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2025-05-15•North Macedonia•National Bank of the Republic of North Macedonia
Most commercial banks in North Macedonia are set to join the SEPA Credit Transfer scheme by 22 August 2025, enabling cross-border euro transactions from early October 2025. One systemically important bank has applied to the European Payments Council, while others are finalizing prerequisites. The central bank and Macedonian Banking Association will support banks in resolving integration issues.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-05-15•Italy•Bank of Italy
Luigi Federico Signorini, President of the Institute for the Supervision of Insurance (IVASS), testified before the Italian Senate’s Parliamentary Commission of Inquiry into the banking, financial, and insurance system. The Bank of Italy released the hearing document.
Policy & regulationCooperationOther
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2025-05-15•Italy•Bank of Italy
The Bank of Italy's Superior Council unanimously appointed Sergio Nicoletti Altimari as Vice Director General, following the Governor's proposal. Nicoletti Altimari, currently Head of the Economics and Statistics Department, awaits approval by decree of the President of the Republic, coordinated by the Prime Minister and the Minister of Economy and Finance.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-05-15•Italy•Bank of Italy
The Bank of Italy announced that Luigi Federico Signorini, President of Italy’s Insurance Supervisory Authority (IVASS), addressed the Senate Investigation Committee on the Banking, Financial and Insurance System. The hearing text has been published in Italian.
OtherSupervision process and methodologies
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2025-05-15•Italy•Bank of Italy
The Bank of Italy's Board of Directors has nominated Sergio Nicoletti Altimari as Deputy Governor on the Governing Board, pending approval by a presidential decree. Altimari is currently the Managing Director and Director General for Economics, Statistics, and Research.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-05-15•China•Central Bank of the Republic of China
The People's Bank of China and other regulators outlined priorities to enhance the tech-finance framework for technology missions and SMEs. Key measures include accelerating relending policies, expanding banks' first-time lending, and strengthening support for innovation through pilots and risk-sharing tools. The meeting emphasized improving the ecosystem with better cross-agency coordination and tailored financial institution governance.
Policy & regulationReform agendas & prioritiesFintech and insurtechMarket development
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2025-05-15•China•Central Bank of the Republic of China
The People’s Bank of China, Hong Kong Securities and Futures Commission, and Hong Kong Monetary Authority plan to expand Swap Connect by extending swap maturities to 30 years and adding contracts linked to the Loan Prime Rate. Since its launch in May 2023, Swap Connect has seen significant growth, with over 12,000 trades and a notional value of CNY 6.5 trillion by April 2025. New measures will be implemented progressively, refined based on operational experience.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-05-15•Indonesia•Bank Indonesia
Bank Indonesia reported Indonesia's external debt reached USD 430.4 billion in Q1 2025, with annual growth accelerating to 6.4% from 4.3% in Q4 2024, driven by public sector debt. The external debt-to-GDP ratio was 30.6%, with long-term debt comprising 84.7% of the total. Government external debt rose to USD 206.9 billion, while private external debt contracted to USD 195.5 billion, with significant allocations in sectors such as manufacturing and public administration.
Data & statisticsBalance of payments and other external statistics
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2025-05-15•Europe•European Banking Authority
The European Banking Authority updated its EU list of other systemically important institutions (O-SIIs) for 2024, identifying 175 banks with buffer rates from 0.25% to 3%. The list includes each institution's score under EBA Guidelines, considering size, importance, complexity, and interconnectedness, while allowing national authorities to apply supervisory judgement. Further jurisdiction-specific details are provided by relevant authorities responsible for O-SII identification under the Capital Requirements Directive.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-05-15•Taiwan•Ministry of Finance (Taiwan)
Taiwan’s Ministry of Finance National Financial Stabilization Fund denied reports of a strategic partnership with Yuan Yong Xiong Co. for a "Bridge of Protection" project, labeling the claims as false. The Fund is working to remove misleading website content and cautions the public to remain vigilant.
SupervisionAlertsFraud and scams
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2025-05-15•Lithuania•Bank of Lithuania
The Bank of Lithuania released a March 2025 comparison of interest rates on new business loans and deposits, showing a decline in rates across Lithuania compared to December 2024. Household term deposit rates in Lithuania fell by 0.58 percentage points to 2.12%, while housing loan rates eased to 4.2%. Rates on loans to households for other purposes dropped significantly to 6.82%, contrasting with a broadly flat euro area average.
Data & statisticsFinancial and market indicators
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2025-05-15•Ukraine•National Bank of Ukraine
The National Bank of Ukraine's Financial Stability Council approved amendments to the Financial Sector and Lending Development Strategies and endorsed a Mortgage Development Strategy concept. Key updates include legislative regulation, mortgage lending, digital resilience, and EU integration. The Lending Strategy aligns with the Ukraine Facility roadmap, focusing on nonperforming loans and foreign investment.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic risk
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2025-05-15•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) reported its enforcement activity for Q1 2025, initiating six new administrative offence proceedings and concluding five. Additionally, ASF issued five conviction decisions under the summary procedure.
EnforcementEnforcement statisticsSanctions list update
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2025-05-15•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC has ordered Mercedes Benz Financial Services Australia to hire an external auditor over concerns about compliance with the AML/CTF Act. Issues include misclassifying customers as low risk and inadequate monitoring systems. This is part of AUSTRAC's scrutiny of non-bank lenders, aiming to improve compliance and assess if further regulatory actions are needed.
SupervisionInterventionsAML and CFTCompliance
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2025-05-15•Laos•Bank of the Lao
The Bank of the Lao and the International Monetary Fund (IMF) held a remote meeting to discuss the IMF's preliminary macroeconomic outlook for Lao PDR and the 2025 Article IV consultation plan. Deputy Governor Sulisak Thanuvong and other Lao officials participated, with the IMF delegation led by Angana Banerji. Discussions focused on the economic outlook, policy direction, and the IMF's recommendations for macro-financial stability.
Policy & regulationCooperationEconomic data and developments
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2025-05-15•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Regulatory Circular DSP-465, updating the framework for interoperability of instant low-value payment systems, replacing the previous circular from September 2024. The circular targets administrators of systems handling instant payment orders and transfers, and was shared with the Financial Superintendence of Colombia and the Superintendence of the Solidarity Economy.
Policy & regulationRules & requirementsPayments and payment systems
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2025-05-15•Colombia•Central Bank of Colombia
The Central Bank of Colombia announced Lulo Bank S.A. as a new participant in CENIT through External Circular Letter DSP-0086.
Policy & regulationImplementation, projects & pilotsLicence approval
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2025-05-15•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia trained 87 compliance officers from supervised financial institutions on money laundering and terrorist financing risk and prevention. The agenda covered the prevention ecosystem, the SFC's role, and progress in Colombia’s Anti-Money Laundering/Combating the Financing of Terrorism framework, with input from DIAN, UIAF, and compliance officers.
Policy & regulationImplementation, projects & pilotsAML and CFT
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2025-05-15•Bosnia and Herzegovina•Banking Agency of the Federation of Bosnia and Herzegovina
The Banking Agency of the Federation of Bosnia and Herzegovina released preliminary data on the performance of entities in the Federation's banking system as of 31 March 2025. Final quarterly figures will be published in the Information on entities of the banking system of the Federation of Bosnia and Herzegovina.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-05-15•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) led Asia-Pacific regulators at the IOSCO Annual Meeting to enhance collaboration against online investment scams, focusing on risks like deepfake-driven scams and finfluencers. SFC CEO Julia Leung presented regional cooperation initiatives, while the SFC signed Memoranda of Understanding with several international regulators to boost cross-border collaboration.
Policy & regulationCooperationCross-border cooperation
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2025-05-15•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission and the Financial Services Regulatory Authority of Abu Dhabi Global Market have signed a memorandum of understanding to enhance cooperation in supervising investment managers of collective investment schemes. The MoU establishes a framework for consultation, cooperation, and information exchange for cross-border fund management and advisory activities, aiming to facilitate cross-market collaboration, including investment delegation and master-feeder fund structures.
Policy & regulationCooperationCross-border cooperation
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2025-05-15•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission, in collaboration with the People’s Bank of China and the Hong Kong Monetary Authority, plans to expand Swap Connect by extending eligible interest rate swap tenors to 30 years and including swaps referencing the Loan Prime Rate. As of April 2025, Swap Connect involved 20 Mainland dealers and 79 offshore investors, with over 12,000 transactions and a notional amount of approximately RMB 6.5 trillion. Enhancements will be implemented progressively by market infrastructure operators, with ongoing regulatory guidance.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-05-15•Hong Kong•Hong Kong Securities & Futures Commission
Hong Kong's Securities and Futures Commission announced the conviction of Mr. Lin Tai Fung and Mr. Or Chun Nin for conspiracy to commit false trading in Pa Shun International Holdings Limited shares. Lin was also convicted for failing to notify The Stock Exchange of Hong Kong Limited of changes in his share interest. Sentencing is scheduled for 10 June 2025, with bail set at HKD 20,000 and a surety of HKD 50,000.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-05-15•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) announced that the Court of First Instance dismissed Ms Lai Ka Yi’s appeal against her conviction and sentence for unlicensed securities dealing. Lai began serving a two-week prison sentence and was ordered to pay HKD 98,000 in compensation. The SFC reminded investors to verify the licensing status of securities service providers via its Public Register.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-05-15•Austria•Austrian National Bank (OeNB)
The Austrian National Bank (OeNB) hosted the Green Finance Conference in Vienna, focusing on aligning financial flows with ecological and economic goals. OeNB Governor Robert Holzmann highlighted the EU's annual EUR 700 billion green and digital transformation financing needs, advocating for a deeper capital market and the EU Capital Markets Union. European Central Bank Executive Board member Frank Elderson emphasized managing climate-related financial risks and comprehensive corporate sustainability reporting.
Financial literacy & educationClimate risk and sustainable finance
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2025-05-15•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) has released the monthly benchmarks for securities investment funds for 2025. Users are encouraged to subscribe to notifications via the CMVM's Institutional and Investor Portals for email updates.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-05-15•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia concluded its "Masters of the Digital Future" financial literacy initiative, awarding top honors to teams from OŠ Maksa Pečarja and Gimnazija Bežigrad. The program involved over 600 students from 60 schools, emphasizing youth financial education and collaboration with the Ministry of Finance. Winning teams will visit Vienna and meet the Slovenian President.
Financial literacy & educationFinancial literacy and education
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2025-05-15•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan warned about scams with fraudsters posing as financial experts, especially on social media. These schemes mimic well-known companies or banks to deceive individuals into transferring money to fake investment platforms. The Agency advises verifying financial licences, confirming promotions through official channels, and avoiding sharing personal data or funds without thorough checks.
SupervisionAlertsFraud and scams
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2025-05-15•Global•International Banking Federation
The International Banking Federation (IBFed) released a paper analyzing the implementation of Basel III and Basel 3.1 standards globally and their impact on the financial industry and economies. The paper, discussed with the Basel Committee on Banking Supervision, emphasizes the need for balanced capital requirements to support financial stability without impeding economic growth.
Policy & regulationInternational standards & recommendationsCapital adequacyPrudential risks
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2025-05-15•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors has opened registration for the IAIS Global Seminar 2025, a virtual event from 8–10 July. The seminar will feature discussions on key 2025 projects, including Insurance Capital Standard implementation, and panel sessions on insurance sector risks and natural catastrophe protection gaps.
Policy & regulationCooperationOther
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2025-05-15•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to Shanghai Commercial Bank Limited. The HKMA reminded the public 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 the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-05-15•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to The Bank of East Asia, Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who interacted with the fraudulent site are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-05-15•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority's credit card lending survey for Q1 2025 shows a 5.8% decline in total card receivables to HKD 152.8 billion, following a previous quarter increase. Delinquency and charge-off ratios saw slight increases, with the delinquent and rescheduled ratio rising to 0.42% and the charge-off ratio to 0.61%.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-05-15•Hong Kong•Hong Kong Monetary Authority
The People’s Bank of China, the Hong Kong Securities and Futures Commission, and the Hong Kong Monetary Authority announced planned enhancements to Swap Connect, expanding eligible products and extending interest rate swap contract tenors to 30 years. As of April 2025, Swap Connect facilitated over 12,000 transactions with a notional amount of RMB 6.5 trillion. Enhancements will be implemented progressively, with ongoing regulatory guidance.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-05-15•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert regarding a fraudulent social media account reported by Bank of Singapore Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through such means. It advised affected individuals to contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-05-15•Finland•Ministry of Finance (Finland)
Finland’s Ministry of Finance released a report advocating for a diversified financial system to enhance stability and growth, moving away from the current bank-centred model. The report recommends expanding private equity funds, implementing targeted tax changes, and enhancing the Helsinki stock exchange's appeal. It also suggests broadening household investment options to deepen capital markets, emphasizing financial literacy and risk awareness.
Policy & regulationReform agendas & prioritiesMarket development
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2025-05-15•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria released April 2025 data on banknotes and coins in circulation, available in dynamic series and tabular format. The update includes an updated dissemination calendar.
Data & statisticsCurrency and cash management
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2025-05-15•Qatar•Qatar Central Bank
Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani met with Blackstone Chairman Stephen Schwarzman on 14 May 2025 to discuss global finance and investment developments.
Other
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2025-05-15•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission, with industry partners, launched a pilot reforestation project in Nan province as part of its ESG and loss-prevention agenda. The initiative includes a road-safety campaign, an insurance knowledge exhibition, and planting over 20,000 trees valued at more than THB 2.6 million. The effort is supported by the Regional Training Center for Community Forest Asia and Pacific under the "Trees 4 ALL" scheme.
Policy & regulationImplementation, projects & pilotsOther
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2025-05-15•Jordan•Jordan Securities Commission
The Jordan Securities Commission and Princess Sumaya University for Technology signed a memorandum to enhance cooperation on capital markets education, focusing on student awareness, skills, and financial technology. The agreement includes training lectures, a program for financial ideas development, technical cooperation, and collaboration in research and events, with PSUT interested in virtual assets and curriculum development in financial services and technology.
Financial literacy & educationDomestic cooperation
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2025-05-15•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority announced that AF Asset Management AG's asset management licence expired on 13 May 2025, following the firm's waiver of authorisation. Consequently, the firm is no longer authorised to provide or broker services under Article 3 of the VVG. The licence was initially granted on 21 December 2006 and expired under Article 30(1)(a) VVG.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-05-15•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority released its "Liechtenstein Financial Center" brochure, detailing 2024 supervisory metrics across banking, funds, asset management, and insurance. Key figures include CHF 503.7 billion in client assets under management across 11 banks, CHF 117.8 billion in assets under management in 840 licensed funds, and CHF 5.70 billion in insurance premium income. The report highlights significant growth in fund assets, with nearly a 70% increase since 2021.
Data & statisticsOther
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2025-05-15•Jordan•Central Bank of Jordan
The Central Bank of Jordan reported a 34.2% increase in tourism income in April 2025 to USD 710.3 million, driven by a 19% rise in tourist numbers, and a 5.2% rise in expatriate remittances in March 2025 to USD 283.4 million. Spending on tourism abroad also rose by 6.5% in April 2025 to USD 155.4 million.
Data & statisticsBalance of payments and other external statistics
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2025-05-15•Europe•European Central Bank
ECB Executive Board member Piero Cipollone emphasized the digital euro as a cash complement, offering a pan-euro payment option and reducing reliance on non-European providers. He discussed Eurosystem efforts to support DLT-based wholesale transactions and TARGET Services upgrades. Cipollone noted declining cash use and non-European dominance in euro area card transactions, with further developments expected in digital euro testing and wholesale DLT settlement solutions.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-05-15•Europe•European Central Bank
European Central Bank Vice-President Luis de Guindos discussed euro area financial stability at the International Swaps and Derivatives Association meeting, noting resilience amid uncertainty. He highlighted vulnerabilities from elevated valuations, trade tensions, and fiscal positions, stressing robust macroprudential policies for banks and non-banks. De Guindos called for enhanced EU supervisory coordination and global cooperation to address liquidity mismatches and leverage in non-bank financial intermediation.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic riskMarket risk and volatility
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2025-05-15•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) hosted a meeting on the National Policy for Access to Insurance, emphasizing "Education as a Tool" for expanding access. Part of the 12th National Financial Education Week, it included discussions on inequality, inclusion strategies, and consumer tools, with contributions from SUSEP leadership and international representatives. The final report is on SUSEP's website.
Policy & regulationImplementation, projects & pilotsFinancial literacy and education
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2025-05-15•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau has amended its January 30, 2025 consent order with Wise, revising the civil money penalty while maintaining consumer redress requirements. The revised order reduces the fine from USD 2.025 million to approximately USD 45,000, which the Bureau states aligns with the Consumer Financial Protection Act, relevant precedents, Executive Order 14219, and its rescission of certain guidance including Consumer Financial Protection Circular 2024-02.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-05-15•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines has extended the testing period for the International Transactions Reporting System (ITRS) from June 2025 to May 2026, with full implementation set for June 2026. This extension allows banks and the project team to address technical and reporting issues. Banks are to continue submitting FX Form IIA reports under the current policy until advised otherwise.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-05-15•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) approved amendments to six benefit plan regulations for Portus Instituto de Seguridade Social, finalizing a settlement and advancing the end of a 14-year intervention. Changes include annual benefit adjustments and resumption of suspended payments, with financial effects largely implemented. PREVIC extended the intervention until 30 June to complete payments and appoint provisional directors, allowing Portus to exit intervention once requirements are met.
Policy & regulationRules & requirementsOther
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2025-05-15•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) discussed supervisory challenges and regulatory developments for closed pension funds at a São Paulo seminar, emphasizing governance, communication, and sustainability. PREVIC head Ricardo Pena stressed clearer communication and linked Resolution 23/23 to governance improvements. Standards director Alcinei Rodrigues advocated embedding sustainability in supervision, referencing National Monetary Council Resolution 5202/25.
SupervisionSupervision approach, priorities & toolkitESG
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2025-05-15•Estonia•Ministry of Finance (Estonia)
Estonia's Ministry of Finance proposed a draft bill to create a credit information register for lenders to view borrowers' obligations and prevent over-indebtedness. Lenders must report loan details within 24 hours and check borrowers' repayment capacity before issuing new loans. Operated by a privately selected company, the register allows individuals to monitor obligations and impose lending bans on their profiles.
Policy & regulationRules & requirementsLending
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2025-05-15•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated two individuals to pay a statutory fee of VND 1,000,000 each for securities practising certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer to Vietinbank or Vietcombank, or directly at the Commission. Failure to collect the certificate within one year of the fee-payment notice will result in cancellation.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-05-15•Vietnam•Vietnam State Securities Commission
Vietnam's Ministry of Finance and the Vietnam State Securities Commission are consulting on amendments to Circular 91/2020/TT-BTC. The draft circular addresses financial safety indicators and corrective measures for securities business organizations failing to meet these standards.
Policy & regulationRules & requirementsPrudential risksSupervision process and methodologies
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2025-05-15•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM), supported by B3, Planejar, and ANCORD, will release an educational video warning about the risks of contracts for difference (CFDs) and Forex during National Financial Education Week 2025. It emphasizes that only CVM-authorized institutions may offer securities-related products in Brazil and highlights the absence of registered Forex offers. The video will be available on the CVMEducacional YouTube channel.
Financial literacy & educationFinancial literacy and education
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2025-05-15•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore is consulting on proposals to streamline prospectus disclosure requirements for Singapore Exchange listings, focusing on core investor-relevant information for primary listings and aligning secondary listing disclosures with international standards. The proposals include legislative changes to facilitate earlier investor interest gauging in the IPO process, complementing concurrent Singapore Exchange Regulation reforms.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-05-15•Estonia•Central Bank of Estonia
The Central Bank of Estonia's Supervisory Board reviewed the latest financial stability report and received updates on the euro area and Estonian economy. Presentations were given by Jaak Tõrs, Governor Madis Müller, and economist Orsolya Soosaar.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-05-15•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission proposed legislative revisions to increase maximum deposit protection coverage to KRW 100 million from KRW 50 million, effective September 1, 2025. This change, the first in 24 years, will apply to KDIC-insured banks, savings banks, and various mutual finance institutions. The proposal also includes coordinated updates to six Enforcement Decrees and plans for revised deposit insurance premium rates by 2028.
Policy & regulationRules & requirements
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2025-05-15•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission reported that Health Maintenance Organizations (HMOs) achieved a net income of PHP 579.39 million for Q1 2025, marking an 8,441.97% increase from the previous year, driven by a 26.15% rise in membership fees. Total industry expenses rose 20.02% to PHP 22.41 billion, with healthcare benefits and claims comprising 78.87% of expenses. Total assets and liabilities increased by 22.67% and 22.82%, respectively, with growth in membership fee reserves and retained earnings.
Data & statisticsFinancial and market indicators
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2025-05-15•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has approved new rules for calculating and disclosing the Azerbaijan Interbank Rate (AZIR), enhancing its role as a benchmark for the unsecured interbank money market and as an operational target for monetary policy. The methodology includes trimming extreme trades to reduce volatility and contingency plans for days with insufficient transactions. Compounded AZIR rates for 30-, 90-, and 180-day periods will be published, along with a Compounded Accumulating Index starting from 1 November 2024.
Policy & regulationRules & requirementsFinancial benchmarks
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2025-05-15•Malaysia•Malaysia Securities Commission
The High Court (Special Powers Division) dismissed a civil suit by former Malaysian Merchant Marine Berhad Executive Deputy Chairman Dato’ Ramesh Rajaratnam against the Malaysia Securities Commission (SC) and the Government of Malaysia, challenging the insider trading provision in the Capital Markets and Services Act 2007. The court deemed the suit an abuse of process and awarded RM5,000 in costs to both the SC and the Government. The SC argued the suit was barred by res judicata and was a collateral attack on Ramesh's prior conviction and ongoing appeal.
OtherMarket abuse
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2025-05-15•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has granted Open Joint Stock Company “Xalq” Bank a perpetual licence (IXB-01) to conduct investment services. This authorization was issued under Article 74-3.4 of the Law on the Securities Market on 7 May 2025.
SupervisionAuthorisations & approvalsLicence approval
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2025-05-15•Poland•Ministry of Finance (Poland)
Poland's Ministry of Finance reported on the Economic and Financial Affairs Council meeting, highlighting discussions on the SAFE instrument proposing EUR 150bn in loans for joint defence procurement and a directive updating EU VAT rules for imported goods. The Council addressed competitiveness, the economic impact of Russia's war against Ukraine, and approved changes to the Recovery and Resilience Facility plans for several countries. The VAT directive awaits the European Parliament's opinion, while the SAFE proposal is under further Council review.
Policy & regulationRules & requirementsOther
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2025-05-15•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia's Deputy Director General, Sok Sokunchivy, led a delegation to a QFMA conference on digital transformation in capital markets. The event featured sessions on Islamic finance, SME empowerment, and market conduct, with participation from IOSCO members and international financial representatives.
Policy & regulationCooperationMarket development
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2025-05-15•Ukraine•Ministry of Finance (Ukraine)
The Ministry of Finance of Ukraine announced outcomes from the Financial Stability Council's meeting, approving amendments to the Financial Sector Development and Lending Development Strategies. Updates include legislative regulation of the Business Development Fund, a mortgage lending strategy, and enhanced digital operational resilience. The capital market reform agenda now emphasizes aligning with stakeholders and European integration, while the Lending Development Strategy focuses on nonperforming loans and foreign investment.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic risk
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2025-05-15•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has amended the Financial Crime Returns Rules, mandating periodic financial crime returns for accountants, lawyers, and estate agents classified as prescribed businesses. Non-bank money services businesses are now required to submit quarterly Financial Flows Returns. These changes align with existing practices and aim to standardize filing requirements across sectors.
Policy & regulationRules & requirementsRegulatory reporting
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2025-05-15•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC emphasized its commitment to strengthening ESG compliance and sustainable practices, especially for SMEs, during Commissioner Javey Paul D. Francisco’s address at the VIA Vendor Fair 2025. The SEC highlighted its 2019 Sustainability Reporting Guidelines and the SMILEES Roadshow as part of its ESG initiatives. While ESG reporting is mandatory for publicly listed companies, the SEC envisions broader adoption across all enterprises.
Policy & regulationReform agendas & prioritiesESG
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2025-05-15•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario imposed a CAD 15,000 penalty and issued a compliance order against Razer Capital Corporation for administering mortgages without a licence. Razer Capital violated section 5(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006. The company did not contest FSRA's proposal or request a hearing.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-05-15•Croatia•Croatian Financial Services Supervisory Agency
At Croatian Insurance Days, Ante Žigman, President of the Croatian Financial Services Supervisory Agency, emphasized climate risk as a challenge for business models and market stability, particularly in the insurance sector. He noted 2024 insurance market growth, with a 3% rise in policies and nearly 10% increase in gross written premiums, while claims settled reached a historical high. Anamarija Staničić highlighted technology outpacing regulation and discussed European initiatives for data transfer and reporting simplification.
SupervisionSupervision approach, priorities & toolkitClimate risk and sustainable finance
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2025-05-15•Global•IOSCO
The International Organization of Securities Commissions (IOSCO) concluded its 50th Annual Meeting in Doha, focusing on retail investor protection and technology. IOSCO's Board approved five Final Reports on topics including online retail investor protection and sustainable bonds. New signatories joined its Enhanced Multilateral Memorandum of Understanding, and the next meeting will be hosted by Egypt's Financial Regulatory Authority in 2026.
Policy & regulationGuidance & interpretationConsumer and investor protectionRegtech and suptech
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2025-05-15•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo reported total assets of EUR 1.79bn at the end of April 2025, an increase of EUR 132.69m from March, primarily due to higher deposits from sources including the Kosovo budget and commercial banks. Investments in deposits and securities abroad rose to EUR 1.27bn, with deposits increasing by EUR 109.00m and securities holdings decreasing by EUR 9.95m. International reserve assets reached EUR 1.34bn, driven by a EUR 125.94m increase in deposits.
Data & statisticsBalance of payments and other external statistics
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2025-05-15•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority announced that HF International reduced its stake in Delta Holding below the 66.66% threshold after selling 3.6 million shares. HF International now holds 62.62% of Delta Holding's share capital and plans to halt further sales for six months.
SupervisionRisk monitoring & watch pointsSecurities offerings and listings
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2025-05-15•Rwanda•National Bank of Rwanda
The National Bank of Rwanda's Financial Stability Committee reported that Rwanda's financial system remained stable and grew in Q1 2025, despite global risks. Capital and liquidity metrics exceeded supervisory minima, with banks' capital adequacy at 22.0% and liquidity coverage at 337.4%. The Committee noted potential risks from higher borrowing costs and falling asset prices, committing to ongoing monitoring and action to maintain stability.
SupervisionRisk monitoring & watch pointsCapital adequacyLiquidity risk
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2025-05-15•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority announced changes effective 1 July 2025, requiring authorisation for currency exchange and most payment services. Only authorised payment, electronic money, and credit institutions, along with equivalent foreign branches, can conduct currency exchange. The authority can fine unauthorised firms, and account information service providers will be subject to Sweden’s Anti-Money Laundering and Terrorist Financing Act.
Policy & regulationRules & requirementsLicensing framework and processPayments and payment systems
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2025-05-15•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services introduced the Fair Investment Opportunities for Professional Experts Act (H.R. 3394) to broaden the definition of an accredited investor. The bill shifts eligibility from a wealth-based to a knowledge-and-experience standard, enhancing investment access for qualified individuals and aiding small businesses in capital raising. The proposal addresses limitations of the current financial status-focused definition in private markets.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-05-15•Egypt•Egypt Financial Regulatory Authority
Egypt's Financial Regulatory Authority (FRA) held its first training program for officials trading government securities and financial instruments in the secondary market, focusing on government debt instruments. The program, with 15 participants, covered debt issuance mechanisms, instrument types, and the roles of primary dealers and central depositories. This initiative follows the FRA's 2024 regulation mandating annual training for trading teams.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-05-15•Egypt•Egypt Financial Regulatory Authority
Egypt’s Financial Regulatory Authority Chair Mohamed Farid participated in the IOSCO board meeting, emphasizing regulatory preparedness amid economic change and digitalization. Discussions included the role of fintech and AI in capital market development, with calls for governance and data strategies over staffing reductions. IOSCO reviewed retail investor protection, transparency, and cooperation with the OECD on financial education.
Policy & regulationReform agendas & prioritiesFintech and insurtechSupervision process and methodologies
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2025-05-15•Russia•Central Bank of Russia
The Central Bank of Russia's latest Monitoring of Sectoral Financial Flows review indicates moderate growth in sectoral incoming payments in early 2025 Q2, with a 3.5% increase in April compared to the previous quarter. Excluding mining, quarrying, petroleum refining, and general government, the increase was 4.4%. Consumer and intermediate demand sectors showed moderate growth, while investment and public demand sectors remained stagnant.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-05-15•Russia•Central Bank of Russia
The Central Bank of Russia issued an ordinance expanding requirements for foreign digital rights (FDRs) trading, aiming to reduce investor risks and limit purchases to qualified-investor legal entities. The ordinance excludes FDRs linked to securities from unfriendly countries and those certifying rights to cryptocurrency, mandating compliance with Russian law. It stipulates obligations under FDRs must be performable in at least one friendly state, with disputes not adjudicated in unfriendly jurisdictions.
Policy & regulationRules & requirementsCross-border paymentsTrading
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2025-05-15•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released its 2025 analysis of ICT-related risks in the financial sector, noting a high digital threat landscape influenced by geopolitical factors. Key risks include digital crime defences, ICT governance models, and vendor management shortcomings, with fraud losses reaching NOK 1,227 million in 2024, a 32% increase. Despite the elevated threat level, no ICT incidents in 2024 impacted financial stability, though weaknesses in ICT oversight and complex vendor chains were noted.
SupervisionRisk monitoring & watch pointsCyber resilience
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2025-05-15•Vietnam•State Bank of Vietnam
The State Bank of Vietnam held a workshop to gather feedback on a draft circular amending Circular 09/2023, aimed at aligning Vietnam's anti-money laundering framework with international standards, particularly the Financial Action Task Force recommendations. Key changes include updates to risk assessment criteria, risk management processes, and transaction reporting requirements for reporting entities. The draft will be finalized after incorporating stakeholder feedback.
Policy & regulationRules & requirementsAML and CFT
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2025-05-15•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) supports Ontario legislation to expand its enforcement powers, including evidence-gathering and statutory immunity for CIRO personnel. If enacted, Ontario would join six other provinces in granting CIRO full enforcement capabilities, such as court-enforced fine collection and protection from malicious lawsuits. CIRO oversees over 30,000 mutual fund and 16,000 investment advisors in Ontario.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-05-15•Global•Financial Stability Board
The Financial Stability Board's Deputy Secretary General, Martin Moloney, addressed the 39th ISDA Annual General Meeting, discussing the FSB's consultation on financial stability risks from leveraged positions. Key themes included the need for clarity on policy targets, defining "core markets," and using gross notional leverage as an initial indicator. Moloney emphasized the importance of data and disclosure for risk management and highlighted ongoing considerations regarding non-cleared margining and collateral haircuts.
Policy & regulationInternational standards & recommendations
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2025-05-15•United States•U.S. Securities & Exchange Commission
SEC Commissioner Mark T. Uyeda stressed research on retail participation in private markets and greenwashing by funds should guide SEC policymaking. He advocated modernizing the exemptive landscape and revisiting the accredited investor definition to enhance private investment access while maintaining investor protection. Uyeda noted private equity investments by individuals perform comparably to institutions and expressed concerns about higher fees and regulatory costs linked to greenwashing funds.
Policy & regulationReform agendas & prioritiesOther
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2025-05-15•United States•U.S. Securities & Exchange Commission
The SEC's Division of Trading and Markets issued FAQs on broker-dealer financial responsibility and transfer agent rules for crypto assets. They address custody and capital issues, including net capital treatment for Bitcoin and Ether, and clarify that non-security crypto assets held by broker-dealers aren't protected by the Securities Investor Protection Act. They also discuss transfer agents' use of distributed ledger technology and ongoing efforts to update custody rules for crypto assets that are securities.
Policy & regulationGuidance & interpretationBlockchain and distributed ledger technology
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2025-05-15•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority have withdrawn their joint staff statement on broker-dealer custody of digital asset securities, effective immediately. The statement, issued in 2019, was noted to reflect staff views without legal force or effect and did not amend applicable law or create new obligations.
Policy & regulationGuidance & interpretationClient asset custody and safekeeping
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2025-05-15•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency issued enforcement actions against two banks and three individuals, including cease and desist orders for Eastern National Bank and EH National Bank. Former Wells Fargo executives received civil money penalties and personal cease and desist orders for systemic sales practices misconduct. A former Grand Bank for Savings executive was banned from banking activities due to conflict of interest violations and unsafe practices.
EnforcementInvestigations & enforcement actionsOther
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2025-05-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) reported increased enforcement actions in 2024, focusing on major misconduct like fraudulent issuance, financial misreporting, insider trading, and market manipulation. The CSRC investigated 739 cases, issued 592 administrative penalties, and imposed 118 market bans, with significant fines on entities like Evergrande Real Estate and individuals such as Xu Jiayin. The CSRC also emphasized broader market governance, addressing emerging misconduct and collaborating with other ministries to enhance financial fraud prevention and punishment.
EnforcementEnforcement statisticsMarket abuse
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2025-05-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) launched the 2025 “5·15 National Investor Protection Publicity Day” campaign, emphasizing investor protection through rulemaking, market supervision, and enforcement. Initiatives include reforms of the STAR Market and ChiNext, promoting cash dividends and share buybacks, and drafting new financial legislation. The CSRC also plans to enhance enforcement against financial misconduct and improve investor remedies, including special representative litigation and mediation.
Policy & regulationReform agendas & prioritiesConsumer and investor protection
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2025-05-15•China•China Securities Regulatory Commission
China's Supreme People's Court and the China Securities Regulatory Commission issued joint guidance to enhance enforcement in the securities and futures sector, focusing on investor protection and judicial clarity. It emphasizes representative litigation, suitability obligations, and accountability for fraud, while improving dispute resolution and coordination between civil, administrative, and criminal procedures. It addresses complex product disputes, bond default coordination, and sets a "criminal referral first" approach for enforcement.
Policy & regulationGuidance & interpretationMarket development
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2025-05-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) hosted the 2025 “5·15 National Investor Protection Publicity Day” in Beijing, announcing forthcoming investor-protection and market-governance publications. These include joint guidance with the Supreme People’s Court on enforcement, rules on supervision of proceeds by listed companies, and additional investor-protection measures. The CSRC will release its 2024 enforcement overview and coordinate nationwide investor-protection activities with local regulators and judicial bodies.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-05-15•China•China Securities Regulatory Commission
The Supreme People's Court and the China Securities Regulatory Commission issued guiding opinions to enhance enforcement for China's capital markets. The document outlines 23 measures focusing on investor protection, market conduct, and coordination between judicial and administrative processes. Key areas include tackling fraudulent issuance, improving civil liability for securities misrepresentation, and promoting prudent operations in financial institutions.
Policy & regulationGuidance & interpretationMarket developmentMarket infrastructure
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2025-05-15•Canada•Alberta Securities Commission
The Alberta Securities Commission issued a Notice of Hearing against GIC Capital Corp., Maljaars Financial Inc., Jeff Barrie Wilkie, and Robert Jacob Maljaars, alleging fraud and non-compliance with an ASC decision. Allegations include misappropriation of at least CAD 2.7 million and USD 1.9 million from investors and continued trading under an Interim Cease Trade Order. The ASC noted assistance from the New Zealand Financial Markets Authority.
EnforcementInvestigations & enforcement actionsFraud and scamsClient asset custody and safekeeping
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2025-05-15•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission's director, Sonia Salvatierra, highlighted CNV's commitment to improvement, innovation, and simplification at the CReCER 2025 conference in Lima. The event focused on transparency, accountability, and the integration of AI and data analytics in financial practices. Salvatierra also met with the International Foundation for Ethics and Audit to discuss aligning CNV regulations with international standards.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-05-15•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission reported Party Secretary and Director Li Yunze's visit to Fujian and Guangxi, focusing on financial support for cross-strait integration and foreign trade. The visit emphasized addressing service bottlenecks, expanding product offerings, and enhancing coordination with local authorities. Key discussions included improving Taiwan-related financial services, supporting foreign trade policies, and strengthening regulatory coordination and risk management for small and medium-sized financial institutions.
SupervisionSupervision approach, priorities & toolkitDomestic cooperation
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2025-05-15•Luxembourg•Ministry of Finance (Luxembourg)
Luxembourg's Finance Minister Gilles Roth led a mission to the UAE to enhance cooperation in fintech, sustainable finance, and investment. The visit included the Dubai FinTech Summit, discussions with UAE leaders, and a memorandum of understanding between ADIA Lab and the Luxembourg Institute of Science and Technology on AI research. The delegation included Luxembourg for Finance and the Luxembourg House of Financial Technology.
Policy & regulationCooperationFintech and insurtechCross-border cooperation
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2025-05-15•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority's annual conference focused on digital transformation in capital markets and Islamic finance's role in sustainable investment. Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani discussed market structure enhancements, including the Qatar Stock Exchange's upgrade to emerging market status and the Qatar Central Securities Depository's establishment. Keynotes from IOSCO and the IFRS Foundation, along with sessions on SME capital market access, market conduct, and investor protection, are featured.
OtherFintech and insurtechMarket development
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2025-05-15•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority has commenced its annual conference, focusing on digital transformation in capital markets and the role of Islamic finance in sustainable investment. The event features discussions on fintech, AI, and machine learning's impact on market efficiency and risk management, with contributions from IOSCO leadership. Sessions also address SME empowerment, market conduct, and investor protection.
OtherFintech and insurtechMarket development
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2025-05-15•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance participated in the IAIS Implementation and Assessment Committee meeting in Basel, Switzerland, as a permanent member since 2018. Superintendent Guillermo Plate represented Argentina and Latin America, reflecting Argentina's recent presidency of the Association of Latin American Insurance Supervisors. The IAC focuses on promoting effective implementation of international standards in emerging markets.
Policy & regulationCooperationCross-border cooperation
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2025-05-15•Moldova•National Bank of Moldova
The National Bank of Moldova warned consumers about fraud schemes via digital channels, urging caution with high-return investments and advising verification on official websites. It highlighted the misuse of reputable names and logos in scams and advised against sharing sensitive data online. It also reiterated the risks of investing in unregulated cryptocurrencies, noting the lack of protection for users' funds in Moldova.
SupervisionAlertsFraud and scams
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2025-05-15•Moldova•National Bank of Moldova
National Bank of Moldova Governor Anca Dragu attended the European Bank for Reconstruction and Development Annual Meeting in London, focusing on financial cooperation and development projects in Moldova. Discussions emphasized banking-sector resilience, with Dragu engaging in bilateral meetings with key international financial representatives.
Policy & regulationCooperationCross-border cooperation