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2025-04-09•United States•U.S. Financial Services Committee
The U.S. Financial Services Committee announced the House passed resolutions to overturn CFPB rules on overdraft lending and defining "larger participants" in digital payment markets. S.J. Res. 18 disapproves the rule on price caps for overdraft fees at very large financial institutions, while S.J. Res. 28 disapproves the rule expanding CFPB's examination authority over digital payment products. S.J. Res. 18 is being sent to the President's desk.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-04-09•United States•U.S. Financial Services Committee
The U.S. Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence held a hearing on digital asset market structure, addressing legal uncertainties in applying U.S. securities laws and potential legislative changes. Discussions included the inadequacy of current frameworks, the need for clearer rules, and criticism of the SEC's enforcement approach. Witnesses advocated for congressional action to reduce compliance uncertainty and support a more predictable regulatory regime.
Policy & regulationReform agendas & prioritiesFintech and insurtechBlockchain and distributed ledger technology
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2025-04-09•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee's Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held a hearing on digital asset market structure and its implications for U.S. securities law. Subcommittee Chairman Bryan Steil emphasized this as the start of comprehensive legislation efforts, referencing a market structure "blueprint" by Committee Chairman French Hill. The Committee highlighted the U.S. Securities and Exchange Commission's role in overseeing issuers and ensuring adequate disclosure requirements.
Policy & regulationReform agendas & prioritiesFintech and insurtechBlockchain and distributed ledger technology
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2025-04-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reported Deputy Governor Nguyen Ngoc Canh’s participation in ASEAN and ASEAN+3 meetings, focusing on regional macroeconomic risks and strengthening the Chiang Mai Initiative Multilateralisation (CMIM). Revised CMIM Implementation Guidelines were approved, introducing procedures for the Rapid Financing Facility and the use of freely usable currencies. Discussions included weaker growth prospects, geopolitical investment fragmentation, and potential impacts of new US tariffs, with priorities set for regional payments connectivity, financial inclusion, and CMIM readiness.
Policy & regulationRules & requirementsMonetary policy decisions and developments
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2025-04-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has launched an action plan to digitally transform its internal operations, focusing on electronic management and data-driven decision-making. The plan includes deploying modern technology for data consolidation, analysis, and forecasting, and creating a centralised data repository. This initiative aligns with the Government's digital transformation agenda for 2024–2025, with a vision extending to 2030.
Institutional developmentTechnology & data transformationOther
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2025-04-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced its readiness to support the 1 million hectare high-quality, low-emission rice programme in the Mekong Delta, with Agribank prepared to provide VND 30,000 billion in credit. The Ministry of Agriculture and Environment estimates total domestic credit needs at VND 82,989 billion through 2030. A draft framework for linked lending is being finalized, with signing anticipated in April 2025.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-09•Russia•Central Bank of Russia
The Central Bank of Russia released a survey indicating that while most retail investors understand the risk-return trade-off, 42% mistakenly believe the government insures private investments. The survey also highlights informal education sources, with many learning from social media and bloggers. Additionally, the Bank proposed a new investment literacy index, with a baseline of 14.79 out of 25, to guide future investor education initiatives.
Financial literacy & educationFinancial literacy and education
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2025-04-09•United States•Federal Reserve Board
The United States Federal Reserve Board released a FEDS Note introducing a monthly series of real-time estimates of global longer-run real neutral interest rates for 11 advanced economies. These estimates, reflecting the authors' views, are not official Federal Reserve positions and are subject to revisions and methodological changes. The series includes data from 1960 to 2025, with updates posted monthly.
ResearchMonetary data
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2025-04-09•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission's Market Participants Division and Division of Market Oversight issued an interpretative letter under the Commodity Exchange Act. The letter clarifies that Window FX Forwards are to be characterized as "foreign exchange forwards," while Package FX Spot Transactions should not be treated as "foreign exchange swaps" or "swaps."
Policy & regulationGuidance & interpretationForeign exchange policy and markets
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2025-04-09•Jersey•Jersey Financial Services Commission
The Jersey Financial Services Commission (JFSC) has issued a warning about a fraudulent website, jerseyfsc.us, impersonating the regulator. The JFSC clarified that the site and its contact details are not affiliated with the Commission and do not offer scam-loss recovery services. The public is advised to verify regulated status and authenticate JFSC correspondence through official channels.
SupervisionAlertsFraud and scams
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2025-04-09•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission announced Paul Atkins as the new Chairman following Senate confirmation. Acting Chairman Mark T. Uyeda and Commissioners Hester M. Peirce and Caroline A. Crenshaw expressed their support, highlighting Atkins' experience and commitment to the SEC's mission.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-09•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) announced its president, Roberto E. Silva, attended the 49th OECD Corporate Governance Committee meeting in Paris. Discussions focused on adapting corporate governance to jurisdictional specificities, global trends in public capital markets, and the impact of artificial intelligence. The agenda also included preparations for the OECD Corporate Governance Factbook and the Global Corporate Sustainability Report 2025.
Policy & regulationInternational standards & recommendationsCorporate governance
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2025-04-09•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority issued a Code of Market Conduct to deter fraud, deception, and manipulation in Qatari financial markets, enhancing investor protection and confidence. It elaborates on Article 40 of Law No. 8 of 2012, detailing prohibited misconduct and obligations for participants, including examples of manipulation and clarifications on non-manipulative conduct. This is the Authority's first standalone conduct legislation for ordinary investors and traders.
Policy & regulationRules & requirementsMarket abuse
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2025-04-09•Moldova•National Bank of Moldova
The National Bank of Moldova has maintained the countercyclical capital buffer (CCyB) rate at 0% for credit exposures in the Republic of Moldova, citing no cyclical systemic risks from excessive credit growth. The Q3 2024 private sector credit-to-GDP ratio was 91.7% with a negative credit-to-GDP gap of -3.5%. The CCyB rate is reviewed quarterly.
Policy & regulationRules & requirementsMacroprudential policy and tools
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2025-04-09•Moldova•National Bank of Moldova
The National Bank of Moldova (NBM) reported that Governor Anca Dragu presented certificates to students in the "School of Modern Finance" programme, run with the National Bank of Romania and the Academy of Economic Studies in Bucharest. Participants used their experience to deliver financial education lectures in rural Moldova. Launched in 2023, the programme combines educational activities with cultural visits in Romania.
Financial literacy & educationFinancial literacy and education
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2025-04-09•Moldova•National Bank of Moldova
The National Bank of Moldova (BNM) updated its sanctions register for the insurance market, detailing fines and warnings for breaches of prudential requirements, governance, and internal controls. Notable actions include a MDL 2,015,365.12 fine on INTACT ASIGURĂRI GENERALE SA and licence withdrawals for several brokers in 2024. Despite these sanctions, affected insurers continue to operate normally.
EnforcementInvestigations & enforcement actionsOther
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2025-04-09•Moldova•National Bank of Moldova
The National Bank of Moldova reported a meeting between Governor Anca Dragu and economics educators on Moldova's accession to the Single Euro Payments Area (SEPA). The meeting emphasized SEPA's role in facilitating euro-denominated cross-border transfers and its benefits, including reduced costs and enhanced financial access. Educators were urged to update curricula to cover SEPA, digital banking, and financial education in collaboration with the central bank.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2025-04-09•United States•Financial Crimes Enforcement Network
FinCEN released a Financial Trend Analysis on Bank Secrecy Act reports related to fentanyl-linked illicit finance, noting 1,246 reports involving USD 1.4 billion in suspicious transactions in 2024. The analysis identifies Mexican cartels as key players in fentanyl trafficking, with precursor chemicals from China. FinCEN observed the use of front companies, money mules, and US intermediaries, with laundering methods ranging from basic to complex.
ResearchAML and CFT
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2025-04-09•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance has established the 2025 annual registration and operating fees for Productores Asesores de Seguros (PAS), PAS companies, and Agentes Institorios. Individual PAS must pay ARS 25,000, while PAS companies and Agentes Institorios face surcharges for late payments after 30 April 2025. Payments are processed through the REPAS and eRecauda systems.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-04-09•Switzerland•Federal Department of Finance (Switzerland)
The Federal Department of Finance of Switzerland announced the appointment of Christoph Ammann as the new vice president of the Swiss National Bank (SNB) Bank Council, effective 1 May 2025, succeeding Romeo Lacher. Ammann, a current SNB Bank Council member and former head of Bern's Department of Economy, Energy and Environment, will serve for the remainder of the 2024–2028 term. The Bank Council will not fill the resulting vacancy until 2026.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-09•United States•Financial Crimes Enforcement Network
The United States Financial Crimes Enforcement Network (FinCEN) and the Texas Department of Banking held webinars for money services businesses on the U.S. Southwest Border Geographic Targeting Order (GTO) and Currency Transaction Report (CTR) filing instructions. The sessions addressed risks from Mexico-based cartels and outlined GTO requirements for MSBs in 30 ZIP codes in California and Texas to file CTRs for cash transactions between USD 200 and USD 10,000. Participants were directed to the GTO text and FAQs, including Spanish translations.
Policy & regulationGuidance & interpretationAML and CFTDomestic cooperation
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2025-04-09•India•Securities & Exchange Board of India
The Securities and Exchange Board of India (SEBI) has formed a High-Level Committee to review and enhance its framework on conflicts of interest and disclosures for members and officials. Chaired by Pratyush Sinha, the committee will address policy gaps and propose improvements, including a recusal policy, public disclosure requirements, and digital monitoring. Recommendations are due within three months for SEBI Board consideration.
Policy & regulationReform agendas & prioritiesOther
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2025-04-09•South Korea•Bank of Korea
The Bank of Korea released its "Financial Market Trends in March 2025," offering statistical updates on financial market developments, including bank lending. Detailed figures are available in the accompanying attachments.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-04-09•United States•The White House
The White House issued an executive order for a government-wide review to identify and potentially rescind or modify regulations restricting competition. Agency heads, consulting with the FTC Chairman and Attorney General, will review rules creating monopolies or unnecessary barriers. The FTC Chairman will consolidate agency recommendations for the Office of Management and Budget's consideration in the Unified Regulatory Agenda.
Policy & regulationRules & requirementsRegulatory burden
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2025-04-09•United States•The White House
The White House released a fact sheet on an Executive Order by President Donald J. Trump directing federal agencies to review anti-competitive regulations for potential rescission or modification. Agency heads, in coordination with the FTC Chairman and the Attorney General, must submit lists of such regulations within 70 days. The FTC will also solicit public input on regulations impeding competition, with responses shared with relevant agencies.
Policy & regulationReform agendas & priorities
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2025-04-09•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury announced the elimination of 15 rules and guidance materials across Treasury, including the IRS and the Financial Crimes Enforcement Network, to reduce unnecessary regulatory burdens. This follows recent deregulatory actions by the Office of the Comptroller of the Currency and aims to save businesses significant costs. Treasury plans further deregulatory measures, including relief from IRS rules and a review of banking regulations.
Policy & regulationRules & requirementsRegulatory burden
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2025-04-09•United States•U.S. Department of the Treasury
In remarks to the American Bankers Association, Treasury Secretary Scott Bessent outlined plans to enhance the Treasury's role in bank regulation, emphasizing clear mandates, cost-benefit discipline, and reduced burdens on community banks. The agenda includes tailored requirements for community banks, reviewing prudential standards, reassessing the liquidity framework, advocating for an AML/CFT framework focused on national security, working on deposit insurance reforms, and reviewing regulatory issues related to blockchain and new payment systems.
Policy & regulationReform agendas & prioritiesOther
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2025-04-09•United States•U.S. Department of the Treasury
FinCEN released a Financial Trend Analysis on Bank Secrecy Act data related to fentanyl-linked illicit finance, revealing 1,246 suspicious activity reports totaling USD 1.4 billion in 2024. The analysis highlights Mexico and China as key supply chain players, with Mexican cartels sourcing precursor chemicals from Chinese suppliers. It notes the use of front companies, money mules, and laundering methods, urging financial institutions to review relevant advisories.
ResearchAML and CFT
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2025-04-09•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury issued a financial sanctions notice amending four entries on the UK Consolidated List to include director disqualification sanctions. Mohammed Fawaz Khaled and Aozma Sultana face director disqualification and an asset freeze, while Nazem Ahmad and Mustafa Ayash also face a travel ban. Institutions must freeze matching funds, avoid unauthorized access, and report to the Financial Intelligence Unit, with UK regulations applying if there is a UK connection.
Policy & regulationRules & requirementsSanctions list update
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2025-04-09•Europe•Single Resolution Board
Dominique Laboureix, Chair of the Single Resolution Board, stressed in Eurofi magazine the importance of the minimum requirement for own funds and eligible liabilities (MREL) for bank resolvability and financial stability, warning against reducing targets. He noted MREL as the EU's equivalent to the Financial Stability Board's Total Loss-Absorbing Capacity (TLAC) standard, applicable to all banks designated for resolution and tailored to individual strategies. Laboureix also addressed Basel III's impact on capital requirements and MREL, comparing EU and US crisis management and resolution approaches.
Policy & regulationGuidance & interpretationRecovery and resolution
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2025-04-09•Palestine•Palestine Monetary Authority
PMA Governor Yahya Shunnar attended the 48th Arab Monetary Fund Governors' Council in Kuwait, engaging in bilateral meetings to enhance financial cooperation. The Palestinian delegation, including Finance Minister Omar Al-Bitar, discussed digital transformation, SME support, and development projects with entities like the Arab Fund for Economic and Social Development, the Kuwaiti Fund for Arab Economic Development, and the World Bank Group.
Policy & regulationCooperationDomestic cooperation
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2025-04-09•United Arab Emirates•ADGM Financial Services Regulatory Authority
The ADGM Financial Services Regulatory Authority issued Consultation Paper No. 2 of 2025, suggesting amendments to the prudential framework for Authorised Persons in Categories 3B, 3C, and 4 under the Prudential – Investment, Insurance Intermediation and Banking Rulebook. Proposed changes include revisions to capital requirements for Category 4 firms, adjustments to reporting requirements for Category 3B and 3C firms, and updates to professional indemnity insurance requirements.
Policy & regulationRules & requirementsPrudential risks
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2025-04-09•United Arab Emirates•ADGM Financial Services Regulatory Authority
The ADGM Financial Services Regulatory Authority (FSRA) warned about false claims by Trade World FX, trading as Trade FX, on tradeworldfx.com. The entity falsely claims to offer a trading platform and maintain a branch office in ADGM without FSRA authorization. The FSRA advises investors to verify firm authorisation via the FSRA Public Register and check incorporation claims through the ADGM Registration Authority’s Public Register.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-04-08•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission released its Monthly Capital Markets Report for February 2025, offering a comprehensive analysis of key indicators across all active segments of Angola's capital market. The report aims to assist investors and market professionals.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-04-08•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) reported fourth-quarter 2024 liquidity metrics, with median institution-level daily average Liquidity Coverage Ratio (LCR) at 354% and Net Stable Funding Ratio (NSFR) at 138%. Consolidated LCR and NSFR, including subsidiaries, were 347% and 137%, respectively. All institutions exceeded the 100% minimum liquidity requirement.
Data & statistics
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2025-04-08•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority has launched a public consultation on a draft framework to introduce special purpose acquisition companies (SPACs) on the Nomu Parallel Market. The proposal outlines rules for SPAC registration, share offerings, and acquisition or merger conditions, aiming to boost listings and liquidity. Key provisions include a minimum post-offer capital of SAR 100 million, sponsor ownership requirements, and a 24-month deadline for completing acquisitions or mergers, with potential extensions subject to approval.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-04-08•United Kingdom•Payment Systems Regulator
The UK's Payment Systems Regulator has appointed Claire Simpson as interim Head of Policy, succeeding Kate Fitzgerald. Simpson, previously a senior manager in the PSR’s Policy Department, will oversee policy projects on card fees, payment scams, and payment infrastructure, and will work on aligning efforts with the Financial Conduct Authority.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-08•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand has appointed Deputy Governor Christian Hawkesby as interim Governor for six months starting 8 April, with a possible three-month extension by the Minister of Finance, while recruiting a Governor for a five-year term. The Monetary Policy Committee will include three internal and three external members, with the Chair holding a casting vote during this period.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-08•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro and the World Bank's Country Manager for Bosnia and Herzegovina and Montenegro, Christopher Sheldon, discussed cooperation priorities ahead of the IMF and World Bank Spring Meetings. Key topics included the TIPS Clone project, enhancing cyber security and supervisory capacities, and modernizing payment systems with potential technical support and compliance assessments.
Policy & regulationCooperationCapacity buildingCyber resiliencePayments and payment systems
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2025-04-08•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority announced the resumption of trading in Biosenic financial instruments on Euronext Brussels. Trading was set to resume on 8 April 2025 at 12:30 CET under Article 78 of the Law of 21 November 2017.
SupervisionAuthorisations & approvalsTrading
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2025-04-08•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) issued infringement notices to three financial services licensees—Australian Advice Network Pty Ltd, IA Advice Pty Ltd, and Sherrin Partners Services Pty Ltd—after advisers provided personal advice to retail clients while unregistered. Each paid a penalty of AUD 31,300, though payment does not imply guilt. ASIC emphasized verifying adviser registration status and noted unregistered advice could lead to referral to the Financial Services and Credit Panel or further regulatory action.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-04-08•Europe•European Securities and Markets Authority
The European Securities and Markets Authority has issued a consultation paper on new clearing thresholds under the European Market Infrastructure Regulation (EMIR 3). The proposals aim to recalibrate the clearing obligation by focusing on over-the-counter derivatives activity not cleared at an authorised or recognised central counterparty. The consultation also addresses hedging exemptions for non-financial counterparties and a mechanism for reviewing thresholds.
Policy & regulationRules & requirementsCCPs
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2025-04-08•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority warns of a phishing email from “info@prudential-hk.site” leading to a fake website impersonating Prudential Hong Kong Limited. Prudential confirmed no connection, and the Hong Kong Police are investigating. The Authority advises affected individuals to contact Prudential, report to the Police, and check its Register of Authorized Insurers for verification.
SupervisionAlertsFraud and scams
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2025-04-08•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) has released a "tax matrix" outlining alternative taxation models for virtual assets, as legislative efforts progress on regulating Ukraine's virtual assets market. The matrix illustrates the pros and cons of different models and their impact on the market and tax liabilities. The NSSMC has presented the document to the parliamentary working group and is seeking feedback from the crypto community.
Policy & regulationGuidance & interpretationTax transparency and information exchange
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2025-04-08•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved authorisations affecting collective investment products and capital markets participants, including fund securities issuance and firm-specific licensing. Key approvals included draft articles and share issue registrations for joint-stock companies and mutual investment funds. The Commission also decided on licensing, terminating licences for Polohy Registrar LLC and ON-LINE CAPITAL LLC, and appointing an internal auditor at Ukrainian Energy Exchange LLC.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-04-08•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank reported a sharp expansion in Dutch securitisations sold to investors in 2024, with a net increase of EUR 3.1 billion to EUR 29.2 billion. This growth was driven by non-bank market entrants and banks, primarily in buy-to-let mortgages, consumer loans, and car leases. Additionally, outstanding Dutch covered bonds rose by EUR 3.5 billion to EUR 99.1 billion, aligning more closely with the European pattern.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-04-08•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) found loyal customers sometimes pay higher premiums for non-life insurance than newer ones, potentially conflicting with fair treatment standards. A review of 31 insurers revealed higher profit margins for long-term policies, with significant increases in some cases. The AFM plans to engage with insurers on compliance and is consulting with the Dutch Association of Insurers while monitoring margin personalisation developments.
SupervisionRisk monitoring & watch pointsConsumer and investor protection
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2025-04-08•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) analyzed private equity in the audit sector, stressing the need for audit firms to prioritize public interest and quality. The AFM noted a rapid increase in market share of audit firms with private equity investments, now at 30%, identifying risks like growth pressure, profitability demands, and threats to independence. Firms are urged to implement safeguards and maintain oversight to counterbalance commercial pressures, with the supervisory board playing a crucial role.
SupervisionRisk monitoring & watch pointsAccounting and financial reporting
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2025-04-08•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) released its 2024 report, highlighting geopolitical tensions and EU-US dynamics' impact on financial resilience. AFM chair Laura van Geest stressed cooperation for the European Savings and Investment Union, noting the Dutch sector's reliance on US technology. AFM's insurance study showed loyal customers often pay higher premiums, raising fair treatment concerns, while a separate accountancy report warned of risks from audit firms' ties with private equity.
ResearchGeopolitical risk
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2025-04-08•Europe•European Financial Reporting Advisory Group
The European Financial Reporting Advisory Group (EFRAG) has called for public input to aid its advice to the European Commission on revising European Sustainability Reporting Standards (ESRS) Set 1. This follows the Commission's mandate linked to the Omnibus proposals and seeks feedback on simplifying mandatory datapoints, clarifying provisions, and enhancing interoperability with global standards. Input is collected via an online questionnaire from stakeholders, including preparers of 2024 sustainability reports.
Policy & regulationInternational standards & recommendationsAccounting and financial reporting
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2025-04-08•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan released FAQs to clarify regulations and operations for the private fund sector. The document addresses registration, governance, investment guidelines, compliance, valuation, fees, and equity requirements.
Policy & regulationGuidance & interpretationRegulatory burden
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2025-04-08•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) announced the appointment of Mr. Muzzafar Ahmed Mirza as a Commissioner for a three-year term. Mr. Mirza, previously SECP's Chief Prosecutor and Executive Director, has contributed to significant legislative reforms and regulatory initiatives since 2012.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-08•Italy•Bank of Italy
The Bank of Italy has appointed eight members to the decision-making body of the Banking and Financial Arbiter panels in Bologna, Milan, Naples, Rome, and Turin, following nominations from the National Council of Consumers and Users.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-08•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia is implementing measures to facilitate entry into the Single Euro Payments Area (SEPA), including immediate availability of most incoming payments from abroad. The initiative aims to simplify inbound payments, with certain capital transaction inflows still restricted until EU accession. SEPA participation will enable faster euro payments via mobile apps and electronic banking, with significant growth in mobile-app transactions noted in 2024.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-04-08•Italy•Bank of Italy
The Bank of Italy's 2025 Q1 Survey on Inflation and Growth Expectations reveals that Italian firms report a deteriorating economic environment, though sales trends and employment are expected to improve. Consumer price inflation expectations have risen but remain below 2%. Manufacturing sales are driven by foreign demand, while investment conditions are seen as unfavourable despite stable credit access and adequate liquidity.
Data & statisticsEconomic data and developments
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2025-04-08•Indonesia•Bank Indonesia
Bank of Indonesia's February 2025 monetary statistics reveal an acceleration in broad money (M2) growth to 5.7% year on year, reaching IDR 9,239.9 trillion. This increase was driven by faster growth in narrow money (M1) at 7.4% and quasi-money at 1.8%, with disbursed loans growing 9.0% and net foreign assets rising 4.1%. Adjusted base money (M0) grew 13.0% year on year, with currency in circulation up 9.8%.
Data & statisticsMonetary data
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2025-04-08•Europe•European Banking Authority
The European Banking Authority has updated the list of 110 institutions required to report for the 2025 EU supervisory benchmarking exercise. Covering entities from 16 countries, it helps authorities evaluate internal approaches for calculating risk-weighted exposure amounts. Conducted under Article 78 of the Capital Requirements Directive, it facilitates benchmarks and peer comparisons to enhance supervisory practices.
SupervisionRegulatory reporting
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2025-04-08•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) issued recommendations to clarify distinctions between health insurance and non-insurance "health plans." The guidelines, applicable only to insurance undertakings, advise against using "plan" for insurance products, emphasize clear policy wording, and require compliance notification to ASF. The recommendations follow a public consultation and operate on a comply-or-explain basis.
Policy & regulationGuidance & interpretationOther
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2025-04-08•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) has issued a regulatory standard for Pan-European Personal Pension Product (PEPP) providers, aligning with European Insurance and Occupational Pensions Authority (EIOPA) guidelines. It mandates annual and quarterly quantitative reporting and a triennial supervisory report on governance, investment strategy, and risk management, with submissions via PortalASF. The regulation is effective immediately.
Policy & regulationRules & requirementsRegulatory reporting
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2025-04-08•Portugal•Portuguese Insurance Regulator (ASF)
Portugal’s Insurance Regulator (ASF) issued Circular 3/2025 to clarify reporting requirements for ICT incidents and cyber threats under the Digital Operational Resilience Act (DORA) for insurers, reinsurers, pension fund management companies, and insurance intermediaries. The circular aligns ASF reporting with DORA and related EU regulations, specifying the use of ASF’s dedicated forms and the designation of a responsible person for communications. Entities not covered by DORA remain subject to Regulatory Standard 9/2024-R, with updates published on ASF's website.
Policy & regulationGuidance & interpretationCyber resilience
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2025-04-08•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) released recommendations to standardize and expedite claims handling for home multi-risk insurance. The guidelines include governance, customer information, and time limits for claims processing, with insurers encouraged to formalize procedures and conduct internal audits. Insurers must report compliance intentions to ASF and submit annual claims settlement data starting in 2026.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-04-08•United States•Federal Housing Finance Agency
The Federal Housing Finance Agency and Fannie Mae announced the dismissal of over 100 employees for unethical conduct, including fraud facilitation. Fannie Mae Board Chairman William J. Pulte emphasized a zero-tolerance policy towards fraud, while CEO Priscilla Almodovar highlighted ongoing efforts to uphold high ethical standards.
SupervisionInterventionsFraud and scams
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2025-04-08•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) issued a warning about nine websites not linked to any authorised investment service providers under Article 5 of Law 87(I)/2017. CySEC advises investors to verify the licensing status of firms on its website before engaging in investment activities.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-04-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted about fraudulent websites and internet banking login screens linked to Shanghai Commercial Bank Limited. HKMA stressed banks won't send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Customers who provided information or conducted transactions on these sites should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-04-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted about a fraudulent website and internet banking login screen reported by Chong Hing Bank Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact Chong Hing Bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-04-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert regarding fraudulent websites and internet banking login screens related to DBS Bank (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact DBS Bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-04-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted about fraudulent websites and internet banking login screens related to The Bank of East Asia, Limited. The HKMA reminded customers that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Customers who have shared personal information or conducted transactions on these sites should contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-04-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the banking sector have introduced measures to enhance SME access to financing, building on the "9+5" SME support measures from 2024. Participating banks will offer flexible credit reliefs and trade facility extensions, and explore financing aligned with Northern Metropolis development. The Mechanism and Taskforce will monitor global tariff disputes and maintain sector engagement.
Policy & regulationImplementation, projects & pilotsSME financing
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2025-04-08•Global•Ceres
Ceres has issued a guide for state and local governments to integrate climate resilience planning with climate risk disclosure in the municipal bond market. The guide, "Leading with Transparency," recommends using financial statements, bond issuance documents, and climate action reporting, based on the Task Force on Climate-related Financial Disclosures framework. It addresses recent climate-related municipal bond defaults and forecasts a potential doubling of municipal debt issuance due to adaptation projects.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-04-08•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority announced that Insurance Corporation of the Channel Islands Limited has surrendered its permit to operate as a permitted insurer under section 22 of the Insurance Act 2008, effective 8 April.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-04-08•Global•Bank for International Settlements
The Bank for International Settlements released a working paper analyzing supervisory technology's impact on bank behavior using data from the Central Bank of Brazil. SupTech-driven scrutiny leads banks to correct credit risk reporting inconsistencies, reclassify more loans as non-performing, and increase provisions for expected loan losses by about 20%. While overall credit supply remains stable, credit to borrowers with arrears decreases by 3–5%, with higher loan rates and shorter maturities observed.
ResearchSupervision process and methodologies
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2025-04-08•India•Reserve Bank of India
The Reserve Bank of India has withdrawn 20 regulatory circulars related to cheque operations, effective immediately, following a review by the Regulation Review Authority 2.0. This withdrawal affects all scheduled commercial and co-operative banks and covers areas such as temporary credit limits, MICR technology, customer service requirements, and controls on cheque fraud.
Policy & regulationRules & requirementsPayments and payment systems
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2025-04-08•Qatar•Qatar Central Bank
Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani and U.S. Ambassador to Qatar Timmy Davis discussed enhancing bilateral cooperation in the financial and banking sectors.
Policy & regulationCooperationCross-border cooperation
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2025-04-08•United States•Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston appointed 11 new members to its three external advisory groups, enhancing representation from business and nonprofit sectors. These councils provide the Bank with insights on economic and community conditions in New England, covering areas such as employment, lending, and community development.
Institutional developmentLeadership change & appointmentsHiring and recruitment
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2025-04-08•Middle East•Arab Monetary Fund
The Arab Monetary Fund's Director General, Dr. Fahad M. Alturki, met with Arab finance ministers to discuss strengthening AMF support for member countries, focusing on resolving arrears, digital transformation, and enhancing credit ratings. The meetings aimed to promote financial stability and support reform and development agendas across the region.
Policy & regulationCooperationDomestic cooperation
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2025-04-08•San Marino•Central Bank of San Marino
The Central Bank of San Marino's Managing Director, Andrea Vivoli, addressed evolving anti-money laundering (AML) challenges at a conference on regulatory cooperation between Italy and San Marino. Discussions emphasized updating supervisory measures and aligning with European and international standards, with a focus on the Central Bank's role in AML frameworks and crypto-asset regulation.
Policy & regulationCooperationAML and CFTFinancial literacy and education
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2025-04-08•Europe•European Central Bank
European Central Bank Executive Board member Piero Cipollone stressed the need for a digital euro to boost Europe's payment autonomy and reduce reliance on non-European providers. The digital euro is planned as a public-private partnership, universally accepted, free for basic use, privacy-protecting, with capped merchant charges. The project is on schedule, with a rulebook in development and ongoing work on holding-limit calibration and innovation partnership testing.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-04-08•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has re-registered LLC Insurance Organization Mehnat's licence for insurance activities, invalidating the previous licence issued under a 22 September 2020 Board decision.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-04-08•Liberia•Central Bank of Liberia
At the opening of a WAIFEM regional course in Monrovia, the Central Bank of Liberia reaffirmed support for the institute's capacity-building and human capital agenda across West Africa. Executive Governor Henry F. Saamoi linked that agenda to AfCFTA implementation and called for stronger policy coordination, financial integration, currency convertibility and cross-border payment systems to address weak intra-African trade.
Policy & regulationReform agendas & prioritiesCross-border cooperation
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2025-04-08•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
Central Bank of Bosnia and Herzegovina Governor Jasmina Selimovic opened the 56th Technical Advisory Group conference in Sarajevo, emphasizing priorities for banknote processing and currency integrity. She highlighted the central bank's use of BPS-type machines for vault operations, alignment of KM banknotes with EU standards, ongoing withdrawal of older KM banknotes, and efforts to enhance security features for anti-counterfeiting protection.
Policy & regulationReform agendas & prioritiesMarket infrastructure
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2025-04-08•Spain•Bank of Spain
The Bank of Spain's 2024 Supervision Report notes improved profitability, strong solvency in stress tests, a decline in 2025 Pillar 2 Requirements, and the first activation of the countercyclical capital buffer in Spain. It covers supervisory work involving over 900 professionals and 186 entities, with significant institutions seeing a 28% reduction in SREP requirements. Conduct supervision shifted to preventive measures, with an external assessment leading to a 2024–2025 action plan focusing on credit, liquidity, governance, and technology risks.
SupervisionOtherAccounting and financial reporting
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2025-04-08•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) concluded a mediation process, resulting in an agreement to allocate 50% of Valia’s Plano Vale Mais special reserve to participants and beneficiaries. The reserve, valued at BRL 420.5 million in December 2023, will be distributed following a benefits-plan review. Valia will submit the plan revision proposal to PREVIC’s Licensing Directorate for consideration.
SupervisionInterventionsCorporate governance
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2025-04-08•Vietnam•Vietnam State Securities Commission
Vietnam’s Ministry of Finance and the Vietnam State Securities Commission are consulting on a draft circular to amend securities registration, depository, clearing, settlement, and disclosure requirements. The draft proposes changes to Circular 119/2020/TT-BTC and Circular 96/2020/TT-BTC, seeking feedback from various stakeholders.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-04-08•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated five individuals to pay a VND 1,000,000 licensing fee to finalize the issuance of securities practice certificates, as per Notice No. 17/TB-UBCK. Payment can be made via bank transfer or directly to the regulator. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-04-08•Vietnam•Vietnam State Securities Commission
Vietnam's State Securities Commission has updated the Ministry of Finance’s Circular 14/2025/TT-BTC, amending rules for securities registration, depository, clearing, and settlement, and guidance for the derivatives market. Key changes include eliminating personal paper documents once an electronic identification account is activated on the VNEID app and updating documentation requirements for securities registration and settlement. The circular also introduces new forms for derivatives, replacing Forms 01 and 02 from Circular 58/2021/TT-BTC.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-04-08•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) fined Regen Serviços Fiduciários Ltda. BRL 255,000 for internal control weaknesses leading to incorrect liquidity information submissions. The enforcement action, initiated by the Superintendence for Institutional Investors Supervision, addressed breaches of CVM Instruction 558 and CVM Resolution 21. The CVM Board's unanimous decision allows for an appeal with suspensive effect to the Council of Appeals of the National Financial System.
EnforcementInvestigations & enforcement actionsOperational risk and resilience
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2025-04-08•Slovakia•National Bank of Slovakia
The National Bank of Slovakia's Bank Board, led by Governor Peter Kažimír, approved the 'NBS Macroprudential Policy Strategy' at its sixth meeting of 2025. The strategy will be published on the bank's website.
Policy & regulationImplementation, projects & pilotsMacroprudential policy and tools
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2025-04-08•Canada•Canadian Association of Pension Supervisory Authorities
The Canadian Association of Pension Supervisory Authorities reported on the Joint Forum of Financial Market Regulators' annual meeting in Calgary, focusing on AI systems and economic relations. Discussions included the Canadian Securities Administrators' Staff Notice and Consultation 11-348 on AI's role in capital markets and potential regulatory changes. The meeting also introduced new senior leaders from various Canadian financial regulatory bodies.
Policy & regulationCooperationArtificial intelligence
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2025-04-08•Canada•Ontario Securities Commission
The Ontario Securities Commission reported on the Joint Forum of Financial Market Regulators' Annual Meeting in Calgary, focusing on cross-sector coordination among Canadian insurance, securities, and pension regulators. The meeting highlighted the Canadian Securities Administrators' Staff Notice and Consultation 11-348, addressing AI's role in capital markets and regulatory expectations. New senior leaders from Canadian regulatory bodies were introduced.
Policy & regulationCooperationLeadership change and appointments
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2025-04-08•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has released an open banking user guide detailing interface standards for account servicing payment service providers (ASPSPs). The guide includes API structure, consent management, account information services, open data services, and technical requirements for third-party provider connectivity.
Policy & regulationGuidance & interpretationOpen banking and finance
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2025-04-08•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan met with Kazakhstan’s Agency for Regulation and Development of the Financial Market to discuss financial-sector priorities and potential bilateral cooperation. Central Bank Chairman Taleh Kazimov outlined the 2024–2026 Financial Sector Development Strategy, while Agency Chair Madina Abylkasymova shared Kazakhstan's strategies for financial stability and digitisation projects.
Policy & regulationCooperationCross-border cooperation
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2025-04-08•Papua New Guinea•Bank of Papua New Guinea
The Bank of Papua New Guinea released its March 2025 Economic Outlook, with the full report accessible in PDF format.
ResearchEconomic data and developments
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2025-04-08•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia opened the ASEAN Investment Conference 2025 and launched the ASEAN Simplified ESG Disclosure Guide for SMEs in Supply Chains to aid ESG reporting. The conference, themed “Connecting Capital, Unlocking Opportunities and Driving Sustainability,” gathered over 700 stakeholders and featured discussions on regional trade, sector growth, and financial integration. Malaysia’s Prime Minister delivered the keynote and engaged with global fund managers overseeing over USD 8 trillion in assets.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-04-08•Poland•Ministry of Finance (Poland)
Poland's Ministry of Finance hosted an informal meeting of EU financial services attachés in Warsaw to enhance coordination on legislative projects. Discussions centered on reducing administrative barriers, simplifying rules, and strengthening consumer protection. The meeting also covered cyber resilience, the Saving and Investment Union, and Polish banking innovations.
Policy & regulationCooperationCross-border cooperation
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2025-04-08•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia announced that the National Bank of Cambodia has joined the Regional Payment Connectivity initiative, expanding the group to nine ASEAN central bank signatories. Established in 2022, the initiative aims to enhance cross-border payment connectivity through QR code-based and fast payment modalities, promoting faster, cheaper, and more inclusive transactions. Benefits include improved market access for SMEs, enhanced trade facilitation, and better remittance flows.
Policy & regulationCooperationCross-border payments
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2025-04-08•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia reported international reserves of USD117.5 billion as of 28 March 2025, sufficient to finance 4.9 months of imports and 0.9 times total short-term external debt. The reserves can also cover 5.7 months of retained imports using a previous measure. Short-term external debt primarily involves resident banks and multinational corporations, with obligations expected to be met from external assets.
Data & statistics
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2025-04-08•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia and the National Bank of Cambodia have launched phase 2 of their cross-border QR payment linkage, enhancing interoperability for travellers and merchants. This allows Malaysian travellers to pay Cambodian merchants via KHQR and Cambodian travellers to use the Bakong app with Malaysia’s DuitNow QR. Over seven million merchants are expected to benefit from instant payments through existing apps, with local partners like Maybank and Payments Network Malaysia involved.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-04-08•Zambia•Bank of Zambia
The Bank of Zambia issued a public warning against the illegal mutilation of Zambian currency, highlighting severe penalties under the Bank of Zambia Act, 2022, including up to ten years of imprisonment. The warning follows media reports of banknotes being defaced, with the central bank urging the public to report such incidents.
SupervisionAlertsOther
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2025-04-08•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC issued Memorandum Circular No. 3, Series of 2025, mandating SEC Zuper Easy Registration Online (SEC ZERO) for corporate registration, transitioning to a fully online process. From 7 April 2025, domestic stock corporation applications, excluding lending and financing companies, must use SEC ZERO with eSECURE credentialing. Lending, financing, and foreign corporations will use eSPARC for three months before mandatory SEC ZERO adoption.
Policy & regulationRules & requirementsLicensing framework and process
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2025-04-08•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has initiated enforcement action against S.O.R.A. Real Estate & Insurance Ltd., operating as MIC Financial, and Roberto Gabriel Mammone for alleged breaches of Ontario’s mortgage brokerage requirements, including unauthorized mortgage dealings and fee payments, with proposed penalties totaling CAD 320,000. MIC Financial and Mammone have requested a hearing before the Financial Services Tribunal.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity