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  • 2025-03-07SeychellesSeychelles Financial Services Authority

    Seychelles Financial Services Authority revokes Alpha Consulting Limited and Alpha Fiduciary Services Ltd’s international corporate services and foundation services licences

    The Seychelles Financial Services Authority has revoked the International Corporate Services Licence of Alpha Consulting Limited and the Foundation Services Licence of Alpha Fiduciary Services Ltd, effective 3 March 2025. Under section 28(1) of the FSA Act, these firms no longer hold licences ICS056 and FS015. Concerned parties are advised to contact the FSA regarding records of entities previously administered by these firms.

    SupervisionAuthorisations & approvalsLicence withdrawal
  • 2025-03-07GlobalIslamic Financial Services Board

    Islamic Financial Services Board announces 2025 Annual Meetings in Rabat hosted by Bank Al-Maghrib

    The Islamic Financial Services Board will hold its 2025 Annual Meetings, including the 46th Council Meeting and 23rd General Assembly, hosted by Bank Al-Maghrib in Rabat, Morocco, from 1 to 3 July 2025. The event will feature discussions on structural vulnerabilities in Islamic finance, transparency, market confidence, and regulatory priorities, with participation from central bank governors and industry leaders. Abdellatif Jouahri, Governor of Bank Al-Maghrib, will chair.

    Policy & regulationCooperationOther
  • 2025-03-07ThailandThailand Securities & Exchange Commission

    Thailand Securities and Exchange Commission signs memorandum with Biodiversity-Based Economy Development Office to promote biodiversity integration and disclosure in the capital market

    The Thailand SEC and the Biodiversity-Based Economy Development Office signed an MOU to promote biodiversity conservation via the capital market. The cooperation encourages market participants to integrate biodiversity considerations and enhance information disclosure. The SEC will support these efforts with training, seminars, and tools to help companies meet biodiversity targets under the National Biodiversity Strategy and Action Plans.

    Policy & regulationCooperationClimate risk and sustainable finance
  • 2025-03-07FijiReserve Bank of Fiji

    Reserve Bank of Fiji co-hosts Ring the Bell for Gender Equality event as WE-Fi Code commitments reach 11 institutions

    The Reserve Bank of Fiji and the South Pacific Stock Exchange co-hosted a "Ring the Bell for Gender Equality" event on International Women’s Day, highlighting financial institutions' role in enhancing women's access to financial services. The event also increased signatories to the Asian Development Bank’s Women Entrepreneurs Finance Code, with commitments to appoint gender champions and develop tailored solutions for women entrepreneurs.

    OtherDiversity and inclusion
  • 2025-03-07FijiReserve Bank of Fiji

    Reserve Bank of Fiji backs Innovation Hub pilot to support fintech startups and the wider tech ecosystem

    The Reserve Bank of Fiji, in partnership with the United Nations Capital Development Fund’s Pacific Digital Economy Program, is spearheading the creation of an Innovation Hub to support local tech startups in addressing Fiji’s development challenges. The multi-year initiative will initially focus on fintech startups and founder journeys, with plans to expand to other areas such as female entrepreneurship and agri-tech from the second year.

    Policy & regulationImplementation, projects & pilotsFintech and insurtech
  • 2025-03-07NigeriaCentral Bank of Nigeria

    Central Bank of Nigeria issues statement of commitment to regulate the FX market in line with the Nigerian FX Code

    The Central Bank of Nigeria has issued a Statement of Commitment to the Nigerian Foreign Exchange Code, aligning its regulation of FX market activities with the FX Global Code principles. The Bank acknowledges the FX Global Code as a set of good-practice principles and confirms its role as a regulator to "Market Participant" as defined by the Code.

    Policy & regulationInternational standards & recommendationsForeign exchange policy and markets
  • 2025-03-07United StatesU.S. Senate Committee on Banking, Housing and Urban Affairs

    U.S. Senate Committee on Banking, Housing and Urban Affairs chair introduces FIRM Act to remove reputational risk from federal bank supervision

    Senate Banking Committee Chairman Tim Scott introduced the FIRM Act to remove reputational risk from federal supervision. The bill prohibits agencies like the FDIC and Federal Reserve from using reputational risk in ratings, while maintaining quantitative measures like concentration and liquidity risks. The proposal is backed by all Republican Senate Banking Committee members, financial services stakeholders, and 26 state finance officials.

    Policy & regulationRules & requirementsOther
  • 2025-03-07CanadaDepartment of Finance (Canada)

    Canada's Department of Finance announces implementation of AML and counter-terrorist financing regulatory amendments including new information-sharing and expanded sector coverage

    Canada's Department of Finance will amend regulations to enhance the Anti-Money Laundering and Anti-Terrorist Financing framework, focusing on trade-based financial crime, intelligence sharing, and beneficial ownership transparency. The amendments grant new authorities to the Canada Border Services Agency, enable private-sector information sharing, and extend obligations to more financial services providers. Provincial and territorial civil forfeiture offices will receive financial intelligence from FINTRAC starting April 1, 2025.

    Policy & regulationRules & requirementsAML and CFT
  • 2025-03-07VietnamState Bank of Vietnam

    State Bank of Vietnam directs banks to expand and streamline credit for Mekong Delta rice production, procurement and exports

    The State Bank of Vietnam has guided commercial banks and regional branches to ensure timely credit for rice production and exports in 2025, focusing on the Winter–Spring crop in the Mekong Delta. Banks are instructed to balance funding, raise credit limits, and simplify loan processes for rice buyers and processors. Regional branches must coordinate with local authorities to enhance bank-business connectivity and report issues to the State Bank of Vietnam.

    Policy & regulationGuidance & interpretationLending
  • 2025-03-07VietnamState Bank of Vietnam

    State Bank of Vietnam reviews banking digitalisation gains and highlights policy support needs for women in the transition

    The State Bank of Vietnam reported on a Hanoi workshop about integrating women in banking with digital transformation, highlighting gender imbalance risks in tech roles. The report emphasized regulatory reforms, digital infrastructure investment, and cybersecurity in driving digital banking growth, noting significant increases in digital payment transactions from 2016 to 2024. Women constitute 58% of banking staff but face barriers like limited training access and work-life pressures.

    Policy & regulationGuidance & interpretationDiversity and inclusion
  • 2025-03-07CanadaFinancial Consumer Agency of Canada

    Financial Consumer Agency of Canada marks International Women’s Day and reiterates women and girls focus in its National Financial Literacy Strategy

    The Financial Consumer Agency of Canada, led by Commissioner Benzvy Miller, is committed to addressing women's financial vulnerabilities through its National Financial Literacy Strategy. Ahead of International Women’s Day, the Agency highlighted research on enhancing financial confidence in women and girls, emphasizing the importance of money conversations to overcome systemic barriers like gender bias. The statement also pointed to resources and actions in the National Strategy to bolster women's financial resilience.

    Financial literacy & educationDiversity and inclusion
  • 2025-03-07United StatesU.S. Department of Justice

    U.S. Department of Justice disrupts Garantex crypto exchange and unseals charges over alleged $96 billion laundering and sanctions violations

    The U.S. Department of Justice, with Germany and Finland, disrupted Garantex, a cryptocurrency exchange accused of money laundering and sanctions violations, and unsealed an indictment against two alleged administrators. Garantex allegedly processed at least USD 96 billion in cryptocurrency transactions, including criminal proceeds. U.S. law enforcement seized Garantex domains and froze over USD 26 million, while German and Finnish authorities seized servers hosting the exchange.

    EnforcementInvestigations & enforcement actionsAML and CFTCyber resilience
  • 2025-03-07RussiaCentral Bank of Russia

    Central Bank of Russia reports management company assets rose to RUB 26.3 trillion in 2024 as money market exchange-traded unit investment funds dominated retail inflows

    The Central Bank of Russia's review for 2024 Q4 reveals a 25.8% increase in assets managed by management companies, reaching RUB 26.3 trillion. Growth was primarily driven by closed-end unit investment funds (UIFs) and a strong retail trend towards money market exchange-traded UIFs, which saw net inflows of RUB 452 billion and a weighted average return of 18.1%.

    Data & statisticsLiquidity risk
  • 2025-03-07RussiaCentral Bank of Russia

    Central Bank of Russia extends foreign cash withdrawal restrictions including USD 10,000 cap to 9 September 2025

    The Central Bank of Russia extended restrictions on foreign cash withdrawals for six months, citing sanctions preventing Russian banks from purchasing cash from western countries. Individuals with foreign currency accounts opened before 9 March 2022 can withdraw up to USD 10,000 or equivalent in euros, with remaining funds available in rubles. The ban on banks charging fees for foreign cash withdrawals and restrictions on corporate withdrawals in certain currencies are also extended until 9 September 2025.

    Policy & regulationRules & requirementsCross-border payments
  • 2025-03-07CanadaBritish Columbia Securities Commission

    British Columbia Securities Commission permanently bans Oliver Barrett Lindsay from British Columbia’s investment market following US securities fraud guilty plea

    The British Columbia Securities Commission permanently banned Oliver Barrett Lindsay from the market after his guilty plea in the U.S. for conspiracy to commit securities fraud. Lindsay's fraudulent trading scheme with Kelvin Medical Inc. resulted in a 17-month U.S. prison sentence and USD 187,898 restitution. The order prohibits him from various securities-related activities, except through his registered accounts, and restricts his corporate roles to companies where he is the sole shareholder.

    EnforcementSanctions & designationsFraud and scams
  • 2025-03-07United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission settles charges against Momentum Advisors and two former officers for misuse of private fund and portfolio company assets

    The U.S. Securities and Exchange Commission issued settled orders against Momentum Advisors LLC, Allan J. Boomer, and Tiffany L. Hawkins for fiduciary breaches, including misuse of assets and supervisory failures. Hawkins misappropriated USD 223,000, while Boomer failed to supervise, causing an unearned benefit of USD 346,904. All parties consented to penalties and sanctions, including civil penalties totaling USD 515,000 and various professional restrictions.

    EnforcementInvestigations & enforcement actionsFiduciary duty
  • 2025-03-07CanadaAlberta Securities Commission

    Alberta Securities Commission warns investors about the CanCap crypto investment scam and related unregistered websites

    The Alberta Securities Commission (ASC) issued a public warning about crypto investment scams, specifically highlighting the CanCap scheme promoted online. The ASC noted false endorsements, fabricated media content, and links to several websites, none of which are registered in Canada to sell investments or provide advice. Investors are advised to verify registration status and review alerts on CheckFirst.ca.

    SupervisionAlertsFraud and scams
  • 2025-03-07United StatesOffice of the Comptroller of the Currency

    Office of the Comptroller of the Currency confirms banks can conduct certain crypto activities and removes supervisory nonobjection requirement

    The OCC issued Interpretive Letter 1183, permitting national banks and federal savings associations to engage in crypto-asset custody, certain stablecoin activities, and independent node verification networks without prior supervisory nonobjection. The OCC stressed the need for robust risk management controls and withdrew from joint statements on crypto-asset and liquidity risks.

    Policy & regulationGuidance & interpretationTokenizationStablecoins
  • 2025-03-07MoldovaNational Bank of Moldova

    National Bank of Moldova starts expanded cooperation with the National Bank of Romania on implementing SEPA integration

    The National Bank of Moldova (NBM) reported on Governor Anca Dragu’s visit to the National Bank of Romania, marking the first interinstitutional meeting after Moldova's acceptance into the Single Euro Payments Area (SEPA). Discussions focused on Romania's SEPA integration experiences and aligning Moldova's banking sector with European standards. The NBM delegation also engaged with the Romanian Banking Association to explore regulatory and technical solutions for payments infrastructure and digitalisation.

    Policy & regulationCooperationCross-border payments
  • 2025-03-07SwitzerlandSwiss Financial Market Supervisory Authority (FINMA)

    Swiss Financial Market Supervisory Authority highlights Swiss Federal Council easing of Syria sanctions for energy transport and certain financial services

    The Swiss Financial Market Supervisory Authority (FINMA) announced amendments to the 2012 ordinance on measures against Syria, lifting sanctions on the Syrian energy and transport sectors. This aligns Switzerland with the European Union's decision to relax Syria sanctions. Other financial and goods sanctions remain unchanged, and frozen funds are not released.

    Policy & regulationRules & requirementsSanctions list update
  • 2025-03-07SwitzerlandSwiss Financial Market Supervisory Authority (FINMA)

    Swiss Financial Market Supervisory Authority publishes update on Swiss Federal Council ordinance freezing Syria-related assets of 17 persons

    The Swiss Financial Market Supervisory Authority (FINMA) announced a Swiss Federal Council ordinance mandating the immediate freezing of assets in Switzerland belonging to 17 individuals linked to Syria. Effective 7 March 2025, this measure is pursuant to Article 3 of the Federal Act on the Freezing and Restitution of Illicit Assets held by Foreign Politically Exposed Persons. Entities managing these assets must report to the Money Laundering Reporting Office Switzerland.

    Policy & regulationRules & requirementsNew sanctions designations
  • 2025-03-07AustraliaAustralian Competition and Consumer Commission

    Australian Competition and Consumer Commission grants ASFI and member banks interim authorisation to develop regulatory capital reform proposals under a competition protocol

    The Australian Competition and Consumer Commission has granted interim authorisation to the Australian Sustainable Finance Institute and its member banks to discuss reform proposals on sustainable finance, subject to a competition protocol for handling sensitive information. This authorisation is limited to discussions on Australian regulatory capital requirements.

    SupervisionAuthorisations & approvalsOther
  • 2025-03-07LuxembourgLuxembourg Commissariat aux Assurances

    Luxembourg Insurance Commission updates reporting naming conventions with clarifications for DORA ROI and incident reporting

    The Luxembourg Insurance Commission has revised its "Naming conventions for CAA reportings" file, providing clarifications to chapter 2.16 on the Digital Operational Resilience Act (DORA) Register of Information and chapter 2.17 on DORA Incident Reporting.

    Policy & regulationGuidance & interpretationRegulatory reporting
  • 2025-03-07United StatesThe White House

    The White House establishes a Strategic Bitcoin Reserve and U.S. digital assets stockpile

    The White House announced a digital assets agenda at its first Digital Asset Summit, with President Trump signing an executive order to establish a Strategic Bitcoin Reserve within the U.S. Treasury. The order mandates federal agencies to inventory crypto assets and transfer them to the Treasury, while non-Bitcoin assets will be placed in a separate stockpile. The administration aims to end "Operation Choke Point 2.0" and supports legislative efforts for a regulatory framework for stablecoins and digital assets.

    Policy & regulationRules & requirementsFintech and insurtechRegulatory sandbox
  • 2025-03-07Isle of ManThe Treasury (Isle of Man)

    Isle of Man Treasury publicises Russia sanctions list changes delisting Rosbank and Active Denizcilik and amending TBank entry

    The Isle of Man Treasury updated the UK sanctions list under the Russia sanctions regime, removing ROSBANK PJSC and ACTIVE DENIZCILIK VE GEMI ISLETMECILIGI ANONIM SIRKETI, and amending TINKOFF BANK to TBANK (T‑Bank) with updated details. TBANK remains subject to asset freeze, trust services sanctions, and a prohibition on correspondent banking relationships. The notice emphasizes freezing assets immediately if suspected to match the UK sanctions list and reporting breaches or blocked transactions to the Financial Intelligence Unit.

    EnforcementSanctions & designationsSanctions list update
  • 2025-03-07EuropeEuropean Insurance and Occupational Pensions Authority

    European Insurance and Occupational Pensions Authority joins EBA and ESMA in endorsing European Commission amendments to the DORA subcontracting RTS

    The European Supervisory Authorities, including the European Insurance and Occupational Pensions Authority, published an Opinion agreeing with the European Commission's amendments to the draft regulatory technical standards on subcontracting under the Digital Operational Resilience Act. The Opinion acknowledges that the original draft exceeded the mandate and supports the Commission's revisions to bring it within scope. The ESAs urge prompt adoption of the amended RTS.

    Policy & regulationGuidance & interpretationOutsourcing and third-party risk management
  • 2025-03-07GrenadaGrenada Authority for the Regulation of Financial Institutions

    Grenada Authority for the Regulation of Financial Institutions cancels Benjamin’s Insurance Brokerage registration effective 27 November 2024

    The Grenada Authority for the Regulation of Financial Institutions announced that Benjamin’s Insurance Brokerage requested cancellation of its registration effective 27 November 2024 and is no longer authorized to conduct insurance business. The public and potential business partners are advised to take note.

    SupervisionAuthorisations & approvalsLicence withdrawal
  • 2025-03-07GrenadaGrenada Authority for the Regulation of Financial Institutions

    Grenada Authority for the Regulation of Financial Institutions cancels Platinum Consultancy’s insurance broker registration after certificate expiry

    The Grenada Authority for the Regulation of Financial Institutions has cancelled Platinum Consultancy's registration as an insurance broker due to the expiration and non-renewal of its registration certificate on 31 December 2024. The firm is no longer authorized to conduct insurance business.

    SupervisionAuthorisations & approvalsLicence withdrawal
  • 2025-03-07CaribbeanEastern Caribbean Central Bank

    Eastern Caribbean Central Bank publishes Payment System and Services Bill establishing a licensing and oversight regime for payment service providers

    The Eastern Caribbean Central Bank released the Payment System and Services Bill, establishing a legal framework for regulating payment service providers in the Eastern Caribbean Currency Union. The Bill enhances consumer protection, financial stability, and innovation by introducing licensing requirements, transparency measures, and stronger supervisory powers. It also aims to support financial inclusion and new payment technologies while ensuring security and interoperability.

    Policy & regulationRules & requirementsPayments and payment systems
  • 2025-03-06Dominican RepublicCentral Bank of the Dominican Republic

    Central Bank of the Dominican Republic to hold 11th Economic and Financial Week 2025 on 17–21 March with 51 participating institutions

    The Central Bank of the Dominican Republic will host its 2025 Economic and Financial Week from 17 to 21 March, targeting students to enhance financial literacy. The event includes talks, workshops, and activities on saving, spending, and credit use, with participation from 51 institutions, including banks and supervisory bodies. This year's programme extends to Baní, Peravia province, for the first time.

    Financial literacy & educationFinancial literacy and education
  • 2025-03-06Dominican RepublicPensions Superintendency (SIPEN)

    Dominican Republic's Pensions Superintendency highlights pension fund returns, rising private-sector investment and a fee path to 0.75% by 2029

    The Dominican Republic's Pensions Superintendency explained that investment performance drives retirement savings, with pension fund assets increasingly directed to private-sector projects. The report noted a 10% return in 2024 and highlighted challenges like high labor market informality. Recent regulatory changes include a sliding administration commission, elimination of inheritance tax on balances, and eased access to funds for terminal illness cases.

    Financial literacy & education
  • 2025-03-06Dominican RepublicPensions Superintendency (SIPEN)

    Dominican Republic's Pensions Superintendency launches pension education series for Directorate General of Internal Taxes staff

    SIPEN trained over 165 Directorate General of Internal Taxes employees on the Dominican Pension System to improve retirement financial decisions. The sessions covered complementary pension plans, early withdrawal conditions, and tax-exempt savings. SIPEN plans to expand this initiative to achieve the Aquí Sabemos de Pensiones seal for workplace pension education.

    Institutional developmentCooperation & capacity buildingCapacity building
  • 2025-03-06CyprusCentral Bank of Cyprus

    Central Bank of Cyprus publishes fourth quarter 2024 Bank Lending Survey showing unchanged lending standards but eased loan terms

    The Central Bank of Cyprus released its Bank Lending Survey for Q4 2024, showing unchanged lending standards for firms and households, with relaxed terms on new loans. Corporate credit and household housing loan demand remained stable, but net demand for consumer and other household loans decreased.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-03-06MontenegroMontenegro Capital Market Authority

    Montenegro Capital Market Authority delivers CFD demo trading workshops for high school students and opens a simulation competition

    The Montenegro Capital Market Authority, in collaboration with FINVEO MN, conducted educational workshops at the “Mirko Vešović” Secondary School of Economics in Podgorica, focusing on demo trading and contracts for difference (CFDs). This initiative is part of Montenegro’s 2023–2027 financial education programme. The sessions included CFD trading in various markets and introduced a student competition under simulated conditions.

    Financial literacy & educationFinancial literacy and education
  • 2025-03-06AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission bans former Kingdom Developments Group director Andrew Bodnar from financial services for six and a half years

    The Australian Securities & Investments Commission (ASIC) has banned NSW property developer Andrew Bodnar from the financial services industry for six and a half years. An investigation revealed Bodnar operated without a licence, offered securities without disclosure, and engaged in misleading conduct. His undischarged bankruptcy, with AUD 131 million owed, contributed to the ban. Bodnar may seek a review in the Administrative Appeals Tribunal.

    EnforcementSanctions & designationsUnlicensed or unauthorized activity
  • 2025-03-06ItalyItalian Securities Commission (Consob)

    Italian Securities Commission and Bank of Italy issue joint guidance on crypto-asset accounting, market disclosure and audit focus

    The Italian Securities Commission (Consob) and the Bank of Italy issued joint guidance on treating crypto-assets in financial statements, disclosures, and audits, without imposing new obligations. The guidance targets listed issuers and auditors, emphasizing clear disclosure of crypto-asset exposures and adherence to International Financial Reporting Standards. It highlights addressing volatility, complexity, and anti-money laundering concerns in audits.

    Policy & regulationGuidance & interpretationAccounting and financial reporting
  • 2025-03-06United Arab EmiratesDubai Financial Services Authority

    Dubai Financial Services Authority consults on reclassifying Compliance Officers Finance Officers and Senior Managers as firm-appointed Designated Individuals

    The Dubai Financial Services Authority (DFSA) issued Consultation Paper 165 proposing changes to its Licensed Functions and Authorised Individuals regime. It removes DFSA prior approval for certain roles, shifting fitness and propriety assessments to firms. Compliance Officers, Finance Officers, and Senior Managers are reclassified as "Designated Functions," while DFSA authorization remains for Senior Executive Officers and Money Laundering Reporting Officers. Authorised Firms would apply existing criteria to Designated Individuals, maintain assessment records, and notify the DFSA of appointments and cessations.

    Policy & regulationRules & requirementsLicensing framework and process
  • 2025-03-06AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission updates responsible lending guidance to clarify how lenders consider HELP student loan commitments

    The Australian Securities & Investments Commission (ASIC) updated Regulatory Guide 209 to clarify the treatment of Higher Education Loan Program (HELP) debts in credit affordability assessments. HELP debts differ due to income-dependent repayments and do not alter broader lending policies. This update follows a request from the Treasurer and consultations with industry and consumer groups, with ASIC and the Australian Prudential Regulation Authority (APRA) collaborating for consistent guidance.

    Policy & regulationGuidance & interpretationLendingConsumer and investor protection
  • 2025-03-06United KingdomPayment Systems Regulator

    Payment Systems Regulator finds Mastercard and Visa raised core UK card scheme and processing fees by at least 25% and will consult on remedies

    The Payment Systems Regulator (PSR) released its final report on card scheme and processing fees, highlighting that Mastercard and Visa face ineffective competitive constraints in the UK, leading to a more than 25% increase in fees to acquirers from 2017 to 2023. These increases have cost businesses at least GBP 170 million extra annually, with fee opacity contributing to higher costs for acquirers and merchants. The PSR plans to consult on potential remedies before implementing corrective actions.

    Policy & regulationGuidance & interpretationPayments and payment systems
  • 2025-03-06BotswanaBank of Botswana

    Bank of Botswana confirms Beni Fame has voluntarily surrendered its electronic payment service provider licence

    The Bank of Botswana announced that Beni Fame (Pty) Limited has voluntarily surrendered its licence to operate an electronic payment service under the Electronic Payment Services Regulations, 2019. The central bank advised against transacting with Beni Fame for electronic payment services and reiterated that operating such services without a valid licence is a criminal offence. Beni Fame’s Bureau de Change operations remain unaffected.

    SupervisionAuthorisations & approvalsLicence withdrawal
  • 2025-03-06Costa RicaCentral Bank of Costa Rica

    Central Bank of Costa Rica publishes February 2025 monthly economic situation report

    The Central Bank of Costa Rica published its February 2025 monthly report on economic conditions, detailing updates on output, employment, wages, external trade, public finances, monetary and financial accounts, the foreign exchange market, prices, and international economic indicators.

    Data & statisticsEconomic data and developmentsMonetary data
  • 2025-03-06PakistanSecurites & Exchange Commission of Pakistan

    Securities and Exchange Commission of Pakistan appellate bench upholds PKR 800,000 penalty on VIS Credit Rating Company

    The Appellate Bench of the Securities and Exchange Commission of Pakistan upheld an PKR 800,000 penalty against VIS Credit Rating Company Limited for breaches of the Credit Rating Companies Regulations, 2016. The appeal contested a 2019 SECP order citing non-compliance issues, including conflicts of interest and inadequate risk management. The decision emphasizes the necessity for credit rating agencies to adhere to standards of fairness, efficiency, transparency, and ethics.

    EnforcementInvestigations & enforcement actionsAuditing
  • 2025-03-06AlgeriaAlgeria Market Authority (COSOB)

    Algeria Market Authority discusses future cooperation with the African Development Bank on market development and capacity building

    The Algeria Market Authority met the African Development Bank's resident representative to discuss Algeria's financial market, including financing opportunities. The talks also covered possible future cooperation on market development and capacity building, alongside a review of the authority's 2024 achievements and key Algiers Stock Exchange figures.

    Policy & regulationCooperationMarket developmentCapacity building
  • 2025-03-06NigeriaNigeria Securities & Exchange Commission

    Nigeria Securities and Exchange Commission to move equities settlement to T+2 from 28 November 2025

    Nigeria’s Securities and Exchange Commission announced a transition to a T+2 settlement cycle for equities transactions, effective 28 November 2025. This change aims to enhance market liquidity, reduce counterparty risk, and align with international standards. Market participants must update systems accordingly, and investors should consult brokers for potential impacts.

    Policy & regulationRules & requirementsMarket infrastructure
  • 2025-03-06United StatesFederal Reserve Bank of New York

    Federal Reserve Bank of New York introduces the Credit Insecurity Index and finds access to affordable credit improved from 2018 to 2023 but over one in 10 still rely on high-cost debt

    The Federal Reserve Bank of New York released a report titled “Credit Insecurity in the United States, 2018–2023,” introducing a Credit Insecurity Index to assess geographic access to credit. While access to affordable credit improved from 2018 to 2023, over 10% of the population still resides in areas with high reliance on costly credit and debt management challenges. The index data, detailing credit access across regions, is available in an Excel workbook.

    Data & statisticsCredit riskFinancial inclusion
  • 2025-03-06LuxembourgLuxembourg Commission de Surveillance du Secteur Financier

    Luxembourg Commission de Surveillance du Secteur Financier introduces an e-Identification prospectus process from April 2025 and streamlines amendments that do not require prior review

    The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) will implement an "e-Identification" system for prospectuses of UCITS, Part II UCIs, SICARs, and SIFs from April 2025, replacing the current VISA procedure. Accessible via the eDesk e-Identification Prospectus application, it includes a guide detailing the procedure and amendments not requiring prior CSSF approval. The existing procedure remains for requests needing prior review, with the guide set for publication on 20 March 2025.

    Policy & regulationRules & requirementsRegulatory reporting
  • 2025-03-06EuropeEuropean Banking Authority

    European Banking Authority consults on four technical standards to operationalise the EU’s new AMLA-led AML/CFT regime

    The European Banking Authority has launched a public consultation on four draft Regulatory Technical Standards in response to the European Commission’s Call for Advice on the EU anti-money laundering and countering terrorism financing package. These standards guide institutions and supervisors in AML/CFT obligations and support the new EU Authority for Anti-Money Laundering and Countering Terrorism Financing. Key areas include supervision criteria, risk assessment methodologies, customer due diligence frameworks, and sanction indicators.

    Policy & regulationRules & requirementsAML and CFT
  • 2025-03-06United KingdomFinancial Conduct Authority

    Financial Conduct Authority reminds lenders of interest rate stress testing flexibility and sets timetable for evidence and consultations to improve mortgage access

    The Financial Conduct Authority (FCA) reminded mortgage lenders of flexibility in interest rate stress testing rules and announced a programme to improve mortgage access. The FCA plans to call for evidence on stress testing approaches and consult on simplifying rules to facilitate remortgaging and reduce borrowing costs. Additional initiatives include an Open Finance Sprint to explore smart data in mortgages and a public discussion on the future of the mortgage market.

    Policy & regulationGuidance & interpretationLending
  • 2025-03-06United KingdomFinancial Conduct Authority

    Financial Conduct Authority and Prudential Regulation Authority appoint Martyn Beauchamp as Financial Services Compensation Scheme CEO

    The Financial Conduct Authority and the Prudential Regulation Authority have appointed Martyn Beauchamp as the permanent CEO of the Financial Services Compensation Scheme, transitioning from his interim role since October 2023. Beauchamp will also serve as an executive director on the FSCS Board. The appointment was approved by the Prudential Regulation Committee, the FCA Board, and HM Treasury.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-03-06GuernseyMinistry of Finance (Guernsey)

    Guernsey's Policy & Resources Committee updates Russia sanctions figures and reports GBP 12.7bn of assets frozen overseas

    Guernsey's Policy & Resources Committee updated on implementing UK sanctions on Russia, reporting GBP 4.7 million in frozen bank deposits and GBP 67 million in other assets locally, with GBP 12.7 billion frozen elsewhere but controlled from the Bailiwick. The sanctions primarily target financial assets, with most notifications since 2022 linked to the fiduciary sector outside the Bailiwick. MONEYVAL commended Guernsey's timely sanctions implementation and the Guernsey Financial Services Commission’s supervision.

    Policy & regulationImplementation, projects & pilotsSanctions list update
  • 2025-03-06AustraliaAustralian Financial Complaints Authority

    Australian Financial Complaints Authority urges passage of the Scams Prevention Framework Bill and prepares for single scams EDR role

    The Australian Financial Complaints Authority (AFCA) supports the urgent passage of the Scams Prevention Framework Bill, citing inadequate current legislative settings and proposing a whole-of-ecosystem framework. AFCA reported handling over 470,000 complaints since 2018, with AUD 1.38 billion returned to consumers, and highlighted a significant rise in scam complaints, urging the Senate Economics Committee to recommend the Bill's passage for implementing a new scams External Dispute Resolution jurisdiction.

    Policy & regulationRules & requirementsComplaints and dispute resolution
  • 2025-03-06KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan sets out how borrowers can escalate microcredit disputes to the microfinance ombudsman

    The Agency for Regulation and Development of the Financial Market of Kazakhstan issued guidance for borrowers in disputes with microfinance organisations, directing them to the microfinance ombudsman for resolution. The ombudsman is an independent, free mechanism with binding decisions on microfinance entities. The guidance details submission channels and required documentation, noting the ombudsman institution was introduced on 21 December 2024.

    Policy & regulationGuidance & interpretationOther
  • 2025-03-06Hong KongHong Kong Securities & Futures Commission

    Hong Kong Securities and Futures Commission warns the public about Linkbex for suspected virtual asset-related fraud

    The Hong Kong Securities and Futures Commission (SFC) issued a warning about Linkbex for suspected virtual asset-related fraud. Linkbex falsely claimed affiliations with seven SFC-licensed corporations, and investors reported account lockouts due to a supposed SFC anti-money laundering investigation. The Hong Kong Police Force blocked access to Linkbex’s website, which was added to the SFC’s Suspicious Virtual Asset Trading Platforms Alert List.

    SupervisionAlertsFraud and scams
  • 2025-03-06Hong KongHong Kong Securities & Futures Commission

    Hong Kong Securities and Futures Commission quarterly report points to stronger 2024 fund inflows and higher Stock Connect trading

    The Hong Kong Securities and Futures Commission's Quarterly Report highlights a strong end to 2024 for Hong Kong's capital markets, driven by increased asset management and cross-border connectivity. Key developments include a 35% rise in average daily ETF turnover to HKD 18.9 billion, an 88% surge in net inflows into Hong Kong-domiciled funds to HKD 162.9 billion, and a 10-year high in southbound Stock Connect net inflows of HKD 807.9 billion. The report also notes three new virtual asset trading platform licences, bringing the total to 10, and the introduction of the "ASPIRe" roadmap with 12 initiatives.

    Data & statisticsActivity and performance reporting
  • 2025-03-06AustraliaAustralian Prudential Regulation Authority

    Australian Prudential Regulation Authority consults on governance reforms including a 10-year non-executive director tenure limit

    The Australian Prudential Regulation Authority (APRA) has proposed eight measures to update its prudential governance framework for banks, insurers, and superannuation trustees, the first major update in over a decade. Key proposals include heightened board expectations, stricter standards for responsible persons, mandatory APRA engagement on succession planning, extending conflict management to banking and insurance, strengthening independence requirements, clarifying roles, and a 10-year tenure limit for non-executive directors. APRA suggests proportional application for smaller institutions and aims to streamline standards across industries.

    Policy & regulationRules & requirementsCorporate governance
  • 2025-03-06Latin AmericaFinancial Action Task Force of Latin America (GAFILAT)

    Financial Action Task Force of Latin America runs unannounced Cuba exercise to test implementation of UN-linked targeted financial sanctions

    The Financial Action Task Force of Latin America (GAFILAT) conducted a simulation in Cuba to test the implementation of financial sanctions related to UN Security Council resolutions on terrorist financing and weapons proliferation. The exercise involved Cuban AML/CFT authorities and various financial and non-financial entities, revealing strengths and areas for improvement. It was based on GAFILAT's 2023 methodological manual.

    Policy & regulationImplementation, projects & pilotsSanctions list update
  • 2025-03-06CyprusCyprus Securities and Exchange Commission

    Cyprus Securities and Exchange Commission records dissolution and liquidation of the PT EMERALD Sub-Fund compartment of PT EU RAIF V.C.I.C. Public Ltd

    The Cyprus Securities and Exchange Commission (CySEC) has been notified by PT EU RAIF V.C.I.C. Public Ltd, through its external manager AUDE FM Limited, of the decision to dissolve and liquidate the PT EMERALD Sub-Fund. This action is in accordance with Article 138(7)(a) of the Alternative Investment Funds Law of 2018. CySEC will remove the sub-fund from the RAIFs’ Register upon completion of the process and submission of required documents.

    SupervisionAuthorisations & approvalsOther
  • 2025-03-06AustraliaReserve Bank of Australia

    Reserve Bank of Australia's Payments System Board to publish CHESS response, outline BECS decommissioning recommendations and launch mid-2025 retail payments consultation

    The Reserve Bank of Australia announced regulatory interventions after the Australian Securities Exchange's CHESS batch failure, focusing on account-to-account payments, retail payments regulation, and central bank digital currency (CBDC) research. Initiatives include addressing risks in decommissioning the Bulk Electronic Clearing System by 2030, enhancing pricing transparency, exploring merchant card payment costs, and continuing CBDC work through Project Acacia.

    Policy & regulationImplementation, projects & pilotsOperational risk and resiliencePayments and payment systems
  • 2025-03-06Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority alerts public to phishing emails linked to DBS Bank (Hong Kong) Limited

    The Hong Kong Monetary Authority (HKMA) issued a public alert regarding phishing emails reported by DBS Bank (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive personal information. Individuals who responded to such emails should contact DBS Bank and report to the Police.

    SupervisionAlertsFraud and scams
  • 2025-03-06Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority warns public about a fraudulent website linked to Bank Julius Baer & Co. Ltd.

    The Hong Kong Monetary Authority (HKMA) alerted the public about a fraudulent website linked to Bank Julius Baer & Co. Ltd. HKMA reminded that banks don't send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Those who shared personal information or conducted transactions on the fraudulent site should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.

    SupervisionAlertsFraud and scams
  • 2025-03-06Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority warns of fraudulent China Construction Bank Asia website and internet banking login screen

    The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen 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 via phone, email, or SMS. Individuals who interacted with the fraudulent site should contact the bank and report to the Police.

    SupervisionAlertsFraud and scams
  • 2025-03-06Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority warns of fraudulent Industrial and Commercial Bank of China Asia Limited websites and internet banking login screens

    The Hong Kong Monetary Authority (HKMA) issued a public alert regarding fraudulent websites and internet banking login screens impersonating Industrial and Commercial Bank of China Asia 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 Hong Kong Police Force.

    SupervisionAlertsFraud and scams
  • 2025-03-06Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority warns public about fraudulent Chong Hing Bank websites and internet banking login screens

    The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens associated with Chong Hing Bank 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 individuals should contact Chong Hing Bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.

    SupervisionAlertsFraud and scams
  • 2025-03-06Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority warns public about fraudulent websites linked to OCBC Bank Hong Kong

    The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites linked to OCBC Bank (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with links for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact OCBC Bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.

    SupervisionAlertsFraud and scams
  • 2025-03-06Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority alerts public to fraudulent Bank of East Asia websites and internet banking login screens

    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 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
  • 2025-03-06Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority warns of fraudulent Nanyang Commercial Bank websites, internet banking login screens and social media accounts

    The Hong Kong Monetary Authority (HKMA) alerted the public about fraudulent websites, internet banking login screens, and social media accounts linked to Nanyang Commercial Bank, Limited. The HKMA stressed that banks will not request sensitive personal information via SMS, email, or phone. Individuals who interacted with these fraudulent channels should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.

    SupervisionAlertsFraud and scams
  • 2025-03-06Isle of ManIsle of Man Financial Services Authority

    Isle of Man Financial Services Authority issues March 2025 bulletin setting out supervision themes AML/CFT updates and MONEYVAL evaluation planning

    The Isle of Man Financial Services Authority released its March 2025 stakeholder bulletin, detailing strategic updates on prudential and conduct supervision, AML/CFT compliance, and preparations for the MONEYVAL evaluation. The bulletin includes operational updates, recent changes to the AML/CFT Handbook, and efforts to modernize pensions legislation. It also highlights an updated Supervisory Methodology Framework and upcoming events.

    SupervisionSupervision approach, priorities & toolkitAML and CFT
  • 2025-03-06United KingdomUK Parliament

    UK Parliament's Treasury Committee publishes data showing 803 hours of unplanned IT outages at nine major UK banks and building societies

    The UK Parliament’s Treasury Committee released data from nine major UK banks and building societies, revealing 803 hours of unplanned technology and systems outages over two years, affecting millions of customers. Causes included third-party supplier issues, system changes, and internal software malfunctions. Barclays reported a significant incident with 56% of online payments failing, estimating compensation costs between GBP 5 million and GBP 7.5 million, with total potential compensation across outages up to GBP 12.5 million.

    SupervisionRisk monitoring & watch pointsOperational risk and resilience
  • 2025-03-06EuropeEuropean Payments Council

    European Payments Council adds Moldova to SEPA payment schemes’ geographical scope

    The European Payments Council has added Moldova to the geographical scope of the Single Euro Payments Area payment schemes. Moldovan financial institutions can seek adherence from April 2025, with the earliest Operational Readiness Date set for Oct. 5, 2025.

    Policy & regulationImplementation, projects & pilotsPayments and payment systemsCross-border paymentsMarket development
  • 2025-03-06ThailandThailand Office of Insurance Commission

    Thailand Office of Insurance Commission sets four-quarter insurance literacy themes and coordinates joint outreach with the insurance sector

    The Thailand Office of Insurance Commission outlined its insurance literacy initiative with a four-quarter, theme-based approach and collaboration with public and private stakeholders. Themes include compulsory and sustainability-linked insurance, life and savings products, tourism-related insurance, and tax-deductible and retirement products. The initiative includes industry cooperation on communications materials and highlights recent supervisory activities, such as resolving 94.57% of insurance disputes.

    Financial literacy & educationFinancial literacy and education
  • 2025-03-06South AfricaSouth African Reserve Bank

    South African Reserve Bank reports current account deficit narrows to 0.4% of GDP in Q4 2024

    The South African Reserve Bank reported a narrowing of the current account deficit to ZAR 31.6 billion (0.4% of GDP) in Q4 2024, down from ZAR 55.6 billion (0.8% of GDP) in Q3. This improvement was driven by a wider trade surplus, with exports rising more than imports. However, the services, income, and current transfer account shortfall widened to ZAR 264.5 billion, maintaining a GDP ratio of 3.5%.

    Data & statisticsBalance of payments and other external statistics
  • 2025-03-06South AfricaSouth African Reserve Bank

    South African Reserve Bank publishes final draft market conventions for ZARONIA-based non-linear derivatives

    The South African Reserve Bank released a final draft white paper recommending standard market conventions for ZARONIA-based non-linear interest rate derivatives. It outlines conventions for product definitions, calendars, day count, and rate mechanics to support the transition from the Johannesburg Interbank Average Rate (Jibar). It includes quoting and settlement conventions and an Excel pricing template, with a noted model correction for the Cap-Floor sheet.

    Policy & regulationGuidance & interpretationFinancial benchmarks
  • 2025-03-06PhilippinesCentral Bank of the Philippines

    Central Bank of the Philippines reports universal and commercial bank loan growth rose to 12.8 percent year on year in January 2025

    The Central Bank of the Philippines reported a 12.8% year-on-year increase in outstanding loans of universal and commercial banks, net of reverse repurchase placements, in January 2025. Loans to residents grew by 13.3%, while loans to non-residents decreased by 3.5%. Production activity loans rose by 11.8%, with significant growth in sectors such as real estate, electricity, and retail trade.

    Data & statisticsMonetary data
  • 2025-03-06PhilippinesCentral Bank of the Philippines

    Central Bank of the Philippines reports January M3 up 6.8% to PHP 18.1 trillion as private sector claims rise 13.1%

    The Central Bank of the Philippines reported a 6.8% year-on-year growth in M3 to PHP 18.1 trillion in January, down from 7.7% in December, with a 0.5% month-on-month decline. Domestic claims rose 10.9% year on year, driven by a 13.1% increase in private sector claims, while net foreign assets grew 2.6%. The central bank aims to maintain liquidity conditions aligned with its monetary policy for price and financial stability.

    Data & statisticsMonetary data
  • 2025-03-06ItalyItalian Institute for Insurance Supervision (IVASS)

    Italian Institute for Insurance Supervision publishes 2023 statistical bulletin on general and healthcare civil liability risks

    The Italian Institute for Insurance Supervision (IVASS) released a bulletin on civil liability insurance, noting a 7.1% rise in premiums to EUR 4,018m, with significant market concentration among top insurers. The average claim cost increased by 4.1% to EUR 7,065, while the technical account result net of reinsurance rose by 17% to EUR 1,133m. In healthcare liability, premiums grew by 7.4% to EUR 706m, with high market concentration and average claim costs ranging from EUR 52,000 to EUR 64,000 for older claims.

    Data & statisticsOther
  • 2025-03-06BrazilBrazil Securities Commission (CVM)

    Brazil Securities Commission issues rule to simplify debenture issuance and remove trade registry filing requirement for public companies

    The Brazil Securities Commission (CVM) issued Resolution CVM 226, amending rules to streamline debenture issuance by removing the requirement for listed companies to register debenture deeds with the commercial registry. Legal requirements will now be met through CVM's electronic system, and new procedures for disclosing corporate acts have been established. Effective 10 March 2025, the resolution also clarifies the immediate applicability of debenture splitting under Article 59(IX) of Law 6,404.

    Policy & regulationRules & requirementsSecurities offerings and listings
  • 2025-03-06EstoniaCentral Bank of Estonia

    Central Bank of Estonia notes 8.3% wage growth in Q4 2024 and points to possible labour market mismatch driving private sector pay

    The Central Bank of Estonia reported an 8.3% wage growth in Q4 2024, with private sector wages rising faster than expected despite a weak economic climate. Factors such as payment timing effects due to tax changes and increased working hours contributed to this trend. Unemployment remained at 7.4%, with labour demand yet to show a decisive recovery despite GDP growth.

    ResearchEconomic data and developments
  • 2025-03-06SerbiaNational Bank of Serbia

    National Bank of Serbia reports mobile banking users reaching 4.6 million and 109.3 million payments in 2024

    The National Bank of Serbia reported continued growth in digital banking, with mobile banking users reaching 4.6 million by end-2024, a 13.9% increase from end-2023. Mobile banking payments rose 25.7% year on year to 109.3 million in 2024, while IPS-enabled features saw significant uptake, including a 42.5% increase in QR code bill payments.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-03-06South KoreaSouth Korea Financial Services Commission

    South Korea Financial Services Commission vice chairman advances Cambodia and Philippines cooperation with MOUs on NPL resolution and insurance and deposit insurance talks

    The South Korea Financial Services Commission reported Vice Chairman Kim Soyoung's visits to Cambodia and the Philippines to enhance financial regulatory cooperation and support Korean financial firms' overseas expansion. Key developments included MOUs with Cambodian authorities on non-performing loan resolution and insurance development, and discussions in Manila on regional financial development and deposit protection reforms. An annual international financial cooperation forum is planned in Cambodia.

    Policy & regulationCooperationCross-border cooperation
  • 2025-03-06KazakhstanAstana Financial Services Authority

    Astana Financial Services Authority reports 1,174 new AIFC registrations and 49 new financial services licences in 2024

    The Astana Financial Services Authority reported increased registrations and authorisations at the Astana International Financial Centre, with new digital services reducing processing times. Key developments include licensing 49 financial service providers, recognition of 12 jurisdictions for foreign fund managers, and growth in fund management and digital asset activities. Policy updates cover tokenised commodities, trading facility rules, AML, and eased capital requirements for Islamic finance.

    Policy & regulationImplementation, projects & pilotsLicence approval
  • 2025-03-06AzerbaijanCentral Bank of the Republic of Azerbaijan

    Central Bank of the Republic of Azerbaijan and National Bank of Georgia sign memorandum to expand cooperation on policy, supervision and payments

    The Central Bank of the Republic of Azerbaijan and the National Bank of Georgia signed a Memorandum of Understanding to enhance cooperation in monetary policy, financial stability, banking supervision, payment systems, and financial technologies. The agreement follows discussions on modernizing payment systems, risk-based banking supervision, monetary reforms, fintech adoption, and financial literacy. It includes provisions for experience exchange, training, joint seminars, and research visits.

    Policy & regulationCooperationCross-border cooperation
  • 2025-03-06CambodiaSecurities and Exchange Regulator of Cambodia

    Securities and Exchange Regulator of Cambodia joins Ministry of Economy and Finance committee review of the draft Financial Sector Development Strategy 2021-2030

    The Securities and Exchange Regulator of Cambodia's Director General, Sou Socheat, participated in a meeting to review the draft Financial Sector Development Strategy 2021-2030. The session, chaired by Deputy Prime Minister Aun Pornmoniroth, included representatives from various ministries and institutions.

    Policy & regulationReform agendas & prioritiesMarket development
  • 2025-03-06CambodiaSecurities and Exchange Regulator of Cambodia

    Securities and Exchange Regulator of Cambodia highlights securities sector role in attracting investors at Cambodia-ASEAN Business Summit

    The Securities and Exchange Regulator of Cambodia joined the Cambodia-ASEAN Business Summit in Phnom Penh. Director General Sou Socheat emphasized the securities sector's role in attracting investors to support Cambodia's economic growth and Vision 2030. The summit, themed “Accelerating ASEAN Connectivity: People, Infrastructure, and Trade,” aimed to encourage foreign investment and was attended by government officials, institutional experts, and major international companies.

    Policy & regulationCooperationOther
  • 2025-03-06GuernseyGuernsey Financial Services Commission

    Guernsey Financial Services Commission reports Central Bank of Syria and 23 other entities removed from the UK Syria asset-freeze regime

    The Guernsey Financial Services Commission announced the removal of 24 entities from the United Kingdom’s Syria financial sanctions regime, lifting the asset freeze in the Bailiwick of Guernsey. The updated list includes major Syrian banks and petroleum companies. UK sanctions are implemented in Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020.

    Policy & regulationRules & requirementsSanctions list update
  • 2025-03-06CanadaFinancial Services Regulatory Authority of Ontario

    Financial Services Regulatory Authority of Ontario permits Cheng (Kevin) Qi and Hui Wen (Polly) Liu to surrender insurance agent licences under settlement

    The Financial Services Regulatory Authority of Ontario (FSRA) has settled with Cheng (Kevin) Qi and Hui Wen (Polly) Liu, allowing them to surrender their insurance agent licences under Ontario’s Insurance Act. FSRA determined that Qi and Liu were incompetent and untrustworthy, rendering them unsuitable for licensing. The surrender was formalized through an FSRA order following the settlement.

    SupervisionAuthorisations & approvalsOther
  • 2025-03-06ThailandThailand Securities & Exchange Commission

    Thailand Securities & Exchange Commission adds USDT and USDC to eligible cryptocurrencies for ICO investments and exchange base trading pairs

    The Thailand Securities & Exchange Commission has updated the list of cryptocurrencies eligible for investment in digital tokens via initial coin offerings, adding Tether (USDT) and USD Coin (USDC). This change, effective 16 March 2025, follows a public hearing with broad support for expanding the list.

    Policy & regulationRules & requirementsStablecoins
  • 2025-03-06ThailandThailand Securities & Exchange Commission

    Thailand Securities and Exchange Commission urges TPOLY253A bondholders to review default waiver and restructuring vote including maturity extension to February 2026

    The Thailand SEC advises TPOLY253A bondholders to review information and join an e-meeting on proposed bond term amendments. Thai Polycons Public Company Limited seeks approval to waive a default event, extend maturity by 11 months, increase the interest rate, alter repayment terms, and permit collateral liquidation. The SEC mandates the bondholders’ representative to evaluate these changes' implications.

    Policy & regulationGuidance & interpretationCorporate governance
  • 2025-03-06United KingdomBank of England

    Bank of England's Prudential Regulation Authority and Financial Conduct Authority appoint Martyn Beauchamp as Financial Services Compensation Scheme CEO

    The Prudential Regulation Authority and the Financial Conduct Authority have appointed Martyn Beauchamp as Chief Executive Officer of the Financial Services Compensation Scheme, effective immediately. Beauchamp, who served as Interim CEO since October 2023, will also join the FSCS Board as an Executive Director. The appointment, approved by HM Treasury, ensures the CEO's independence under the Financial Services and Markets Act 2000.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-03-06EuropeEuropean Payments Council

    European Payments Council adds the Republic of North Macedonia to the geographical scope of SEPA payment schemes

    The European Payments Council announced that the Republic of North Macedonia has joined the Single Euro Payments Area (SEPA) payment schemes. This follows efforts to align its national payment systems and regulations with European Union standards, guided by the National Bank of the Republic of North Macedonia.

    Policy & regulationRules & requirementsCross-border payments
  • 2025-03-06United StatesU.S. Senate Committee on Banking, Housing and Urban Affairs

    U.S. Senate Committee on Banking, Housing and Urban Affairs chair introduces FIRM Act to remove reputational risk from regulatory supervision

    The U.S. Senate Committee on Banking, Housing and Urban Affairs introduced the Financial Integrity and Regulation Management Act by Chairman Tim Scott to remove "reputational risk" from regulatory supervision. The proposal aims to prevent regulators from pressuring banks to deny services to federally legal businesses, addressing "debanking" concerns. The bill is supported by financial and industry groups, a coalition of 26 state financial officers, and all Republican Banking Committee members.

    Policy & regulationRules & requirements
  • 2025-03-06GlobalGlobal Legal Entity Identifier Foundation

    Global Legal Entity Identifier Foundation and Open Ownership launch Global Open Data Integration Network to integrate LEIs into open data sources

    The Global Legal Entity Identifier Foundation and Open Ownership have launched the Global Open Data Integration Network to enhance data interoperability, accessibility, and transparency by integrating Legal Entity Identifiers into open data sources and aligning with global standards. This initiative aims to create a more interconnected ecosystem for public and private sector use, offering shared expertise and improved data integration.

    Policy & regulationCooperationBeneficial ownership
  • 2025-03-06VietnamState Bank of Vietnam

    State Bank of Vietnam appoints Lai Huu Phuoc as Chief Inspector

    The State Bank of Vietnam appointed Lai Huu Phuoc as Chief Inspector, overseeing the central bank's inspection function. Deputy Governor Pham Quang Dung emphasized the Inspectorate's role in maintaining transparency and discipline in a sector with assets exceeding VND 23 quadrillion. Phuoc's experience includes roles at the State Audit Office of Vietnam and the Joint Stock Commercial Bank for Foreign Trade of Vietnam.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-03-06EswatiniCentral Bank of Eswatini

    Central Bank of Eswatini launches Global Money Week primary schools budgeting competition with prizes up to SZL 4,500

    The Central Bank of Eswatini has launched its 2025 Global Money Week competition for primary school learners aged 5 to 12, focusing on practical money management with a SZL 500 budget. Participants must create a weekly budget addressing essential expenses, savings, and unexpected costs, with submissions in a 600-word write-up or short video. Prizes range from SZL 1,500 to SZL 4,500, deposited into the winner's unit trust, and entries are judged on realism, prioritisation, creativity, and communication.

    Financial literacy & educationFinancial literacy and education