The Central Bank of Cyprus reported an increase in the number of investment funds to 338 and a rise in total assets by 8.4% to EUR 7,369.5 million as of December 2024. This data is detailed in the February 2025 edition of Investment Fund Statistics.
The Bank of Greece reported a central government cash surplus of EUR 560 million in January 2025, contrasting with a EUR 239 million deficit in January 2024. This shift was driven by an increase in ordinary budget revenue to EUR 5,698 million, while expenditure rose to EUR 5,488 million.
The National Bank of Ukraine and Narodowy Bank Polski are calling for papers for their 9th Annual Research Conference on "Economic and Financial Integration in a Stormy and Fragmenting World," scheduled for 19–20 June 2025 in Kyiv. Keynote speakers include European Central Bank President Christine Lagarde and Harvard Professor Kenneth Rogoff. Topics include EU enlargement, central bank independence, and geopolitical fragmentation. The event will feature in-person policy discussions and hybrid research presentations, with online streaming available.
France's Autorité des marchés financiers (AMF) released a thematic synthesis of inspections on asset management companies' compliance with UCITS and alternative investment fund investment ratios. The review identified 19 good practices and 7 poor practices, highlighting data-quality issues in regulatory reporting. It emphasized the need for robust internal processes to address breaches, noting "active" breaches were less frequent than "passive" ones, with compensation being rare.
The Bank of Israel released updated inflation expectations from various sources, with one-year forecasts at 2.0% from capital-market breakevens, 2.2% from private-sector forecasts, and 2.3% from both internal interest rates and inflation contracts. Longer-term market-implied expectations range from 2.4% to 2.6%, with noted biases in one-year forecasts as of January 2024.
The Central Bank of Uruguay issued a warning about a fake video using AI to impersonate its president, Washington Ribeiro, recommending a fraudulent investment platform. The bank emphasized that its authorities do not endorse investment mechanisms and urged vigilance against potential fraud.
The Central Bank of Bolivia certified 52 journalists who completed its “Topics in Central Banking” workshop in La Paz, focusing on central banking and economic communication. The three-day training covered topics such as the bank's role, national economic outlook, and security measures for the boliviano. The program will be expanded nationwide throughout the year.
The Payment Systems Regulator, in collaboration with the Financial Conduct Authority, assessed the rapid growth of digital wallets, highlighting consumer benefits but raising competition and market entry concerns. Digital wallets' share of card transactions rose from 8% in 2019 to 29% in 2023. The PSR plans to engage with the Treasury on regulatory frameworks and continue work on open banking and contactless payments to enhance competition.
The Belgium Financial Services and Markets Authority announced the reopening of trading in Biosenic's financial instruments on Euronext Brussels, effective 19 February 2025 at 09:00 CET.
The Central Bank of the UAE imposed a financial penalty of AED 3.5 million on an exchange house for non-compliance with Anti-money Laundering and Combating the Financing of Terrorism policies. This enforcement action follows an examination under Article 14 of Federal Decree Law No. (20) of 2018. The CBUAE emphasized the importance of adherence to UAE laws and standards to maintain the integrity of the financial system.
In 2024, traditional exports in Peru rose by 13% to USD 55,218 million, and non-traditional exports increased by 11% to USD 20,483 million. Growth in traditional exports was driven by a recovery in fishmeal and fish oil production, high mining product prices, and increased gold exports, while non-traditional exports benefited from higher prices and a recovery in agricultural and textile exports. The United States was the main destination for non-traditional exports, although shipments to China declined.
The Central Bank of Costa Rica announced its 2025 schedule for issuing redesigned coins, including CRC 10, CRC 25, CRC 50, CRC 100, and CRC 500, and confirmed the withdrawal of older CRC 50 and CRC 500 coins from circulation by 1 July 2025. The new coins feature smaller sizes, copper-based alloys for durability, and updated security features. The CRC 500 coin will continue to be mass-issued, with 25 million pieces already in circulation, and the bank provided release months for each denomination.
The Central Bank of Costa Rica will release the second CRC 50 coin in its “Fauna of the ecosystems of Costa Rica” collector programme on 24 February 2025, alongside a regular-issue CRC 50 coin for legal tender. The collector coins, featuring the “Rana calzonuda” design, will be available in two presentations, with sales limited to two units per person. The non-collector version will circulate gradually through national financial institutions.
The Bermuda Monetary Authority has reminded applicants that the latest Personal Declaration form, introduced on 17 September 2024, is mandatory for INTEGRA applications. This form, bearing the Authority's logo, must be completed and submitted by all relevant shareholder controllers and beneficial owners.
The People's Bank of China and the State Administration of Foreign Exchange held a conference to review 2024 anti-corruption efforts and set 2025 priorities. The People's Bank of China will focus on political oversight, rectification actions, discipline education, and supervision of hiring and appointments. The State Administration of Foreign Exchange aims to enhance its foreign exchange management framework and strengthen market oversight and reserve operations.
The National Bank of Ukraine met with the European Commission in Brussels to discuss Ukraine's alignment with EU financial services legislation under EU accession Negotiating Chapter 9. The NBU reported over 74% regulatory compliance, highlighting progress in banking-sector alignment, capital requirements, and insurance regulation. The European Commission will use these outcomes to prepare screening reports for potential negotiations in Cluster 2 Internal Market.
The Bank of Portugal released updated 2024 statistics, revealing a current and capital account surplus of EUR 9.3 billion (3.3% of GDP), up from EUR 5.3 billion in 2023. Portugal's international investment position improved to -58.5% of GDP, with net external debt decreasing to 44.5% of GDP. The goods and services balance showed a EUR 6.7 billion surplus, driven by a significant rise in the services surplus, particularly in travel and tourism.
Sweden's Riksbank analyzed the impact of greenhouse gas emissions pricing on Swedish firms' profitability and banks' credit risk. The study finds minimal evidence that emissions pricing would significantly affect credit-loss provisions, as banks' lending is concentrated in lower-emission sectors. However, the memo notes potential underestimation of risk due to limitations in capturing sector variations and value-chain dependencies, highlighting the need for improved emissions data with the EU Corporate Sustainability Reporting Directive.
Sweden's Riksbank has petitioned the Government for legislative amendments to access Statistics Sweden's financial market database for calculating credit institutions' required interest-free deposits. The changes would allow direct database access and adjust secrecy provisions to prevent duplicate reporting. The Riksbank plans to implement the deposit requirement in the second half of 2025, using an alternative method until the amendments take effect on 1 January 2026.
The Hong Kong Securities and Futures Commission has released a five-pillar ASPIRe roadmap with 12 initiatives to bolster Hong Kong's virtual asset market, aiming to establish it as a global hub. The roadmap covers Access, Safeguards, Products, Infrastructure, and Relationships, focusing on global liquidity access, adaptive compliance, and blockchain efficiency. It introduces new regulatory frameworks for virtual asset services and emphasizes investor education and stakeholder engagement.
The Australian Prudential Regulation Authority (APRA) will simplify its prudential framework by rescinding its 2018 cloud computing outsourcing paper and ceasing the "ARF 923.0 Covid-19 Capital and Credit" data collection. This aligns with Prudential Standard CPS 230, which mandates risk management for cloud services. CPS 230 will replace existing standards on 1 July 2025.
The Australian Prudential Regulation Authority (APRA) detailed its August 2024 decision to impose additional licence conditions on BUSS (Queensland) Pty Ltd, trustee of BUSSQ, amid legal challenges. Justice Derrington ruled on 31 January 2025 that BUSSQ should have pursued an internal review instead of Federal Court relief. The board has challenged this decision, and APRA is reviewing the appeal notice. The licence conditions relate to concerns about BUSSQ’s compliance with obligations to act in members’ best financial interests and assess directors' fitness and propriety.
The Portuguese Securities Commission (CMVM) released its Monthly Benchmarks on the Reception of Orders for January 2025. Users are encouraged to subscribe to its notification service for updates from the Institutional and Investor Portals.
The Cyprus Securities and Exchange Commission warned that individuals claiming to represent Binance are promoting crypto-asset trading, despite Binance not being registered to provide such services in Cyprus. The public is advised to verify registration status through CySEC’s online register of Crypto Asset Service Providers.
The National Bank of Bulgaria's Governor Dimitar Radev has proposed the reappointment of Radoslav Milenkov as Deputy Governor and head of the Banking Supervision Department for a second term. Milenkov's previous term saw Bulgaria's entry into the Banking Union and participation in the Single Supervisory Mechanism. The nomination aims to ensure continuity in the bank's regulatory and supervisory functions.
The Isle of Man Financial Services Authority will host an engagement event for Designated Non-Financial Businesses and Professions (DNFBPs) on 30 April 2025, focusing on its supervisory approach, AML/CFT Code 2019 obligations, and preparations for the Isle of Man’s MONEYVAL evaluation. The event will include a presentation, Q&A panel, and discussions, with recordings available online. Attendance is limited to one representative per entity, with tickets on Eventbrite.
The Hong Kong Monetary Authority's Exchange Fund Advisory Committee Currency Board Sub-Committee reviewed operations from 19 October to 24 December 2024, noting stable HKD trading and a steady Aggregate Balance of around HKD 45 billion. Interbank rates aligned with US dollar rates, and banks reduced Best Lending Rates by 37.5 basis points following US rate cuts. The risk review highlighted uncertainties related to the incoming US administration, fiscal policies, and economic conditions in Hong Kong and China.
The Hong Kong Monetary Authority issued a public alert following a DBS Bank (Hong Kong) Limited press release about a suspicious website. 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. It advised affected individuals to contact the bank and report to the Police.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Customers who interacted with the fraudulent site are advised to contact the bank and report to the Hong Kong Police Force.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and phishing messages linked to The Hongkong and Shanghai Banking Corporation Limited. The HKMA emphasized that banks do not send SMS or emails with embedded links for transactions or request sensitive information through these channels. Affected individuals are advised to contact the bank and report to the Police.
FINTRAC is enhancing efforts to combat extortion by improving the timeliness and utility of financial intelligence shared with law enforcement in Ontario, British Columbia, and Alberta. Initiatives include increased resources for extortion-related intelligence, a Countering Extortion Partnership with financial institutions, and strategic intelligence publications on laundering methods. This is part of broader federal measures against organized crime, including plans for a new Canada Financial Crimes Agency.
The Central Bank of the Republic of Uzbekistan conducted a "Machine Learning Methods" training seminar from 10–14 February 2025, led by DIW Berlin expert Dr. Konstantin Kholodilin. The initiative, supported by the German Economic Team, aimed to enhance staff capacity in macroeconomic analysis and forecasting using machine learning models.
The European Central Bank's Working Paper No. 3032 examines the impact of euro area energy-related fiscal measures and macroprudential policies on inflation, output, and carbon emissions during an energy crisis using a New-Keynesian DSGE model. It finds that energy subsidies' effects vary depending on whether they target firms or households and suggests combining subsidies with macroprudential measures on banks' dirty-energy exposures to mitigate emissions trade-offs. The paper also proposes an "emissions-prudential" approach, including a tax on dirty energy assets to promote green investment and reduce emissions.
The European Central Bank reported an increase in the euro area current account surplus to EUR 38 billion in December 2024, contributing to a total surplus of EUR 419 billion for the year, up from EUR 241 billion in 2023. This rise was driven by larger surpluses in goods and services, while the financial account saw significant net acquisitions of portfolio securities by residents and non-residents. Additionally, the Eurosystem's reserve assets increased slightly due to positive exchange rate changes and net acquisitions.
Isabel Schnabel of the European Central Bank (ECB) highlighted the uncertainty of the natural rate of interest (R*) estimates, suggesting they are unreliable for guiding near-term monetary policy. She noted that the ECB might soon need to pause rate cuts as the restrictive impact diminishes, with R* estimates potentially exceeding the current 2.75% deposit facility rate. Schnabel also advocated maintaining the 2% inflation target and reassessing the ECB's reaction function to address risks of de-anchoring and supply-side shocks.
The Arab Monetary Fund's Training and Capacity Building Institute launched a new capacity-building initiative, including January 2025 training for 211 participants and an executive programme with Harvard University on financial market supervision, running until June 2025.
The Jordan Securities Commission released a draft strategy for 2025-2027, inviting feedback from website visitors and relevant stakeholders to refine the plan before approval.
Vice Governor Marko Vidakovic of the Central Bank of Bosnia and Herzegovina attended a high-level conference in Amsterdam focused on geo-economic fragmentation and macroeconomic policy amid geopolitical challenges. Hosted by the Netherlands Bank, discussions addressed geopolitical shocks, financial stability, and risk management, with Vidakovic emphasizing coordinated responses and international cooperation.
The Central Bank of Curaçao and Sint Maarten held stakeholder sessions in Sint Maarten to enhance collaboration and improve economic data collection for forecasting and policymaking. The sessions emphasized the importance of accurate data from stakeholders and included discussions with the Institut d’Émission des Départements d’Outre-Mer (IEDOM) on economic linkages. A memorandum of understanding on data exchange with IEDOM is anticipated, and the central bank plans to institutionalize these sessions and host a symposium on data and economic research.
The Brazilian Pension Funds Authority (PREVIC) attended the International IOPS/AIOS/SUPEN 2025 Conference, discussing supervisory experiences in private pensions and Brazil's demographic and labor-market challenges. PREVIC highlighted Brazil's pension fund sector, holding resources around 12% of GDP, and emphasized the need for new pension plans to address demographic shifts and informal employment. PREVIC was elected to the IOPS Council for the 2025–2026 term.
The India International Financial Services Centres Authority has issued the IFSCA (Fund Management) Regulations, 2025, replacing the 2020 regulations to streamline compliance and enhance investor protection in GIFT IFSC. Key changes include reduced minimum scheme corpus for non-retail and retail schemes, relaxed rules for fund of funds, and revised requirements for fund management entities (FMEs) regarding key managerial personnel and portfolio management services. The regulations introduce compliance windows and allow FMEs to open overseas branches on an intimation-only basis.
The Central Bank of the Philippines reported a balance of payments deficit of USD 4.1 billion in January 2025, up from USD 740 million in January 2024. This was due to net foreign exchange operations and government drawdowns to meet external debt obligations, with gross international reserves falling to USD 103.3 billion. The reserves covered 7.3 months of imports and were 3.7 times the short-term external debt.
The Central Bank of the Philippines has established the Financial Cyber Resilience Governance Council (FCRGC) to enhance cybersecurity governance in the financial sector. The FCRGC will implement the 2024–2029 Financial Services Cyber Resilience Plan, led by BSP Deputy Governor Chuchi G. Fonacier and Sandeep Uppal of the Bankers Association of the Philippines. The council, comprising industry and regulatory members, will meet quarterly to evaluate plan metrics and recommend policy improvements.
The Superintendency of Banks of the Dominican Republic concluded a pilot programme implementing the country's green taxonomy, classifying loans at six financial institutions with support from the International Finance Corporation and the World Bank. The review of 7,545 credit operations highlighted the need for stronger communication and commitment to sustainability policies. The Superintendency aims for broader adoption of the green taxonomy and outlined next steps for environmental, social, and climate risk management.
The Romanian Financial Supervisory Authority adopted measures affecting non-bank financial markets, including draft regulatory amendments and authorisations. Key changes involve amendments to ASF Regulation No. 10/2015 on alternative investment funds and ASF Norm No. 22/2020 on private pension funds' investments. Authorisations include governance changes at firms and approvals for share capital increases and insurance authorisations.
Andorra's Council of Ministers approved an amendment to the regulation on money laundering and terrorist financing, allowing financial obliged entities to request exemptions from annual external audits under certain conditions. Eligibility and application procedures will be detailed by the Andorran Financial Intelligence Unit. Exemptions may be granted for up to three consecutive years, subject to risk assessment.
The Vietnam State Securities Commission's Information Technology Department is seeking quotations for procuring and replacing servers for its Trading Surveillance System.
The Vietnam State Securities Commission has instructed individuals listed in a notice to pay a VND 1,000,000 fee for the re-issuance of a securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person, with identification details required. Failure to complete the procedure within one year will result in certificate cancellation.
The Vietnam State Securities Commission mandates individuals listed in an attached roster to pay a VND 1,000,000 fee for re-issuance of securities practice certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to collect the re-issued certificate within one year will result in cancellation.
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation by four websites and instructed their blocking by internet providers in Italy. This action raises the total number of blocked websites to 203 since November 2023. IVASS advises consumers to verify the legitimacy of insurance offers and intermediaries through its online resources.
The British Virgin Islands Financial Services Commission issued a governance notice with a revised document concerning the Financial Services (Exceptional Circumstances) (Amendment) Act, 2025.
The British Virgin Islands Financial Services Commission issued a governance notice concerning the Financial Services Commission (Amendment) Act 2024. A revised notice document is included as an attachment.
The British Virgin Islands Financial Services Commission issued a warning that Leadtradeplc.com is falsely claiming to be licensed by the FSC and is circulating a forged investment business licence. The entity is not a British Virgin Islands company, and the public is advised to exercise extreme caution and avoid any dealings with it. The statement was issued under Section 37A of the Financial Services Commission Act, 2001.
The Central Bank of Estonia’s Supervisory Board reviewed economic conditions in the euro area and Estonia, internal reporting, and audit materials. The Board also previewed a presentation on economic financing and conducted the first reading of the central bank’s annual report and the Supervisory Board’s 2024 activity report.
The National Bank of Serbia warned against unauthorized virtual currency services, emphasizing a licence is required under Serbia’s Law on Digital Assets. It noted foreign firms cannot offer services in Serbia without a local company and licence. The bank specifically cautioned against using Tesla Trade d.o.o. Bijeljina's platforms, which lack Serbian authorization, warning of potential financial losses from unlicensed transactions.
The National Bank of Serbia reported a new daily record for its IPS NBS instant payment system, processing 453,656 payments totaling RSD 5.68 billion on 14 February 2025. The system, operational since October 2018, facilitates 24/7/365 payments with immediate fund transfers.
The Central Bank of the Republic of Azerbaijan has approved guidelines on green and sustainability-linked loans as part of its Sustainable Finance Roadmap 2023–2026. These guidelines align with international Green Loan Principles and Sustainability-Linked Loan Principles, providing recommendations for credit institutions on loan origination, internal policy development, and governance frameworks.
The Central Bank of the Republic of Azerbaijan and a SWIFT delegation discussed modernizing national payment systems and expanding digital payments infrastructure. The meeting covered SWIFT's strategic objectives, G20 cross-border payment targets, and the integration of e-money institutions into the SWIFT network. The Central Bank emphasized ongoing projects to enhance electronic payment systems and cashless payments.
Securities Commission Malaysia and the Institute of Chartered Accountants in England and Wales signed a Letter of Intent to enhance capacity-building for sustainability-related regulation, focusing on climate-related financial disclosures and Sustainability Certifications. The collaboration includes training on IFRS S1 and IFRS S2 standards, Scope 3 emissions, and global climate-related regimes. A workshop at the ASEAN Capital Markets Forum Chairs Meeting addressed sustainability disclosure requirements and regulatory best practices.
The Securities and Exchange Regulator of Cambodia participated in the 4th Joint Working Group Meeting with the Eurasian Economic Commission, highlighting investment opportunities in Cambodia's securities market. Discussions focused on potential collaboration in fintech and sustainable finance.
The Financial Services Regulatory Authority of Ontario revoked Monarch Mortgage Group Inc.'s brokerage licence and denied Victor Peca a broker licence under the Mortgage Brokerages, Lenders and Administrators Act, 2006. FSRA found Peca provided false information, failed to comply with regulatory requirements, and did not ensure Monarch's compliance. Monarch and Peca did not contest the decision.
The Financial Services Regulatory Authority of Ontario denied Yan Jiang a service provider’s licence under Ontario’s Insurance Act due to her history of providing false information and non-compliance with regulatory requirements. FSRA determined her past conduct indicated a likelihood of not conducting business lawfully and with integrity. Jiang did not contest the decision or request a hearing.
The Croatian Financial Services Supervisory Agency approved ING-GRAD d.d.'s prospectus for a public offering and admission of shares to the Zagreb Stock Exchange. The offering includes up to 1,200,000 ordinary shares with a nominal value of EUR 1.00 each, drawn from the issuer's treasury holdings. The offer will be conducted in a single round for employees, qualified investors, and retail investors, with varying minimum investment requirements.
The International Organization of Securities Commissions (IOSCO) published a thematic review on implementing its 2013 market surveillance recommendations amid technological challenges. Covering 34 member jurisdictions, the review found significant progress, especially in complex markets, but highlighted concerns over inadequate organisational and technical capabilities and persistent challenges in multi-venue and cross-border surveillance.
The World Savings and Retail Banking Institute emphasized a "territorial, universal and relational" banking model for European banks. Nicolas Namias, President of the European Savings and Retail Banking Group, advocated for EU regulatory adjustments to support growth and stability, citing Groupe BPCE's economic impact. He highlighted the need for strategic partnerships, a robust capital markets union, and AI integration to enhance service personalization and advisory support.
The Thailand SEC advised JCK213A bondholders to review information and exercise rights before a reconvened e-meeting on 21 February 2025. The meeting will address extending the bond's maturity, adjusting interest rates, revising principal repayment terms, and altering collateral redemption conditions. The SEC mandated the bondholders’ representative to evaluate the proposed changes and provide informed opinions to assist bondholders in decision-making.
Thailand's Securities and Exchange Commission joined the 42nd ASEAN Capital Market Forum Chairs’ Meeting, endorsing strategic thrusts for the ACMF Action Plan 2026-2030. The meeting reviewed progress on sustainable finance initiatives, including the ASEAN Taxonomy and Asia Green Transformation Consortium, and discussed digital asset supervision and cross-border investment schemes. The endorsed principles aim to guide sustainable growth in ASEAN capital markets.
The European Central Bank Banking Supervision outlined its programme to enhance banks' risk data aggregation and reporting (RDARR), noting persistent shortcomings and tighter follow-up for slow remediation. An integrated framework assesses compliance with Basel Committee’s Principles (BCBS 239), revealing governance, data infrastructure, and validation weaknesses. The ECB plans to monitor RDARR development with an escalation process, potentially using binding measures under Article 16 of the Single Supervisory Mechanism Regulation for non-compliance.
The ECB Banking Supervision has introduced a fast-track process for assessing "significant risk transfer" in securitisations, aiming to reduce review times for simple transactions while maintaining prudential standards. This will use product standardisation and harmonised templates, with complex securitisations still under detailed scrutiny. The ECB emphasized banks' need to manage securitisation risks and highlighted concerns about hidden risks from banks providing leverage to credit funds.
The ECB Banking Supervision's 2024 analysis highlights a growing reliance on outsourced critical services, particularly cloud-based ICT, among significant institutions, with increased spending and complex supply chains. The report emphasizes the need for improved third-party risk management and alignment with the EU's Digital Operational Resilience Act (DORA), noting heightened geopolitical risks from sourcing critical ICT services outside the EU.
The International Swaps and Derivatives Association (ISDA) announced Saudi netting legislation and plans to release a netting opinion to enhance close-out netting certainty for conventional and Islamic derivatives with Saudi counterparties. The framework, based on ISDA’s Model Netting Act, aims to reduce credit risk and support banks' lending and trading capacities, while considering further developments for a deeper local derivatives market.
Saudi Arabia's Insurance Authority suspended Al Sagr from selling mandatory vehicle insurance from Feb. 19, 2025, citing regulatory breaches and governance failures. Al Sagr remains responsible for existing policies and claims, and the suspension will continue until it demonstrates compliance.
Senators Elizabeth Warren and Adam Schiff urged removing Elon Musk's "Department of Government Efficiency" staff from the CFPB, citing potential conflicts of interest. They expressed concerns over Musk's influence on CFPB oversight, particularly regarding digital wallets and payment systems, and potential access to sensitive data. The senators also requested transparency on Musk's involvement and compliance with federal conflict-of-interest rules.
The U.S. Senate Committee on Banking, Housing and Urban Affairs, led by Chairman Tim Scott, aims to channel up to USD 1 trillion into underserved communities over the next decade by enhancing regulatory flexibility for small business capital access. Key legislative priorities include the ROAD to Housing Act, Empowering Main Street in America Act, extending Opportunity Zones, and initiatives on stablecoins, crypto market structure, and education tax credits.
The Central Bank of Eswatini's update for December 2024 and January 2025 notes a rise in annual consumer inflation to 3.9%, stable discount and prime lending rates, and a weaker Rand/Lilangeni. Gross official reserves increased by 24.4% to SZL 12.6 billion, driven by Southern African Customs Union receipts, while the merchandise trade balance shifted to a surplus of SZL 446.2 million. Total public debt was SZL 34.8 billion, or 36.5% of GDP, with declines in both external and domestic debt.
HM Treasury announced the UK will shorten the securities settlement cycle to T+1 from 11 October 2027, following industry recommendations. The Financial Conduct Authority and the Bank of England will support the transition, with an industry taskforce led by Andrew Douglas overseeing implementation. Legislation will be introduced to facilitate the change, and cross-border alignment is encouraged with observers from the EU and Switzerland.
The Financial and Consumer Services Commission of New Brunswick has entered a multi-jurisdiction settlement with GSB Gold Standard Corporation AG and affiliates, allowing New Brunswick investors to claim refunds. GS Partners must return investments minus withdrawals, cover claims process costs, and cease trading in New Brunswick unless compliant with securities laws. Covered products include metacertificates, the G999 token, XLT Vouchers, and Lydian World staking pool investments.
The U.S. House Financial Services Committee highlighted an op-ed by Chairman French Hill and Subcommittee Chairman Bryan Steil urging Congress to enact digital asset legislation. It calls for a federal framework for stablecoins, clarity on token issuance, and pathways for registering trading platforms, alongside anti-money-laundering safeguards. A Bicameral Working Group for Digital Assets will collaborate with Senate leaders and regulators to advance these efforts.
The Egypt Financial Regulatory Authority (FRA) outlined priorities for non-banking financial markets, focusing on digital transformation and sustainability to improve access to investment, insurance, and financing. Key updates include the Unified Insurance Law No. 155 of 2024, capital requirements for insurers, new investment rules for private insurance funds, changes in capital market delisting rules, minimum capital requirements for non-banking finance companies, and the launch of a voluntary carbon market.
The Central Bank of Iceland released the minutes from its Monetary Policy Committee meeting on 3-4 February 2025, detailing discussions on economic and financial market developments and decisions on monetary policy instruments, as per the MPC Rules of Procedure.
Norway's Financial Supervisory Authority issued an inspection report on Lier Regnskap AS, highlighting deficiencies in documentation discipline and quality management. The review found issues such as inadequate reconciliation documentation and gaps in anti-money laundering procedures. The firm has begun addressing these deficiencies, but the Authority expects immediate rectification.
The Central Bank of Iceland released the minutes from its Monetary Policy Committee meeting on 3-4 February 2025, detailing economic and financial market developments and decisions on monetary policy instruments.
The Norwegian Financial Supervisory Authority (Finanstilsynet) published an inspection report on TP Accounting AS, identifying significant compliance shortcomings in risk management, internal control, and anti-money laundering (AML) procedures. Despite considering revoking the firm's approval, Finanstilsynet expects corrective actions instead. The report highlights deficiencies in enterprise-wide risk assessment, AML guidance, and documentation of accounting engagements, with potential follow-up inspections anticipated.
The Bank of Mauritius issued a warning about "Goodlands Savings and Loans Company," which falsely claims a Mauritius address on its website. The entity is neither licensed nor regulated by the Bank of Mauritius. The public is advised to consult the central bank's online lists of licensed institutions.
The Chile Financial Market Commission sanctioned four banks a total of UF 1,628.7 for non-compliance with Law No. 14,908 on Family Abandonment and Alimony Payments. The banks failed to consult the National Registry of Alimony Payment Debtors and apply necessary controls and withholdings when granting loans. Fines were imposed on Banco Santander-Chile, Banco Consorcio, Banco Itaú, and Banco de Crédito e Inversiones.
The Chile Financial Market Commission fined Scotiabank Chile UF 400 for violating Article 16 of Law No. 18,010 by charging interest in arrears due to operational defects. Article 16 stipulates that interest in arrears cannot be applied jointly with other interest, must only be charged on overdue principal, and cannot be capitalised.
The Central Bank of Russia's February "Monitoring of Businesses" update indicates accelerated economic activity growth, with the Business Climate Index rising to 5.2 points from 3.9 in January. Surveyed companies expressed increased optimism about current conditions and their three-month outlook, while price expectations fell sharply for the first time since early 2024.
The British Columbia Financial Services Authority has revised its Administrative Process for publishing regulatory actions to enhance transparency. Updates include publishing names and identifiers of third-party participants involved in misconduct, with redactions during ongoing investigations or pending hearings. The process also allows for publishing certain undertakings and voluntary compliance agreements under the Financial Institutions Act.
The Malta Financial Services Authority highlighted key discussions from its 2025 Insurance Conference. EIOPA Chairperson Petra Hielkema emphasized the Solvency II review's role in enhancing cross-border supervision and addressing consumer protection disparities in cross-border insurance, which constitutes about 11% of European premia. The conference also covered the Solvency II Review Package's implications and cross-border operational challenges, featuring insights from MFSA leadership.
The Argentina Securities Commission (CNV) has introduced an automatic authorisation procedure for public offerings of units in closed-end mutual funds backed by credit portfolios, aimed at streamlining approvals under CNV’s special regime. This applies to issuances placed exclusively with qualified investors, capped at 7,000,000 UVAs or equivalent in other currencies. Despite the automatic process, funds must adhere to transparency obligations, including filing financial statements and reports on credit collections.
The Australian Prudential Regulation Authority (APRA) imposed additional licence conditions on BUSS (Queensland) Pty Ltd to address prudential concerns regarding compliance with trustees' obligations and director assessments. Despite an available internal review process, BUSSQ sought judicial review, which the Federal Court ruled against, and APRA is now considering BUSSQ's appeal notice.
The Australian Prudential Regulation Authority (APRA) has withdrawn its 2018 cloud outsourcing information paper and ceased COVID-19-related banking data collection to simplify its prudential framework. These changes align with the upcoming implementation of Prudential Standard CPS 230 Operational Risk Management on 1 July 2025, replacing existing standards and providing formal supervisory coverage for cloud service arrangements.
The Taiwan Financial Services Commission released an update on the issuance of securities through private placements by public companies and initial public offerings for 2024.
The Maldives Monetary Authority issued rules and procedures under the Foreign Exchange Act 2024 detailing the handling of law violations and actions against breaches.
The Trinidad and Tobago Securities and Exchange Commission (TTSEC) issued a public notice to assist investors in identifying unregistered individuals or entities. The notice includes a "List of Unregistered Entities" to verify registration status, aligning with TTSEC's investor education mandate.
The Treasury (Isle of Man) announced an amendment to the Global Human Rights sanctions regime, aligning with the UK Sanctions List update. Eden LEVI remains subject to an asset freeze under the Global Human Rights Sanctions Regulations 2020 as applied in the Isle of Man. Relevant parties must freeze assets, refrain from providing funds or resources to designated individuals, and report any frozen assets or suspected breaches to the Financial Intelligence Unit.
De Nederlandsche Bank announced the appointment of Chris Figee to its Supervisory Board for a four-year term starting 1 March, following a nomination by the board and appointment by Dutch Finance Minister Eelco Heinen. Figee, currently CFO at KPN N.V., brings extensive experience from roles at a.s.r. Nederland N.V., Achmea, McKinsey & Company, and AEGON Levensverzekering N.V.
The Montenegro Capital Market Authority has approved the trading of investment units in two foreign mutual funds, "APOLLO STYRIAN GLOBAL EQUITY" and "APOLLO 2 GLOBAL BOND," managed by Security Kapitalanlage AG. These approvals bring the total number of foreign funds from member states in Montenegro's capital market to 13.
The Polish Financial Supervision Commission (KNF) has updated its "Banking sector – ordinary data" release to include data from December 2024.
The European Financial Reporting Advisory Group (EFRAG) announced that 14 entities have joined its Friends of EFRAG – Sustainability Reporting programme to support the development of draft European Sustainability Reporting Standards (ESRS). The new members include Amelkis, VERSO, Zabka Group, and others. EFRAG also highlighted the availability of a separate Friends of EFRAG – Financial Reporting programme.