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2025-05-09•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo reported on a two-day visit by its Internal Audit delegation to the Bank of Albania, aimed at enhancing inter-institutional cooperation and internal audit practices. Discussions with senior Bank of Albania officials focused on audit capacity development, risk management, and transparency. Both parties expressed commitment to intensifying cooperation in areas of mutual interest.
Institutional developmentCooperation & capacity buildingCross-border cooperation
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2025-05-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's April 2025 Business Expectations Survey indicates optimism among firms regarding macroeconomic conditions, driven by expectations of exchange rate stability and naira appreciation. The Confidence Index rose from 22.3 in April to 42.8 over six months, with Agriculture showing the highest sector confidence. Firms anticipate higher borrowing rates and cite high interest rates, insecurity, and taxes as major constraints.
Data & statisticsEconomic data and developments
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2025-05-09•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC, Bank of Thailand, and Office of Insurance Commission launched the "Responsible Voices for Finfluencer" project to enhance finfluencers' understanding of financial, investment, and insurance topics. The initiative aims to mitigate risks from miscommunication and promote responsible communication standards. Fifty participants were selected for the first class, with training sessions scheduled in May 2025.
Financial literacy & educationFinancial literacy and education
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2025-05-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's April 2025 Household Expectations Survey shows pessimistic consumer sentiment, with a Consumer Outlook of -15.3 and a price-change sentiment of -22.8. Despite negative perceptions of current financial situations and economic conditions, macroeconomic expectations improve, reaching 10.0 by October 2025. Housing-related costs show significant pressure, with high index points for house purchases and rents both currently and in future projections.
Data & statisticsEconomic data and developments
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2025-05-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria reported a composite Purchasing Managers’ Index (PMI) of 52.2 for April 2025, indicating economic expansion for the fifth consecutive month. The report highlights moderate strengthening across sectors, with Output, New Orders, and Employment indices rising, despite margin pressures from input costs outpacing output prices. Among 36 subsectors, 22 showed growth, led by Transportation Equipment, while 14 contracted, with Paper Product experiencing the largest drop.
Data & statisticsEconomic data and developments
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2025-05-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's April 2025 Inflation Expectations Survey Report shows most respondents view current inflation as high, expecting it to remain unchanged next month but likely to increase over the next three to six months. Energy and transportation costs drive inflation perception, with large firms most likely to see inflation as high. Households and businesses anticipate increased expenditure over the next six months, with expectations moderating slightly over longer horizons.
Data & statisticsEconomic data and developments
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2025-05-09•United Kingdom•HM Treasury
HM Treasury's inaugural report on the Economic Crime (Anti-Money Laundering) Levy details GBP 90.715m collected from 2,927 entities in 2023-24, with GBP 90m allocated to anti-money laundering initiatives. Due to a shortfall, a rate increase for 'very large' entities to GBP 500,000 will be implemented from April 2024, with future collections projected at GBP 115m annually. The report outlines ongoing discussions for allocations from 2026-27 to 2028-29 and plans for a comprehensive review by 2027.
Policy & regulationRules & requirementsAML and CFT
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2025-05-09•Iceland•Central Bank of Iceland
Central Bank of Iceland Governor Ásgeir Jónsson outlined the strategy of combining tight but gradually normalizing monetary policy with macroprudential and supervisory tools to tackle inflation, housing pressures, and capital-flow risks. The policy rate, reduced to 7.75% after four cuts, remains restrictive with a real rate near 4%. The Bank favors macroprudential measures over capital controls, highlighting tools like high bank capital ratios, borrower-based limits, and foreign exchange interventions.
Monetary policyMonetary policy framework & strategyMonetary policy decisions and developments
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2025-05-09•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority announced a near-term rulemaking agenda for the insurance market, focusing on consumer protection, complaints handling, and risk-based capital solvency rules. Planned governance rules will address board composition, diversity, and committee organization. The Authority also highlighted measures under the Unified Insurance Law, including capital requirements, investment rules, and increased microinsurance coverage limits.
Policy & regulationRules & requirementsFinancial inclusion
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2025-05-09•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority's inspection of DNB Bank ASA's DNB Finance division found deficiencies in credit risk management, especially in debt-servicing capacity calculations and documentation. The report calls for clearer policies on income assessment, co-borrower use, and complaint handling, with a separate review of the car-dealer loan commission model. DNB's board plans updates to routines and training, focusing on complaint processes in 2025.
SupervisionReviews, inspections & stress testsCredit riskAsset quality
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2025-05-09•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway (Finanstilsynet) released an inspection report on Nordea Finans Norge AS and Nordea Finance Equipment AS, identifying complex credit frameworks and deficiencies in debt-servicing capacity assessments. The report highlights a system error allowing loans without proper interest-rate stress tests, inadequate affordability assessments, and issues in complaint handling and arrears processes. Finanstilsynet plans further follow-up on these findings, including separate cases on affordability calculation errors and the loan distribution commission model.
SupervisionReviews, inspections & stress testsCredit riskSupervision process and methodologies
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2025-05-09•Vietnam•State Bank of Vietnam
At the “Connecting green credit – green industrial parks” forum, the State Bank of Vietnam emphasized the need for a national green classification list to facilitate green lending and project appraisal. Credit institutions have increased green credit activities, with outstanding green credit reaching over VND 704.244 trillion as of March 2025. Future steps include enhancing the legal framework for green credit and improving transparency in environmental criteria and project preparation.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-05-09•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway released an inspection report on Storebrand Livsforsikring AS, highlighting the need for improved governance, independent monitoring, and risk management of ICT systems, including outsourced services. The report calls for enhanced contingency testing, formal change control processes, and sufficient ICT resources. Finanstilsynet also requested board meeting minutes discussing the report and asked the firm to share it with its auditor.
SupervisionReviews, inspections & stress testsIT managementOperational risk and resilience
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2025-05-09•Chile•Chile Financial Market Commission
The Chile Financial Market Commission announced its centennial programme for banking regulation, featuring the 2025 Annual Conference on "100 Years of Banking Supervision" on 26–27 June. The programme includes a website section with historical banking documents, a Virtual Museum, and guided visits to the Institutional Library. Additional events include a reflection session with former Superintendents and joint activities for Financial Education Month in October.
Financial literacy & educationOther
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2025-05-09•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) filed a complaint against Dean S. Dellas and DSD Capital Management, LLC, alleging fraud and misappropriation in commodity trading advisory activities. The CFTC seeks restitution, disgorgement, civil penalties, and permanent bans for Commodity Exchange Act violations. A parallel criminal case has been initiated, with the U.S. Attorney’s Office charging Dellas with wire fraud and aggravated identity theft.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-05-09•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) released its 2025 legislative work plan, outlining 19 projects to enhance the capital markets legal framework. The plan prioritizes tighter supervision, market stability, and investor protection, addressing securities advisory services, derivatives trading, and information disclosure. It includes coordination with State Council departments and judicial authorities on related regulations and interpretations.
Policy & regulationRules & requirementsRegulatory burden
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2025-05-09•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) has launched a public consultation on a proposal to establish a special regulatory regime for open-end mutual funds and financial trusts to manage the Labour Termination System. This framework, under Annex II to Decree No. 847/2024, offers an alternative to traditional severance pay, allowing funds to be structured through collective bargaining agreements and protected from attachment. The proposal outlines conditions for fund contributions, investment policies, and the issuance of trust securities.
Policy & regulationRules & requirementsOther
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2025-05-09•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission, with the People’s Bank of China and the China Securities Regulatory Commission, held a meeting on financial consumer and investor protection. They reviewed cross-market issues, rule updates, and international cooperation, emphasizing joint policy development, dispute resolution, and enhanced information-sharing for better supervision.
SupervisionCooperationConsumer and investor protection
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2025-05-09•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration issued the Measures for Petition Work, effective 1 June 2025, detailing procedures for handling public petitions and complaints. The measures, comprising six chapters and 52 articles, enhance supervisory guidance and emphasize mediation and settlement in financial dispute resolution. Financial institutions are responsible for resolving conflicts, focusing on reasonable and lawful demands.
Policy & regulationRules & requirementsOther
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2025-05-09•Argentina•Argentina Superintendency of Insurance
At the 10th Regional Insurance Congress in Córdoba, the Argentina Superintendency of Insurance emphasized "regulate less and supervise more." Valeria Hirschhorn, General Coordination Manager, highlighted a shift towards agile, transparent, and effective supervision, with "intelligent supervision" as a key tool for improvement. Discussions included non-traditional lines, agricultural, motor, assistance services, and technological innovation.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-05-09•Moldova•National Bank of Moldova
The National Bank of Moldova released a video series on its role in Moldova's European integration, focusing on financial stability, banking modernization, and aligning with EU standards. It covers EU negotiation chapters on capital movement, financial services, and economic policy, highlighting benefits like capital mobility and digital banking transformation. Moldova became an EU candidate on 23 June 2022, with accession negotiations starting on 14 December 2023.
Financial literacy & educationOther
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2025-05-09•South Korea•Bank of Korea
The Bank of Korea's preliminary balance of payments data for March 2025 indicates a current account surplus of USD 9.14 billion, with net assets in the financial account rising by USD 7.82 billion.
Data & statisticsBalance of payments and other external statistics
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2025-05-09•Mongolia•Central Bank of Mongolia
The Central Bank of Mongolia has introduced Climate-Related Financial Disclosure Guidelines for local financial institutions to enhance transparency in climate risk reporting. Developed with international partners and aligned with International Financial Reporting Standards S1 and S2, the guidelines include a voluntary reporting template to improve data quality and capacity through a "learning-by-doing" approach.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-05-09•Mongolia•Central Bank of Mongolia
The Central Bank of Mongolia held a workshop to present its "Discussion Paper on Environmental, Social, and Governance (ESG) in Mongolia," developed with UNESCAP. The paper suggests Mongolia is building its ESG regulatory infrastructure but needs further alignment with international standards, including enhancing legal frameworks and risk-based supervision. The session addressed international ESG standards, risk methodologies, and Mongolia's ESG disclosure system, gathering participant feedback.
Policy & regulationReform agendas & prioritiesESG
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2025-05-09•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury updated the UK Russia sanctions list, adding nine new entries and specifying 101 vessels subject to asset freeze and shipping sanctions. Firms must freeze assets of designated persons, verify against the UK sanctions list, and report breaches to the Financial Intelligence Unit. Specified ships face entry prohibitions and registration restrictions in the UK and Isle of Man, with no Oil Price Cap exceptions applicable.
Policy & regulationRules & requirementsNew sanctions designations
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2025-05-09•Barbados•Central Bank of Barbados
The Central Bank of Barbados announced a staff-level agreement with the International Monetary Fund (IMF) for additional financing of approximately USD 57 million, pending IMF Executive Board approval. The IMF's fifth review of Barbados’ Extended Fund Facility and Resilience and Sustainability Facility confirmed all performance criteria were met, with reforms integrating climate considerations into public financial management.
Policy & regulationImplementation, projects & pilotsEconomic data and developments
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2025-05-09•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde has integrated environmental, social, and governance measures, inaugurating a solar photovoltaic park and installing electric vehicle charging points. The solar installation, with a capacity of 161.8 kWp, has reduced energy consumption by 40% and is expected to pay back in 3 years and 5 months. Additional initiatives include investments in sustainable financial instruments, energy optimization, and reducing plastic use.
Institutional developmentTechnology & data transformationClimate risk and sustainable finance
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2025-05-08•Mexico•Central Bank of Mexico
At the 88th Banking Convention, Mexico's Central Bank Governor, Victoria Rodríguez Ceja, emphasized banking priorities, market functioning, and digital payments. She highlighted initiatives like new bank licenses, financial technology institutions, transparency tools, and electronic payments expansion. Future priorities include improving digital payment infrastructure, enhancing SPEI services, and addressing cybersecurity, data risks, financial inclusion, and climate-related exposures.
Policy & regulationReform agendas & prioritiesMonetary policy decisions and developments
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2025-05-08•Australia•Australian Securities & Investments Commission
The Federal Court ordered HCF Life Insurance to pay a AUD 750,000 penalty and publish corrective disclosures online after finding a misleading pre-existing condition term in its policies. The term suggested denial of cover based on later medical opinions without a diagnosis, contrary to section 47 of the Insurance Contracts Act 1984. Although HCF Life had sent corrective notices, further online disclosure was mandated. The Court dismissed ASIC's claim of an unfair contract term under the ASIC Act 2001.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-05-08•Timor-Leste•Central Bank of Timor-Leste
The Central Bank of Timor-Leste reported capital movement of USD 1.81 million, with no transfer to the state budget and a return of USD -174.62 million.
Data & statisticsBalance of payments and other external statistics
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2025-05-08•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia’s Capital Markets Authority has authorized Hamah Capital Company to manage investments and operate funds in the securities business, following the completion of commencement requirements under the Capital Market Law and its Implementing Regulations.
SupervisionAuthorisations & approvalsLicence approval
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2025-05-08•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia highlighted Superintendent César Ferrari's advocacy for enhanced associativity and cooperativism in agriculture to boost development. Ferrari noted the success of an eight-month "credit pact" with banks, emphasizing agriculture as a priority sector. He cautioned against raising interest rates, suggesting cost reductions to lower lending rates and support rural economic profitability.
Policy & regulationReform agendas & prioritiesOther
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2025-05-08•Colombia•Superintendencia Financiera de Colombia
Felipe Noval of Colombia's Financial Superintendence highlighted technological innovation's role in financial inclusion and stability at the AWS Financial Services Symposium 2025. By end-2024, 82.2% of transactions were digital, with mobile apps leading. Priorities include improving digital infrastructure, expanding credit, addressing payment interoperability, and advancing open finance.
Policy & regulationReform agendas & prioritiesFintech and insurtechFinancial inclusion
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2025-05-08•Belgium•Belgium Financial Services and Markets Authority
Belgium’s Financial Services and Markets Authority (FSMA) is now responsible for overseeing issuer compliance with the European Green Bond (EuGB) standard under the EU Green Bonds Regulation. The FSMA has supervisory and enforcement powers, including requiring issuers to publish EuGB documentation and intervening in offers or trading of EuGBs. Issuers must adhere to transparency requirements, including enhanced disclosures and external reviews, with the European Securities and Markets Authority (ESMA) overseeing external reviewers.
Policy & regulationRules & requirementsGreen taxonomy
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2025-05-08•Greece•Bank of Greece
The Bank of Greece reported a 2024 travel services surplus of EUR 18,787.0 million, a 3.4% increase from 2023, driven by a 4.8% rise in travel receipts to EUR 21,592.3 million. EU27 residents contributed significantly to receipts growth, while cruise receipts surged 22.4% to EUR 1,112.2 million. Personal travel dominated receipts at 93.5%, with business travel receipts increasing their share to 6.5%.
Data & statisticsBalance of payments and other external statistics
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2025-05-08•Israel•Bank of Israel
The Bank of Israel has initiated a Technological Consultation to explore the feasibility and implementation options for a Digital Shekel System, seeking input from vendors, technology experts, and academics across six key areas. An explanatory webinar is scheduled for May 21, 2025, as part of the assessment process for a potential Central Bank Digital Currency (CBDC) issuance, with no decision yet made.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-05-08•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) has blocked seven websites, including giorgetti-invest.com, for unauthorized financial intermediation and misuse of public figures' images. This action, citing powers under the "Growth Decree" and "Capital Markets Law," brings the total number of sites blocked since July 2019 to 1,311. Consob advises investors to ensure service providers are authorized and have published necessary documentation.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-05-08•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority reported 248 cases of suspected market abuse in 2024, with 144 involving insider dealing and 86 market manipulation. Four cases were referred to the police, and enforcement actions included four reprimands, orders, and three fines for disclosure breaches. The decline in police referrals is linked to fewer complex insider dealing cases and reduced wash trading incidents.
EnforcementEnforcement statisticsMarket abuse
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2025-05-08•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority has ordered AkademikerPension to enhance monitoring of older pension products not covered by the Product Oversight and Governance (POG) regime and to strengthen POG arrangements for products offered post-2018. This marks the first direct order to a pension fund to improve oversight of legacy products under the good business practice framework.
SupervisionInterventionsSupervision process and methodologies
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2025-05-08•United Kingdom•Payment Systems Regulator
The Financial Conduct Authority (FCA) has appointed David Geale as permanent Managing Director of the UK Payment Systems Regulator (PSR) and Executive Director for Payments and Digital Finance. Geale will oversee the National Payments Vision, open banking, and digital finance, and play a key role in the PSR's consolidation into the FCA. His remit includes supervising payments and cryptoasset firms and addressing push payment fraud and card processing fees.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-05-08•Australia•Australian Securities & Investments Commission
ASIC has released Regulatory Guide 281 to help BNPL providers comply with new laws effective 10 June 2025. It details compliance for BNPL contracts as low-cost credit contracts, including modified lending obligations, and incorporates feedback from 16 stakeholders. This complements the Treasury Laws Amendment Act 2024, extending the National Credit Code to BNPL contracts. ASIC urges unlicensed BNPL providers to apply promptly to avoid unlicensed conduct.
Policy & regulationGuidance & interpretationBNPL
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2025-05-08•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) released its 2024 Annual Report, highlighting a 14.4% increase in equity trading to EUR 717.383 billion and a 15% rise in assets managed by collective investment institutions to over EUR 430 billion. The report notes intensified supervisory efforts, including over 1,800 information requests and 51 fines totaling EUR 12.3 million, alongside the launch of a new investor protection and financial education department.
SupervisionSupervision approach, priorities & toolkitActivity and performance reporting
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2025-05-08•India•Reserve Bank of India
The Reserve Bank of India released a Framework for Formulation of Regulations, emphasizing transparency, public consultation, and impact analysis. It outlines a comprehensive process for developing and amending regulatory instruments, including public drafts, impact analyses, and stakeholder feedback. Exceptions apply for internal matters, procedural changes, or urgent interventions, with existing regulations remaining valid despite non-adherence to the framework.
Policy & regulationRules & requirementsRegulatory burden
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2025-05-08•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine’s National Commission on Securities and Stock Market has removed GONZO INVEST LLC from its list of dubious investment projects after the firm completed the licensing process and obtained permission to provide investment advisory services. Gonzo Invest was initially listed as a SCAM project in August 2023 due to licensing issues. The Commission will continue monitoring market participants to ensure investment security.
SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
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2025-05-08•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank published analyses on the impact of elevated global uncertainty, linked to US trade policies and geopolitical tensions, on the Netherlands. The research highlights that uncertainty shocks weaken economic sentiment and real-economy indicators, while strong bank capitalisation mitigates financial-market correction risks. The findings support maintaining capital requirements during high uncertainty to bolster economic growth.
ResearchGeopolitical risk
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2025-05-08•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan reported 2,956 new company registrations in April 2025, bringing the total to 252,321, with 99.9% processed digitally. Private limited companies made up 56% of new registrations, and sectoral growth was led by information technology and e-commerce. SECP plans to enhance digital infrastructure and streamline processes to support entrepreneurship and investment.
Data & statisticsLicensing framework and process
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2025-05-08•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has initiated awareness sessions for business graduates on corporatization and business registration, highlighting recent digital enhancements for streamlining company incorporation. The program includes interactive discussions and demonstrations of SECP's digital tools, like the eZfile portal. This initiative aims to promote corporate governance and financial accountability among future entrepreneurs.
Financial literacy & educationFinancial literacy and education
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2025-05-08•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico's Ministry of Finance, the Bank of Mexico, and the Mexican Banking Association signed an agreement to boost SME financing by 3.5% annually. This addresses low bank credit penetration among SMEs, which constitute 99.8% of establishments and 70.6% of employment. The Finance Minister highlighted 2024 foreign direct investment of USD 36,872 million and federal public debt at 49.2% of GDP.
Policy & regulationCooperationSME financing
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2025-05-08•Georgia•National Bank of Georgia
The National Bank of Georgia released a second draft of Georgia’s Fintech Development Strategy, incorporating feedback from public and private stakeholders. The revised framework includes strategic goals and key performance indicators linked to priority actions, with a detailed action plan under development. Further comments are invited as the strategy and action plan are finalized.
Policy & regulationReform agendas & prioritiesFintech and insurtech
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2025-05-08•Georgia•National Bank of Georgia
The National Bank of Georgia's Governor, Natia Turnava, met with the Hungarian Women’s Leadership Organization to discuss Georgia’s macroeconomic environment and financial sector. The meeting emphasized cooperation with the Central Bank of Hungary and highlighted Georgia's investment climate and free trade agreements. The Hungarian delegation expressed interest in exploring business opportunities in Georgia.
OtherCross-border cooperation
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2025-05-08•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority said it held a joint forum with Constantine 02 University on financing the national economy outside traditional channels. The event included presentations by COSOB officials and other speakers, and ended with a cooperation agreement between COSOB and the university. COSOB linked the initiative to financial inclusion, financial education and wider use of markets to finance projects and innovation.
Policy & regulationCooperationFinancial inclusionFinancial literacy and education
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2025-05-08•North Macedonia•National Bank of the Republic of North Macedonia
Governor Anita Angelovska-Bezoska of the National Bank of the Republic of North Macedonia stated at a World Bank conference that the economy is recovering, but incomes are only 42% of the European level, requiring structural reforms for faster convergence. She stressed the need for investment in human capital, physical capital, and productivity to tackle growth challenges. The central bank supports financial-sector innovation through an Innovation Centre, a national fintech strategy, and a payments regulatory framework aimed at SEPA membership.
Monetary policyMonetary policy assessments & outlooksFintech and insurtechFinancial inclusion
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2025-05-08•Italy•Bank of Italy
The Bank of Italy released the recording and English text of Deputy Director General Chiara Scotti's keynote address on cross-border payments at the Reykjavík Economic Conference 2025. The event was co-organised by the Central Bank of Iceland and Northwestern University’s Center for International Macroeconomics.
OtherCross-border payments
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2025-05-08•Italy•Bank of Italy
The Bank of Italy released Deputy Governor Chiara Scotti’s keynote address, “From Magma to Masterpiece: Forging the Future of Cross-Border Payments,” delivered at the Reykjavík Economic Conference 2025. The event is co-hosted by the Central Bank of Iceland and the Center for International Macroeconomics at Northwestern University.
OtherCross-border payments
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2025-05-08•Bermuda•Ministry of Finance (Bermuda)
Bermuda's Ministry of Finance reported on Premier David Burt’s participation in the 2025 Bermuda Digital Finance Forum, highlighting discussions on Bermuda’s digital asset strategy and stablecoin adoption for economic growth. Premier Burt engaged with industry leaders, including Anthony Scaramucci of SkyBridge Capital, and explored AI and digital identity collaborations with Near AI.
Policy & regulationReform agendas & prioritiesFintech and insurtechStablecoins
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2025-05-08•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York’s April 2025 Survey of Consumer Expectations shows unchanged short-term inflation expectations, increased medium-term expectations, and decreased long-term expectations, with heightened inflation uncertainty. Home price growth expectations rose to 3.3%, while expected price changes for gas, medical care, college, and rent also increased. Labour market and household financial outlooks worsened, with expected earnings and income growth declining, and the probability of higher unemployment and missing debt payments rising.
Data & statisticsEconomic data and developments
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2025-05-08•Finland•Bank of Finland
The Bank of Finland advocates for a Finnish instant payment solution based on real-time credit transfers to enhance secure, versatile, and reliable payment methods. Board Member Tuomas Välimäki highlighted the need for additional payment alternatives due to geopolitical tensions, emphasizing benefits such as stronger governance and data protection. Välimäki called for collaboration across the payments value chain to initiate progress.
Policy & regulationReform agendas & prioritiesPayments and payment systems
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2025-05-08•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong announced the reappointment of Mr Carlson Tong Ka-shing as Chairman of Hong Kong Exchanges and Clearing Limited (HKEX), effective immediately. His term will end with the conclusion of the 2027 Annual General Meeting. This follows his re-election by the HKEX Board and complies with the statutory requirement for Chief Executive approval.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-05-08•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Pension Fund Administrators (SBS) approved a regulation expanding transactions through basic operations establishments (EOB) and removing the need for prior SBS authorisation for correspondent agents. Issued via SBS Resolution No. 01661-2025, it allows EOB to conduct credit disbursements, credit evaluations, and open various accounts, with entities required to set operational limits and notify the SBS. Non-compliance may result in suspension or prudential limits, and entities must update internal processes to align with new requirements.
Policy & regulationRules & requirementsFinancial inclusion
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2025-05-08•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) announced that the Eastern Magistrates’ Court has scheduled a pre-trial review for 24 July 2025 in the case against Mr. Chau Pak Yin. Chau is accused of advising on securities without a licence via a Telegram chat group between April and May 2021, violating the Securities and Futures Ordinance.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-05-08•Austria•Austria Financial Market Authority
The Austria Financial Market Authority's 2024 Annual Report highlights the stability and profitability of Austria’s financial sector despite economic challenges, while cautioning about rising insolvencies affecting banks' credit quality. It emphasizes regulatory focus on crypto-assets, cybersecurity, and climate risks, with commercial real estate as a supervisory priority for 2025. The report notes the full applicability of the EU's Markets in Crypto-Assets Regulation and Digital Operational Resilience Act, focusing on consumer protection and anti-money laundering in crypto-asset services.
SupervisionSupervision approach, priorities & toolkitFinancial stability and systemic riskSupervision process and methodologies
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2025-05-08•Philippines•Department of Finance (Philippines)
The Philippines Department of Finance announced the country's removal from the Financial Action Task Force grey list, ending increased monitoring since June 2021. President Ferdinand R. Marcos, Jr. praised government efforts, highlighting strengthened safeguards against money laundering and terrorist financing. Finance Secretary Ralph G. Recto emphasized the positive impact on financial system confidence and benefits for overseas Filipino workers and businesses.
Policy & regulationInternational standards & recommendationsAML and CFT
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2025-05-08•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 issued guidance for retail borrowers on due diligence before signing microcredit agreements. Key points include verifying MFO licensing, ensuring clear contract terms, and understanding statutory limits on interest rates and penalties. Borrowers are advised of their rights to early repayment, review of terms, and escalation of disputes, and are cautioned about additional services that may increase total repayments.
Policy & regulationGuidance & interpretationLicensing and supervisory fees
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2025-05-08•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency proposed amendments to the Law on Banks to boost economic activity and fintech. Key measures include basic and universal bank licenses, expanded bank equity in fintech, and simplified regulatory sandbox access. The reforms also streamline bank regulation, develop Islamic finance, enhance consumer protection, and increase banking stability.
Policy & regulationRules & requirementsLicensing framework and process
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2025-05-08•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Insurance Payments Guarantee Fund JSC, backed by Kazakhstan's financial market regulator, launched an online service for consumers to compare insurance offerings. It provides product information and direct access to insurers’ websites, emphasizing consumer due diligence in reviewing contract terms. Kazakhstan's insurance sector includes 25 companies, with product terms detailed in insurers' published rules.
Policy & regulationImplementation, projects & pilotsOther
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2025-05-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued an alert regarding fraudulent websites and internet banking login screens related to The Bank of East Asia, Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who have interacted with these fraudulent sites should contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-05-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported a decrease in Hong Kong's official foreign currency reserve assets to USD 408.7 billion at the end of April 2025, down from USD 412.5 billion in March. Including unsettled foreign exchange contracts, the reserves were USD 407.9 billion, equivalent to over five times the currency in circulation or about 36% of Hong Kong dollar M3. The HKMA also announced its Exchange Fund data release schedule for May 2025.
Data & statisticsBalance of payments and other external statistics
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2025-05-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-05-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-05-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued an alert following DBS Bank Hong Kong Limited's report of a fraudulent website and internet banking login screen. The HKMA reminded the public that banks will not send messages with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who interacted with the fraudulent site should contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-05-08•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority's 2025–27 supervisory programme focuses on culture, governance, risk management, financial resilience, and data quality. It supports ongoing projects and complements anti-financial crime efforts through meetings, inspections, and reviews to address consumer value, business model changes, and service continuity. Direct communications will provide firms with detailed insights and timelines.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-05-08•Isle of Man•Isle of Man Financial Services Authority
Thornton Associates Limited has surrendered its licence under Section 7 of the Financial Services Act 2008 and its registration under Section 25 of the Insurance Act 2008, as announced by the Isle of Man Financial Services Authority. This change took effect on 7 May 2025.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-05-08•Türkiye•Insurance and Private Pension Regulation and Supervision Agency of Türkiye
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye amended its circular on compulsory motor third-party liability insurance premiums, increasing the monthly maximum premium caps by 3% for June 2025. Taxis, minibuses, and buses will see an additional 2% increase. The changes take effect on 1 June 2025.
Policy & regulationRules & requirementsOther
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2025-05-08•India•Reserve Bank of India
The Reserve Bank of India has removed the short-term investment and concentration limits for Foreign Portfolio Investors (FPIs) investing in corporate debt securities via the General Route. An updated Master Direction has been issued, and banks must inform their constituents of these changes. The directions are under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.
Policy & regulationRules & requirementsCross-border payments
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2025-05-08•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
The Middle East and North Africa Financial Action Task Force concluded its 40th Plenary Meeting in Amman, adopting country follow-up reports, a regional assessment methodology for money laundering and terrorist financing risks, and progressing on typologies and guidance for anti-money laundering and counter-terrorism financing. The Plenary also addressed self-reports from countries with security constraints, expert qualification for evaluations, and developing an e-learning platform.
Policy & regulationInternational standards & recommendationsAML and CFTSupervision process and methodologies
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2025-05-08•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
The Middle East and North Africa Financial Action Task Force (MENAFATF) concluded its 40th Plenary in Amman, adopting member-country follow-up reports and discussing updates on anti-money laundering and counter-terrorism financing frameworks. The Plenary also addressed self-reports from countries with security constraints, expert qualification for evaluations, typologies work, and approved a regional risk assessment methodology.
Policy & regulationGuidance & interpretationAML and CFTSupervision process and methodologies
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2025-05-08•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority announced the schedule for the autumn 2025 trustee examination and the additional examination for a limited trustee licence. Written exams are set for 22-26 September, with oral exams on 27-28 October.
Policy & regulationImplementation, projects & pilotsLicence approval
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2025-05-08•Europe•European Central Bank
The European Central Bank's Working Paper Series No 3053 examines the impact of rising bank lending rates on euro area household borrowing risk, using updated microsimulation data. Findings show increased debt servicing challenges, particularly in adjustable-rate mortgages, with financially distressed borrowers rising from 3.2% to 5.4% between 2022 Q2 and 2023 Q2. Despite these pressures, over 90% of loans are backed by real estate assets exceeding the debt, offering collateral buffers.
ResearchLending
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2025-05-08•Europe•European Central Bank
The European Central Bank's analysis highlights foreign workers' significant impact on labour force dynamics and economic growth in the euro area's largest countries. Comprising 9% of the labour force in 2022, they accounted for half of the labour force growth over the past three years, contributing substantially to real GDP. The study notes varying contributions, with foreign workers offsetting workforce declines in Germany and significantly aiding Spain, while Italy saw higher national participation.
Research
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2025-05-08•Spain•Bank of Spain
The Bank of Spain will reciprocate Norway's systemic risk buffer (SyRB) measure, requiring Banco Santander, S.A. to meet a 4.5% SyRB for exposures in Norway from 1 September 2025. This follows the European Systemic Risk Board's recommendation and applies to all exposures, exempting those below NOK 5 billion (EUR 424 million). The measure has been approved by Spain’s macroprudential authority and communicated to the European Systemic Risk Board and the European Central Bank.
Policy & regulationRules & requirementsMacroprudential policy and tools
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2025-05-08•South Africa•South African Reserve Bank
The South African Reserve Bank reported an increase in its official gold and foreign exchange reserves as of 30 April 2025, with gross reserves at USD 67,585 million and the international liquidity position at USD 64,318 million. Gold reserves rose to USD 13,192 million, while SDR holdings increased to USD 6,436 million. The changes were influenced by a higher US dollar gold price, valuation adjustments, and liquidity management activities.
Data & statisticsBalance of payments and other external statistics
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2025-05-08•South Africa•South African Reserve Bank
The South African Reserve Bank reported total assets and liabilities of ZAR 1.31 trillion as of 30 April 2025, an increase of ZAR 17.54 billion from March. Total gold and foreign assets rose by ZAR 15.94 billion, driven by higher gold and Special Drawing Rights holdings, despite a decrease in foreign exchange reserves. Liabilities saw an increase in notes and coin circulation and the contingency reserve account, while bank deposits decreased.
Data & statisticsBalance of payments and other external statistics
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2025-05-08•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines has prohibited Oriental Tamaraw Rural Bank of Naujan, Inc. from operating under Section 30 of Republic Act No. 7653. The Philippine Deposit Insurance Corporation has been appointed as receiver to manage the bank's takeover and liquidation per Section 12(a) of Republic Act No. 3591.
EnforcementSanctions & designationsUnlicensed or unauthorized activity
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2025-05-08•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines announced that BDO Network Bank, Inc. upgraded its banking licence from a rural bank to a thrift bank, commencing operations under new trade names on 5 May 2025. The Monetary Board approved the upgrade through Resolution No. 128, and the Securities and Exchange Commission amended the Articles of Incorporation and By-Laws. The Bangko Sentral Governor issued the Certificate of Authority to Operate as a thrift bank on 5 February 2025.
SupervisionAuthorisations & approvalsLicence approval
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2025-05-08•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a VND 1,000,000 fee for the issuance of a securities practice certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person. Failure to complete the procedure within one year will result in certificate cancellation.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-05-08•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) launched the EVOLUA pilot programme with the Getulio Vargas Foundation (FGV) and the Brazilian Financial and Capital Markets Association (ANBIMA) to enhance research and debate on capital markets. The programme aims to inform CVM's strategic decisions and increase engagement between young researchers, capital markets, and the regulator. FGV, supported by ANBIMA, will manage operations, while CVM's Advisory on Economic Analysis, Risk Management, and Integrity leads the pilot.
Policy & regulationImplementation, projects & pilotsOther
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2025-05-08•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission was commended by the National Anti-Money Laundering / Counter-Terrorism Financing / Counter-Proliferation Financing Coordinating Committee for aiding the country's removal from the Financial Action Task Force "grey list." The recognition highlights the Commission's key reforms in anti-money laundering and counter-terrorism financing. President Ferdinand R. Marcos Jr. and Insurance Commissioner Reynaldo A. Regalado emphasized sustaining progress and vigilance to prevent misuse of regulated entities.
OtherAML and CFT
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2025-05-08•Malaysia•Malaysia Securities Commission
The Securities Commission Malaysia has issued an alert about a scam impersonating the SC to demand payments, including "guarantee deposits" up to MYR 500,000. Scammers falsely claim individuals are under investigation for market offences and pressure them to pay to avoid legal action. The SC emphasized it does not solicit money for investigations and urged the public to verify offers through its Investment Checker and report suspicious requests.
SupervisionAlertsFraud and scams
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2025-05-08•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia led a delegation to Bangkok to study digital economy development and digital asset business supervision in the capital market. The delegation, including Cambodia’s Ministry of Economy and Finance, engaged with Thai officials to discuss regulatory frameworks, trends, and supervisory challenges.
SupervisionCooperationFintech and insurtechSupervision process and methodologies
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2025-05-08•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency (Hanfa) warned about media reports and issuer statements on bonds marketed as Qelo and Koykan by enasolAuto d.o.o. and PlanetsGroup d.o.o., cautioning they may mislead investors about safety and returns. Hanfa plans supervisory action after discovering issuers failed to notify it of using a prospectus exemption for bonds valued up to EUR 3,000,000. The agency highlighted concerns over media content suggesting guaranteed profitability and equating these bonds with government bonds, potentially misleading investors about regulatory oversight.
SupervisionAlertsSecurities offerings and listings
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2025-05-08•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has issued Consultation Paper 11/25 proposing the deletion of Supervisory Statement 20/15, which outlines expectations for building societies' treasury and lending activities. The PRA argues that the statement is inconsistent with its broader policy approach and may create a level-playing-field issue, as it imposes prescriptive expectations not applicable to banks. The proposal aims to provide building societies with greater flexibility in financial risk management while maintaining supervision through existing requirements and tools.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-05-08•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority has approved the prospectus for a TotalEnergies share issuance, which is exclusively offered to the group's employees.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-05-08•Europe•European Association of CCP Clearing Houses
The European Association of CCP Clearing Houses published an interview with Corentine Poilvet-Clédiere, CEO of LCH SA, discussing the future of central counterparty clearing. She emphasized the importance of CCPs being multi-asset, diversified, and well-capitalized to manage technological changes and risks like cyber-attacks. LCH SA is set to launch a digital asset clearing service in May 2025.
OtherCCPs
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2025-05-08•Global•ISDA
The International Swaps and Derivatives Association (ISDA) has proposed establishing a new governance committee for the credit default swap (CDS) Determinations Committees to enhance their structure and integrity. The committee, comprising 15 to 20 senior CDS market participants, would gather market feedback and adopt rule changes, excluding involvement in credit event determinations to maintain decision-making and rule-setting separation.
Policy & regulationRules & requirementsCorporate governance
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2025-05-08•Global•ISDA
TD Securities has integrated ISDA Create across its global client trading and regulatory agreements, digitizing negotiation and execution workflows. The platform, powered by CreateiQ and S&P Global Market Intelligence, now includes CiQ Extract for offline negotiation and supports over 2,000 structured data points.
Other
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2025-05-08•Sweden•Finansinspektionen
Finansinspektionen has released updated JSON schema files for DORA incident reporting, incorporating minor technical and wording adjustments. Changes include a hyphen addition to email validation patterns and corrections to response options in the "Reputational Impact" field.
Policy & regulationGuidance & interpretationCyber resilience
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2025-05-08•Sweden•Finansinspektionen
Sweden's Finansinspektionen (FI) has added 50 firms to its warning list for operating without necessary authorisation and being linked to fraudulent loan and investment offers. FI highlighted a pattern of scams involving fake loans where consumers are asked to pay fees upfront. Consumers are advised to verify firms against FI’s warning list and company register, and to consult IOSCO’s I-scan database for global warnings.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-05-08•Canada•Payments Canada
Payments Canada concluded the 2025 Payments Canada SUMMIT, highlighting the ongoing development of The Real-Time Rail, set for completion in Q3 2025. The event featured discussions on artificial intelligence, cybersecurity, and real-time payments, with industry announcements including Dream Payments' launch of Interac e-Transfer payouts and Shakepay Inc.'s membership in Payments Canada.
OtherPayments and payment systemsArtificial intelligenceCyber resilience
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2025-05-08•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway found material and pervasive errors in Observe Medical ASA's 2023 annual and first-half 2024 interim financial statements, particularly regarding the Convatec transaction and impairment testing. The authority ordered corrections in line with IAS 8, including adjustments for startup costs and goodwill impairment. Observe Medical has agreed to implement these corrections in its 2024 annual report.
SupervisionInterventionsAccounting and financial reporting
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2025-05-08•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reported on Prime Minister Pham Minh Chính’s session with the Policy Advisory Council to finalize a draft National Assembly resolution to accelerate private sector development. Key proposals include streamlined bankruptcy procedures, improved land access, expanded SME Development Fund activities, and tax incentives for start-ups. The draft will undergo expedited approval, with stakeholder feedback before submission to the National Assembly.
Policy & regulationRules & requirementsOther