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2025-03-17•India•Reserve Bank of India
The Reserve Bank of India has directed Category-I Authorised Dealer banks to settle bilateral trade transactions with the Maldives in Indian Rupees (INR) and Maldivian Rufiyaa (MVR), alongside the Asian Clearing Union mechanism. This follows a November 2024 agreement with the Maldives Monetary Authority to enhance local currency use in bilateral trade. The instructions are effective immediately.
Policy & regulationRules & requirementsCross-border payments
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2025-03-17•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission issued guidelines for copayment clauses in health insurance renewals, detailing conditions and maximum rates. Copayment applies in the next policy year if claim-pattern thresholds are met, with rates capped at 30% or 50% under certain conditions. The OIC will oversee premium calculations and ensure fair copayment terms, emphasizing accurate public communication and guidance for agents and brokers.
Policy & regulationGuidance & interpretationOther
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2025-03-17•Europe•European Central Bank
The European Central Bank's Economic Bulletin reviews the euro area house price cycle, noting a shallow post-2022 downturn with prices rebounding to prior peaks by Q3 2024. The downturn was less severe than past crises, influenced by core countries like Germany, and driven by supply shocks and monetary policy tightening. Resilient income growth, sounder financial conditions, and housing supply constraints mitigated the decline and supported recovery.
Research
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2025-03-17•Europe•European Central Bank
The European Central Bank released a Working Paper by Stéphane Dupraz and Anna Rogantini Picco, examining fiscal conditions necessary for monetary policy to maintain price stability when households are non-Ricardian. The paper suggests a key requirement is an upper limit on the real debt to GDP ratio, with monetary policy needing to respond to public debt levels rather than inflation alone. It highlights that high public debt can increase aggregate demand, complicating stable prices through interest rate hikes alone.
Research
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2025-03-17•San Marino•Central Bank of San Marino
The Central Bank of the Republic of San Marino has signed a Memorandum of Understanding with the Institute for Innovation to enhance collaboration and information-sharing for supervising cryptoasset operators. This agreement supports the control framework established by Delegated Decree No. 138 and CBSM regulation No. 2024-03 on distributed ledger technologies.
SupervisionCooperationCross-border cooperation
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2025-03-17•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan and the Ministry of Finance of Tajikistan signed a memorandum of understanding with the Central Bank of the Russian Federation and the Ministry of Finance of Russia to enhance financial literacy. The agreement aims to develop educational programs, improve public awareness of financial services, and strengthen trust in the financial system, focusing on adapting advanced practices to local conditions.
Financial literacy & educationOther
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2025-03-17•Spain•Bank of Spain
The Bank of Spain reported that Spanish general government debt under the Excessive Deficit Procedure reached EUR 1,630bn in January 2025, marking a 2.8% increase year-on-year. State debt rose to EUR 1,482bn (+4%), while social security debt increased to EUR 126bn (+8.6%) due to state loans. Regional and local government debts were EUR 335bn (+3.4%) and EUR 22bn (−4%), respectively, with intra-general-government holdings at EUR 373bn (+8.4%).
Data & statisticsBalance of payments and other external statistics
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2025-03-17•Spain•Bank of Spain
Bank of Spain Governor Escriva highlighted "very significant" risks to the baseline economic scenario in a Bloomberg TV interview. He also noted that Spain's appeal to digital nomads is positively impacting the economy.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
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2025-03-17•Global•Sustainable Banking and Finance Network
The Sustainable Banking and Finance Network released an advisory on a Geneva roundtable hosted by the UN Development Programme to advance the Roadmap for Advancing Interoperability and Comparability of Sustainable Finance Taxonomies. Launched at COP29, the roadmap aims to align global taxonomy initiatives and strengthen linkages between ongoing work and its pillars. The roundtable included international partners and discussed connections to global policy forums like the G20 Sustainable Finance Working Group and COP30.
Policy & regulationCooperationGreen taxonomy
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2025-03-17•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) outlined changes under CNPC Resolution 62/2024, effective 24 March, affecting the Administrative Management Plan and budgeting in Brazil’s closed supplementary pension system. Closed pension entities (EFPC) can create a shared administrative fund for promotion and innovation, subject to prudential parameters and investment limits based on entity size and complexity. EFPCs must conduct a feasibility study for these investments, requiring approval from the deliberative and fiscal councils, and have one year to update regulations.
Policy & regulationRules & requirementsOther
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2025-03-17•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 2.9% year-on-year increase in personal remittances from Overseas Filipinos, totaling USD 3.24bn in January 2025. Cash remittances through banks rose by 2.9% to USD 2.92bn, with significant contributions from Saudi Arabia, the United States, Singapore, and the UAE. The United States accounted for the largest share of cash remittances, though the central bank noted limitations in country-source data due to routing through correspondent banks.
Data & statisticsBalance of payments and other external statistics
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2025-03-17•United States•New York State Department of Financial Services
The New York State Department of Financial Services (DFS) launched DFS Connect, a digital platform to centralize interactions with regulated entities and consumers, initially focusing on complaints about prescription drug costs. This is part of a broader transformation, including a Data Governance Office and key officer appointments, with plans to handle all regulatory functions by 2027. DFS has also cleared over 30,000 backlogged filings since implementing a new tracking system in 2023.
Institutional developmentTechnology & data transformationOperational excellenceHiring and recruitment
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2025-03-17•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a VND 1,000,000 fee for the re-issuance of a securities practising certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payments can be made via bank transfer to designated accounts or directly at the Commission. Failure to complete the re-issuance procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-03-17•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has issued a notice requiring individuals on a specified list to pay a VND 1,000,000 fee for the re-issuance of a securities practice certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer or in person, with specific reference details. Failure to complete the procedure within one year of the fee-payment notice will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-03-17•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a VND 1,000,000 fee for the re-issuance of a securities practising certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the process within one year will result in certificate cancellation.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-03-17•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has warned about entities falsely claiming to be licensed by the regulator and instructing investors to deposit funds. Investors should verify an organisation's status through multiple channels and report suspected fraud to the police for enforcement.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-03-17•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) released its first execution report on the 2023–2024 Sustainable Finance Action Plan, noting 82.35% of initiatives were completed and 17.65% partially delivered. Key achievements include Resolution CVM 193 for voluntary sustainability disclosures and receiving the United Nations ISAR Honours 2024 award. The report outlines ongoing efforts for 2025–2026, aligning with the CVM's regulatory agenda on sustainable and blended finance.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-03-17•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) will hold a public judgment session on 18 March to decide on three administrative sanctioning proceedings. The cases involve allegations related to shareholder information disclosure, audit compliance, and financial reporting obligations. Proceedings include actions against Sergio Mattos, PricewaterhouseCoopers Auditores Independentes Ltda., and Intra DTVM Ltda.
EnforcementInvestigations & enforcement actionsAuditing
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2025-03-17•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority has issued a consultation paper proposing a class exemption from certain reporting, audit, and assurance obligations for registered managed investment schemes in wind-up, aiming to reduce unnecessary compliance costs while maintaining investor information and governance standards. Submissions are due by 5pm on 12 May 2025.
Policy & regulationRules & requirementsRegulatory burden
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2025-03-17•Estonia•Central Bank of Estonia
The Central Bank of Estonia released its monthly flash estimate of the balance of payments, providing preliminary data for two months prior. This estimate, based on limited data sources, will be revised upon the release of the quarterly balance of payments on 11 June 2025. The flash estimate includes administrative sources and international payment reports but is partly subjective.
Data & statisticsBalance of payments and other external statistics
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2025-03-17•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore is engaging with Chocolate Finance, operated by Chocfin Pte Ltd, to ensure orderly processing of withdrawal requests made from 10 March onwards. Chocolate Finance has issued a press statement updating customers on the status of these withdrawals.
SupervisionInterventionsLiquidity risk
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2025-03-17•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan joined a Geneva roundtable to discuss the Roadmap for developing interoperability and comparability of sustainable finance taxonomies, a COP29 initiative with international organizations. The Roadmap aims to coordinate taxonomy efforts globally and align activities across the sustainable finance ecosystem. Discussions also emphasized linking this work with global policy forums like the G20 Sustainable Finance Working Group and upcoming COP conferences.
Policy & regulationCooperationGreen taxonomy
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2025-03-17•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said it received Central Banking’s Payments and Market Infrastructure Development 2025 award for modernizing the country’s payments infrastructure, led by the SPI instant payments system. Since its May 2022 launch, SPI has enabled free 24/7 real-time transfers and processed more than 178 million transactions in 2024, up 135%, with more than 95% of SIPAP transactions now flowing through it. The bank is also advancing QR interoperability, account aliases, broader SPI access and a draft National Payments System law.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-03-17•Albania•Albania Financial Services Authority
The Albania Financial Services Authority's Board meeting on 26 March 2025 will cover approvals of the 2024 annual report, audited financial statements, insurance and market-supervision decisions, and updates on private pension funds and collective investment undertakings. Draft decisions include technical provisions for insurers, risk premiums for compulsory motor insurance, and corporate actions for supervised entities, such as amendments to Albsig’s statute and governance appointments at GrECo Albania Insurance & Reinsurance Broker, Star broker, and the Albanian Securities Exchange.
SupervisionAuthorisations & approvalsAuditing
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2025-03-17•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, under Director General Sou Socheat, engaged with delegations from Chongqing’s Shapingba District, Alpha Group Co., Ltd, and Royal Future International (Cambodia) Co., Ltd to discuss developing Cambodia’s futures market. A memorandum of understanding was signed to facilitate cooperation among the parties.
Policy & regulationCooperationMarket development
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2025-03-17•Zambia•Bank of Zambia
The Bank of Zambia launched the 2025 Financial Literacy Week, emphasizing consumer protection against financial scams and promoting licensed financial services. The initiative includes financial education efforts and a review of the National Strategy on Financial Education for its next phase. Additionally, a new family of Zambian currency will be introduced, with exchange arrangements detailed by the Minister of Finance and National Planning.
Financial literacy & educationFinancial literacy and education
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2025-03-17•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario imposed administrative penalties totaling CAD 145,000 on Yujun (Janet) Shi, a former licensed mortgage agent. The penalties relate to contraventions under the Mortgage Brokerages, Lenders and Administrators Act, 2006, including unauthorized dealings and facilitating dishonest or illegal conduct.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-03-17•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency announced activities for Global and European Money Week, focusing on financial literacy through public events and school-based training. Hanfa's 2024 survey revealed gaps in budgeting and investment understanding among primary pupils and discrepancies between self-assessed and actual financial knowledge among secondary pupils. The agency plans to continue teacher training to address these gaps.
Financial literacy & educationFinancial literacy and education
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2025-03-17•Poland•Central Bank of Poland
The Central Bank of Poland reported a PLN 0.7bn current account deficit for January 2025, reversing a PLN 6.9bn surplus from the previous year. Goods exports fell 3.3% to PLN 115.8bn, while imports rose 7.0% to PLN 122.2bn, driven by consumer goods and agricultural products. Services exports increased 7.3% to PLN 39.3bn, with a primary income deficit improvement due to higher reserve asset income.
Data & statisticsBalance of payments and other external statistics
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2025-03-17•Poland•Central Bank of Poland
Narodowy Bank Polski released February 2025 core inflation indices, with headline Consumer Price Index inflation at 4.9% year on year and inflation excluding food and energy at 3.6%, down from 3.7% the previous month. Other core measures showed slight increases, with inflation excluding administered prices at 3.5% and the 15% trimmed mean at 4.6%. The central bank emphasized the indices' role in isolating inflation sources, highlighting the significance of the food-and-energy-excluded measure in inflation targeting.
Data & statisticsEconomic data and developments
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2025-03-17•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo celebrated International Money Week 2025 with activities to enhance financial literacy, especially among youth. The initiative awarded prizes for financial education-themed videos and artwork, emphasizing consumer protection and informed decision-making. Governor Ahmet Ismaili highlighted the bank's commitment to transparency and financial security amid digital transformation.
Financial literacy & educationFinancial literacy and education
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2025-03-17•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission plans to expedite legal amendments for better stock market oversight. The government supports authorizing the SEC as an inquiry official, focusing on significant cases like STARK. The SEC has resolved 15 cases involving 40 alleged offenders this year and is collaborating with the Stock Exchange of Thailand on fair trading measures and improved executive reporting.
Policy & regulationRules & requirements
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2025-03-17•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission will exempt securities and asset management companies from needing a digital asset fund manager license for managing digital asset investments within mutual and private funds, effective 16 March 2025. This aims to enhance flexibility and diversification in fund portfolios, allowing access to investment tokens in primary and secondary markets. Firms must still comply with securities regulations, and the amendments were widely supported in a public hearing.
Policy & regulationRules & requirementsFintech and insurtechTokenization
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2025-03-17•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a statement from Chairman Tim Scott on President Trump's nomination of Federal Reserve Governor Michelle Bowman as Vice Chair for Supervision. Scott praised Bowman for opposing burdensome regulation and expects her to enhance transparency and accountability at the Federal Reserve Board. He criticized outgoing Vice Chair Michael Barr and urged swift action to fill the role, highlighting concerns over previous leadership gaps.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-17•Europe•European Payments Council
The European Payments Council has updated its "Guidelines on cryptographic algorithms usage and key management" for the European payment industry. The revision includes updates on authenticated and homomorphic encryption, and advises reassessment of cryptographic strategies in light of potential quantum computing impacts. The guidelines will be reviewed annually to incorporate developments in cryptology.
Policy & regulationGuidance & interpretationCyber resilienceQuantum computing
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2025-03-17•United Kingdom•HM Treasury
HM Treasury's Action Plan aims to cut regulatory administrative costs by 25% and simplify the UK regulatory framework, including reducing regulators and core legal duties. Key measures involve consolidating the Payment Systems Regulator into the Financial Conduct Authority, reviewing the Financial Ombudsman Service's role, and simplifying mortgage lending rules. The plan includes twice-yearly performance reviews of major regulators and targets for decision-making speed, with further proposals expected in the summer.
Policy & regulationReform agendas & prioritiesRegulatory burden
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2025-03-17•Finland•Finanssivalvonta
The Finnish Financial Supervisory Authority's Annual Report 2024 highlights elevated risks in Finland’s financial sector due to weak economic conditions and geopolitical tensions, while noting strong solvency among entities. Cybersecurity and fraud prevention are prioritized, following a large-scale denial-of-service attack and Baltic Sea cable failures. The report calls for enhanced bank responsibility in fraud prevention and outlines expanded national cyber resilience testing for 2025.
SupervisionRisk monitoring & watch pointsCyber resilienceFraud and scams
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2025-03-17•Albania•Bank of Albania
Governor Gent Sejko of the Bank of Albania launched Global Money Week 2025, emphasizing youth financial education and critical assessment of financial information amid technological advancements. He highlighted Albania's evolving payment systems, including AIPS and AECH, noting significant savings from regulatory policies. An instant payments project is underway with the Bank of Italy and Western Balkans central banks to facilitate mobile payments and innovative financial services.
Financial literacy & educationFinancial literacy and education
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2025-03-17•Chile•Chile Financial Market Commission
Chile’s Financial Market Commission (CMF) has initiated an administrative sanctioning procedure against Rodrigo Topelberg Kleinkopf for allegedly providing false information about STF Capital Corredores de Bolsa SpA. The CMF cites serious and repeated false disclosures under the Securities Market Law and CMF Act. The CMF Board has made the procedure public to maintain trust, though details remain confidential.
EnforcementInvestigations & enforcement actions
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2025-03-17•United States•Federal Reserve Board
Federal Reserve Board Governor Michelle W. Bowman responded to President Trump's nomination of her as Vice Chair for Supervision, detailing her supervisory and regulatory approach. She emphasized a pragmatic strategy aimed at a safe banking system, advocating for a transparent and tailored regulatory framework to foster innovation. Bowman plans to leverage her experience and collaborate with other agencies and Federal Reserve Board colleagues.
Policy & regulationGuidance & interpretationLeadership change and appointments
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2025-03-17•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets (CNPF) issued Board decisions on capital markets authorisations, corporate governance, and consumer protection. Key actions include CRISMAX's share restructuring and capital increase, rejection of a demerger proposal, and a thematic review of a non-bank lender. Amendments to the Corporate Governance Code align with European Commission recommendations, and remedial measures were mandated for breaches in a credit contract with insurance.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-17•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission approved FAIS HOLDINGS SOCIÉTÉ ANONYME’s prospectus for its initial public offering and listing on the Athens Stock Exchange, involving up to 11,375,625 shares. Additionally, MASDAR HELLAS SINGLE-MEMBER SA received clearance to exercise squeeze-out rights in TERNA ENERGY INDUSTRIAL COMMERCIAL TECHNICAL SOCIETE ANONYME under Article 27 of Law 3461/2006.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-17•Canada•British Columbia Securities Commission
The British Columbia Securities Commission announced that Addy Technology Corp paid CAD 100,000 for trading securities without registration. Addy facilitated investments in real estate through shares or limited partnership units, trading approximately CAD 26 million between 2018 and 2025. The company, which has no prior regulatory misconduct, is now seeking dealer registration.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-03-17•Canada•Bank of Canada
The Bank of Canada awarded Reka Juhasz, an Assistant Professor at the University of British Columbia, the 2025 Governor’s Award under its Fellowship Program. Juhasz’s research examines industrial policy's impact on economic growth, costs, and inflation, with implications for monetary policy.
Other
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2025-03-17•United States•U.S. Securities & Exchange Commission
U.S. SEC Acting Chairman Mark T. Uyeda proposed revising the SEC's rulemaking approach, emphasizing extended public engagement and reconsideration of rules with weak evidence. Uyeda advocated for a 60-day comment period for significant rulemakings and suggested re-opening comment files or re-proposing rules when substantial changes are needed. He also highlighted the need for clearer problem definitions, stronger economic analysis, and updates to "small entity" definitions, while addressing issues related to safeguarding advisory client assets and compliance with disclosure requirements.
Policy & regulationReform agendas & prioritiesRegulatory burden
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2025-03-17•United States•U.S. Securities & Exchange Commission
The U.S. SEC charged New Jersey adviser David Yow Shang Chiueh and Upright Financial Corp. with violating federal securities laws, including the Investment Advisers Act and the Investment Company Act. Allegations include breaching fund concentration limits, misleading investors, and governance violations, causing about USD 1.6 million in losses. The SEC seeks permanent injunctive relief, disgorgement, and civil penalties.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-03-17•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) held an internal session on international placements of negotiable obligations, led by CNV President Roberto E. Silva and US capital markets lawyer Antonia Stolper. The session addressed US regulatory requirements, private-sector roles, and differences from Argentina, focusing on mixed-law clauses, offering rules, issuance authorization, and the role of the US Securities and Exchange Commission. Over 40 CNV professionals attended, discussing the international placement process and trust indenture arrangements.
Institutional developmentCooperation & capacity buildingSecurities offerings and listings
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2025-03-17•Malta•Malta Financial Services Authority
The Malta Financial Services Authority (MFSA) released a review on local banks' adaptation to technological change, noting over 60% client enrollment in mobile or internet banking and a decline in branch footfall for cash services. The MFSA recommended customer education, digital literacy initiatives, and enhanced cybersecurity, while highlighting increased ATM investments and chatbot improvements. Most banks are considering online client onboarding by 2025 to further reduce branch visits.
SupervisionReviews, inspections & stress testsFintech and insurtechMarket development
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2025-03-17•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) conditionally approved SmartBiz Loans' application to change CenTrust Bank, N.A.'s business model following its acquisition and renaming to SmartBiz Bank, N.A. The revised model aims to support nationwide small business lending. Acting Comptroller Rodney E. Hood emphasized the decision as acknowledging the role of "safe, sound and fair" fintech models in the federal banking system.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-17•Europe•European Central Bank
The European Central Bank's Economic Bulletin, using the Consumer Expectations Survey, shows euro area rent growth peaked above 5% in 2023 and eased to above 3% by Q3 2024. The survey highlights significant cross-country and household differences, with renters comprising 28% of households on average, and rent burdens highest in Ireland. Future work will focus on validating the CES-based rent expenditure growth indicator with external sources and quality adjustments.
ResearchOther
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2025-03-17•Moldova•National Bank of Moldova
The National Bank of Moldova launched Global Money Week 2025, featuring financial education events from 17 to 21 March, including interactive museum visits and the launch of “FinanciarELE – the women’s leadership community.” The programme includes workshops on monetary policy, financial behaviour, and investment, with contributions from the International Monetary Fund, World Bank, and European Union Delegation. Global Money Week is an OECD-led initiative involving 176 countries.
Financial literacy & educationFinancial literacy and education
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2025-03-17•Macao•Monetary Authority of Macao
The Monetary Authority of Macao has launched applications for its 2025 financial talent training pilot programme in wealth management, in collaboration with the Macao Financial Training Institute and the Macau Association of Banks. The programme, part of Macao’s “1+4” economic diversification strategy, offers targeted training and internships to prepare university students for wealth management roles.
Policy & regulationImplementation, projects & pilotsFinancial literacy and education
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2025-03-17•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance is transitioning to a microservices-based model for investment information submissions, replacing the SINENSUP process. A testing environment has been available since March 2024, with production uploads commencing on 14 April. Technical specifications for weekly and monthly RI submissions have been published.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-03-17•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance (SSN) amended point 25 of the General Regulation of Insurance Activity to streamline rules for clearer insurance policy documentation requirements. Redundant provisions covered by existing laws were removed, and non-essential content was relocated. The changes aim to facilitate drafting of Particular Conditions and the Certificate of Incorporation for insurance contracts.
Policy & regulationRules & requirementsRegulatory burden
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2025-03-17•Bhutan•Royal Monetary Authority of Bhutan
The Royal Monetary Authority of Bhutan has released an addendum modifying the bidding document for its tender concerning a heavy-duty note sorting, counting, and counterfeit detection machine. The tender was initially issued on February 11, 2025.
Institutional developmentProcurement
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2025-03-17•Taiwan•Central Bank of Taiwan
The Central Bank of Taiwan released its monthly report on renminbi (RMB) business by banks, detailing activities in domestic and offshore banking units. As of February 2025, 65 domestic banking units and 56 offshore banking units were engaged in RMB transactions. Key figures include RMB deposits totaling RMB 113.39 billion and RMB remittances amounting to RMB 119.66 billion in January 2025.
Data & statisticsFinancial and market indicators
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2025-03-17•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission has appointed Hsou-yuan Chuang as Vice Chairperson, succeeding Hsu-jean Chiu who retired on 3 March 2025. The Executive Yuan approved the appointment on 14 March 2025, effective 17 March 2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-17•Europe•Single Resolution Board
The Single Resolution Board has launched a public consultation on its Operational Guidance on Resolvability Testing for Banks, aimed at ensuring European banks can effectively implement resolution actions during crises. The draft guidance incorporates lessons from past crises and best practices to assess banks' resolvability and operational readiness. The SRB plans to publish the final guidance in 2025, including a summary of feedback received.
Policy & regulationGuidance & interpretationRecovery and resolution
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2025-03-17•Trinidad & Tobago•Central Bank of Trinidad & Tobago
The Central Bank of Trinidad and Tobago announced its Global Money Week 2025 activities, featuring a youth learning expo to promote mindful financial decision-making. The initiative, themed “Think Before You Follow; Wise Money for Tomorrow,” aims to reach 600 students and encourage responsible money management. Highlights will be shared on social media, with contributions from the Ministry of Education and financial sector representatives.
Financial literacy & educationFinancial literacy and education
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2025-03-17•Barbados•Central Bank of Barbados
The Central Bank of Barbados has extended the deadline for proposals to design and implement an instant payments system as part of the Barbados Payments System Modernisation Project. This initiative is in collaboration with the World Bank.
Institutional developmentProcurementPayments and payment systems
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2025-03-16•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission's Advanced Insurance Academy convened with universities and insurance associations to enhance cooperation on research and innovation, focusing on industry-ready talent. Key topics included developing insurance research, creating a central database, and aligning education with sector needs. Plans for the "Insurance Symposium 2025" to become an international forum were also discussed.
Policy & regulationCooperationOther
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2025-03-16•Kuwait•Central Bank of Kuwait
The Central Bank of Kuwait announced it will operate local payment systems during weekends and official holidays.
Monetary policyMonetary policy instruments & operationsPayments and payment systems
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2025-03-16•Bahrain•Central Bank of Bahrain
The Central Bank of Bahrain's Board approved the 2024 annual report and audited financial statements, discussed the 2025 investment policy, and reviewed key monetary and banking indicators. Money supply increased to BHD 16.3 billion, with retail banks' private deposits at BHD 14.2 billion and loans to resident sectors at BHD 12.3 billion. The banking system's balance sheet rose to USD 247.8 billion, and the capital adequacy ratio reached 21.2% in Q4 2024.
Institutional developmentGovernanceAuditing
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2025-03-16•Egypt•Central Bank of Egypt
The Central Bank of Egypt hosted a visit by the Bank of Tanzania's cybersecurity team to share insights on Egypt’s Financial Computing Incident Response Team (EG-FinCIRT) and enhance bilateral incident response collaboration. The Tanzanian delegation received an overview of EG-FinCIRT’s cyber threat management and Egypt’s broader cybersecurity oversight, including the Financial Cybersecurity Framework and assessments of financial institutions' cyber readiness.
Policy & regulationCooperationCyber resilienceCapacity building
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2025-03-16•Argentina•Central Bank of Argentina
The Central Bank of Argentina announced the winners of the 2024 Dr Raúl Prebisch Annual Economic Research Prize, recognizing outstanding work in Economics PhD theses, young professionals, and university students. Topics include inflation transmission, household investment decisions, and trade policy impacts on real wages. The awarded papers will be published on the central bank's website and considered for inclusion in its academic journal, Ensayos Económicos.
ResearchOther
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2025-03-15•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus aims to boost consumer confidence through financial education, transparency in retail banking rates, and enhanced mortgage credit supervision. Initiatives include leading the Cyprus Financial Literacy and Education Commission, publishing monthly deposit and lending rates, and implementing a Code of Conduct Guide for mortgage borrowers. The 2025-2026 strategy also focuses on climate-risk priorities, featuring a Sustainability Committee and increased green bond investments.
Financial literacy & educationConsumer and investor protectionFinancial literacy and education
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2025-03-15•Georgia•Insurance State Supervision Service of Georgia
The Insurance State Supervision Service of Georgia and other national agencies organized the III International Consumer Protection Week in Batumi, focusing on consumer rights and redress mechanisms. The event featured sessions and workshops across multiple cities, engaging regulators, government officials, international organizations, and stakeholders. A panel discussion provided guidance on protecting consumer rights and submitting complaints.
Financial literacy & educationConsumer and investor protection
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2025-03-15•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC issued Memorandum Circular No. 1, Series of 2025, mandating online submissions of annual financial statements (AFS) and general information sheets (GIS) via eFAST. Audited AFS are required for corporations meeting specific asset or liability thresholds, with staggered deadlines based on registration numbers. GIS must be filed within 30 days of relevant meetings, with exemptions and specific requirements for certain entities.
Policy & regulationRules & requirementsRegulatory reporting
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2025-03-14•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) clarified that National Competent Authorities do not expect central securities depositories to apply cash penalties for settlement fails on 27 and 28 February 2025, following a major incident affecting TARGET Services. The incident, caused by infrastructure failure, disrupted settlement instructions and liquidity transfers. ESMA refers to existing CSDR guidance that exempts penalties when settlement fails are beyond participants' control.
Policy & regulationGuidance & interpretationMarket infrastructure
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2025-03-14•Mexico•Central Bank of Mexico
The Central Bank of Mexico has launched its 2025 Internal Summer Researchers Programme for PhD students to research payment systems and market infrastructure. The in-person programme at the central bank's facilities spans July and August, offering up to USD 6,900 in pre-tax fees, including airfare and performance-based payments. Eligible candidates must be PhD students in relevant fields with English proficiency, and applications are due by 5 May 2025.
Institutional developmentWorkforce & recruitmentFintech and insurtechMarket infrastructure
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2025-03-14•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority has initiated a public consultation on draft rules for Pillar 3 public disclosure requirements under the Risk-based Capital regime. These rules outline the information insurers must disclose, along with the timing and manner of such disclosures.
Policy & regulationRules & requirementsDisclosures
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2025-03-14•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo detailed Governor Ahmet Ismaili’s remarks on Kosovo’s progress towards joining the Single Euro Payments Area (SEPA). Key steps include legal and regulatory reforms, pre-application with the European Commission, and infrastructure upgrades for instant payments. Expected benefits are increased competition among payment service providers, reduced transfer costs, and enhanced non-cash payment usage.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-03-14•Montenegro•Montenegro Capital Market Authority
The Parliament of Montenegro approved the Montenegro Capital Market Authority's 2023 annual report, auditor's report, and 2025 financial and work plans. The 2023 report highlights regulatory enhancements and digitalisation efforts, while the 2025 plan prioritizes EU alignment, new market instruments, supervisory capacity, financial literacy, and transparency.
Policy & regulationReform agendas & prioritiesActivity and performance reporting
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2025-03-14•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority (FSMA) announced the tenth edition of Belgian Money Week, with record participation of over 170,000 pupils. The event will feature financial education activities, including board games and quizzes, and will be opened by European Commissioner Maria Luís Albuquerque and Deputy Prime Ministers David Clarinval and Jan Jambon. FSMA plans to expand its financial education initiatives, focusing on the 18–25 age group.
Financial literacy & educationFinancial literacy and education
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2025-03-14•Australia•Australian Securities & Investments Commission
ASIC has charged Behzad Eghrari with three offences for creating a false appearance of active trading. Eghrari executed 679 trades between accounts he controlled, affecting financial products of three companies. The charges carry a maximum penalty of 15 years. A committal mention is scheduled for 6 June 2025.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-03-14•Australia•Australian Securities & Investments Commission
Between July and October 2024, the Australian Securities & Investments Commission (ASIC) held Financial Services and Credit Panel (FSCP) sessions to address poor superannuation advice by financial advisers. Breaches included the best interests duty and ethics code violations. Outcomes involved reprimands, audits, education requirements, and client compensation. ASIC will keep referring misconduct cases to the FSCP and focus on adviser training and supervision in 2025.
SupervisionInterventionsConsumer and investor protection
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2025-03-14•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority released a Feedback Statement on Consultation Paper No. 160, finalizing updates to its Client Assets regime. Key changes include a new Client Assets crisis preparedness pack, revised reconciliation and audit reporting requirements, and clarified exclusions for Fund Property from Client Assets rules. These amendments take effect on 1 January 2026, allowing firms and auditors time to comply.
Policy & regulationRules & requirementsClient asset custody and safekeeping
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2025-03-14•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority has confirmed final amendments to the DFSA Rulebook, effective 1 January 2026, following Consultation Paper No. 160. The updates include new rule-making instruments for the Conduct of Business, Auditor, General, Collective Investment Rules, Markets Rules, and Glossary modules. Final changes may differ from initial proposals, with revised modules replacing current versions on the DFSA website.
Policy & regulationRules & requirementsAuditing
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2025-03-14•Panama•Superintendencia de Bancos de Panama
The Superintendency of Banks of Panama reported continued growth in the International Banking Center, with net lending reaching USD 95,211.4 million, a 7.9% increase year-on-year. CBI assets rose 5.8% to USD 154,660 million, while deposits grew 4.5% to USD 108,795 million. Liquidity and solvency metrics remained robust, exceeding regulatory requirements.
Data & statisticsCredit riskLiquidity riskPrudential risks
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2025-03-14•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority has appointed Alan Linning as Managing Director, Enforcement, effective 28 July 2025, succeeding Patrick Meaney. Linning, with over 30 years of experience in law, enforcement, and compliance, was previously a partner at Mayer Brown in Hong Kong. Meaney is recognized for strengthening the DFSA’s enforcement framework and regulatory capabilities.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-14•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority announced a voluntary public takeover bid by Koinon NV for Roularta Media Group NV, with the press release available in French and Dutch.
OtherSecurities offerings and listings
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2025-03-14•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority suspended trading in Roularta financial instruments on Euronext Brussels to facilitate the dissemination of a press release regarding a takeover bid. Trading was halted on 14 March 2025 at 09:00 CET and is set to resume at 11:00 CET.
SupervisionInterventionsTrading
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2025-03-14•Botswana•Bank of Botswana
S&P Global Ratings revised Botswana’s outlook to negative from stable, affirming its “BBB+” long-term and “A-2” short-term sovereign ratings, due to weaker diamond-driven export and fiscal flows. The Bank of Botswana’s outlook was also revised to negative, with its issuer credit ratings affirmed at “BBB+/A-2.” The negative outlook reflects subdued global diamond demand, fiscal deterioration, and reduced buffers, with potential rating downgrades if fiscal and external performance weakens further.
OtherCredit ratings
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2025-03-14•Australia•Council of Financial Regulators
Australia's Council of Financial Regulators released its quarterly statement, emphasizing systemic risks such as geopolitical tensions, low risk premia, and cyber threats, while noting banks' resilience due to strong capital and liquidity. The Council plans to deliver a final report on small and medium-sized banks to the Government by 1 July 2025 and will publish an updated Council Charter later this year.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskOperational risk and resilience
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2025-03-14•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine’s National Commission on Securities and Stock Market presented a matrix of virtual asset taxation options to the Verkhovna Rada Committee on Finance, Tax and Customs Policy. The matrix, informed by international practices, covers personal income tax, corporate income tax, and value added tax, aiming to aid in developing Ukraine’s legislative framework for virtual assets.
Policy & regulationGuidance & interpretationTax transparency and information exchange
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2025-03-14•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has expanded its list of unreliable investment projects, adding five new cases, bringing the total to over 400. The newly listed projects include Turf Capital Private LTD, OptCrypt, INVESTMENT EDUCATION PROJECT FinUp, Euoptrade, and Fxplag. The Commission advises investors to conduct basic checks and risk assessments, referencing its "10 simple steps" guide.
SupervisionAlertsSanctions list update
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2025-03-14•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets Chair, Laura van Geest, critiqued Europe's slow crisis preparedness post-COVID-19 and Russia's invasion of Ukraine in Financieele Dagblad. She highlights weaknesses in pandemic readiness, fragmented European coordination, and inefficiencies in crisis support measures. Van Geest calls for a more resilient European economy through accelerated sustainability transitions and pragmatic financing approaches, including EU defence bonds.
Policy & regulationReform agendas & prioritiesOther
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2025-03-14•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets has set the mortgage test rate at 5% for mortgages with interest rates fixed for less than 10 years for Q2 2025. Mortgage providers must use this rate for affordability calculations unless the offered rate is higher. The test rate is a market-share-weighted average based on data from the largest mortgage providers.
Policy & regulationRules & requirements
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2025-03-14•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets concluded its investigation into unusual trading volumes in Azerion shares, finding no evidence of market manipulation by Azerion Group N.V. or its major shareholders. The investigation, initiated due to a significant increase in trading volume following an option agreement disclosure, was closed without measures. The AFM will continue to monitor for unusual transactions and take action as needed.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-03-14•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL) has initiated its sixth mutual evaluation of Albania. The process began with a high-level meeting between the Albanian Financial Intelligence Agency and MONEYVAL, followed by a training session in Tirana for over 120 stakeholders on Financial Action Task Force standards and MONEYVAL’s evaluation methodology.
Policy & regulationPeer reviews and country evaluationsAML and CFTSupervision process and methodologies
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2025-03-14•El Salvador•Superintendencia del Sistema Financiero de El Salvador
El Salvador's Superintendence of the Financial System requests authorization to incorporate Sociedad de Ahorro y Crédito LAFISE, Sociedad Anónima (SAC LAFISE, S.A.). Robert Joseph Zamora Llanes is the primary shareholder, and proposed board members are listed. Public objections to their suitability must be submitted in writing with evidence. If verified, applicants will be notified to make changes.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-14•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica's Board of Directors appointed Pablo Villalobos González as general manager for a six-year term starting 17 March 2025. Villalobos, with 35 years at the Bank, previously served as interim general manager and led the Department of Risk and Compliance. His appointment followed an internal selection process.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-14•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has released a concept paper proposing an alternate dispute resolution (ADR) mechanism for Islamic finance contracts in SECP-regulated sectors. The framework aims to facilitate out-of-court settlements through mediation, arbitration, and neutral evaluation, aligning with Shariah principles. It outlines ADR guidelines, eligibility criteria for arbitrators and mediators, and integration with current legal frameworks.
Policy & regulationOtherComplaints and dispute resolution
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2025-03-14•Georgia•Insurance State Supervision Service of Georgia
The Insurance State Supervision Service of Georgia and five other regulators organized the III International Consumer Protection Week, featuring panel discussions and public Q&A sessions on consumer rights and redress. Co-hosted with agencies like the Competition and Consumer Protection Agency and the National Bank, the event addressed enforcement mechanisms and prioritized information access for vulnerable groups. Meetings were held in multiple locations, concluding in Batumi on March 15.
Financial literacy & educationConsumer and investor protection
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2025-03-14•Nigeria•Nigeria Securities & Exchange Commission
The Nigeria Securities and Exchange Commission revoked Mainland Trust Limited’s registration as a capital market operator due to non-compliance and unresolved complaints. This action was taken under Section 38(4) of the Investments and Securities Act 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013. Clients should contact the Central Securities Clearing System Plc for stock transfer guidance.
EnforcementSanctions & designationsLicensing and supervisory feesSupervision process and methodologies
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2025-03-14•China•Central Bank of the Republic of China
The People’s Bank of China outlined its 2025 credit market programme, emphasizing enhanced financing for national strategies, priority sectors, and weaker links, while addressing local government financing platform debt risks. Priorities include bolstering financial support for technology innovation, green finance, inclusive finance, pension finance, and digital finance. The programme also aims to support local governments in transforming financing platforms through market-oriented approaches.
Policy & regulationReform agendas & prioritiesMarket development
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2025-03-14•China•Central Bank of the Republic of China
The Central Bank of the Republic of China reported that total social financing reached CNY 417.29 trillion at the end of February 2025, an 8.2% year-on-year increase. Renminbi loans to the real economy totaled CNY 258.36 trillion, up 7.1%, while foreign-currency loans decreased by 30.9% to CNY 1.22 trillion. The bank highlighted adjustments in financial statistics from January 2023, including consumer finance, wealth management, and financial asset investment companies.
Data & statisticsMonetary data
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2025-03-14•China•Central Bank of the Republic of China
The Central Bank of the Republic of China reported a CNY 9.29 trillion increase in aggregate social financing to the real economy for January–February 2025, up CNY 1.32 trillion from the previous year. Key components included RMB loans at CNY 5.87 trillion and government bond net financing at CNY 2.39 trillion. The data reflects expanded statistical coverage since January 2023, incorporating non-deposit-taking banking institutions.
Data & statisticsMonetary data
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2025-03-14•Italy•Bank of Italy
The Bank of Italy issued a market communication detailing the timeline for submitting information registers under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). The initial transmission is due by 15 April 2025, with a reference date of 31 March 2025.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-03-14•Italy•Bank of Italy
The Bank of Italy announced its third biennial microsimulation workshop, scheduled for 4 July 2025 in Rome, focusing on tax-benefit reforms and microsimulation models for firms. The event will feature a keynote by Professor Camille Landais from the London School of Economics.
ResearchOther