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2025-02-13•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's January 2025 Business Expectations Survey shows optimism among firms about the macroeconomy and operations, driven by positive exchange rate outlooks and anticipated business activity improvements. The macroeconomic confidence index rose from 18.9 in January to 43.3 over six months, with industry showing the highest optimism. Despite positive expectations, challenges like high interest rates, insecurity, and insufficient power supply persist, impacting financial conditions and credit access.
Data & statisticsEconomic data and developments
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2025-02-13•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's January 2025 Household Expectations Survey shows persistent consumer pessimism with a Consumer Confidence Index of -23.5, though sentiment may improve in six months. Economic Condition, Family Financial Situation, and Family Income sub-indices remain negative, with expected price increases, especially for rents and housing- and vehicle-related purchases. Despite high prices, planned spending focuses on essentials, with limited interest in big-ticket items. Respondents associate inflation with a weaker economy and prefer lower interest rates.
Data & statisticsEconomic data and developments
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2025-02-13•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's January 2025 Inflation Expectations Survey indicates that 81.5% of respondents perceive inflation as high, with large businesses showing the highest concern. Key inflation drivers include energy costs, exchange rates, transportation, and interest rates. A majority of respondents prefer a reduction in interest rates, and 90.6% view the central bank's communication as transparent.
Data & statisticsEconomic data and developments
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2025-02-13•United Kingdom•HM Treasury
HM Treasury and the Bank of England updated their Memorandum of Understanding on financial relations, affirming the 2018 capital framework's effectiveness. The MoU maintains the Bank's capital and income-sharing framework, detailing parameters for loss-absorbing capital and balance sheet operations principles. Both institutions will review these arrangements during the Bank's balance sheet transition and periodically review the capital framework and Bank of England Levy.
Policy & regulationRules & requirements
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2025-02-13•United Kingdom•HM Treasury
HM Treasury and the European Commission issued a joint statement after the third Joint EU-UK Financial Regulatory Forum, emphasizing cooperation to enhance financial stability, market integrity, and investor protection. Discussions covered Basel III implementation, cryptoasset regulation, and sustainable finance, focusing on international coordination and reducing reporting burdens. Both parties agreed to ongoing engagement, including T+1 settlement cycles and industry taskforce collaboration.
Policy & regulationCooperationCross-border cooperation
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2025-02-13•Canada•Financial Transactions and Reports Analysis Centre of Canada
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined Argosy Securities Inc. CAD 66,000 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessments, and procedural reviews. The penalty was paid in full, concluding the proceedings.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-02-13•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a letter from Ranking Member Elizabeth Warren and others, questioning Treasury Secretary Scott Bessent about alleged misrepresentations regarding Department of Government Efficiency (DOGE) personnel's access to Treasury payment systems. The letter highlights inconsistencies between Treasury's public statements and court documents, including claims of system coding modifications and unusual access arrangements. Lawmakers demand transparency on system access and activities.
Other
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2025-02-13•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs, led by Chairman Tim Scott, held a roundtable with Senate Banking Republicans and major consumer banks to discuss debanking and regulatory issues. Scott emphasized that law-abiding citizens and federally legal businesses should have access to financial services, criticizing regulatory overreach on Basel III and debanking. The committee reiterated its focus on debanking, highlighting past hearings and Federal Reserve Chair Jerome Powell's commitment to address it.
Policy & regulationCooperationOther
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2025-02-13•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senate Banking Committee Chairman Tim Scott and House Financial Services Committee Chairman French Hill introduced resolutions under the Congressional Review Act to overturn the Consumer Financial Protection Bureau's rule capping overdraft fees. Supported by Republican co-sponsors and industry bodies, the resolutions argue the rule limits access to overdraft services and question the CFPB's legal authority. The CFPB finalized the rule on December 12, 2024.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-02-13•Sweden•Finansinspektionen
Sweden's Finansinspektionen has outlined its 2025 priorities for financial-sector preparedness, focusing on identifying critical institutions and services, mapping critical infrastructure, and analyzing sector dependencies. The authority will collaborate with the Swedish Armed Forces, the Riksbank, and the Swedish National Debt Office on total defence planning for 2025–2030.
SupervisionSupervision approach, priorities & toolkitOperational risk and resilience
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2025-02-13•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority (FI) clarified its application of Article 36(5) of the EU Capital Requirements Regulation for "specialised debt restructurers" after the European Banking Authority rejected two interpretative questions. FI requires conditions to be met throughout the preceding financial year and up to notification, interpreting "demand deposits" as including those without contractual maturity. FI does not see a need for a formal legal position statement now.
Policy & regulationGuidance & interpretationCapital adequacy
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2025-02-13•United States•U.S. Financial Services Committee
The U.S. Financial Services Committee's Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held its first hearing to review bills and discussion drafts on digital assets, focusing on regulatory gaps and the need for congressional action. Criticism targeted the Securities and Exchange Commission's oversight approach, with calls for a federal framework for stablecoins to support broader use cases. The Committee is seeking public input on a stablecoins discussion draft.
Policy & regulationReform agendas & priorities
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2025-02-13•United States•U.S. Financial Services Committee
U.S. House Financial Services Committee Chairman French Hill and Senate Banking Committee Chairman Tim Scott introduced resolutions to overturn the Consumer Financial Protection Bureau's rule capping overdraft fees at banks and credit unions. Critics label the rule as government price control and claim it restricts access to overdraft services. Several banking associations support the resolutions, arguing the rule reduces consumer options and exceeds the CFPB's statutory authority.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-02-13•United States•U.S. Department of Justice
Elchonon “Elie” Schwartz pleaded guilty to wire fraud, misappropriating approximately USD 62.8 million raised from investors through the CrowdStreet Marketplace for two real estate projects. Despite promises to segregate funds for specific properties, Schwartz diverted the money to personal accounts and unrelated investments, leading to the bankruptcy of the entities involved. The FBI and U.S. Securities and Exchange Commission investigated, with sentencing set for May 19, carrying a maximum penalty of 20 years’ imprisonment.
EnforcementInvestigations & enforcement actionsCrowdfundingFraud and scams
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2025-02-13•Mauritius•Bank of Mauritius
The Bank of Mauritius will cease sales of the 3.5% four-year Government of Mauritius Savings Bond, issued under the prospectus dated 14 October 2024, on 14 February 2025.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-02-13•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets approved capital-market and consumer-protection decisions, including registering a new share issue for APA-CANAL STRAȘENI and removing certain issuances from the securities issuers register. The Commission refused a corporate separation for STEJAUR and dismissed DIRECT LEASING's request to overturn a prior consumer-protection decision. Additionally, the Commission participated in a bilateral screening process related to European integration.
SupervisionAuthorisations & approvalsLicence approval
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2025-02-13•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority reported alleged criminal offences in MENA Real Estate Company share trading to the Attorney General. Eight individuals are accused of manipulating MENA's share price through pre-arranged trades, and a ninth allegedly disseminated unlicensed trading recommendations via Telegram and WhatsApp, breaching Kuwait’s Capital Markets Law, executive bylaws, and the Anti-Cyber and Information Technology Crimes Law.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-02-13•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority reported alleged trading offences involving Mena Real Estate Company shares to the Prosecutor General. Eight defendants are accused of executing coordinated trades to artificially inflate share prices, while a ninth allegedly disseminated unauthorized trading recommendations on Telegram and WhatsApp. The activities reportedly occurred between June and November 2024, with a focus on September 2024.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-02-13•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority (BCFSA) suspended the licence of Tao (Terry) Guo, managing broker of Menethil Properties Ltd., due to his abandonment of duties. Menethil cannot operate without a licensed managing broker, as required by the Real Estate Services Act, while BCFSA investigates its accounting and payment practices. Tenants are advised to continue paying rent as per their agreements.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-02-13•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority (BCFSA) suspended Tao (Terry) Guo's licence, managing broker at Menethil Properties Ltd., after he abandoned his duties, leaving the firm unauthorized to operate. The investigation revealed Guo moved overseas, delegating responsibilities to unlicensed director Yu (David) Song, violating the Real Estate Services Act. Song's previous managing broker licence was cancelled in September 2023 due to professional misconduct and a CAD 25,000 penalty.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-02-13•Malta•Malta Financial Services Authority
The Malta Financial Services Authority (MFSA) announced regulatory initiatives expanding options for non-retail collective investment schemes under the Investment Services Act. The MFSA introduced the Special Limited Partnership Fund (SLPF) as an alternative to the limited partnership framework, and extended the Notified Professional Investor Fund (NPIF) framework to include self-managed NPIFs.
Policy & regulationRules & requirementsOther
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2025-02-13•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) has issued the 2025 economic and financial market scenarios for company-run Dodd-Frank Act stress tests. These scenarios, including baseline and severely adverse conditions, are used to assess covered institutions' risk profiles and capital adequacy. The requirement stems from Section 165(i)(2) of the Dodd-Frank Act, as amended, and applies to certain financial companies.
Policy & regulationImplementation, projects & pilotsStress testing
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2025-02-13•China•China Banking and Insurance Regulatory Commission
Li Yunze, Director of the China Banking and Insurance Regulatory Commission, met with Sam Woods, Deputy Governor of the Bank of England, to discuss outcomes from the UK-China Economic and Financial Dialogue. The meeting focused on enhancing bilateral financial regulatory cooperation.
Policy & regulationCooperationCross-border cooperation
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2025-02-13•Nepal•Central Bank of Nepal
Finance Ministry Secretary Ghanshyam Upadhyay has been sworn in as a member of the Central Bank of Nepal’s Board of Directors, as per the Nepal Rastra Bank Act, 2058. The oath was administered by Chief Justice Prakash Man Singh Raut at the Supreme Court.
Institutional developmentLeadership change & appointmentsOther
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2025-02-13•Luxembourg•Ministry of Finance (Luxembourg)
Luxembourg’s Finance Minister Gilles Roth participated in the World Artificial Intelligence Cannes Festival 2025, promoting "human-scale" AI and positioning Luxembourg as a hub for innovative finance firms. A memorandum of understanding was signed to transform Cloud Community Europe – Luxembourg into a chapter of AI Europe. Roth also visited innovation hubs and advocated for balanced AI regulation at a University Côte d’Azur conference.
Policy & regulationCooperationArtificial intelligence
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2025-02-13•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority issued a letter to authorised deposit-taking institutions clarifying expectations on pre-sales and commercial property lending, referencing its March 2017 guidance.
Policy & regulationGuidance & interpretationLending
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2025-02-13•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) updated Switzerland's Russia-related sanctions, aligning with the EU's 15th sanctions package and amending the Ordinance on Measures connected with the Situation in Ukraine. Key changes include prohibiting recognition of certain Russian court judgments and extending exemptions for Swiss investment withdrawal from Russia. Additionally, 54 individuals and 30 entities were added to the sanctions list, requiring financial intermediaries to freeze assets and report to SECO.
Policy & regulationRules & requirementsSanctions list update
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2025-02-13•Global•Financial Action Task Force
The FATF President urged jurisdictions at the No Money for Terror conference to enhance financial intelligence use and exchange to combat terrorist financing. The speech highlighted deficiencies in FATF evaluations, noting less than a third of countries adequately address terrorist financing. It emphasized information sharing, citing successful terror plot disruptions, and ongoing work on emerging abuse channels and private sector cooperation.
Policy & regulationGuidance & interpretationAML and CFT
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2025-02-13•Taiwan•Central Bank of Taiwan
In January 2025, the Central Bank of Taiwan approved foreign exchange business authorizations, including new foreign-currency issuance and structured product activities. E.Sun Commercial Bank, CTBC Bank, Yuanta Securities, and SinoPac Securities received specific approvals for various foreign currency-related financial products and services. The central bank reported 3,459 authorized banks as of end-January 2025, comprising 3,419 domestic banks, three Mainland banks, and 37 foreign banks.
SupervisionAuthorisations & approvalsLicence approval
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2025-02-13•Europe•Committee on Economic and Monetary Affairs
The European Parliament's Committee on Economic and Monetary Affairs will hold a scrutiny debate on 19 February 2025 regarding delegated acts and implementing measures related to the Solvency II review and the Insurance Recovery and Resolution Directive (IRRD). These directives, effective from 28 January 2025, will be applicable from 30 January 2027, and the debate aims to oversee the European Commission and EIOPA's ongoing work.
Policy & regulationCooperationPrudential risksRecovery and resolution
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2025-02-13•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission released end-December 2024 statistics for credit card, cash card, and electronic payment sectors, alongside cashless payment indicators. Key figures include 58.58 million effective credit cards with a revolving credit balance of NT$116.3 billion and 188.81 million stored value cards with NT$15.07 billion in stored value balances. Non-cash payment transactions in 2024 totaled 8.307 billion, valued at NT$8.3 trillion.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-02-13•United Kingdom•The Pensions Regulator
The Pensions Regulator announced that Sarah Smart will step down as Chair in July 2025, with the Department for Work and Pensions overseeing the appointment of her successor. Under Smart's leadership, TPR has focused on outcomes, implementing automatic enrolment, authorising master trusts, and setting clearer funding expectations through the defined benefit Funding Code. Transition arrangements will be managed over the next six months.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-13•United Arab Emirates•Dubai Virtual Assets Regulatory Authority
Dubai Virtual Assets Regulatory Authority warned about memecoin risks, citing their speculative nature and market manipulation susceptibility. Memecoins often lack intrinsic value and may be swayed by social media or misleading promotions, with unrealistic return claims suggesting fraud. VARA stressed compliance with regulations for virtual asset issuance and marketing, warning that unauthorized activities could face enforcement and platform access might be restricted without notice.
SupervisionAlertsFraud and scams
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2025-02-12•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg's Cahier d’études No. 193 evaluates potential consumer adoption of a central bank digital currency (CBDC) in Luxembourg, highlighting that adoption hinges on merchant acceptance and operational features like top-up mechanisms. Using data from the Eurosystem’s SPACE survey, the study simulates scenarios, showing significant variation in CBDC usage based on cost and wallet limits. Future research will explore CBDC demand in other euro area countries and as a store of value.
ResearchCBDC
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2025-02-12•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission approved Premier Fund REIT's IPO prospectus and made governance changes. It approved new board members for Balkan Property Instruments REIT and amended BPD Industrial Real Estate Fund EADREIT's statute. The FSC scheduled aptitude exams, notified EU and EEA authorities about GRECO BULGARIA EOOD's insurance mediation plans, and requested more information for pending authorisations.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-02-12•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission conducted a virtual market hearing to solicit feedback on a draft revision of Presidential Decree No. 209/22 concerning fees in the securities and derivatives market. The hearing aimed to foster dialogue and consensus, with market participants offering views and amendment suggestions for the Commission's review.
Policy & regulationGuidance & interpretationRegulatory burden
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2025-02-12•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved the public offer by Saudi Economic and Development Securities Company for the SEDCO Capital Global Monthly Distributions Fund. The CMA emphasized that its approval is not a subscription recommendation but confirms compliance with legal requirements under the Capital Market Law and its Implementing Regulations. Investors should review the fund's terms, investment strategy, and risk factors thoroughly.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-02-12•Saudi Arabia•Saudi Arabia Capital Markets Authority
Alinma Investment Company has informed the Saudi Arabia Capital Market Authority of its name change to Alinma Capital.
SupervisionAuthorisations & approvalsMandate change
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2025-02-12•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released detailed data on interest rates for deposits and loans for each credit institution for December 2024. Additional related information is accessible on its website.
Data & statisticsFinancial and market indicators
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2025-02-12•Angola•Angola Insurance Authority (ARSEG)
The Angola Insurance Authority (ARSEG) held a meeting with Angola’s Financial Intelligence Unit (UIF) to review the national risk assessment process. The discussion emphasized the importance of ARSEG completing its sectoral risk assessment for the insurance and pension funds sectors promptly.
SupervisionCooperationCross-border cooperation
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2025-02-12•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay has been certified under the ISO 37001:2016 Anti-bribery Management Systems standard by LSQA, marking it as the first public body to achieve this. This reflects the bank's system to prevent, detect, and manage bribery risks across processes, including corporate governance and financial stability. The bank also highlighted its confidential reporting channel for suspected bribery or corruption.
Institutional developmentGovernanceBribery and corruption
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2025-02-12•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has appointed Birgit Puck from Austria’s Financial Market Authority as Chair of its Markets Standing Committee. The election took place at ESMA’s Board of Supervisors meeting on 11 February 2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-12•Hong Kong•Hong Kong Mandatory Provident Fund Schemes Authority
The Hong Kong Mandatory Provident Fund Schemes Authority has reprimanded and disqualified YAN Yuen Yee Angel as a Mandatory Provident Fund intermediary for two months due to unauthorized distribution of marketing materials. YAN, formerly with Manulife (International) Limited, breached internal policies and conduct requirements under the Mandatory Provident Fund Schemes Ordinance. The decision considered the breach's nature, seriousness, and impact, alongside YAN's clean record.
EnforcementSanctions & designations
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2025-02-12•Australia•Australian Securities & Investments Commission
ASIC's February 2025 Financial advice update covers adviser standards, complaints, breach reporting, tech governance risks, and supervisory activities. It offers guidance on adviser qualifications and the experienced provider pathway. Findings from its first industry-wide dispute resolution data show reporting gaps, with plans to publish firm-level complaints data in 2025. A review of AI adoption by licensees reveals complexity and governance concerns. The update includes outcomes from the Financial Services and Credit Panel, superannuation fund advice surveillance, and insights from the reportable situations regime.
Policy & regulationGuidance & interpretationRegulatory reportingSupervisory data
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2025-02-12•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority held a training for licensed market players to enhance compliance with Anti-Money Laundering (AML) requirements, facilitated by the Financial Intelligence Centre. CEO Thapelo Tsheole emphasized adhering to global AML, Counter-Terrorist Financing, and Counter-Proliferation Financing standards. The session covered risk-based approaches, beneficial ownership transparency, due diligence, internal controls, and targeted financial sanctions.
SupervisionInterventionsAML and CFTSupervision process and methodologies
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2025-02-12•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE and Abu Dhabi Securities Exchange have agreed to process AED cash settlements for ADX-listed financial instruments via the Central Bank Money network. This includes trades in shares, bonds, and exchange-traded funds, as well as margin call and collateral transactions, aligning with IOSCO standards for central counterparty clearing and central securities depository services. The automated direct debit mechanism aims to expedite settlement and mitigate settlement risk, supporting ADX’s Core Platform Upgrade.
Policy & regulationCooperationMarket infrastructure
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2025-02-12•Nigeria•Ministry of Finance (Nigeria)
Nigeria's Ministry of Finance highlighted the capital market's role in achieving a USD 1 trillion economy, noting a 37% stock market rise in 2023 and a 1.5% increase in early 2024. Finance Minister Wale Edun reported pension fund assets at NGN 20.5 trillion and 2024 revenue collections exceeding targets by 120%. The Investment and Securities Bill is identified as crucial for ongoing regulatory reform.
Policy & regulationReform agendas & priorities
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2025-02-12•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) has launched the 2025 Market Monitor for advisers and intermediaries, a mandatory digital questionnaire for over 6,100 firms. The AFM aims to enhance its understanding of market developments and risks, with a focus on business operations as a supervisory priority. The questionnaire will also determine the 2025 supervision cost contribution based on actual turnover from licensed activities.
SupervisionRegulatory reportingSupervision process and methodologies
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2025-02-12•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan hosted the InsureImpact Conference 2025 in Karachi, launching digital initiatives for the insurance sector, including a motor insurance repository and an SMS-based policy finder. Discussions covered disaster and agriculture insurance, health insurance gaps, and digitalisation, with calls for prioritising agricultural insurance and a sustainable health insurance framework. SECP also emphasized stakeholder engagement and amendments to Pakistan’s insurance laws.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-02-12•Georgia•National Bank of Georgia
The National Bank of Georgia has granted a microbank license to JSC "Crystal," allowing it to expand its services and introduce new financial products. Crystal's inclusion in the real-time gross settlement system is anticipated to enhance its competitive position. The development is expected to increase competition and diversify Georgia's banking sector.
SupervisionAuthorisations & approvalsLicence approval
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2025-02-12•Georgia•National Bank of Georgia
The National Bank of Georgia announced that Natia Turnava has been appointed as Governor, following nomination by the NBG Board and approval by the Georgian Parliament. The IMF Executive Director sent a congratulatory letter, expressing intent to continue collaboration with the central bank.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-12•Italy•Bank of Italy
The Bank of Italy has issued a call for papers for its Conference on the Economics of Payments, set for 18-19 September 2025 in Rome. The event will focus on the functioning, evolution, and regulation of retail and wholesale payment systems, with a scientific committee featuring experts from major international financial institutions.
ResearchPayments and payment systems
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2025-02-12•Italy•Bank of Italy
The Bank of Italy published a report on the CIPA website titled “Quantum technologies in the banking sector,” analyzing quantum technologies' opportunities and risks in finance. The CIPA working group, including ABI Lab and various banks, aims to support strategic initiatives. The report covers quantum mechanics, technology applications, ecosystem mapping, safety strategies, and potential banking impacts.
ResearchQuantum computing
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2025-02-12•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg CSSF introduced a simplified procedure for creating new share classes without a prospectus update for UCITS, UCI Part II, SIFs, and SICARs, applicable when characteristics are defined in the current prospectus. Submissions must adhere to the CSSF's form and include relevant information in a standardised table.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-02-12•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier issued guidance on the EU "Fee Cap" for non-audit services when auditors perform assurance on sustainability reporting, pending Luxembourg's adoption of national CSRD provisions. Under Regulation (EU) No 537/2014, non-audit service fees are capped at 70% of average statutory audit fees over three years, with CSRD assurance engagements excluded. Other sustainability-related services remain non-audit services and count towards the cap if allowed under independence rules.
Policy & regulationGuidance & interpretationAuditing
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2025-02-12•Europe•European Banking Authority
The European Banking Authority (EBA) released final draft Implementing Technical Standards for a centralized Pillar 3 data hub, facilitating prudential disclosures via a single access point on its website, as required by the Capital Requirements Regulation and Directive Banking Package. The standards outline IT solutions, submission processes, and data formats for institutions, with a transition period for disclosures from June to December 2025. A consultation for small and non-complex institutions is planned for early 2025.
Policy & regulationRules & requirementsRegulatory reporting
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2025-02-12•Sweden•Riksbank
Sweden's Riksbank published the first 2025 issue of its Economic Review, featuring three articles on the evolution of inflation targeting. The issue includes a synthesis of a Riksbank-hosted conference on inflation targeting, Mervyn King's analysis of institutional foundations, and a review by Magnus Jonsson and Anders Vredin on the expanded toolkit and analytical demands post-2008.
Research
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2025-02-12•Sweden•Riksbank
Sweden's Riksbank released an Economic Commentary evaluating the EU's Green Asset Ratio (GAR) and the need for transparent metrics to assess banks' climate-related progress. Current GAR disclosures show that only a small portion of banks' balance sheets are green, with major Swedish banks reporting a GAR of 1.9% at the end of 2023. The Commentary anticipates GAR growth as sustainability reporting and energy performance data improve.
ResearchClimate risk and sustainable finance
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2025-02-12•Sweden•Riksbank
Riksbank Deputy Governor Aino Bunge discussed Sweden's monetary policy, noting inflation near the 2% target but cautioning about January's unexpected rise. She highlighted the need for economic rebound amid foreign uncertainties and detailed upgrades to the RIX system for instant payments and broader connectivity. Bunge also addressed challenges in the payments market, including fraud and reliance on digital infrastructure, and emphasized the Riksbank's extended mandate to enhance payment systems.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developmentsPayments and payment systems
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2025-02-12•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has declined to approve Rasul Ilshadovich Gafurov and Zaurech Salmenovna Zhumabekova for senior positions in the securities market. This decision was made under protocols No. 219/РЦБ/Т and No. 220/РЦБ/Т dated 11 February 2025.
SupervisionAuthorisations & approvalsLicence approval
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2025-02-12•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Piotr Janusz Kaczmarek as a board member and independent director of Bereke Bank JSC, a subsidiary of Lesha Bank LLC.
SupervisionAuthorisations & approvalsLicence approval
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2025-02-12•France•Bank of France
The Bank of France's report reviews 20 years of the Groupe de Place Robustesse (GPR), highlighting its role in operational crisis management. It emphasizes a robust crisis-management framework, tested through annual exercises, including the April 2024 G7 exercise with 23 financial authorities. It outlines a forward programme to enhance cross-sector coordination, international collaboration, and risk exploration.
Policy & regulationImplementation, projects & pilotsOperational risk and resilience
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2025-02-12•France•Bank of France
The Bank of France's 2024 assessment reports a 10.8% increase in household over-indebtedness filings, partly due to inflation's impact on financially fragile households, with total debt reaching EUR 4.5 billion. The report also marks 20 years of the Groupe de Place Robustesse, highlighting its crisis-management role and a large-scale exercise under G7 auspices, with future plans for enhanced international collaboration and risk scenario exploration.
Data & statisticsConsumer and investor protection
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2025-02-12•France•Bank of France
The Bank of France received the Label GEEIS AI Gender Equality European & International Standard trophy at the Artificial Intelligence Summit, highlighting its commitment to responsible and inclusive AI. First Deputy Governor Denis Beau accepted the award, emphasizing the bank's "trust by design" AI approach. A subsequent roundtable at the Innovation Lab discussed promoting inclusive AI in technological innovation.
OtherArtificial intelligence
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2025-02-12•Austria•Austria Financial Market Authority
The Austria Financial Market Authority announced that Birgit Puck, Managing Director of its Securities Supervision Department, has been appointed Chair of the European Securities and Markets Authority’s Markets Standing Committee. Her term runs until 31 December 2026, succeeding Rodrigo Buenaventura. The committee addresses regulatory aspects of securities markets, market infrastructures, and co-operation on market abuse investigations.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-12•Finland•Ministry of Finance (Finland)
Finland's Ministry of Finance announced that Minister Wille Rydman will attend the No Money for Terror conference in Munich on 13 February, focusing on enhancing measures against terrorism financing. The conference, initiated in 2018 by France, seeks to bolster international cooperation and develop coordinated solutions to this threat.
Policy & regulationCooperationAML and CFTCross-border cooperation
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2025-02-12•Isle of Man•Isle of Man Financial Services Authority
Caesium Limited has surrendered its licence under section 7 of the Financial Services Act 2008, effective 11 February 2025, as announced by the Isle of Man Financial Services Authority.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-02-12•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and social media accounts linked to Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-02-12•United Kingdom•UK Parliament
The UK Parliament’s Foreign Affairs Committee is seeking evidence on the UK’s sanctions strategy, focusing on parliamentary scrutiny and potential increased oversight of sanctions policy. The inquiry will explore balancing increased parliamentary involvement with the need for expediency and ensuring sanctions align with foreign policy goals. Evidence is requested on scrutiny scope, timing, and comparisons with international oversight models.
Policy & regulationReform agendas & prioritiesForeign exchange policy and markets
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2025-02-12•United Kingdom•UK Parliament
The UK Parliament's Public Accounts Committee criticizes HMRC for underestimating tax evasion costs and lacking a clear strategy to combat it. It calls for a stronger cross-government approach, highlighting ineffective collaboration between HMRC, Companies House, and the Insolvency Service, and inadequate use of powers under the Economic Crime and Corporate Transparency Act 2023. The report notes declining prosecution outcomes and urges faster implementation of company registration reforms.
Policy & regulationReform agendas & prioritiesTax transparency and information exchange
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2025-02-12•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland has introduced a public charting tool with near-real-time indicators of business conditions in the Fourth District, derived from its Survey of Regional Conditions and Expectations (SORCE). The SORCE indexes, informing the Cleveland Fed’s Beige Book and monetary policy, include data on demand, prices, costs, employment, wages, capital expenditures, and expectations. Data are collected every six weeks and published about three weeks later.
Data & statisticsEconomic data and developments
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2025-02-12•Europe•European Central Bank
The European Central Bank released a working paper by Lea Steininger and Anna Matzner analyzing how monetary policy shocks affect firms differently based on their labour share. The study finds that monetary tightening disproportionately impacts fixed-capital investment in labour-intensive firms due to external financing constraints, rather than factors like firm age or size. Based on data from over 1.3 million firms, the findings suggest bank lending as a key transmission mechanism.
Research
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2025-02-12•Europe•European Central Bank
ECB Executive Board member Frank Elderson discussed integrating climate and nature-related risks into monetary policy and banking supervision, emphasizing binding compliance measures. The ECB will suspend corporate bond purchases in early 2025, with future purchases favoring better-performing issuers. Banks must manage climate risks by end-2024, facing penalties for non-compliance, and stress-testing frameworks must use scientifically aligned scenarios.
SupervisionInterventionsClimate risk and sustainable finance
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2025-02-12•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan reported a year-end inflation rate of 3.6% for 2024, with a refinancing rate cut to 9.0% per annum. The banking system saw TJS 47.5bn in assets and TJS 24.6bn in lending, with a capital adequacy ratio of 21.8%. Foreign capital inflows into the banking sector increased by 88.7% to USD 4.2bn.
Monetary policyPolicy rate decisionsOther
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2025-02-12•Spain•Bank of Spain
The Bank of Spain is holding three listening sessions with over 30 academics and economics experts to update its analytical and research priorities for the next five years. Governor José Luis Escrivá and Deputy Governor Soledad Núñez participated in the first session. This initiative aims to address issues impacting the economic welfare of Spanish society.
Policy & regulationReform agendas & prioritiesOther
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2025-02-12•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission released its list of public companies as of 31 December 2024, excluding securities and fund management companies. The list differentiates between companies listed or registered for trading on the UPCoM market and those registered with the Commission but not yet listed or registered for UPCoM trading.
Data & statisticsSanctions list update
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2025-02-12•Romania•Romanian Financial Supervisory Authority
The Romanian Financial Supervisory Authority announced that the Chamber of Deputies adopted a bill amending the capital markets framework to expedite capital raising and enhance investor protection. Key changes include reducing the pre-emption rights period for share capital increases from 30 to 14 days, setting deadlines for transmitting resolutions to the Trade Register and Official Gazette, and extending quarterly financial reporting deadlines. The bill, aligned with EU transposition and Romania's national capital market strategy, will be sent to the President for promulgation.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-02-12•Romania•Romanian Financial Supervisory Authority
The Romanian Financial Supervisory Authority adopted measures impacting non-bank financial markets, including amendments to the authorisation framework for private and voluntary pension funds. It approved the withdrawal of Anteco S.A. Ploiești shares from trading and endorsed changes to BRD pension fund administration contracts. The amendments will be published in Romania’s Official Gazette.
Policy & regulationRules & requirementsLicence withdrawal
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2025-02-12•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) issued a warning regarding counterfeit surety bond insurance policies falsely attributed to Athora Belgium NV/SA, which the insurer has disowned. Athora Belgium, previously authorised to operate in Italy, renounced its non-life authorisation on 28 January 2025. IVASS advises customers to verify the legitimacy of insurers and intermediaries through its published registers and warning lists.
SupervisionAlertsFraud and scams
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2025-02-12•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) Board rejected a settlement proposal in Administrative Sanctioning Proceeding 19957.009503/2018-15 involving former Petrobras executives. The Federal Specialized Prosecutor’s Office identified a legal impediment, and the Commitments Committee recommended rejection due to the seriousness of the alleged conduct. The proceeding investigates potential breaches of duty of diligence related to the 2013 approval of refinery projects despite economic infeasibility concerns, possibly infringing Article 153 of Law 6,404.
EnforcementInvestigations & enforcement actionsOther
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2025-02-12•British Virgin Islands•British Virgin Islands Financial Services Commission
The British Virgin Islands Financial Services Commission (FSC) issued a warning that NICKY FX INVESTMENT is not licensed or regulated by the FSC and is circulating a forged investment business licence. The entity falsely claims to be authorised to conduct investment business in the British Virgin Islands. The FSC advises the public to avoid dealings with NICKY FX INVESTMENT and report any suspicious activities.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-02-12•British Virgin Islands•British Virgin Islands Financial Services Commission
The British Virgin Islands Financial Services Commission released its Annual Report 2023, now available for download.
Other
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2025-02-12•Germany•German Bundesbank
The German Bundesbank reported a current account surplus of EUR 24.0bn for December 2024, driven by a rise in invisible transactions despite a decline in the goods trade surplus. The financial account showed net capital exports of EUR 30.6bn in securities and EUR 26.3bn in direct investment, with net capital imports of EUR 4.2bn in other investments. Preliminary data for 2024 indicates a current account surplus of EUR 248.7bn and net capital exports of EUR 270.6bn.
Data & statisticsBalance of payments and other external statistics
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2025-02-12•Germany•German Bundesbank
The German Bundesbank's December 2024 statistics show a decline in bond issuance and net repayments, with domestic debt securities issuance dropping to EUR 81.5bn from EUR 108.2bn in November. Domestic credit institutions and the public sector significantly reduced capital market debt, while domestic corporates issued bonds net of EUR 21.9bn. Domestic non-banks were net buyers of debt securities, whereas foreign investors sold German debt securities net, and the Bundesbank's bond holdings decreased due to maturities.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-02-12•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore and the Association of Banks in Singapore plan to establish a new entity to consolidate the administration and governance of national payment schemes, working on the national payments strategy. This entity will unify governance currently spread across several bodies but won't be regulated or involved in daily operations. Details on its name, governance structure, and board composition will be disclosed later this year.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-02-12•Haiti•Bank of the Republic of Haiti
The Bank of the Republic of Haiti reported on the implementation status of the second cohort of projects funded by the BRH Fund for Research and Development, totaling HTG 102,808,624.25. The update details project durations, host institutions, start dates, disbursements, and progress metrics, with disbursement rates between 34% and 100% and execution rates from 30% to 75%.
Policy & regulationImplementation, projects & pilotsOther
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2025-02-12•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission reported a KRW 0.9 trillion decline in household loans across all financial sectors in January 2025, reversing a KRW 2.0 trillion increase from the previous month. Home mortgage loans rose by KRW 3.3 trillion, with banks showing accelerated growth, while other household loans fell sharply by KRW 4.2 trillion, particularly in nonbanks. The FSC attributed the decline to uncertainty and seasonal factors, noting potential February rebounds linked to housing transactions and ongoing market monitoring.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-02-12•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission released unaudited Enhanced Quarterly Reports for life and non-life insurers and mutual benefit associations for Q4 2024, highlighting significant growth in premiums, net income, and benefits paid. Total premiums increased by 12.81% to PHP 440.39 billion, net income rose 15.88% to PHP 56.29 billion, and benefits paid grew 18.97% to PHP 160.33 billion. Insurance penetration and density improved, with notable gains in the life sector and mixed results in the non-life sector.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-02-12•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has issued a cyber sanctions notice designating ZSERVERS, XHOST Internet Solutions LP, and six individuals under the UK's Cyber (Sanctions) (EU Exit) Regulations 2020, subjecting them to an asset freeze in Guernsey. Firms must check for relationships with these entities, freeze related assets, and report findings to the States of Guernsey Policy & Resources Committee. Reports must also be submitted to the Commission under Handbook Rule 12.37, detailing the affected relationship and transaction values.
EnforcementSanctions & designationsNew sanctions designations
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2025-02-12•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission announced the removal of Irina Vladimirovna Chubarova from the UK Russia financial sanctions regime, lifting asset freeze and trust services sanctions in the Bailiwick of Guernsey. The consolidated list has been updated to reflect this change. UK sanctions regulations are implemented in the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020.
EnforcementSanctions & designationsSanctions list update
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2025-02-12•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario imposed 18 administrative penalties totaling CAD 25,000 on Avraj Singh Dulay for fabricating documents related to property transactions and failing to maintain required records. These actions violated sections of the Mortgage Brokerages, Lenders and Administrators Act, 2006, and Ontario Regulations 187/08 and 188/08. The order followed a settlement with Dulay.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-02-12•Canada•Ontario Securities Commission
The Ontario Securities Commission and other regulators have settled with GS Partners and affiliates, including Josip Heit, to compensate eligible investors. GS Partners must return all deposits, with compensation based on investment value minus withdrawals, and cover claims process costs. The settlement follows investigations into digital assets and metaverse offerings, including the G999 token.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-02-12•United Kingdom•Prudential Regulation Authority
The UK's Prudential Regulation Authority (PRA) has finalized changes to streamline firm-specific capital communications for Pillar 2A, systemic buffers, and the Additional Leverage Ratio Buffer (ALRB), without affecting firms' capital requirements. The amendments update the PRA Rulebook and Supervisory Statements, effective 31 March 2025, with no immediate actions required from firms. Existing ALRB communications will be revoked when the new rules take effect, and further responses to CP9/24 will be considered later.
Policy & regulationRules & requirementsCapital adequacy
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2025-02-12•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority released its January 2025 disclosure on share buyback transactions under Decree No. 2-02-556. For Maroc Telecom, the programme allows up to 10,165,623 shares with specific price limits, and in January, 1,136,340 shares were bought and 107,884 sold. Banque Centrale Populaire's programme details include a ceiling of 1,500,000 shares with defined price parameters.
SupervisionRegulatory reportingOther
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2025-02-12•Europe•European Commission
The European Commission has proposed a legislative amendment to reduce the settlement period for EU transactions in transferable securities from T+2 to T+1. This change, applicable to securities like shares and bonds on EU trading venues, aims to enhance the efficiency and competitiveness of EU post-trade financial market services.
Policy & regulationRules & requirements
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2025-02-12•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria revised ATM fees, keeping free withdrawals at a customer's bank's ATMs and capping fees for other banks' ATMs from March 1, 2025. Not-on-us withdrawals will have a base fee of NGN 100 for amounts up to NGN 20,000, with extra charges for larger amounts. International withdrawals will be charged on a cost-recovery basis, and banks must follow prescribed caps.
Policy & regulationRules & requirementsPayments and payment systems
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2025-02-12•Global•ISDA
At its Annual Legal Forum in London, the International Swaps and Derivatives Association (ISDA) announced initiatives to enhance derivatives documentation efficiency, including AI upgrades to ISDA Create and the development of an ISDA Notices Hub for contractual notices. Additionally, ISDA plans to complete the FX definitions project by late 2025, with implementation aimed for 2027, addressing industry demands for consolidation and updates.
Policy & regulationImplementation, projects & pilotsRegulatory reportingSupervision process and methodologies
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2025-02-12•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Nearly 200 lawmakers, led by Senate Banking Committee's Elizabeth Warren and House Financial Services' Maxine Waters, urged removing Elon Musk's operatives from the CFPB. The letter criticizes Acting Director Russ Vought for halting operations, deemed illegal, and emphasizes the agency's consumer protection role since its creation under the Dodd-Frank Act. Lawmakers pledged to oppose efforts to dismantle the CFPB.
Other
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2025-02-12•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Chairman Tim Scott of the U.S. Senate Committee on Banking, Housing and Urban Affairs introduced the Protect Small Businesses from Excessive Paperwork Act of 2025, proposing to delay beneficial ownership information report deadlines under the Corporate Transparency Act to 1 January 2026. The bill aims to give the U.S. Department of the Treasury more time for business owner education and to address compliance concerns, as a survey showed 80% of small businesses were unaware of the requirements. A companion bill passed the House unanimously, and the Senate proposal has multiple co-sponsors.
Policy & regulationRules & requirementsBeneficial ownership
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2025-02-12•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority issued consumer guidance on common cognitive biases affecting investment decisions, leading to costly or risky choices. It advises focusing on simple, low-fee funds and cautions against complex products like cryptoassets due to their high fees and risks. The guidance also recommends broader fee comparisons to avoid anchoring to expensive funds.
Financial literacy & educationFinancial literacy and education