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2025-05-23•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through these channels. Affected individuals are advised to contact Chong Hing Bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-05-23•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert regarding a fraudulent website and internet banking login screen linked to The Bank of East Asia, Limited. It emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-05-23•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority announced updates from the Isle of Man Treasury on Russia and Global Human Rights sanctions regimes. These include a Russia general licence on legal services fees, updates to financial and shipping sanctions related to Russia, and changes to the Global Human Rights financial sanctions regime. Firms are directed to the Treasury’s Sanctions and Export Control webpage for detailed notices and subscription options for alerts.
Policy & regulationGuidance & interpretationOther
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2025-05-23•Türkiye•Insurance and Private Pension Regulation and Supervision Agency of Türkiye
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye has authorized Referans Sigorta AŞ to operate in the motor vehicles liability line of business. The license was granted under decision No. 1104, dated 14 May 2025, in accordance with Insurance Law No. 5684 and relevant regulations.
SupervisionAuthorisations & approvalsLicence approval
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2025-05-23•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City's May Survey of Tenth District Services indicates moderate growth in regional services activity, with elevated expectations for future activity. Revenues and employment levels rose moderately, while input price growth slowed. The survey includes new seasonal adjustment factors, slightly revising historical indexes.
Data & statisticsEconomic data and developments
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2025-05-23•India•Reserve Bank of India
The Reserve Bank of India has directed Authorised Dealer Category I banks on FIRMS portal reporting for investment vehicles issuing partly paid units to non-residents. A transitional reporting window of 180 days is provided for issuances made before the circular's date, while new issuances must adhere to the standard 30-day reporting timeline. These directions are effective immediately.
Policy & regulationRules & requirementsRegulatory reporting
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2025-05-23•San Marino•Central Bank of San Marino
The Central Bank of San Marino attended an informal hearing at Italy’s Chamber of Deputies to discuss its role in the EU–San Marino Association Agreement. Central Bank President Catia Tomasetti and General Manager Andrea Vivoli highlighted efforts towards supervisory and regulatory integration. The hearing also involved San Marino’s Secretary of State for Finance and other officials, emphasizing the Agreement's potential benefits for San Marino’s financial sector development.
Policy & regulationCooperationCross-border cooperation
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2025-05-23•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan refuted online reports claiming its chair announced the launch of a cryptocurrency exchange in Tajikistan. The bank highlighted the ease of spreading fake news due to digital technology and urged reliance on official government websites for accurate information.
SupervisionAlertsOther
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2025-05-23•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) amended the decree on the Tax on Financial Operations (IOF), imposing a 5% rate on Vida Gerador de Benefício Livre (VGBL) plan contributions over BRL 50,000 monthly. Part of the federal fiscal adjustment package, this change aims to discourage non-pension use of VGBL plans. SUSEP noted it should not impact most policyholders with smaller contributions and does not affect traditional insurance and Plano Gerador de Benefício Livre (PGBL) plans.
Policy & regulationRules & requirementsOther
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2025-05-23•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) is classified in group 2 of the Performance and Execution Index for Corrective Activity (Idecor), scoring between 7.0 and 9.0. Idecor, established by Brazil’s Office of the Comptroller General, evaluates Sectoral Correction Units within the Federal Executive Branch based on criteria like transparency, procedural duration, and effectiveness. A total of 169 corrective units were assessed in the results.
SupervisionReviews, inspections & stress testsActivity and performance reporting
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2025-05-23•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) discussed aligning Brazil's insurance regulation with international standards at the International Actuarial Association JoCo São Paulo 2025 colloquium. Coordinator-General Roberto Suarez Seabra highlighted Brazil's experience with Solvency II, selective adoption of Insurance Core Principles, and gradual incorporation of IFRS 17. He noted the role of technology and AI in reducing compliance costs and enhancing supervisory effectiveness.
Policy & regulationInternational standards & recommendationsAccounting and financial reporting
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2025-05-23•Europe•European Central Bank
ECB Executive Board member Philip R. Lane analyzed the euro area's post-pandemic inflation surge and disinflation, amid a shift to tighter monetary policy. The lecture compares euro area inflation trends with past global disinflation, examines forecasting performance, and discusses model-based assessments of monetary policy impacts on inflation and GDP.
ResearchMonetary policy decisions and developments
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2025-05-23•Europe•European Central Bank
The European Central Bank and the University of Oxford's Resilient Planet Finance Lab introduced a Nature Value at Risk framework to assess economic losses from ecosystem service degradation. Findings show 72% of euro area firms, representing three-quarters of corporate bank lending, depend on ecosystem services, especially water-related ones. The research suggests integrating nature-related risks into financial assessments, highlighting significant exposure to water scarcity risks across sectors.
ResearchClimate risk and sustainable finance
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2025-05-23•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina's 2025–2027 Strategic Plan prioritizes financial education to address low literacy levels. It focuses on Information, Inclusion, and Innovation, targeting young people, vulnerable groups, and women. The initiative aims to integrate financial education into the education system with public faculties, ministries, and regulatory bodies.
Financial literacy & educationFinancial literacy and education
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2025-05-23•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities & Commodities Authority, in collaboration with Sandooq Al Watan and ADGM Academy, celebrated the graduation of 27 Emirati participants from the Financial Market Pioneers Program. The program aims to enhance national human capital and prepare a skilled workforce for the UAE's financial markets.
Financial literacy & educationCapacity building
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2025-05-23•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Sint Maarten & Curacao hosted the 64th CARICOM Central Bank Governors meeting, focusing on regional economic developments and financial resilience. Key outcomes included a cooperation agreement with the World Bank and IFC for a regional green taxonomy and progress on initiatives like a centralized e-KYC system and a proof-of-concept for real-time cross-border payments. Discussions also covered issuing a USD 200 million regional bond for climate-resilient infrastructure.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-05-23•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten is implementing Curaçao's new Deposit Guarantee Scheme (DGS), effective 1 July 2025, covering licensed credit institutions in Curaçao. The scheme caps protection at Cg 50,000 for banks and Cg 25,000 for credit unions, with reimbursements within 20 business days of a bank failure. A similar scheme is being developed for Sint Maarten in collaboration with its Ministry of Finance.
Policy & regulationImplementation, projects & pilots
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2025-05-23•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) approved amendments to the Vale Mais plan, allowing over 90,000 members to receive a share of a BRL 210 million surplus. Active members will receive a 2.52% credit to their account balances, while retirees and pensioners will receive payments 4.43 times their net benefit. This decision follows mediation involving Valia and other stakeholders, with the plan recording a surplus for three consecutive years.
Policy & regulationRules & requirementsOther
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2025-05-23•Brazil•Brazilian Pension Funds Authority (PREVIC)
At the XXVI National Congress of Anapar, the Brazilian Pension Funds Authority (PREVIC) outlined supervisory changes under Resolution PREVIC 23/23 and investment updates under National Monetary Council Resolution 5202/25 for closed pension funds. PREVIC emphasized a shift to a segmentation model for monitoring entities based on size and complexity, and reiterated the ban on cryptoasset investments due to traceability and volatility concerns. Resolution 5202/25 incorporates environmental, social, and governance factors into investment decisions and expands permissible instruments and channels.
Policy & regulationRules & requirementsOther
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2025-05-23•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission announced that the Minister of Finance issued Decision No. 1815/QD-BTC, detailing amended and supplemented administrative procedures in the securities sector under the Ministry of Finance's management.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-05-23•Europe•European Council
The European Council has agreed on a directive to harmonise certain aspects of EU insolvency law, aiming to reduce cross-border investment complexities. The directive introduces EU-wide requirements for pre-pack sales and mandates creditors' committees in specific cases, standardising their composition and duties. This agreement allows the Council to begin negotiations with the European Parliament to finalise the text.
Policy & regulationRules & requirementsRecovery and resolution
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2025-05-23•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has cancelled the registration of Ammo Varejo S.A. for failing to provide required information. The cancellation, following a suspension since May 2024, prohibits the company from trading its securities on regulated markets and does not absolve it or its management from liability for past violations.
SupervisionAuthorisations & approvalsDisclosures
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2025-05-23•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said its BCP Educa program held financial education sessions in Alto Paraná and Paraguarí in April and May, reaching more than 500 students. The sessions covered insurance, the securities market and personal finance, with the Paraguarí activities focused on insurance as a financial protection tool.
Financial literacy & educationFinancial literacy and education
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2025-05-23•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,127 shows smaller, locally hosted generative language models can effectively perform text classification tasks like sentiment analysis, offering privacy, cost, and explainability benefits. Penalised logistic regression on embeddings from a small model can match or exceed large commercial models' performance, often achieving GPT-4-level results with minimal training samples. This research aims to provoke discussion and does not reflect official Bank of England policy.
ResearchArtificial intelligence
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2025-05-23•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has revoked the financing license and primary registration of Digido Finance Corp. for operating branches without the necessary SEC certificate of authority. The firm violated Section 6(A) of the Implementing Rules and Regulations of Republic Act No. 8556, which mandates prior SEC approval for branch operations.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-05-23•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority issued a public warning regarding the unauthorised presale of the “$BEER2” token by SOLBEER Limited on the website https://beercoin2.wtf/. Despite being registered in Seychelles, SOLBEER Limited has not applied for authorisation to issue the token. The authority advises investors to thoroughly research entities and service providers before engaging in financial transactions.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-05-23•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority announced the termination of Mr. Marios Papaharidemou's accreditation as the representative of Moneda Limited under the Securities Dealer Representative Licence (SDR122), effective 22 May 2025. This action is in accordance with section 4(1)(m) of the Financial Services Authority Act, 2013.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-05-23•Croatia•Croatian Financial Services Supervisory Agency
At the "Financial Market" conference in Opatija, Croatian Financial Services Supervisory Agency President Ante Žigman assessed market risks, emphasizing Croatia's Strategic Framework for Capital Market Development 2025–2030. Žigman highlighted global uncertainty, systemic risks, and regulatory initiatives like the Omnibus Package and Savings and Investments Union Strategy to enhance EU capital market integration. A panel discussion underscored the strategy's action plan, addressing regional stock exchange integration and Croatia's potential as a European ETF hub.
Policy & regulationReform agendas & prioritiesMarket development
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2025-05-23•Poland•Central Bank of Poland
The Central Bank of Poland reported a PLN 31.4bn increase in the M3 money supply in April 2025, reaching PLN 2,547.1bn, driven by higher household deposits and increased cash circulation. Household deposits rose by PLN 17.0bn to PLN 1,372.4bn, while cash in circulation grew by PLN 10.2bn to PLN 414.0bn. On the liabilities side, central government net debt increased by PLN 23.5bn to PLN 486.3bn.
Data & statisticsMonetary data
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2025-05-23•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Markets Authority has approved BMCI's prospectus for the merger with its subsidiary BDSI, structured without a capital increase. The prospectus will be accessible at BMCI's headquarters, its website, and the AMMC website. The merger awaits approval from BMCI's extraordinary general meeting on 23 June 2025.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-05-23•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission issued a shareholder alert urging investors to review and vote on Plus Tech Innovation Public Company Limited’s proposed ratification of a financial assistance transaction for Sabuy Technology Public Company Limited. The independent financial advisor recommends against approval, citing risks to PTECH’s assets and inappropriate guarantee fees. Concerns include SABUY’s loan defaults and lack of evidence for proper approval processes for loans from the SABUY group to the PTECH group.
SupervisionAlertsCorporate governance
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2025-05-23•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority has registered CFG Bank’s reference document for the 2024 financial year, updating the information dossier for its certificates of deposit programme. The dossier includes the new reference document and the previously registered programme note.
SupervisionRegulatory reporting
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2025-05-23•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority has approved CFG Bank's prospectus for a subordinated bond issuance structured in four MAD 500 million tranches with 10-year maturity. Tranches A and B are fixed-rate, while C and D are annually revisable, with rates set by Treasury bill yield curves. Allocation will occur via French auction, prioritizing tranches A and B, followed by C and D, with subscriptions open from 11 to 17 June 2025.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-05-23•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria (CBN) launched the Nigerian Non-Interest Financial Institutions’ Master Repurchase Agreement (NNMRA) and auctions for two non-interest liquidity management instruments: CBN Non-Interest Asset-Backed Securities (CNI-ABS) and CBN Non-Interest Note (CNIN). These initiatives standardize repo transactions and provide liquidity management tools in line with non-interest finance principles. Participants must integrate these instruments and adhere to CBN guidelines, with no discount window access on auction days.
Policy & regulationImplementation, projects & pilotsMarket developmentSecurities offerings and listings
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2025-05-23•Europe•European Payments Council
The European Payments Council has completed the pilot of its API Reference Toolbox (ART) platform for the Verification of Payee (VOP) scheme, now open for Routing and/or Verification Mechanisms (RVMs) testing and certification. RVMs must complete ART self-certification to comply with VOP API specifications, essential for the IBAN-name check service under the Instant Payment Regulation effective October 2025. From mid-June 2025, ART will also be available to payment service providers not using an RVM for voluntary VOP API testing.
Policy & regulationImplementation, projects & pilotsOpen banking and finance
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2025-05-23•United States•U.S. Department of Justice
The U.S. Department of Justice indicted five individuals on 19 counts, including securities fraud and insider trading, for allegedly trading on nonpublic merger information, generating over USD 600,000 in profits. Rouzbeh “Ross” Haghighat, a director at a Seattle-based biopharmaceutical company, is accused of sharing confidential acquisition information, leading to significant share price increases. If convicted, defendants face up to 25 years for securities fraud and 20 years for insider trading, with the U.S. Postal Inspection Service conducting the investigation.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-05-23•Finland•Finanssivalvonta
The Financial Supervisory Authority (FIN-FSA) imposed a EUR 7,670,000 penalty on S-Bank Plc for operational risk management omissions and issued a public warning for lapses in strong customer authentication and payer consent. These issues, linked to a programming error in the bank's IT system, were identified during a 2022–2023 inspection. The decision is not yet legally binding, and S-Bank may appeal.
EnforcementInvestigations & enforcement actionsOperational risk and resilience
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2025-05-23•Russia•Central Bank of Russia
The Central Bank of Russia released a report on its expanded macroprudential policy toolkit, including new limits on mortgages and car loans, add-ons for large leveraged companies, and a positive countercyclical buffer rate. The report outlines principles for using these tools, emphasizing their role in reducing financial system risks rather than ensuring price stability. From 2026, the schedule for the Board of Directors’ macroprudential policy meetings will be available online.
Policy & regulationGuidance & interpretationMacroprudential policy and tools
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2025-05-23•Russia•Central Bank of Russia
The Central Bank of Russia's review of the microfinance organisation market for Q1 2025 reports a 1% decline in microloans issued, totaling RUB 497 billion. The slowdown is attributed to longer maturities, higher pricing, and seasonal factors, with consumer microloans evolving under macroprudential limits. Notably, car microloans surged to 9% of issuance, prompting planned macroprudential limits in Q3 2025 to mitigate risk.
ResearchLendingPrudential risks
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2025-05-23•Canada•Payments Canada
Payments Canada has launched a series of educational webinars to engage the public in its consultation on the legal framework for the Real-Time Rail (RTR), Canada's upcoming real-time payment system. The webinars aim to prepare stakeholders for the consultation period and provide insights into the RTR's design and operational features. The series will cover topics such as RTR access, compliance, and fraud management.
Policy & regulationGuidance & interpretationPayments and payment systems
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2025-05-23•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets (CNPF) rejected several pre-litigation requests to overturn its previous decisions, including those from ASTERRA GRUP SA and EuroCreditBank SA, citing insufficient grounds for revision. The CNPF also approved its 2024 activity report for submission to Parliament and publication.
SupervisionOtherComplaints and dispute resolution
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2025-05-23•Vietnam•State Bank of Vietnam
The State Bank of Vietnam issued Decision No. 2179/QD-NHNN detailing new and amended administrative procedures for bank establishment and operations via the SBV One-Stop Shop. This decision updates procedures under Circular No. 01/2025/TT-NHNN and amends code 2.000055 from Decision No. 218/QD-NHNN. Implementation is overseen by the SBV Chief of Office and relevant department heads.
Policy & regulationRules & requirementsLicensing framework and process
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2025-05-23•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority has extended the reporting deadline to 11 August 2025 for selected insurance and pension fund supervisory returns for Q2 and H1 2025. This includes Solvency II reporting for insurance undertakings, simplified solvency capital requirement reporting for pension funds with assets above NOK 2 billion, and key metrics reporting. The extension was granted following a request from Finance Norway and the Norwegian Pension Fund Association due to summer holiday staffing.
SupervisionRegulatory reporting
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2025-05-23•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway will host a securities seminar in Oslo on 3 June 2025, featuring updates on conduct supervision, regulatory issues, and a session on the transition to a shorter settlement cycle by Euronext Securities. The seminar will also discuss AIFMD 2.0, focusing on lending by alternative investment funds, and cover the authority’s simplification project and STORS reporting. Slides and a recording will be provided afterward.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-05-23•Chile•Chile Financial Market Commission
The Chile Financial Market Commission's Financial Report for Q4 2024 shows full-year insurance sales of USD 14,276.8 million, a 2.4% increase from 2023, with industry profits rising 0.4% to USD 1,064.1 million. Life insurance sales grew 4.1% to USD 9,139 million, while general insurance sales fell 0.6% to USD 5,137.8 million. Investment portfolios were heavily weighted towards domestic fixed income, comprising 53.3% of life insurers' and 75.5% of general insurers' portfolios.
Data & statisticsFinancial and market indicatorsActivity and performance reporting
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2025-05-23•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has launched a consultation on draft regulations for securities intermediaries and commodity exchange brokers, focusing on minimum equity, collateral, indebtedness, and liquidity requirements using a risk-weighted assets approach. Key updates include a time bands methodology for interest rate market risk, reduced credit risk weight for certain transactions, revised risk management criteria, new financial collateral requirements, and specific rules for repo transactions cleared through central counterparties.
Policy & regulationRules & requirementsCapital adequacy
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2025-05-23•Canada•British Columbia Securities Commission
The British Columbia Securities Commission (BCSC) has charged Yazan Al Homsi with two offences under the Securities Act following an investigation. Al Homsi allegedly withdrew funds from a bank account under a BCSC preservation order and is charged with failing to comply with a decision and making false or misleading statements. The charges, which have not been proven, were addressed in Vancouver Provincial Court on 22 May.
EnforcementInvestigations & enforcement actions
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2025-05-23•China•China Securities Regulatory Commission
The China Securities Regulatory Commission has approved the Shanghai Futures Exchange's registration of casting aluminium alloy futures and options. It will oversee the exchange's preparations to ensure a smooth launch and stable operation of the new contracts.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-05-23•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) and Heilongjiang’s Mudanjiang Supervisory Commission concluded an investigation into Xia Jianting, former chairman of China Securities Investor Services Center Co., Ltd., uncovering serious violations. Xia was expelled from the Communist Party, dismissed from public office, and had illicit gains confiscated. The investigation revealed improper ties with regulated entities, securities-market misconduct, and unlawful investments, with the case transferred to the procuratorate for prosecution.
EnforcementInvestigations & enforcement actions
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2025-05-23•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission's Party committee held a 2025 inspection work conference to prioritize internal inspections, focusing on political oversight and risk management. Led by Party committee secretary Li Yunze, the meeting emphasized implementing major Communist Party decisions and strengthening leadership and 基层党组织. The programme aims for full coverage of Party committee inspections, with teams instructed to adhere to policies and maintain strict discipline.
Institutional developmentGovernanceAuditing
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2025-05-23•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration released a draft for consultation detailing information disclosure requirements for asset management products from banking and insurance institutions. The draft aims to align supervisory standards and enhance investor protection, covering the full product lifecycle from fundraising to termination. Feedback from the consultation will inform the finalisation and implementation of these measures.
Policy & regulationRules & requirementsDisclosures
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2025-05-23•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration (NFRA) has issued draft measures for public comment to create a unified information disclosure framework for asset management, wealth management, and insurance asset management products. The draft includes comprehensive disclosure requirements across the product lifecycle, with stricter standards for public offerings. The NFRA plans a "1+3" disclosure rule framework, with detailed rules from industry associations and product registration bodies, proposing implementation six months after final issuance.
Policy & regulationRules & requirementsDisclosures
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2025-05-23•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority and the Australian Securities and Investments Commission released notes from Superannuation CEO Roundtables held in April 2025, attended by 15 superannuation trustee CEOs and other executives.
Policy & regulationGuidance & interpretationOther
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2025-05-23•Switzerland•Federal Department of Finance (Switzerland)
Switzerland’s Federal Department of Finance (FDF) will appeal to the Federal Supreme Court after the Federal Administrative Court ruled that the FDF's reduction or cancellation of variable remuneration for certain former Credit Suisse senior managers was illegal. These measures were imposed during UBS’s takeover of Credit Suisse, with the FDF citing the Banking Act. The FDF contends that the court's interpretation overlooked the exceptional circumstances of the takeover.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-05-23•Moldova•National Bank of Moldova
The National Bank of Moldova is drafting a decision to optimize the maximum value of payment documents in the instant payments system for P2B, B2P, and P2G transactions. It also plans to adjust fees in the instant module of the Automated System of Internal Payments for merchant categories 1 and 5, primarily covering public services.
Policy & regulationRules & requirementsPayments and payment systems
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2025-05-23•Moldova•National Bank of Moldova
The National Bank of Moldova released a video on aligning Moldova’s financial services legislation with EU standards amid accession talks. It outlines changes for banks, insurers, and payment institutions, emphasizing improved transparency, security, and data protection. This initiative supports financial stability and consumer protection while coordinating EU negotiations on capital movement, financial services, and economic policy.
Policy & regulationGuidance & interpretationMarket development
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2025-05-23•Moldova•National Bank of Moldova
National Bank of Moldova Governor Anca Dragu urged aligning Moldova's financial strategies with Europe's sustainability goals at the European Young Leaders seminar in Bucharest. Dragu stressed public institutions' role in a sustainable economic transition and aligning investments with the EU's 2050 climate-neutrality goal. Panel discussions highlighted public-private collaboration and strategic investment, noting the EU's annual investment requirement estimate at 2% of GDP for the transition.
Policy & regulationOtherClimate risk and sustainable finance
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2025-05-23•Moldova•National Bank of Moldova
The National Bank of Moldova's Q4 2024 financial stability assessment shows banking sector resilience, with the financial stress index at 0.44, below the 0.58 threshold, and the vulnerability indicator at -0.60. Direct contagion risk remains low, with increased exposures to non-bank financial institutions and a rise in new mortgage and consumer lending. Overdue corporate loans slightly increased, while household loans decreased, and residential property prices in Chisinau saw significant growth.
ResearchCredit riskLiquidity riskFinancial stability and systemic risk
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2025-05-23•Moldova•National Bank of Moldova
The National Bank of Moldova's National Committee for Financial Stability reviewed end-2024 financial stability risks, noting moderate credit risk in banking and improved asset quality in non-bank lending. Insurance premiums rose by 10.8% with adequate liquidity and high solvency ratios, while the capital market showed low systemic risk but some prudential vulnerabilities. The committee plans to enhance communication following IMF advice.
SupervisionRisk monitoring & watch pointsCredit riskLiquidity riskMarket risk and volatility
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2025-05-23•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay’s Monetary Policy Committee unanimously kept the monetary policy rate at 6.00% on 23 May 2025, citing firm economic activity and inflation still above target but with expectations over the monetary policy horizon remaining aligned with the 3.5% objective. The committee noted March IMAEP growth of 4.4% year on year, a 2025 gross domestic product growth projection of 4.0%, and April annual inflation of 4.0%, driven mainly by food, and said it will continue to monitor developments to ensure compliance with the target.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-05-23•South Korea•Bank of Korea
The Bank of Korea released preliminary Producer Price Index data for April 2025, indicating a 0.1% month-on-month decline and a 0.9% year-on-year increase. Prices decreased for agricultural, forestry, and marine products by 1.5% and manufacturing products by 0.3%, while electric power, gas, water, and waste rose 0.4% and services increased 0.2%.
Data & statisticsEconomic data and developments
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2025-05-23•Isle of Man•The Treasury (Isle of Man)
The Treasury (Isle of Man) updated the UK sanctions list under the Russia sanctions regime, amending one entry while maintaining an asset freeze and trust services sanctions. The amendment concerns Michel Litvak, linked to OTEKO in the Russian transport sector. Entities must freeze assets immediately if suspected to match a UK-sanctioned designation and report to the Financial Intelligence Unit.
EnforcementSanctions & designationsSanctions list update
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2025-05-23•Barbados•Central Bank of Barbados
The Central Bank of Barbados reported on the 64th Bi-Annual Meeting of CARICOM Central Bank Governors, highlighting collaboration with the World Bank and International Finance Corporation on a regional green taxonomy. Discussions included global trade policy risks, a centralized electronic Know Your Customer system, and a proof-of-concept for the CARICOM Payment and Settlement System. Governors also considered a proposed 200 million USD regional bond for climate-resilient infrastructure.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-05-23•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank (ECCB) and Agence Française de Développement (AFD) signed a memorandum to integrate climate-related financial risks into the Eastern Caribbean Currency Union's regulatory systems. Part of the EU-financed Greening the Caribbean Financial System programme, this initiative involves embedding these risks in credit risk models and regulatory frameworks, supported by a EUR 500,000 technical assistance grant. The programme also includes capacity building and measures to enhance green investment and low-carbon finance.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-05-23•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank hosted a side-event on greening the financial system at the 3rd Annual OECS Nationally Determined Contribution Finance Initiative Investment Forum in Grenada. It focused on green finance's role in sustainable development and integrating climate risks into regulatory practices, with contributions from regional and international stakeholders. The forum, themed 'Investing in Climate Action for a Resilient Future,' attracted over 200 delegates.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-05-22•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission conducted a lecture for the Social Protection Fund of the Ministry of the Interior, emphasizing investment opportunities in capital markets. The session aimed to enhance financial literacy and informed decision-making through thematic sessions, case studies, and interactive discussions. This initiative is part of the Commission's Capital Markets Development programme.
Financial literacy & educationFinancial literacy and education
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2025-05-22•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission conducted a workshop for the Armed Forces Social Security on "Investment Opportunities in the Capital Markets" to enhance financial literacy and promote participation in Angola's capital markets. The session included thematic modules, practical cases, and interactive discussions.
Financial literacy & educationFinancial literacy and education
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2025-05-22•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua presented the National Production, Consumption and Commerce Plan for 2025-2026, outlining policy guidelines across six pillars, including food security and climate change protection. The plan reports significant target achievements for 2024-2025 and projects an 8.1% increase in agro and fisheries exports for 2025, totaling USD 3,117.4 million. Implementation will involve coordinated support measures with producers and SMEs, emphasizing technical assistance and field visits.
Policy & regulationImplementation, projects & pilotsOther
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2025-05-22•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Market Authority has approved Mulkia Investment Company's capital increase from SAR 65 million to SAR 78 million through the issuance of bonus shares. This will involve issuing one bonus share for every five existing shares, funded by transferring SAR 13 million from retained earnings. The company must hold an extraordinary general assembly within six months and comply with all regulatory requirements.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-05-22•Greece•Bank of Greece
The Bank of Greece reported a travel services surplus of EUR 220.9 million in March 2025, down from the previous year due to faster growth in travel payments compared to receipts. Travel receipts increased by 5.1% to EUR 473.4 million, while payments rose 16.6% to EUR 252.6 million. For Q1 2025, the surplus decreased to EUR 398.4 million from EUR 471.2 million in 2024, with receipts up 4.4% and payments up 21.3%.
Data & statisticsBalance of payments and other external statistics
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2025-05-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has initiated legal proceedings against Walker Stores Pty Ltd, operator of Snaffle, for allegedly inflating prices and applying unlawful interest charges on credit contracts, violating the National Credit Code's 48% Annual Cost Rate cap. ASIC claims the company's pricing structure led to rates between 60% and 103% and failed to disclose required information. Up to 40,430 contracts may have incorrectly applied flat interest, resulting in significant overcharges. ASIC seeks declarations of contraventions, penalties, injunctions, and adverse publicity orders.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-05-22•Australia•Australian Securities & Investments Commission
ASIC's review of consumer lease providers post-2022 reforms shows potential breaches of consumer protection laws and ongoing customer harm. Nearly 25% of leases are in arrears, highlighting user financial vulnerability. With 80% of repayments via Centrepay, proposed reforms may cause more provider exits. The review found inconsistent fee practices, potential cost cap breaches, and issues with bank statement reviews and suitability assessments. Problems with compliance on protected earnings, disclosure, hardship handling, and anti-avoidance were noted, with some providers shifting to alternative credit products. ASIC urges reform alignment and will continue monitoring compliance, citing action against Walker Stores.
SupervisionReviews, inspections & stress testsConsumer and investor protection
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2025-05-22•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency (SIPEN) reported a 9.4% average annual return on Individual Capitalisation Accounts (CCI) as of April 2025, aligning with historical averages. The Dominican Pension System's overall return was 9.6%, with Pension Fund Administrators (AFPs) outperforming other local investments and achieving the highest historical real returns in the region. SIPEN emphasized focusing on long-term performance despite short-term market fluctuations.
SupervisionRisk monitoring & watch pointsAsset quality
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2025-05-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has sued Snaffle, operated by Walker Stores Pty Ltd, for allegedly inflating prices and applying unlawful interest charges on credit contracts, breaching the National Credit Code's 48% Annual Cost Rate cap. ASIC claims the pricing model circumvented consumer protections, with interest charges reaching 60% to 103% and failures to disclose true credit costs. Up to 40,430 contracts may have incorrectly applied a flat interest rate. ASIC seeks declarations of contraventions, penalties, injunctions, and adverse publicity orders.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-05-22•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority has released a consultation paper on the potential renewal of 14 class exemption notices and three class designation notices under the Financial Markets Conduct Act 2013, set to expire between December 2025 and November 2026. Two exemptions will continue on the same basis, with final decisions on other notices expected by December 2025 and mid-2026.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-05-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) emphasized its commitment to openness and accessible financial information during Ukraine’s National Barrier-Free Week. Key initiatives include enhancing financial education, with plans to expand public lectures by Chairman Ruslan Magomedov, and a Memorandum of Cooperation with Taras Shevchenko National University of Kyiv to train young financial leaders.
Financial literacy & educationFinancial literacy and education
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2025-05-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) and the European Bank for Reconstruction and Development (EBRD) discussed cooperation on financial-sector reforms aligned with European practices. Key topics included institutional development, regulatory independence, IOSCO principles, and harmonising national legislation with EU law. The NSSMC emphasized implementing about 700 EU legal acts and proposed a project office with international donors to support European integration efforts.
Policy & regulationCooperationCross-border cooperation
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2025-05-22•Ukraine•Ukraine National Commission on Securities and Stock Market
Arsen Ilyin of the Ukraine National Commission on Securities and Stock Market participated in the Second Foreign Investment Congress, discussing existing and new capital market instruments in Ukraine. The Congress addressed economic transformation topics such as agro-industrial development, energy security, and financial innovation, highlighting scoring-based microfinance, digital investment solutions, and ESG bonds.
Policy & regulationCooperationMarket developmentESG
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2025-05-22•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank (DNB) introduced an alternative measure of the Dutch current account balance, reducing the average surplus for 2021-2023 to 7.5% of GDP from 8.8% under the official definition. This aligns with IMF guidance by attributing all corporate earnings to investors, impacting the balance due to higher earnings and lower dividend payments by Dutch multinationals. The alternative measure remains above the European Commission's 6% of GDP threshold for the Macroeconomic Imbalance Procedure.
ResearchBalance of payments and other external statistics
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2025-05-22•Peru•Central Bank of Peru
The Central Bank of Peru reported that non-traditional agricultural exports reached USD 709 million in March, a 27.1% increase from the previous year, with volumes rising 38%. The growth was driven by significant increases in shipments of fresh grapes and mangoes, recovering from adverse weather in 2023. First-quarter exports totaled USD 2,750 million, up 25.3% year on year.
Data & statisticsEconomic data and developments
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2025-05-22•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS) conducted a training session for insurance intermediaries in the Tangier-Tetouan-Al Hoceima region, part of its regional tour to promote professional practices. The session covered the implementation of compulsory All Risks Construction and Ten-Year Civil Liability insurance, a new instruction on managing receivables, and a commercial practices questionnaire.
Policy & regulationImplementation, projects & pilotsOther
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2025-05-22•Andorra•Andorran Financial Authority
The Andorran Financial Authority and the Financial Education Directorate of the Banque de France have signed a cooperation agreement to enhance financial education for clients and investors. The agreement emphasizes the strategic role of supervisory bodies and included AFA's participation in meetings to understand France's financial education framework under the national EDUCFI strategy.
Financial literacy & educationFinancial literacy and education
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2025-05-22•Ireland•Central Bank of Ireland
The Central Bank of Ireland welcomed the enactment of the Finance (Provision of Access to Cash Infrastructure) Act 2025, aimed at maintaining consumer access to cash and supporting cash system resilience. The Act grants the Bank new oversight responsibilities, including monitoring compliance with access criteria and overseeing ATM operators and cash-in-transit providers. Collaboration with the Department of Finance and stakeholders is planned for implementation, with updates to follow.
Policy & regulationRules & requirementsPayments and payment systems
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2025-05-22•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) has launched Financial Literacy Month 2025 to enhance financial literacy and inclusion across the nation. The initiative, part of the National Movement for Financial Savvy, targets youth and includes a Financial Literacy Series, Campaign, and Award. The launch event, held at Universitas Muhadi Setiabudi, was attended by over 500 students in person and 2,314 online.
Financial literacy & educationFinancial literacy and education
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2025-05-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) alerted the public about illegal personal loan schemes on social media, falsely offering quick, interest-free loans. After a crackdown on 141 unauthorized digital lending apps, operators moved to social media, using reputable names to appear legitimate and seeking upfront fees or personal information without disbursing loans. The SECP is working with the Federal Investigation Agency and the Pakistan Telecommunication Authority for enforcement and advised the public to verify offers against SECP-licensed companies.
SupervisionAlertsFraud and scams
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2025-05-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) issued a warning against unlicensed online trading platforms promising unrealistic returns. Complaints have been received about platforms using scam tactics such as fake dashboards and misuse of reputable firm names. SECP is reporting these platforms to relevant authorities for further action.
SupervisionAlertsFraud and scams
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2025-05-22•United States•National Credit Union Administration
The NCUA Board reviewed the Voluntary Separation Program (VSP) and Q1 2025 performance of the National Credit Union Share Insurance Fund. The VSP, aligned with Executive Order 14210, anticipates 250 employee departures, offering a USD 50,000 incentive for retirement-eligible employees, with expected savings of USD 75 million starting in 2026. The Share Insurance Fund reported a net income of USD 79.8 million, asset growth to USD 23.0 billion, and no credit union failures, with declines in CAMELS 3, 4, and 5 ratings.
Institutional developmentWorkforce & recruitmentHiring and recruitment
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2025-05-22•China•Central Bank of the Republic of China
The People's Bank of China (PBOC) announced technology finance policy measures, including a bond market "technology board" to support tech firms and facilitate technology innovation bonds issuance. The PBOC increased its relending facility to CNY 800 billion and reduced the relending rate to 1.5%, with over CNY 250 billion in technology innovation bonds issued. Future plans involve expanding support mechanisms, including an "innovation points" system and enhanced risk-sharing frameworks.
Policy & regulationImplementation, projects & pilotsMarket developmentSecurities offerings and listings
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2025-05-22•Europe•EBA Clearing
EBA Clearing announced that over 55 RT1 and STEP2 participants from 14 countries are set to adopt its Fraud Pattern and Anomaly Detection Verification of Payee (FPAD VOP) solution, as mandated by the Instant Payments Regulation. The May 2025 release integrates the European Payments Council’s Directory Service and aligns the VOP interface with its API, expanding connectivity options to include SWIFTNet and SIANet.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-05-22•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners issued guidance on managing financial hardship post-disaster through insurance, emphasizing deductible affordability and coverage gaps. It advises consumers to explore policy discounts and review coverage exclusions, such as flood and earthquake damage, often requiring separate insurance. The guidance also highlights understanding policy features like actual cash value versus replacement cost coverage.
Financial literacy & educationOther
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2025-05-22•Europe•European Banking Authority
The European Banking Authority (EBA) has released an onboarding plan for institutions to access and submit Pillar 3 disclosure data to the new Pillar 3 Data Hub, part of the Capital Requirements Regulation (CRR3). The plan outlines a phased implementation with transitional provisions, allowing institutions to meet disclosure obligations during 2025, with submissions starting later. The EBA also provided step-by-step procedures, a timeline, and FAQs, linking the project to its Banking Package mandate for centralised prudential disclosures.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-05-22•Europe•European Banking Authority
The European Banking Authority (EBA) is consulting on draft amendments to the European Commission’s Implementing Regulation on Pillar 3 disclosures under the Capital Requirements Regulation III, focusing on ESG-related risks, equity exposures, and shadow banking entities. The proposal includes a proportionate ESG framework tailored to institution type, size, and complexity, with simplified disclosures for smaller banks, while clarifying requirements for large listed banks. Transitional provisions and supervisory flexibility are suggested, including a potential no-action letter.
Policy & regulationRules & requirementsDisclosuresESG
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2025-05-22•United States•Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority (FINRA) appointed Stephen Luparello as a public governor on its Board of Governors. Luparello brings extensive experience, having held senior roles at Citadel Securities, the Securities and Exchange Commission, and FINRA. FINRA's Board comprises 22 members, including 12 public governors appointed for three-year terms with no material business ties to broker-dealers or self-regulatory organizations.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-05-22•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) has banned Detelina Subeva from the UK financial services industry due to her lack of integrity following a US conviction for conspiracy to commit money laundering related to corrupt loans for Mozambique. Subeva, who pleaded guilty in 2019, is the third former Credit Suisse employee banned by the FCA, following Andrew Pearse and Surjan Singh. In 2021, the FCA fined Credit Suisse GBP 145 million as part of a USD 475 million global settlement for related financial crime due diligence failings.
EnforcementSanctions & designationsBribery and corruption
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2025-05-22•Austria•Austrian National Bank (OeNB)
The Austrian National Bank (OeNB) hosted its 52nd Economics Conference in Vienna, focusing on "Monetary policy and structural tectonic shifts." Governor Robert Holzmann highlighted challenges such as AI advancements, the rise of US dollar-pegged stablecoins, and geopolitical uncertainties affecting monetary policy and the euro's role. The conference aims to explore central bank strategies in adapting to these evolving economic conditions.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-05-22•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released a new FAQ offering additional guidance on implementing the Government’s Your Future, Your Super performance test, detailing the benchmark representative administration fees and expenses for the 12 months ending March 2025.
Policy & regulationGuidance & interpretationFinancial benchmarks
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2025-05-22•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan’s Agency for Regulation and Development of the Financial Market issued a consumer alert on the rising use of messaging apps for online fraud, detailing tactics such as impersonation and phishing. The Agency advises against sending money for online offers, opening suspicious links, and sharing SMS codes or passwords. It recommends using two-factor authentication, strong passwords, and educating relatives about fraud risks.
SupervisionAlertsFraud and scams
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2025-05-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued an alert regarding a fraudulent website and internet banking login screen linked to Chong Hing Bank Limited. It reminded customers that banks do not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact Chong Hing Bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-05-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) has linked its Commercial Data Interchange (CDI) to Hong Kong’s Land Registry via the Government’s Consented Data Exchange Gateway. This LR@CDI connection allows participating banks to automate land search processes and receive e-Alert notifications, enhancing property valuation and mortgage assessments. The HKMA plans to explore further data-sharing opportunities with more government departments.
Policy & regulationImplementation, projects & pilotsOther
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2025-05-22•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority imposed a civil penalty of GBP 33,850 on Income Plus Services Limited for multiple breaches of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. The violations included inadequate AML/CFT procedures, customer risk assessments, and transaction monitoring. The penalty was reduced by 30% due to cooperation and early settlement.
EnforcementInvestigations & enforcement actionsAML and CFT