Central Bank of Iceland publishes Financial Stability Committee annual report to Parliament on 2024 work
The Central Bank of Iceland released the Financial Stability Committee’s annual report to Parliament, detailing its activities in 2024.
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Central Bank of Iceland publishes Financial Stability Committee report to Parliament on its 2024 work
The Central Bank of Iceland released the Financial Stability Committee's annual report to Parliament detailing its activities in 2024.
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Federal Deposit Insurance Corporation releases fourth quarter 2024 Quarterly Banking Profile with 2024 net income up 5.6 percent and unrealized securities losses at USD 482.4 billion
The FDIC's Q4 2024 report shows a 5.6% increase in full-year net income for FDIC-insured institutions, totaling USD 268.2 billion, with a return on assets of 1.12%. Despite higher earnings and an improved net interest margin, unrealized securities losses rose sharply to USD 482.4 billion, and some asset quality indicators modestly deteriorated. The Deposit Insurance Fund balance reached USD 137.1 billion, with the reserve ratio increasing to 1.28%, on track to meet the statutory minimum by September 2028.
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Federal Deposit Insurance Corporation releases Quarterly Banking Profile showing Q4 2024 net income of USD 66.8bn and ROA of 1.11%
The Federal Deposit Insurance Corporation's Quarterly Banking Profile for Q4 2024 shows FDIC-insured banks' net income rose to USD 66.8 billion, with a return on assets of 1.11%. Community banks saw a decline in net income due to higher expenses, while net interest margin increased across all asset sizes. Total loan balances grew by 0.8%, and the Deposit Insurance Fund balance rose to USD 137.1 billion.
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Central Bank of Russia reports RUB 83 billion deposited into brokerage individual investment accounts in 2024 and portfolios rising to RUB 595 billion
The Central Bank of Russia reported a significant increase in retail investor activity in individual investment accounts (IIAs) for 2024, with broker clients depositing RUB 64 billion in Q4, quadrupling the previous year's figure. Total contributions in 2024 were 2.5 times higher than in 2023, driven by demand for type 3 IIAs. Total IIA portfolios rose to RUB 595 billion, with Russian shares, money market fund units, and resident-issued bonds as popular investments, and the number of IIAs reaching 6.1 million by year-end.
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Commodity Futures Trading Commission enforcement division introduces mitigation credit matrix of up to 55% for exemplary self-reporting and cooperation
The Commodity Futures Trading Commission's Division of Enforcement issued an advisory on assessment criteria for self-reporting, cooperation, and remediation, introducing a Mitigation Credit Matrix for civil penalty reductions. The matrix offers up to 55% credit for exemplary self-reporting and cooperation, with full credit contingent on voluntary, timely, and complete disclosure. The Division retains discretion to adjust credits based on specific case facts.
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British Columbia Securities Commission permanently bans Amar Bahadoorsingh from B.C. investment market following U.S. court judgments
The British Columbia Securities Commission has permanently banned Amar Bahadoorsingh from B.C.'s securities and derivatives markets, following U.S. federal court judgments for fraud. The order requires him to resign from director or officer positions and imposes broad restrictions, including prohibitions on trading, management roles, and promotional activities. These actions align with U.S. judgments that included $1.4 million in payment orders and market prohibitions.
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British Columbia Financial Services Authority launches pilot extending REDMA early marketing to 18 months for large developments and introduces new pre-sale risk summary disclosure
The British Columbia Financial Services Authority (BCFSA) has launched a pilot program extending the Real Estate Development Marketing Act early marketing period for large projects from 12 to 18 months, with new consumer disclosure requirements. Developers must submit quarterly sales and market reports to BCFSA, and a Summary of Pre-sale Risks and Buyer Rights form will be mandatory from April 1, 2025. A Consumer Guide to Pre-sale Real Estate Purchases has also been released to aid buyer understanding.
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Central Bank of Egypt reports financial inclusion rising to 74.8% with 52 million citizens using active transaction accounts
By end-2024, 74.8% of eligible Egyptians used active transaction accounts, up from 70.7% at end-2023 and a 204% rise since 2016. Women's financial inclusion reached 68.8%, with 23.3 million women using accounts, while youth inclusion rose to 53.1%. Simplified account-opening processes led to nearly 1 million new financial inclusion accounts and 400,000 "Economic Activity Accounts" between 2022 and 2024.
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U.S. Securities and Exchange Commission extends compliance dates for U.S. Treasury clearing requirements and delays margin segregation enforcement to 30 September 2025
The U.S. Securities and Exchange Commission extended compliance dates for Exchange Act Rule 17ad-22(e)(18)(iv)(A) and (B) to 31 December 2026 for cash market transactions and 30 June 2027 for repo market transactions. A temporary exemption was also issued for Rule 17ad-22(e)(6)(i), delaying enforcement until 30 September 2025. These adjustments aim to provide additional time for operational changes and further engagement on compliance issues.
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U.S. Securities and Exchange Commission acting chair directs staff to explore reforms to expand small-business capital raising and retail access to private companies
Acting Chairman Mark T. Uyeda of the U.S. Securities and Exchange Commission has directed staff to explore enhancing capital-raising opportunities for entrepreneurs and retail investment in private companies. Uyeda identified concerns over disclosure requirements for emerging fund managers and limitations faced by small public companies with a public float below USD 75 million. He questioned whether investor protection concerns justify restricting these companies' access to capital markets.
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U.S. Securities and Exchange Commission Commissioner Peirce urges the Small Business Capital Formation Advisory Committee to identify regulatory hurdles for emerging fund managers and small public companies
SEC Commissioner Hester M. Peirce addressed the Small Business Capital Formation Advisory Committee on regulatory impacts on emerging fund managers and small public companies. She discussed capital-raising challenges, especially for those lacking networks, and regulatory compliance costs for small public companies. Peirce suggested committee recommendations could guide the Commission in identifying and prioritizing regulatory hurdles for public market entry and retention.
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China Banking and Insurance Regulatory Commission and National Development and Reform Commission review CNY 10 trillion in credit support for small and micro enterprises and set next-phase priorities
The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission held a joint meeting to enhance financing support for small and micro enterprises. Since October 2024, a four-tier structure has facilitated over CNY 10 trillion in credit approvals, with renewal loans nearing CNY 7 trillion. The meeting emphasized removing financing barriers, expanding outreach, and improving bank services for private and small firms.
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European Central Bank’s Schnabel argues higher natural rate of interest requires caution on rate easing and changes how QE and QT are assessed
ECB Executive Board member Isabel Schnabel's speech argues that the market's shift to higher long-term real interest rates aligns with an upward adjustment in the natural rate of interest (r*), influenced by inflation risk changes and a decline in the convenience yield on safe assets. She notes a 2.5 percentage point rise in the ten-year German bond yield since late 2021, mainly due to higher real rates, and discusses policy implications, including monitoring policy restrictiveness and balance sheet policies' impact on r*. The speech also references the ECB's revised operational framework and suggests exploring operational testing and collateral mobilisation for liquidity management.
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Financial Action Task Force launches consultation on updated AML/CFT and financial inclusion guidance centred on proportionality and simplified measures
The Financial Action Task Force (FATF) has launched a public consultation on updates to its guidance on anti-money laundering and counter-terrorist financing (AML/CFT) measures and financial inclusion. The draft aims to align with recent FATF Standards, emphasizing proportionality and simplified measures within a risk-based approach. FATF seeks feedback on financial inclusion risks, guidance adequacy, and clarity of recent Standards revisions.
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National Bank of Denmark analysis finds pension-funded home purchases would raise house prices and add few new young homeowners
The National Bank of Denmark's analysis suggests that using pension savings for home purchases would mainly boost housing demand and prices, with minimal net gain in younger homeowners if the housing stock remains unchanged. The report highlights the impact of lending rules and potential spillovers, including increased household debt and wealth shifts from pensions to housing, affecting risk and resilience.
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Luxembourg Commissariat aux Assurances publishes analysis of questionnaire results on pipeline premiums
Luxembourg's Commissariat aux Assurances released Information Note 25/2 detailing the findings from its analysis of responses to a questionnaire on "pipeline premiums".
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Taiwan Financial Services Commission reports new foreign-currency life insurance premiums up 22% to TWD 322.661bn in 2024
The Taiwan Financial Services Commission reported that premium revenue from new foreign-currency denominated life insurance policies reached TWD 322.661 billion by end-December 2024, a 22% increase year-on-year. Investment-linked products contributed TWD 49.814 billion, a 20% decrease, while traditional products totaled TWD 272.847 billion, a 35% increase.
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Dubai Virtual Assets Regulatory Authority issues circular reminding VASPs of UAE federal AML-CFT obligations and the AED 3,500 Travel Rule threshold
The Dubai Virtual Assets Regulatory Authority reminded Virtual Asset Service Providers (VASPs) in Dubai to comply with Anti-Money Laundering and Combatting Financing of Terrorism (AML-CFT) requirements under UAE federal law and VARA's rulebooks. VASPs must implement robust policies, risk-based controls, and monitoring processes, ensuring compliance with federal laws and VARA's Rule III.G for virtual asset transfers over AED 3,500. Non-compliance may result in enforcement actions under VARA regulations and federal AML-CFT laws.
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Dubai Virtual Assets Regulatory Authority warns on MKAN Coin and orders it to cease unlicensed virtual asset activities with a fine
The Dubai Virtual Assets Regulatory Authority (VARA) issued a Consumer and Marketplace Alert against MKAN Coin DMCC for advertising virtual asset activities in the UAE without approval. VARA ordered the firm to cease all unlicensed activities, imposed a fine, and advised consumers to avoid using MKAN Coin. The firm is not licensed under Dubai Law No. 4 of 2022 and Cabinet Resolution No. 111/2022, and VARA highlighted the financial and legal risks of engaging with unlicensed platforms.
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Croatian National Bank adopts 2024 financial statements and allocates EUR 10.5m profit between the state budget and reserves
The Croatian National Bank’s Council approved the audited 2024 financial statements, reporting a profit of EUR 10.5m. Of this, EUR 8.4m will be transferred to the State Budget and EUR 2.1m allocated to the bank’s general reserves. Key financial figures include net interest income of EUR 46.4m and operating expenses of EUR 110m, with risk buffers increasing to EUR 1.9bn by year-end.
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Saudi Arabia's Capital Market Authority launches consultation on draft close-out netting framework for capital market institutions
Saudi Arabia's Capital Market Authority (CMA) has launched a public consultation on a Draft Regulatory Framework for Close-Out Netting for Capital Market Institutions. The draft ensures enforceability of qualified financial contracts in default scenarios, covering netting agreements and financial collateral arrangements. It aligns with international standards and ISDA guidance, proposing exemptions from the Bankruptcy Law for certain transactions.
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Saudi Arabia Capital Markets Authority approves Gulf Union Alahlia capital increase to SAR 687.2m for Gulf General share exchange merger
Saudi Arabia's Capital Markets Authority approved Gulf Union Alahlia Cooperative Insurance Co.'s capital increase from SAR 458,949,280 to SAR 687,181,550 by issuing 22,823,227 ordinary shares to merge with Gulf General Cooperative Insurance Co. via a securities exchange offer. The CMA also approved the offer timetable and publication of necessary shareholder documents for informed voting. The approval confirms legal compliance but does not endorse the merger's feasibility.
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Saudi Arabia Capital Markets Authority approves merger of SNB Capital Al-Raed GCC Fund into SNB Capital GCC Trading Equity Fund
Saudi Arabia's Capital Markets Authority approved the merger of SNB Capital Al-Raed GCC Fund into SNB Capital GCC Trading Equity Fund. The Authority advised investors to review the funds’ terms, conditions, and risk factors, clarifying that the approval signifies compliance with legal requirements, not a subscription recommendation.
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Hong Kong Mandatory Provident Fund Schemes Authority issues circular requiring MPF trustees to enhance ESG fund disclosures
The Hong Kong Mandatory Provident Fund Schemes Authority hosted an MPF Symposium on sustainable development and issued a circular to enhance ESG fund transparency in MPF schemes. Trustees must detail ESG foci, investment strategies, and monitoring mechanisms in brochures, and disclose ESG attainment in annual reports. The symposium also highlighted the MPFA’s sustainable-investing principles and the integration of institutional green bonds into MPF portfolios.
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Peru's Superintendence of the Securities Market outlines 2025 priorities tied to its Agenda Temprana and OECD recommendations
Peru's Superintendence of the Securities Market (SMV) outlined its 2025 strategy to align regulation with international best practices, focusing on corporate governance and sustainability per OECD recommendations. The agenda includes assessing public-interest issues from its 2025 Early Agenda and considering actions for Peru's OECD accession. SMV noted a recovery in bond issuance and a significant rise in local exchange trading, with the S&P/BVL Peru General Index up 11.6%, driven by financial and industrial sectors.
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Australian Securities & Investments Commission secures Federal Court penalties and management bans for former Star executives over duty breaches
ASIC secured Federal Court penalties and disqualifications against two former Star Entertainment executives for breaching duties under the Corporations Act 2001. Gregory Hawkins was fined AUD 180,000 and disqualified for 18 months, while Harry Theodore was fined AUD 60,000 and disqualified for nine months. Hawkins approved a risky agreement with Suncity and failed to report to the board. Theodore allowed misleading representations to NAB about China Union Pay cards. ASIC's trial against nine other former Star directors and officers continues.
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Spanish Securities Commission publishes working papers on low female board representation and on supervisory issues in private capital markets
The Spanish Securities Commission (CNMV) released two Working Papers: one on women's under-representation in governance of unlisted financial entities, and another on private capital and credit markets growth in Europe and Spain. The governance paper notes women hold only 14% of board seats in investment services firms and 16% in asset management firms, citing structural barriers. The private markets paper emphasizes the need for heightened monitoring of private credit growth and safeguards for retail investors due to potential risks.
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Belgium Financial Services and Markets Authority announces reopening of trading in Biosenic on Euronext Brussels
The Belgium Financial Services and Markets Authority announced the resumption of trading in Biosenic financial instruments on Euronext Brussels under Article 78 of the Law of 21 November 2017. Trading re-opened on 24 February 2025 at 09:00 CET.
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France's Financial Markets Authority and other French authorities submit joint response calling for simplification of the EU securitisation framework
France's Ministry of Economy, Finance and Industrial and Digital Sovereignty, Banque de France, the Prudential Supervision and Resolution Authority, and France's Financial Markets Authority have jointly responded to the European Commission’s consultation on the EU securitisation regulatory framework. They advocate for simplifying the framework and adjusting requirements, while ensuring strong safeguards and transparency. The authorities see a well-regulated securitisation market as crucial for financing the European economy, including green and digital transitions.
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Federal Reserve Board research finds linear risk-sensitive taxes need not be tightened under asymmetric information and outlines alternative tools
The Federal Reserve Board released a paper titled “Regulating Bank Portfolio Choice Under Asymmetric Information,” exploring strategies to mitigate bank risk-taking when banks have superior information about portfolio risk. The study suggests using tax-based instruments as flexible tools and recommends withholding tax schedules, employing nonlinear taxes, and taxing realised profits to enhance regulatory effectiveness.
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Federal Reserve Board research finds SHED results largely align with U.S. Census Bureau CPS and ACS surveys
The Federal Reserve Board released a paper evaluating the reliability of the Survey of Household Economics and Decisionmaking (SHED) by comparing it with U.S. Census Bureau surveys like the Current Population Survey and the American Community Survey. The study finds SHED aggregates align well with these surveys, despite differences in design and methodology. However, minor variations in question wording can lead to moderate discrepancies in data.
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US Federal Reserve Board research finds lower Treasury market depth increases liquidity fragility
The US Federal Reserve Board released research indicating that US Treasury market liquidity could worsen under adverse shocks, emphasizing the role of reduced market depth. The study finds that lower market depth, or fewer resting orders, increases liquidity fragility, making low trading costs reliant on quick order replenishment. This conclusion is consistent across major benchmark Treasury securities.
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Federal Reserve Board research links higher discount window borrowing to low reserve holdings and a more attractive discount rate
The Federal Reserve Board released a research paper analyzing how banks' reserve levels and the attractiveness of the Federal Reserve's discount rate affect borrowing from the discount window. Findings indicate increased borrowing when reserves are low and the discount rate is favorable compared to other rates. The impact varies based on bank size, Federal Home Loan Bank membership, and financial condition.
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Federal Reserve Board research introduces an AIR Index to measure firm-level AI R&D from earnings call transcripts
The Federal Reserve Board released a research paper introducing the AIR Index, a firm-level measure of AI research and development, correlating with market valuation effects and capital expenditure increases. The index shows significant variation across industries, with notable strength in computer and electronic manufacturing and growth in computing infrastructure and educational services post-ChatGPT. Higher AIR scores are linked to immediate increases in Tobin's Q and explain differences in cumulative returns, indicating investor sensitivity to AI discussions.
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Federal Reserve Board research presents Heraclius Byzantine fault tolerant database achieving 110,000 operations per second on 256 nodes for payments use cases
The Federal Reserve Board published research on Heraclius, a Byzantine Fault Tolerant key-value database system, exploring its potential to enhance resiliency and security in modern payment systems. The study highlights Heraclius's parallelizable, leader-based architecture, capable of supporting high transaction volumes, and compares its scalability and performance with existing systems. A prototype demonstrated 110,000 operations per second with 0.2 seconds latency across 256 nodes.
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Federal Reserve Board paper links higher geopolitical tensions to weaker cross-border bank lending and stronger monetary policy spillovers
The Federal Reserve Board's research reveals that geopolitical tensions significantly reduce cross-border bank lending and enhance the international transmission of monetary policy, especially during monetary policy tightening. The study uses indicators like UN voting disagreements, sanctions, and geopolitical risk indices, concluding that geopolitics is as influential as monetary policy in affecting lending flows.
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Central Bank of Türkiye puts new E9 series TRY 100 and TRY 10 banknotes into circulation with updated signatures
The Central Bank of Türkiye will circulate new E9 series TRY 100 and TRY 10 banknotes from 24 February 2025, featuring updated signatures. The TRY 100 Version VI will bear the signatures of Governor Fatih Karahan and Deputy Governor Prof. Hatice Karahan, while the TRY 10 Version VII will have signatures of Governor Fatih Karahan and Deputy Governor Osman Cevdet Akçay. All other features remain unchanged, and these versions will circulate alongside existing banknotes.
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Central Bank of Algeria meets IMF delegation to deepen cooperation on technical assistance and capacity building
The Central Bank of Algeria hosted an International Monetary Fund (IMF) delegation led by Bahador Bijani and Charalambos Tsangarides to discuss enhanced cooperation. The meeting emphasized technical assistance and capacity-building support as part of the IMF's regular exchanges with member states.
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Tanzania Insurance Regulatory Authority urges banks to cut insurance distribution commissions to lower costs
The Tanzania Insurance Regulatory Authority (TIRA) urges insurance service providers, especially banks, to lower commissions to reduce distribution costs and enhance affordability. This aligns with TIRA's efforts to support Tanzania’s Universal Health Insurance law. The announcement was part of TIRA's outreach tour to educate regional leaders and public officials on insurance importance and introduce TIRA’s zonal offices.
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Central Bank of Costa Rica launches weekly publication of a sovereign USD par yield curve
The Central Bank of Costa Rica has introduced a sovereign par yield curve in USD as a benchmark for yields across maturities in the country's USD public debt market. Published weekly, the curve is based on transactions in USD-denominated bonds and includes a short-term reference rate, with outputs available in table and interactive report formats. A committee will review the curve weekly and suggest methodological changes as needed.
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Algeria Market Authority convenes scientific council to discuss new capital market strategy and issuer outreach
The Algeria Market Authority said its Scientific Council met to examine proposals for a new strategic vision for the financial market, with a focus on improving performance and competitiveness. Discussions also covered possible outreach visits to companies to explain the benefits of stock exchange listing and encourage market entry.
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National Bank of Georgia hosts financial education seminar for university students covering supervision, payments and virtual assets
The National Bank of Georgia held a financial education seminar for university students to enhance understanding of its functions and the financial sector. Topics included financial market stability, consumer rights, financial reserves management, anti-money laundering, and regulation of banking and non-banking institutions. The event, supported by the Ministry of Education, Science, and Youth, attracted over 40 students.
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Bank of Italy appoints a member to the Milan panel of the Banking and Financial Arbiter
The Bank of Italy has appointed a new member to the decision-making body for the Milan panel of the Banking and Financial Arbiter, following a designation by the Banking and Financial Conciliator.
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European Banking Authority report finds ESG risk data improving but gaps persist and standardised methodology feasibility varies by exposure and risk type
The European Banking Authority's report notes improvements in ESG data availability but highlights incomplete understanding of ESG risks' impact on credit risk. Credit institutions show varied progress, with methodologies most developed for transition risk. The Corporate Sustainability Reporting Directive and European Sustainability Reporting Standards are expected to enhance data transparency and address challenges, suggesting a sequenced approach to regulatory standardisation.
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Financial Conduct Authority sets September 2027 trial date as John Dance pleads not guilty in WealthTek GBP 64 million fraud case
The Financial Conduct Authority (FCA) announced a September 2027 trial for John Dance, former principal partner of WealthTek LLP, on charges of misappropriating GBP 64 million. Dance pleaded not guilty to six fraud charges, while the FCA pursues nine alleged offences, including money laundering. The High Court has paused related civil proceedings, and a restraint order against Dance remains in effect.
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Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approves Dmitry Zherebyatyev as independent chair of First Heartland Capital’s board
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Dmitry Igorevich Zherebyatyev as chair of the board of directors and an independent director of First Heartland Capital JSC.
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Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan sets 2025 insurance supervision priorities and adds a consumer-complaints metric to SRES
The Agency for Regulation and Development of the Financial Market of Kazakhstan outlined its 2025 supervisory priorities for the insurance sector, focusing on corporate governance, consumer protection, reinsurance, and AML/CFT. Key developments include a new quantitative indicator in the Supervisory Review and Evaluation System (SRES), digitisation of compulsory insurance, and simplified motor claims procedures. The agency plans to introduce imputed insurance for fire liability and allow insurers to invest in IT companies to develop digital insurance products.
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Hong Kong Securities and Futures Commission launches consultation on approved securities registrar fee limits for uncertificated securities market regime
The Hong Kong Securities and Futures Commission is consulting on proposed fee limits for securities registrars under the upcoming uncertificated securities market regime. The proposals include caps on facility set-up, dematerialisation, and securities transfer fees to protect investors and simplify processes. Implementation is targeted for early 2026, pending legislative and market readiness.
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Costa Rica's General Superintendence of Insurance publishes opinion highlighting growing pension reform pressures as the Worker Protection Law turns 25
Costa Rica's General Superintendence of Insurance marked 25 years since the Worker Protection Law, highlighting pension system pressures from demographic changes. The article underscores the need for policy debate on reforms, citing a declining worker-to-retiree ratio and necessary pension regime adjustments. It also notes challenges in achieving consensus for reforms amid political polarisation.
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Portuguese Securities Commission publishes four investor quick guides on shares, bonds, UCITS and PRIIP notes
The Portuguese Securities Commission (CMVM) released four quick guides on shares, bonds, UCITS, and PRIIPs in the form of notes or structured bonds. These guides aim to enhance financial literacy by providing investors with essential information on the instruments' advantages, risks, costs, and necessary pre-investment considerations.
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Portuguese Securities Commission publishes fourth-quarter 2024 financial intermediation quarterly benchmarks
The Portuguese Securities Commission (CMVM) published its quarterly benchmarks on financial intermediation for Q4 2024.
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Cyprus Securities and Exchange Commission deletes AKNF Cyprus Incorporation from the administrative services register after authorisation waiver
The Cyprus Securities and Exchange Commission (CySEC) announced that AKNF Cyprus Incorporation Ltd has waived its authorisation to provide administrative services, effective 10 December 2024. Consequently, the firm's authorisation lapsed, and it has been permanently removed from the licensed persons’ Register.
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Cyprus Securities and Exchange Commission deletes Lighthouse Corporate Services from the administrative services register following waiver of authorisation
Lighthouse Corporate Services Ltd waived its authorization to provide administrative services under the Cyprus Securities and Exchange Commission's regulatory framework, effective 31 December 2024. Consequently, its CySEC authorization (No. 73/196) lapsed, and the company has ceased operations. CySEC has permanently removed the company from the register of licensed persons.
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Reserve Bank of India revises prudential norms for urban co-operative banks on small value loans real estate exposure and security receipts provisioning
The Reserve Bank of India has revised prudential instructions for Primary (Urban) Co-operative Banks, affecting small value loans, real estate exposures, and provisioning for security receipts. Key changes include a revised definition for small value loans, caps on real estate exposures, and an extended glidepath for provisioning security receipts until FY2027-28. These updates supersede previous circulars and are effective immediately.
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Hong Kong Monetary Authority alerts public to phishing instant messages linked to Industrial and Commercial Bank of China (Asia)
The Hong Kong Monetary Authority (HKMA) issued an alert regarding phishing instant messages linked to 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. Individuals who responded to such messages are advised to contact the bank and report to the Hong Kong Police Force.
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Hong Kong Monetary Authority alerts the public to a suspicious website linked to Tai Sang Bank Limited
The Hong Kong Monetary Authority issued a public alert regarding a suspicious website linked to Tai Sang Bank Limited. The HKMA emphasized that banks will not send communications with embedded hyperlinks or request sensitive information via phone, email, or SMS. Individuals who interacted with the website are advised to contact the bank and report to the Hong Kong Police Force.
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Central Bank of the Republic of Uzbekistan meets Shinhan Bank on market expansion, licensing procedures and state bank privatization
The Central Bank of the Republic of Uzbekistan engaged with Shinhan Bank on its expansion plans in Uzbekistan's banking market. Discussions included regulatory processes for establishing banking institutions and opportunities from the privatization of state-owned banks. Shinhan Bank presented its recent activities and near-term plans.
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Central Bank of the Philippines clarifies gold trading as part of reserve management as gross international reserves rise to USD 106.3 billion
The Central Bank of the Philippines (BSP) detailed its management of the country's gross international reserves (GIR), which rose to USD 106.3 billion, emphasizing their role in supporting the peso's stability and meeting foreign-currency demands. The BSP explained its strategy of holding gold as a hedge against market fluctuations, acknowledging the asset's volatility and costs. Gold transactions maintain an optimal reserve level, with proceeds from sales reinvested into the GIR.
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New York State Department of Financial Services fines auto insurers USD 20.4 million and issues 37 consent orders over late DMV insurance reporting
The New York State Department of Financial Services concluded a multi-year investigation into motor vehicle insurers' reporting failures, resulting in 37 consent orders and USD 20.4 million in fines. Insurers must report newly insured vehicles to the DMV within seven days and terminations or suspensions within 30 days. The consent orders mandate comprehensive remediation plans to rectify reporting deficiencies.
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Brazil Securities Commission schedules judgment session on alleged audit procedure failures by Edimar Wanderley and Cooperaudi
The Brazil Securities Commission (CVM) will conduct a judgment session on 25 February for Administrative Sanctioning Proceeding 19957.005233/2024-11, concerning alleged audit procedure shortcomings by Edimar Wanderley and Cooperaudi. The session will be public, with in-person and videoconference options, but may proceed on a restricted basis if the accused do not participate. CVM indicated that related reports might be amended post-session.
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Republic of Serbia Securities Commission reports on workshops presenting updated national risk assessments for money laundering terrorist financing digital assets and proliferation financing
In January and February 2025, the Republic of Serbia Securities Commission held workshops to present findings from updated national risk assessments on money laundering, terrorist financing, digital assets, and weapons proliferation financing, aligned with Financial Action Task Force recommendations. Supported by the Council of Europe and the Swedish International Development Cooperation Agency, key stakeholders from financial and non-financial sectors analyzed risks and defined future activities. The Commission will continue its supervisory role in implementing measures based on these assessments.
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Central Bank of the Republic of Azerbaijan joins the Berlin Group Open Finance working group as a non-voting observer
The Central Bank of the Republic of Azerbaijan has joined the Berlin Group Open Finance Working Group as a non-voting observer, enhancing international cooperation on open banking. This membership allows collaboration with global organizations, aligning Azerbaijan’s regulatory framework with international standards. The Berlin Group focuses on developing standards to improve interoperability in interbank operations and promote an efficient retail payments market.
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Albania Financial Services Authority reports private pension fund net assets up 16.84% to ALL 12.87bn by end-2024
The Albania Financial Services Authority released market statistics for private pension funds as of 31 December 2024, noting a 16.84% increase in total net assets to ALL 12,870.80 million (EUR 82.61 million) and a 15.71% rise in membership to 44,926. Detailed fund-level data was provided, with SIGAL, CREDINS PENSION, RAIFFEISEN, and ALBSIG among the notable funds. The euro conversion rate used was EUR 1 = ALL 98.15.
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Central Bank of Poland reports PLN 10.9bn fall in M3 money supply in January 2025
The Central Bank of Poland reported a decrease in the M3 money supply by PLN 10.9bn in January 2025, totaling PLN 2,469.1bn, primarily due to reduced deposits and claims from non-financial corporations and social security funds. Non-financial corporate deposits fell by PLN 12.9bn, while social security funds saw a decline of PLN 7.8bn. Conversely, household and local government deposits increased by PLN 4.0bn and PLN 6.0bn, respectively.
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Securities and Exchange Regulator of Cambodia attends ACLEDA Bank subordinated bond listing on the Cambodia Securities Exchange
The Securities and Exchange Regulator of Cambodia attended an event celebrating ACLEDA Bank Plc's listing of a subordinated bond, following SERC's approval for multiple securities issuances. ACLEDA Bank's approved issuances include a USD 17.6 million public equity offering and a USD 85.8 million subordinated bond for qualified investors.
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Guernsey Financial Services Commission flags amended UK designation for Tsargrad OOO adding internet services sanctions
The Guernsey Financial Services Commission updated the sanctions notice for Tsargrad OOO, which remains under asset freeze and trust services sanctions, now including internet services sanctions. Businesses must verify relationships with Tsargrad OOO, freeze relevant assets, and report findings to the States of Guernsey Policy & Resources Committee and the Commission. Compliance requires adherence to Handbook Rule 12.37 for reporting procedures.
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Bank of Tanzania says it has not licensed Leo Beneath London and is taking legal action over alleged unlicensed financial services
The Bank of Tanzania clarified it has not authorized or held discussions to license Leo Beneath London (LBL), countering online reports. Legal action is underway against LBL officials for allegedly providing financial services without a licence. The Bank advised the public to avoid unlicensed financial service providers and warned against unauthorized use of its name.
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Guernsey Financial Services Commission publishes Russia sanctions notice listing new UK designations and requiring immediate asset freezes and reporting
The Guernsey Financial Services Commission issued a Russia sanctions notice under the United Kingdom’s Russia (Sanctions) (EU Exit) Regulations 2019, effective in Guernsey. Businesses must freeze assets of designated parties and report findings to the States of Guernsey Policy & Resources Committee. Firms must also submit reports to the Commission under Handbook Rule 12.37 when affected relationships are identified.
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Guernsey Financial Services Commission issues Russia sanctions notice listing 40 specified ships
The Guernsey Financial Services Commission issued a sanctions notice identifying 40 ships under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, applicable in Guernsey. Businesses must review connections to these vessels and adhere to sanctions and reporting duties, notifying the States of Guernsey Policy and Resources Committee and the Commission of any findings. Compliance with the Sanctions (Bailiwick of Guernsey) Law, 2018, and Handbook Rule 12.37 is required, including detailed reporting of affected relationships or transactions.
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Financial Services Regulatory Authority of Ontario revokes Daniel Lath’s insurance agent licence and levies CAD 15,000 in administrative penalties
The Financial Services Regulatory Authority of Ontario has revoked Daniel Lath's life and accident and sickness insurance agent licence and imposed penalties totaling CAD 15,000. Lath was found to have made false statements in insurance solicitation and failed to meet continuing education requirements. He did not contest FSRA's findings or request a tribunal hearing.
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Thailand Securities & Exchange Commission updates Digital Asset Regulatory Sandbox progress with seven applicants under review
The Thailand SEC updated on its Digital Asset Regulatory Sandbox, noting seven new applicants in discussions and one approved participant from 2024. Launched in August 2024, the Sandbox has been used by SCB 10X Co., Ltd. to test a digital wallet service for cryptocurrency exchanges. Four applicants aim to test services under both the SEC and Bank of Thailand frameworks, while three focus solely on the SEC framework.
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Thailand Securities and Exchange Commission orders Samchai Steel Industries to commission special audit of below-cost sales and disclose findings within 30 days
The Thailand Securities and Exchange Commission has mandated Samchai Steel Industries Public Company Limited to conduct a special audit on below-cost sales transactions, following an auditor's qualified opinion on their 2024 financial statements. The audit, to be conducted by an SEC-approved auditor, must be submitted with supporting documents within 30 days and disclosed via SETLink.
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European Commission welcomes Council of the European Union adoption of 16th Russia sanctions package expanding listings and tightening trade energy and financial measures
The European Commission welcomed the Council of the European Union's adoption of the 16th sanctions package against Russia, expanding asset listings and introducing new restrictions in energy, trade, and financial services. The package adds 74 vessels to the sanctioned list, imposes export restrictions on 53 companies, and includes 83 new listings of individuals and entities. Key measures involve a ban on EU imports of Russian primary aluminium, expanded dual-use export restrictions, and prohibitions on certain financial and transport activities.
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U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member presses CEA chair nominee Stephen Miran on Fed independence and potential conflicts
Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, sent a letter to Dr. Stephen Miran, chair-designate of the Council of Economic Advisers, seeking clarification on his economic policy positions and potential conflicts of interest. The letter questions Miran on cost reduction, tariffs, tax cuts, and Federal Reserve independence. Warren requests written responses before the committee vote and expects Miran to address these topics at his nomination hearing.
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U.S. Senate Committee on Banking, Housing and Urban Affairs minority members demand HUD details on the DOGE Task Force and a $260 million contract savings claim
Minority members of the U.S. Senate Committee on Banking, Housing and Urban Affairs have expressed concerns to Housing and Urban Development Secretary Scott Turner regarding the Department of Government Efficiency (DOGE) Task Force. They warn that DOGE's plans, including significant workforce and program cuts, could undermine HUD's service to vulnerable communities. The senators seek clarification on DOGE's objectives and the reported USD 260 million savings.
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U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Warren presses FHFA director nominee Pulte on ending Fannie Mae and Freddie Mac conservatorships and potential conflicts
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a letter from Ranking Member Elizabeth Warren to Bill Pulte, nominee for Director of the Federal Housing Finance Agency, questioning his stance on reprivatizing Fannie Mae and Freddie Mac and potential conflicts of interest. Warren seeks clarity on Pulte's approach to ending conservatorships, including public input and involvement of other federal agencies, and requests details on his financial ties to housing-related entities. Pulte's confirmation hearing is on February 27.
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U.S. Senate Committee on Banking Housing and Urban Affairs ranking member urges Congress to resist rolling back Russia sanctions and export controls
Senator Elizabeth Warren urged Congress to oppose unwinding sanctions and export controls against Russia, emphasizing their importance for a "just peace" alongside military support for Ukraine. She criticized President Trump's concessions to Putin and called for closing Russia's sanctions-evasion channels involving China, Iran, and North Korea, warning against business dealings in Russia due to risks like corruption and money laundering.
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State Bank of Vietnam agrees 2025 cooperation plan with the Banking Working Group focused on rulemaking and digital transformation
The State Bank of Vietnam (SBV) and the Banking Working Group (BWG) reviewed 2024 cooperation and aligned on a 2025 work programme focusing on banking rulemaking, digital transformation, and modern payments. Key 2024 outcomes included GDP growth of 7.09%, inflation at 3.63%, and total system credit reaching VND 15.6 quadrillion. The 2025 plan includes continued legal drafting and digitalisation efforts, with a proposal to hold the Vietnam Business Forum in March.
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Vietnam issues decree defining the State Bank of Vietnam’s mandate and organisational structure effective 1 March 2025
The Government of Vietnam issued a decree detailing the functions, tasks, powers, and organisational structure of the State Bank of Vietnam (SBV), effective 1 March 2025. It outlines SBV's role in proposing inflation targets, implementing monetary policy, and its regulatory and supervisory powers over financial institutions. The structure includes 20 units, such as functional departments, the SBV Inspectorate, and regional branches, with the SBV Governor responsible for further detailing unit functions.
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Sweden’s Financial Supervisory Authority highlights AML and CTF coordination function guidance on identifying money mules
Sweden’s Financial Supervisory Authority (Finansinspektionen) announced updated guidance from the national coordination function against money laundering and terrorist financing to aid financial operators in detecting "money mules." The guidance, led by the Swedish Police Authority and Finansinspektionen, includes examples, warning signs, and detection measures.
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Central Bank of Chile launches public Goods Foreign Trade Monitor and retires its External Trade Indicators report
The Central Bank of Chile launched the Goods Foreign Trade Monitor (MCE), an interactive dashboard for Chile's goods exports and imports, with data in Excel and CSV formats. The MCE replaces the "External Trade Indicators (ICE)" publication, covering monthly export and import flows from 2003, detailed by destination/origin country and product. Monthly updates are scheduled for the 18th, with revisions aligned with quarterly and annual balance of payments publications.
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Bank of Mauritius issues procurement clarifications for National Fintech Committee public website and member bulletin board platform
The Bank of Mauritius issued an addendum clarifying requirements for bidders on the National Fintech Committee’s digital platform, including a public website and a private bulletin board for members. The platform must be compatible with Microsoft 365, with hosting preferred on a cloud solution, and bidders are to provide training and support post-launch. The Bank declined to extend the proposal submission deadline beyond 27 February 2025.
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Central Bank of Russia revises concentration risk reform concept and extends 50% risk weight for large state-owned companies to 2029
The Central Bank of Russia finalized reforms to credit concentration risk regulation, maintaining a 50% reduced risk weight for large state-owned companies until 2029 and adjusting related-borrower exposure rules. The N30 ratio will apply to concentration limits for these companies, and operational independence criteria for related borrowers have been eased. Additional measures, including new concentration calculations and criteria for operational independence, are anticipated in 2025.
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Central Bank of Egypt reports record December remittances of USD 3.2 billion and an 80.7% jump in FY 2024/2025 H1 inflows
The Central Bank of Egypt reported a significant increase in remittances from Egyptians abroad, attributing this to economic reforms initiated in March 2024. December 2024 saw remittances double year-on-year to USD 3.2 billion, marking the highest December inflow on record. For the first half of fiscal year 2024/2025, remittances surged 80.7% to nearly USD 17.1 billion compared to the same period in the previous year.
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U.S. Securities & Exchange Commission Acting Chair Uyeda initiates staff work on crowdfunding, accredited investor and scaled disclosure reforms
In a keynote speech, Acting Chairman Mark T. Uyeda outlined the U.S. Securities & Exchange Commission's agenda to recalibrate regulatory approaches for cost-effectiveness, emphasizing capital formation, investor protection, and market integrity. Key initiatives include rescinding certain bulletins, reviewing climate-related disclosure litigation, and establishing a crypto task force. Uyeda also directed staff to explore changes to exempt offerings, retail participation in private offerings, and IPO attractiveness, noting some changes may require legislative amendments.
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European Central Bank research models 2–3% manufacturing value added loss from halving critical input imports from China-aligned suppliers
The European Central Bank's Research Bulletin article assesses the economic impact of disruptions to "foreign critical inputs" (FCIs) using firm-level data from Belgium, Spain, France, Italy, and Slovenia. A sudden 50% reduction in FCI imports from China and aligned countries could lead to transitory manufacturing value added losses of 2–3%, affecting growth and price stability. The study highlights sectoral and regional variations, with electrical equipment and chemicals experiencing significant declines, and emphasizes the need for granular data to evaluate inflationary pressures and stability risks.
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Financial Action Task Force opens second consultation on proposed revisions to Recommendation 16 on payment transparency
The Financial Action Task Force (FATF) has launched a second public consultation on updates to Recommendation 16 for payment transparency, aiming to align standards with evolving payment models and messaging standards. The proposals emphasize technology neutrality and the principle of "same activity, same risk, same rules" to enhance cross-border payment efficiency and security. Revised drafts and an explanatory memorandum have been published, with stakeholder feedback sought before finalization.
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Dominican Republic's Pensions Superintendency promotes pension system awareness at Punta Cana Carnival outreach event
The Dominican Republic's Pensions Superintendency (SIPEN) participated in the Punta Cana Carnival 2025 to promote retirement planning and the benefits of the Dominican pension system. Using an interactive “Tu Futuro” chair, SIPEN engaged over 15,000 attendees as part of its financial and pension education outreach.
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Dominican Republic's Pensions Superintendency trains more than 140 public servants on pension system and contribution checks
The Pensions Superintendency (SIPEN) conducted training for over 140 public servants to enhance understanding of the pension system and the importance of retirement planning. SIPEN emphasized verifying contributions with Pension Fund Administrators and ensuring employer compliance to avoid losing benefits. The authority will continue its educational initiatives and offers online and in-person services for pension-related inquiries.
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Dominican Republic's Pensions Superintendency reports pension fund investment growth shifting toward private sector projects
The Dominican Republic's Pensions Superintendency (SIPEN) reported that pension fund investments increasingly support private-sector projects, aligning with Law 87-01 to bolster the national economy. Private-sector investment growth rose from 13% in 2021 to 33% in 2024, with significant allocations to energy and tourism sectors. SIPEN emphasized the need for more investment instruments to enhance the real economy and domestic capital markets.
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Central Bank of Taiwan reports USD 844.0 billion net turnover in the Taipei foreign exchange market in January 2025
The Central Bank of Taiwan released January 2025 statistics for the Taipei foreign exchange market, showing a total net trading volume of USD 844.0 billion and an average daily turnover of USD 49.6 billion. Interbank transactions dominated at USD 630.5 billion, with foreign exchange swaps as the largest transaction type at USD 461.9 billion. NTD/foreign currency pairs totaled USD 329.6 billion, led by NTD/USD at USD 318.2 billion.
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Maldives Monetary Authority keeps Tier 1 money changing licence applications open until 15 April 2025
The Maldives Monetary Authority announced that Tier 1 applications for a money changing licence are open under Regulation 92-R/2024. The rules aim to enhance the legal framework for the foreign exchange market and ensure sector stability, detailing terms for licensees and assessment criteria for issuing licences. Applications must be submitted through the authority's online channel.
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Isle of Man Treasury publicises UK Russia sanctions update adding 67 designations and specifying 40 vessels
The Isle of Man Treasury updated the UK sanctions list under the Russia sanctions regime, adding 67 new designations, amending one entry, and specifying 40 vessels. Key measures include asset freezes, trust services sanctions, and shipping restrictions, with OJSC Keremet Bank and TSARGRAD OOO facing additional sanctions. The notice emphasizes immediate asset freezes for suspected matches and mandates reporting to the Financial Intelligence Unit.
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Algeria Market Authority launches 12th financial market professionals cohort with four month training and Tunis market study visit
The Algeria Market Authority has launched the 12th cohort of its financial market professionals training program, aimed at strengthening the skills of participants from institutions including banks and insurers. The four month course includes a study visit to the Tunis Stock Exchange under a Nov. 23, 2024, training cooperation agreement with the Tunisian Financial Market Council.
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Central Bank of Iraq holds workshop on updating national money laundering and terrorist financing risk assessment and mutual evaluation follow-up
The Central Bank of Iraq conducted a workshop with its Directorate of Supervision of Non-Banking Financial Institutions and the Anti-Money Laundering and Terrorism Financing Office to update the national assessment of money laundering and terrorist financing risks, incorporating mutual evaluation outputs and clarifying vulnerability and threat requirements for risk assessments.
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Tanzania Insurance Regulatory Authority convenes Zanzibar stakeholder forum to improve insurance services and claims handling
The Tanzania Insurance Regulatory Authority held a meeting in Zanzibar to gather stakeholder input on improving insurance services. Deputy Commissioner Khadija Issa Said stressed the importance of insurance for disaster protection and advocated for transparency and timely compensation to build public trust. Stakeholders discussed operational challenges and the need for better insurance education, with various providers present to address customer queries.
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Thailand Securities & Exchange Commission says licensed digital asset operators are not affected by USD 1.4 billion Bybit hack and reiterates ban on using the unlicensed platform
The Thailand Securities & Exchange Commission (SEC) issued an alert after a cyberattack on the Bybit digital asset exchange, with losses over USD 1.4 billion, clarifying no Thai operators use Bybit. The SEC reiterated that digital asset operators must prioritize security and are prohibited from using platforms facing SEC criminal complaints, like Bybit. The SEC also warned the public about risks of using unlicensed digital asset service providers, emphasizing the lack of legal protection and potential exposure to scams.
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Angola Capital Markets Commission delivers capital markets education lecture at Colégio Pitruca
The Angola Capital Markets Commission conducted a lecture at Colégio Pitruca on "Fundamentals of the Capital Market and Investment Opportunities" as part of its Financial Education Programme. Delivered by Oriza Lohango and António Van-Dúnem, the session engaged over 50 students in discussions on core financial market concepts.
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Panama Superintendency of the Securities Market appoints Zaida Llerena as interim superintendent
Panama's Superintendency of the Securities Market appointed Dr. Zaida Llerena as interim superintendent, as per Resolution SMV-No. JD-7-25.