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2025-03-28•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
The Trinidad and Tobago Ministry of Finance announced that Trinidad and Tobago has assumed the chairmanship of the Board of Directors of CAF – Development Bank of Latin America and the Caribbean, with Finance Minister Vishnu Dhanpaul serving a one-year term. During CAF’s first board meeting of 2025, the bank approved USD 1.45 billion in new financing for projects across Latin America and the Caribbean, including aqueduct construction, port works, and urban mobility improvements. Additionally, CAF committed USD 8.5 billion in financing through 2030 to support agricultural prosperity in the region.
Institutional developmentLeadership change & appointmentsOther
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2025-03-27•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro held a workshop to prepare Montenegrin banks for accession to the Single Euro Payment Area (SEPA) payment schemes, with applications to the European Payments Council starting 11 April and transactions commencing 6 October 2025. The session covered regulatory, legal, and operational aspects, including documentation requirements and testing procedures. The bank will continue offering support to ensure timely application and onboarding.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-03-27•Hong Kong•Hong Kong Insurance Authority
In March 2025, the Hong Kong Insurance Authority launched a youth campaign, engaging around 2,000 tertiary students through on-campus and online activities to enhance understanding of risk management and insurance. Partnering with the Hong Kong Federation of Insurers and Metro Broadcast, the initiative included interactive games, industry sharing sessions, and an online quiz to introduce insurance fundamentals and career opportunities. The IA plans to continue collaborating with the industry to expand outreach and promote insurance education.
Financial literacy & educationFinancial literacy and education
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2025-03-27•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority has approved Allied Cooperative Insurance Group's capital increase via a SAR 209 million rights issue. Subscription is limited to shareholders registered at the Securities Depository Center after the extraordinary general assembly meeting. The rights issue prospectus will be released later, with the approval confirming compliance with legal requirements but not serving as an investment recommendation.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-27•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved Naf for Feed for Industry Company’s application to register and offer 400,000 shares, representing 20% of its share capital, on the Parallel Market, restricted to Qualified Investors. The approval confirms compliance with the Capital Market Law but is not an investment recommendation. It remains valid for six months from 26 March 2025.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-27•Colombia•Central Bank of Colombia
The Central Bank of Colombia released External Operational and Services Circular DSP-155, detailing fees for the low-value payment systems it manages.
Policy & regulationRules & requirementsPayments and payment systems
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2025-03-27•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus reported a net increase in total deposits by EUR 498.3 million to EUR 56.2 billion and a net increase in total loans by EUR 42.7 million to EUR 25.4 billion for February 2025. The annual rate of change for deposits rose to 7.7%, while loans slowed to 1.9%. Deposit growth was influenced by former Hellenic Bank shareholders' receipts, with significant contributions from Cypriot households and other domestic sectors, despite a decrease in non-financial corporations' deposits.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-03-27•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority conducted a "Kapital" workshop at Mirko Srzentić Primary School in Budva to enhance financial literacy among seventh-grade students. The session included interactive learning on investing, risk, dividends, and company valuation, supplemented by the "Kapital" board game and educational brochures.
Financial literacy & educationFinancial literacy and education
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2025-03-27•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission and the National Institute for the Support of Micro, Small and Medium Enterprises have signed a cooperation protocol to enhance financial inclusion and access to alternative financing for MSMEs and entrepreneurs. The agreement includes joint initiatives in awareness, training, and mentoring, focusing on women and youth entrepreneurship. Progress will be monitored through semi-annual reports, allowing for adjustments as necessary.
Policy & regulationCooperationCapacity buildingFinancial inclusion
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2025-03-27•Greece•Bank of Greece
The Bank of Greece's February 2025 statistics show a slowdown in annual credit growth to 6.2%, down from 7.1% in January, while deposit growth accelerated to 4.9%, up from 4.3%. Credit to the general government saw a monthly net outflow of EUR 1,416 million, with an annual growth rate dropping to -0.3%, whereas private sector credit growth increased to 10.5%, driven by corporations. General government deposits rose by EUR 928 million, contrasting with a EUR 1,701 million decline in private sector deposits.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-03-27•Australia•Australian Securities & Investments Commission
Krishnakumar Sitaram Agrawal, a director of the Mansa Group, pleaded guilty to using false documents and abusing his director position for financial gain. Offences occurred between April 2017 and March 2023. The case, prosecuted by the Commonwealth Director of Public Prosecutions, is set for sentencing. ASIC previously imposed travel restraints on Agrawal and his wife.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-03-27•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) and the Bank of Italy have signed a memorandum to coordinate and exchange information on product intervention powers under MiFIR in Italy. The protocol details information-sharing, procedures, and timelines for opinions required by the Consolidated Law on Finance (TUF), designating each authority as the contact point for communications with the EBA and ESMA. The agreement highlights Consob's role in investor protection and the Bank of Italy's role in financial stability, affecting marketing, distribution, and sale of financial instruments.
Policy & regulationCooperationCross-border cooperation
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2025-03-27•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) released a peer review of National Competent Authorities' supervision of Simple, Transparent and Standardised (STS) securitisations, recommending enhanced supervisory practices and EU-wide convergence. The review evaluated authorities in France, Germany, Portugal, and the Netherlands, advising a combination of transaction-based and entity-based supervision tailored to market size. ESMA plans to continue its convergence efforts and conduct a follow-up assessment to monitor progress in STS supervision.
SupervisionPeer reviews and country evaluationsSecuritization
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2025-03-27•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) warned consumers about scams impersonating ASIC, falsely claiming to investigate bank account breaches and instructing fund transfers to scam accounts. ASIC emphasized it never requests fund transfers for security reasons and highlighted red flags like misspellings and incorrect contact details. Recipients should verify communications with ASIC, halt payments, contact their bank, and report scams to Scamwatch.
SupervisionAlertsFraud and scams
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2025-03-27•Tanzania•Ministry of Finance (Tanzania)
Tanzania's Ministry of Finance reported on a financial literacy outreach in Ukerewe District, emphasizing cooperation with financial service providers to enhance access to financial services. The initiative highlighted the importance of compliance with laws to protect the financial system and consumers. Educational materials on savings, borrowing, and investment were distributed, with a focus on resolving disputes related to lending practices.
Financial literacy & educationFinancial literacy and education
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2025-03-27•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission (FSC) reissued a warning about Qnet Ltd, owned by QI Group, due to increasing complaints despite a prior alert. The FSC emphasized that Qnet Ltd and related entities are not licensed or regulated by the FSC and advised caution against schemes promising high returns, using aggressive tactics, and lacking transparency. The public is urged to seek independent advice and verify entities via the FSC Register of Licensees.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-03-27•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE (CBUAE) introduced a new symbol for the UAE Dirham and detailed progress on the Digital Dirham, its central bank digital currency under the Financial Infrastructure Transformation Programme. The Digital Dirham will be legal tender alongside physical cash, with retail issuance expected in late 2025 through licensed financial institutions. The CBUAE also joined the FX Global Code, becoming the first central bank in the Arab region to join.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-03-27•Nigeria•Ministry of Finance (Nigeria)
Nigeria's Ministry of Finance has endorsed the Lagos International Financial Centre to boost global financial competitiveness. Minister Wale Edun emphasized its role in macroeconomic stability and investment mobilisation, supported by a USD domestic bond issuance. The project involves federal-state coordination, private sector leadership, and regulatory clarity, with contributions from EnterpriseNGR, Citi UK, and Lagos State officials.
Policy & regulationReform agendas & prioritiesMarket development
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2025-03-27•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has released draft Guidelines for Professional Conduct in General Meetings, emphasizing shareholder participation, corporate governance, and market integrity. The guidelines propose measures for effective meetings, including pre-meeting preparation, respectful discussion, transparent voting, and post-meeting collaboration for listed companies. Public comments are invited on the draft, available on the Commission's website.
Policy & regulationGuidance & interpretationCorporate governance
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2025-03-27•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) has launched a new phase of its LEAP digital transformation programme, transitioning corporate regulatory processes to the enhanced eZFile platform. This update replaces the previous eServices system and covers processes like foreign company registration, mortgage and charge management, and amendments to a company's principal line of business. Further enhancements are anticipated as the programme progresses.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-03-27•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan announced Chairman Akif Saeed's participation in the Invest Sri Lanka Capital Market Investment Forum 2025, where he discussed Pakistan's regulatory framework and recent reforms. Saeed highlighted a new regional cooperation agreement and a tripartite Memorandum of Understanding among the Pakistan, Colombo, and Dhaka Stock Exchanges to enhance collaboration and cross-border investment.
Policy & regulationCooperationMarket development
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2025-03-27•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority issued Note DDSM No. 03/2025 for stock market intermediaries on market-making mechanisms for listed securities and counterparty operations.
Policy & regulationGuidance & interpretationTrading
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2025-03-27•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority published a notice to shareholders of Moustachir Spa. It says the company’s Ordinary General Meeting and Extraordinary General Meeting will be held on April 17, 2025, at 8:30 a.m. at the Islamic Cultural Center of the Great Mosque of Algiers.
Other
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2025-03-27•Georgia•Insurance State Supervision Service of Georgia
The Insurance State Supervision Service of Georgia's head, Davit Onoprishvili, is attending a workshop in Vienna hosted by the Austrian Financial Market Supervisory Authority. The event focuses on Austrian supervisory approaches and international best practices in insurance-sector reforms, including inspection practices, supervisory reporting, market supervision standards, and legislative trends.
SupervisionCooperationCross-border cooperation
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2025-03-27•China•Central Bank of the Republic of China
The Central Bank of the Republic of China and the National Bank of Georgia signed a memorandum of understanding on bilateral cooperation. The meeting between Governor Pan Gongsheng and Governor Natia Turnava included discussions on economic conditions and broader financial cooperation between China and Georgia.
Policy & regulationCooperationCross-border cooperation
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2025-03-27•Italy•Bank of Italy
The Bank of Italy will host the third "Women in Central Banking" workshop on 6-7 November 2025, co-organised with the Federal Reserve Bank of Dallas and Norges Bank. The event promotes diversity and inclusion by providing a platform for female PhD and post-doctoral researchers to present their work and engage with senior researchers. Keynote speakers include Clara Raposo, Vice-Governor of Banco de Portugal, and Chiara Scotti, Deputy Director General of the Bank of Italy.
Policy & regulationImplementation, projects & pilotsDiversity and inclusion
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2025-03-27•Italy•Bank of Italy
The Bank of Italy will host the third "Women in Central Banking" workshop on 6–7 November 2025, co-organized with the Federal Reserve Bank of Dallas and Norges Bank. The event aims to enhance female representation in central banking by providing a platform for female PhD and post-doctoral students to present research and engage with senior economists. Keynote speakers include Clara Raposo, Vice-Governor of Banco de Portugal, and Chiara Scotti, Deputy Governor of the Bank of Italy.
OtherDiversity and inclusion
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2025-03-27•Norway•Department of Finance (Norway)
Norway's Department of Finance is consulting on a proposal from the Financial Supervisory Authority of Norway to permit revenue-sharing agreements between securities fund management companies and fund unit holders. The proposal aligns with practices in other European Economic Area countries, requiring agreements to be individually negotiated and adhere to good business practice and existing remuneration provisions.
Policy & regulationRules & requirements
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2025-03-27•Europe•European Banking Authority
The European Banking Authority (EBA) released a draft technical package for version 4.1 of its reporting framework, providing early specifications to aid implementation before the final release in May 2025. The package includes standard specifications, validation rules, Data Point Model (DPM), and XBRL taxonomies to support Pillar 3 templates, MiCAR reporting Guidelines, and instant payments reporting requirements. It also enhances the ESG ad-hoc data collection module and continues transitioning to DPM 2.0 and the new glossary.
Policy & regulationRules & requirementsRegulatory reporting
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2025-03-27•Lithuania•Bank of Lithuania
The Bank of Lithuania's February 2025 MFI statistics show increased household deposits and lending to households and non-financial corporations. Household deposits rose by EUR 282.5 million to EUR 25.4 billion, while loans to households increased by EUR 253.7 million, driven by house purchase and consumption loans. New business interest rates decreased for both loans and deposits, with household loan rates at 5.30% and deposit rates at 2.29%.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-03-27•Lithuania•Bank of Lithuania
The Bank of Lithuania released its 2024 user survey overview, highlighting high trust levels and positive user experiences with its data and statistics. Key findings include a preference for monetary and financial sector statistics and macroeconomic indicators, with 71% visiting to access the latest data. The survey, conducted biennially, aims to refine data offerings based on user feedback.
Data & statisticsActivity and performance reporting
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2025-03-27•Germany•BaFin
Germany's Federal Financial Supervisory Authority (BaFin) warns against "circumvention transactions" bypassing legal, regulatory, or contractual requirements, posing money laundering and terrorist financing risks. BaFin highlights red flags like complex structures, shell companies, and anomalous payment patterns, with increased findings of activities concealing Iran links. Firms must enhance due diligence, adapt risk management systems, and ensure compliance, facing potential supervisory consequences for breaches.
SupervisionRisk monitoring & watch pointsAML and CFT
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2025-03-27•Portugal•Bank of Portugal
The Bank of Portugal reported continued acceleration in mortgage lending and a slowdown in household deposit growth through February 2025. Total loans to individuals rose 5.2% year on year, with housing loans increasing by EUR 698 million to EUR 103.5 billion. Household deposits grew by EUR 250 million to EUR 192.8 billion, while corporate deposits rose by EUR 370 million to EUR 68.7 billion, marking the highest annual increase since January 2023.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-27•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia reported that credit institutions maintain solvency and liquidity above regulatory minimums, with credit growth recovering since mid-2024. While commercial, mortgage, and microcredit portfolios show positive growth, consumer lending lags, and delinquency rates are declining but remain above the five-year average. The report highlights global uncertainties and domestic fiscal vulnerabilities, emphasizing the need for an orderly transition to upcoming regulatory changes, including the Net Stable Funding Coefficient and interest rate risk standards.
SupervisionRisk monitoring & watch pointsPrudential risksLiquidity risk
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2025-03-27•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) has mandated the Centralised AML/CFT Prevention Body (OCP LA/FT) to electronically submit the Register of Operations to the Financial Intelligence Unit of Peru (UIF-Peru) starting October 2025. This register will include information on notarial acts nationwide, with the first submission covering September 2025 transactions.
SupervisionRegulatory reportingAML and CFT
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2025-03-27•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission announced that the Eastern Magistrates’ Court has adjourned the insider dealing case against Wong Pak Ming to 25 April 2025. Wong is charged with insider dealing in shares of Transmit Entertainment Limited while possessing inside information. Bail conditions include a cash bail of HKD 200,000 and notification requirements for residence changes and travel.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-03-27•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency proposed a draft law to create a legal framework for credit rating agencies, addressing the lack of specific legislation and high costs. It incorporates international standards and principles like objectivity, independence, and transparency, with compliance and governance requirements. This is part of Kazakhstan's financial sector development plan to 2030, aiming to improve credit risk assessment and expand financing options through capital markets.
Policy & regulationRules & requirementsCredit ratings
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2025-03-27•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan released a consumer explainer on KASKO voluntary motor insurance, highlighting its role in mitigating financial impacts from natural disasters. It differentiates KASKO from mandatory motor third-party liability insurance and advises policyholders to opt for extended cover to include flood-related risks. It also notes the availability of online policy arrangements and additional resources on Fingramota.kz.
Financial literacy & educationOther
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2025-03-27•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority announced that the Hong Kong Academy of Finance has admitted 23 senior executives to the Financial Leaders Programme 2025. Participants come from sectors including banking, insurance, investment banking, asset management, professional services, fintech, and financial regulatory bodies. The programme, launched in 2022, aims to foster dialogue with senior leaders across financial services and other sectors.
Financial literacy & educationLicence approval
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2025-03-27•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City's March Manufacturing Survey indicates a modest decline in Tenth District manufacturing activity, with future expectations cooling but still expansionary. The decline is linked to weaker nondurable manufacturing, flat production, and declining employment, with nearly half of firms experiencing tighter profit margins. The survey includes updated seasonal adjustment factors, affecting historical index values.
Data & statisticsEconomic data and developments
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2025-03-27•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland's 2025 Report on Employer Firms shows small business pandemic recovery has plateaued, with more firms reporting declining revenue than increasing revenue for the first time since 2021. Operational challenges have shifted, with reaching customers and growing sales now top concerns, while supply chain issues have decreased. Rising debt burdens impact credit demand and approval rates, with satisfaction declining across lender types.
Data & statisticsEconomic data and developments
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2025-03-27•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) launched its fifth training programme for external experts to serve as insurance dispute mediators, enhancing consumer dispute resolution effectiveness. The programme, held in Bangkok, streamlined training into a 12-hour course covering mediation criteria, procedures, and relevant laws. The top 50 candidates will be registered as OIC insurance dispute mediators.
Policy & regulationImplementation, projects & pilotsOther
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2025-03-27•Middle East•Union of Arab Securities Authorities
The Tunisian Capital Market Authority has appointed Hatem Smiri as Delegated Chairman, succeeding Salah Essayel.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-27•United States•Federal Reserve Bank of Boston
Federal Reserve Bank of Boston President Susan M. Collins visited Manchester, New Hampshire, to engage with manufacturers and small businesses on economic conditions. Discussions revealed that uncertainty around US trade and tariff policies is impacting business decisions, with some firms delaying projects and hiring. Collins also toured Velcro Companies and met with local retailers and startups.
OtherMarket development
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2025-03-27•Europe•European Central Bank
In a Mais Lecture, Isabel Schnabel of the ECB emphasized financial literacy's role in enhancing monetary policy transmission. She highlighted survey findings showing significant gaps in financial understanding among younger, female, and lower-income groups, affecting responses to interest rate changes and inflation expectations. Schnabel detailed ECB initiatives to improve public understanding and financial literacy, including simplified communication and joint actions with national central banks.
Financial literacy & educationFinancial literacy and education
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2025-03-27•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority's Q1/2025 macroprudential update notes robust global economic growth in 2024 but anticipates a 2025 slowdown due to trade and policy uncertainties. Inflation exceeds targets in the eurozone and US, while Liechtenstein's unemployment remains low despite a recent rise. Financial markets are sensitive to uncertainty, with US equities pressured, European markets buoyed by fiscal stimulus, and the US dollar weakening post-elections. The Liechtenstein financial centre remains stable, though profitability may be impacted by declining interest rates.
SupervisionRisk monitoring & watch pointsEconomic data and developmentsFinancial stability and systemic risk
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2025-03-27•South Africa•South African Reserve Bank
The South African Reserve Bank has released an updated spreadsheet detailing descriptions of all available Quarterly Bulletin time series, including metadata such as time series code, description, frequency, and unit of measure. The "KBP" sheet encompasses a broad range of monetary and balance sheet series, covering liabilities, assets, cash reserve utilisation, and liquidity operations, with data provided at "J" and "M" frequencies.
Data & statisticsMonetary data
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2025-03-27•South Africa•South African Reserve Bank
The South African Reserve Bank released the March 2025 Quarterly Bulletin, updating balance of payments and national accounts datasets through 2024. The bulletin includes annual and quarterly data on key economic indicators, such as the current account and financial accounts, with recent years marked as preliminary. It also updates gross value added and household consumption expenditure from 2017 to 2024.
Data & statisticsBalance of payments and other external statistics
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2025-03-27•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines has introduced new guidelines for banks on submitting the revised Banks’ Consolidated Complaints Report (BCCR) via XML format through the Prudential Reporting Innovation and Monitoring Engine (PRIME) portal. Live submissions using the revised BCCR will commence with the reporting period ending 31 March 2025, with penalties for violations enforced from 31 December 2025. A sandbox version for testing will be available in Q3 2025, and separate guidance will be issued for non-bank BSP-supervised institutions.
Policy & regulationRules & requirementsComplaints and dispute resolution
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2025-03-27•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) outlined its sustainable investing approach for closed pension funds at the IV High-Level Dialogues of the Inter-American Conference on Social Security. PREVIC is developing regulatory proposals aligned with ESG criteria, emphasizing closed pension funds' role as long-term capital providers for a green economy. Key challenges include the lack of a standardized ESG model and the need for regulatory refinement.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-03-27•Philippines•Central Bank of the Philippines
The Financial Stability Coordination Council, chaired by Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr., published its 2024 Financial Stability Report, affirming the resilience of the Philippine financial system amid global challenges. Stability is attributed to declining inflation, robust output growth, and strong capital and liquidity buffers in banks. The report outlines measures to address risks related to asset valuation, leverage, and non-bank financial institutions, including bond market deepening and enhanced reporting frameworks.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-03-27•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) attended the ALFI Global Asset Management Conference 2025 and met with the French Asset Management Association in Paris, focusing on Brazil's asset management market and regulatory developments. Key topics included CVM Resolution 175, Joint Resolution 13, and CVM Resolution 214, addressing overseas investment opportunities, foreign investment simplification, and FIAGRO rules. Discussions also covered investor protection, fee transparency, and the rising demand for EU investment products.
Policy & regulationCooperationMarket developmentSupervision process and methodologies
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2025-03-27•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore is consulting on a proposed framework to allow retail investors access to private market investment funds through a Long-term Investment Fund (LIF) regime. The framework includes two structures: a Direct Fund for direct investments and a long-term investment fund-of-funds (LIFF) for investing in other funds. MAS seeks input on regulatory safeguards and the scope of assets available to retail investors.
Policy & regulationRules & requirementsOther
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2025-03-27•Estonia•Central Bank of Estonia
The Central Bank of Estonia's Supervisory Board transferred EUR 18.5 million, one quarter of last year's EUR 74 million profit, to the state budget. Since 1992, EUR 192 million has been allocated to the state budget. The Board aims to increase capital reserves to align with euro area central banks, raising capital buffers from EUR 715 million to approximately EUR 2.9 billion by end-2024.
Institutional developmentGovernanceOther
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2025-03-27•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission plans to facilitate banking service entrustment to maintain consumer access amid declining branches. The initiative includes a bank agency framework allowing authorised third parties to provide customer-facing services, with screening and approval decisions remaining with banks. Additionally, the FSC aims to expand shared ATM operations and enhance convenience-store cash services, including mobile debit card use and increased transaction limits.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-03-27•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission issued Advisory No. RS-2025-009 urging the public to consider gender-specific insurance and health maintenance organization (HMO) products. The advisory emphasizes the development of products covering maternal care, critical illness, reproductive health, and gender-specific treatments, and highlights the need for sex-disaggregated data to tailor offerings to different needs.
Policy & regulationGuidance & interpretationDiversity and inclusion
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2025-03-27•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia has updated its Guidelines on Advertising for Capital Market Products and Related Services to address evolving practices, including social media and financial influencers. The revised framework treats independent finfluencers as advertisers and holds advertisers accountable for their agents' compliance. It also prohibits unauthorized advertising services in Malaysia.
Policy & regulationGuidance & interpretationSales and distribution
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2025-03-27•Samoa•Ministry of Finance (Samoa)
Samoa's Ministry of Finance, in collaboration with the World Bank, launched two grant-funded projects totaling USD 41 million to enhance digital connectivity and financial resilience. The initiatives include strengthening financial supervisory systems, expanding broadband infrastructure, and improving cybersecurity and digital government services.
Policy & regulationImplementation, projects & pilotsFintech and insurtechFinancial inclusion
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2025-03-27•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, in collaboration with Andersen and Sithisak law offices, conducted a workshop on project financing. The event was presided over by SERC Director General Sou Socheat and included participation from various law, securities, and audit firms.
Policy & regulationImplementation, projects & pilotsOther
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2025-03-27•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has amended the UK Global Human Rights Sanctions Regulations 2020 entry for Wasantha Karannagoda, maintaining an asset freeze. Businesses must comply by freezing relevant funds and assets, reporting to the States of Guernsey Policy & Resources Committee, and adhering to the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms are prohibited from providing funds or resources to designated persons unless permitted by derogation or licence, and must report affected relationships to the Commission per Handbook Rule 12.37.
Policy & regulationGuidance & interpretationSanctions list update
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2025-03-27•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Russia sanctions notice after the UK's amendment of designation details for 2RIVERS DMCC and 2RIVERS PTE LTD under the Russia (Sanctions) (EU Exit) Regulations 2019. Both entities remain subject to asset freeze, transport sanctions, and trust services sanctions. Businesses must freeze any funds or assets related to these entities and report findings to the States of Guernsey Policy & Resources Committee, ensuring compliance with statutory reporting requirements.
Policy & regulationGuidance & interpretationSanctions list update
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2025-03-27•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission reaffirmed that companies seeking an initial public offering must meet a 20% minimum public float requirement, with potential exemptive relief for a 15% float under strict conditions. This relief is contingent on bridging the gap to 20% within 24 months and applies to applications already accepted by the SEC and the Philippine Stock Exchange. As of March 25, 2025, no applications for relief had been received.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-03-27•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority and Financial Conduct Authority propose changes to the UK European Market Infrastructure Regulation bilateral margining regime. Key proposals include making the temporary exemption for single-stock equity options and index options indefinite and reducing operational burdens in Initial Margin compliance. Amendments aim to address fragmented international implementation and prevent activity migration to jurisdictions without equivalent margin rules.
Policy & regulationRules & requirementsPrudential risks
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2025-03-27•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency (Hanfa) is advancing the Strategic Framework for Capital Market Development 2025–2030, focusing on market liquidity and regulatory relief. Hanfa launched a public consultation on market practices and is preparing an industry consultation on revising laws for alternative investment funds and UCITS. The agency aims to enhance regional integration, digitalisation, corporate governance, and new investment products.
Policy & regulationReform agendas & prioritiesMarket development
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2025-03-27•Global•United Nations Environment Programme Finance Initiative
The UNEP FI released four reports in its "Banking on Sustainability: From Principles to Practice" series and new guidance via its Responsible Banking Blueprint. These resources aid banks in implementing the UN Principles for Responsible Banking and aligning with global frameworks like the UN Sustainable Development Goals and the Paris Agreement. The Blueprint outlines seven focus areas, including strategy, client engagement, and transparency, to guide banks in sustainability efforts.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-03-27•Thailand•Thailand Securities & Exchange Commission
Thailand’s SEC announced Cabinet approval of an emergency decree amending the Securities and Exchange Act, focusing on corporate governance and law enforcement. Amendments enhance short-selling supervision, oversight of capital market professionals, and securities reporting obligations. The decree expands SEC authority in case proceedings, allowing collaboration with police and special case officials.
Policy & regulationRules & requirementsCorporate governance
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2025-03-27•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission urged Cho Thavee Public Company Limited bondholders to review information and exercise their rights at the electronic bondholders’ meeting on 1 April 2025. The meeting will address waivers and amendments related to covenant breaches, interest arrears, and repayment terms. Bondholders should analyze the implications of approval or rejection and seek comprehensive information before voting.
SupervisionInterventionsCorporate governance
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2025-03-27•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has extended Samchai Steel Industries Public Company Limited's deadline to submit a special audit report on below-cost goods sales to 26 April 2025. The company must disclose the report via the Stock Exchange of Thailand’s SETLink. The SEC urged the board to expedite auditor selection due to potential impacts on securities holders and investor decisions.
SupervisionAuthorisations & approvalsAuditing
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2025-03-27•Canada•Financial Transactions and Reports Analysis Centre of Canada
The Royal Canadian Mounted Police dismantled an illicit cannabis network in Ontario, seizing 17,000 plants and charging six individuals. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) supported the investigation, which uncovered money laundering through the Canadian banking system. The network allegedly exported cannabis to the U.S. and Hong Kong and used identity fraud for Health Canada authorizations.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-03-27•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced the Senate's passage of Chairman Tim Scott’s resolution to overturn the Consumer Financial Protection Bureau's rule on overdraft service price controls. Scott argued that fee caps would limit consumer choice and increase unbanked populations, citing a Federal Reserve Bank of New York study on potential negative impacts on financial inclusion.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-03-27•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a nominations hearing where Chairman Tim Scott urged confirming four of President Trump's nominees, including Paul Atkins for the SEC and Jonathan Gould for Comptroller of the Currency. Scott emphasized rolling back Biden-era policies, enhancing capital formation, and providing clarity for digital assets, while urging Gould to end "debanking" and focus the OCC on safety and fair access. He also highlighted his Empowering Main Street in America Act to improve capital access and investment opportunities.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-27•Sweden•Finansinspektionen
Sweden's Financial Supervisory Authority has initiated a consultation on guidelines to enhance consumer protection in the mortgage market. Key proposals include requiring lenders to notify customers in writing at least one month before a mortgage interest rate discount expires and providing guidance on calculating interest rate differential compensation for early mortgage repayment. The guidelines are expected to take effect on 1 July 2025.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-03-27•Vietnam•State Bank of Vietnam
The State Bank of Vietnam held a conference in Son La to boost bank credit for economic growth in Region 3 and announced the launch of the SBV Region 3 branch. Deputy Governor Pham Thanh Ha emphasized credit growth measures for 2025, focusing on maintaining credit quality, reducing non-performing loans, and lowering lending rates. The SBV completed the establishment of 15 regional branches, including Region 3, with Trinh Cong Van appointed as Acting Director.
Policy & regulationGuidance & interpretationOther
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2025-03-27•Vietnam•State Bank of Vietnam
State Bank of Vietnam Deputy Governor Pham Tien Dung highlighted the Vietnam Banks Association's role in policy input and supporting SBV measures for safer online and card payments at its annual conference. In 2024, the association made over 30 submissions to authorities and provided feedback on 90 draft legal instruments. For 2025, it plans to continue policy consultations and develop industry conventions, focusing on implementing Decision 2345/QD-NHNN on payment safety and security.
Policy & regulationGuidance & interpretationOther
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2025-03-27•Vietnam•State Bank of Vietnam
The State Bank of Vietnam is reviewing legal changes and banking policies to support international financial centres in Ho Chi Minh City and Da Nang. Deputy Governor Pham Tien Dung engaged with UK, Luxembourg, and German counterparts to explore financial centre models. Discussions emphasized best practices and strategic development, drawing insights from regulators like the Bank of England and institutions such as HSBC.
Policy & regulationCooperationOther
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2025-03-27•Vietnam•State Bank of Vietnam
The State Bank of Vietnam outlined priorities for the Vietnam Bank for Social Policies, focusing on reorganization, diversifying funding, digital transformation, and reducing lending procedures by 30%. The bank reported total social policy credit resources of over VND 416 trillion, with a significant decline in overdue debt ratios. The Deputy Prime Minister tasked agencies with developing policies for youth home loans and social housing finance.
Policy & regulationReform agendas & prioritiesOther
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2025-03-27•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority mandates insurers to register policy and claims data on its electronic platform, transitioning to a real-time supervisory dataset. Insurers must backfill historical data and include national ID and tax numbers, with temporary allowances for missing identifiers. This follows a prior requirement for insurers to establish the necessary technological infrastructure for database integration.
Policy & regulationRules & requirementsRegulatory reporting
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2025-03-27•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority hosted an awards ceremony for the "Ramadana Awareness" competition, emphasizing financial literacy and awareness of non-banking financial services. Vice Chairman Islam Azzam highlighted the importance of financial awareness in decision-making, while Assistant Chairman Mohamed Abdel Aziz supported initiatives expanding knowledge of non-banking financial activities. The Authority recognized the Egyptian Federation for Financing Medium, Small and Micro Enterprises with a plaque and awarded prizes to 20 winners.
Financial literacy & educationFinancial literacy and education
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2025-03-27•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority’s Incorporation and Licensing Committee approved four banks, including Abu Dhabi Commercial Bank and Emirates NBD, to regularise their status for trading in government securities and financial instruments in the secondary market. This follows FRA Board Decision 232 of 2024 and FRA Chairman Decision 394 of 2025, which extended the regularisation deadline. The register includes primary and non-primary dealer banks, as well as FRA licensed firms involved in bond dealing and securities management.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-27•Norway•Norwegian Finanstilsynet
Norway’s Ministry of Finance is consulting on a proposal by the Norwegian Financial Supervisory Authority to amend laws allowing income-sharing agreements between securities fund management companies and fund unitholders. The proposal aims to enhance competitiveness and cost-effectiveness, aligning Norway with practices in other European Economic Area countries.
Policy & regulationRules & requirements
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2025-03-27•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway (Finanstilsynet) published an inspection report on Alektum AS, highlighting governance issues, improper labelling of client accounts, and excessive writing fees. Unauthorized powers of attorney were granted to employees of Alektum's Swedish parent company, and client money accounts were incorrectly labelled, but these have been corrected. Finanstilsynet expects Alektum to complete corrective actions, including refunds for overcharged fees and compliance with Norwegian regulations on foreign claims.
SupervisionReviews, inspections & stress testsClient asset custody and safekeeping
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2025-03-27•Russia•Central Bank of Russia
The Central Bank of Russia reported a decline in maximum interest rates on Russian ruble household deposits at the 10 largest credit institutions for March 2025. The average maximum rate decreased from 20.74% in the first 10 days to 20.38% in the second 10 days. Rates by maturity were also provided, excluding those with specific conditions or tiered structures.
Data & statisticsFinancial and market indicators
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2025-03-27•Russia•Central Bank of Russia
The Central Bank of Russia's Wave 6 All-Russian Survey of Consumer Finance indicates 65% of households experienced real income growth from 2022 to 2024, with increased confidence in financial stability. The survey also noted higher expenses, more households with savings, and a rise in average debt, particularly among those with large loans. Mortgages were predominantly taken by households with significant income improvements in 2024.
Data & statisticsConsumer and investor protection
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2025-03-27•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission authorized ELIKONOS CAPITAL AEDOEE to market the alternative investment fund ELIKONOS 3 SCA SICAV RAIF in Greece. Additionally, it imposed a EUR 35,000 fine on ATHENS EXCHANGE CLEARING HOUSE SA for breaches of EU derivatives clearing rules under Regulation (EU) No 648/2012 (EMIR).
EnforcementSanctions & designationsSecurities offerings and listings
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2025-03-27•Canada•British Columbia Securities Commission
The British Columbia Securities Commission (BCSC) alleges Ontario-based securities lawyer Shimshon Refoel (Shimmy) Posen orchestrated a wash trade to artificially lower a B.C.-based company's share price on the Canadian Securities Exchange. The BCSC claims Posen's actions breached the Securities Act by creating a misleading appearance of trading activity and an artificial share price. These allegations remain unproven, and Posen can respond before a hearing is scheduled.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-03-27•Liechtenstein•Finance Liechtenstein
Finance Liechtenstein released the IMF's final report from its first Article IV consultation, positively assessing Liechtenstein's economy and financial sector. The report highlights stable public finances, strong financial system resilience, and effective supervision, while noting areas for improvement in macroeconomic statistics. The IMF forecasts moderate recovery and low inflation but warns of risks from geopolitical uncertainty and weaker global growth.
Policy & regulationPeer reviews and country evaluationsEconomic data and developmentsFinancial stability and systemic risk
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2025-03-27•Global•Financial Stability Board
The Financial Stability Board (FSB) has established a Forum on Cross-Border Payments Data to enhance cooperation on data-related issues, following its December 2024 recommendations. The forum will address frictions from differing national laws and practices, involving experts in payments, anti-money laundering, sanctions, and data privacy. It will collaborate with international bodies like the Financial Action Task Force (FATF) and the Organisation for Economic Cooperation and Development (OECD) and include a private-sector advisory body.
Policy & regulationCooperationCross-border paymentsAML and CFT
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2025-03-27•Thailand•Ministry of Finance (Thailand)
Thailand's Ministry of Finance announced Cabinet approval of a draft emergency decree to amend the Securities and Exchange Act, aiming to enhance corporate governance and legal enforcement in the capital market. Key measures include stricter short selling supervision, expanded bondholder rights, and enhanced SEC investigative powers. The decree introduces criminal penalties for breaches and strengthens the framework for capital market professionals and overseas providers.
Policy & regulationRules & requirementsSecurities offerings and listingsCorporate governance
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2025-03-27•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority (BCFSA) has permanently cancelled the mortgage broker registration of Gregory Martel and his business, Shop Your Own Mortgage, due to findings of unsuitability. This decision follows Martel's bankruptcy and contempt of court findings by the British Columbia Supreme Court. The investigation, initiated in early 2023, also involves a criminal probe by the Victoria Police Department and potential securities issues referred to the BC Securities Commission.
SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
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2025-03-27•Argentina•Ministry of Finance (Argentina)
Argentina's Ministry of Finance announced a USD 20 billion agreement with the IMF, pending Executive Board approval, to bolster the Central Bank's reserves. Economy Minister Luis Caputo stated the funds will recapitalize assets without increasing gross debt. Negotiations with the World Bank, Inter-American Development Bank, and CAF are also underway for additional support.
Policy & regulationImplementation, projects & pilotsOther
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2025-03-27•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission (SEC) voted to cease defending its rules on climate-related risk and greenhouse gas emissions disclosure, notifying the court of its withdrawal from litigation. Acting Chairman Mark T. Uyeda described the rules as costly and intrusive. The rules, adopted in March 2024, faced challenges in the U.S. Court of Appeals for the Eighth Circuit, leading the SEC to stay their effectiveness pending litigation.
EnforcementInvestigations & enforcement actionsClimate risk and sustainable finance
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2025-03-27•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission (SEC) will withdraw from defending its Climate-Related Disclosures Rule in court, while keeping the rule in place. Commissioner Caroline A. Crenshaw criticized this, arguing it bypasses the formal rulemaking process required by the Administrative Procedure Act. She urged the SEC to defend the rule or seek a litigation stay to develop a defensible approach, suggesting court-appointed counsel if the SEC does not participate.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-03-27•United States•U.S. Securities & Exchange Commission
At the U.S. Securities & Exchange Commission's roundtable on artificial intelligence in the financial industry, Acting Chairman Mark T. Uyeda advocated for a technology-neutral regulatory approach to AI adoption, addressing emerging regulatory gaps. Uyeda highlighted AI's expanding use in trading, investing, and risk management, emphasizing the need for data-driven regulation that avoids overly prescriptive rules and encourages innovation.
Policy & regulationGuidance & interpretationArtificial intelligence
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2025-03-27•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency released remarks by Acting Comptroller Rodney E. Hood at the National Community Reinvestment Coalition’s Just Economy Conference 2025, emphasizing financial inclusion. Hood advocated for innovative financial technology to enhance access to services in disadvantaged communities and highlighted homeownership's role in wealth building, referencing the OCC’s Project REACh.
Policy & regulationReform agendas & prioritiesFinancial inclusionFintech and insurtech
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2025-03-27•Moldova•National Bank of Moldova
The National Bank of Moldova met with the European Banking Authority in Paris to align Moldova’s banking standards with the EU and explore an EBA assessment of regulatory equivalence. Talks also covered Moldova’s integration into the Single Euro Payments Area, SME access to finance, and monetary policy to curb inflation. The meeting was part of broader discussions on Moldova’s EU accession efforts and banking sector reforms.
Policy & regulationCooperationCross-border cooperation
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2025-03-27•Moldova•National Bank of Moldova
The National Bank of Moldova released an overview of its legal and procedural framework for transparency in rulemaking and decision-making, referencing key national laws and internal regulations. In 2024, the bank adopted 25 decisions, consulted publicly on 32 drafts, held seven consultative meetings, and received 1,553 recommendations, with no challenges or sanctions for non-compliance with transparency rules.
Policy & regulationGuidance & interpretationOther
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2025-03-27•Global•Financial Action Task Force
The Financial Action Task Force (FATF) updated on its Private Sector Collaborative Forum in Mumbai, emphasizing public-private partnerships in combating financial crime. Discussions included payment transparency, data protection, and financial inclusion, with inputs to inform FATF's ongoing work on these issues. The forum also addressed the reconciliation of data privacy with AML/CFT rules and the role of digital tools in financial inclusion.
Policy & regulationCooperation
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2025-03-27•Denmark•National Bank of Denmark
The National Bank of Denmark's analysis shows a decline in ordinary instalments per DKK 1 million of mortgage debt across all 98 municipalities since 2020, with disparities due to varying use of interest-only loans. The gap is exemplified by Gentofte and Lolland, where instalments rose from DKK 26,704 in 2020 to DKK 32,511 in 2024. Interest-only mortgage prevalence varies significantly, with Gentofte at 77.4% and Tønder at 16.8% in 2024, highlighting regional differences.
ResearchLending
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2025-03-27•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported February 2025 financial results for the insurance industry, with combined pre-tax profit of TWD 60.5 billion and owners’ equity of TWD 2,795.8 billion. Life insurers saw a 3.0% increase in pre-tax profit to TWD 54.5 billion, while non-life insurers recorded a 3.4% rise to TWD 6.0 billion. The Taiwan dollar depreciated 0.12% against the US dollar, affecting foreign exchange valuation reserves and overseas investment gains.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-27•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) advised the European Commission to implement a consistent 100% capital requirement for all crypto asset holdings by EU (re)insurers under the Solvency II standard formula. This recommendation addresses the lack of specific Solvency II provisions on crypto assets and aims to mitigate risks associated with their volatility. EIOPA suggests revisiting this approach if crypto adoption significantly increases.
Policy & regulationGuidance & interpretationCapital adequacy