The Central Bank of Russia appointed Ruslan Baluev as Director of its Information Technology Department, effective 29 April 2025. Baluev has over 14 years of experience at the bank, including serving as Deputy Director of the same department since January 2024.
The Central Bank of Russia reported a decline of 0.5 million borrowers in 2024 H2, with total borrowers slightly above 50 million, indicating reduced household over-indebtedness. This trend is attributed to changes in banks' retail lending practices, including smaller and shorter cash loans. Mortgage borrower numbers remained stable at 10.2 million, with fewer long-term mortgages and a reduced reliance on consumer loans for down payments.
The Norwegian Financial Supervisory Authority reviewed Navamedic ASA's financial reporting, identifying significant deficiencies in its 2023 annual and 2024 interim reports regarding loans to Observe Medical ASA. The main loan was credit-impaired in 2023, requiring recognition of expected credit loss under IFRS 9, with disclosure errors under IAS 1, IFRS 7, and IFRS 13. Navamedic has agreed to correct these issues in its 2024 annual financial statements, which the authority has accepted, closing the matter.
Norway's Financial Supervisory Authority's ICT inspection of Sparebanken Øst found significant shortcomings in ICT governance, including inadequate management reporting, elevated key-person risk, and insufficient incident reporting. The report calls for improved independent assurance, business impact analysis, supplier access control, and crisis preparedness. The authority requested the report be shared with the bank’s auditor and board meeting minutes where it is discussed.
Chile's Financial Market Commission (CMF) chair Solange Berstein presented the 2024 Institutional Public Account, highlighting progress in prudential supervision, market conduct, and development, including Basel III implementation and new Fintech Act responsibilities. The CMF oversees over 8,000 entities, covering 76.5% of Chile’s financial market assets, and received numerous applications under the Fintech Act. Enforcement actions included fines totaling UF 42,159, with ongoing challenges in implementing new laws like the Open Finance System and the Financial System Resilience Act.
The Commodity Futures Trading Commission (CFTC) announced the departure of Amanda L. Olear on May 2 after over 17 years, most recently as Acting Director of the Division of Market Oversight. Olear's tenure included roles such as Director of the Market Participants Division and Associate Director of the Managed Funds Section.
The Hellenic Capital Market Commission delisted TERNA ENERGY from the Athens Stock Exchange and revoked licences for an absorbed real estate investment company. It also imposed AML enforcement actions, including a EUR 40,000 fine on XBITS OU and de-registration from its registers. Additional fines were levied on several firms for failing to submit required AML auditor assessment reports.
Central Bank of Egypt Governor Hassan Abdalla met with a Beijing delegation led by Vice Mayor Sun Shuo to enhance bilateral relations and economic cooperation. Discussions included collaboration within China's Belt and Road initiative framework.
The U.S. SEC filed a civil complaint against Kenneth W. Alexander II, Robert D. Welsh, and Caedrynn E. Conner for a Ponzi scheme raising at least USD 91 million from over 200 investors. Run through Vanguard Holdings Group Irrevocable Trust, it falsely promised high returns and misappropriated funds for personal use. The SEC seeks permanent injunctions, disgorgement, and civil penalties for antifraud and registration violations.
Acting Comptroller of the Currency Rodney E. Hood highlighted the Office of the Comptroller of the Currency's efforts to ensure ethical and responsible use of artificial intelligence and other technologies by banks. He also discussed promoting innovation through Project REACh during his remarks at the National Fair Housing Alliance’s Responsible AI Symposium.
China's National Financial Regulatory Administration head Li Yunze and Hong Kong Monetary Authority Chief Executive Eddie Yue discussed economic and financial developments, bilateral supervisory cooperation, and support for Hong Kong as an international financial centre.
The Eurasian Group secretariat took part in a Vienna seminar on implementing the revised FATF standards under Recommendation 8. Discussions covered the recommendation's core concepts and implementation practice, with the secretariat highlighting the need to reflect member states' national legal frameworks.
The Monetary Authority of Macao and the Macao SAR Government’s Legal and Judicial Training Centre hosted a seminar for judges and prosecutors on bond market supervision and development trends. Experts from AMCM and Hong Kong shared insights on Macao's bond market evolution, supervisory frameworks, and practical case studies. Future training sessions are planned to meet the growing demand for integrated financial and legal expertise as Macao's financial sector diversifies.
The Securities and Exchange Board of India (SEBI) cautioned against "opinion trading platforms" that facilitate trades based on yes or no event outcomes and are outside SEBI's regulatory scope. SEBI clarified these platforms are not recognized stock exchanges and are neither registered nor regulated by SEBI, warning that trading on them would be illegal if the opinions qualify as securities. SEBI advised recognized stock exchanges to take action, emphasizing that investor protection mechanisms do not apply to these trades.
The National Bank of Denmark's analysis of Greenland's economy highlights slowed growth, persistent capacity pressures, and the need for ambitious reforms to address labour shortages and future-proof public finances. Fishing remains a key economic driver, though its support is waning, with seafood export values declining and shrimp quotas reduced. The 2025 Finance Act projects a DKK 130 million deficit, with rising risk exposure and long-term sustainability challenges due to demographic shifts.
The Taiwan Financial Services Commission released March 2025 financial statistics for the insurance industry, noting a pre-tax profit of TWD 93.1 billion. Life insurers' pre-tax profit fell 11.6% year-on-year to TWD 84.9 billion, while non-life insurers' profit decreased 11.8% to TWD 8.2 billion. The Taiwan dollar depreciated 1.21% against the US dollar, with life insurers' foreign exchange valuation reserve increasing to TWD 283.6 billion, despite a net loss of TWD 49.9 billion from exchange and hedging activities.
The Taiwan Financial Services Commission reported that premium revenues from new foreign-currency denominated life insurance policies reached TWD 67.354 billion by end-February 2025, marking a 41% year-on-year increase. Investment-linked products accounted for TWD 9.42 billion, a 122% rise, while traditional products totaled TWD 57.934 billion, up 33%.
The Taiwan Financial Services Commission reported Q1 2025 data on life insurers' sales of spillover-effect and in-kind payment insurance products, revealing contrasting trends. Spillover-effect products saw an 18% decline in new contracts but a 110% increase in first-year premium income. In contrast, in-kind payment products experienced a 58% rise in new contracts but a 62% drop in first-year premium income.
The Pensions Regulator (TPR) released its Annual Funding Statement for defined benefit schemes, noting improved funding levels and a shift from deficit recovery to endgame planning. TPR reports 54% of schemes are in surplus on a buyout basis, expecting 80% to meet the Fast Track approach, reducing regulatory engagement. The statement also covers employer covenant assessments, potential surplus release requests, and upcoming digital tools for scheme valuation submissions.
The European Insurance and Occupational Pensions Authority (EIOPA) has initiated six consultations to implement the EU’s Insurance Recovery and Resolution Directive (IRRD). The consultations propose draft regulatory technical standards and guidelines on recovery and resolution planning, insurer resolvability assessment, and criteria for identifying critical functions. These efforts are essential for the IRRD's practical application, set to become operational in 2027.
The Belgium Financial Services and Markets Authority (FSMA) has initiated an administrative investigation into Ekopak NV's compliance with market information obligations. The Investigations Officer will conduct the investigation, which may lead to adversarial proceedings, a settlement, or case closure. The FSMA will inform the Public Prosecutor if charges constitute a criminal offence and will update the market as permitted by professional secrecy.
The Central Bank of Mexico reported an operating surplus of MXN 17,994.8 million for fiscal year 2024, to be transferred to the Federal Government. Net income was MXN 836,766.8 million, with MXN 737,539.8 million used to amortise past losses and MXN 81,232.2 million added to the capital reserve. The financial statements were audited by an independent auditor approved by the Ministry of Finance and the Chamber of Deputies’ oversight body.
The Central Bank of Nicaragua's President, Ovidio Reyes, is attending the 2025 IMF and World Bank Spring Meetings to discuss Nicaragua's work agenda and economic issues. Reyes met with IMF officials, including the Mission Chief for Nicaragua, and attended sessions with the IMF constituency represented by Brazil and the World Bank Vice President for Latin America and the Caribbean. He will also hold a bilateral meeting with IMF officials to discuss Nicaragua's economic situation and the 2025 agenda.
The Central Bank of Nicaragua's first-quarter 2025 Remittances Report reveals a 26.3% year-on-year increase in inbound remittances, totaling USD 1,441.3 million. The United States remains the largest source, contributing USD 1,208.0 million, while Managua leads in receiving, accounting for 25.7% of remittances. Average remittance value rose 8.8% to USD 264.3, with transaction numbers up 16.1%.
Central Bank of Uruguay President Guillermo Tolosa, at the IMF and World Bank Spring Meetings, emphasized achieving a 4.5% inflation target more symmetrically, transitioning from an inflation range to a specific target. He reaffirmed the policy interest rate as the primary monetary tool and highlighted efforts to enhance central bank independence and refine the inflation targeting regime. Tolosa noted public support from President Yamandú Orsi and stressed improved macroeconomic coordination to support disinflation.
The Central Bank of the Republic of Kosovo, with the EU Office in Kosovo and the Croatian National Bank, is enhancing Kosovo's framework to combat counterfeit currency. This includes a draft legal framework aligned with EU standards, national centres for counterfeit analysis, and a shared information system. Efforts are also underway to ratify the International Convention for the Suppression of Counterfeiting Currency to bolster international cooperation.
Saudi Arabia's Capital Markets Authority has approved Arabian Pipes Company's capital increase from SAR 150 million to SAR 200 million through the issuance of bonus shares. The increase will be executed by issuing one bonus share for every three existing shares, funded by transferring SAR 50 million from retained earnings. An extraordinary general assembly must be held within six months, and all regulatory requirements must be met.
The Saudi Central Bank (SAMA) has licensed Tamawal to offer finance aggregation services, raising the number of authorised providers to six. This move aligns with SAMA's goals to enhance financial sector efficiency and promote innovative solutions for financial inclusion. SAMA advises customers to engage only with authorised institutions, referencing its register of licensed entities.
The Bank of Israel confirmed that the NIS 200 banknote will remain in circulation, as no professional justification has been presented to the Governor to warrant its cancellation. Suggestions to cancel the note lack proper presentation and coordination with the Bank and are unlikely to be implemented.
The Angola Insurance Authority (ARSEG) is hosting the IAIS Regional Seminar for Sub-Saharan Africa from 28 April to 2 May. Co-organised with the International Association of Insurance Supervisors and the Financial Stability Institute, the seminar focuses on "Inclusive and Sustainable Insurance Markets in Sub-Saharan Africa."
The Australian Securities & Investments Commission (ASIC) cancelled Viridian Equity Group Pty Ltd's financial services licence after the Compensation Scheme of Last Resort (CSLR) paid AUD 450,000 for unpaid Australian Financial Complaints Authority (AFCA) determinations. ASIC's action on 17 April 2025 was mandatory, as CSLR requires licence cancellation when compensation is paid for unpaid AFCA determinations. Since CSLR's inception, ASIC has cancelled five AFS licences and four credit licences.
The Ukraine National Commission on Securities and Stock Market processed approximately 100 citizen requests via its hotline this quarter, offering consultations on topics such as general meetings of joint stock companies and securities ownership. The NSSMC aims for prompt issue resolution or referral to appropriate authorities.
The Saudi Arabian Monetary Authority (SAMA) has licensed Tamawal to offer finance aggregation services, increasing the total number of such licensed companies in Saudi Arabia to six. This move aligns with SAMA's strategy to enhance financial sector efficiency and promote innovative solutions for financial inclusion. SAMA also emphasized the importance of engaging only with authorized financial institutions.
The National Bank of the Republic of North Macedonia updated its statistics agenda, receiving positive feedback from the IMF on data quality and alignment with the IMF’s Special Data Dissemination Standard Plus. The Bank is enhancing public communication, expanding its financial accounts dataset, and improving data transmission timelines to meet EU standards. Efforts continue to digitize reporting, simplify cross-border payment reporting, and develop methodological improvements for remittances with the IMF.
The People's Bank of China highlighted the need for IMF governance reform during a meeting between Governor Pan Gongsheng and IMF Managing Director Kristalina Georgieva. Pan emphasized accelerating adjustments to members’ quota shares to better reflect global economic weights and enhance emerging market representation. He also stressed the importance of advancing multilateral cooperation to maintain global economic stability.
Bank of Indonesia's Q1 2025 Banking Survey indicates continued positive growth in new loan disbursements, though at a moderated pace from Q4 2024, with a Weighted Net Balance (WNB) of 55.07%. Lending standards eased, reflected in a Lending Standards Index (LSI) of -1.32, and are expected to remain loose in Q2 2025. Respondents anticipate accelerated disbursements in Q2 with a WNB of 81.99% and are optimistic about credit growth through end-2025.
The National Association of Insurance Commissioners (NAIC) has commenced the spring session of its virtual International Fellows Program, celebrating its 20th anniversary with 202 insurance regulators from 37 jurisdictions. The program, running through May 12, focuses on the U.S. state-based insurance regulatory system and includes 24 lectures by NAIC experts. Participants represent diverse regions, including Africa, Asia, and Europe.
The Bermuda Monetary Authority released a consultation paper on proposed Corporate Service Provider Business Rules 2025 to enhance oversight and transparency, aligning with international standards. Key proposals include mandatory annual and quarterly returns, minimum net asset requirements of $12,000 for limited licences and $50,000 for unlimited licences, and stringent client money safeguards. The BMA aims to finalize and implement these rules following the consultation and legislative amendments.
The Portuguese Insurance Regulator (ASF) reviewed its 2020–2024 Strategic Plan, highlighting advancements in risk-based supervision, consumer support, and digital transformation. Key initiatives include integrating sustainable finance and AI into risk matrices, enhancing consumer protection through a new complaints-handling system, and launching digital platforms like the Operators Portal. ASF plans to introduce a Statistics Portal in early 2025.
The Bank of Portugal revised its framework for identifying Other Systemically Important Institutions (O-SIIs) and setting the O-SII capital buffer, effective January 2026. The updated methodology raises the O-SII buffer cap from 2% to 3% and aligns with the European Central Bank's floor methodology. It also considers structural changes in the Portuguese banking system, like increased EU banking group presence and decreased regional concentration.
The Bank of Finland’s Institute for Emerging Economies (BOFIT) forecasts a gradual slowdown in China's GDP growth to 3.5% in 2025 and 2026, and 3% in 2027, citing structural constraints, weak confidence, and trade uncertainty. The report highlights issues in the real estate sector, subdued consumer confidence, and potential impacts from the US–China trade war. BOFIT anticipates additional policy stimulus but warns of widening public sector imbalances and challenges in meeting China's growth target for 2025.
The Australian Financial Complaints Authority (AFCA) released Edition 6 of its Systemic Issues Insights Report, highlighting systemic issues resolved in the first half of FY24-25, impacting over 187,000 consumers and resulting in more than AUD 3.1 million in refunds. The report identifies sector-wide improvement opportunities, such as enhancing scams responses and customer support, and reducing insurance claims handling delays.
The National Bank of Ethiopia outlined its macroeconomic reform programme during a "Governor’s Talk" at the 2025 IMF-World Bank Spring Meetings. Key reforms include adopting a price-based monetary policy framework, transitioning to a market-determined exchange rate, and enhancing financial sector resilience and transparency. Early results show reduced inflation, improved foreign exchange reserves, and strengthened external sector stability.
Peru's SBS amended the Private Pension System to expedite pension access. Changes include faster disability and survivors’ pension processes, preliminary payments during beneficiary validation, and streamlined insurer-funded contribution liquidation. The amendments also enhance funeral expense claims flexibility and expand eligibility for beneficiaries studying abroad.
The Hong Kong Securities and Futures Commission fined Interactive Brokers Hong Kong Limited HKD 4.2 million for mishandling client assets due to expired standing authorities. The breaches, affecting 7,911 clients, occurred between December 2017 and October 2020 and were attributed to a programming error. The sanction considered the firm's remedial actions, self-reporting, and cooperation, with no evidence of client loss or deliberate misconduct.
The Agency for Regulation and Development of the Financial Market of Kazakhstan discussed a draft Law on Credit Rating Agencies to establish rules for rating activities and protect stakeholders. Aligned with international practices, it addresses principles for rating activity, agency requirements, and conflict-of-interest management. Deputy Chair Maria Khadzhieva emphasized its role in enhancing credit risk assessment, transparency, and ESG mechanisms while reducing reliance on international agencies.
The International Association of Insurance Supervisors (IAIS) published its Year in Review 2024 report, detailing activities, achievements, and the new Strategic Plan for 2025-2029. The 57-page report outlines IAIS's mission, strategy, and role in global financial supervision, and highlights progress across its committees and working groups. It also marks the Association's 30th anniversary with a section on quantifiable deliverables.
The Hong Kong Monetary Authority has launched an Expert Panel on Project Cargox to enhance the digital trade finance ecosystem by leveraging cargo data. This multi-year initiative aims to streamline trade finance processes, improve SME access to finance, and explore international data partnerships. The panel will produce a roadmap by end-2025 for digitising cargo data and integrating it with the Commercial Data Interchange.
The Hong Kong Monetary Authority and Hong Kong Cyberport Management Company Limited have launched the second cohort of the Generative Artificial Intelligence Sandbox. This initiative offers a risk-controlled environment for banks to develop AI solutions, focusing on risk management, anti-fraud measures, and customer experience. The programme also includes workshops to address AI-related risks, such as deepfake-enabled scams.
The Reserve Bank of India has mandated banks and White Label ATM Operators to ensure ATMs dispense INR 100 and INR 200 notes to enhance public access. By 30 September 2025, 75% of ATMs must comply, increasing to 90% by 31 March 2026.
Starting 1 May 2025, the Reserve Bank of India requires all regulated entities to submit applications for regulatory authorisations, licences, and approvals exclusively through PRAVAAH, its centralised web-based portal. This applies to banks, co-operative banks, All-India financial institutions, non-banking financial companies, primary dealers, non-bank payment system operators, and credit information companies. Despite PRAVAAH facilitating nearly 4,000 applications since its launch, some submissions continue outside the portal, which the RBI aims to address.
The Arab Monetary Fund stressed the importance of integrating people with disabilities and vulnerable groups into the formal financial system for sustainable development and social justice on Arab Financial Inclusion Day 2025. The AMF highlighted enabling policies, awareness campaigns, and digital technologies in expanding access to financial services, noting varying inclusion rates across the Arab region and ongoing efforts with central banks to address challenges and foster inclusive growth.
The Central Bank of Kuwait commended Kuwaiti banks for their role in the 2024 "Diraya" banking awareness campaign, which enhanced financial education through digital outreach and targeted initiatives. Governor Basel A. Al-Haroon acknowledged strong participation from banks like Kuwait Finance House and the National Bank of Kuwait in raising public awareness on financial topics, including electronic fraud.
The European Central Bank's digital euro project prompted feedback from the European Banking Federation (EBF) and EuroCommerce on its integration into the payment ecosystem. The EBF emphasizes a simple fee structure for a viable business case for payment service providers, while EuroCommerce advocates for a shared, open payment infrastructure prioritizing basic transactions. Both stress the importance of standardization and a phased approach to feature inclusion to support adoption.
The European Central Bank and Eurostat released revised euro area sector accounts for Q4 2024, showing stable net saving at €838 billion and a decline in net non-financial investment to €434 billion. Euro area net lending remained steady at €431 billion, with households increasing net lending to €579 billion, while non-financial corporations' net lending decreased to €173 billion. Household leverage improved, with the debt-to-income ratio dropping to 82.1% and the debt-to-GDP ratio to 51.5%.
The National Bank of Tajikistan's chairman, Firdavs Tolibzoda, met with the Industrial and Commercial Bank of China and the World Bank’s Reserve Advisory and Management Partnership during the IMF and World Bank Group Spring Meetings. They discussed expanding cooperation in treasury services, correspondent banking, asset and reserve management, and staff capacity building. Potential advisory technical assistance and investment in high-quality financial instruments were also explored.
The Brazilian Superintendence of Private Insurance (SUSEP) has updated its Complaints Ranking Dashboard in the SUSEPCon environment, enhancing navigation and analysis of complaint data. The new interface features a landing page displaying rankings for the eight segments with the highest complaint volumes, driven by a selected period filter. Users can access detailed pages with additional graphics and information, including segment-specific rankings and company complaint data.
Bulgaria's Finance Minister Temenuzhka Petkova prioritized capital market development for financing the real economy at the Investor Day forum. She highlighted efforts to enhance EU competitiveness by reducing administrative burdens for SMEs and simplifying regulations while maintaining investor protection. Petkova confirmed Bulgaria's compliance with the euro area price stability criterion since early 2025, anticipating positive conclusions for accession by January 2026.
The Brazilian Pension Funds Authority (PREVIC) will appoint 40 new civil servants approved in the National Unified Public Examination, following federal authorization. The intake includes 25 Complementary Pension Specialists and 15 Administrative Analysts, all based in Brasília. The Ministry of Management and Innovation in Public Services authorized the filling of 4,330 posts across 16 federal bodies.
The Brazilian Pension Funds Authority (PREVIC) issued its annual ordinance setting the parameter interest rate and reference corridor bounds for closed pension funds. Entities must conduct convergence studies to determine actuarial target rates, comparing them with the PREVIC corridor. If rates fall outside the corridor, funds must seek PREVIC authorisation, submitting necessary documentation for review.
The BIS Committee on Payments and Market Infrastructures and IOSCO issued a Level 2 assessment finding the EU framework fully consistent with the Principles for Financial Market Infrastructures for systemically important payment systems in the euro area and Sweden, and largely consistent for central securities depositories and securities settlement systems. For CSDs/SSSs, the review highlights gaps around physical deliveries and credit and liquidity risk in certain settlement arrangements, and calls for enhancements to risk, governance, disclosure and resolution-planning provisions, noting that subsequent EU and Swedish reforms were not covered.
The Vietnam State Securities Commission updated a Ministry of Finance circular amending the framework for securities registration, custody, clearing and settlement, and stock market disclosure, effective 05 May 2025. Key changes include maintaining the fund requirement timing for non-pre-funded (NPF) trades and introducing measures to protect NPF investors, such as ensuring trades confirmed as paid on T+1 are settled without deferral or cancellation. The circular also standardizes NPF buy orders across all listed shares, except where prohibited, and removes an Appendix XVII disclosure requirement.
The Brazil Securities Commission (CVM) has initiated a survey to assess perceptions of integrity in the Brazilian capital markets. Conducted by CVM’s Economic Analysis, Risk Management and Integrity Advisory Office, the survey aims to evaluate market participants' integrity and the effectiveness of the regulatory framework. Responses will be used exclusively for research by CVM's technical staff.
The Central Bank of Seychelles co-hosted Alliance for Financial Inclusion (AFI) meetings on financial inclusion data, inclusive green finance, and SME finance, with 131 participants from 59 countries. Discussions focused on advancing financial inclusion, climate-related finance, and MSME access to finance, emphasizing peer learning and strategy sharing. CBS First Deputy Governor Brian Commettant and AFI’s Dr. Eliki Boletawa highlighted the importance of these themes for sustainable financial systems and climate resilience.
The Brazil Securities Commission (CVM) will hold a judgment session on 29 April on alleged irregular management of a securities portfolio by Pedro Henrique Cruzeiro Rabelo. The public session will be in person at CVM's headquarters and accessible via videoconference, with potential updates to the report following the session. If the accused or their representatives do not participate, the session will proceed with electronic voting.
The Brazil Securities Commission's Superintendence of Securities Registration issued Circular Letter CVM/SRE 1/2025, detailing automatic registration requirements for public offerings of Agroindustrial Production Chain Investment Funds (FIAGRO) and Other Securitisation Securities (OTS) under Law 14.430 and CVM Resolutions 60 and 160. It outlines changes from CVM Resolution 214 affecting FIAGRO filings and clarifies requirements for securitisation issuers, including treating debentures as OTS offerings. It also highlights expanded cooperation with the Brazilian Financial and Capital Markets Association, introducing new automatic registration request types for Credit Rights Investment Fund offerings.
The National Bank of Serbia announced the June 2025 professional exam for Certified Actuary will be held on 11 June 2025. Applicants must submit required documentation and pay fees totaling RSD 20,000 for first-time candidates and RSD 10,000 for retakes, plus republic administrative fees.
The Astana Financial Services Authority (AFSA) issued an alert about social media accounts falsely claiming AFSA authorisation for cryptocurrency exchange services. Identified accounts include "p2pcrypto_exchange" on Instagram and "P2P CRYPTO" on Telegram, which are not registered or licensed by AFSA. These activities may constitute criminal offences under Kazakhstan's Criminal Code, and AFSA advises users to verify entities via its Public Register before engaging in financial transactions.
The Albania Financial Services Authority released Q1 2025 data on the off-exchange market for government securities, highlighting primary market activities and secondary-market turnover. Primary market orders and settlements at maturity accounted for 56.07% and 37.54% of total volume, respectively. In the secondary market, individual investors drove 96.94% of transactions, with long-term bonds comprising 58.13% of volume and short-term treasury bills 41.87%.
The Bank of Papua New Guinea has revealed the designs for a commemorative PGK 50 banknote and a 50 toea coin to celebrate the country's 50th anniversary of independence, set for circulation in August 2025. The banknote and coin feature the 50th Anniversary Logo, with the banknote showcasing national flora and fauna and the coin displaying a coloured inlay of the national flag.
The Securities and Exchange Commission of North Macedonia held a workshop in Skopje on the EU's new prudential framework for investment firms, with the EU Directorate for Inter-Neighbourhood Policy and Enlargement. Experts from Croatia's Financial Services Supervisory Agency trained on capital requirements and adequacy. This was the fourth TAIEX workshop on the Financial Instruments Act and the Law on Prospectuses and Transparency Obligations for Securities Issuers.
The Guernsey Financial Services Commission issued a Syria sanctions notice confirming amendments to identifying details for individuals and entities under the UK Syria (Sanctions) (EU Exit) Regulations 2019, while maintaining asset freezes. Businesses must verify relationships with designated persons, freeze related assets, and report findings to the States of Guernsey Policy and Resources Committee. Firms must also notify the Commission and comply with the Sanctions (Bailiwick of Guernsey) Law 2018.
The Guernsey Financial Services Commission has launched a beta version of its online Applications and Authorisations Portal to streamline licensing and authorisation submissions for financial services businesses in the Bailiwick. Following five months of industry testing, the portal supports submission quality and completeness and facilitates online collaboration. It currently offers standard and fast track investment licences, an insurance business licence, and a fiduciary discretionary exemption.
The Swiss National Bank released Q4 2024 financial accounts data, showing household financial assets increased by CHF 119 billion to CHF 3,146 billion, and net worth rose by CHF 180 billion to CHF 4,880 billion. Key drivers included transactions and capital gains in collective investment schemes, with insurance and pension schemes comprising 40% of assets. Household liabilities grew by CHF 22 billion to CHF 1,037 billion, primarily due to mortgage increases.
ECB Vice-President Luis de Guindos presented the 2024 Annual Report to the European Parliament’s ECON Committee, highlighting a 175 basis point reduction in the deposit facility rate to 2.25% since June 2024. He noted trade-related risks and financial market turmoil, emphasizing robust regulation of non-bank financial institutions and completion of the banking union. De Guindos advocated for effective crisis management and a European deposit insurance scheme.
The Seychelles Financial Services Authority issued a scam alert regarding "Trade Spheres," which falsely claims FSA authorization and regulation. The FSA clarified that Trade Spheres is unlicensed and not regulated by them, and the cited licence number "SD018" belongs to a different entity. The public is advised to verify information before engaging with the website.
The Seychelles Financial Services Authority issued a scam alert regarding "STAR TRADERS," which falsely claims to be authorised and regulated by the FSA. The authority warns investors and the public to verify the legitimacy of entities before engaging in business. The FSA disclaims liability for any interactions with the unlicensed entity.
The BIS Committee on Payments and Market Infrastructures and IOSCO released a Level 2 assessment of the EU's adherence to the Principles for Financial Market Infrastructures. It finds full compliance for payment systems and mostly complete compliance for central securities depositories and securities settlement systems, recommending improvements in areas assessed as broadly or partly consistent. The assessment excludes developments post-October 2019 and does not cover the UK, which will undergo a separate evaluation.
The Thailand Securities and Exchange Commission, with the Ministry of Finance and other financial bodies, launched an initiative to promote subscriptions to Thailand ESG Extra Funds (Thai ESGX) and facilitate Long-Term Equity Fund (LTF) transfers into Thai ESGX under a new tax incentive program. A centralized service on the Stock Exchange of Thailand’s website will aid investor decisions. The asset management industry aims to raise at least THB 20 billion through Thai ESGX, with plans to expand the platform to include other tax-advantaged investment vehicles.
The Thailand Securities & Exchange Commission is consulting on proposed amendments to rules for investment analysts' refresher courses, aiming to align the renewal process with analysts' roles. The proposal includes a minimum training hours requirement and designates the Stock Exchange of Thailand as the central agency for setting training standards. Transitional provisions address analysts under current criteria and those seeking re-approval.
The Thailand SEC imposed civil sanctions of THB 1,070,722 on Nex Point Public Company Limited and Mr. Kanit Sriwachirapha for concealing material facts about Mr. Kanit's shareholding in a related party transaction disclosed to the Stock Exchange of Thailand. Outdated shareholding information was used in NEX's disclosure, leading to penalties of THB 535,361 per person. Sanctions will be enforced upon consent, with potential civil lawsuits if settlement is refused.
Bank of Greece Deputy Governor Christina Papaconstantinou attended the IMF and World Bank Spring Meetings in Washington, D.C., engaging in policy discussions and bilateral meetings. Key topics included Greece's 2025 Financial Sector Assessment Program (FSAP), financial literacy, and geopolitical impacts on central banks. Papaconstantinou also met with other central banks and IMF officials to discuss international economic developments and the resilience of the Greek economy.
Acting Governor Alexander Demarco of the Central Bank of Malta participated in the 2025 Spring Meetings of the International Monetary Fund and the World Bank Group in Washington, D.C., from April 21 to 26.
The Central Bank of Nigeria revised documentation for the Pan-African Payment & Settlement System (PAPSS), simplifying low-value transactions. Individuals and corporates can use basic KYC and AML documents for transactions up to USD2,000 and USD5,000 equivalent in NGN, respectively, while higher amounts need full documentation. Authorized dealer banks can source foreign exchange for PAPSS settlements through the Nigerian Foreign Exchange Market, and export proceeds must be certified by processing banks.
The Central Bank of Nigeria revised documentation requirements for PAPSS transactions, allowing banks to use basic customer documentation for individual transactions below USD 2,000 and corporate transactions below USD 5,000 per month. Full foreign exchange documentation is required above these thresholds. Banks can source foreign exchange for PAPSS settlements through the Nigerian Foreign Exchange Market, and export proceeds must be certified by processing banks.
The Central Bank of Iceland's quarterly lending survey shows unchanged household loan supply and rules, with banks expecting a slight increase in residential mortgage supply and modest corporate credit growth over six months. Interest rates on inflation-indexed household loans rose slightly but are expected to decrease, while non-indexed rates decline due to key rate cuts and lower funding costs; corporate loan demand from large companies for foreign-denominated loans is rising, with pricing expected to ease.
UK HM Treasury proposes draft legislation to enhance protections against bank account closures, requiring banks and payment service providers to give at least 90 days' notice and a clear explanation before closing an account. This extends the current notice period from two months, allowing more time for individuals and small businesses to challenge closures and secure alternatives. Pending Parliamentary approval, the legislation is set to take effect on 28 April 2026.
At the Innovate Finance Global Summit 2025, the Chancellor highlighted HM Treasury's priorities: draft legislation for UK cryptoassets regulation, the Private Intermittent Securities and Capital Exchange System (PISCES), consolidating the Payment Systems Regulator into the Financial Conduct Authority, and a Pension Schemes Bill to unlock GBP 80 billion. Upcoming steps include UK–US digital asset talks and a Financial Services Growth and Competitiveness Strategy announcement in July.
The Egypt Financial Regulatory Authority approved two sharia-compliant sukuk issuances totaling EGP 5.8bn, including a EGP 3bn mudaraba sukuk by Bokra for Securitization and a musharaka sukuk by Al Ahly for Securitization. Total sukuk issuance in Egypt's capital market now stands at EGP 25.7bn, with EGP 12.8bn approved since 2025. The authority is reviewing additional issuances and aims to streamline procedures while ensuring market stability.
The Central Bank of Russia reported that microfinance organisations (MFOs) increased business lending by nearly 25% in 2024, with commercial MFOs surpassing government-owned ones for the first time, issuing over RUB 73 billion in microloans. Commercial MFOs primarily served small trading businesses, while government-owned MFOs focused on sectors like construction and agriculture. The State Duma is reviewing a draft law to raise the microloan cap to RUB 15 million.
The State Bank of Vietnam and the Ministry of Finance are researching a legal framework for digital assets and currency, as discussed at a Hanoi workshop. Key topics included using digital assets and carbon credits as loan collateral, with a draft Law on Digital Technology Industry beginning to define these assets. Proposed measures involve clarifying legal status, developing banking provisions, and piloting use at financial institutions, referencing international practices.
The State Bank of Vietnam reported on the National Credit Information Center of Vietnam (CIC) Party Committee Congress for 2025–2030, highlighting policy directions from Governor Nguyen Thi Hong. The CIC is emphasized as essential banking infrastructure, with goals for an expanded credit information database, enhanced analytical capabilities, and improved information security. By end-2024, the credit database covered 73.9% of the adult population, surpassing the 70% target, and delivered over 91 million credit reports, supported by a completed legal framework and fee reductions over VND 655 billion.
The State Bank of Vietnam's workshop report explored using blockchain-based digital assets as collateral in secured lending, noting legal uncertainty as a key constraint. Giacomo Merello highlighted international regulatory developments and challenges like smart contract risks. The report emphasized Vietnam's significant digital asset activity, urging clearer regulations and improved financial-risk and anti-money laundering controls.
The State Bank of Vietnam reported on the Party Congress of the National Credit Information Centre of Vietnam (CIC) for the 2025–2030 term, emphasizing developing a modern credit information system. CIC's achievements from 2020–2025 include a robust legal framework and a National Credit Information Database covering 73.9% of the adult population. The 2025–2030 agenda focuses on expanding database coverage, enhancing information security, and advancing digital transformation.
The Bank of Mauritius, in collaboration with Agence Française de Développement, the EU Delegation, the Mauritius Bankers Association, and Business Mauritius, is implementing the "SUNREF - Cap sur la Finance Durable" Programme. This initiative aims to enhance sustainable finance by reinforcing regulatory frameworks, developing sectoral capacities, and promoting investments in environmental sustainability and inclusive economic development. The central bank will also strengthen its capacity to address climate-related financial risks through climate risk models, regulatory integration, and advancing its Climate Change Centre.
The Norwegian Financial Supervisory Authority (Finanstilsynet) published a report on Ski Revisjon AS, highlighting issues with an audit client's revised 2023 financial statements and the auditor's conduct. Finanstilsynet criticized the auditor for insufficient information in the replacement audit report and an inaccurate covering letter, potentially undermining trust in the auditor's objectivity. Additionally, the auditor's reporting on going concern was deemed inappropriate, warranting a qualified or adverse opinion under ISA 570 and ISA 705.
The U.S. Securities & Exchange Commission's Division of Economic and Risk Analysis has released new market data to enhance transparency in U.S. capital markets. The package includes six reports on public issuers, exempt offerings, Commercial Mortgage-Backed Securities, Asset-Backed Securities, money market funds, and security-based swap dealers. Key findings include issuer categorization, exempt offering statistics, and assessments of market structures and rating activities.
The Alberta Securities Commission panel found James Domenic Floreani and Jayconomics Inc. breached the Securities Act (Alberta) for undisclosed investor relations activities on social media. Floreani, acting as a "finfluencer," failed to disclose that posts on platforms like YouTube and X were made on behalf of Alberta issuers, violating disclosure requirements. The proceeding will advance to determine potential sanctions or cost-recovery orders.
The Argentina Securities Commission (CNV) participated in the first soybean auction of the 2024/25 season at the Rosario Board of Trade, with CNV director Sonia Salvatierra emphasizing the regulator's commitment to addressing market needs and enhancing Argentina’s capital market. Salvatierra also met with Mercado Argentino de Valores (MAV) officials to discuss simplifying regulations and promoting financing instruments for agroindustry projects.
The Qatar Financial Centre Authority signed a memorandum of understanding with the Cyprus Chamber of Commerce and Industry to enhance bilateral trade and cooperation in financial and professional services. The partnership includes joint initiatives, market insights exchange, and support for companies expanding into either market, with incentives and licensing guidance for CCCI-referred firms.