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2025-04-23•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten's research paper on Curaçao’s microcredit market reveals that while microcredit aids entrepreneurs, its broader economic impact is limited. The study suggests aligning loan amounts with business plans and enhancing post-loan support to improve outcomes. It also emphasizes streamlining application processes and providing tailored guidance, especially for startups facing repayment challenges.
ResearchSME financing
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2025-04-23•Global•Bank for International Settlements - Innovation Hub
The BIS Innovation Hub published the final report on Project Promissa, a distributed ledger proof-of-concept to digitise and tokenise paper promissory notes for countries’ commitments to multilateral development banks. Testing with seven countries and multilateral development banks found it can address operational bottlenecks and improve efficiency without major technical issues, but highlighted the need for jurisdiction-specific legal analysis and further work on controls, system integration and operating model design before deployment.
SupervisionInnovation & testingTokenization
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2025-04-23•Estonia•Finantsinspektsioon
Estonia's Financial Supervisory Authority has granted B2 Impact OÜ a licence to operate as a credit servicer, allowing it to collect debts from banks' and creditors' credit contracts. The licence includes obligations such as handling complaints and informing borrowers of contract changes. B2 Impact OÜ's management board comprises Marko Ilves, Jennie Maria Ollila, and Kennet Davy Bernhard Kronman.
SupervisionAuthorisations & approvalsLicence approval
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2025-04-23•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission’s Securities Research and Training Center conducted a corporate governance course in Ho Chi Minh City for board members and senior management of public companies. The course, part of the 2025 training plan, covered governance fundamentals, international standards, and Vietnam's legal requirements, with a focus on independent directors, corporate secretaries, and conflict-of-interest controls.
Policy & regulationImplementation, projects & pilotsCorporate governance
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2025-04-23•Serbia•Republic of Serbia Securities Commission
The Republic of Serbia Securities Commission amended the Law on the Central Register of Ultimate Beneficial Owners, requiring reporting entities to verify and report discrepancies in beneficial ownership data for anti-money laundering and counter-terrorist financing compliance. Entities must compare client data with the Central Register and notify the Commission of discrepancies. Notifications and updates to the registered entities list occur without client consent.
Policy & regulationRules & requirementsBeneficial ownership
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2025-04-23•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission reported on Chairman Kim Byoung Hwan's visit to Boston and New York to enhance financial cooperation and support Korea's biotech venture investment. Boston discussions focused on venture investment challenges and support measures, while New York meetings addressed U.S. tariffs' market impacts and capital market reforms. The FSC emphasized ongoing communication with U.S. financial authorities and efforts to improve regulatory conditions for Korean firms abroad.
Policy & regulationCooperationCross-border cooperation
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2025-04-23•Serbia•National Bank of Serbia
The National Bank of Serbia refuted media claims that Electric Power Distribution of Serbia's accounts were blocked, clarifying that the Checkpoint database cited is not an official source. The central bank emphasized that its Single Registry of Accounts is the only legally relevant source for account status, and explained that enforced collections are processed uniformly, with no recorded blockage days due to same-day execution.
Policy & regulationGuidance & interpretationAccounting and financial reporting
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2025-04-23•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia participated in the launch of the "Strategy on the Development of E-Services for Business 2025–2028". The event was chaired by Deputy Prime Minister Aun Pornmoniroth, with involvement from the Ministry of Economy and Finance and the Non-Bank Financial Services Authority.
Policy & regulationReform agendas & prioritiesFintech and insurtechMarket development
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2025-04-23•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia and the United Nations Development Programme held a virtual meeting to explore collaboration on developing and launching a Gender Bond in Cambodia.
Policy & regulationCooperationESGGreen taxonomy
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2025-04-23•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, under Director General Sou Socheat, inaugurated the 29th Training and Examination and Continuing Professional Education programme for participants in the securities sector. Attendees include securities firms, issuers, collective investment scheme businesses, derivative businesses, and securities service providers.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-23•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia conducted a workshop to enhance legal compliance among securities intermediaries, involving securities associations and licensed market participants. The event, attended by nearly 100 participants, focused on reinforcing adherence to laws and regulations, with presentations and discussions led by SERC Director General Sou Socheat.
Policy & regulationImplementation, projects & pilotsComplianceSupervision process and methodologies
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2025-04-23•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has partnered with EDUCFI, the French National Financial Literacy Strategy by Banque de France, to enhance financial literacy in Guernsey. The initiative will adapt and translate Banque de France's publications for local audiences, providing free, reliable information on financial matters to aid informed decision-making amid the rise of crypto-assets and online financial influencers.
Financial literacy & educationFinancial literacy and education
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2025-04-23•Switzerland•Swiss National Bank
The Swiss National Bank, with the Bank for International Settlements’ Innovation Hub and the World Bank, published results from Project Promissa, exploring digitising multilateral development bank promissory notes using distributed ledger technology. The proof-of-concept platform showed technical feasibility and potential cost and time savings for MDBs, central banks, and finance ministries. While it supports multiparty signatures and confidentiality, further development is needed for operational deployment.
Policy & regulationImplementation, projects & pilotsBlockchain and distributed ledger technology
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2025-04-23•Global•Global Legal Entity Identifier Foundation
The Global Legal Entity Identifier Foundation announced a partnership with Qichacha to map Legal Entity Identifiers to QCC Codes, enhancing international visibility and facilitating trading relationships and regulatory reporting for Chinese businesses. GLEIF will release monthly open-source mapping files using QCC's extensive database.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-23•Canada•Ontario Securities Commission
The Canadian Securities Administrators, including the Ontario Securities Commission, have paused efforts to develop a new mandatory climate-related disclosure rule and amend diversity-related disclosure requirements, citing recent U.S. and global developments. Existing climate-related risk disclosure requirements remain, with voluntary alignment to Canadian Sustainability Standards Board standards. The CSA will monitor issuer disclosures and may revisit these projects in the future.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-04-23•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) released results from its consumer survey and completed two initiatives: the Vulnerability Framework and a review of Fair Treatment of Customers in Insurance Guidance. The survey findings will guide FSRA's regulatory efforts. The Vulnerability Framework defines vulnerable consumers and planned actions, while the insurance guidance review supports supervision of insurers' conduct.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-04-23•Poland•Central Bank of Poland
The Central Bank of Poland reported a rise in broad money (M3) by PLN 18.9bn in March 2025, reaching PLN 2,515.7bn, driven by increased deposits and claims from households and the local government sector. Household deposits rose by PLN 6.3bn to PLN 1,355.4bn, while local government sector deposits increased by PLN 3.6bn to PLN 113.2bn. Non-financial corporations' indebtedness rose by PLN 3.5bn to PLN 425.8bn, and the central government sector's net indebtedness increased by PLN 24.7bn to PLN 462.8bn.
Data & statisticsMonetary data
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2025-04-23•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo reported on Governor Ahmet Ismaili’s meetings with IMF and World Bank Executive Directors during the Spring Meetings, emphasizing ongoing cooperation and technical support. Discussions with the IMF focused on enhancing institutional capacity and financial supervision, while talks with the World Bank addressed financial sector projects, including Kosovo’s SEPA integration and TIPS Clone development.
Institutional developmentCooperation & capacity buildingCapacity buildingDomestic cooperation
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2025-04-23•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Markets Authority disclosed that MCIII Al Razi Ltd sold 733,290 shares of AKDITAL, dropping below the 5% ownership threshold and leaving it with no remaining stake. The sale occurred on 22 April 2025 at MAD 1,326.24 per share, with no acquirer intention reported.
SupervisionRegulatory reportingSecurities offerings and listings
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2025-04-23•Global•ISDA
The International Swaps and Derivatives Association (ISDA) released a report highlighting global companies' use of derivatives to manage uncertainty, transfer risk, and boost profitability, accompanied by a discussion with Boston Consulting Group's Roy Choudhury.
ResearchRisk managementMarket development
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2025-04-23•Canada•Financial Transactions and Reports Analysis Centre of Canada
The Ontario Securities Commission (OSC) has charged former Banknote Capital Inc. directors Ryan Rumble, Michael Dziedzic, and Justin Foss with fraud over $5,000, alleging they raised over $11 million through a Ponzi scheme. Mr. Rumble also faces a charge of uttering a forged document, with a Canada-wide warrant issued for his arrest. The charges stem from Project Swan, a joint investigation by the OSC and Durham Regional Police Service.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-04-23•Saudi Arabia•Saudi Arabia Insurance Authority
The Saudi Arabia Insurance Authority and TAQEEM signed a three-year, renewable agreement to strengthen regulation of vehicle damage assessment. The authorities will expand valuation services, coordinate oversight and share information through joint working teams.
Policy & regulationCooperationValuation
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2025-04-23•Global•Global Legal Entity Identifier Foundation
The Global Legal Entity Identifier Foundation (GLEIF) has partnered with Qichacha (QCC) to create a certified link between the Legal Entity Identifier (LEI) and the QCC Code, enhancing international visibility of Chinese companies. This initiative will publish monthly open-source mapping files to support regulatory reporting and due diligence by using the LEI as a global data connector.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-23•Global•Global Legal Entity Identifier Foundation
The Global Legal Entity Identifier Foundation (GLEIF) has launched a Legal Entity Identifier (LEI) mapping initiative with Qichacha (QCC) to create a certified link between the LEI and the QCC Code, publishing monthly open-source mapping files. This collaboration aims to enhance the international visibility of Chinese companies and streamline regulatory reporting and due diligence.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-23•Hungary•National Bank of Hungary
The National Bank of Hungary has launched its 2025 Technical Cooperation Programme, focusing on "Stability in Transitions" for the third year, aimed at knowledge exchange with partner central banks and supervisory experts. The programme commenced with a seminar on "Green and Sustainable Finances," covering the MNB's sustainability strategy, climate stress testing, and green mortgages, attended by nearly 30 representatives from 17 countries.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-04-23•Canada•Quebec Autorite des marches financiers
The Canadian Securities Administrators (CSA) have paused work on new mandatory climate-related disclosure rules and diversity-related amendments due to global conditions and competitiveness concerns. Existing requirements for disclosing material climate-related risks remain, with the Canadian Sustainability Standards Board's standards as a voluntary framework. The CSA will continue monitoring developments and issuer disclosures, including addressing misleading statements like greenwashing.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-04-23•Chile•Central Bank of Chile
The Central Bank of Chile released preliminary regional national accounts estimates showing a 2.6% national GDP growth in 2024, with 14 out of 16 regions growing. Key contributors included mining, trade, personal services, and transport, while financial and business services detracted. The report also revised regional GDP and household consumption data, incorporating updated national aggregates and new quarterly figures.
Data & statisticsEconomic data and developments
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2025-04-23•Russia•Central Bank of Russia
The Central Bank of Russia updated its bank comparison tables to segment banks by retail customer base size, highlighting those with over five million loan agreements. This simplifies comparisons among major retail lenders, covering over 90% of household lending. Rankings are based on justified complaints per 100,000 loan agreements, reflecting confirmed consumer-rights violations, and will be published annually.
Policy & regulationGuidance & interpretationComplaints and dispute resolution
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2025-04-23•Russia•Central Bank of Russia
The Central Bank of Russia's April 2025 monitoring of maximum interest rates on rouble deposits from the top 10 credit institutions showed average maximum rates of 20.05% for the first 10 days and 20.04% for the second 10 days. Rates by maturity were 18.58% for up to 90 days, 19.22% for 91–180 days, 19.41% for 181 days to one year, and 17.91% for over one year. The data excludes special-category deposits and is compiled by the Bank of Russia’s Department of Banking Regulation and Analytics.
Data & statisticsFinancial and market indicators
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2025-04-23•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) has paused developing a new mandatory climate-related disclosure rule and proposed amendments to diversity-related disclosure requirements to support Canadian markets amid recent U.S. and global developments. Existing disclosure obligations for climate-related risks and diversity representation remain. The CSA will monitor issuer disclosure practices and international regulatory developments, planning to revisit these projects later.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-04-23•Chile•Chile Financial Market Commission
The Chile Financial Market Commission approved Credicorp Capital Asset Management's request to replace the liquidator of the Táctico Perú and Facturas USD Redeemable Investment Funds with Ameris Capital Administradora General de Fondos. This decision, under Exempt Resolution No. 2,964 of 2025, was based on Credicorp's status as the sole contributor. Ameris is appointed as a CMF delegate with specific powers under the Single Fund Act and must report to the CMF at the end of its mandate.
SupervisionAuthorisations & approvalsOther
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2025-04-23•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) released results from its call for proposals to modernize the capital market, receiving 227 submissions from 45 participants. Key areas addressed include capital market depth, trading platforms, small business financing, savings promotion, and corporate governance. The CMF plans to use these proposals for bilateral meetings and workshops starting in April and June 2025, respectively.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-04-23•Canada•British Columbia Securities Commission
The British Columbia Securities Commission ordered NetCents to pay over CAD 3.3 million for misrepresentations, illegal securities distribution, and operating an unauthorized exchange related to its crypto-asset, NetCents Coin. The funds will compensate investors who incurred losses. NetCents is barred from trading, acting as a registrant or promoter, and engaging in promotional activities.
EnforcementSanctions & designationsUnlicensed or unauthorized activity
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2025-04-23•Thailand•Ministry of Finance (Thailand)
The Ministry of Finance (Thailand) announced its Thailand Financial Hub policy at the IGNITE Thailand-Korea Business Forum in Seoul, aiming to establish Thailand as a regional financial services and investment base. Key measures include competitive incentives, streamlined business registration, and creating an Office of the Financial Hub Regulatory and Promotion Committee for comprehensive services. The policy focuses on serving non-residents and enhancing local workforce skills, with limited domestic market access.
Policy & regulationReform agendas & prioritiesOther
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2025-04-23•Argentina•Ministry of Finance (Argentina)
Argentina’s Ministry of Finance reported that Economy Minister Luis Caputo met with IMF Managing Director Kristalina Georgieva during the 2025 IMF and World Bank Spring Meetings in Washington, DC. Discussions centered on the market's response to Argentina's new programme amid global volatility and the IMF's role in financial stability. Caputo also attended a JPMorgan seminar and the G20 finance ministers session on macroeconomic issues.
Policy & regulationCooperationMonetary policy decisions and developments
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2025-04-23•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1063, establishing two new regimes to streamline the approval process for automatic public offerings of financial trusts. These regimes simplify procedures for frequent issuers, allowing abbreviated authorisation after four issuances and eliminating CNV approval after seven. Fiduciaries must adhere to existing disclosure and transparency obligations.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-04-23•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued Interpretative Criterion No. 95 to clarify compliance requirements for foreign companies registering in the Registry of PSAVs. Under General Resolution No. 1058, these companies must register as a branch or permanent representation, with specific capital or asset allocations in Argentina. An independent public accountant's report is required to attest to the minimum net worth.
Policy & regulationGuidance & interpretationPrudential risksSupervision process and methodologies
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2025-04-23•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission, with the Bank for International Settlements’ Financial Stability Institute and the International Association of Insurance Supervisors, hosted a seminar in Shanghai on insurance supervision. Discussions covered macroeconomic impacts, regulatory reforms, climate risks, and financial innovation. CBIRC Vice Chairman Xiao Yuanqi stressed insurers' adaptation to interest-rate trends, climate change, and technology, while IAIS and FSI officials emphasized the Insurance Capital Standard and global solvency supervision cooperation.
Policy & regulationCooperationSupervision process and methodologies
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2025-04-23•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released a response to submissions on updates to Reporting Standard ARS 110.0 Capital Adequacy, detailing proposed changes to liquidity and capital requirements for authorised deposit-taking institutions and interest rate risk in the banking book.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-04-23•Moldova•National Bank of Moldova
The National Bank of Moldova is revising its regulation on approving audit entities to clarify requirements for audit team qualifications and experience. The update also relaxes the need to submit original documents with approval applications.
Policy & regulationRules & requirementsAuditing
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2025-04-23•Moldova•National Bank of Moldova
The National Bank of Moldova announced an expanded "Școala finanțelor moderne" (School of Modern Finance) programme for 2025, now including students from the Faculty of Journalism and Communication Sciences at Moldova State University and economic journalists. Supported by the National Bank of Romania, it will feature interactive seminars in Bucharest, scheduled for July and September. Participants will engage in financial education and journalistic activities post-completion.
Financial literacy & educationFinancial literacy and education
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2025-04-23•Moldova•National Bank of Moldova
The National Bank of Moldova engaged with senior World Bank Group officials during the IMF–WBG Spring Meetings to discuss the Financial Sector Assessment Program (FSAP) for Moldova, emphasizing its role in reform and adherence to international standards like Basel III. Discussions included WBG technical assistance on digital financial services, bank resolution, and a National Financial Inclusion Strategy, alongside potential participation in a regional financing program. Moldova's Ministry of Finance, led by Minister Victoria Belous, participated.
Policy & regulationCooperationCapacity building
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2025-04-23•Moldova•National Bank of Moldova
The National Bank of Moldova met with senior IMF officials in Washington to discuss Moldova’s IMF-supported programme, technical assistance, macroeconomic outlook, central bank reforms for EU accession, and an IMF assessment on transparency. The delegation confirmed participation in the 2025 IMF–World Bank Financial Sector Assessment Program and continued talks on IMF-backed reforms and banking sector stability.
Policy & regulationCooperationCross-border cooperation
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2025-04-23•Moldova•National Bank of Moldova
The National Bank of Moldova issued a draft decision to amend suitability requirements for management roles in the insurance and reinsurance sector, aligning with its supervisory framework. Key changes include expanded reputational assessment criteria, updated notification and documentation expectations, and revised fit and proper questionnaire requirements. The draft will take effect upon publication in the Official Monitor of the Republic of Moldova.
Policy & regulationRules & requirementsOther
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2025-04-23•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub released a report on Project Promissa, a proof of concept for digitising and tokenising paper-based promissory notes using distributed ledger technology, enhancing transparency and efficiency for multilateral development banks and international financial institutions. Conducted with the Swiss National Bank and the World Bank, the project aims to provide a unified view of notes while maintaining confidentiality and sovereignty.
Policy & regulationImplementation, projects & pilotsTokenizationBlockchain and distributed ledger technology
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2025-04-23•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay’s Monetary Policy Committee unanimously kept the monetary policy rate at 6.00% on 23 April 2025, saying inflation expectations over the policy horizon remain anchored around the 3.5% target despite stronger economic activity and some non-volatile price pressures. The committee slightly raised its 2025 inflation forecast to 3.8% and its GDP growth projection to 4.0%, while noting higher global market volatility from escalating trade tensions.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-04-23•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency (SIPEN) issued Circular 135-25, mandating pension fund administrators to stop requiring official documents for processing benefits related to non-natural deaths, effective immediately. The circular aims to ease access for families of deceased affiliates and pensioners. SIPEN also clarified the eligibility criteria for survivors’ pension beneficiaries and noted that pension inheritances are exempt from inheritance taxes.
Policy & regulationRules & requirementsOther
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2025-04-23•South Korea•Bank of Korea
The Bank of Korea's April 2025 Consumer Tendency Survey shows a rise in the Composite Consumer Sentiment Index to 93.8, an increase of 0.4 points from March 2025.
Data & statisticsEconomic data and developments
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2025-04-23•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub, with the Swiss National Bank and the World Bank, concluded Project Promissa, showing that distributed ledger technology (DLT) can manage multilateral development banks' promissory notes, potentially reducing time and costs. The proof-of-concept platform supports tokenised promissory notes, offering a single source of truth and multiparty signatures, though further development is needed for operational deployment.
Policy & regulationImplementation, projects & pilotsBlockchain and distributed ledger technology
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2025-04-23•Denmark•National Bank of Denmark
The National Bank of Denmark's working paper reveals that the rise in remote work during the pandemic increased housing demand and property prices. Using survey and administrative data, the study found remote workers, particularly younger groups, were more likely to buy homes and seek larger spaces, contributing 3–11 percentage points to property price growth. The analysis also shows a stronger link between remote-work capacity and real estate purchases, with increased commuting distances noted among homebuyers with higher remote-work capacity.
ResearchOther
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2025-04-23•Denmark•National Bank of Denmark
The National Bank of Denmark has migrated Danish krone payments from the domestic Kronos2 system to the pan-European TARGET Services, aligning with the Eurosystem’s infrastructure for enhanced cyber threat protection. Payments are now processed via T2 and TIPS, while securities transactions continue in T2S, making Denmark the first non-euro country to use these systems. The migration, completed on schedule and under budget, does not affect Danish monetary policy, with benefits anticipated in cross-currency instant payments.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-04-23•United States•U.S. Department of the Treasury
The U.S. Treasury released a readout of Secretary Scott K.H. Bessent’s meeting with Türkiye’s Finance Minister Mehmet Simsek and Central Bank Governor Fatih Karahan, focusing on sanctions and financial system integrity. Discussions included the U.S. pressure campaign against Iran and concerns over the misuse of the Turkish financial system by U.S.-designated Russian actors and terrorist groups. Bessent also inquired about Türkiye’s measures to address market volatility and economic uncertainty.
Policy & regulationCooperationCross-border cooperation
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2025-04-23•United States•U.S. Department of the Treasury
Treasury Secretary Scott Bessent detailed the Trump Administration's plan to "restore balance" to the international economic system, emphasizing U.S. leadership at the IMF and World Bank. He criticized the IMF's "mission creep," urged focus on external imbalances and financial stability, and advocated for the World Bank to prioritize growth, poverty reduction, and energy access. Bessent also addressed trade imbalances, calling for discussions with over 100 countries following tariff announcements, and criticized continued World Bank lending to countries meeting graduation criteria, including China.
Policy & regulationReform agendas & prioritiesGeopolitical risk
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2025-04-23•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury, via Secretary Bessent's remarks at the IMF and World Bank Spring Meetings, urged both institutions to refocus on their core missions, emphasizing policy discipline and internal efficiency. For the IMF, the call was for enhanced macroeconomic stability, fair currency practices, and a shift from lending quantity to program quality. For the World Bank, the focus was on poverty reduction, private sector-led growth, and efficient resource use, with specific attention to infrastructure, health, and energy access.
Policy & regulationReform agendas & prioritiesOther
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2025-04-23•United Arab Emirates•ADGM Financial Services Regulatory Authority
The ADGM Financial Services Regulatory Authority's 2025-2026 Business Plan outlines priorities like international regulatory alignment, financial crime prevention, operational resilience, and sustainable finance. It emphasizes engagement with global standard-setting bodies, enhanced supervisory and enforcement capabilities, and expanded SupTech and RegTech. The plan supports green finance and updates regulations to incorporate climate-related risk management aligned with the UAE’s net-zero goals.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-04-23•Middle East•Islamic Development Bank
Islamic Development Bank President Muhammad Al Jasser, at an IMF meeting with MENAP finance ministers and central bank governors, detailed the Bank's US$87.8 billion net approvals for MENAP, emphasizing economic diversification and structural transformation. Energy, industry, and agriculture dominate 80% of the MENAP portfolio, focusing on reducing hydrocarbon reliance and supporting structural reforms. Islamic finance, with over US$52 billion in sukuk issued, is highlighted as a key tool for bridging financing gaps and funding sustainable development projects.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2025-04-23•United Arab Emirates•Dubai Virtual Assets Regulatory Authority
The Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Land Department (DLD) warned against false claims of involvement in the DLD Real Estate Tokenisation Project, which began on 19 March 2025 with limited approved participants. Only entities approved by DLD and VARA are authorized, and unauthorized marketing may breach VARA rules, including the Marketing Regulations. Firms must be licensed by VARA to conduct virtual asset activities in or from Dubai, with potential enforcement actions for non-compliance.
SupervisionAlerts
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2025-04-23•Barbados•Central Bank of Barbados
The Central Bank of Barbados issued an alert regarding a fraudulent video on WhatsApp impersonating the Governor and soliciting funds. The Bank advises the public to disregard the video and refrain from sharing personal information. It is collaborating with authorities to investigate and emphasizes that official communications are only through authorized channels.
SupervisionAlertsFraud and scams
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2025-04-22•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority concluded its 2025 "Kapital" workshop series for primary school pupils, reaching 308 students across six cities. The program, in its third year, utilized the "Kapital" board game to teach financial concepts and money management. A multi-day competition for participating schools is scheduled for May 2025.
Financial literacy & educationFinancial literacy and education
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2025-04-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced that the Full Federal Court allowed Block Earner’s appeal, ruling its digital asset-related Earner product doesn't require an Australian financial services licence, overturning a previous decision. ASIC's appeal on Block Earner's liability for unlicensed conduct was dismissed, as the penalty-relief issue was deemed moot. ASIC must pay the proceedings' costs and is reviewing the decision.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-04-22•Greece•Bank of Greece
The Bank of Greece reported a EUR 90.0 million surplus in Greece’s balance of travel services for February 2025, down from EUR 121.3 million in February 2024, due to faster growth in travel payments compared to receipts. February travel receipts rose by 0.5% year-on-year to EUR 297.1 million, while payments increased by 18.9% to EUR 207.0 million. Receipts from non-EU27 countries increased, notably from the United States and the United Kingdom, while those from EU27 countries declined.
Data & statisticsBalance of payments and other external statistics
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2025-04-22•Israel•Bank of Israel
The Bank of Israel updated its inflation expectations indicators, showing one-year expectations of 1.8% from the capital market, 1.9% from average inflation forecasts, and 2.2% from internal interest rates and inflation contracts. The indicators, derived from various sources, also reveal forward rates of 2.4% for the third-year, 2.4% for years 3–5, 2.3% for five years, and 2.1% for years 5–10.
Data & statistics
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2025-04-22•Israel•Bank of Israel
The Bank of Israel has extended the public consultation deadline for its Preliminary Design for the Digital Shekel System from 30 April 2025 to 15 May 2025, allowing more time for feedback via a dedicated questionnaire. The document outlines proposed features of the digital shekel ecosystem, but further design work and collaboration with public and private sectors would be necessary for implementation.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-04-22•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) reviewed investor Key Information Documents (DFI) of collective investment institutions and venture capital entities for compliance with EU PRIIPs regulations. While disclosures generally aligned with requirements, issues were found in derivative use, risk level statements, and cost disclosures. CNMV has urged management companies to enhance their DFI drafting procedures and will maintain supervisory focus on this area.
SupervisionReviews, inspections & stress testsDisclosures
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2025-04-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market amended regulations to enhance oversight of depository and clearing activities and mandated XBRL format for financial reporting. It approved securities issuance registrations and updates to collective investment share prospectuses, including for JSC ZNVCIF Investment Territory of Health and JSC ZNVCIF Galenit Invest. Additionally, corporate bond issues for LLC Creditservice and LLC AMO Leasing were registered without public offerings.
Policy & regulationRules & requirementsSecurities offerings and listingsDisclosures
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2025-04-22•Georgia•National Bank of Georgia
The National Bank of Georgia published the April editions of its Current Macroeconomic Review and Financial Sector Review. These reports aim to enhance analytical communication and provide data for economic analysis.
ResearchEconomic data and developments
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2025-04-22•Georgia•National Bank of Georgia
The National Bank of Georgia reported a meeting in Washington, D.C. between Governor Natia Turnava, Finance Minister Lasha Khutsishvili, and senior IMF representatives, discussing Georgia’s macroeconomic conditions. Officials noted low inflation and robust growth, crediting price stability to consistent monetary policy, and highlighted international reserves exceeding USD 4.4 billion. The IMF reaffirmed its support for Georgia, with the banking sector described as stable and profitable.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-04-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has revamped its Appellate Bench Registry, enhancing operations with a dedicated team and streamlined processes to expedite case handling. This initiative resolved long-pending appeals and cleared a backlog from 2012 to 2020. Additionally, the Registry developed a digital repository of appellate decisions and reviewed the SECP (Appellate Bench Procedure) Rules, 2003, with proposed amendments under finalization.
Institutional developmentTechnology & data transformationOperational excellence
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2025-04-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) and the Mutual Funds Association of Pakistan (MUFAP) discussed a reform roadmap for the mutual fund industry, emphasizing transparency, investor protection, and financial inclusion. Key initiatives include a Market Development Fund to boost public engagement, enhanced investor outreach through fintech, and a shift towards shariah-compliant practices.
Policy & regulationReform agendas & prioritiesMarket developmentFinancial inclusion
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2025-04-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) and the Rawalpindi Chamber of Commerce & Industry (RCCI) held an awareness session to promote business formalization through company or Limited Liability Partnership registration. They proposed a Memorandum of Understanding to enhance corporate literacy and combat Ponzi schemes, urging RCCI members to report suspicious activities. A follow-up session for women entrepreneurs is planned, with RCCI seeking tailored presentations on incorporation for small businesses.
Financial literacy & educationMarket development
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2025-04-22•Italy•Bank of Italy
The Bank of Italy outlined its participation in the World Bank and International Monetary Fund Spring Meetings in Washington, DC, including the G7 and G20 meetings of Finance Ministers and Central Bank Governors. Governor Fabio Panetta's remarks for the World Bank-IMF Development Committee are available in English.
OtherCross-border cooperation
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2025-04-22•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia adopted its 2024 Annual Report and Banking System Risk Report, approving regulatory changes for cross-border payments to facilitate participation in the Single Euro Payments Area (SEPA). These amendments eliminate mandatory documentation for most foreign payments and ensure funds are credited by the next business day. The reports highlight a slowdown in inflation to 3.5%, GDP growth of 2.8%, and a stable banking system with a capital adequacy ratio of 18.9%, while emphasizing the need for ongoing risk monitoring.
Policy & regulationRules & requirementsActivity and performance reportingFinancial stability and systemic risk
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2025-04-22•Africa•GABAC
GABAC is conducting a training program in Brazzaville from 21 to 25 April for intelligence officers from CEMAC member countries to enhance their capacity to combat money laundering, terrorist financing, and proliferation financing. The program aims to improve the technical and legal tools for processing suspicious transaction reports and is part of a strategic plan adopted by CEMAC ministers to reinforce national agency autonomy.
Policy & regulationImplementation, projects & pilotsAML and CFTCapacity building
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2025-04-22•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners released its 2023 Report on Profitability by Line by State for the property and casualty insurance industry. The report highlights a 14th consecutive year of growth in total premiums earned, with a countrywide direct return on net worth increasing to 7.9% from 4.8% in 2022. Private passenger auto accounts for 33% of total direct premiums earned, and homeowners insurance direct return on net worth rose to 4.0% from 0.7% in 2022.
ResearchFinancial and market indicatorsSupervisory data
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2025-04-22•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) has suspended UNIPRO Capital a.s. securities (ISIN: SK4000023263) from trading on the Luxembourg Stock Exchange. This enforcement action, under the Law of 30 May 2018 on markets in financial instruments, was due to the issuer's failure to disclose required information since the securities' admission on 15 June 2023.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-04-22•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) released its 2024 report on insurance and reinsurance distributor training, highlighting increased e-learning volumes and supervisory findings. The report notes a rise in initial qualification enrolments and approvals, with a 91.8% approval rate, while new insurance distributor registrations decreased. ASF identified weaknesses in some final exam questions but found distance-learning platforms adequate.
SupervisionReviews, inspections & stress testsOther
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2025-04-22•Portugal•Bank of Portugal
The Bank of Portugal's 2024 Report on Cash Issuance highlights a decline in net banknote issuance and an increase in net coin issuance, with statistics on production, cash flows, and counterfeiting. Valora produced 165.5 million EUR 20 banknotes, while banknote inflows and outflows were EUR 9,740 million and EUR 5,648.9 million, respectively. The central bank conducted 614 inspections, destroyed unfit banknotes, and identified 11,039 counterfeit banknotes and 2,601 counterfeit coins.
Data & statisticsCurrency and cash management
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2025-04-22•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) has banned Kao Cheng Yung, a former senior manager at CSC Futures (HK) Limited, from the industry for six months due to AML/CFT and regulatory failures at CSC between 2017 and 2018. This follows previous SFC sanctions against CSC, including a reprimand and a $4.95 million fine, for inadequate client monitoring and failure to manage money laundering and terrorist financing risks. The SFC emphasized the seriousness of these failures and the need for deterrence.
EnforcementInvestigations & enforcement actionsAML and CFTCorporate governance
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2025-04-22•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 the Republic of Kazakhstan has appointed Andrey V. Galyapin, Askar Zh. Aisabekov, and Zeynab R. Musaeva as members of an executive body in the securities market.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-22•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 the Republic of Kazakhstan approved Kymbat Nakysbekovna Ualikhanova as deputy chief accountant in the banking sector.
Institutional developmentLeadership change & appointmentsLicence approval
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2025-04-22•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) announced that AIFCAP Managers Ltd has initiated dissolution and liquidation proceedings for the investment compartment XSPOT CAPITAL. The compartment will remain in the Registered Alternative Investment Funds Registry under RAIF28 with an "under liquidation" notice until the process is completed. CySEC will remove it from the registry once all necessary documents are submitted.
SupervisionAuthorisations & approvalsRecovery and resolution
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2025-04-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen reported by 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 through these channels. Customers who interacted with the fraudulent site are advised to contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-04-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a warning about a fraudulent website and internet banking login screen 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. Customers who interacted with the fraudulent site are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-04-22•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert regarding a fraudulent website and internet banking login screen linked to Chong Hing Bank Limited. Customers are reminded that banks do 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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2025-04-22•Ghana•Bank of Ghana
Dr. Johnson Pandit Asiama of the Bank of Ghana proposed shifting Africa–U.S. economic engagement from commodity-led trade to value-added production, emphasizing macroeconomic stability, financial resilience, trade integration, and digital transformation. He highlighted Ghana's trade performance under the African Growth and Opportunity Act (AGOA) and called for U.S.–Africa Trade Finance Hubs to support SMEs. AGOA's renewal and collaboration with the new U.S. administration were seen as opportunities to enhance value-added exports and digital trade.
Policy & regulationReform agendas & prioritiesCross-border cooperation
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2025-04-22•Ghana•Bank of Ghana
At the African Consultative Group Meeting, Bank of Ghana Governor Dr. Johnson Asiama highlighted rising debt vulnerabilities in developing countries, especially in Africa, and called for stronger IMF support and improved debt sustainability frameworks. He emphasized effective debt restructuring, relief processes, and urged refinements to the IMF’s debt sustainability toolkit, including better climate risk incorporation and enhanced early warning systems. The Governor also advocated for streamlining the G20 Common Framework and improving debt transparency and private creditor participation.
Policy & regulationReform agendas & priorities
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2025-04-22•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority stressed the need for licensing, authorization, or registration before conducting financial services or designated business activities. Under the Financial Services Act 2008 and Insurance Act 2008, licenses are required, while designated businesses must register under the Designated Businesses (Registration and Oversight) Act 2015. Compliance with anti-money laundering and counter-terrorism financing requirements is crucial, with penalties up to GBP 5,000 for non-compliance.
Policy & regulationGuidance & interpretationLicensing framework and process
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2025-04-22•India•Reserve Bank of India
The Reserve Bank of India has amended its directions on compounding contraventions under the Foreign Exchange Management Act, 1999, removing the linkage of compounding amounts to previous orders and treating cases as fresh applications. The amendments require additional applicant information to address reconciliation and processing delays. Authorised Dealer Category-I banks and authorised banks must inform their constituents of these revised guidelines.
Policy & regulationRules & requirementsRegulatory reporting
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2025-04-22•India•Reserve Bank of India
The Reserve Bank of India has directed banks to migrate their internet domains to the exclusive ".bank.in" domain to enhance cybersecurity and combat digital payment fraud. The Institute for Development and Research in Banking Technology will manage the domain registration, authorized by the National Internet Exchange of India. This applies to all commercial, primary (urban) co-operative, state co-operative, and district central co-operative banks.
Policy & regulationRules & requirementsCyber resilience
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2025-04-22•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland's SORCE Insights report reveals that 64% of surveyed firms anticipate tariffs will increase costs, raise prices, and reduce demand. Among these, 85% foresee higher input costs, 75% plan to raise prices, and 60% expect decreased demand, with minimal employment impact. Common strategies include passing costs to customers, sourcing domestically, and advancing purchases.
ResearchEconomic data and developments
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2025-04-22•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) launched a pilot "road safety model area" in Prachinburi with local authorities and the Thailand Development Research Institute to boost compulsory motor insurance uptake and improve road safety. The initiative aims to research local risk factors, enhance public understanding, and coordinate actions to prevent accidents, addressing the 79.97% vehicle and 68.51% motorcycle insurance coverage rates. The project will serve as a prototype for expansion, focusing on enforcement, speed control, and closing coverage gaps.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-22•Middle East•Arab Monetary Fund
The Arab Monetary Fund signed a Memorandum of Understanding with the Inter-American Development Bank to enhance cross-regional cooperation on financial development in Latin America, the Caribbean, and the Arab region, focusing on payment systems, climate finance, and public sector asset management. The agreement includes linking payment platforms, advancing climate finance research, and modernizing treasury operations through joint technical assistance and events.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-04-22•Europe•European Central Bank
The European Central Bank (ECB) released updates on market infrastructure, legislative advice, statistics, corporate governance, and banking supervision. Key developments include the Eurosystem Collateral Management System's progress towards a 16 June 2025 launch and the ECB's intent to comply with EBA Guidelines on governance and controls by 30 December 2025. Additionally, the ECB adopted its 2024 Annual Report, issued opinions on EU settlement cycle amendments, and made recommendations on external auditors for Lietuvos bankas and Latvijas Banka.
Policy & regulationImplementation, projects & pilotsSupervision process and methodologies
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2025-04-22•Europe•European Central Bank
The European Central Bank's discussions with 79 leading non-financial euro area companies show gradual business momentum improvement, driven by a nascent industry recovery. While consumer spending signals remain mixed, early signs of recovery in machinery orders and construction activity are noted, alongside moderate price growth and easing hiring difficulties. Companies are cautiously optimistic about increased defence spending, though tariffs pose a risk, potentially leading to investment pauses and higher prices.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
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2025-04-22•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan conducted a seminar to introduce the "Procedure and norms for deducting contributions to insurance reserve funds" to insurance organisations. This framework aims to standardise reserve fund formation, support tax processes, and align practices with international standards, enhancing insurers' financial stability and solvency.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-22•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
Brazil’s Finance Minister Fernando Haddad met with the Brazilian Superintendence of Private Insurance (SUSEP) to discuss strategic issues for the insurance sector's development and SUSEP’s regulatory role. Haddad underscored SUSEP’s importance and the need for strengthening its supervisory capabilities. Superintendent Alessandro Octaviani highlighted the technical expertise of SUSEP’s staff in fulfilling its mission.
Policy & regulationCooperationSupervision process and methodologies
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2025-04-22•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina reported Governor Jasmina Selimovic’s participation in the IMF and World Bank Spring Meetings, focusing on technical assistance for reforms and the central bank's independence. Discussions emphasized financial and monetary stability and the bank's role in macroeconomic stability amid European integration. The bank will host a meeting on financial education and inclusion with the OECD, and further bilateral meetings with IMF and World Bank officials are planned.
Policy & regulationCooperationCross-border cooperation
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2025-04-22•South Africa•South African Reserve Bank
South African Reserve Bank Governor Lesetja Kganyago, at the Brookings Institution, criticized the G20 for ineffective agenda management and weak processes, especially outside crisis periods. With South Africa presiding over the G20, he advocated for focused agenda-setting on top priorities and clearer communication. Kganyago suggested structural reforms, including rethinking the Finance Track's working group architecture and considering a permanent secretariat for continuity.
Policy & regulationReform agendas & prioritiesCross-border cooperation
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2025-04-22•South Africa•South African Reserve Bank
The South African Reserve Bank reported a 0.2% decline in the composite leading indicator for February 2025, driven by decreases in seven of ten component series, including fewer approved residential building plans and slower growth in new passenger vehicle sales. The composite coincident indicator rose by 0.2% in January 2025, while the composite lagging indicator fell by 0.8%. Key positive contributors to the leading indicator were a wider interest rate spread and a higher US-dollar-based export commodity price index.
Data & statisticsEconomic data and developments
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2025-04-22•Iraq•Central Bank of Iraq
The Central Bank of Iraq issued a warning about the circulation of withdrawn and counterfeit foreign banknotes used by fraudsters to exchange for Iraqi dinars at inflated values, urging the public and authorities to avoid such notes and focus on those handled through the Central Bank and banking system.
SupervisionAlertsFraud and scams