The Algeria Market Authority published Regulation No. 24-02 on venture capital collective investment undertakings. The regulation was issued on October 23, 2024, and appeared in the Official Journal on May 7, 2025.
Governor Anita Angelovska-Bezhoska of the National Bank of the Republic of North Macedonia emphasized macroeconomic stability and reform priorities at the EU–Western Balkans dialogue. She noted inflation's return to near historical averages and increased foreign exchange reserves, stressing the need for structural reforms amid geopolitical tensions. Despite record foreign direct investment and improved financial stability, she highlighted the importance of innovation and stronger institutions to tackle productivity challenges.
The People's Bank of China and the European Commission's Directorate-General for Financial Stability held the second China-EU Financial Working Group meeting in Brussels, discussing macroeconomic stability, regulatory topics, and cooperation in sustainable finance. A roundtable on financial digital transformation and fintech innovation was included, with participants agreeing to establish a regular exchange mechanism and deepen cooperation in priority areas. Outcomes will be reported to the China-EU High-Level Economic and Trade Dialogue and both sides' leaders.
The Central Bank of the Republic of China reported preliminary end-April 2025 data showing total social financing at CNY 424.0 trillion, an 8.7% year-on-year increase. RMB loans, the largest component, accounted for 61.9% of the total, while government bonds increased their share to 20.3%. The data includes contributions from multiple financial bodies and reflects adjustments for non-deposit-taking banking financial institutions added to the statistical coverage from January 2023.
The People's Bank of China and the Central Bank of Brazil discussed enhancing bilateral financial cooperation during a meeting between their governors. At a China–Latin America panda bond seminar, they emphasized the importance of financial collaboration, with China highlighting its financial market opening and Brazil focusing on expanding local-currency use and payment system interoperability.
The Central Bank of the Republic of China reported a CNY 16.34 trillion increase in total social financing to the real economy for the first four months of 2025, a rise of CNY 3.61 trillion from the same period in 2024. Renminbi loans increased by CNY 9.78 trillion, while foreign-currency loans decreased by CNY 109.8 billion. Adjustments were made to statistical coverage from January 2023, including non-deposit-taking financial institutions.
Bank of Indonesia's April 2025 Retail Sales Survey forecasts a month-on-month contraction in retail sales as demand normalizes post-Ramadan and Eid-ul-Fitr, with the Real Sales Index (RSI) expected at 231.1. Growth is supported by spare parts, automotive fuel, and clothing, while declines are anticipated in communication equipment and food sectors. Respondents predict a 6.9% month-on-month fall, following a March RSI of 248.3 and year-on-year growth of 5.5%.
The Federal Reserve Bank of New York and the Bank for International Settlements published a study on central banks implementing monetary policy in a tokenized financial environment. Project Pine developed a prototype "tokenized toolkit" using programmable smart contracts for policy operations, tested across various scenarios. The study highlights interoperability and data standardization as areas for further research, noting the experimental nature of the work.
The National Association of Insurance Commissioners (NAIC) released a consumer guide for its Life Insurance Policy Locator, a free tool to help beneficiaries find unclaimed life insurance policies and annuity contracts. Users submit requests with details from the death certificate, and participating insurers contact beneficiaries directly if a policy is found. The NAIC clarifies it does not store policy or beneficiary information and that the tool is not for locating benefits for living individuals.
The European Banking Authority updated its report on the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) in the EU after the March 2023 banking turmoil. Key clarifications include recognition of inflows from open reverse repos and guidance on operational deposits for LCR, and expectations for indirect client clearing activities for NSFR. The EBA will continue monitoring these aspects and assess potential amendments to liquidity regulatory reporting.
The Luxembourg Commission de Surveillance du Secteur Financier is conducting a capacity-building session on identifying beneficial ownership and control of legal entities. The session will cover investigative techniques for entities linked to individuals targeted by EU sanctions related to Russia's actions in Ukraine.
The Bermuda Monetary Authority (BMA) has issued a three-year prohibition order against David Douglas King, former director of Swift Intermediaries Ltd, barring him from senior functions and regulated activities under the Insurance Act 1978. The BMA cited concerns over King's probity, competence, and failure to ensure compliance with statutory obligations. The Insurance Appeal Tribunal upheld the BMA's order, which is now in effect.
The Bank of Lithuania reported a current account surplus of EUR 192.7 million for March 2025, up from EUR 2.9 million in February, driven by a stronger services surplus and higher secondary income balance. The services surplus rose by 24.0% to EUR 902.0 million, with service exports growing faster than imports. The financial account showed a positive net flow of EUR 455.1 million, bolstered by direct and portfolio investments and increased official reserve assets.
The Superintendencia Financiera de Colombia participated in the Factoring Summit in Bogotá, where DIID Director Francisco Duque discussed Colombia’s factoring regulatory framework. Key themes included investor protection, fraud prevention, and market integrity in a digital context. The event was organized by the Colombian Association of Electronic Factoring.
The Hong Kong Securities and Futures Commission and the Central Bank of Ireland have signed a Memorandum of Understanding on Mutual Recognition of Funds, streamlining distribution of eligible public funds between Hong Kong and Ireland. This framework replaces a 1997 arrangement, allowing cross-border offerings of Hong Kong public collective investment schemes in Ireland and Irish UCITS in Hong Kong under expedited processes. Ireland is now the 11th jurisdiction in the SFC's mutual recognition of funds scheme.
The Hong Kong Monetary Authority published the Exchange Fund’s key analytical accounts for April 2025, revealing a HKD 30.6 billion decrease in foreign assets to HKD 3,385.3 billion. The Monetary Base was reported at HKD 1,982.8 billion, with claims on the private sector at HKD 358.0 billion and foreign liabilities at HKD 28.5 billion. Upcoming releases include the SDDS Template on International Reserves and Foreign Currency Liquidity and the Exchange Fund Abridged Balance Sheet on 30 May.
Ceres analyzed public comments on California's 2023 climate disclosure laws, revealing 59% support and 9% opposition. Key themes include calls for interoperability with major disclosure frameworks, clearer criteria for "doing business in California," and rules on parent-subsidiary reporting. Ceres also submitted a comment letter summarizing input from over 100 practitioners across 70 entities.
Ceres analyzed public comments on California's 2023 climate disclosure laws, revealing 59% support and 9% opposition. Key feedback urged CARB to align with existing frameworks like the International Sustainability Standards Board and the EU's Corporate Sustainability Reporting Directive, clarify criteria for "doing business in California," and adopt consolidated parent-level reporting for cross-border corporate structures.
At the 3i Africa Policy Forum, the Bank of Ghana outlined priorities for fintech, digital assets, and cross-border payment solutions to enhance financial inclusion and intra-African trade. The Governor announced collaborations with the National Bank of Rwanda and the Global Financial Technology Network on a Next-Gen Digital Payment Infrastructure Project. The initiative aims to create scalable pilots for interoperability and a connected African financial ecosystem by 2030.
The Isle of Man Financial Services Authority released its quarterly Funds Bulletin, offering aggregate statistical data on the island's funds sector as of 31 March 2025.
The Federal Reserve Bank of New York and the Bank for International Settlements released a joint study under Project Pine exploring central bank monetary policy operations in a tokenised environment. The study developed a prototype "tokenised toolkit" using programmable smart contracts for policy implementation, tested across various scenarios. The project is experimental, with interoperability and data standardisation identified as areas needing further research.
The Thailand Office of Insurance Commission inspected a factory and warehouse fire in Lat Krabang, Bangkok, to expedite insurance claims. The facilities, operated by Siam House & Home Co., Ltd. and Hanphonix Enterprises Co., Ltd., had property risk insurance underwritten by Bangkok Insurance Public Company Limited and co-insured by Muang Thai Insurance Public Company Limited and ERGO Insurance (Thailand) Public Company Limited. The Commission urged insurers to accelerate the loss survey for timely compensation.
The Federal Reserve Bank of Boston published an interview with Kevin Chu, executive director of the Vermont Futures Project, discussing Vermont's economic challenges and the role of the New England Community Development Advisory Council (CDAC). Chu emphasized Vermont's focus on workforce and housing development, climate and green technology, and attracting younger residents. The CDAC advises Boston Fed leaders on community development and supporting regional growth.
The Sustainable Banking and Finance Network and the Capacity-building Alliance of Sustainable Investment held a roundtable in Johannesburg to harmonise sustainable finance taxonomies in Africa. Participants emphasized the need for interoperability between taxonomies to facilitate cross-border investments and align with global standards. The event is part of a broader initiative launched at COP29 to advance taxonomy interoperability and comparability.
The Bank for International Settlements Innovation Hub and the Federal Reserve Bank of New York’s New York Innovation Center published Project Pine, a research study and prototype toolkit showing that central banks could conduct core monetary policy operations in a tokenised wholesale payments and securities environment using smart contracts. Testing across hypothetical stress and policy scenarios indicated that interest on reserves, collateralised facilities, asset swaps and outright purchases and sales could be configured and adjusted in real time, while highlighting data access, privacy, security and operational risk considerations. The project is framed as an early-stage technical experiment, not work to establish or promote a central bank digital currency.
The Central Bank of Morocco hosted the second Bank Al-Maghrib Prize for Economic and Financial Research ceremony in Rabat. Faïçal Lakhchen received the Prize for Excellence for his work on financial frictions and business cycle dynamics in Morocco, while Imane Bounadi and Oumaima Er-reyyahy were also recognized. Federal Reserve Board member Christopher J. Waller delivered a lecture on academic research's role in public policy development, emphasizing monetary policy.
IVASS issued a fraud warning about counterfeit surety bond policies falsely attributed to MS Amlin Insurance SE, which the insurer disowned. IVASS advised verifying quotations and contracts against authorised firms via its registers and warning lists. MS Amlin clarified it does not issue surety bond policies in Italy, as reflected in IVASS’s RIGA register.
The Brazil Securities Commission (CVM) cancelled the public company registration of Uptick Participações S.A. (in liquidation) under Article 21 of Law 6,385, due to the company's extinction. Consequently, its securities are barred from trading on regulated markets. The cancellation does not absolve the company or its stakeholders from liability for previous violations.
The Brazil Securities Commission (CVM) approved three settlements totaling BRL 6,740,625 for cases involving unlicensed securities activity, audit breaches, and governance failings in real estate funds. Laqus Depositária and its CEO will pay BRL 405,000 for unauthorized operations. Moore Metri Auditores settled for BRL 106,500 over audit issues, while Tivio Capital and former directors will pay BRL 6,229,125 for governance violations.
The Brazil Securities Commission (CVM) has begun the adjudication phase in a sanctions proceeding against Pricewaterhousecoopers Auditores Independentes Ltda. and partner Marcos Paulo Putini for audit irregularities in the Torre Almirante Real Estate Investment Fund's 2019 and 2020 financial statements. Reporting Director Marina Copola voted for conviction, proposing fines of BRL 200,000 and BRL 85,000 for breaches of Brazilian Auditing Standards NBC TA 540 (R1) and NBC TA 540 (R2). The session was paused after Director João Accioly requested more time to review the case.
The Central Bank of Estonia's financial stability review highlights that while loan repayment capacity remains generally good, recent crises have impacted households and companies. Geopolitical risks, particularly Russia's war in Ukraine and rising trade tensions, threaten growth and foreign funding access, prompting the maintenance of the countercyclical capital buffer at 1.5%. The review also notes increased reliance on foreign funding and potential vulnerabilities in export-oriented manufacturing and real estate sectors.
The Central Bank of Estonia released its monthly flash estimate of the balance of payments for the previous month and announced the first quarter 2025 balance of payments will be published on 11 June 2025. The monthly estimates are based on limited data and are adjusted once quarterly data, compiled from comprehensive sources, are available.
The National Bank of Serbia released licensing information for the insurance sector, detailing authorization cases for insurance representation and the schedule for May 2025 professional exams for Authorized Broker and Authorized Insurance Agent titles. The publication includes case numbers and names by activity type and outlines exam sessions from 19-21 May 2025.
The Ontario Securities Commission and the Securities and Futures Commission of Hong Kong signed a Memorandum of Understanding to enhance cross-border supervision and market access. Effective May 13, 2025, the MoU aims to strengthen regulatory collaboration and facilitate information exchange. The agreement will allow OSC-registered portfolio managers to provide investment management services for SFC-authorised funds and expand access to Hong Kong markets.
The Seychelles Financial Services Authority has issued a public warning that cryptimize.com is not authorised to offer virtual asset exchange services in Seychelles. The entity failed to submit the necessary application under the Virtual Asset Service Providers Act, 2024. The authority advises investors and the public to conduct thorough research before engaging in transactions.
The Sustainable Banking and Finance Network, with the Capacity-building Alliance of Sustainable Investment, hosted a Johannesburg roundtable to enhance harmonisation of sustainable finance taxonomies in Africa. Nearly 20 experts discussed improving interoperability to facilitate cross-border investment and align with global standards. The event is part of a broader initiative to advance taxonomy interoperability, launched at COP29.
The Central Bank of the Republic of Kosovo signed a cooperation agreement with Banque de France for reserve management services after discussions at the 2024 IMF and World Bank Annual Meetings. This aligns with Kosovo's goal to diversify investments and includes plans for deeper cooperation in financial stability, supervision, and capacity building. The Central Bank also updated Banque de France on its financial sector priorities, including banking supervision reform and payment infrastructure modernization.
The Central Bank of the Republic of Kosovo joined the annual Economic and Financial Dialogue with regional partners, organized by the European Commission. Deputy Governor Nesrin Shileku-Shala stressed simplifying regulation and removing barriers to boost regional competitiveness. The central bank welcomed the European Commission's assessment of Kosovo's progress in aligning with EU standards and highlighted the importance of EU support in financial integration and regulatory convergence.
The Thailand Securities and Exchange Commission has urged bondholders of three Jasmine Technology Solution Public Company Limited bond series to review information and vote on proposed changes to repayment terms at upcoming meetings. Rescheduled due to a lack of quorum, the meetings will address waivers of default events and alterations to repayment schedules. The SEC also mandated the bondholders’ representative to evaluate the implications of the proposals for bondholders.
The Thailand Securities and Exchange Commission has imposed civil sanctions on three individuals for manipulating the share price of Readyplanet Public Company Limited. Sanctions include monetary penalties totaling THB 233,113,379, bans on trading securities and derivatives for 8.5 months, and prohibitions on serving as directors or executives for 17 months. If the offenders do not consent, the SEC will pursue legal action to enforce them.
The European Central Bank Banking Supervision announced updates to the Supervisory Review and Evaluation Process (SREP) to simplify processes and focus on key risks. The reform introduces a streamlined format for SREP decisions, emphasizing strategic risk drivers and severe findings, while discontinuing separate executive letters. From July 2025, a tiered approach will be adopted, with Joint Supervisory Teams focusing on higher-severity findings and banks managing lower-severity issues through internal governance.
The European Central Bank Banking Supervision will enhance its assessment of banks' internal capital adequacy processes (ICAAP) from 2025, integrating it more within the Supervisory Review and Evaluation Process (SREP). Joint Supervisory Teams will use a multi-year strategy to review ICAAP areas, aligning with the ECB’s risk tolerance framework, while assessing capital plans annually. ICAAP will no longer start the calibration of Pillar 2 requirements, but its soundness will still influence capital requirements through the SREP.
The European Central Bank Banking Supervision outlined enhancements to its supervisory technology infrastructure for the Single Supervisory Mechanism, focusing on digital interactions, faster task processing, and early risk identification. Key platforms include the IMAS portal, CASPER, and STAR, with suptech tools like Heimdall and Athena improving efficiency. Future plans involve integrating data collection channels and developing generative AI projects within the EU AI Act framework.
The Swedish Financial Supervisory Authority has adopted new regulations and guidelines for debt collection and amended its framework for non-performing credit agreements, effective 1 July 2025. The debt collection rules, detailed in FFFS 2025:2, establish clearer requirements for firms, including consumer information standards. Amendments in FFFS 2025:3 align non-performing loan management with European Banking Authority guidelines.
The Swedish Financial Supervisory Authority revised regulations for currency exchange, electronic money, and payment services to prevent misuse of alternative systems. Key changes include requiring authorisation for currency exchange, removing electronic money exemptions, narrowing payment service exemptions to account information services, and updating capital requirement calculations to use the preceding 12-month period.
The Central Bank of Iceland's May 2025 survey of market agents indicates a slight increase in inflation expectations for 2025, with lower expectations for one-year and longer horizons, and a modestly higher near-term policy rate view. Respondents anticipate the króna to depreciate, with the key interest rate at 7.5% by end-Q2 2025, and expect higher tariffs to raise inflation over the next two years despite potential easing from weaker activity.
The National Bank of Hungary's 2025 Q1 Lending Survey shows stable corporate credit conditions, with no changes planned for Q2 and Q3. Some banks saw decreased corporate loan demand, especially for HUF and long-term loans, while retail loan demand, particularly for housing, rebounded and is expected to strengthen. Consumer loan conditions remained largely unchanged, with increased demand partly due to interest-free Subsidised Loans for Workers.
National Bank of Hungary Governor Mihály Varga announced plans to enhance the Budapest Stock Exchange's (BSE) role in supporting Hungarian businesses through a more developed and transparent capital market. Varga highlighted significant growth in household stock portfolios and market size, alongside a doubling of the BUX index. BSE CEO Tibor Tóth emphasized increasing liquidity to bolster investor confidence and domestic company development.
The U.S. House Financial Services Committee’s Housing and Insurance Subcommittee held a hearing on innovative housing solutions to boost supply and consumer choice, focusing on affordability for households between subsidy-eligible and market-rate segments. Chair Mike Flood highlighted workforce housing shortages and discussed barriers like federal requirements, zoning policies, and mortgage financing. Legislative proposals included Rep. John Rose’s bill to amend manufactured home construction requirements and a draft bill to empower the Department of Housing and Urban Development on manufacturing standards.
The U.S. House Financial Services Committee's Financial Institutions Subcommittee held a hearing on improving transparency and efficiency in the bank merger review process. Subcommittee Chair Andy Barr criticized the current framework as slow and costly, advocating for the Bank Failure Prevention Act to expedite reviews and the Promoting New Bank Formation Act to support new banks. Barr also urged a House vote on a resolution to overturn a rescinded merger rule.
HM Treasury has introduced legislation to establish the Private Intermittent Securities and Capital Exchange System (PISCES) Sandbox, facilitating a new market for trading shares in private companies. The legislation extends the Enterprise Management Incentives and Company Share Option Plan frameworks to PISCES, maintaining tax advantages and exempting transactions from Stamp Taxes on Shares. The Financial Conduct Authority will publish rules for PISCES, with trading expected to commence later this year.
The Financial Supervisory Authority (FIN-FSA) may access supervised entities' board portals for supervision, contingent on mutual agreement. Entities control portal content and security, with FIN-FSA having view-only rights for specific needs. Portal access doesn't replace regulatory reporting, and materials aren't stored in FIN-FSA systems unless required for supervisory activities.
The Egypt Financial Regulatory Authority (FRA) chaired a meeting of the IOSCO Growth and Emerging Markets Committee (GEMC) Network, focusing on adopting International Sustainability Standards Board (ISSB) disclosure standards in emerging markets. The meeting discussed progress since the network's launch, capacity-building programs, and ISSB's support tools, with contributions from new members and various regulators. Upcoming workshops in Morocco and Montenegro aim to aid roadmap development, with the next GEMC Network meeting in November in Malta.
The Egypt Financial Regulatory Authority will implement Basel III standards for non-bank finance companies and has outlined initiatives including stock exchange listing rules, SPAC regulation, a voluntary carbon market, and gold investment funds. It reports 95% compliance with its minimum paid-up capital requirement for non-bank finance activities and highlights capital market reforms, including flexible SPAC provisions and the listing of the first venture capital SPAC. Additionally, the authority will launch a regulatory sandbox for the non-bank financial sector.
The Central Bank of Russia reported an average maximum interest rate of 19.60% on Russian ruble household deposits for the first 10 days of May 2025, based on data from the ten largest retail deposit institutions. Rates varied by maturity, with 18.42% for deposits up to 90 days and 17.66% for those over one year. The calculation excludes special-category deposits and is derived from publicly available bank data.
The Central Bank of Russia's 2024 Analytical Review of the Credit Information System revealed a significant rise in the use of credit history data, with individual credit report requests up 38% and credit ratings up 22%. Credit history users, including banks and microfinance organisations (MFOs), obtained 29% more reports, driven by increased online microloans and a 40% rise in MFO credit scoring services. The Bank noted that each RUB spent on a credit report could reduce overdue loans by RUB 200.
Norway's Financial Supervisory Authority found Frem Eiendomsmegling AS lacking in ICT compliance, risk assessment, client money handling, and AML controls. The firm failed to ensure timely guarantees under the Home Construction Act and had inadequate crisis preparedness and fraud prevention. Frem Eiendomsmegling has updated its risk assessments and AML procedures, and the Authority requested the firm to inform its auditor.
The Norwegian Financial Supervisory Authority released a report on Santander Consumer Bank AS, highlighting deficiencies in credit risk management, particularly in vehicle financing. Key issues include inadequate assessment of customers' debt-servicing capacity, unclear policies, and weaknesses in arrears management and complaints handling. The bank plans to address these issues by updating processes and models, with significant changes expected by 2025.
The State Bank of Vietnam and Pakistan's Ambassador to Vietnam, Kohdayar Marri, discussed enhancing bilateral cooperation, focusing on banking technology and central bank engagement. The State Bank of Vietnam expressed readiness to support Pakistan in digital banking, QR code payments, and currency printing technology. The ambassador emphasized Pakistani business interest in Vietnam and sought facilitation in payments, foreign exchange, and investments.
The Canadian Securities Administrators (CSA) have issued harmonized relief from certain conditions of the listed issuer financing exemption in National Instrument 45-106, allowing listed reporting issuers to raise up to CAD 50 million without a prospectus. The new parameters permit raising the greater of CAD 25 million or 20% of the aggregate market value of listed securities, with a cap of CAD 50 million in a 12-month period. Effective May 15, 2025, this relief addresses previous constraints and has been utilized by over 270 issuers to raise more than CAD 1 billion since November 2022.
The Canadian Investment Regulatory Organization (CIRO) launched a webinar series on finance's future in Canada, focusing on investor protection, market integrity, and regulatory efficiency. The inaugural episode features CIRO CEO Andrew Kriegler and FINTRAC CEO Sarah Paquet discussing challenges related to digital assets, cryptocurrencies, decentralized finance, and generative AI's role in financial intelligence. The series aims to enhance oversight while reducing regulatory burden.
The Chile Financial Market Commission will publish the certificate for the Conventional Current and Maximum Interest Rates in the Official Gazette on 15 May 2025, with immediate effect. The certificate is also available in advance on the CMF website, complying with Law No. 18.010's monthly publication requirement.
The Commodity Futures Trading Commission (CFTC) warned of a scam involving impersonators offering fraudulent fund recovery services. The CFTC emphasized that its Office of Inspector General does not contact individuals to recover investment scam losses and advised against sharing personal information. Legitimate CFTC communications come from @cftc.gov emails, and victims are urged to report incidents through its online portal.
The Acting Director of the U.S. SEC’s Division of Examinations outlined staff assessments of firms' enhancements to Regulation S-P. Key areas include a written incident response program, customer notification requirements, and oversight of third-party service providers. The Division plans outreach events and may issue a Risk Alert on sector readiness, with potential thematic examinations in future fiscal years.
The U.S. Securities and Exchange Commission (SEC) disclosed that certain data fields in Form N-PORT reports were unintentionally made public on the EDGAR system due to a software update. The issue, affecting filings from 3 February to 8 May 2025, has been rectified, and the data removed. The SEC Chairman has ordered a comprehensive review of the EDGAR system.
The Qatar Financial Markets Authority concluded the 50th Annual Meeting of the International Organization of Securities Commissions in Doha, focusing on financial market regulation challenges and opportunities. Key events included the IOSCO Diversity Network and MMoU MG meetings, an OECD-IOSCO roundtable, and strategic discussions led by QFMA CEO Dr. Tamy Bin Ahmad Al-Binali. The Presidents Committee reviewed IOSCO's legacy, policies, and leadership, with public discussions on supervisory technology, AI, and crypto regulation.
The Qatar Financial Markets Authority concluded the 50th annual meeting of the International Organization of Securities Commissions in Doha, focusing on regulatory challenges, transparency, and financial stability. Discussions included supervisory technology, AI, and crypto regulation, with QFMA highlighting priorities like a FinTech sandbox and tokenization frameworks. Record digital asset trading volumes in 2023 were noted, with some months exceeding USD 10 trillion.
At Junior Achievement Moldova’s anniversary, National Bank of Moldova Governor Anca Dragu emphasized social entrepreneurship and financial education's role in community sustainability. Dragu highlighted economic education as a strategic investment in human capital and reaffirmed the central bank's commitment to expanding financial literacy. The cooperation between the National Bank of Moldova and Junior Achievement Moldova was formalized in 2024 through a financial education partnership agreement.
The National Bank of Moldova's First Deputy Governor, Petru Rotaru, presented measures to maintain inflation control and support macroeconomic stability at the EU Economic and Financial Dialogue in Brussels. He emphasized monetary policy actions for domestic price stability and efforts to enhance financial system resilience and governance. Discussions included Moldova's entry into the Single Euro Payments Area and advancements in instant payments.
The National Bank of Moldova's end-2024 supervisory overview of the insurance market shows increases in insurers' assets, own funds, and technical reserves, with all licensed insurers maintaining solvency ratios above 100% and positive net profit. However, liquidity ratios weakened, and aggregate net profit declined compared to 2023. The market remains concentrated in non-life insurance, with gross written premiums rising 10.8% to MDL 3,251.6 million, while claims paid increased by 27%.
The Bank for International Settlements Innovation Hub released the final report on Project Pine, a joint study with the Federal Reserve Bank of New York, exploring central banks' use of smart contracts in tokenised wholesale markets for monetary policy operations. The project developed a prototype toolkit adaptable for various central bank frameworks, supporting both standard and emergency operations across jurisdictions and currencies.
The Bank of Korea released its "Financial Market Trends in April 2025" report, offering updated data on financial market trends and bank lending. Detailed figures are included in the attached files.
The Securities and Exchange Board of India (SEBI) accepted the surrender of Strata SM REIT’s registration certificate and issued an investor caution notice regarding the entity. Strata SM REIT will no longer represent itself as a SEBI-regulated intermediary. SEBI's decision follows engagement with the entity's management and a review of legal proceedings against its promoter.
The Federal Reserve Bank of New York and the Bank for International Settlements published research under Project Pine on central bank monetary policy operations in tokenised markets, highlighting programmable smart contracts for policy tool deployment. The prototype "tokenised toolkit" was tested in various scenarios, emphasizing its experimental nature and identifying interoperability and data standardisation as areas for further research.
The Pensions Regulator released findings from a Pension Policy Institute report on the UK retirement income market, highlighting inadequate support for defined contribution pension savers transitioning to drawdown. The regulator called for improved governance, transparency, and data use, and advocated for market consolidation to enhance charges, governance, and investment strategies. It plans to collaborate with the Department for Work and Pensions and the Financial Conduct Authority on frameworks to aid savers and will introduce an innovation design service next month.
The Central Bank of Barbados is launching an online series, “Economics in Everyday Life,” to explain economic concepts through relatable stories. The inaugural article by Governor Greenidge, “The Price of a Nap,” highlights inefficiencies affecting productivity. Future topics will cover traffic jams, inflation, and financial literacy, with contributions from various experts.
The Belgium Financial Services and Markets Authority issued a warning regarding the delayed publication of the annual financial report by Biocartis Group and Biosenic, as part of its oversight of issuer disclosures.
The Vanuatu Financial Services Commission issued a notice on the Virtual Asset Service Providers Act No. 3 of 2025, detailing a new licensing and supervisory framework for virtual asset service providers, initial token offerings, and fintech sandbox activities. The Act introduces five VASP licence classes with specific application requirements, including evidence of physical presence, beneficial ownership, AML/CFT measures, manager and director approval criteria, and associated fees.
The Central Bank of Montenegro detailed its payments modernization and regulatory reform agenda during Governor Irena Radovic’s participation in the Economic and Financial Dialogue with the EU in Brussels. Key developments include Montenegro's integration into the Single Euro Payments Area (SEPA) and preparations for instant payments via a European TIPS Clone, with significant economic benefits anticipated. Discussions also covered regulatory harmonization and institutional transformation for European System of Central Banks membership.
ASIC has cancelled Thistle Financial Group Pty Ltd's AFS licence, effective 7 May 2025, after the firm ceased operations. Under section 915B of the Corporations Act, ASIC can cancel licences when business stops. Thistle, holding Licence No. 484742 since 2016, was authorised to advise retail and wholesale clients. The firm may seek a review by the Administrative Review Tribunal.
The Belgium Financial Services and Markets Authority (FSMA) issued a warning regarding the delayed publication of the half-yearly financial report by Biocartis Group and Biosenic. The press release is not available in English.
The Dubai Financial Services Authority held its inaugural Regulatory College at the Dubai FinTech Summit 2025, engaging over 30 regulators from 18 jurisdictions in discussions on AI and cybersecurity oversight. The session emphasized cross-border dialogue on emerging technology risks, including post-quantum cryptography and agentic AI, and explored evolving regulatory frameworks. The DFSA highlighted its expanded Innovation Testing Licence and participation in international FinTech groups.
The Belgium Financial Services and Markets Authority announced the resumption of trading in Cofinimmo financial instruments on Euronext Brussels. Trading re-opened on 13 May 2025 at 11:00 CET.
The Belgium Financial Services and Markets Authority has suspended trading in Cofinimmo financial instruments on Euronext Brussels pending a press release. The suspension, effective from 13 May 2025 at 9:00 CET, is under Article 78 of the Law of 21 November 2017.
The Belgium Financial Services and Markets Authority has suspended trading in Aedifica’s financial instruments (ISIN BE0003851681) on Euronext Brussels starting 13 May 2025 at 09:00 CET, pending a press release.
The Belgium Financial Services and Markets Authority announced that trading in Aedifica financial instruments on Euronext Brussels will resume at 11:00 CET on 13 May 2025. This notice pertains to Aedifica (ISIN BE0003851681) under Article 78 of the Law of 21 November 2017.
France's Financial Markets Authority (AMF) has ordered Danae Group to file a draft mandatory takeover bid for Entreprendre shares it does not own, following its acquisition of a controlling block. Danae Group holds 85.38% of Entreprendre’s share capital and 75.68% of its voting rights, triggering a mandatory tender offer under Euronext Growth rules. The AMF's decision, based on Article L. 621-14 II of the Monetary and Financial Code, requires compliance by May 23, 2025.
The Australian Securities & Investments Commission (ASIC) announced that Tim Xenos, former CEO of FAL Healthy Beverages Pty Ltd, was sentenced to 18 months' imprisonment under an Intensive Corrections Order for managing a company while disqualified and misusing funds. The Downing Centre Local Court found him guilty of breaching the Corporations Act 2001 and the Bankruptcy Act 1966, gaining approximately AUD 111,392. He is disqualified from managing companies for five years. The Commonwealth Office of the Director of Public Prosecutions prosecuted the case. Xenos has appealed the conviction and sentence.
Ukraine’s National Commission on Securities and Stock Market has applied to join the International Organization of Securities Commissions’ Multilateral Memorandum of Understanding (MMoU) and Extended MMoU. Linked to the 2024 Law of Ukraine on the Transformation of the Commission, this aims to enhance international supervisory cooperation, market surveillance, and investor protection. The Commission has been an IOSCO member since 1996 but has not previously been a party to these memorandums.
The Ukraine National Commission on Securities and Stock Market approved securities issuance registrations, cancelled certain municipal bond registrations, and introduced measures for investor information and client asset treatment linked to sanctioned participants. It registered share issues for JSC "ZNVCIF "MONTECO"", TAS-LOGISTIC LLC, JSC "PROCREDIT BANK", and PrJSC "Insurance Company "Euroins Ukraine"". Additionally, it cancelled Lviv City Council's internal local loan bond registrations and adopted resolutions for investor protection and asset list procedures.
Central Bank of Ireland Governor Gabriel Makhlouf emphasized adapting monetary policy to geoeconomic fragmentation, highlighting agile frameworks and interest rates as primary tools. He stressed completing the EU Single Market and advancing the Savings and Investment Union to unlock EUR 12 trillion in savings. Additionally, he advocated for a central bank digital currency like the Digital Euro to enhance payments infrastructure and strategic autonomy.
The Bank of Italy's paper, “Chat Bankman-Fried? Notes on the ethics of artificial intelligence in the financial sector,” assesses LLMs' ethical behavior in finance. It reveals significant variability, with few models adhering to ethical norms without constraints. The study emphasizes simulation-based evaluations and calls for robust governance frameworks to manage LLM-related risks in financial institutions.
The Bank of Italy's research paper, “Chat Bankman-Fried? An Exploration of LLM Alignment in Finance,” examines the alignment problem in large language models (LLMs) through simulated financial decision-making. The study reveals significant variability in LLM behavior and responses to changes in risk tolerance, profit expectations, and regulation. It suggests that simulation-based testing and analysis of internal LLM mechanics can help regulators assess LLM safety and underscores the need for robust risk-governance frameworks in financial institutions.
The People's Bank of China Deputy Governor Xuan Changneng detailed a shift in China's monetary policy from quantity-based targets to price-based tools like interest rates. He emphasized developing a market-based interest rate control mechanism and expanding the monetary policy toolkit, including secondary-market trading of government bonds and structural tools for capital market stability. At international meetings, he discussed global economic conditions and regional integration with other central bank governors.
China's Ministry of Science and Technology, the People's Bank of China, and other agencies have issued measures to enhance the technology finance system, focusing on financial support for national science and technology tasks and tech-focused SMEs. Measures include establishing a National Venture Capital Guidance Fund, optimizing monetary policy tools, expanding credit facilities for tech firms, developing technology insurance policies, promoting cross-border financing, and creating a bond market technology board.
The People's Bank of China and the Central Bank of Brazil signed a strategic cooperation MoU and renewed a CNY 1,900 billion/BRL 157 billion local-currency swap agreement. The MoU aims to enhance financial market investment, cross-border payments connectivity, and local-currency liquidity, while a separate MoU focuses on anti-money laundering cooperation. Additionally, the PBoC plans to sign a financial strategic cooperation MoU with Brazil’s Ministry of Finance to further international financial and monetary policy coordination.
The Federal Reserve Bank of New York's Center for Microeconomic Data reported a USD 167bn increase in total US household debt in Q1 2025, reaching USD 18.20tn. Mortgage balances rose by USD 199bn, while credit card and auto loan balances declined. Student loan delinquencies surged to 7.74% in Q1 2025 from less than 1% in Q4 2024, as previously unreported delinquent payments began appearing in credit reports.
The National Association of Insurance Commissioners will host the 2025 Commissioner Fly-In in Washington, focusing on federal priorities like consumer protection and insurance market stability. Key priorities include abolishing the Federal Insurance Office, enhancing property insurance market resilience, and opposing federal preemption of state data privacy protections. Scheduled speakers include representatives from FEMA, the U.S. House Financial Services Committee, and the Centers for Medicare & Medicaid Services.
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) will hold an online public session to present its draft Regulatory Standard on information disclosure for closed pension funds and memberships in open pension funds. The session will be broadcast live on the ASF website.
Greece’s Ministry of National Economy and Finance outlined priorities after Eurogroup and ECOFIN meetings, emphasizing the digital euro, Banking Union completion, and EU-US trade agreement support. Minister Kyriakos Pierrakakis highlighted reducing regulatory red tape to boost competitiveness and advancing a Savings and Investment Union. Greece seeks to activate the national escape clause for defence investments and prioritizes developing a national defence industry, supporting the SAFE instrument for common procurement.