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2025-03-11•Ethiopia•National Bank of Ethiopia
The National Bank of Ethiopia and the Ethiopian Securities Exchange have signed a memorandum of understanding to enhance cooperation in the interbank money market using the ESX trading platform. The MoU aims to safeguard market participants, mitigate systemic risk, and support market integrity. Since its launch in October 2024, the platform has facilitated transactions exceeding ETB 377 billion.
Policy & regulationCooperationMarket development
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2025-03-11•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) has released a draft standard for an AML/CFT framework targeting remote gaming and sports betting platforms. The proposal aligns with international standards, designating these entities as reporting subjects to the Financial Intelligence Unit of Peru, overseen by the Ministry of Foreign Trade and Tourism. Key elements include due diligence, AML/CFT training, compliance officer appointments, and suspicious transaction reporting.
Policy & regulationRules & requirementsAML and CFT
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2025-03-11•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan declined to approve Anzor Ediguly Botashev as acting Chair of the Management Board of Teniz Capital Investment Banking JSC, as per protocol No. 226/RCB dated 7 March 2025.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-11•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission secured a court order disqualifying Ms. Yang Shuyan from directorial or managerial roles for three years due to negligence at Anxin-China Holdings Limited. Anxin grossly overstated its cash position between 2011 and 2015, with Yang failing to identify discrepancies and accepting false records during audits. This follows a previous eight-year disqualification of another Anxin executive in related proceedings.
EnforcementSanctions & designationsCorporate governance
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2025-03-11•France•Bank of France
The Bank of France, with financial education partners, will host France’s Financial Education Week from 17 to 23 March 2025 during OECD-backed Global Money Week. Themed “Don’t follow just anyone for your finances, choose vigilance”, it aims to raise awareness of financial scams, especially among youth, through conferences, workshops, and local activities. Highlights include an opening session at the Bank of France headquarters, a conference on social media and investing, and a new video series on female entrepreneurship.
Financial literacy & educationFinancial literacy and education
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2025-03-11•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority reported that assets under management for Austria's eight corporate provision companies reached a record EUR 21.1 billion at the end of 2024, a 13% increase from the previous year. The companies, managing the "Abfertigung neu" severance scheme, saw a 2.8% rise in benefit entitlements and achieved a 4.7% investment return for 2024. Portfolios were mainly invested in debt securities and equities, with capital guarantee reserves averaging 0.90% of benefit entitlements.
Data & statisticsActivity and performance reporting
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2025-03-11•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) published its 2024 supervisory and enforcement overview, highlighting over 850 audits and EUR 2.76 million in fines. Priorities for 2025 include adapting to EU regulatory changes, focusing on investor protection, digital transition, and sustainable investing. CySEC will address impacts from EU initiatives like the AML Package and MiFIR review, and continue work on the Markets in Crypto-Assets Regulation and the Digital Operational Resilience Act.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-03-11•Australia•Reserve Bank of Australia
The Reserve Bank of Australia assessed the payments industry's plan to decommission the Bulk Electronic Clearing System (BECS), noting a lack of consensus on the future account-to-account payments system and insufficient transition planning. The RBA recommends defining a target state and strategic objectives, with a transition plan developed with the government, emphasizing urgency and oversight for an orderly migration by June 2030.
SupervisionRisk monitoring & watch pointsMarket infrastructure
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2025-03-11•Finland•Ministry of Finance (Finland)
Finland's Ministry of Finance decrees banks formalize preparedness for severe disruptions under the Credit Institutions Act. The Finnish Financial Supervisory Authority will oversee compliance, requiring banks to produce a contingency plan addressing risks like military force, terrorist attacks, and power outages. The plan must include readiness planning, ICT protection, cooperation with authorities, and continuity of vital services.
Policy & regulationRules & requirementsOperational risk and resilience
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2025-03-11•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to China Construction Bank (Asia) Corporation Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through these channels. Affected customers should contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-03-11•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued an alert regarding fraudulent websites and internet banking login screens reported by Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who interacted with these fraudulent sites should contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-03-11•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens reported by The Bank of East Asia, Limited. The HKMA reminded the public that banks will not request sensitive personal information via SMS, email, or phone, and advised affected individuals to contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-03-11•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert regarding fraudulent websites and internet banking login screens linked to Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who interacted with these fraudulent sites should contact Chong Hing Bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-03-11•Global•Bank for International Settlements
The Bank for International Settlements published research on the global expansion of private credit, noting its growth in countries with lower policy rates and less efficient banking sectors. Private credit funds' assets have surged from USD 0.2 billion in the early 2000s to over USD 2.5 trillion, with significant increases in loan volumes. The study highlights financial stability concerns, including portfolio concentration, fund leverage, and growing interlinkages between banks and private credit.
ResearchLending
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2025-03-11•Global•Bank for International Settlements
Research by the Bank for International Settlements shows stringent public policies on greenhouse gas emissions have boosted green bond market growth, with outstanding green bonds nearing USD 3 trillion in 2024. Initial green bond issuance is linked to a significant reduction in emissions intensity, especially among heavy emitters. Explicit issuer-level emissions constraints could enhance demand and lower funding costs for sustainable investments.
ResearchClimate risk and sustainable finance
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2025-03-11•Global•Bank for International Settlements
The Bank for International Settlements' Quarterly Review highlights how BIS statistics assess international credit dimensions and related financial stability risks. It emphasizes that indirect cross-border credit can lead to credit growth surpassing domestic deposit growth and is often overlooked. The review also notes a shift in foreign currency borrowing towards capital markets, with the US dollar remaining dominant, impacting borrowing and repayment obligations.
ResearchCross-border paymentsFinancial stability and systemic risk
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2025-03-11•Qatar•Qatar Financial Centre Regulatory Authority
The Qatar Financial Centre Regulatory Authority has issued a public warning about a fraudulent website, https://snbinvests.com, falsely claiming to represent SnB Investments LLC(IC), a legitimate firm licensed in the Qatar Financial Centre. The authority advises the public to disregard the site, avoid its links, and not engage with any representatives listed.
SupervisionAlertsFraud and scams
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2025-03-11•United States•Federal Reserve Bank of Cleveland
Research from the Federal Reserve Bank of Cleveland shows financial markets expect a stronger Fed response to inflation surprises post-pandemic. From 2022 to 2024, two-year US Treasury yields rose by 0.71 percentage points when core CPI exceeded expectations by 1 point, reflecting the Federal Open Market Committee's focus on reducing inflation.
Research
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2025-03-11•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission announced the 2025 OIC Stress Test framework to assess life and non-life insurers' resilience using a top-down scenario approach. Coordinated with the Bank of Thailand and the Securities and Exchange Commission, it evaluates risks from insurance-specific and macroeconomic factors, including US economic policy, geopolitical uncertainty, and climate impacts. The adverse scenario assumes recessionary conditions, with insurers using historical data and actuarial models to support solvency and liquidity monitoring.
SupervisionReviews, inspections & stress testsStress testing
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2025-03-11•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission's Secretary-General participated in a panel on health insurance in an ageing society, discussing the need for updated legal frameworks. The session highlighted efforts to broaden access to health insurance and gather feedback for products tailored to older customers. The Office will continue incorporating stakeholder input to enhance health insurance policies.
Policy & regulationReform agendas & prioritiesOther
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2025-03-11•Europe•European Central Bank
The European Central Bank published an Occasional Paper reviewing the EU's Capital Markets Union agenda, proposing five measures to enhance market integration. Key priorities include a new European savings product standard, integrated trading infrastructure, an effective supervisory ecosystem, revitalised securitisation, and expanded equity financing. The paper highlights these as feasible near-term priorities to support ongoing CMU policy discussions.
Policy & regulationReform agendas & prioritiesMarket developmentFinancial stability and systemic risk
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2025-03-11•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has formed a working group to develop regulatory proposals for Complementary Law No. 213/2025, focusing on insurance cooperatives, mutual property protection operations, and SUSEP’s sanctioning process. The law expands business lines for insurance cooperatives, mandates company administrators for mutual property protection, and requires SUSEP authorisation for new entrants. It introduces sanctions, including disqualification and fines up to BRL 35 million, as part of SUSEP’s 2025 Regulatory Plan.
Policy & regulationImplementation, projects & pilotsLicensing framework and process
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2025-03-11•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has made available the federal collection payment guides (GRUs) for the second quarter of 2025. These can be accessed and printed from its website.
Policy & regulationImplementation, projects & pilotsOther
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2025-03-11•Europe•European Central Bank
The European Central Bank released results from the 20th meeting of the Digital Euro Scheme Rulebook Development Group, detailing progress on the rulebook and implementation specifications. Key discussions included user experience requirements, dispute management, latency targets, and coordination with standardisation bodies. The ECB also presented a framework for consistent user experience across payment service providers and outlined next steps for rulebook development and technical validation.
Policy & regulationRules & requirementsCBDC
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2025-03-11•Palestine•Palestine Capital Market Authority
The Palestine Capital Market Authority hosted a workshop on AI and digital transformation to enhance market efficiency and transparency. Titled “Artificial Intelligence: The Power of Data and the Limits of Trust,” it covered AI applications in financial markets, ethical and regulatory challenges, and Palestine's digital transformation. This event was part of PCMA’s World Investor Week 2025, under the International Organization of Securities Commissions initiative.
Policy & regulationImplementation, projects & pilotsArtificial intelligence
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2025-03-11•Palestine•Palestine Capital Market Authority
The Palestine Capital Market Authority and the Palestine Exchange held a training workshop at An-Najah National University during World Investor Week 2025 to boost financial literacy in non-banking sectors. It covered the Palestinian securities sector, technological advancements, investor protection, and the Palestine Exchange's regulatory role. This event is part of a global initiative by the International Organization of Securities Commissions, involving regulators and exchanges from over 136 countries.
Financial literacy & educationFinancial literacy and education
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2025-03-11•United States•New York State Department of Financial Services
The New York State Department of Financial Services and Comptroller Thomas P. DiNapoli approved Spring Bank’s Red Hook branch as a Banking Development District (BDD) branch, placing a USD 10 million public deposit to support its operations. The BDD programme aims to enhance banking services in underserved areas, with Spring Bank committing to technical support, small business lending, and financial education. New York State has approved 57 BDD designations, with USD 543 million in deposits across institutions.
SupervisionAuthorisations & approvalsMarket development
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2025-03-11•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission outlined 2025 workstreams to upgrade Vietnam’s stock market from frontier to emerging status, focusing on reducing foreign investor frictions. Key initiatives include changes to Circular 68/2024/TT-BTC, harmonizing NPF trades, and implementing the KRX system by mid-2025. Additional plans involve an omnibus trading account framework, a central counterparty mechanism, and simplified procedures for foreign investment accounts.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-03-11•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) sanctioned Jerônimo Martins Veloso Filho for allegedly manipulating securities markets, violating Article 3 of CVM Resolution 62. The CVM board imposed a 60-month ban on his participation in the Brazilian securities market. The decision, following João Accioly’s vote, allows for an appeal to the National Financial System Appeals Council.
EnforcementSanctions & designationsMarket abuse
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2025-03-11•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Deliberation CVM 896, ordering Mercado Bitcoin Serviços Digitais Ltda to suspend securities intermediation activities without CVM authorization. The firm was offering and brokering digital-asset tokens backed by credit rights from a Credit Rights Investment Fund (FIDC). CVM warned of potential fines and penalties for non-compliance and urged investors to report related proposals for supervisory action.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-03-11•Global•Bank for International Settlements
The Bank for International Settlements published research finding that green bond markets have expanded most in countries with stricter greenhouse gas emissions policies, with global green bond market capitalisation reaching USD 2.9 trillion and annual issuance USD 700 billion. Cross-country and firm-level analysis indicates that tighter climate policies are associated with higher green bond issuance and that emissions intensity falls by around 21% on average one year after a firm’s first green bond issuance, particularly among carbon-intensive firms.
ResearchClimate risk and sustainable financeMarket development
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2025-03-11•Global•Bank for International Settlements
The Bank for International Settlements, in its BIS Quarterly Review, reported rapid global expansion of private credit, linking its growth to lower policy rates, less efficient banking sectors and, to a lesser extent, more stringent banking regulation. The study highlights sharp increases in private credit funds’ assets under management and loan volumes, high portfolio concentration and growing retail access, and finds that banks’ historical funding advantage over United States business development companies has narrowed since 2010.
ResearchLendingMarket development
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2025-03-11•Global•Bank for International Settlements
The Bank for International Settlements published research showing that market pressure on banks and financial strain at investment funds have become more tightly linked, with heightened bank credit default swap spreads increasingly associated with declining net flows at open-ended corporate bond mutual funds. Corporate bond exchange-traded funds and prime money market funds generally maintain positive flows during stress, while bond mutual funds face frequent and sizable outflows, especially where liquidity buffers are low. The article concludes that measures to contain disruptive redemptions in open-ended corporate bond mutual funds have macroprudential value and highlights ongoing international work on related policy tools.
ResearchFinancial stability and systemic risk
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2025-03-11•Global•Bank for International Settlements
The Bank for International Settlements’ BIS Quarterly Review study constructs de jure indicators of inflation targeting flexibility for 26 central banks since 1990, covering numerical targets, horizons, real economy and financial stability objectives. Advanced economies have shifted to more tightly specified numerical targets but more qualitative horizons and greater emphasis on real economy objectives, while financial stability remains mostly in strategy clauses, widening differences with emerging markets. The indicators are available on the BIS website, and upcoming framework reviews at the Federal Reserve and European Central Bank in 2025 may influence future adjustments.
Research
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2025-03-11•Global•Bank for International Settlements
The Bank for International Settlements’ BIS Quarterly Review explains how its international banking statistics and global liquidity indicators help disentangle the international dimensions of credit and assess financial stability risks, highlighting the growing role of international bond markets in foreign currency borrowing since the global financial crisis. It finds that indirect cross-border credit is a material but often overlooked driver of credit booms and that foreign banks’ cross-border lending retrenches first in periods of volatility.
ResearchCross-border payments
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2025-03-11•Germany•German Bundesbank
The German Bundesbank's National Cash Forum reports majority support for rounding cash transactions in Germany to the nearest EUR 0.05, urging the Federal Ministry of Finance to advance a statutory rounding rule. The proposal is driven by low public acceptance of 1- and 2-cent coins, Eurobarometer findings, and the high costs of coin production and distribution. A harmonised European approach is still pending.
Policy & regulationReform agendas & prioritiesCurrency and cash management
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2025-03-11•Serbia•National Bank of Serbia
The National Bank of Serbia reported a decline in gross foreign exchange reserves to EUR 28,793.1 million at the end of February 2025, with net reserves also decreasing to EUR 24,350.6 million. The bank conducted net interbank market sales of EUR 325.0 million to stabilize the dinar against the euro amid increased foreign currency demand. Reserves covered 180.8% of M1 money supply and 7.2 months of imports, with inflows and outflows affecting the overall reserve position.
Data & statisticsBalance of payments and other external statistics
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2025-03-11•Albania•Albania Financial Services Authority
The Albania Financial Services Authority has released a draft regulation for public consultation on life insurance linked to participation in collective investment undertakings with a public offering. This initiative implements Law No. 52/2014 on insurance and reinsurance, specifically targeting Class 21 life insurance.
Policy & regulationRules & requirementsOther
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2025-03-11•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC has asked the public prosecutor to file a Civil Court lawsuit against 10 individuals for alleged share price manipulation in Star Universal Network Public Company Limited (STAR), seeking maximum civil sanctions. This follows penalties on 15 offenders, with five complying and 10 refusing, leading to legal action for penalties totaling THB 47,918,019.93 plus interest. The SEC also referred the case to the Anti-Money Laundering Office, citing unfair trading practices as predicate offences.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-03-11•Global•ISDA
The International Swaps and Derivatives Association (ISDA) highlighted India's initial margin requirements for non-cleared derivatives effective April 1, emphasizing the Reserve Bank of India's alignment with Group-of-20 reforms and the need for continued preparations. ISDA noted the framework's allowance for substituted compliance for Indian branches of foreign banks and flagged potential risks in initial margin calculations, urging a review of custodial arrangements and dialogue with the Clearing Corporation of India Limited.
Policy & regulationGuidance & interpretationMarket developmentMarket infrastructure
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2025-03-11•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Chairman Tim Scott of the U.S. Senate Committee on Banking, Housing and Urban Affairs welcomed President Trump's nomination of Andrew Hughes as Deputy Secretary of the U.S. Department of Housing and Urban Development. Scott highlighted Hughes's previous advisory roles and expressed confidence in his ability to pursue housing policy reforms and improve housing affordability.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-11•Vietnam•State Bank of Vietnam
The State Bank of Vietnam plans to enhance policy communication via Banking Times by upgrading editorial products and digital capabilities, including a modernized Electronic Information Portal. Initiatives include expanding content on financial education, currency history, and consumer finance advice, developing a macroeconomic database, and launching an English-language edition of Banking Journal. The Deputy Governor emphasized collaboration with the National Council of Professors and foreign credit institutions.
Institutional developmentTechnology & data transformationLeadership change and appointments
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2025-03-11•Vietnam•State Bank of Vietnam
The State Bank of Vietnam held a regional conference to promote bank credit for economic growth, reaffirming a 2025 national credit growth target of 16%, equivalent to VND 2.5 quadrillion. Credit institutions were directed to prioritize lending to key sectors, with potential credit limit expansions contingent on stable inflation and safe bank operations. Additionally, the establishment of the State Bank of Vietnam Regional Branch 4 was announced, with new appointments effective 1 March 2025.
Monetary policyMonetary policy instruments & operationsLending
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2025-03-11•Eswatini•Central Bank of Eswatini
The Central Bank of Eswatini's January/February 2025 Monthly Statistical Release highlights continued expansion in private sector credit and broad money, with credit at SZL 21.0 billion and broad money at SZL 25.5 billion by end-January. February saw a decline in gross official reserves to SZL 12.2 billion and a lower import-cover ratio of 2.8 months. Business lending drove much of the credit increase, while net government balances shifted significantly due to repayment of a central bank advance.
Data & statisticsMonetary data
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2025-03-11•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority's Q4 2024 report reveals total financing of EGP 299bn across capital market and non-banking financial activities, with significant contributions from equity issuances and financial leasing contracts. The report also highlights EGP 3.1tn in movable asset registrations and EGP 80.5bn in outstanding MSME finance balances. In the insurance sector, premiums collected reached EGP 25.7bn, with claims paid amounting to EGP 13.4bn.
Data & statisticsActivity and performance reporting
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2025-03-11•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority issued guidance to improve data quality in banks' regulatory reporting of interest rate risk in the banking book (IRRBB). It specifies reporting requirements, templates, and frequencies based on institution size, mandating completion of all fields with correct units and signs. It also outlines using internal, standard, or simplified standard methods for IRRBB, aligned with EU regulations and EBA guidelines.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-03-11•Zimbabwe•Securities & Exchange Commission of Zimbabwe
The Securities and Exchange Commission of Zimbabwe has admitted Chengetedzai Depository Company's Securities Lending and Borrowing service into its regulatory sandbox starting 12 March 2025. The Commission will oversee the six-month testing period to ensure investor protection, with registered stockbrokers serving as intermediaries.
SupervisionInnovation & testingRegulatory sandbox
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2025-03-11•China•China Securities Regulatory Commission
The China Securities Regulatory Commission outlined its 2025 strategy, focusing on risk prevention, stronger regulation, and high-quality development. Key measures include market stabilization, support for technological innovation, and a comprehensive capital market reform. Enforcement priorities emphasize rapid, targeted actions against misconduct and enhanced cross-border connectivity.
Policy & regulationReform agendas & prioritiesOther
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2025-03-11•Moldova•National Bank of Moldova
The National Bank of Moldova’s Governor, Anca Dragu, highlighted the need for sustainable policies to reduce gender gaps at the "Ring the Bell for Gender Equality" event in Chișinău. She noted that women represent 64% of the central bank's workforce and hold 53% of leadership roles, yet face a 16% gender pay gap. Dragu emphasized the importance of financial independence in preventing economic violence.
OtherDiversity and inclusion
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2025-03-11•Moldova•National Bank of Moldova
The National Bank of Moldova presented the National Risk Assessment report on money laundering and terrorist financing risks linked to virtual assets and service providers. It is developing a prudential legal framework for virtual assets, aligning with Moldova's European integration. The Bank emphasized coordinated implementation of the report's recommendations to align with European cryptoasset regulations and enhance financial system integrity and stability.
Policy & regulationReform agendas & prioritiesAML and CFT
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2025-03-11•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) processed over 94% of 1,699 licensing applications for portfolio managers and trustees under the Financial Institutions Act by February 2025. More than half were submitted in the final months of the transitional period, with many needing multiple amendments. FINMA also noted a significant increase in post-licensing change requests and escalations to intensive supervision in late 2024.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-03-11•United States•Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network issued a Geographic Targeting Order mandating money services businesses in specified southwest border areas of California and Texas to file Currency Transaction Reports for cash transactions at a USD 200 threshold. This order targets 30 ZIP codes across seven counties near the US–Mexico border to combat money laundering and illicit activities linked to Mexico-based cartels.
Policy & regulationRules & requirementsAML and CFT
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2025-03-11•Denmark•National Bank of Denmark
The National Bank of Denmark's analysis highlights the impact of Danish companies' foreign production on the current account and national income, with processing exports rising to 8.2% of GDP in 2024. Merchanting and processing, along with royalties, contributed 36% to manufacturing value added in 2023, with profits from foreign activities supporting domestic employment and intellectual property. The study notes that a small number of large firms dominate international production, with the top 10% of exporters accounting for 89% of merchanting and processing exports in 2023.
ResearchOther
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2025-03-11•Luxembourg•Luxembourg Commissariat aux Assurances
The Luxembourg Commissariat aux Assurances has issued Information Note 25/3, initiating a public consultation on draft regulatory technical standards concerning anti-money laundering and counter-terrorist financing.
Policy & regulationRules & requirementsAML and CFT
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2025-03-11•United Kingdom•The Pensions Regulator
The Pensions Regulator published a report on its intervention with Reach Plc and the MGN Pension Scheme trustee, resolving a dispute over the scheme’s 2019 valuation. The agreement includes 2019 and 2022 valuations and a revised funding plan, with deficit recovery contributions increasing to GBP 46 million annually and an additional GBP 5.1 million per year backdated to 2023. The report emphasizes statutory duties for triennial valuations and warns of potential regulatory action if agreements are not reached.
SupervisionInterventions
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2025-03-11•United States•U.S. Department of the Treasury
The U.S. Treasury's FinCEN issued a Geographic Targeting Order requiring money services businesses in 30 ZIP codes in California and Texas to file Currency Transaction Reports for cash transactions over USD 200. This measure targets money laundering and illicit activities linked to Mexico-based cartels. The order covers seven counties and is part of broader actions designating eight organizations, including six major Mexico-based drug cartels, as Foreign Terrorist Organizations and Specially Designated Global Terrorists.
Policy & regulationRules & requirementsAML and CFT
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2025-03-11•Palestine•Palestine Monetary Authority
The Palestine Monetary Authority and Luxembourg's Deputy Prime Minister, Xavier Bettel, reviewed cooperation under the Financial Inclusion and Digital Transformation Project in Palestine. Funded by Luxembourg and the Alliance for Financial Inclusion, the project aims to enhance women's access to banking and digital services. Discussions covered achievements, the Palestinian banking sector, and plans for a second phase to bolster financial education and expand banking access in marginalized areas, with Luxembourg confirming continued support.
Policy & regulationCooperationDomestic cooperationFinancial inclusion
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2025-03-10•Africa•Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) concluded a regional assessor training in Johannesburg for the third round of mutual evaluations under revised FATF Standards. Co-organised with German Development Cooperation and hosted by South Africa’s Financial Intelligence Centre, it involved 34 officials from ESAAMLG member countries, covering new FATF requirements and practical application.
Institutional developmentCooperation & capacity buildingAML and CFTSupervision process and methodologies
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2025-03-10•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua's Q4 2024 Payment Systems Report highlights a 20% increase in transaction volume and a 16.3% rise in value year-on-year. Key systems SINPE, UNIRED, and SIPA showed significant growth, with UNIRED operations up 40.3% in volume and SIPA transfers increasing 50.5% in value. The report also notes a rise in payment instrument use, electronic money accounts, and digital wallet users, alongside increased cash circulation.
Data & statisticsCurrency and cash managementFinancial and market indicators
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2025-03-10•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved WSM for Information Technology Company's capital increase from SAR 19.5 million to SAR 21.45 million via a capitalisation issue funded from retained earnings. This involves transferring SAR 1.95 million from retained earnings to share capital, issuing 195,000 additional shares. The company must convene an extraordinary general assembly within six months and adhere to all regulatory requirements.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-10•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Markets Authority approved Raoom Trading Company's capital increase by issuing bonus shares, doubling its share capital from SAR 62,500,000 to SAR 125,000,000. This increase is funded by transferring SAR 62,500,000 from retained earnings, raising outstanding shares from 6,250,000 to 12,500,000. An extraordinary general assembly must be held within six months, and all regulatory requirements must be met.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-10•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved Qomel Company's request to double its share capital from SAR 35 million to SAR 70 million through a bonus share issue. This will be achieved by issuing one bonus share for each existing share, funded by transferring SAR 32.6 million from the share premium account and SAR 2.4 million from retained earnings. An extraordinary general assembly must be held within six months, and all regulatory requirements must be met.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-10•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority approved Bank Albilad's capital increase from SAR 12.5 billion to SAR 15 billion via bonus shares. The bank will distribute one bonus share for every five existing shares, funded by transferring SAR 1 billion from the statutory reserve and SAR 1.5 billion from retained earnings. An extraordinary general assembly must be convened within six months, complying with all regulatory requirements.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-10•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority conducted nine workshops using the "Kapital" board game to educate pupils in Podgorica on capital markets. The sessions, held from 3 to 7 March 2025, introduced investing, risk, and company valuation to fifth to seventh graders from five primary schools. Participants received the game and an educational brochure to prepare for a forthcoming competition.
Financial literacy & educationFinancial literacy and education
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2025-03-10•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) released its annual report on financial reporting supervision, reviewing 2023 accounts from 132 issuers on regulated markets. The CNMV highlighted liquidity risk and significant accounting policies as priority areas for 2024 reviews. It issued formal requirements, additional information requests, and recommendations, with two issuers required to restate figures and thematic work prompting further disclosures.
SupervisionReviews, inspections & stress testsAccounting and financial reportingSupervision process and methodologies
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2025-03-10•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority issued Consultation Paper No. 164 to adopt the Basel III revised Standardised Approach for calculating operational risk-weighted assets, amending the Prudential module for DIFC firms. The proposal includes a new RWA formula based on a Business Indicator and marginal coefficients, with public disclosures of inputs and capital charges. The DFSA plans to exclude the Basel III Internal Loss Multiplier and align operational risk definitions with Basel III, incorporating legal risk but excluding strategic and reputation risk.
Policy & regulationRules & requirementsCapital adequacy
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2025-03-10•South Africa•National Credit Regulator
The National Credit Regulator of South Africa launched a Consumer Rights Month campaign to educate consumers on their rights and responsibilities under the National Credit Act 34 of 2005, emphasizing informed and ethical credit decisions. The campaign warns against loan and debt counselling scams and highlights consumer obligations, such as providing accurate financial information and understanding complaint processes. It aligns with the 2025 World Consumer Rights theme, promoting compliance through ethical practices.
Financial literacy & educationConsumer and investor protection
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2025-03-10•Denmark•National Bank of Denmark
The National Bank of Denmark's working paper reveals that the post-invasion energy price surge led to an 8.75 percentage point decline in lending growth to energy-intensive Danish manufacturing firms, primarily due to reduced use of existing credit facilities. The study suggests future prolonged energy price increases could further decrease lending to these industries, with potentially larger impacts in other European countries with more energy-intensive sectors.
ResearchLending
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2025-03-10•Kenya•Central Bank of Kenya
The Central Bank of Kenya has released a consultative paper and draft regulations proposing a new framework for commercial bank licence fees. The overhaul aims to align with international standards and address rising supervisory costs, introducing a Gross Annual Revenue methodology with a 1 percent fee rate. Stakeholders are invited to submit comments on the proposal.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-03-10•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission issued guidelines for ESG funds, detailing conditions for Collective Investment Schemes and Closed-end Funds to be marketed as “ESG Schemes.” The framework mandates specific investor disclosures, annual sustainability reporting, ongoing monitoring, and establishes a public Register of ESG Schemes effective 24 March 2025. New and existing funds must align with the United Nations Sustainable Development Goals or similar, with certification required for compliance.
Policy & regulationGuidance & interpretationESGDisclosures
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2025-03-10•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) is reviewing a draft law to amend the framework for housing construction fund managers, including changes to authorised-capital requirements and allowing fund managers to become developers. The NSSMC plans to test these proposals with market participants to identify investor-protection risks and will conduct surveys and expert analyses before providing feedback to the bill's authors.
Policy & regulationImplementation, projects & pilotsOther
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2025-03-10•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica reported a 4.4% year-on-year growth in national production for January 2025, per the Monthly Index of Economic Activity. The definitive regime contributed 56.0% to this growth, with notable increases in construction, professional services, and information and communication, while agricultural activity declined due to adverse climate conditions. Special regimes saw a 12.9% rise, driven by exports of medical devices and IT services.
Data & statisticsEconomic data and developments
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2025-03-10•Georgia•Insurance State Supervision Service of Georgia
The Insurance State Supervision Service of Georgia reported a 19% growth in the insurance market in 2024, emphasizing aligning consumer protection with European standards. Key developments include new travel insurance requirements, guidelines on claim refusals, and a customer information standard. The update also highlighted international engagements and upcoming public meetings focused on outreach to ethnic minorities and persons with disabilities.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-03-10•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia noted a 10.7 percentage point gap in payment account ownership between men and women in 2021, highlighting persistent gender inequality in financial service access. Governor Anita Angelovska-Bezoska stressed the need for better financial education, corporate policy changes, and more female leadership to boost women's financial inclusion. The central bank will support policies for sustainable and inclusive economic development.
Policy & regulationReform agendas & prioritiesDiversity and inclusion
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2025-03-10•Italy•Bank of Italy
The Bank of Italy has launched an online survey targeting unsupervised Italian fintech operators to map the fintech market and assess the impact of the regulatory framework. Results will be discussed in a workshop organized by the Fintech Channel, inviting all survey respondents.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
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2025-03-10•Italy•Bank of Italy
Deputy Director General Paolo Angelini of the Bank of Italy delivered opening remarks on "Innovation and financing for innovation in Europe" at a conference organized by the Florence School of Banking and Finance and the Robert Schuman Centre for Advanced Studies. The event, held at the European University Institute in Fiesole, focused on economic and policy challenges related to financing growth and innovation in Europe.
Policy & regulationOtherFintech and insurtech
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2025-03-10•Italy•Bank of Italy
The Bank of Italy released eight new papers in its Questioni di economia e finanza series, covering household finance, the green transition, and public-sector digitalisation. The research includes analyses of Italian household portfolios, the automotive sector's green transition, energy poverty in the EU, and machine learning in equity mutual fund portfolio reallocations. Other studies address civil justice reform, public subsidies for innovative firms, local administration digitalisation, and ESG targets in CEO remuneration across major EU economies.
ResearchESG
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2025-03-10•Italy•Bank of Italy
The Bank of Italy published Deputy Governor Paolo Angelini's welcome address on innovation and financing in Europe, presented at the Florence School of Banking and Finance Annual Conference. The event focused on economic and policy challenges related to financing growth and innovation in Europe.
Other
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2025-03-10•Italy•Bank of Italy
The Bank of Italy published eight Occasional Papers (Nos. 910–917) covering topics such as household portfolio composition, the Italian automotive sector's green transition, and energy poverty in the EU. Other areas include mutual fund portfolio dynamics, civil justice reform impacts, public incentives for start-ups, digitalisation in local governments, and ESG metrics in CEO compensation.
ResearchESG
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2025-03-10•Latvia•Ministry of Finance (Latvia)
Latvia's Finance Minister Arvils Ašeradens will attend Eurogroup and ECOFIN meetings in Brussels on 10-11 March, focusing on macroeconomic developments, competitiveness, and regulatory simplification. The Eurogroup will discuss the euro area economic outlook, fiscal policy coordination, and cryptoasset market impacts, while ECOFIN will debate competitiveness and sustainable finance regulatory burdens. Discussions will also cover the economic impact of Russia's war against Ukraine and a directive on administrative cooperation in taxation.
Policy & regulationReform agendas & prioritiesCross-border cooperation
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2025-03-10•Indonesia•Bank Indonesia
Bank of Indonesia reported a decline in Indonesia's net liability position to USD 245.3 billion at the end of Q4 2024, down from USD 270.4 billion in Q3, due to increased foreign financial assets and decreased liabilities. Foreign financial assets rose to USD 522.8 billion, driven by reserve and investment assets, while liabilities fell to USD 768.1 billion amid global market uncertainty and US dollar appreciation. The net liability IIP-to-GDP ratio improved to 17.6% in 2024, with long-term instruments comprising 92.3% of liabilities.
Data & statisticsBalance of payments and other external statistics
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2025-03-10•Ireland•Department of Finance (Ireland)
Ireland's Department of Finance released an agenda note on Minister Paschal Donohoe's participation in March Eurogroup, MEDPOL, and ECOFIN meetings. Key topics include the euro area macroeconomic outlook, fiscal-policy coordination, crypto-asset market developments, and EU regulation simplification. ECOFIN will discuss increased defence expenditure, financial services legislation, and sanctions related to Russia's actions in Ukraine.
Policy & regulationReform agendas & prioritiesCross-border cooperation
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2025-03-10•Lithuania•Bank of Lithuania
The Bank of Lithuania reported its Newcomer Programme saw over 150 foreign companies explore Lithuanian market opportunities in 2024, with 35 new financial market participants receiving authorisations. Enquiries decreased by 37.5% from 2023, but applicants were better prepared, with 45.2% seeking electronic money or payment institution licences. The programme, operational since 2016, prioritises quality and early prevention of irregular activities.
Policy & regulationImplementation, projects & pilotsLicence approval
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2025-03-10•Mauritius•Mauritius International Financial Centre
The Mauritius International Financial Centre, with the Ministry of Financial Services and Economic Planning, held a high-level workshop to redefine its strategic roadmap. Discussions focused on enhancing global competitiveness through operational efficiency, regulatory reforms, and digital transformation. The workshop also addressed strengthening brand positioning and talent attraction to foster innovation and sustainable growth.
Policy & regulationReform agendas & prioritiesFintech and insurtechMarket development
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2025-03-10•Sweden•Riksbank
The Riksbank's Payments Report 2025 outlines priorities to enhance Sweden's payment system safety, efficiency, and accessibility, emphasizing offline card payments and cash use during disruptions. It targets a solution by July 2026 for offline card payments for essential goods and supports legislative measures for cash use. The report also calls for expanded instant payment services and addresses financial exclusion related to account access.
Policy & regulationReform agendas & prioritiesPayments and payment systems
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2025-03-10•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's SBS has amended rules to enhance operational continuity for digital channels in financial institutions. The regulation mandates recovery plans for key services like internet banking and mobile apps, with restoration times of three to five hours based on institution size, and requires annual testing. It also defines "normal conditions," sets recovery time objectives, and outlines sanctions for non-compliance.
Policy & regulationRules & requirementsOperational risk and resilience
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2025-03-10•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority reported that assets under management of Austrian investment funds reached a record EUR 230.7 billion at year-end 2024, an 8.2% increase driven by higher fund prices and net inflows of EUR 1.5 billion. Bond and equity funds saw net inflows, while real estate funds experienced outflows. Sustainability-related funds under the EU Sustainable Finance Disclosure Regulation accounted for 49.7% of total assets.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-10•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Industrial and Commercial Bank of China (Asia) Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-03-10•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to China Construction Bank (Asia) Corporation Limited. The HKMA emphasized that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-03-10•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted about fraudulent websites and internet banking login screens reported by The Bank of East Asia, Limited. The HKMA stressed that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-03-10•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert regarding fraudulent websites and internet banking login screens linked to Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-03-10•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin article discusses designing cyber resilience stress testing from a macroprudential perspective, highlighting systemic risks from cyber incidents. It suggests combining institution-led bottom-up exercises with supervisor-run top-down modelling to capture system-wide interlinkages and behavioural responses. The article outlines six design principles for these stress tests, referencing the ECB’s 2024 cyber resilience stress test as an example.
Policy & regulationGuidance & interpretationCyber resilience
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2025-03-10•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan re-registered Western Union Network France's licence to operate its payment system, following a change in the company's legal address. This decision aligns with national laws on central banking, licensing, and payment services.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a significant decline in FDI net inflows to USD 110 million in December 2024, an 85.2% drop due to increased debt repayments by resident corporations. Reinvestment of earnings fell by 14.7% to USD 80 million, while nonresidents’ net equity capital investments rose by 58.0% to USD 49 million, mainly from Singapore, Japan, the US, and South Korea. Full-year 2024 FDI net inflows remained stable at USD 8.9 billion, with investments in information and communication, manufacturing, financial and insurance, construction, and real estate sectors.
Data & statisticsBalance of payments and other external statistics
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2025-03-10•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Superintendency of Banks of the Dominican Republic reported a 12.5% increase in the banking system's credit portfolio to DOP 2.1 trillion in 2024, led by consumer lending. The report highlights low delinquency at 1.6%, a solvency ratio of 17.43%, and total assets reaching DOP 3.8 trillion, 56.9% of GDP. Weighted-average lending and deposit rates rose to 15.1% and 9.8%, respectively, while pre-tax profits were DOP 99,586 million with a return on equity of 19.4%.
SupervisionRisk monitoring & watch pointsActivity and performance reporting
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2025-03-10•Turkmenistan•Central Bank of Turkmenistan
The Central Bank of Turkmenistan reported a 6.3% GDP growth for the first two months, with notable increases in retail turnover (12.1%) and foreign trade turnover (8.1%). The government highlighted over-fulfilment in oil production and growth in transport and communications services. An international economic cooperation conference is scheduled for 19 March, focusing on regional energy and transport projects, including the Turkmenistan–Afghanistan–Pakistan–India gas pipeline.
Policy & regulationGuidance & interpretationEconomic data and developments
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2025-03-10•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Joint Circular Letter CVM/SIN/SMI/SSE 1/2025, detailing technical interpretations for minimum investor registration information required by market administrators and financial system operators. The guidance specifies identification data for various investor types and mandates additional data collection to comply with anti-money laundering and counter-terrorist financing policies under CVM Resolution 50.
Policy & regulationGuidance & interpretationKYC
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2025-03-10•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) will conduct a judgment session on 11 March to evaluate Jerônimo Martins Veloso Filho's potential involvement in creating artificial conditions in the securities market. The session, open to the public, will be held at CVM's headquarters with videoconference access. The report by João Accioly is available, but may be amended post-session.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-03-10•Seychelles•Central Bank of Seychelles
The Central Bank of Seychelles has initiated a Financial Indicators Expectations Survey to gather private-sector forecasts on financial indicators over periods from three months to five years. The survey includes expectations on price levels, interest rates, exchange rates, economic activity, wages, employment, and credit access, complementing similar surveys with banks and households to inform policy decisions. Results will be published on 25 April 2025.
Policy & regulationImplementation, projects & pilotsEconomic data and developments
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2025-03-10•Seychelles•Central Bank of Seychelles
The Central Bank of Seychelles has launched its first Financial Indicators Expectations Survey for Firms to gather expectations on economic indicators over periods from three months to five years. The survey aims to enhance economic analysis and policy-making by covering prices, interest rates, exchange rates, economic activity, wages, hiring, and credit access. Results will complement existing surveys with the banking sector and households.
Research