The Bank for International Settlements (BIS) announced that Cecilia Skingsley, Head of the BIS Innovation Hub, will become County Governor of Stockholm, effective 15 June 2025. Andréa M Maechler will lead the Hub on an interim basis. Under Skingsley's leadership, the Hub expanded globally and completed over 30 projects.
The Federal Reserve Bank of Kansas City's May Manufacturing Survey indicates a slight contraction in manufacturing activity in the Tenth Federal Reserve District, with future expectations remaining somewhat positive. Factory activity declined, and price growth for raw materials and finished products cooled. New seasonal adjustment factors have been applied, resulting in minor revisions to historical indexes.
The Federal Reserve Bank of Boston hosted a Fed Listens event in Keene, New Hampshire, with regional leaders discussing inflation's impact on households and labor markets. Key topics included rising housing and healthcare costs, insufficient wage growth, and local sourcing due to supply chain issues. Nonprofit leaders reported increased operating costs and housing shortages. Boston Fed President Susan M. Collins also attended the Southern Vermont Economic Summit and toured a local lumber facility.
The Central Bank of Kuwait announced its penalty application framework for non-compliance with anti-money laundering, terrorist financing, and proliferation financing requirements, aligned with Financial Action Task Force recommendations. The framework, approved under Article 15 of Law No. 106 of 2013, mandates effective, proportionate, and deterrent penalties, with 356 penalties imposed since the law's enactment.
The National Bank of the Republic of Tajikistan met with a World Bank Group delegation to discuss the "Strengthening Tajikistan’s Financial Sector" project, focusing on microprudential regulation and supervision aligned with Basel II and III. Topics included consumer protection, deposit insurance, payment systems, and financial market reforms to enhance financial stability and regulatory mechanisms. The World Bank Group mission will also meet with Tajikistan's economic ministries and agencies.
The Brazilian Superintendence of Private Insurance (SUSEP) participated in the 7th International Congress of the Institute for Integrity, ESG, Prevention and Combatting Money Laundering and Terrorist Financing in Rio de Janeiro. SUSEP's Gustavo Dias highlighted the importance of updating internal AML/CFT policies in line with Brazil’s National Risk Assessment 2.0 and emphasized SUSEP Circular No. 612/2020's role in guiding firms to enhance their AML/CFT systems and risk assessments.
ECB Executive Board member Frank Elderson discussed efforts to measure ecosystem services and identify nature-related financial risks, highlighting significant water-related risks. Preliminary findings suggest surface water scarcity could threaten nearly 15% of euro area economic output, with agriculture most exposed, and over €1.3 trillion in bank loans at risk. Elderson emphasized the need for reliable corporate sustainability data and the ECB's focus on ensuring banks manage these risks effectively.
Governor Jasmina Selimovic of the Central Bank of Bosnia and Herzegovina emphasized central banks' evolving role as stability anchors amid uncertainty at the IGES 2025 conference. She highlighted the need for flexible economic policies, international cooperation, and timely responses to trade tensions. Selimovic underscored CBBH's priorities, including preserving the currency board and managing foreign exchange reserves, while noting the domestic financial system's resilience and vulnerabilities.
Brunei's Ministry of Finance and Economy hosted the annual Credit Guarantee and Investment Facility (CGIF) Meeting in Bandar Seri Begawan. The meeting included ASEAN+3 economies and the Asian Development Bank, focusing on promoting financial stability and long-term investment by guaranteeing local currency-denominated corporate bonds. CGIF aims to reduce currency and maturity mismatches and enhance resilience to volatile capital flows and external shocks.
The Central Bank of Iraq hosted a delegation from the European Bank for Reconstruction and Development (EBRD) to discuss EBRD's planned operations in Iraq starting September 2025, focusing on financial reforms, banking digitisation, and economic support initiatives. The EBRD expressed readiness to offer technical support and financing for infrastructure modernization, green economy transition, and private sector growth.
The New Zealand Financial Markets Authority issued a public warning against Jesse Joseph Vaughan and former company Crypto Partners Limited for promoting a managed investment scheme without the necessary licence and disclosure, violating the Financial Markets Conduct Act 2013. The FMA confirmed no licence application was made and urged affected investors to report any issues.
The Central Bank of Curaçao and Sint Maarten hosted a symposium in Sint Maarten emphasizing the importance of reliable economic statistics for effective research and policy-making. The event featured contributions from the Eastern Caribbean Central Bank and IEDOM, and included discussions on improving data quality and cross-border flow measurement. CBCS presented research on Sint Maarten’s foreign direct investment and regional integration.
The Sustainable Banking and Finance Network (SBFN) has admitted the Asociación de Instituciones de Microfinanzas del Perú (ASOMIF Perú) as its newest member, expanding its network to 99 members across 72 countries. ASOMIF Perú, representing Peru’s microfinance institutions, is committed to integrating environmental, social, and governance (ESG) criteria into projects and investments, focusing on green lending and thematic bond issuance.
The Brazilian Pension Funds Authority (PREVIC) outlined its 2023-2024 actions and regulatory priorities through 2026, emphasizing the protection of members' and beneficiaries' rights in Brazil's closed supplementary pension sector. Key initiatives include regulatory improvements, increased legal certainty for fund managers, and enhanced democratic channels. For 2025-2026, PREVIC plans to refine strategic rules on actuarial parameters, benefit plan viability, and governance requirements.
The New Zealand Financial Markets Authority (FMA) has published a consultation paper reviewing 14 class exemption notices and three class designation notices under the Financial Markets Conduct Act 2013, planning to extend exemptions for climate statements in annual reports and Australian licensees. The FMA aims to finalize replacement notices for expiring exemptions by December 2025 and April 2026, with decisions on other notices expected in stages through mid-2026.
G7 Finance Ministers and Central Bank Governors convened in Banff, Canada, from 20–22 May 2025, with Ukraine’s Finance Minister and leaders from major financial institutions participating in parts of the meeting. The European Council reported the issuance of their communiqué on 22 May 2025.
The Brazil Securities Commission (CVM) issued Resolution CVM 229, amending Resolutions CVM 209 and 210 to address securities investment portability. Key changes include deferring the framework's start date to 2 January 2026, exemptions for certain custodians and intermediaries, and clarifications on "partial portability." Resolution CVM 229 will take effect on 2 June 2025.
The Monetary Authority of Singapore, with the Asian Bureau of Finance and Economic Research and the National University of Singapore Business School, is hosting the 12th Asian Monetary Policy Forum in Singapore on 22–23 May. The forum will address challenges for monetary policy and financial stability amid changing geopolitical and financial conditions, featuring keynotes and discussions by prominent economists including Professor Raghuram G. Rajan and Dr Adam S. Posen.
The National Bank of Serbia announced a record daily transaction volume in its instant payments system, IPS NBS, with 484,175 payments totaling RSD 6,197,506,679.03 on 15 May 2025. IPS NBS, operational since October 2018, facilitates 24/7/365 payments with immediate fund availability, and transaction volumes have consistently increased.
The Central Bank of the Republic of Azerbaijan conducted a four-day training programme at Baku Engineering University to advance the digital fintech ecosystem and raise awareness. The programme, attended by 25 students, covered topics such as data-driven economic management, digital financial products, cybersecurity, and payment systems. Participants received practical guidance and certificates upon completion.
The Central Bank of Paraguay has rebased its Producer Price Index to March 2025 from June 2011 and updated the basket and weights used in the indicator. The basket now includes 460 products instead of 341, alongside refreshed data collection arrangements and a new IT platform. The index will continue to be published monthly.
Bank Negara Malaysia has launched a consumer survey to evaluate the transparency of fee disclosures by financial service providers. The survey aims to gather consumer experiences with financial products over the past two years, emphasizing the need for clear, fair, and cost-reflective fee disclosures.
Bank Negara Malaysia reported international reserves of USD119.1 billion as of 15 May 2025, sufficient to finance 5.0 months of imports and cover 0.9 times the total short-term external debt. The reserves would have financed 5.9 months of retained imports under the previous measure. Short-term external debt is defined as borrowing from non-residents with a maturity of one year or less.
The Croatian Financial Services Supervisory Agency's April 2025 statistical overview highlights a 0.4% increase in net assets of mandatory second-pillar pension funds to EUR 23.9bn and a 42.8% rise in Zagreb Stock Exchange turnover to EUR 79.2m. Insurance premiums collected from January to April grew by 9.6% year on year to EUR 665.7m, while UCITS net assets increased by 0.9% to EUR 3.6bn.
The Prudential Regulation Authority (PRA) has launched a consultation on updates to its Pillar 2A methodologies to enhance transparency and proportionality with Basel 3.1. Key proposals include replacing internal ratings-based benchmarking for credit risk with systematic methodologies, refining ICAAP expectations, and streamlining reporting. The consultation also outlines changes for pension obligation risk and plans for a second-phase review of Pillar 2A methodologies.
The Prudential Regulation Authority (PRA) released a near-final policy statement detailing adjustments for SME and infrastructure lending within Pillar 2A under Basel 3.1 standards. These adjustments aim to prevent increased capital requirements for eligible exposures by removing support factors from Pillar 1. The policy applies to PRA-authorised banks, building societies, and investment firms, with implementation expected on 1 January 2027.
The Sustainable Banking and Finance Network (SBFN) added the Asociación de Instituciones de Microfinanzas del Perú (ASOMIF Perú) as its newest member, expanding to 99 members in 72 countries. ASOMIF Perú, a national association for Peru's microfinance institutions, has been a signatory of Peru’s “Green Protocol” since 2020, focusing on ESG criteria. The association prioritizes environmental and social risk management, green lending products, and thematic bond issuance, emphasizing gender equity and water and sanitation.
The Central Bank of the Republic of Kosovo met with IMF experts to discuss progress on its banking supervision reform, specifically the implementation of the Supervisory Review and Evaluation Process (SREP). The IMF assessed the roadmap activities and expressed readiness to provide further support, while noting the Central Bank's broader institutional reform agenda to align with EU standards.
Governor Ahmet Ismaili of the Central Bank of the Republic of Kosovo identified climate change as a systemic risk to financial stability at the Second Sustainable Investment Forum. He stressed the importance of banks managing physical and transition risks and supporting sustainable finance, especially in Kosovo's bank-dependent economy. The central bank is enhancing regulatory frameworks and promoting sustainable finance through international collaboration and capacity building.
The Moroccan Capital Markets Authority has approved the prospectus for the merger of Borj Attijari into Attijariwafa Bank, with no capital increase for the latter. The prospectus will be accessible at Attijariwafa Bank’s headquarters, its website, and the AMMC website. The merger awaits approval at Attijariwafa Bank’s extraordinary general meeting on June 23, 2025.
The Thailand Securities & Exchange Commission has extended KWI Public Company Limited's deadline to submit a special audit report to 25 August 2025. KWI must disclose the report via the Stock Exchange of Thailand’s Electronic Listed Company Information Transmission System. The SEC highlighted the audit's potential impact on securities holders' rights and investors' decision-making.
The European Payments Council confirmed that Serbia has joined the geographical scope of the Single Euro Payments Area (SEPA) payment schemes as of 22 May 2025. This follows the National Bank of Serbia's efforts to align its payment systems and regulations with European Union standards.
G7 Finance Ministers and Central Bank Governors concluded their meeting in Banff, Alberta, agreeing on joint priorities including global economic growth, financial crime prevention, and support for Ukraine. Canada committed CAD 4.8 million for anti-money laundering efforts and CAD 20 million to the RISE Partnership for critical minerals supply chains. The discussions serve as input for the upcoming G7 Leaders’ Summit in Kananaskis, Alberta.
National Bank of Hungary Governor Mihály Varga emphasized price stability for investment predictability and economic recovery, committing to low inflation and financial stability. He outlined stability, independence, and transparency as guiding principles, with a disciplined anti-inflationary policy to support sustainable development. Varga highlighted Hungary's economic ties with Germany, noting impacts from global shocks and the US tariff war.
Canada's Office of the Superintendent of Financial Institutions (OSFI) initiated three public consultations on liquidity and capital guidance and adjusted the Life Insurance Capital Adequacy Test (LICAT). The consultations cover changes to the Liquidity Adequacy Requirements (LAR) Guideline, a supervisory review for Pillar 2 liquidity, and updates to the Minimum Capital Test (MCT) Guideline. The LICAT notice removes the 5% cap on Tier 1 capital deduction for stop-loss reinsurance and aligns capital treatment for unregistered reinsurance of segregated fund guarantees.
Canada's Office of the Superintendent of Financial Institutions (OSFI) began consultations on updates to liquidity and capital frameworks, including the Liquidity Adequacy Requirements (LAR) and Minimum Capital Test (MCT) Guidelines. Proposed changes address liquidity risks from structured notes, clarify product classifications, and simplify capital calculations for insurers. OSFI also adjusted the Life Insurance Capital Adequacy Test (LICAT) by removing the 5% cap on Tier 1 capital deductions for stop-loss reinsurance.
The Central Bank of Russia's 2025 Q1 report on individual investment accounts (IIAs) indicates a slowdown in new IIAs under brokerage agreements, with 82,000 opened compared to 137,000 in 2024 Q4. However, type 3 IIAs grew significantly, reaching nearly 866,000, with assets totaling RUB 183 billion, an increase of RUB 67 billion from the previous quarter. Despite a decline in inflows, total IIA portfolios rose to RUB 637 billion, driven by net client contributions and positive securities revaluation.
The Central Bank of Russia revoked INECO LLC's banking licence for repeated violations of federal banking laws, including non-compliance with anti-money laundering and counter-terrorist financing requirements. Non-transparent ownership changes and suspicious transactions were cited as factors. A provisional administration will manage the institution until a receiver or liquidator is designated.
The Central Bank of Russia has proposed a revised classification of systemically important credit institutions (SICIs), introducing tiered capital adequacy ratios (CARs) based on factors like client numbers and payment services market importance. This replaces the current uniform 1% systemic capital add-on with varying levels. Implementation is planned for 2025–2026, with SICIs adjusting capital add-ons by 2028.
The Central Bank of Russia's latest "Monitoring of Businesses" update indicates stable business activity in May, with a slight rise in the Business Climate Index to 5.1 points. Firms reported improved current conditions but more moderate short-term expectations, while price expectations declined for the fifth consecutive month.
The Central Bank of Russia and the National Bank of the Republic of Belarus held their 61st Interbank Currency Council meeting in Vitebsk, focusing on coordination and information exchange. Discussions included economic conditions, monetary policy, virtual assets regulation, and banking services development. The council has served as a dialogue forum for over 25 years.
The Canadian Securities Administrators (CSA) plan to issue temporary relief from delivering proxy-related materials for shareholder meetings if a postal strike occurs. This relief mirrors the CSA's previous exemption under Coordinated Blanket Order 51-931, applying only to securities-law delivery requirements. Issuers and intermediaries must use alternative methods to ensure shareholder access to proxy materials.
The State Bank of Vietnam summarized a Banking Times roundtable in Hanoi on AI in sustainability reporting for banks. ACCA believes AI aids ESG information production but can't replace human judgment, detailing an eight-stage sustainability information cycle. Challenges include data quality, system interoperability, AI over-reliance risks, ethical concerns, and AI infrastructure's environmental impacts.
The Kuwait Capital Markets Authority referred a case to the Attorney General after a whistleblower complaint against a listed company for suspected offences under Article 120 and Article 127(3) of Law No. 7 of 2010. Allegations involve failures to disclose material information and provision of incorrect data in the company's 2024 financial statements, specifically regarding a financing and mortgage contract and undisclosed asset mortgages.
Moldova's National Commission for Financial Markets adopted measures, including registering a Moldova-Agroindbank bond issuance and addressing abusive terms in consumer credit contracts by CREDIT AUTO. The Commission registered a bond issue of MDL 146,100,000, an additional share issue by AVIS-NORD, and authorised the reorganisation of a joint stock company into a limited liability company. It plans to litigate to invalidate abusive clauses in consumer credit contracts.
The Bank of Albania reported on a meeting between Governor Gent Sejko and Hungary's Ambassador Martina Kasnyik, highlighting Albania's economic growth and financial stability. Discussions focused on enhancing bilateral economic cooperation, particularly in the financial sector and foreign investment, and Albania's progress towards EU membership. Governor Sejko emphasized the banking system's strength and the positive impact of Hungarian investments.
The Norwegian Financial Supervisory Authority has issued guidance to insurers on using the loss-absorbing capacity of deferred taxes in Solvency II calculations. It emphasizes documented, probable future taxable profits to support deferred tax assets, avoiding double counting, and adhering to Norwegian participation-exemption rules. Insurers must ensure compliance with required documentation in the Regular Supervisory Report and Solvency and Financial Condition Report by 2025.
The Commodity Futures Trading Commission's Divisions of Clearing and Risk and Market Oversight issued a staff advisory reminding designated contract markets and derivatives clearing organizations of their regulatory obligations under the Commodity Exchange Act concerning market volatility controls. The advisory emphasizes the importance of these controls in mitigating market disruptions and supporting price discovery during stressed conditions. It also advises DCOs to exercise discretion and transparency regarding potential impacts on settlement prices.
SEC Commissioner Caroline A. Crenshaw criticized the dismissal of three lawsuits alleging firms acted as securities "dealers" without registration, viewing it as a retreat from enforcing statutory requirements. The cases involved businesses converting debt into stock and selling shares at high volumes, with courts previously finding the SEC's allegations sufficient. Crenshaw emphasized the importance of dealer registration for investor protection and market oversight, including financial responsibility, risk management, and reporting obligations.
The SEC filed a civil complaint against Kenneth Mattson, former CEO of LeFever Mattson, for defrauding 200 investors of at least USD 46 million through fake real estate partnerships. Mattson allegedly commingled funds, made Ponzi-like payments, and misappropriated money, violating federal securities laws. The SEC seeks injunctions, disgorgement, penalties, and an officer and director bar, with parallel criminal charges announced by the U.S. Attorney’s Office for the Northern District of California.
The Financial Stability Board’s Regional Consultative Group for Asia met in Colombo to discuss regional financial stability issues. Key topics included global and regional financial vulnerabilities, the G20 Roadmap for cross-border payments, and monitoring risks from non-bank financial intermediation.
Argentina's Ministry of Finance announced the Historical Savings Repair Plan to simplify tax compliance and reduce bureaucracy, allowing savings use without repeatedly proving their origin. The plan includes repealing multiple reporting regimes and raising financial reporting thresholds, with measures to be published by the Revenue and Customs Control Agency. Additionally, the Central Bank of the Argentine Republic will promote an Open Finance System to enhance data sharing and credit access.
Moldova's Ministry of Finance conducted a bilateral screening with the European Commission on EU accession Chapter 17, assessing alignment with EU economic and monetary policy. Discussions focused on fiscal surveillance, economic governance, and the independence of the National Bank of Moldova. The European Commission will use the inputs to guide Moldova's legislative harmonisation efforts.
The Bank of Cape Verde released the annual results for classifying Domestic Systemically Important Banks (D-SIBs) using the methodology from Notice No. 2/2023. Banks identified as D-SIBs are required to maintain a conservation buffer based on their classification.
The Australian Prudential Regulation Authority released a new frequently asked question to clarify the administration of the Government’s Your Future, Your Super performance test, detailing benchmark representative administration fees and expenses for the 12 months to March 2025.
The Swiss Financial Market Supervisory Authority (FINMA) has issued guidance on real estate and mortgage market risks, emphasizing the need for banks to adhere to regulatory requirements in mortgage lending. FINMA highlights concerns over affordability assessments and valuation practices, recommending stricter internal policies and systematic monitoring of higher-risk lending. The guidance advises lower loan-to-value limits and higher amortisation requirements for investment properties, drawing on supervisory activities including surveys, inspections, and stress tests.
The National Bank of Moldova participated in a bilateral screening session with the European Commission on Chapter 17 "Economic and Monetary Policy" to assess Moldova's alignment with EU rules. The session evaluated central bank independence, prohibition of monetary financing of the public sector, and prevention of privileged access by public institutions to financial institutions, identifying gaps and future reform directions.
The National Bank of Moldova reported a meeting between Governor Anca Dragu and Ukraine’s Ambassador to Moldova, Paun Rohovei, focusing on economic and financial cooperation amid European integration efforts. Discussions included macroeconomic developments, financial stability, and technical cooperation in banking supervision and regulatory alignment with European standards. The meeting also emphasized EU accession preparation and exchanges of best practices.
The Central Bank of Taiwan released April 2025 statistics for the Taipei foreign exchange market, showing a total net trading volume of USD 953.7 billion and an average daily turnover of USD 47.7 billion. Interbank transactions dominated at USD 691.4 billion, with NTD/foreign currency trading at USD 393.7 billion and third-currency trading at USD 560.0 billion. Foreign exchange swaps were the largest product category at USD 495.8 billion, with direct dealing surpassing brokered trading.
The Taiwan Financial Services Commission released aggregated Q1 2025 financial results for listed companies, revealing a significant year-on-year increase in revenue and pre-tax profit. Of 1,875 companies required to file, three missed the deadline. TWSE-listed companies saw profit growth in Semiconductors and Electronics, while TPEx-listed companies excelled in Biotechnology and Medical Care.
The Central Bank of The Bahamas' 2024 Annual Report highlights an accommodative monetary policy to boost private-sector lending, exchange control liberalisation, and advancements in domestic payments and SandDollar adoption. External reserves rose by BSD 115.5 million, while domestic credit growth outpaced deposit growth, reducing banking system liquidity. Forward-looking initiatives include launching an ISO 20022-compliant real-time gross settlement system and expanding SandDollar use cases in 2025.
The Central Bank of the Bahamas warns against fraudulent ads, videos, and social media posts impersonating its officials to promote fake investments. These scams promise high returns for small investments using AI-generated deepfakes. The Central Bank stresses it only offers government bonds and advises verifying communications through official channels, urging the public to report scams to the Royal Bahamas Police Force.
The Eastern Caribbean Central Bank warned against financial scams in the Eastern Caribbean Currency Union, highlighting deceptive investment schemes and AI-driven impersonation frauds. Part of the ECCB Connects programme, the alert provided guidance on identifying scams, such as unauthorized high-return investment offers and phishing attempts. Citizens are advised to verify licences, report fraud to authorities, and exercise caution even with recommendations from trusted sources.
The Angola Capital Markets Commission conducted a lecture at Universidade Privada de Angola on 16 May, focusing on capital market fundamentals and investment opportunities. Delivered by Márcia Domingos, the session is part of the Commission’s Financial Education Programme, which aims to enhance financial literacy among Angolan students and promote good conduct in the securities market.
The European Securities and Markets Authority (ESMA) has initiated a Call for Evidence on the retail investor journey under MiFID II to assess engagement with investment services and identify potential barriers. The exercise examines retail market trends, the impact of social media, and the effectiveness of MiFID II requirements, including disclosures and suitability assessments. ESMA aims to balance investor protection with informed risk-taking and will evaluate the need for regulatory adjustments based on stakeholder feedback.
The Central Bank of Nicaragua's president and the Superintendent of Banks attended the 13th joint meeting of the Central American Monetary Council and the Council of Central American Superintendents of Banks, Insurance and Other Financial Institutions. The meeting reviewed the Regional Financial Stability Report 2024, highlighting risks from U.S. trade and migration policy, geopolitical tensions, and cyber threats. Supervisors from Panama and Colombia presented on regional banks' financial positions, covering profitability, efficiency, solvency, and liquidity.
Saudi Arabia Capital Markets Authority (CMA) has authorized Owais Al-Osool for Financial Technology to commence operations under its Financial Technology Experimental Permit, allowing experimentation with offering and investment in debt instruments. This authorization is in accordance with the Capital Market Law, implementing regulations, and the CMA Board’s Financial Technology Experimental Permit instructions.
The Bank of Greece reported a widening of Greece's current account deficit in March 2025 and Q1 2025, driven by weaker goods and services balances and a larger secondary income deficit, partially offset by improved primary income. In March, the deficit increased by EUR 496.7 million to EUR 3.0 billion, with exports down 8.9% and imports up 2.6%. Reserve assets rose to EUR 15.7 billion at the end of March 2025.
The Reserve Bank of India has amended the Second Schedule to the Reserve Bank of India Act, 1934, to update the name of "North East Small Finance Bank Limited" to "slice Small Finance Bank Limited". This change was formalized through Notification DoR.LIC.No.S1134/16.13.216/2025-26.
The Dubai Financial Services Authority announced amendments to the DFSA Rulebook, effective 1 July 2025 and 1 July 2026, following Consultation Paper No 161. Changes involve updates to modules including Auditor (AUD), Prudential (PIB), and Conduct of Business (COB), with final legislation potentially differing from initial proposals. Detailed rule-making instruments and appendices are available on the DFSA website.
The Dubai Financial Services Authority has amended its Rulebook, making prudential requirements more proportionate for Authorised Firms in the Dubai International Financial Centre. Key changes include removing the Expenditure Based Capital Minimum for certain firms from 1 July 2025, expanding eligible currencies for liquidity requirements, and introducing an Activity Based Capital Requirement from 1 July 2026. The reforms also reclassify certain business activities and adjust Professional Indemnity Insurance requirements, with implementation phased over 2025 and 2026.
The Spanish Securities Commission (CNMV) and BME have introduced BME Easy Access, a new IPO and listing process allowing companies to trade on regulated markets without an initial minimum free float. Companies must have a valuation above EUR 500 million, with CNMV potentially allowing smaller firms, and have 18 months to complete share placements. Trading is initially limited to professional investors, with general trading on SIBE commencing once sufficient free float is achieved.
The Reserve Bank of New Zealand has issued the Deposit Takers (Depositor Compensation Scheme Transitional Provisions) Standard 2025, effective 1 July 2025, requiring deposit takers to gather alternate bank account details for DCS payments post-failure. Online platforms must have a DCS depositor page by 1 July 2025, with mobile applications complying by 31 December 2025, and firms may propose alternative secure methods for data collection.
The Australian Securities & Investments Commission (ASIC) announced that former financial services director Mark Francis McCabe was sentenced to four years and three months in prison, with a non-parole period of two years and six months, for three fraud offences. McCabe's fraudulent activities, between January 2015 and April 2021, affected eight victims and involved misappropriating AUD 940,350 by misleading investors about access to funded foreign exchange trading accounts. The case was prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC investigation.
ASIC seeks High Court leave to appeal a Full Federal Court decision that Block Earner's fixed-yield crypto-asset product isn't a financial product. ASIC wants to clarify "financial product" to include interest-earning and asset conversion products, after a Federal Court found Block Earner engaged in unlicensed financial services but relieved it from penalties. The Full Federal Court dismissed ASIC's appeal, prompting the High Court application.
The Australian Securities & Investments Commission (ASIC) has initiated civil penalty proceedings against Resimac Limited in the Federal Court for mishandling financial hardship applications, violating its Australian credit licence obligations. The alleged misconduct, from January 2022 to February 2024, involved a standardized approach to hardship requests, leading to summary rejections. ASIC seeks declarations, penalties, adverse publicity orders, and costs, marking its first action against a credit licensee for such failures, alongside ongoing cases against Westpac and National Australia Bank.
The Rwanda Capital Markets Authority renewed its partnership with the Chartered Institute for Securities & Investment (CISI) through a new Memorandum of Understanding, establishing a capacity-building framework for Rwanda’s capital markets. This includes a three-part licensing pathway for practitioners and mandatory continuing professional development (CPD) for licence renewal. The MoU was signed in London during a visit organized by TheCityUK under the Kigali International Financial Centre Skills Council initiative.
The Ukraine National Commission on Securities and Stock Market met with an International Monetary Fund delegation to review the Memorandum implementation in the context of the eighth Extended Fund Facility review. Discussions covered compliance verification, capital flow management, financial market infrastructure priorities, and reforms post-IOSCO law adoption. The IMF mission's work on the eighth EFF review commenced on 20 May 2025.
De Nederlandsche Bank reported a slight decline in Dutch households' securities portfolios in Q1 2025, totaling EUR 188.9 billion, down 0.4% from the previous quarter. Losses were primarily in technology stocks, while bond holdings increased by 17% to EUR 6.5 billion, driven by net household purchases. Despite the decline in securities, households maintain significantly higher balances in savings and payment accounts.
Nigeria's Ministry of Finance has inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria (AMCON), chaired by Dr. Bala Bello, to enhance asset recovery and prepare for an orderly wind-down. The board aims to strengthen corporate governance, restore investor confidence, and align the exit strategy with global best practices. Minister Wale Edun emphasized unlocking value from non-performing assets to support financial sector reform.
The Dutch Authority for the Financial Markets released a keynote speech by Chair Laura van Geest at an AFME event in Frankfurt, emphasizing the theme "Make Europe Strong (Again)" amid geopolitical tensions. Van Geest highlighted three priorities: enhancing EU laws, centralizing supervision, and fostering a European mindset to build a genuine internal financial market. She advocated for collaboration and using uncertainty to drive breakthroughs.
The Central Bank of Ireland concluded its INBS Inquiry, disqualifying former executive John Stanley Purcell for four years and imposing a EUR 130,000 penalty. The enforcement action underscores the importance of senior management's role in risk management and governance. The Central Bank will seek High Court confirmation for the sanctions, which will not take effect until confirmed.
Indonesia's Financial Services Authority (OJK) has summoned fintech lender PT Kredit Utama Fintech Indonesia (Rupiah Cepat) after reports of consumers receiving funds without applying for loans. OJK has instructed the firm to investigate the alleged violations and report back, while also emphasizing consumer caution and proper complaint reporting.
The Securities and Exchange Commission of Pakistan (SECP) briefed the Special Assistant to the Prime Minister on initiatives to enhance business ease through regulatory reforms and digitalisation, including a regulatory sandbox. The discussion emphasized investor protection, insurance, pension, and capital market reforms, with a call for government coordination on insolvency and debt enforcement reforms.
First Vice Governor Ekaterine Mikabadze of the National Bank of Georgia attended the 50th IOSCO Annual Meeting in Doha, engaging with committees on topics such as IOSCO’s Online Safety Guide for Retail Investors and fintech developments. The National Bank of Georgia, a full IOSCO member since 2021, also participated in sessions on sustainability reporting and diversity support.
The National Bank of Georgia (NBG) hosted an International Monetary Fund (IMF) mission led by Alejandro Hajdenberg as part of the Article IV consultation process. Governor Natia Turnava presented the NBG's monetary policy stance and recent macroeconomic developments, reaffirming the commitment to price stability. The mission will conduct technical meetings with NBG teams on various financial topics before concluding with a wrap-up session.
The National Bank of the Republic of North Macedonia signed a memorandum with the European Bank for Reconstruction and Development to support the Women Entrepreneurs Finance Code, aiming to reduce the gender gap in access to finance. An analysis revealed women-owned MSMEs received 13.8% of bank loans but only 7.5% of the total loan value, with a lower non-performing loan ratio compared to male-owned MSMEs. The governor urged financial entities to join, with four banks already participating.
The European Banking Authority (EBA) released end-2024 data under the Deposit Guarantee Schemes Directive, revealing EU Deposit Guarantee Schemes (DGS) funds reached EUR 79 billion, meeting or exceeding the minimum target level. Covered deposits in the EU rose by 3.2% to EUR 8.6 trillion, while available funds increased by 11.1% in 2024. The dataset also includes the European Economic Area, with covered deposits of EUR 8.8 trillion and available financial means of EUR 81 billion.
The Luxembourg Commission de Surveillance du Secteur Financier released a list of independent approved statutory auditors and audit firms under Article 16 of Regulation (EU) No 537/2014. These entities received less than 15% of their total audit fees from public-interest entities in Luxembourg in 2024.
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) will implement a new delegation management system for Key Information Document (KID) submissions from 26 May 2025, allowing declarants to delegate fund management to a legal entity sender. Existing delegations will become inactive on this date but remain visible for one month to aid transition. The CSSF has updated its KID user guide to reflect these changes.
The Central Bank of Colombia issued External Operational and Services Circular DTE-406, Subject 74, detailing regulations on treasury services.
The Bank of Finland's annual financial stability assessment reports that while Finland's financial system remains stable, risks have increased due to external factors like Russia's war in Ukraine. The assessment emphasizes the need for Finnish banks to maintain lending capabilities in crisis scenarios and suggests more flexible use of the countercyclical capital buffer. It also highlights vulnerabilities such as high household indebtedness and variable-rate loans, and calls for action against rising cybercrime and scams.
Hong Kong's Financial Services and the Treasury Bureau announced the passage of the Stablecoins Bill, establishing a licensing regime for fiat-referenced stablecoin (FRS) issuers. The ordinance mandates licensing from the Hong Kong Monetary Authority, with standards on reserve asset management, redemption, and anti-money laundering. The regime, effective in 2025, includes transitional arrangements and limits on FRS distribution and promotion.
The National Bank of Ethiopia announced foreign exchange market reforms to enhance flexibility for importers and travellers, aligning bank FX pricing practices with global standards. Key changes include raising the importer advance payment limit to USD 50,000 per transaction and increasing FX cash purchase limits for travellers. Banks must maintain competitive FX charges, capped at 4 percent, with fees disclosed on the National Bank's website from June 2025.
The Hong Kong Securities and Futures Commission (SFC) warned of phishing texts with links mimicking SFC-licensed corporations' sites, leading to unauthorized transactions. The SFC mandates that licensed corporations must not send electronic messages with embedded hyperlinks for transactions or sensitive data requests. The public is advised to verify message authenticity with the relevant corporation and report unauthorized activity to the Police.
The Hong Kong Securities and Futures Commission (SFC) has banned Ho Hin Hang, a former senior manager at Lion Futures Limited (LFL), for five months due to failures in anti-money laundering and counter-terrorist financing responsibilities. This follows a previous SFC reprimand and HKD 2.8 million fine against LFL for compliance failures from 2017 to 2019. The SFC cited Ho's inadequate oversight and the firm's lack of due diligence and monitoring as key factors in the decision.
The Hong Kong Securities and Futures Commission (SFC) has issued a restriction notice to Bloomyears Limited, questioning its reliability and integrity in conducting regulated activities. The notice, under sections 204 and 205 of the Securities and Futures Ordinance, prohibits Bloomyears from engaging in its licensed activities or dealing with client property without SFC's consent. The investigation by the SFC is ongoing.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has suspended Tolebi Credit Partnership LLP’s licence for microfinance activities for three months due to breaches of prudential standards. During this period, the firm cannot enter into new or extend existing microcredit agreements but must fulfill existing commitments. Clients remain liable for non-performance under current contracts.
The Hong Kong Monetary Authority has outlined a new licensing regime for fiat-referenced stablecoin issuers following the passage of the Stablecoins Bill, soon to become the Stablecoins Ordinance. Licensed issuers must adhere to standards on reserve asset management, redemption, anti-money laundering, and risk management, with restrictions on retail offerings and advertising. The Ordinance is expected to take effect in 2025, with further consultations on regulatory requirements and virtual-asset services planned.
The Federal Reserve Bank of Kansas City released its Q4 2024 Bank Capital Analysis, highlighting a decline in leverage metrics for U.S. global systemically important banks (G-SIBs). The weighted average Tier 1 leverage ratio for U.S. G-SIBs fell 13 basis points to 7.11%, while large, regional, and community banks reported higher ratios. The supplementary leverage ratio for G-SIBs decreased by 10 basis points to 5.98%.