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2025-06-05•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten's third biennial stakeholder survey showed improved ratings for its image, performance, and core task execution compared to 2020 and 2022. Conducted by RE-Quest, the survey highlighted communication, public image, and the Caribbean guilder introduction campaign, with feedback questioning the currency change's necessity. Stakeholders emphasized priorities such as improving communication, transparency, and supervision, with CBCS planning to use these insights to enhance its role as a modern financial authority.
Data & statisticsOther
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2025-06-05•Global•Bank for International Settlements - Innovation Hub
The BIS Innovation Hub and Bank of England’s Project Hertha found that real-time retail payment system analytics can supplement banks’ and payment service providers’ monitoring to better detect coordinated financial crime while using minimal data to preserve privacy. Testing on a large synthetic dataset, adding network-level indicators from payment system data enabled identification of 12% more illicit accounts overall and 26% more for previously unseen typologies, particularly complex schemes across multiple institutions, though payment system-only monitoring remained slightly less effective than institutional monitoring.
ResearchAML and CFTArtificial intelligence
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2025-06-05•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a decline in consumer confidence, with the index falling to minus 13.0 percent in Q1 2025, driven by rising prices, declining incomes, and fewer job opportunities. Forward-looking sentiment also weakened, with the next-quarter index at minus 0.5 percent, though 12-month expectations remain positive. The BSP maintains its inflation forecast within the 2.0–4.0 percent target range for 2025-2027.
Data & statisticsEconomic data and developments
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2025-06-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has enhanced its jurisprudence search tool to include detailed searches of Board votes from adjudicative sessions up to December 2024. The updated database, covering administrative sanctioning proceedings, is available for download and requires semiannual updates. The tool utilizes the Indexer and Digital Evidence Processor (IPED) and has specific technical requirements.
Policy & regulationImplementation, projects & pilotsEnforcement statistics
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2025-06-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Joint Circular Letter CVM/SNC/SSE/SIN 2/2025, detailing how fund administrators, portfolio managers, and independent auditors should handle qualified opinions and disclaimers in audit reports on investment funds’ financial statements. The circular emphasizes that modified audit opinions compromise transparency for investors. It outlines documentation expectations for auditors and reiterates administrators' responsibilities under CVM Resolution 175, warning that non-compliance may lead to sanctions.
Policy & regulationGuidance & interpretationAuditing
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2025-06-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has initiated an online market survey to assess ESG information disclosure in Brazil’s securities market, aiming to analyze regulatory outcomes related to ESG disclosure requirements in the Reference Form. This effort is part of CVM's 2025 Regulatory Agenda and is led by the Economic Analysis, Risk Management and Integrity Office.
Policy & regulationImplementation, projects & pilotsESG
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2025-06-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) suspended the issuer registrations of Blue Tech Solutions Eqi S.A. and Massa Falida de Tecnosolo Engenharia S.A. for failing to provide mandatory information for over 12 months. Under Article 21 of Law 6,385 and CVM Resolution 80, this action prevents the companies from trading their securities on regulated markets. The suspension does not absolve the companies or their management from potential liability for prior violations.
EnforcementSanctions & designationsDisclosures
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2025-06-05•Serbia•National Bank of Serbia
The National Bank of Serbia released May 2025 statistics for its RTGS, Clearing, and Foreign Exchange Clearing Systems, detailing transaction volumes, turnover values, and system availability. The RTGS processed 18.2 million payments, with a turnover of RSD 14,103.8 billion, while the Clearing System handled 0.7 million payments, totaling RSD 18.1 billion. Both Foreign Exchange Clearing Systems reported transactions worth EUR 158.7 million, maintaining 100% availability with no downtime.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-06-05•Serbia•National Bank of Serbia
The National Bank of Serbia reported that the IPS NBS system processed 9,011,277 transactions in May 2025, with an average daily volume of 290,686 payments and a transaction execution time of 1.0 second. Total turnover reached RSD 111.1 billion, averaging RSD 3,584.0 million daily.
Data & statisticsCurrency and cash management
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2025-06-05•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission reported a 31.23% increase in pre-need plan sales to 218,218 as of 31 March 2025, with life or memorial plans comprising 99.78% of sales. Total assets rose 6.55% to PHP 163.61 billion, driven by a 7.60% increase in trust fund investments. Despite a 4.41% rise in total premium income, net income fell 63.80% to PHP 1.17 billion due to higher pre-need reserves and slower growth in trust fund investment income.
Data & statisticsAccounting and financial reporting
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2025-06-05•Malaysia•Malaysia Securities Commission
The Malaysia Securities Commission (SC) warns of an investment scam involving a cloned version of its Public Register of License Holders. Scammers use a fake website to present entities as licensed, persuading victims to transfer funds into mule accounts. The SC is working to dismantle these sites and advises investors to verify entities through the official Public Register and avoid suspicious links and fund transfers.
SupervisionAlertsFraud and scams
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2025-06-05•Paraguay•Central Bank of Paraguay
The Insurance Superintendency of the Central Bank of Paraguay held its first working group on developing inclusive insurance products. The meeting set out initial guidelines for microinsurance design and examined possible regulatory changes to support implementation. It also opened a public-private forum with local insurers aimed at widening access to insurance.
Policy & regulationCooperationFinancial inclusion
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2025-06-05•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission ended Chairperson Emilio B. Aquino's term with reforms in digital transformation, capital access, investor protection, and corporate governance. Initiatives included automated tools for registration, aiding the Philippines' exit from the Financial Action Task Force grey list, and new crypto-asset guidelines. Enforcement actions involved a major conviction in the Kapa Community Ministry International case and revoking over 2,000 lending companies' registrations.
Policy & regulationImplementation, projects & pilotsFintech and insurtechRegulatory burden
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2025-06-05•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority announced the cessation of Mr. Nir Yosi Elbaz's accreditation as a Securities Dealer Representative for Quantix FS Limited, effective 16 January 2025, under Section 4(1)(m) of the Financial Services Authority Act, 2013.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-06-05•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority announced the cessation of Mr. Michael Andrew Paul's accreditation as a representative of 4 Square SY Limited under the Securities Dealer Representative Licence SDR242, effective 23 April 2025.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-06-05•Global•World Federation of Exchanges
The World Federation of Exchanges responded to the European Commission’s consultation on the Savings and Investment Union, supporting simplification and burden-reduction but cautioning against relying solely on structural supervisory reforms for growth. It advocates for deeper tax reforms, investor empowerment, and principles-based regulation, warning that proposals like EMIR 3.0 and the Digital Operational Resilience Act could hinder innovation and infrastructure upgrades.
Policy & regulationReform agendas & prioritiesSupervision process and methodologies
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2025-06-05•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC has urged bondholders of the WGH216A bond by Watergate Hotel Co., Ltd. to review information and exercise their rights at an upcoming meeting. Proposals include extending the bond's maturity by one year, increasing the interest rate to 7.75%, and splitting principal repayment into two instalments. The SEC requires the bondholders’ representative to assess the proposals' impacts and provide an opinion.
Policy & regulationGuidance & interpretationCorporate governance
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2025-06-05•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC filed a criminal complaint against JKN Global Group and its executives for allegedly false financial statements. The SEC found inconsistencies in JKN's 2023 financials and Q1 2024 records, including fictitious creditor and debtor entries and overstated revenue. Those involved are disqualified from serving as directors or executives of securities issuing companies while the complaint is pending.
EnforcementInvestigations & enforcement actionsAccounting and financial reporting
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2025-06-05•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority (Finansinspektionen, FI) has launched an investigation into Moank to evaluate its creditworthiness assessments for consumer loans. The investigation will determine if Moank properly assessed borrowers' repayment ability and living standards post-loan, and whether any deficiencies are systemic, particularly involving credit intermediaries. This action is part of FI's broader focus on credit assessment supervision amid increasing consumer borrowing and debt issues.
SupervisionReviews, inspections & stress testsCredit risk
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2025-06-05•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services held a hearing on H.R. 3633, the CLARITY Act of 2025, aimed at establishing a federal regulatory framework for digital asset market structure. The bill seeks to replace inconsistent rules with clearer regulatory guardrails and consumer protections, addressing agency oversight uncertainty and investor risk. Witnesses supported the framework, highlighting gaps in non-security digital asset markets and emphasizing consumer-facing provisions like asset segregation and conflict management.
Policy & regulationRules & requirementsFintech and insurtechBlockchain and distributed ledger technology
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2025-06-05•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions held a hearing on consumer data privacy laws, focusing on the Gramm-Leach-Bliley Act (GLBA). Discussions explored modernising financial data privacy guardrails amid increased data sharing and complex third-party relationships, with support for a uniform federal privacy framework. Proposals included GLBA-based standards, stronger federal pre-emption of state laws, and limiting private rights of action.
Policy & regulationReform agendas & prioritiesData protection
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2025-06-05•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee’s Financial Institutions Subcommittee held a hearing on consumer financial data privacy under the Gramm-Leach-Bliley Act (GLBA) amid evolving data-driven financial services. Subcommittee Chair Andy Barr emphasized the need for a uniform national privacy standard due to the "patchwork" of state laws and questioned GLBA's applicability to modern innovations like open banking. Barr opposed expanding enforcement through private rights of action, citing increased litigation risk and compliance costs.
Policy & regulationReform agendas & prioritiesData protectionRegulatory burden
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2025-06-05•Russia•Central Bank of Russia
The Central Bank of Russia's Review for 2025 Q1 shows increased retail investor activity and strong inflows into brokerage accounts, with RUB 471 billion deposited. Despite lower inflows than the previous quarter, the amount doubled year-on-year due to rouble appreciation and expected monetary policy easing. Investors shifted towards bonds, increasing allocations in federal government and non-financial corporate bonds, with rising demand for exporters' US dollar- or euro-linked bonds settled in roubles.
Data & statistics
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2025-06-05•Russia•Central Bank of Russia
The Central Bank of Russia reported a gradual decline in maximum interest rates on Russian ruble deposits at the 10 largest credit institutions in May 2025, with rates decreasing from 19.60% to 19.39% over the month. The rates exclude special-category deposits and are based on products available without conditions. Average maximum rates by maturity were also provided, ranging from 18.07% for up to 90 days to 17.50% for over one year.
Data & statisticsFinancial and market indicators
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2025-06-05•Russia•Central Bank of Russia
The Central Bank of Russia reported a 5.1% year-on-year decline in average prices for standard compulsory motor third-party liability insurance (CMTPLI) policies in Q1 2025, with the average price at RUB 7,300. Total CMTPLI premiums reached RUB 73.9 billion, while compensations were RUB 51.7 billion. The overall insurance market saw a nearly 50% increase in volumes to RUB 845.4 billion, primarily driven by endowment and investment life insurance.
Data & statisticsFinancial and market indicators
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2025-06-05•Finland•Finanssivalvonta
The Finnish Financial Supervisory Authority (FIN-FSA) assessed 2024's basic banking services, finding legal rights generally met with strong digital concentration. While 86% of retail customers aged 15 and over had online or mobile banking agreements, branch and ATM numbers declined, potentially affecting local access. FIN-FSA highlighted the need for equitable pricing for non-digital customers, especially those unable to use digital services due to disabilities.
SupervisionRisk monitoring & watch pointsConsumer and investor protection
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2025-06-05•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) published its list of state nonmember banks evaluated for compliance with the Community Reinvestment Act (CRA) in March 2025. The CRA mandates banks to meet the credit needs of their communities, including low- and moderate-income areas, while maintaining safe operations. Public disclosure of CRA evaluations is required under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
SupervisionReviews, inspections & stress testsCompliance
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2025-06-05•Global•International Monetary Fund
The International Monetary Fund finds that banking-sector shocks can quickly raise sovereign credit risk, with stronger transmission in economies with high public debt, substantial bank holdings of domestic sovereign debt and weaker bank capital. During the Silicon Valley Bank collapse, a 10-basis-point rise in bank credit default swap spreads increased sovereign spreads by about 4.5 basis points in the United States and 3.5 basis points across other major economies. The note recommends stronger supervisory and crisis management frameworks, fiscal buffers and controls on concentrated sovereign exposures.
ResearchFinancial stability and systemic riskRecovery and resolutionCapital adequacy
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2025-06-05•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway's inspection report on Strømmen Eiendomsmegling AS revealed breaches in client funds handling, settlement processes, and anti-money laundering (AML) compliance. Key issues included incorrect interest calculations, premature settlements, inadequate access controls, and insufficient AML procedures. The authority requested confirmation of revised risk assessments and AML routines by September 2025.
SupervisionReviews, inspections & stress testsClient asset custody and safekeeping
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2025-06-05•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority's June 2025 Financial Outlook notes that Norway has managed inflation and interest-rate shocks but faces increased global financial stability risks. Domestic vulnerabilities include high household debt and elevated property prices, with stress tests showing potential capital ratio declines in major banks under severe scenarios. The report also highlights challenges for commercial real estate, life insurers, and pension funds, alongside efforts to streamline financial regulation while maintaining international standards.
SupervisionReviews, inspections & stress testsFinancial stability and systemic riskMacroprudential policy and tools
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2025-06-05•United States•Federal Reserve Board
The Federal Reserve Board has terminated enforcement actions, ending written agreements with Hana Bancorp, Inc. and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. and Rabobank Nederland New York Branch. The agreements, dated June 22, 2010, and June 30, 2015, were terminated on May 30, 2025, and May 29, 2025, respectively.
EnforcementInvestigations & enforcement actionsOther
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2025-06-05•United States•Federal Reserve Board
The Federal Reserve Board has approved CACEIS Bank, based in Montrouge, France, to establish a representative office in New York.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-05•Vietnam•State Bank of Vietnam
The State Bank of Vietnam outlined VBSP's 2025 priorities, focusing on funding mobilization and policy lending aligned with the Prime Minister’s credit growth plan. By May 2025, VBSP's policy-credit funding reached VND 410.857 trillion, with stable credit quality and significant contributions to job creation and education. VBSP is tasked with reviewing policy-credit mechanisms and organizational rules amid upcoming administrative reorganizations.
Policy & regulationImplementation, projects & pilotsOther
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2025-06-05•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) has launched a Mutual Funds Portal to enhance investor comparison of profitability, activity, and investment costs across CMF-supervised mutual funds. The portal updates the 2024 Mutual Fund Costs Comparison Tool and includes sections on costs, profitability, portfolios, and market trends, catering to retail, high net worth, and APV investors. The Chilean mutual fund industry manages approximately USD 80 billion with over 3 million participants.
Policy & regulationImplementation, projects & pilotsFinancial and market indicatorsSupervisory data
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2025-06-05•Canada•British Columbia Securities Commission
The British Columbia Securities Commission has charged Douwe van Hees with two counts of insider trading under the Criminal Code following an investigation. The charges involve using inside information obtained from Shaun Pollard and through van Hees's own shareholder or business relationships. Van Hees was released on bail with conditions, and the allegations remain unproven.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-06-05•United States•U.S. Securities & Exchange Commission
SEC Commissioner Hester M. Peirce criticized the ESG movement for diverting focus from the SEC’s materiality-based disclosure regime, arguing that ESG frameworks impose uniform metrics and increase regulatory burdens. She highlighted risks of expanded ESG disclosures, including longer filings and higher litigation costs, and called for a commitment to materiality in SEC rules and a review of existing mandates. Peirce also urged European policymakers to streamline ESG rules and consider their impact on U.S. companies.
Policy & regulationGuidance & interpretationESG
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2025-06-05•United States•U.S. Securities & Exchange Commission
At the 2025 Conference on Emerging Trends in Asset Management, Natasha Vij Greiner, Director of the SEC’s Division of Investment Management, emphasized innovation in registered funds and advisers while maintaining protections under the Investment Company and Advisers Acts. She noted the SEC's oversight of USD 39 trillion in registered funds and USD 145.8 trillion in regulatory assets, highlighting shifts in ETF regulation, crypto-linked products, and private fund growth.
SupervisionSupervision approach, priorities & toolkitOther
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2025-06-05•United States•U.S. Securities & Exchange Commission
SEC Commissioner Hester M. Peirce addressed the SEC Investor Advisory Committee, challenging policy directions on pass-through proxy voting, non-GAAP measure standardization, and mandatory arbitration clauses for investment advisers. Peirce argued that proxy voting rights belong to the fund, cautioned against standardizing non-GAAP measures, and questioned the necessity of SEC rulemaking on arbitration clauses given the low percentage of agreements limiting claims or damages.
Policy & regulationOtherCorporate governance
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2025-06-05•United States•U.S. Securities & Exchange Commission
U.S. Securities and Exchange Commission Chair Paul S. Atkins addressed the Investor Advisory Committee, focusing on proxy voting, non-GAAP financial measures, and arbitration clauses, while setting expectations for adviser conduct. He emphasized fiduciary duties in proxy voting and the need for transparency in non-GAAP measures. The SEC is reviewing nearly 200 submissions to fill committee vacancies, aiming for new members by September.
Policy & regulationGuidance & interpretationCorporate governance
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2025-06-05•United States•U.S. Securities & Exchange Commission
U.S. SEC Commissioner Hester M. Peirce advocated for regulatory adaptation to foster innovation and expand investor choice, emphasizing retail access to private markets and digital assets. She called for revisiting the "accredited investor" definition and questioned limitations on closed-end funds investing in private funds. Peirce also highlighted issues regarding digital asset exchange-traded products, custody frameworks, and tokenization of securities.
Policy & regulationReform agendas & prioritiesOther
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2025-06-05•Canada•Bank of Canada
The Bank of Canada, via Deputy Governor Sharon Kozicki, highlighted expanding its information set beyond traditional macroeconomic data for monetary policy decisions, maintaining the policy interest rate at 2.75%. The Bank is using faster, granular indicators and direct engagement with Canadians to better interpret economic conditions amid uncertainty, incorporating non-traditional data sources and surveys, alongside increased outreach with community and industry stakeholders.
Monetary policyMonetary policy framework & strategyMonetary policy decisions and developments
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2025-06-05•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority and the Australian Securities and Investments Commission reported progress in addressing issues related to premium increases, product design, and marketing in life companies, but noted that efforts to reduce premium volatility through product design remain in early stages. Improvements were seen in re-rating practices and governance, but further engagement with life companies is necessary.
SupervisionReviews, inspections & stress testsConsumer and investor protection
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2025-06-05•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance announced that Eminencia Seguros S.A. is not authorized to operate as an insurance undertaking. This notice aims to protect potential policyholders from purchasing unauthorized coverage.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-05•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance joined the MERCOSUR Insurance Commission's virtual meeting, presenting initiatives to enhance supervision and modernize the insurance market. Delegations from Argentina, Brazil, Paraguay, and Uruguay discussed the Sistema Informativo de Emisión de Pólizas (SIEP) for improved data analysis and supervisory efficiency, agricultural insurance, and digitalization efforts. The meeting also addressed regulatory updates, Carta Verde implementation, and a proposal for a virtual platform to share regulations.
Policy & regulationCooperationSupervision process and methodologies
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2025-06-05•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub and the Bank of England's Project Hertha found that transaction analytics using minimal data can enhance detection of financial crime in retail payment systems, improving identification of illicit accounts by 12% and detection of new criminal behaviors by 26%. The project used a synthetic dataset to simulate realistic transactions, noting potential legal and regulatory challenges in real-world application and emphasizing the need for labelled data and explainable AI.
SupervisionInnovation & testingArtificial intelligenceAML and CFT
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2025-06-05•South Korea•Bank of Korea
The Bank of Korea published its Official Foreign Reserves statistics for May 2025, with detailed figures available in an attachment.
Data & statisticsBalance of payments and other external statistics
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2025-06-05•South Korea•Bank of Korea
The Bank of Korea released preliminary Q1 2025 data showing a 0.2% quarter-on-quarter decline in real GDP, consistent with its advance estimate, while real GNI increased by 0.1%. Real GDP is measured as a chained volume measure, with additional details available in the accompanying attachment.
Data & statisticsEconomic data and developments
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2025-06-05•South Korea•Bank of Korea
The Bank of Korea's preliminary national accounts for 2024 indicate a 2.0% increase in real gross domestic product on a chained volume basis from the previous year.
Data & statisticsEconomic data and developments
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2025-06-05•Taiwan•Central Bank of Taiwan
The Central Bank of Taiwan reported foreign exchange reserves of USD 592.95 billion at the end of May 2025, an increase of USD 10.12 billion from the previous month. This rise was due to returns from reserves management and exchange rate movements, with the central bank intervening to stabilize capital flows. Foreign portfolio investors' securities and New Taiwan dollar deposits totaled USD 824.9 billion, equating to 139% of the reserves.
Data & statisticsForeign exchange policy and markets
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2025-06-05•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported that the average non-performing loan (NPL) ratio for 38 domestic banks remained at 0.16% in April 2025, with total outstanding loans increasing by TWD 33 billion to TWD 43.27 trillion. Aggregate NPLs were stable at TWD 68.59 billion, while the coverage ratio for NPL allowances rose to 846.54%. The FSC will continue to mandate banks to enhance asset quality and financial structure.
Data & statisticsAsset quality
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2025-06-05•United Kingdom•The Pensions Regulator
The Pensions Regulator (TPR) announced a new strategy to enhance pension scheme trusteeship standards, aligning them with corporate governance norms as the Pension Schemes Bill transforms the system. The strategy emphasizes trustee independence, effective challenge, and reduced regulatory burden, leveraging the UK Corporate Governance Code. TPR plans to implement the trusteeship strategy and review scheme returns over the next year.
Policy & regulationReform agendas & prioritiesOther
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2025-06-05•United Kingdom•The Pensions Regulator
The Pensions Regulator endorsed the UK government's Pension Schemes Bill as a pivotal opportunity to enhance the pensions system and retirement outcomes. The bill emphasizes value for money, consolidation of pension pots, and supports larger, well-managed schemes, including a framework for defined benefit superfunds. The regulator will collaborate with the Financial Conduct Authority and the Department for Work and Pensions on a joint value for money framework, with further industry consultation anticipated.
Policy & regulationRules & requirements
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2025-06-05•Europe•Single Resolution Board
The Single Resolution Board (SRB) will conduct a "dry run" simulating the collapse of a major bank to test Europe's banking crisis management, in collaboration with US and UK partners. The exercise involves a catastrophic scenario of a systemically important bank's failure across multiple countries. The SRB aims to enhance crisis responsiveness, with the script developed under strict secrecy.
Policy & regulationImplementation, projects & pilotsRecovery and resolution
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2025-06-04•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission approved prospectuses for three bond issues and an IPO by Green Innovation AD, and amended management system requirements for insurers and reinsurers. ITF Group AD, Studentska Tsentr AD, and Roy Property Fund REIT received approvals for bond issues with specific terms and conditions. Additional decisions included board member approvals, exemptions, and cross-border notifications.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-04•France•France Autorite des marches financiers
France's Financial Markets Authority (AMF) released findings from a mystery shopping campaign evaluating retail investor experiences with mobile app securities accounts. The AMF noted efficient onboarding but highlighted concerns over inadequate investor education, fee transparency, and potential impulsive decisions due to app features. The results will be shared with institutions and discussed with European peers under the European Securities and Markets Authority (ESMA).
SupervisionReviews, inspections & stress testsConsumer and investor protection
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2025-06-04•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority has approved Al Wasatah Al Maliah Company's request to increase AL WAHA REIT's total asset value by issuing additional units for real estate acquisitions. This approval confirms compliance with Real Estate Investment Funds Regulations but does not endorse the transaction's feasibility. A supplementary annex detailing the transaction and risks will be published before a unitholders' vote.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-04•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Markets Authority has authorized TAM Capital Company to commence securities business activities, including managing investment and operating fund activities and arranging. This follows a resolution under the Capital Market Law and its implementing regulations.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-06-04•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority announced that Aditum Capital Company has fulfilled the requirements to commence business under its licence for managing investments and operating funds in the securities sector. The licence was granted under a resolution dated 27 February 2025, in accordance with the Capital Market Law and its Implementing Regulations.
SupervisionAuthorisations & approvalsLicence approval
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2025-06-04•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority and the Croatian Financial Services Supervisory Agency held the second session of their programme to enhance corporate governance and regulatory compliance, focusing on market abuse prevention. Supported by an EU project, the session covered inside information, disclosure rules, insider lists, managers’ transactions, and supervisory processes, with practical examples and interactive discussions led by Hanfa experts.
Policy & regulationImplementation, projects & pilotsMarket abuse
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2025-06-04•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority (FSMA) issued a warning against Arbionis-be.com for offering unauthorized investment services in Belgium. The FSMA identified the platform as fraudulent, using false celebrity testimonials and unrealistic high-return promises. Arbionis-be.com has been added to the FSMA's list of fraudulent trading platforms, with the FSMA advising the public to verify authorizations through its resources.
SupervisionAlertsUnlicensed or unauthorized activityFraud and scams
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2025-06-04•Australia•Australian Securities & Investments Commission
ASIC Commissioner Simone Constant, at the Conexus Fiduciary Investors Symposium, discussed ASIC's evolving approach to private markets and streamlining company listings. She attributed privatisation to macroeconomic factors, not a desire to avoid transparency, and emphasized the importance of listed markets for liquidity and investor access. Constant noted companies often stay private for growth, with public market scrutiny posing challenges. ASIC's strategies focus on effective disclosure and market integrity, with ongoing development after consultation.
Policy & regulationReform agendas & prioritiesOther
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2025-06-04•Australia•Australian Securities & Investments Commission
ASIC Commissioner Simone Constant shared insights from discussions on public-private markets, highlighting plans to streamline IPO regulations. Feedback from nearly 90 submissions and over 50 meetings emphasized private market growth and the need for improved risk assessment. There is interest in increased supervision, focusing on asset valuation, conflicts of interest, and investor treatment. Superannuation, with over AUD 4.1 trillion, is a unique factor. ASIC noted its data reporting lags behind global peers, affecting market size estimates, with further announcements expected.
Policy & regulationRules & requirementsMarket development
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2025-06-04•France•France Autorite des marches financiers
The French Financial Markets Authority released a report detailing findings from its "Mobile Journey" mystery shopping exercises on investment service providers' mobile applications conducted between November 2024 and January 2025.
SupervisionReviews, inspections & stress testsOther
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2025-06-04•Poland•Polish Financial Supervision Commission (KNF)
The Polish Financial Supervision Commission announced that the official determination of the POLSTR Interest Rate Index and its compound indices began on 2 June 2025. POLSTR is the recommended benchmark to replace WIBOR if necessary. GPW Benchmark SA, authorised by the Commission and registered with the European Securities and Markets Authority, administers POLSTR and has published the necessary regulatory documentation. POLSTR is a volume-weighted average overnight PLN deposit rate, with compound rates and a compound index also determined by the administrator.
Policy & regulationRules & requirementsFinancial benchmarks
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2025-06-04•Ukraine•National Bank of Ukraine
The National Bank of Ukraine, with key financial authorities, reported progress on the Ukrainian Financial Sector Development Strategy, with 87% of measures completed or on schedule by end-2024. Achievements include expanded government bonds, a National Revenue Strategy, and improved corporate governance. The Financial Stability Council approved an update to the Strategy, with a revised version pending approval and publication.
Policy & regulationImplementation, projects & pilotsFinancial stability and systemic riskMarket development
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2025-06-04•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) released its semiannual bulletin, combining a report on securities markets with research articles on private capital markets, retail investors' Ibex 35 portfolios, and a climate shock stress test for investment funds. It highlights cryptoasset developments, market stress from US tariff announcements, and growth in the collective investment industry. The research articles examine private capital market conditions, retail portfolio concentration, and potential fund losses under adverse climate scenarios.
ResearchMarket risk and volatilityStress testing
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2025-06-04•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay has launched a digital registration channel for the Register of Providers of Administration, Accounting, or Data Processing Services, replacing the physical process. This online procedure aims to streamline administration and enhance user experience. Registration is mandatory for individuals and entities in Uruguay providing these services for businesses not supervised by the Central Bank and conducting financial activities abroad.
Policy & regulationImplementation, projects & pilotsOperational excellence
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2025-06-04•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority reports increased uncertainty for Danish banks and mortgage institutions due to US tariffs and a weaker USD. Institutions should enhance follow-up on exposed customers, ensuring impairments reflect higher loss risks. The authority stresses intensified customer dialogue, robust data quality, and ongoing adjustments to credit risk management and impairment assessments.
SupervisionRisk monitoring & watch pointsCredit riskAsset quality
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2025-06-04•Chile•Ministry of Finance (Chile)
Chile's Finance Minister Mario Marcel prioritized digital financial inclusion, cybersecurity, and coherent regulation at the Chile Fintech Forum 2025. He noted macro-financial challenges, including prolonged negative growth in bank credit and low savings account representation, urging fintech firms to enhance market access and competition. Marcel highlighted the Fintech Law and related regulations as raising data protection standards but acknowledged harmonization challenges.
Policy & regulationReform agendas & prioritiesFintech and insurtechFinancial inclusion
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2025-06-04•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority appointed Juma Thani Alhameli as Chief Operating Officer, effective 10 June 2025, and he will join the DFSA Executive Committee. Alhameli brings over 20 years of experience in the UAE's technology, financial services, and aviation sectors, having held senior roles at First Abu Dhabi Bank and Abu Dhabi Global Market.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-04•Australia•Australian Securities & Investments Commission
ASIC has initiated civil penalty proceedings against RAMS Financial Group, alleging systemic misconduct in arranging RAMS-branded home loans and unlicensed conduct from June 2019 to April 2023. RAMS, a Westpac subsidiary, engaged with unlicensed referrers and inadequately supervised its franchise network. RAMS has admitted liability and remediated affected customers.
EnforcementInvestigations & enforcement actionsCorporate governanceConsumer and investor protection
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2025-06-04•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) released over 50 public submissions from its February 2025 discussion paper on Australia's public and private markets. Feedback from nearly 90 submissions will guide future market settings, addressing market drivers, public market attractiveness, and private market regulatory alignment. Key areas include private credit's economic role, superannuation's impact, and data transparency. ASIC plans actionable ideas, including IPO and disclosure streamlining, with market roadmaps expected in Q3 and Q4 2025, supported by stakeholder engagement and expert insights.
Policy & regulationReform agendas & prioritiesMarket development
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2025-06-04•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved a draft decision for the final stage of an asset recovery mechanism for Freedom Finance clients, initiating a 10-day public discussion. The draft outlines coordinated actions for stakeholders, depository institutions, and clients to ensure simultaneous asset access while minimizing investor risks. Feedback from stakeholders and clients will be considered before finalizing.
Policy & regulationRules & requirementsRecovery and resolution
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2025-06-04•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine's National Securities and Stock Market Commission and other financial authorities reported 87% of the Financial Sector Development Strategy's measures were implemented or on schedule by end-2024. Despite war and uncertainty, regulators are preparing an updated Strategy following the Financial Stability Board's approval. Completed measures include expanding government bonds, approving the National Revenue Strategy, enhancing corporate governance, and improving issuers' information disclosure.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-06-04•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has enhanced oversight of asset valuations in capital and commodity markets due to significant overstatements. New measures mandate independent appraisals when asset values exceed 100% of acquisition cost or previous book value, alongside reinforced auditor accountability. The Commission has requested the Audit Chamber of Ukraine to clarify auditors' responsibilities and issued guidance to improve reporting transparency.
Policy & regulationRules & requirementsAccounting and financial reportingAsset qualityAuditing
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2025-06-04•Angola•Angola Insurance Authority (ARSEG)
The Angola Insurance Authority (ARSEG) revoked Providência Royal Seguros, S.A.'s authorization to conduct insurance business due to multiple regulatory breaches, including non-compliance with documentation, financial, and accounting requirements. Order No. 85/ARSEG/25 cites serious management irregularities threatening policyholder interests and market stability. ARSEG appointed a liquidation committee to manage claims and indemnity payments.
SupervisionAuthorisations & approvalsOther
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2025-06-04•Peru•Central Bank of Peru
The Central Bank of Peru reported a 0.8% monthly increase in outstanding mortgage credit for home purchases in April 2025, with annual growth reaching 5.9% and a total balance of PEN 71,806 million. Sol-denominated mortgages rose 6.9% year on year, while the share of US dollar-denominated mortgages fell to 6.7%, decreasing exchange-rate risk for households. The growth is attributed to lower interest rates and increased property transactions.
Data & statisticsLending
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2025-06-04•Georgia•National Bank of Georgia
The National Bank of Georgia has initiated a monthly release of statistics on open banking services to enhance transparency and awareness of ecosystem development. The data will detail end-user usage of services like payment initiation, onboarding, and access to payment account information, supporting regulatory oversight and fintech growth.
Data & statisticsRegulatory reporting
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2025-06-04•North Macedonia•National Bank of the Republic of North Macedonia
Governor Trajko Slaveski and Finance Minister Gordana Dimitrieska-Kochoska of North Macedonia prioritized macroeconomic stability and inter-institutional coordination in their first meeting. They emphasized a coordinated approach among financial regulators to develop a stable, competitive, and inclusive financial system. Both committed to ongoing communication and cooperation to address economic challenges.
Policy & regulationCooperationFinancial stability and systemic riskMacroprudential policy and tools
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2025-06-04•Italy•Bank of Italy
The Bank of Italy has appointed two members to the ABF panels in Milan and Rome, following nominations by Confindustria in collaboration with Confagricoltura, Confartigianato, and Confcommercio.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-06-04•Italy•Bank of Italy
The Bank of Italy is hosting a training event in Rome on "Statistics – Data collection and management" from 4 to 6 June as part of an ESCB pilot project funded by the European Commission. The initiative aims to enhance financial stability, resilience, and governance, and foster dialogue with African central banks. Participants include experts from African central banks and representatives from BCEAO and BEAC, supported by Banco de España and Národná banka Slovenska.
Policy & regulationImplementation, projects & pilotsCapacity buildingFinancial stability and systemic risk
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2025-06-04•Czech Republic•Ministry of Finance (Czech Republic)
The Czech Republic Ministry of Finance hosted a study visit for the Central Bank of Iraq delegation, focusing on digital banking transformation, electronic payment systems, and financial market supervision. The event, part of the Ministry's Technical Cooperation Programme, included participation from the Czech National Bank and coordination by the embassies in Baghdad and Prague.
Institutional developmentCooperation & capacity buildingCross-border cooperation
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2025-06-04•Europe•European Banking Authority
The European Banking Authority issued two opinions under Article 458 of the Capital Requirements Regulation in response to the Swedish Financial Supervisory Authority's notifications. These opinions address macroprudential risks associated with commercial and residential real estate exposures in Sweden.
Policy & regulationGuidance & interpretationMacroprudential policy and tools
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2025-06-04•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier reported a 2.28% decrease in total net assets of Luxembourg UCIs to EUR 5,618.885 billion as of 30 April 2025, despite a 3.64% increase over the past year. The monthly contraction of EUR 130.894 billion was due to a small net outflow and a larger negative market impact, with equity UCIs experiencing net outflows except for European equities, and fixed income UCIs seeing net inflows driven by money market categories. Seven UCIs were added and nineteen removed from the official list during April.
Data & statisticsAsset quality
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2025-06-04•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong's Financial Services and the Treasury Bureau announced the passage of the Banking (Amendment) Bill 2025, enabling voluntary information sharing between banks and law enforcement to combat financial crime. The framework allows secure electronic sharing of account information to detect money laundering, terrorist financing, and proliferation financing, with legal protection for disclosing banks. The Hong Kong Monetary Authority will coordinate with police and banks on system upgrades and implementation guidelines.
Policy & regulationRules & requirementsAML and CFTFinancial stability and systemic risk
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2025-06-04•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) updated the Deposit Insurance Fund (FSD) coverage cap to PEN 120,500 for June–August 2025, down from PEN 121,000 in the previous quarter. This adjustment aligns with changes in the Wholesale Price Index (IPM), reflecting a negative IPM variation. The FSD covers nominative deposits of individuals and private non-profit entities, and demand deposits of other legal entities, excluding financial system firms.
Policy & regulationRules & requirementsOther
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2025-06-04•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) has banned Wong Lai Suen, former responsible officer and executive director of MTF Securities Limited, from the industry for six months due to inadequate credit risk management and failure to report suspicious trading. MTF granted excessive trading limits to clients without proper due diligence, raising market misconduct and money laundering concerns. The SFC attributed these breaches to Wong's failure to fulfill her duties.
EnforcementSanctions & designationsCorporate governance
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2025-06-04•Latin America•Financial Action Task Force of Latin America (GAFILAT)
GAFILAT hosted a webinar on "Financial Inclusion and AML/CFT Policies," with over 100 delegates discussing implementation challenges. Supported by the Royal United Services Institute and the Alliance for Financial Inclusion, the session emphasized risk-based approaches to enhance secure financial access while maintaining AML/CFT integrity. This event is part of a priority workstream under GAFILAT's presidency action plan.
Policy & regulationCooperationAML and CFTFinancial inclusion
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2025-06-04•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 approved two senior appointments at Teniz Capital Investment Banking JSC. Aigul Orazaliyevna Kassenova was appointed as a member of the executive body and chief accountant, and Botagoz Muratkyzy Sakharieva as a member of the executive body.
SupervisionAuthorisations & approvalsHiring and recruitment
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2025-06-04•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission announced that KENDRIS CAPITAL LIMITED has initiated the dissolution and liquidation of ENERGAME RAIF V.C.I.C. LIMITED. The fund will remain on the RAIFs Registry with a notice of "under liquidation" until the process is complete and all documents are submitted. CySEC will then remove the fund from the register.
SupervisionAuthorisations & approvalsOther
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2025-06-04•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites and phishing scams involving Bank of Singapore Limited and Bank of China (Hong Kong) Limited. The alert emphasizes that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the relevant bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-06-04•Global•Ceres
Ceres' 2025 Progress Report on US insurance sector climate risk reporting highlights improved disclosure of climate-related risks and governance among large insurers but notes limited metrics and targets information. Based on the National Association of Insurance Commissioners Climate Risk Disclosure Survey, the report found significant improvements in risk management and greenhouse gas emissions reporting, while metrics and targets showed little progress. Ceres recommends developing comprehensive metrics frameworks and actionable climate transition plans.
ResearchClimate risk and sustainable finance
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2025-06-04•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria and Sofia University “St. Kliment Ohridski” signed a memorandum of cooperation to integrate academic training with central banking practice and support student professional development. The agreement includes career orientation, expert meetings, internships, and joint events on economic topics.
Policy & regulationCooperationDomestic cooperation
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2025-06-04•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority announced new updates to the Russia and Zimbabwe sanctions regimes, as issued by the Isle of Man Treasury, Customs and Immigration Division. Firms are directed to the Treasury division’s Sanctions and Export Control webpage for current notices, with options for regular updates via RSS feed and email alerts from the United Kingdom Treasury’s Office of Financial Sanctions Implementation.
Policy & regulationGuidance & interpretationSanctions list update
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2025-06-04•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority warns that SpectraX.Pro is a cryptocurrency trading scam promoted on social media. No legitimate Isle of Man companies are linked to the unlicensed website. It cautions against fraud risks, noting unrealistic returns and pressure tactics, and advises contacting local police or its Enforcement Division for concerns.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-06-04•Global•Bank for International Settlements
The Bank for International Settlements released a BIS Bulletin on the monetary system's elasticity, emphasizing central and commercial bank money's role in liquidity. It contrasts this with pre-funded payment instruments, highlighting regulatory safeguards' importance for effective elasticity. The Bulletin also notes a significant increase in corporate credit line availability amid rising trade policy uncertainty post-2024 US presidential election.
Research
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2025-06-04•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan held a roundtable with commercial bank risk management specialists to discuss financial stability, assessing vulnerabilities and systemic risks. Topics included macro-financial conditions, household debt, microdebt market developments, and interest rate formation, focusing on macro stress test results for bank solvency and liquidity. Recommendations were issued on macroprudential policy measures and steps to mitigate emerging vulnerabilities.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskMacroprudential policy and toolsStress testing
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2025-06-04•Kuwait•Central Bank of Kuwait
The Central Bank of Kuwait released a draft Open Banking Regulatory Framework for public feedback, aiming to regulate Open Banking activities by setting security, technical, and operational standards. The framework outlines data sharing with licensed providers, use cases like account information consolidation and payment initiation, and notes a FinTech firm is testing services in the Regulatory Sandbox, with feedback open for four weeks.
Policy & regulationRules & requirementsOpen banking and finance
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2025-06-04•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan announced that Deputy Chairman Ikromi Sirojiddin Salom participated in a Shanghai Cooperation Organisation meeting, where a decision was made to establish an SCO Development Bank. The meeting, chaired by China, covered global political and macroeconomic conditions, regional cooperation on finance, and the expansion of national currencies in trade among the ten member states.
Policy & regulationCooperationCross-border cooperationFinancial and market indicators
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2025-06-04•Europe•European Central Bank
The European Central Bank's June 2025 Convergence Report confirms Bulgaria's compliance with euro adoption criteria, including price stability, fiscal discipline, exchange rate stability, and legal compatibility with EU Treaties. However, it highlights the need for further progress in anti-money laundering and counter-terrorism financing measures. The report is submitted alongside the European Commission's report to the Council of the European Union.
Policy & regulationPeer reviews and country evaluationsEconomic data and developments