-
2025-02-12•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority reported an increase in banks' gross margin on variable-rate residential mortgages to 0.81 percentage points in Q4 2024, up from 0.78 in Q3. This rise followed a 75 basis point policy rate cut by Sveriges Riksbank, which reduced banks' mortgage funding costs. Consumers are advised to negotiate mortgage rates and compare against the average rate of 3.47% for new contracts, as per Statistics Sweden data.
Data & statisticsLending
-
2025-02-12•United States•U.S. Financial Services Committee
U.S. House Financial Services Committee Chairman French Hill criticized the Consumer Financial Protection Bureau's end-of-term rulemakings under former Director Rohit Chopra, focusing on overdraft fee caps and removing medical debt from credit reports. Hill argued these measures could increase costs and restrict healthcare access, especially in rural areas, and indicated Congress will seek to overturn them. He also highlighted the House's passage of a bill allowing multiple agency rules to be reviewed en bloc under the Congressional Review Act.
Policy & regulationReform agendas & prioritiesConsumer and investor protection
-
2025-02-12•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway reviewed Belships ASA’s 2023 financial statements, identifying material errors in IFRS 16, IAS 19, and IAS 1 disclosures. Key issues included missing lease disclosures for newbuild ships and non-transparent employee benefit presentations, leading to understated payroll costs. Belships has begun addressing these deficiencies and will provide a detailed explanation in its 2024 annual report.
SupervisionReviews, inspections & stress testsAccounting and financial reporting
-
2025-02-12•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released a supervisory report on Sparebank 1 Boligkreditt AS, highlighting governance, liquidity, and funding risk issues. It calls for enhanced liquidity stress testing, quarterly reporting, and improved board reporting on key liquidity indicators. The report also advises diversification in LCR composition and expects improvements to be reflected in future ILAAP documentation and risk reports.
SupervisionReviews, inspections & stress testsLiquidity riskStress testing
-
2025-02-12•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority released an inspection report on DNB Bank ASA’s Corporate Banking, highlighting deficiencies in IFRS 9 expected credit loss (ECL) modelling and provisions. The report urges DNB to enhance its ECL framework, improve forbearance flagging, and address operational risk indicators and anti-money laundering follow-up. DNB’s board is reviewing ECL parameters, with changes anticipated in 2025, and the supervisor requests notification of these changes and their impact.
SupervisionReviews, inspections & stress testsAccounting and financial reporting
-
2025-02-12•Canada•Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) will defer further increases to the Basel III standardized capital floor, maintaining it at 67.5% due to uncertainty about global implementation timelines. OSFI will notify banks at least two years before resuming increases and will continue to monitor financial and macroeconomic developments, adjusting the Domestic Stability Buffer and capital expectations as needed.
Policy & regulationRules & requirementsCapital adequacy
-
2025-02-12•Canada•Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) announced its next Quarterly Release cycle, prioritizing Industry Day on 6 March 2025 and discontinuing the stakeholder briefing on announcement day. The 20 February release will include consultations on revisions to the Capital Adequacy Requirements Guideline, final guidelines on crypto-asset exposures, and updates to climate risk management. Further adjustments to release processes are under consideration, with more details expected in the Annual Risk Outlook in April.
Policy & regulationRules & requirementsClimate risk and sustainable finance
-
2025-02-12•Europe•European Central Bank
The European Central Bank's Economic Bulletin analyzes euro area wage developments, noting strong wage growth in 2022-24 due to past inflation compensation and tight labor markets. As inflation declines and labor demand eases, wage growth is moderating, though wages remain crucial for assessing inflation persistence. The article highlights differences in wage indicators, the role of contract duration, and anticipates lower wage growth through mid-2025 due to renegotiations and base effects from one-off payments.
Research
-
2025-02-12•Europe•European Central Bank
The European Central Bank's Economic Bulletin article highlights the EU's substantial green investment needs to 2030, estimated at 2.7% to 3.7% of 2023 GDP, primarily relying on private sector funding. Public support may fall short post-Recovery and Resilience Facility (RRF), with a projected public funding gap of €20 billion annually over 2025-30. Structural challenges include finance constraints for cleantech firms, skill shortages, and regulatory complexity.
ResearchClimate risk and sustainable finance
-
2025-02-12•United States•Federal Reserve Board
The Federal Reserve Board's FEDS Note examines the rise and volatility of Treasury repo rates relative to the overnight reverse repurchase agreement (ON RRP) rate, attributing changes to quantitative tightening (QT) and net Treasury issuance. The analysis reveals increased sensitivity during the 2017–19 QT episode and a recent uptick, though liquidity remains abundant. A USD 100 billion increase in Treasury coupon issuance widens the TGCR–ON RRP spread by 5–6 basis points, with higher reserves and ON RRP take-up mitigating sensitivity.
Research
-
2025-02-12•United States•Federal Reserve Board
The Federal Reserve Board's FEDS Note examines how investor-flow-driven fragility in prime money market funds affects pricing and issuance in the primary commercial paper market. It reveals that issuers face higher borrowing costs when money market fund counterparties experience increased redemption pressure, with more pronounced pricing effects for issuers with weaker bargaining power. Using data from December 2014 to March 2024, excluding March to April 2020, the study finds no significant effects on issuance volumes.
ResearchLiquidity riskMarket risk and volatility
-
2025-02-12•United States•Federal Reserve Board
The Federal Reserve Board approved ChoiceOne Financial Services' merger with Fentura Financial, including the indirect acquisition of Fentura's subsidiary, The State Bank. It also authorized ChoiceOne Bank to merge with The State Bank and operate branches at its locations.
SupervisionAuthorisations & approvalsLicence approval
-
2025-02-12•United States•Federal Reserve Board
The Federal Reserve Board has approved WesBanco, Inc.'s application to acquire Premier Financial Corp. and indirectly acquire Premier Bank.
SupervisionAuthorisations & approvalsLicence approval
-
2025-02-12•United States•Federal Reserve Board
The Federal Reserve Board approved CSBH, LLC's application to acquire up to 49.9% of Industry Bancshares, Inc., indirectly gaining control of several subsidiary banks. The transaction includes Citizens State Bank, Industry State Bank, Bank of Brenham, Fayetteville Bank, The First National Bank of Shiner, and The First National Bank of Bellville, all located in Texas.
SupervisionAuthorisations & approvalsLicence approval
-
2025-02-12•Russia•Central Bank of Russia
The Central Bank of Russia released its February 2025 monitoring results on maximum interest rates for Russian ruble deposits from the top 10 credit institutions by household deposit volume. The average maximum rate for the first ten days of February was 21.44%, with rates varying by maturity from 19.36% to 21.21%. These rates exclude special-category deposits and are calculated as the arithmetic mean using publicly available data.
Data & statisticsFinancial and market indicators
-
2025-02-12•Russia•Central Bank of Russia
The Central Bank of Russia released principles to enhance business standards, boost confidence, and protect consumers. Based on a draft Code of Good Conduct, these cover eight pillars like transparency and integrity, and can be adopted by self-regulatory organizations and financial institutions. The Bank provides recommendations to aid in developing internal controls and preventing misconduct.
Policy & regulationGuidance & interpretationCorporate governance
-
2025-02-12•Zimbabwe•Securities & Exchange Commission of Zimbabwe
The Securities and Exchange Commission of Zimbabwe (SECZim) has issued Regulatory Sandbox Guidelines for live testing of fintech and capital markets innovations, allowing potential regulatory waivers during tests. Admission is limited to entities incorporated in Zimbabwe or with offices there, and participants must be authorized by SECZim's Innovation Office. The framework aims to inform long-term policy and legislative updates based on trial outcomes.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
-
2025-02-12•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission issued Staff Legal Bulletin 14M, rescinding SLB 14L and altering guidance for excluding shareholder proposals from proxy statements under Rule 14a-8. Commissioner Caroline A. Crenshaw criticized the timing, citing increased costs and uncertainty. The bulletin reinstates previous views on exclusion bases, affecting proposals on poison pills, compensation, AI, political expenditures, and environmental issues.
Policy & regulationGuidance & interpretationCorporate governance
-
2025-02-12•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1054, updating procedures for the authorisation, suspension, delisting, and trading of individually issued negotiable securities. The resolution mandates markets to implement a permanent disclosure mechanism for key financial information, ensuring accessibility to member agents and the investing public.
Policy & regulationRules & requirementsDisclosures
-
2025-02-12•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) approved Interpretative Criterion No. 94, enhancing transparency in disclosures regarding issuers' indebtedness and related risks. This applies to all regimes for prospectuses and supplements, including those for SMEs, mandating updates as of the publication date.
Policy & regulationGuidance & interpretationDisclosures
-
2025-02-12•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) has established a special regime for the public offering of mortgage financial trusts to streamline securitisation in Argentina's capital markets, in accordance with Decree No. 1017/2024. Key features include a reduced dissemination period for qualified investors and the ability to reopen placements for up to two years. The regime allows issuing additional trust securities through automatic public offering without further procedures.
Policy & regulationRules & requirementsSecuritization
-
2025-02-12•Malta•Malta Financial Services Authority
The Malta Financial Services Authority's review on (re)insurers' implementation of IFRS 17 noted effective adoption but urged data quality improvements for accurate reporting. It highlighted common practices like on-the-job training and consultant collaboration, identified data consistency challenges, and potential impacts on underwriting. A Dear CEO letter recommended strengthening processes to meet IFRS 17 requirements.
SupervisionReviews, inspections & stress testsAccounting and financial reporting
-
2025-02-12•Moldova•National Bank of Moldova
The National Bank of Moldova's Executive Committee approved a regulation on outsourcing functions by non-bank payment service providers, effective 20 February 2025.
Policy & regulationRules & requirementsOutsourcing and third-party risk management
-
2025-02-12•Argentina•Argentina Superintendency of Insurance
Argentina’s Superintendency of Insurance introduced a new Information Reporting Regime and Monitoring Dashboard to streamline financial statement submissions and enhance supervisory focus. The regime, based on microservices, will reduce data upload times and errors, shifting supervision towards a risk-based approach. The phased implementation includes automated investment data uploads, accounting modernisation, and full digitisation to improve security and transparency.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
-
2025-02-12•Australia•Australian Competition and Consumer Commission
The Australian Competition and Consumer Commission (ACCC) revoked authorisations A91473 and A91474, substituting them with authorisation AA1000678, allowing Australian Payments Network Limited to implement suspension and termination provisions in the Bulk Electronic Clearing System (BECS) Regulations for 10 years until 29 August 2034. This decision pertains solely to BECS's suspension and termination provisions.
SupervisionAuthorisations & approvalsLicence withdrawal
-
2025-02-12•India•Securities & Exchange Board of India
The Securities and Exchange Board of India (SEBI) has published an Industry Standards Recognition Manual to guide the recognition of industry-developed implementation standards and streamline Industry Standards Fora (ISFs) processes. Launched as a pilot in July 2023, ISFs aim to enhance compliance and governance for listed companies and stock brokers, with plans to extend to other securities market stakeholders. The manual addresses the lack of common norms in ISF formation and functioning, promoting a more representative structure to reflect practical compliance challenges.
Policy & regulationGuidance & interpretationCorporate governance
-
2025-02-12•South Korea•Bank of Korea
The Bank of Korea released a press release titled “Financial Market Trends in January 2025,” accompanied by figures and supporting materials in attached files.
Data & statisticsFinancial and market indicatorsMonetary data
-
2025-02-12•Luxembourg•Luxembourg Commissariat aux Assurances
The Luxembourg Commissariat aux Assurances published its Q4 2024 press communiqué detailing quarterly indicators for the insurance sector.
Data & statisticsFinancial and market indicatorsSupervisory data
-
2025-02-12•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic reported record-high employment and historically low open unemployment and informality for October to December 2024. Total employment rose to 5,050,930, with a significant increase in formal workers and a decrease in informal workers, reducing the informality rate to 54.8%. Average hourly labour income increased by 10.1% nominally, while monetary poverty decreased to 20.8% in Q3 2024 from 24.4% a year earlier.
Data & statisticsEconomic data and developments
-
2025-02-12•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury has amended the excise duty framework, simplifying the storage and movement of excise goods in warehouses. Key changes include removing the requirement for revenue traders to be authorised warehousekeepers and allowing duty-free goods to be returned to export shops under certain conditions. Additionally, the process for Customs Supervised Exports has been streamlined, and specific movements between customs and excise warehouses have been simplified.
Policy & regulationRules & requirementsOther
-
2025-02-12•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) has initiated a consultation on an Opinion regarding AI governance and risk management for insurance, guiding the application of existing sectoral requirements. The Opinion aligns with the EU's AI Act and international standards, focusing on risk-based controls, fairness, ethical conduct, and data governance. It excludes AI systems classified as prohibited or high-risk under the AI Act.
Policy & regulationGuidance & interpretationArtificial intelligence
-
2025-02-12•Barbados•Central Bank of Barbados
Central Bank of Barbados Governor Dr. Kevin Greenidge, at the BIBA 2025 Economic Outlook Seminar, highlighted factors shaping Barbados' and the global economy, including growth, inflation, and financial sector dynamics. He noted inflation is slowing but prices aren't falling, and growth could exceed 3% with more investment. Inflation is projected between 1% and 2.5% for 2025, barring external shocks, with discussions also covering industry concerns and opportunities related to the OECD global minimum corporate tax agreement.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
-
2025-02-12•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank announced that its Governor, Timothy N.J. Antoine, received an award from Grenada for his exceptional contribution to finance during the country's independence anniversary honours. The award was part of Grenada's golden jubilee celebrations, recognizing 50 individuals and organizations across 20 categories.
Other
-
2025-02-12•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde, with the National Institute of Statistics, surveyed public satisfaction and usage of its coins to inform cash policy planning. This is part of a campaign to enhance coin circulation and reduce replacement costs. The Bank noted its six coin denominations, minted in 1994, are nearing 30 years in circulation, with an estimated 68.9 million coins in use.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
-
2025-02-11•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua reported a 1.5% year-on-year growth in the Monthly Index of Economic Activity for November 2024, with a cumulative growth of 3.5% from January to November. Notable sector gains included hotels and restaurants (10.8%) and construction (6.8%), while declines were seen in mining and quarrying (-14.9%) and manufacturing (-3.4%). Primary activity movements were attributed to increased output in crops and aquaculture, despite a manufacturing contraction due to reduced production of petroleum derivatives and cigars.
Data & statisticsEconomic data and developments
-
2025-02-11•Sierra Leone•Ministry of Finance (Sierra Leone)
Sierra Leone’s Ministry of Finance, led by Financial Secretary Matthew Dingie, reaffirmed its commitment to joining the West African Monetary Zone (WAMZ) monetary union by 2027. Despite no WAMZ member meeting all macroeconomic convergence criteria by June 2024, progress was noted in regional integration efforts, including payment systems and capital market development. Dingie emphasized Sierra Leone's fiscal policy focus on revenue collection and expenditure rationalization, while the Bank of Sierra Leone highlighted structural reforms under IMF-supported programs.
Policy & regulationReform agendas & prioritiesOther
-
2025-02-11•Australia•Australian Securities & Investments Commission
The Financial Services and Credit Panel, under ASIC, has imposed a two-year registration prohibition on financial adviser Glenn Paul Meilak, effective 10 February 2025. His registration is cancelled, barring him from providing personal advice to retail clients until after 10 February 2027. The panel found systemic misconduct, including breaches of the best interests duty, inappropriate advice, misleading statements, and non-compliance with the Code of Ethics. ASIC is also conducting surveillance on SMSF advice quality, with the decision recorded in the FSCP Outcomes Register.
EnforcementSanctions & designationsUnlicensed or unauthorized activity
-
2025-02-11•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank has authorized four fintech startups, including SpireTech, The Lending Hub, Soar, and Ldun, to operate under its Regulatory Sandbox. This initiative aims to foster financial inclusion and innovation in the Saudi fintech sector by allowing these firms to test new solutions in the market.
SupervisionAuthorisations & approvalsRegulatory sandbox
-
2025-02-11•Global•Financial Markets Standards Board
The Financial Markets Standards Board appointed Gareth Murphy and Alison Higgins as joint chairs of its Conduct and Ethics Committee, succeeding Tracey McDermott. Murphy and Higgins bring experience from their roles at abrdn and Standard Chartered Bank, respectively, with Higgins also leading a working group on unauthorised trading.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
-
2025-02-11•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority has initiated a Twinning Light project to enhance its administrative capacity and update its Corporate Governance Code to align with European standards. The EUR 150,000 project, implemented by the Croatian Financial Services Supervisory Agency, aims to incorporate sustainability-related disclosures in governance reports, guided by recommendations from ESMA, IOSCO, and OECD.
Policy & regulationImplementation, projects & pilotsCorporate governance
-
2025-02-11•Israel•Bank of Israel
The Bank of Israel's Financial Stability Report for H2 2024 highlights the resilience of Israel's financial system amid the Swords of Iron War, despite elevated macroeconomic risks and moderated vulnerabilities. Starting in 2025, the report will transition to an annual publication.
ResearchFinancial and market indicatorsFinancial stability and systemic risk
-
2025-02-11•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) emphasized integrating ESG factors in collective investments and transparency in product disclosures. This aims to ensure compliance with sustainable finance requirements and align with the European Securities and Markets Authority. Consob identified good and poor ESG practices and noted potential issues as supervisory activities progress.
Policy & regulationGuidance & interpretationESG
-
2025-02-11•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority (DFSA) published a thematic review on insurance and reinsurance firms in the Dubai International Financial Centre, noting positive awareness of targeted financial sanctions obligations but identifying improvement needs in control frameworks and risk assessment methodologies. The review assessed 19 firms, focusing on screening practices, governance, and compliance with UAE TFS obligations. Key enhancements required include explicit risk assessments, comprehensive policies, and regular audits.
SupervisionReviews, inspections & stress testsSanctions list update
-
2025-02-11•Colombia•Central Bank of Colombia
The Central Bank of Colombia's Board of Directors released Bulletin 12 of 2025, detailing the Unidad de Valor Real (UVR) values for 16 February to 15 March 2025, in accordance with External Resolution No. 13 of 2000.
Policy & regulationImplementation, projects & pilotsOther
-
2025-02-11•Kenya•Central Bank of Kenya
The Central Bank of Kenya received the Best New Series of banknotes award at the High Security Printing Europe, Middle East and Africa Conference for its August 2024 release. The series features advanced anti-counterfeiting measures, including RollingStar i+ thread, ZigZag dynamic movement effects, and dual colour fluorescence. The new notes circulate alongside the 2019 series.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
-
2025-02-11•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority (FSMA) reached a settlement with Dirk Verstraete, mandating a payment of EUR 12,500 and the publication of his name on the FSMA’s website.
EnforcementInvestigations & enforcement actionsOther
-
2025-02-11•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank has authorized four fintech startups to operate under its Regulatory Sandbox to test innovative financial solutions. The firms include SpireTech for open banking, The Lending Hub and Soar for peer-to-peer lending, and Ldun for micro, small, and medium enterprises factoring.
SupervisionAuthorisations & approvalsRegulatory sandbox
-
2025-02-11•Andorra•Andorran Financial Authority
The IMF's 2025 Article IV mission statement for Andorra emphasizes banking sector soundness and financial supervision tools. It highlights resilience, citing the countercyclical capital buffer set by the Andorran Financial Authority and banks' internationalisation as key factors. This non-binding document reflects initial staff impressions before a full report to the IMF Executive Board.
Policy & regulationPeer reviews and country evaluationsFinancial stability and systemic riskSupervision process and methodologies
-
2025-02-11•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica appointed Leonor Cuevillas Vallejos to the National Council for Supervision of the Financial System (Conassif) for a five-year term starting 12 February 2025. Cuevillas, who meets legal eligibility requirements, brings extensive risk management experience in financial intermediation, securities, and insurance. Her appointment follows a rigorous selection process aimed at enhancing gender balance within Conassif.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
-
2025-02-11•Europe•European Banking Authority
The European Banking Authority revised its Guidelines on ICT and security risk management to align with the Digital Operational Resilience Act (DORA), effective January 2025, enhancing legal clarity. The amendments apply to entities under DORA, like credit institutions and payment service providers, while others will follow the Payment Services Directive (PSD2) and may face additional national requirements. The revised Guidelines take effect two months after the translated versions are published.
Policy & regulationGuidance & interpretationOperational risk and resilience
-
2025-02-11•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance introduced a draft "Capital Market Strengthening" bill, approved by the Cabinet, to enhance investment appeal, reduce listing frictions, and bolster investor protection in securities and cryptoassets. Key measures include tax incentives for investors, adjustments to listing and bond rules, and enhanced supervisory powers for the Hellenic Capital Market Commission and the Bank of Greece. The bill criminalizes unauthorized cryptoasset services and sets administrative sanctions, with further cryptoasset tax legislation expected in 2025.
Policy & regulationRules & requirementsMarket developmentRegulatory burden
-
2025-02-11•Guernsey•Ministry of Finance (Guernsey)
Guernsey's Ministry of Finance reported compliance with FATF standards for anti-money laundering and combating terrorism, following a MONEYVAL evaluation. The update noted pass ratings in six of 11 Immediate Outcomes and technical compliance with all 40 FATF Recommendations. Reforms included new legislation, statutory authorities, and IT system upgrades to enhance compliance and reporting.
Policy & regulationPeer reviews and country evaluationsAML and CFT
-
2025-02-11•Sweden•Riksbank
Sweden's Riksbank Deputy Governor Anna Seim stated that the central bank's recent policy rate cuts, totaling 1.75 percentage points over nine months, align with inflation targets. She emphasized the current rate's capacity to manage domestic economic fluctuations and global supply shocks, while affirming the Riksbank's readiness to adjust policy if necessary.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
-
2025-02-11•Ghana•Securities and Exchange Commission Ghana
The Securities and Exchange Commission Ghana has mandated all directors and principal officers of Capital Market Operators to submit an electronic Directors Personal Note via its Regulatory Compliance Portal by 30 April 2025. This requirement aims to maintain an updated regulatory database, with non-compliance potentially leading to action under the Securities Industry Act 2016. The SEC retains the authority to modify or revoke the directive.
Policy & regulationRules & requirementsRegulatory reporting
-
2025-02-11•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Pension Funds has extended phase-in schedules for prudential requirements for savings and credit cooperatives (Coopac), delaying measures for gradual adaptation. Global and basic capital limits now end in December 2028, while cooperative reserve and liquidity coverage ratio schedules extend to December 2027 and December 2031, respectively. The Deputy Superintendent for Cooperatives noted these changes align with the 2025 strategic plan, focusing on regulatory simplification, enhanced coordination, and on-site prudential supervision.
Policy & regulationRules & requirementsCapital adequacyPrudential risks
-
2025-02-11•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has launched actuarial courses on the skills.enbek.kz platform to support the training of actuaries in Kazakhstan. Developed with the Insurance Payments Guarantee Fund, these courses aim to prepare learners for actuarial exams and professional licensing. The first course is free, with additional courses to be added throughout the year.
Policy & regulationImplementation, projects & pilotsOther
-
2025-02-11•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency issued a guide on credit card use, emphasizing repayment within the grace period to avoid interest and fees. It advises against cash withdrawals due to immediate interest and commissions and recommends security measures like strong PINs and SMS alerts. The guide suggests timing larger purchases early in the billing cycle for maximum interest-free benefits.
Financial literacy & educationPayments and payment systems
-
2025-02-11•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has accepted a court enforceable undertaking from United Super Pty Ltd, trustee of Cbus, to implement a risk transformation program addressing prudential concerns. Following a review highlighting weaknesses in risk management, Cbus must engage independent experts for governance reviews, develop a board-approved plan, and appoint an independent reviewer. APRA will oversee the plan and investigate potential breaches of the Superannuation Industry (Supervision) Act 1993.
EnforcementInvestigations & enforcement actionsRisk managementCorporate governance
-
2025-02-11•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has approved Lutheran Laypeople’s League of Australia Limited's request to revoke its licence as an authorised deposit-taking institution, allowing it to revert to a Religious Charitable Development Fund. The updated list of APRA-authorised institutions is available on APRA’s online register.
SupervisionAuthorisations & approvalsLicence withdrawal
-
2025-02-11•Global•Ceres
Ceres criticized the U.S. Securities and Exchange Commission (SEC) for delaying oral arguments in litigation over the federal climate disclosure rule, suggesting it undermines the SEC's investor-protection mission. Ceres emphasized the importance of transparency due to accelerating climate risks and highlighted the rule's significance in the U.S. disclosure landscape, requiring companies to disclose material climate-related risks.
OtherClimate risk and sustainable finance
-
2025-02-11•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to DBS Bank (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact DBS Bank (Hong Kong) Limited and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
-
2025-02-11•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website linked to Bank Julius Baer & Co. Ltd., directing the public to the bank's notice on the HKMA website. The HKMA emphasized that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Police.
SupervisionAlertsFraud and scams
-
2025-02-11•United Kingdom•UK Parliament
The UK Parliament’s Treasury Committee has requested further information from the Financial Conduct Authority and the Financial Ombudsman Service regarding the departure of FOS Chief Ombudsman Abby Thomas. The Committee expressed dissatisfaction with the initial explanations and seeks clarity on the circumstances and discussions surrounding her exit, including any potential settlements or performance concerns.
Institutional developmentGovernanceLeadership change and appointments
-
2025-02-11•Europe•European Central Bank
The European Central Bank's Working Paper No. 3022 critiques digital money and decentralised finance terminology, highlighting biases and inconsistencies. It proposes vocabulary changes to better reflect economic substance, such as distinguishing "crypto-assets" from traditional assets on distributed ledgers, and suggests reframing terms like "smart contracts" and "stablecoin." The paper also recommends using "electronic money" instead of "digital currency" for retail CBDC and revising "wholesale CBDC" terminology.
Policy & regulationGuidance & interpretation
-
2025-02-11•Europe•European Central Bank
The European Central Bank's Working Paper analyzes disparities in homeownership rates and housing wealth across France, Germany, Italy, Spain, and the United States using a life-cycle model. It finds that differences in house price expectations and housing-market institutions are primary factors, with preference differences being less significant. The paper highlights the impact of long-run house price beliefs and rental wedges on homeownership rates and identifies housing maintenance costs as a key driver of housing wealth value.
Research
-
2025-02-11•Europe•European Central Bank
The European Central Bank released an implementation guide for the TIBER-EU framework, detailing how authorities and entities can conduct intelligence-led ethical red team tests to enhance cyber resilience. The guide serves as operational guidance for Threat-Led Penetration Tests under Regulation (EU) 2022/2554, promoting consistency across EU jurisdictions. It outlines roles for various teams, testing phases, and confidentiality expectations, focusing on critical functions and mutual recognition.
Policy & regulationGuidance & interpretationCyber resilience
-
2025-02-11•Europe•European Central Bank
The European Central Bank's Economic Bulletin article assesses Europe's competitiveness, linking it to productivity growth and structural reforms. It attributes the productivity gap with the U.S. to weaker ICT industries, lower firm dynamism, and regulatory complexity. The article highlights the need for integrated capital markets and addresses barriers such as insolvency resolution times, trade costs, and infrastructure gaps.
Research
-
2025-02-11•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan met with Ko Sakamoto, the new Resident Representative of the Asian Development Bank (ADB), to discuss ongoing cooperation and ADB support for the banking system. Discussions included macroeconomic stability, investment attraction, economic reforms, financial market development, and digitisation. The central bank highlighted structural reforms to enhance monetary policy, liquidity, interest-rate indicators, and public confidence, with ADB ready to expand cooperation.
Policy & regulationCooperationCross-border cooperation
-
2025-02-11•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) issued a circular reminding financial institutions to avoid unnecessary markings on banknotes, supporting its Clean Note and Coin Policy. The First Philippine Polymer Banknote Series, including new designs for PHP 500, PHP 100, and PHP 50, will circulate alongside the New Generation Currency series. Marked banknotes are unfit for circulation and must be surrendered to the BSP, with penalties for defacement outlined under Presidential Decree No. 247.
Policy & regulationGuidance & interpretationCurrency and cash management
-
2025-02-11•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 12.2% year-on-year growth in outstanding loans of universal and commercial banks, net of reverse repurchase placements, in December. Loans to residents increased by 12.4%, while non-resident loans grew by 5.7%. The BSP aims to maintain domestic liquidity and bank lending conditions aligned with its stability objectives.
Data & statisticsFinancial and market indicatorsMonetary data
-
2025-02-11•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported that domestic liquidity (M3) grew by 7.7% year on year to PHP 18.8 trillion in December, with a 0.2% month-on-month increase. Domestic claims rose by 10.4%, driven by private sector lending, while net foreign assets increased by 6.0%. The central bank will maintain its management of liquidity conditions to align with monetary policy and stability goals.
Monetary policyMonetary policy instruments & operationsMonetary data
-
2025-02-11•Palestine•Palestine Capital Market Authority
The Palestine Capital Market Authority and the Business and Professional Women Network – Palestine discussed cooperation to enhance women's economic empowerment and financial inclusion, focusing on non-banking financial sectors. Topics included regulatory policies to support women-led enterprises, integration of women in regulatory processes, and expanding financial literacy initiatives. Both parties aim to develop a framework to boost women's participation in the financial sector.
Policy & regulationCooperationFinancial inclusionDomestic cooperation
-
2025-02-11•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has granted VPS Securities Joint Stock Company a certificate for a public offering of 50,000,000 unsecured, non-convertible corporate bonds. Each bond has a par value of VND 100,000, with a direct repayment obligation by the issuer. The certificate is numbered 38/GCN-UBCK and dated 10 February 2025.
SupervisionAuthorisations & approvalsSecurities offerings and listings
-
2025-02-11•Andorra•Ministry of Finance (Andorra)
Andorra's Ministry of Finance released the IMF's 2024 report, noting economic growth and a balanced 2025 budget maintaining fiscal stability. The IMF deems the banking sector solid and suggests an EU association agreement to boost reforms. Long-term challenges include pension sustainability and climate risks, with the government praised for its housing initiatives.
Policy & regulationInternational standards & recommendationsEconomic data and developments
-
2025-02-11•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) fined UHY Bendoraytes & Cia – Auditores Independentes and partner Flávio Augusto Guedes Viana for irregularities in auditing Botafogo Institucional Fundo de Investimento Renda Fixa's financial statements. The firm and Viana were fined BRL 200,000 and BRL 85,000, respectively, for breaches of NBC TA standards and CVM Instruction 308, with additional fines for further violations. Both parties were acquitted of a separate allegation and may appeal to the National Financial System Appeals Council.
EnforcementInvestigations & enforcement actionsAuditing
-
2025-02-11•Serbia•National Bank of Serbia
The National Bank of Serbia reported a decrease in gross foreign exchange reserves to EUR 29,018.4 million at the end of January 2025, with net reserves also declining to EUR 24,624.7 million. The dinar depreciated by 0.1% against the euro, while interbank FX trading volume fell to EUR 659.2 million. Reserve outflows were driven by domestic FX market interventions and net state deleveraging, offset by inflows from reserve management and market factors.
Monetary policyMonetary policy instruments & operationsBalance of payments and other external statistics
-
2025-02-11•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has granted “Tiko Azərbaycan” LLC an indefinite licence to operate as an electronic money institution under the Law on Payment Services and Payment Systems. The decision was made by the Central Bank’s Board on 10 December 2024. Evaluation of other payment services licence applications is ongoing.
SupervisionAuthorisations & approvalsLicence approval
-
2025-02-11•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, led by Director General Sou Socheat, held a virtual meeting with the Asian Development Bank to discuss cooperation on developing Cambodia’s digital asset market and regulatory framework.
Policy & regulationCooperationFintech and insurtechCross-border cooperation
-
2025-02-11•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission announced senior appointments to bolster its technology capabilities and international regulatory engagement. Conor Osborough, Liam Cunningham, and Nick Herquin will lead units focused on technology innovation, technology supervision, and international cooperation, respectively. These changes follow the rollout of new tools and the completion of the MONEYVAL assessment.
Institutional developmentLeadership change & appointmentsHiring and recruitment
-
2025-02-11•Canada•Ontario Securities Commission
The Ontario Securities Commission has charged Ian Ross McSevney with fraud and a related offence under the Securities Act (Ontario). McSevney allegedly raised over CAD 5 million from investors for Altmore Mortgage Investment Corporation, using a significant portion for personal benefit. Charges include fraud and trading in securities without a prospectus.
EnforcementInvestigations & enforcement actionsFraud and scams
-
2025-02-11•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Markets Authority approved Douja Promotion Groupe Addoha SA's bond issuance prospectus, reserved for existing bondholders and backed by a mortgage over company real estate. The unlisted issuance, structured into four tranches, totals up to MAD 750 million with a six-year maturity and a 300 basis point risk premium. Tranches A and C have a fixed 5.79% rate, while Tranches B and D have an annually revisable rate starting at 5.58%.
SupervisionAuthorisations & approvalsSecurities offerings and listings
-
2025-02-11•Europe•European Association of CCP Clearing Houses
The European Association of CCP Clearing Houses and other market bodies urged the European Commission to exclude a wholesale gas price cap from the EU’s Clean Industrial Deal and Action Plan on Affordable Energy Prices. They argue it could undermine energy security, impair hedging and liquidity in energy derivatives markets, and pose financial stability risks. The coalition calls for engagement with industry and supervisory authorities to develop a comprehensive evidence base before implementing price caps.
Policy & regulationOtherClimate risk and sustainable finance
-
2025-02-11•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria introduced the Nigerian Foreign Exchange Code, establishing conduct and controls for the wholesale foreign exchange market, with compliance reporting backed by enforcement powers. Based on the Global FX Code, it applies to authorised dealers and approved entities, focusing on ethics, governance, and risk management. Additionally, the central bank suspended extensions on export proceeds repatriation timelines and fined banks for ATM cash-dispensation failures.
Policy & regulationRules & requirementsCross-border paymentsFinancial stability and systemic risk
-
2025-02-11•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Democratic members of the U.S. Senate Committee on Banking, Housing and Urban Affairs, led by Elizabeth Warren, have asked the FDIC Inspector General to evaluate the Acting Chairman’s decision to rescind over 200 job offers to bank examiners. The letter cites concerns about risks to bank supervision and financial stability, referencing past supervisory failures and staffing shortages. The Senators also noted a December 2023 FDIC Board decision to increase examiner positions and linked the rescinded offers to a federal hiring freeze under a previous executive order.
SupervisionRisk monitoring & watch pointsSupervision process and methodologies
-
2025-02-11•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren and Representative Maxine Waters urged Federal Reserve Chair Jerome Powell to maintain the current stress testing framework and defend its legality, following plans for significant changes. They emphasized the Dodd-Frank Act's requirement for annual stress tests and linked the framework to post-2008 financial stability efforts. The lawmakers warned that proposed changes could accommodate bank demands and increase economic risks.
Policy & regulationRules & requirementsCapital adequacyStress testing
-
2025-02-11•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 minority press release where Ranking Member Elizabeth Warren urged Federal Reserve Chair Jerome Powell to prevent DOGE from accessing the Fed's payment infrastructure and ensure the Consumer Financial Protection Bureau (CFPB) remains funded. Warren also challenged Treasury Secretary Bessent's claims about Treasury payments and criticized recent Federal Reserve actions, including changes to diversity content and stress test plans.
Other
-
2025-02-11•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, commented on the nomination of a new Consumer Financial Protection Bureau (CFPB) Director. She questioned whether "co-presidents Elon Musk and Donald Trump" would permit the CFPB to function effectively or attempt to dismantle it, potentially enabling Wall Street to exploit American families.
Institutional developmentLeadership change & appointmentsConsumer and investor protection
-
2025-02-11•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee's Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held a hearing to review digital assets and blockchain use cases, advocating for clearer U.S. rules for stablecoin issuers and digital asset firms. Subcommittee Chairman Bryan Steil emphasized a "principles-based" regulatory framework to support innovation and consumer protection, criticizing the previous administration's enforcement-driven approach. The committee seeks stakeholder feedback on the STABLE Act discussion draft, proposing a regulatory framework for payment stablecoins.
Policy & regulationReform agendas & prioritiesStablecoinsBlockchain and distributed ledger technology
-
2025-02-11•Egypt•Egypt Financial Regulatory Authority
At a Microsoft AI conference, Egypt Financial Regulatory Authority (FRA) Chair Mohamed Farid highlighted efforts to digitize non-banking financial transactions and expand service access. Key initiatives include a regulatory framework for fintech, digital identity, AI-driven investment models, and an upcoming regulatory sandbox. The FRA also emphasized governance in digital transformation, focusing on data protection and customer rights.
Policy & regulationImplementation, projects & pilotsFintech and insurtechRegtech and suptech
-
2025-02-11•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority's report on Havtrygd Gjensidig Forsikring identifies significant weaknesses in governance, risk management, and capitalisation. It calls for improved oversight in foreign expansion planning, Solvency II reporting, and currency risk management, highlighting conflicts in the control framework. Finanstilsynet requests enhanced documentation and board reporting, including technical provisions methodologies and IBNR modelling.
SupervisionReviews, inspections & stress testsRisk managementCorporate governance
-
2025-02-11•Europe•European Central Bank
The European Central Bank released a speech by Executive Board member Isabel Schnabel, titled “Escaping stagnation”, addressing the euro area's weak growth due to structural productivity and competitiveness constraints. Schnabel highlights the region's lag in digital productivity gains compared to the U.S., with challenges in countries like Germany. She suggests growth supports, including green innovation, technological leadership, and deeper financial market integration.
Research
-
2025-02-11•Chile•Chile Financial Market Commission
The Chile Financial Market Commission sanctioned four financial institutions with fines totaling UF 731.77 for failing to consult the National Registry of Alimony Payment Debtors when granting loans, as required by Law No. 14,908. Additionally, Servicio e Inversiones TCD Ltda. was fined UF 80 for not providing timely supporting information to verify compliance with the Maximum Conventional Rate for 64 loan operations.
EnforcementInvestigations & enforcement actionsLending
-
2025-02-11•Russia•Central Bank of Russia
The Central Bank of Russia announced a law adopted by the State Duma mandating waiting periods for certain loans and microloans, effective 1 September 2025, with exemptions for specific loan types. It includes anti-fraud measures, such as restrictions on payment instruments for individuals flagged in the Bank of Russia's fraud database and a RUB 100,000 monthly transfer cap for unblocked cards. Additional provisions involve mandatory borrower verification and enhanced information exchange between creditors and credit history bureaus by 31 December 2026.
Policy & regulationRules & requirementsLending
-
2025-02-11•Canada•Bank of Canada
The Bank of Canada appointed Michelle Alexopoulos as an external Deputy Governor for a two-year term starting 17 March 2025, expanding the Governing Council to seven members. Alexopoulos will engage in monetary policy decision-making and communication while maintaining her role at the University of Toronto. This part-time position, established in 2023 to enhance diverse perspectives, follows the extension of Nicolas Vincent's term as the first external Deputy Governor.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
-
2025-02-11•United States•U.S. Securities & Exchange Commission
Acting Chairman Mark T. Uyeda of the U.S. SEC has directed staff to inform the Eighth Circuit Court of changed circumstances in challenges to the SEC’s climate-related disclosure rule, requesting a delay in scheduling arguments. Uyeda expressed concerns about the SEC’s authority, the rule's necessity, and procedural adherence, following a change in the Commission's composition and a Presidential Memorandum on a regulatory freeze. The rule remains stayed pending litigation.
Policy & regulationOtherClimate risk and sustainable finance
-
2025-02-11•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). Acting Comptroller Rodney E. Hood stated that participation in the NGFS exceeds the OCC's statutory responsibilities and does not align with its regulatory mandate. The OCC will focus on its core mission of ensuring the safety, soundness, and fairness of national banks and federal savings associations.
Policy & regulationCooperationClimate risk and sustainable finance
-
2025-02-11•Nepal•Central Bank of Nepal
The Central Bank of Nepal announced the inauguration of Everest Bank’s branch in Saipal Rural Municipality, Bajhang, by Governor Maha Prasad Adhikari, completing the campaign to provide "class C" commercial bank services to all 753 local levels. This development ensures residents no longer need to travel to district headquarters for banking services.
Policy & regulationImplementation, projects & pilotsOperational excellence
-
2025-02-11•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has intensified measures against United Super Pty Ltd, trustee of the Construction and Building Unions Superannuation Fund (Cbus), by accepting a court enforceable undertaking (CEU) for a risk transformation program and publishing Cbus’ rectification plan to address governance and expenditure-control weaknesses. APRA has also launched an investigation into potential breaches of the Superannuation Industry (Supervision) Act 1993, focusing on expenditure management practices.
SupervisionInterventionsRisk managementCorporate governance
-
2025-02-11•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has revoked the licence of Lutheran Laypeople’s League of Australia Limited to operate as an authorised deposit-taking institution, allowing it to function as a Religious Charitable Development Fund, with the change noted in the updated register.
SupervisionAuthorisations & approvalsLicence withdrawal
-
2025-02-11•Caribbean•Caribbean Financial Action Task Force (CFATF)
The Caribbean Financial Action Task Force and COPOLAD III have published a manual on investigating money laundering risks involving cryptocurrency. Approved by the CFATF Heads of Financial Intelligence Units, it provides practical guidance on virtual asset red flags, investigative techniques, blockchain tools and international cooperation.
Policy & regulationGuidance & interpretationAML and CFTSupervision process and methodologies