Commission (IPEC) issued a note on insurance and pension savings for financial shocks and retirement needs. It distinguishes between general insurance and life assurance, and outlines Zimbabwe's pension architecture, including mandatory and voluntary schemes. IPEC regulates voluntary private occupational schemes and Individual Pension Plans, while other schemes are overseen by the Ministry of Public Service, Labour and Social Welfare.
Financial literacy & educationFinancial literacy and education
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2025-06-09•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 and the National Bank of Kazakhstan have jointly amended rules to reduce the maximum annual effective interest rate cap for mortgage housing loans from 25% to 20%. This amendment updates the August 2024 resolution on interest rate ceilings.
Policy & regulationRules & requirementsOther
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2025-06-09•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority alerted about scams with fake websites, banking login screens, and phishing emails linked to The Bank of East Asia, Shanghai Commercial Bank, and Chong Hing Bank. HKMA stressed banks won't send SMS or emails with transaction hyperlinks or request sensitive information via phone, email, or SMS. Customers who shared personal information or conducted transactions due to these scams should contact their bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-06-09•India•Reserve Bank of India
The Reserve Bank of India has lifted restrictions on scheduled commercial banks, including small finance banks, regarding the use of Brickwork Ratings India Private Limited credit ratings for risk-weighting claims under the Basel III capital framework. This updates the previous permission granted in the 10 July 2024 circular. Other provisions in the Basel III Capital Regulations master circular dated 1 April 2025 remain unchanged.
Policy & regulationRules & requirementsCredit ratings
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2025-06-09•India•Reserve Bank of India
The Reserve Bank of India has amended the Large Exposures Framework to expand exemptions from banks' exposure limits for shortfalls in priority sector lending targets. Exemptions now include contributions to funds with the National Housing Bank, Small Industries Development Bank of India, MUDRA Ltd., or other specified entities. This change applies to all scheduled commercial banks, excluding regional rural banks, and is effective immediately.
Policy & regulationRules & requirementsCredit risk
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2025-06-09•India•Reserve Bank of India
The Reserve Bank of India has directed Primary (Urban) Co-operative Banks, excluding Salary Earners’ Banks, to exclude contributions to eligible funds with NABARD, NHB, SIDBI, and MUDRA Ltd. from aggregate exposure calculations for large exposure limits when falling short of Priority Sector Lending targets. These contributions will have a 100 percent risk weight for capital adequacy. Prudential limits remain at 15 percent of tier-I capital for a single borrower and 25 percent for a group of connected borrowers.
Policy & regulationRules & requirementsPrudential risks
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2025-06-09•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission launched the OIC InsurTech Award 2025 roadshow to boost insurtech knowledge and innovation among students, industry personnel, and the public. Phase 1 involved university visits in Bangkok, focusing on insurance basics and technology integration, with over 500 students participating. A second phase aims to expand nationwide awareness and support, especially among youth and educational institutions.
Financial literacy & educationFintech and insurtech
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2025-06-09•Middle East•Union of Arab Securities Authorities
The Dubai Financial Services Authority appointed Mark Steward as Chief Executive, succeeding Ian Johnston. Steward previously held senior roles at the United Kingdom's Financial Conduct Authority and served on the Australian Law Reform Commission's Advisory Committee.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-09•San Marino•Central Bank of San Marino
The Central Bank of San Marino clarified its actions regarding FWU Life Insurance Lux, confirming the insurer's removal from San Marino’s Register of Authorized Persons following a liquidation order by the Luxembourg Court. FWU was authorized in April 2023, but as its financial position worsened, it ceased underwriting new contracts by July 2024. The company was deleted from the register on 27 May 2025 after being maintained to reflect its crisis status during the transitional phase.
SupervisionAuthorisations & approvalsSupervision process and methodologies
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2025-06-09•Europe•European Central Bank
In a keynote speech, ECB Executive Board member Frank Elderson emphasized the rule of law as essential for the ECB's price stability mandate and financial stability support. He highlighted the ECB's responsibilities in safeguarding legal foundations, adapting public money to the digital age, and ensuring enforceable supervisory actions. Elderson outlined five channels through which the ECB supports the rule of law, including judicial review, treaty powers, and international cooperation.
Policy & regulationReform agendas & prioritiesMonetary policy decisions and developments
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2025-06-09•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina and the High Judicial and Prosecutorial Council have signed a Cooperation Agreement for institutional cooperation and automatic data exchange. This initiative aims to combat fraud, corruption, and conflicts of interest by verifying judicial office holders' asset reports using CBBH-held data. The agreement adheres to data protection and confidentiality standards.
Policy & regulationCooperationCross-border cooperation
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2025-06-09•India•India International Financial Services Centres Authority
The India International Financial Services Centres Authority (IFSCA) has issued a request for proposal to appoint an IT solution provider for a Digital Regulatory Reporting system as part of a broader Supervisory Technology platform. The system aims to enhance IFSCA's administrative, compliance, supervision, and enforcement framework, improving business ease and reducing compliance costs for regulated entities.
Institutional developmentProcurementRegulatory reporting
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2025-06-09•Serbia•Republic of Serbia Securities Commission
The Republic of Serbia Securities Commission and the OSCE Mission to Serbia held a workshop on preventing money laundering and terrorist financing in digital assets. The event focused on applying Serbia’s Law on the Prevention of Money Laundering and Terrorist Financing to digital-asset activities, with over 60 representatives from financial and regulatory entities participating. Discussions covered criminal, security, tax, and economic aspects, featuring insights from academia and industry experts.
Policy & regulationGuidance & interpretationAML and CFT
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2025-06-09•Serbia•National Bank of Serbia
National Bank of Serbia Governor Jorgovanka Tabakovic addressed the Annual Assembly of the Association of Serbian Banks, highlighting a legislative package enhancing bank supervision, resolution, and consumer protection. She noted Serbia's admission to the Single Euro Payments Area (SEPA) and outlined operational milestones, including integration with the Eurosystem’s TIPS platform. Amendments to the Law on Banks align with EU rules, introducing a Bank Restructuring Fund, enhanced internal controls, and comprehensive consumer protection.
Policy & regulationRules & requirementsFinancial stability and systemic risk
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2025-06-09•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission outlines its approach to cryptocurrency funds, focusing on business track record, risk warnings, and cyber security. It supports collective investment schemes with indirect crypto exposure if investors are informed and can bear losses, while remaining cautious towards Virtual Asset Service Providers. The Commission will engage with firms on innovative structures, with more resources on its Innovations webpage.
Policy & regulationGuidance & interpretationFintech and insurtechTokenization
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2025-06-09•Vanuatu•Vanuatu Financial Services Commission
The Vanuatu Financial Services Commission announced that a Supreme Court application has been filed to liquidate ETMAT BAY ESTATE LIMITED, with a hearing set for 2 July 2025 in Port Vila. The application was filed by ENTREPRISE DINH VAN TU LIMITED, and interested parties must file an appearance by the second working day before the hearing.
EnforcementInvestigations & enforcement actionsRecovery and resolution
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2025-06-09•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario announced the approval of its Total Cost Reporting Rule for individual variable insurance contracts by the Ontario Minister of Finance. The rule mandates insurers to provide enhanced annual statements disclosing total costs and investment performance, aligning segregated fund reporting with securities standards. The effective date will be confirmed once FSRA's rulemaking authority is proclaimed into force.
Policy & regulationRules & requirementsDisclosures
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2025-06-09•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario's Mortgage Brokering newsletter volume 8 details new continuing education requirements for mortgage agents and brokers, with licence renewals dependent on compliance by March 31, 2026. It emphasizes integrity, documentation, and recordkeeping, and reminds mortgage administrators of financial filing obligations. The newsletter also announces the 2023 Mortgage Brokerages and Administrators Annual Information Return Report and changes to Tarion’s deposit protection for new home warranties.
Policy & regulationRules & requirementsLicence approval
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2025-06-09•Global•World Federation of Exchanges
The World Federation of Exchanges (WFE) responded to HM Treasury’s consultation on asset management regulation, advocating for a balanced approach that maintains investor protections and supports UK public markets. The WFE cautioned that simplifying the regime could reduce transparency and accountability, potentially discouraging public listings and exacerbating capital market challenges.
Policy & regulationOtherMarket development
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2025-06-09•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission imposed civil sanctions totaling THB 17,215,750 on Mrs. Vally Sungsiri and Miss Sunisa Chutinaton for manipulating Thonburi Medical Centre Public Company Limited's share price. They engaged in a "pump and dump" scheme by placing large-volume buy and sell orders to inflate the stock price. If the offenders do not consent to the penalties, the SEC will escalate the case to the Civil Court.
EnforcementSanctions & designationsMarket abuse
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2025-06-09•Sweden•Finansinspektionen
Sweden's Financial Supervisory Authority will update its "standard report" rules to align with the revised Swedish Standard Industrial Classification, SNI 2025, following Statistics Sweden's update. Banks, credit market companies, and investment firms must use SNI 2025 from 20 February 2026, covering data as of 31 December 2025. A draft amendment will be circulated for consultation before final changes in autumn 2025.
Policy & regulationRules & requirementsRegulatory reporting
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2025-06-09•Russia•Central Bank of Russia
The Central Bank of Russia's latest Monitoring of Sectoral Financial Flows shows a 1.8% decline in incoming payments processed in May compared to the 2025 Q1 average. Excluding mining, quarrying, petroleum refining, and general government, the decrease was 0.9%, with all industry groups experiencing reduced receipts.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-09•Russia•Central Bank of Russia
The Central Bank of Russia warned about risks in housing developers' instalment plans, urging banks to assess construction project risks when extending credit. A survey showed instalment plans accounted for nearly 40% of new-build transactions in early 2025, with outstanding amounts reaching RUB 1 trillion. The Bank highlighted concerns over household over-indebtedness, mortgage refusals, and repayment difficulties, noting instalment buyers lack access to mortgage holidays and government support measures.
SupervisionRisk monitoring & watch pointsLending
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2025-06-09•United States•U.S. Department of Justice
The U.S. Department of Justice unsealed a 22-count indictment against Iurii Gugnin, founder of Evita Investments Inc. and Evita Pay Inc., for allegedly funneling over USD 500 million through U.S. banks and cryptocurrency exchanges while concealing links to sanctioned Russian banks. Gugnin is accused of defrauding banks, violating the Bank Secrecy Act, and making false statements to obtain a Florida money transmitter license. He was arrested in New York, facing up to 30 years per bank fraud count.
EnforcementInvestigations & enforcement actionsNew sanctions designations
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2025-06-09•United States•Federal Reserve Board
Michelle W. Bowman has been sworn in as Vice Chair for Supervision of the Federal Reserve Board, with Chair Jerome H. Powell administering the oath. Nominated by President Trump and confirmed by the Senate, Bowman's term as Vice Chair runs until June 9, 2029, and as a Board member until January 31, 2034.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-09•United States•U.S. Securities & Exchange Commission
SEC Commissioner Hester M. Peirce stressed that the SEC should not regulate individuals who write and publish DeFi software protocols, while affirming the agency's role in securities-related financial services. Peirce distinguished between publishing open-source protocols and activities like operating platforms or taking custody of assets, which may require regulation. She warned that centralized firms using DeFi protocols cannot evade regulation by simply adopting a "DeFi" label.
Policy & regulationGuidance & interpretationDeFi
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2025-06-09•United States•U.S. Securities & Exchange Commission
SEC Chair Paul S. Atkins, at the SEC Crypto Task Force roundtable, advocated for fit-for-purpose regulation for on-chain markets and directed staff to explore guidance or rulemaking, including an "innovation exemption" for compliant market entry. He supported excluding certain network participants from federal securities laws and called for flexibility in self-custody of crypto assets. Atkins highlighted ongoing assessments of compliance for transactions with self-executing software systems and potential rule amendments for on-chain financial systems.
Policy & regulationReform agendas & prioritiesDeFi
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2025-06-09•United States•U.S. Securities & Exchange Commission
U.S. SEC Commissioner Caroline A. Crenshaw, at the final Crypto Task Force roundtable, cautioned against hasty regulatory changes to integrate crypto into capital markets, advocating for formal rulemaking with public input. She noted divergent industry views on SEC jurisdiction, particularly concerning DeFi, and highlighted unresolved issues like market structure and retail investor protection. Crenshaw emphasized a mission-driven rulemaking process, aligning with Chairman Atkins's call for formal procedures.
Policy & regulationRules & requirementsFintech and insurtechDeFi
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2025-06-09•Global•Financial Stability Board
The Financial Stability Board (FSB) has appointed Randal K. Quarles to lead a G20-mandated strategic review of the FSB's implementation monitoring of post-global financial crisis reforms. The group will evaluate 15 years of reform implementation, assess the effectiveness of FSB's monitoring tools, and provide recommendations. An interim report is due in October, with a final report expected in 2026.
Policy & regulationImplementation, projects & pilotsOther
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2025-06-09•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) released a letter from Acting Comptroller Rodney E. Hood, addressing the Conference of State Bank Supervisors' request to rescind OCC's preemption regulations. Hood reaffirmed preemption as fundamental to the dual banking system, asserting that OCC's rules align with federal law and Supreme Court precedent.
Policy & regulationGuidance & interpretationOther
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2025-06-09•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance has launched Stage 2 of its Information Reporting Regime, expanding to include financial and solvency reporting through a standardized, automated channel. This stage introduces filings for financial statements, the Uniform Chart of Accounts, and detailed accounting information, aiming to simplify reporting by reducing audit reports and standardizing notes. The SINENSUP module will be phased out for investment reporting, with the new regime becoming the sole submission channel from 10 July 2025.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-06-09•Vanuatu•Vanuatu Financial Services Commission
The Vanuatu Financial Services Commission announced that Entreprise Dinh Van Tu Limited has filed an application in the Supreme Court of Vanuatu to liquidate Etmat Bay Estate Limited under the Companies (Insolvency and Receivership) Act 2013, with a hearing set for 2 July 2025. The case is registered as Company Case No 25/1450, and interested parties must file an appearance by the second working day before the hearing.
SupervisionInterventionsLiquidity risk
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2025-06-08•Global•International Association of Deposit Insurers
The International Association of Deposit Insurers (IADI) has launched a public consultation on revisions to the Core Principles for Effective Deposit Insurance Systems, reflecting significant banking changes since 2014. IADI also announced new members, the Deposit Guarantee Fund in Central Africa and Costa Rica’s Fondo de Garantía de Depósitos, and noted leadership updates, including an AI-enabled risk monitoring system by CDIC (Chinese Taipei).
Policy & regulationInternational standards & recommendationsOther
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2025-06-08•Spain•Bank of Spain
Bank of Spain Governor José Luis Escrivá stressed the European Central Bank's need to stay data-dependent and open to interest rate cuts, while slightly reducing Spain's 2025 GDP growth forecast. He highlighted inflation risks and the euro's potential as a reserve currency if Europe tackles capital market fragmentation. Escrivá also noted internal challenges, including low staff motivation and the need for a European deposit guarantee fund for cross-border bank mergers.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-06-08•United Arab Emirates•Ministry of Economy (UAE)
The UAE Ministry of Economy and Dubai Police signed a memorandum to enhance cooperation on anti-money laundering and countering terrorism financing. The agreement focuses on joint procedures, data exchange, and improving risk response in the Designated Non-Financial Businesses and Professions sector. It includes secure communication, joint training, and policy development to align with international standards.
Policy & regulationCooperationAML and CFTDomestic cooperation
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2025-06-07•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority has published a new law governing Central Securities Depository (CSD), Qualified Financial Contracts, and Netting Agreements, replacing the 2010 securities law. It aligns with international standards, enhances oversight by empowering the Authority to license and supervise CSD operators, and introduces frameworks like ISDA and GMRA. It exempts the National Bank of Rwanda from CSD licensing and establishes a CSD council for stakeholder engagement.
Policy & regulationRules & requirementsMarket infrastructure
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2025-06-07•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank President Klaas Knot, Chair of the Financial Stability Board (FSB), emphasized balancing financial innovation with stability in crypto-asset activities and cross-border payments. He highlighted the FSB's technology-agnostic stance and the importance of consistent stablecoin regulation implementation to mitigate systemic risks. Knot also addressed inefficiencies in cross-border payments and efforts to align global standards and frameworks.
Policy & regulationGuidance & interpretationCross-border paymentsStablecoins
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2025-06-07•Croatia•Croatian National Bank
The Croatian National Bank inaugurated the 31st Dubrovnik Economic Conference, focusing on quantitative easing, inflation, and potential currency wars. The event will also address central bank communication, digital currencies, and climate change impacts, featuring a keynote by Claudio Borio of the Bank for International Settlements. CNB Governor Boris Vujčić will lead a panel on monetary policy with experts from major central banks.
Monetary policyOtherMonetary policy decisions and developments
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2025-06-07•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) opened the 20th Asia Pacific Life Insurance Congress 2025 in Bangkok, highlighting the role of life insurance agents and financial advisors in connecting products with the public. Deputy Secretary-General Wasumdee Waseenont addressed global uncertainties and regional growth drivers, affirming the OIC's commitment to international cooperation and sector development. Organized by the Thai Life Assurance and Financial Advisor Association, the event attracted over 5,000 representatives.
Other
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2025-06-07•Europe•European Central Bank
European Central Bank Executive Board member Isabel Schnabel, at the Dubrovnik Economic Conference, analyzed inflation dynamics' interconnectedness across major economies despite differing policies. She noted the divergence between the ECB’s deposit facility rate at 2% and the Federal funds rate at 4.33% in June 2025. The presentation also discussed tariff conflicts, global value chains' impact on inflation, and limited ECB–Federal Reserve interest rate decoupling in response to tariff shocks.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-06-07•Europe•European Central Bank
European Central Bank President Christine Lagarde, at the Blue Economy and Finance Forum, highlighted economic risks from ocean degradation due to climate change, including food security shocks and price volatility. She urged action to protect the ocean by reducing greenhouse gas emissions and enhancing adaptation to climate-related risks. Lagarde emphasized substantial financing needs for adaptation, citing UN assessments and studies on potential flood costs if warming exceeds two degrees.
Policy & regulationOtherClimate risk and sustainable finance
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2025-06-07•Global•Financial Stability Board
FSB Chair Klaas Knot, at the Group of Thirty Plenary Meeting, emphasized that stablecoins with deposit-like functions must adhere to equivalent regulatory standards under the "same activity, same risk, same regulation" principle. He highlighted the FSB's stablecoin recommendations and the G20 Cross-Border Payments Roadmap as key responses to financial stability concerns. Knot also stressed the importance of consistent cross-jurisdictional implementation to manage risks and avoid regulatory arbitrage.
Policy & regulationInternational standards & recommendationsStablecoinsCross-border payments
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2025-06-06•France•Ministry of Economics & Finance (France)
France's Ministry of Economics and Finance, with European counterparts, launched the "Finance Europe" label to direct EUR 35 trillion in savings to European companies. The label requires funds to invest at least 70% in the European Economic Area, focus on equity, and have a minimum five-year investment period. Products lack public capital guarantees, and tax incentives are state-determined, with compliance overseen by national authorities.
Policy & regulationRules & requirementsESG
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2025-06-06•Chile•Ministry of Finance (Chile)
Chile's Ministry of Finance, through Capital Markets Coordinator Alejandro Puente, highlighted initiatives on financial education and inclusion at the launch of the Personal Finance Hub by startup Chócale. Key measures include the Fintech Law, Consolidated Debt Registry, and the Law against Over-indebtedness, alongside new consumer credit and payment card regulations. The National Strategy for Financial Inclusion, initiated in January 2025, will update its financial education component.
Policy & regulationReform agendas & prioritiesFinancial literacy and education
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2025-06-06•British Virgin Islands•Ministry of Finance (British Virgin Islands)
The British Virgin Islands Ministry of Finance, led by Premier Natalio Wheatley, has requested an internal audit of a government deposit with Bank of Asia (BVI) Limited to ensure transparency and reassure taxpayers. The deposit is part of a strategy for liquidity management and interest income, with oversight by the Financial Services Commission and the Virgin Islands Deposit Insurance Corporation as the bank winds down operations.
Institutional developmentGovernanceOther
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2025-06-06•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) warned retail investors and "finfluencers" about risks of social media investment tips, emphasizing herd behavior dangers and recognizing conflicts of interest. The alert stresses compliance with European rules on investment recommendations and market abuse for finfluencers. This warning is part of the Global Week of Action Against Unlawful Finfluencers, involving international regulators, and includes a Consob video cautioning against online financial scams.
SupervisionAlertsConsumer and investor protection
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2025-06-06•Ukraine•National Bank of Ukraine
The National Bank of Ukraine reported international reserves at USD 44,535.5 million as of 1 June 2025, a 4.6% decrease from May, mainly due to foreign exchange interventions and debt repayments. Despite the decline, reserves remain higher than at the year's start, covering 5.4 months of future imports. In May, the bank was a net seller of USD 2,961.1 million, while government foreign-currency accounts received significant inflows from the European Union and domestic debt securities.
Data & statisticsBalance of payments and other external statistics
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2025-06-06•Hong Kong•Hong Kong Mandatory Provident Fund Schemes Authority
The Hong Kong Mandatory Provident Fund Schemes Authority announced the re-appointment of Cheng Yan-chee as Managing Director for a two-year term starting 10 June 2025, welcomed by Chairman Ayesha Macpherson Lau.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-06•South Africa•National Treasury (South Africa)
South Africa's National Treasury, with the Financial Sector Conduct Authority and the National Consumer Financial Education Committee, announced Money Smart Week South Africa 2025, a financial literacy campaign from 25 to 31 August 2025. The campaign invites diverse stakeholders to host financial education initiatives under the theme "Smart Money: Financial Foundations for a Resilient Future," building on the 2024 campaign with 75 partner organisations.
Financial literacy & educationFinancial literacy and education
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2025-06-06•Australia•Australian Securities & Investments Commission
ASIC issued a limited no-action position for ongoing advice fees under an OFA missing an account number, applicable from 10 January to 5 September 2025, where fees were deducted by superannuation trustees. ASIC won't act on breaches of the Corporations Act 2001 and Superannuation Industry (Supervision) Act 1993 under these conditions. Fee recipients must secure compliant consent by 5 September 2025 or stop fee collection. Trustees should review oversight processes. This position, under Regulatory Guide 108, doesn't prevent third-party legal action.
Policy & regulationGuidance & interpretationComplianceConsumer and investor protection
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2025-06-06•Mozambique•Ministry of Finance (Mozambique)
Mozambique's Ministry of Finance launched a new Bank Supervision Application (BSA) platform for insurance and pensions, supported by the Bank of Mozambique. The Institute of Insurance Supervision of Mozambique (ISSM) aims to enhance data management and reporting efficiency through AI and analytical tools, including an online licensing portal. This aligns with the government's strategy to digitalize public services and modernize information systems.
Institutional developmentTechnology & data transformationSupervision process and methodologies
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2025-06-06•Tanzania•Ministry of Finance (Tanzania)
Tanzania's Ministry of Finance launched the Sema na BoT consumer complaints system and the Bank of Tanzania Fintech Regulatory Sandbox. The Sema na BoT system aims to enhance complaint resolution efficiency and transparency, while the sandbox supports fintech experimentation and digital economy participation. Minister Mwigulu Lameck Nchemba directed all banks and financial institutions to connect to the Sema na BoT system.
Policy & regulationImplementation, projects & pilotsComplaints and dispute resolutionFintech and insurtech
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2025-06-06•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) held a meeting with insurance providers in Tabora to emphasize supervisory expectations, including accountability, service efficiency, and compliance with guidelines. Discussions also highlighted the importance of insurance business writing and the use of prescribed signage. Dr. Emmanuel Lupilya urged registrants to unite and engage in public insurance education to boost awareness and uptake.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-06-06•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) adopted decisions on rule-making, licensing, and supervision, including streamlined financial statement requirements and XBRL disclosure approvals. It terminated Ukrservice LLC’s license, renewed licenses for NAFTA-INVEST LLC and LLC AMC APF AKTIV PLUS, and registered share issues and prospectuses for several investment funds. The NSSMC amended certain decisions, prohibited changes to PJSC Promsvyazok's depository system, and rejected LLC AMC OPIKA-CAPITAL’s financial improvement plan.
Policy & regulationRules & requirementsLicence approval
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2025-06-06•Angola•Angola Insurance Authority (ARSEG)
The Angola Insurance Authority (ARSEG) appointed a liquidation commission to oversee Providência Royal Seguros, S.A.'s dissolution after revoking its insurance activity authorization. Led by Carlos César do Espírito Santos Lisboa, the commission requires the insurer to submit detailed financial and operational information, including creditor lists and accounting documents. Correspondence related to the liquidation process is directed to a specified location in Luanda.
SupervisionInterventionsRecovery and resolution
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2025-06-06•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets, via Chair Laura van Geest, emphasized integrating behavioural insights into financial regulation to enhance consumer decision-making. AFM research with buy now, pay later providers showed interventions like SMS reminders are effective, though some consumers may need stricter credit checks. The AFM will engage with the sector to explore consumer-behaviour insights' application and impact in late June.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-06-06•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS) has released the lists of candidates for the Professional Insurance Intermediary exam, detailing exam dates, times, and locations for sessions from 16 to 19 June 2025. Candidates on 16-18 June will take a multiple-choice test and interview, while those on 19 June will have a direct interview covering insurance regulation and business plans. Results are anticipated in the week of 23 June 2025.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-06•China•Ministry of Finance (China)
China's Ministry of Finance and the National Financial Regulatory Administration issued implementation arrangements for the revised Accounting Standard for Business Enterprises No. 25 Insurance Contracts. Firms already using the standard must continue, while other PRC GAAP reporters must adopt it by 1 January 2026, with insurers able to seek temporary deferral. Non-listed entities may elect simplifications on first-time adoption, and authorities will monitor implementation and refine guidance.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-06-06•Italy•Bank of Italy
The Bank of Italy's 2024 report on international freight transport reveals increased average transport costs, notably in maritime container shipping due to route diversions following Houthi attacks in the Red Sea. This rise in sea freight rates significantly contributed to the widening deficit in Italy’s merchant shipping transport balance within the balance of payments. Based on interviews with 214 operators, the report indicates stable market shares for Italian carriers.
Data & statisticsBalance of payments and other external statistics
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2025-06-06•Italy•Bank of Italy
The Bank of Italy released its Management and Sustainability Report and the fourth Report on Sustainable Investments and Climate Risks. The former consolidates three previous publications into a comprehensive overview of the Bank's role, activities, and sustainability commitments. The latter details 2024 achievements in sustainable investment, aligning with the Paris Agreement and EU strategies.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-06-06•North Macedonia•National Bank of the Republic of North Macedonia
The Governor of the National Bank of the Republic of North Macedonia, Trajko Slaveski, emphasized the denar's stability and fixed exchange rate as crucial to macroeconomic stability. He reassured households and businesses of a stable financial system supported by a well-capitalized banking sector and strong central bank supervision. Slaveski also highlighted ongoing cooperation with international financial institutions and priorities to enhance institutional and human capacity.
Monetary policyMonetary policy framework & strategyCurrency and cash managementFinancial stability and systemic risk
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2025-06-06•Italy•Bank of Italy
The Bank of Italy's 2024 survey on international merchandise transport reveals an average increase in freight costs and a decline in Italy's transport balance, primarily due to higher sea freight rates. The report highlights significant cost rises in container shipping, attributed to route detours caused by Huthi rebel attacks in the Red Sea, while domestic carriers' market shares remained stable.
Data & statisticsBalance of payments and other external statistics
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2025-06-06•Italy•Bank of Italy
The Bank of Italy released two sustainability-focused reports: the Activity and Sustainability Report and the Annual Report on Sustainable Investments and Climate-Related Risks for 2024. These reports update stakeholders on the Bank's activities, sustainability integration in financial portfolio management, and alignment with the Paris Agreement and EU strategy. The Activity and Sustainability Report consolidates three previous publications into a comprehensive overview for Parliament, the Government, and the public.
OtherActivity and performance reporting
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2025-06-06•Norway•Department of Finance (Norway)
Norway's Ministry of Finance, Norges Bank, and the Financial Supervisory Authority of Norway are collaborating with the financial industry to enhance contingency preparedness in the digital payment system. A new project has been established to implement two recommendations from a Norges Bank-led working group, focusing on solutions for bank unavailability scenarios, such as cyberattacks.
Policy & regulationImplementation, projects & pilotsOperational risk and resilience
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2025-06-06•Lithuania•Bank of Lithuania
The Bank of Lithuania released the IMF's Article IV consultation findings, highlighting Lithuania's economic resilience and projected 2.8% growth in 2025 with controlled inflation at 3.1%. The IMF emphasizes the need for structural reforms and sustainable public finance management amid rising defence spending and demographic challenges. It also calls for tax system improvements, careful pension reform assessment, and enhanced financial sector resilience, particularly in cyber security and anti-money laundering.
Policy & regulationInternational standards & recommendationsEconomic data and developmentsFinancial stability and systemic risk
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2025-06-06•Germany•BaFin
Germany's Federal Financial Supervisory Authority (BaFin) has initiated a hearing on a proposed general administrative act to revoke all exemptions previously granted under the German Anti-Money Laundering Act (GwG), effective 10 July 2027. This action aligns with Regulation (EU) 2024/1624, which lacks a provision for such exemptions and establishes a narrower framework for member state exemptions.
Policy & regulationRules & requirementsAML and CFT
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2025-06-06•Portugal•Bank of Portugal
The Bank of Portugal hosted its fourth Forum on the Prevention of Money Laundering and Terrorist Financing, featuring the European Anti-Money Laundering Authority as a guest. Discussions included Portugal's national ML/TF risk assessment and developments in the Markets in Crypto-Assets Regulation. The Forum facilitates dialogue between the Bank and supervised entities to enhance prevention practices.
SupervisionCooperationAML and CFT
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2025-06-06•Australia•Australian Financial Complaints Authority
The Australian Financial Complaints Authority expelled 19 members for failing to pay dues or due to insolvency, following Board resolutions on 13 May 2025. Expelled members legally required to maintain AFCA membership are urged to discuss payment options and reinstatement procedures.
EnforcementSanctions & designationsComplaints and dispute resolution
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2025-06-06•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong has appointed five new members and reappointed seven to the Advisory Committee of the Securities and Futures Commission for a two-year term starting June 1, 2025. Established under the Securities and Futures Ordinance, the committee advises the SFC on policy matters related to its regulatory objectives and functions. The government expressed gratitude to outgoing members for their service.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-06•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong's Financial Services and the Treasury Bureau appointed Mr Johnny Ma Ka-chun, SC, as Chairperson of the Insurance Appeals Tribunal (IAT) for a three-year term starting 13 June 2025. The IAT, established in 2017 under the Insurance Ordinance, reviews specified regulatory decisions by the Insurance Authority. The government acknowledged Mr Ma's legal and public service experience and thanked outgoing Chairperson Ms Rachel Lam Yan-kay, SC.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-06•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong's Financial Services and the Treasury Bureau announced the Stablecoins Ordinance will take effect on 1 August 2025, establishing a new supervisory and licensing regime for stablecoin activities. The Financial Secretary has designated "professional investors" for specific stablecoin offerings, and the Hong Kong Monetary Authority is consulting on detailed regulatory requirements, including anti-money laundering provisions. Notices will be presented to the Legislative Council for negative vetting on 11 June.
Policy & regulationRules & requirementsStablecoins
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2025-06-06•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) issued a restriction notice to GA (Int'l) Capital Management Limited (GCML) due to concerns about its reliability and integrity in conducting regulated activities. The notice restricts GCML from engaging in licensed activities or dealing with relevant property without SFC consent, except for operational expenses. The investigation is ongoing, and the SFC will not comment further at this stage.
SupervisionAuthorisations & approvalsFitness and propriety
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2025-06-06•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission announced the Financial Secretary's appointments and re-appointments to the SFC Advisory Committee for a two-year term starting 1 June 2025. SFC Chairman Dr Kelvin Wong highlighted the new members' expected contributions to policy and market regulation discussions and thanked outgoing members for their service.
Institutional developmentLeadership change & appointmentsCorporate governance
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2025-06-06•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission issued guidance to licensed corporations on preventing and responding to unauthorized trading in client accounts due to increased SMS phishing attacks. The circular advises firms to enroll in the SMS Sender Registration Scheme, enhance monitoring, report suspicious transactions to the Joint Financial Intelligence Unit, and increase client outreach. The SFC also cautioned the public against clicking on SMS hyperlinks and urged verification of messages directly with firms.
Policy & regulationGuidance & interpretationFraud and scamsCyber resilience
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2025-06-06•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission has joined IOSCO's "Global Week of Action Against Unlawful Finfluencers," implementing a strategy against illegal financial promotions on social media. This includes inspections of securities brokers, guidance for licensed corporations, and enforcement actions like licence suspensions and prosecutions. Investor education is enhanced through the SFC Alert List, IOSCO's alerts network, and the "Don’t be Sucker" campaign.
SupervisionReviews, inspections & stress testsUnlicensed or unauthorized activity
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2025-06-06•Bolivia•Central Bank of Bolivia
The Central Bank of Bolivia summarized the 18th Meeting of Economists of Bolivia, focusing on digital economy challenges and regulatory frameworks. Acting President Edwin Rojas Ulo announced the assessment of a central bank digital currency (CBDC) to enhance the payments system. The initiative will begin with an "Initial Diagnosis for the Issuance of a Digital Currency of the Central Bank of Bolivia."
Policy & regulationImplementation, projects & pilotsCBDC
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2025-06-06•Austria•Austria Financial Market Authority
The Austria Financial Market Authority's quarterly report highlights a 4.8% increase in total premiums to EUR 7.3 billion and a 62% rise in profitability to EUR 370 million in Q1 2025. Health insurance premiums grew 8.9%, and funds and index-based life insurance rose 13%, driven by inflation adjustments. Profitability was bolstered by a 7.8% higher financial result and reduced claim settlement expenses, with non-life and accident insurance achieving a 9.2% margin.
Data & statistics
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2025-06-06•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported an increase in Hong Kong's foreign currency reserve assets to USD 431.0 billion at the end of May 2025, up from USD 410.2 billion in April. Including unsettled foreign exchange contracts, reserves were USD 430.9 billion. The HKMA issues four Exchange Fund data press releases monthly, with three aligned to the IMF’s Special Data Dissemination Standard.
Data & statisticsBalance of payments and other external statistics
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2025-06-06•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 linked to press releases by four banks: The Bank of East Asia, Shanghai Commercial Bank, HSBC, and China Construction Bank (Asia). HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS.
SupervisionAlertsFraud and scams
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2025-06-06•Bulgaria•National Bank of Bulgaria
Bulgarian National Bank Governor Dimitar Radev met with European Commissioner Valdis Dombrovskis to discuss Bulgaria's euro area accession, confirmed for 1 January 2026. They addressed reports affirming Bulgaria's readiness and the need for a currency transition information campaign. Dombrovskis also met with EU ambassadors and Bulgarian officials on the euro introduction.
Policy & regulationCooperationCross-border cooperation
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2025-06-06•India•Reserve Bank of India
The Reserve Bank of India revised the qualifying assets criteria for Non-Banking Financial Companies – Microfinance Institutions (NBFC-MFIs) to align with the definition of "microfinance loans" under its Regulatory Framework. Qualifying assets must now constitute at least 60% of total assets, excluding intangible assets, on an ongoing basis. Non-compliance for four consecutive quarters requires a remediation plan submission to the Reserve Bank.
Policy & regulationRules & requirementsPrudential risks
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2025-06-06•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) issued guidance on unrecognised charges linked to insurance and pension products. SUSEP emphasized that debits without consumer consent are prohibited and advised consumers to monitor account statements for unauthorized entries. Consumers are urged to contact insurers for resolution and file complaints via Consumidor.gov.br if issues persist, aiding SUSEP's supervision efforts.
Policy & regulationGuidance & interpretationConsumer and investor protection