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2025-02-07•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation on three websites and initiated measures to block them in Italy. The total number of sites subject to cessation orders since November 2023 has reached 199. IVASS advises consumers to verify the legitimacy of insurance offers, especially short-term motor third-party liability policies, by consulting its registers.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-02-07•Serbia•National Bank of Serbia
The National Bank of Serbia released January 2025 operational statistics for the IPS NBS system, which processed 7,538,690 transactions with an average execution time of 1.2 seconds. The system's turnover reached RSD 89.9 billion, with average daily payments of 243,184 and a daily value of RSD 2,900.4 million.
Data & statisticsCurrency and cash management
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2025-02-07•Serbia•National Bank of Serbia
The National Bank of Serbia released January 2025 statistics for its RTGS, Clearing, and Foreign Exchange Clearing Systems, detailing payment volumes, turnover values, and system availability. The RTGS and Clearing systems processed 16.2 million payments with turnovers of RSD 20,701.9bn and RSD 28.9bn, respectively, achieving 100% availability. The foreign exchange systems processed EUR 107.9 million in transactions, also maintaining full availability.
Data & statisticsActivity and performance reporting
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2025-02-07•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia participated in an Asia Green Transformation Consortium meeting to discuss the consortium's 2025 terms of reference and work plan. The session included representatives from the ASEAN Capital Markets Forum and its working groups, coordinated by Sustainable Finance Institute Asia.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-02-07•Poland•Central Bank of Poland
The Central Bank of Poland reported Poland's official reserve assets at EUR 217.1bn (USD 225.4bn) as of January 2025, marking an increase of EUR 2.9bn from December 2024. The bank prioritises safety and liquidity in reserve management, with investments primarily in Treasury securities and securities from international institutions and government agencies.
Data & statisticsBalance of payments and other external statistics
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2025-02-07•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia met with UN Women Cambodia to discuss enhancing cooperation to boost women's participation in the financial system. The talks emphasized strengthening women's leadership and investment in the securities sector as crucial for broader economic inclusion in Cambodia.
Policy & regulationCooperationDiversity and inclusion
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2025-02-07•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has issued a consultation paper proposing mandatory periodic financial crime returns for accountants, lawyers, and estate agents classified as prescribed businesses. This aims to align these sectors with others already subject to such requirements, following amendments to the Criminal Justice (Proceeds of Crime) Law.
Policy & regulationRules & requirementsRegulatory reporting
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2025-02-07•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro hosted a round table on integrating ESG principles into credit institutions' strategies, with participation from banks, government, and academia. Vice-Governor Nikola Fabris highlighted efforts to enhance resilience to climate and ESG risks, including strategic policies and a Sustainable Finance Roadmap. The Association of Montenegrin Banks emphasized digitization and automation with a focus on sustainability, while the Ministry of Energy detailed the certification process for building energy characteristics.
Policy & regulationReform agendas & prioritiesESG
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2025-02-07•Seychelles•Ministry of Finance National Planning and Trade (Seychelles)
Seychelles’ Ministry of Finance, National Planning and Trade has launched its second National Risk Assessment for Money Laundering and Terrorist Financing, emphasizing emerging risks like virtual assets and environmental crimes. Covering January 2019 to June 2022, it aims to enhance the national AML/CFT framework with recommendations on compliance, capacity building, and collaboration. Preparatory work for these recommendations is set through January 2027, ahead of the third round of Mutual Evaluation.
Policy & regulationReform agendas & prioritiesAML and CFT
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2025-02-07•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has revoked the insurance agent licence of Nakhwattie (Debbie) Somai due to repeated failures to provide requested information and a breach of a licensing condition. Somai did not request a hearing or contest the proposal, violating sections 442.3(3) and 443(1) of Ontario’s Insurance Act.
EnforcementSanctions & designationsUnlicensed or unauthorized activity
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2025-02-07•Global•World Savings and Retail Banking Institute
The World Savings and Retail Banking Institute hosted Finland’s Someron Savings Bank to discuss EU advocacy, sustainable finance, ESG risks, and digitalisation. ESBG Managing Director Peter Simon emphasized savings banks' principles and advocacy, while Ines Scacchi and Diederik Bruggink highlighted priorities in sustainable finance, ESG risks, and payments innovation, including the digital euro and instant payments.
Policy & regulationCooperationESGPayments and payment systems
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2025-02-07•Global•World Savings and Retail Banking Institute
The World Savings and Retail Banking Institute reported that ESBG and CaixaBank participated in the European Commission's event on simplification, advocating for streamlined sustainability reporting due to rising compliance costs and legal uncertainties. ESBG raised concerns about the Corporate Sustainability Due Diligence Directive, emphasizing challenges in monitoring value chains and potential civil liability. The Commission acknowledged the need to review DNSH criteria and GAR calculation bias, and supported halting sector-specific CSRD standards preparation by EFRAG.
Policy & regulationReform agendas & prioritiesRegulatory burden
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2025-02-07•Europe•European Association of CCP Clearing Houses
The European Association of CCP Clearing Houses (EACH) responded to the European Securities and Markets Authority's consultation on draft regulatory technical standards under EMIR Articles 49 and 49a. EACH supports the EMIR 3 objective of streamlined approval processes but argues the draft standards would unnecessarily classify routine adjustments as significant, complicating model improvements. EACH suggests raising quantitative thresholds and revising documentation requirements to prevent delays and excessive governance.
Policy & regulationOtherPrudential risks
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2025-02-07•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senators Elizabeth Warren, Ron Wyden, and other Senate Democrats have requested an independent investigation into Treasury Secretary Scott Bessent's alleged granting of federal payment system access to Elon Musk and DOGE affiliates. The inquiry seeks to determine if any laws or policies were breached, particularly regarding conflicts of interest and handling sensitive information. Concerns include potential misuse of access to freeze U.S. Agency for International Development payments and the involvement of Tesla and SpaceX, which have received significant government funding.
EnforcementInvestigations & enforcement actionsOther
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2025-02-07•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 met with Bill Pulte, nominee for Director of the Federal Housing Finance Agency. Discussions focused on the agency's oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, with priorities on depoliticizing the FHFA, enhancing housing affordability, safeguarding taxpayers, and promoting competitive markets.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-07•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Tim Scott congratulated Rodney Hood on his selection as Acting Comptroller of the Currency by President Trump. Scott emphasized Hood's focus on expanding financial access and inclusion, and expects the Office of the Comptroller of the Currency to maintain its supervisory role in ensuring the safety and soundness of the U.S. banking system.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-07•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has issued guidance warning against transferring shares and securities into an investment savings account (ISK) via stock exchange trades, as this may constitute market manipulation. Transfers should be conducted through the investor's bank to avoid misleading market signals and prohibited self-trading. Investors are advised to seek bank assistance for such transactions.
Policy & regulationGuidance & interpretationMarket abuse
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2025-02-07•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority published an inspection report on Revisjon 1 AS, highlighting serious deficiencies in the auditor's acceptance assessments for new audit engagements, including a gross breach of requirements in one case. The report identified inadequate documentation and routine misalignments in acceptance work for multiple entities. The firm has been asked to address these breaches and reported steps to enhance procedures.
SupervisionReviews, inspections & stress testsAuditing
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2025-02-07•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority (Finanstilsynet) published an inspection report on Figuras AS, identifying non-compliance with laws and auditing standards in audit engagement acceptance, performance, and resignation timing. Key issues included an undocumented independence assessment, inadequate fraud risk assessment, and delayed resignation. Figuras AS has outlined revised routines to prevent recurrence, which Finanstilsynet acknowledged.
SupervisionReviews, inspections & stress testsAuditing
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2025-02-07•Global•International Monetary Fund
The International Monetary Fund estimates that a 60 percent digital money-driven reduction in cross-border payment costs could save USD 510 billion and increase flows by USD 5.8 trillion. The largest relative gains would accrue to remittances and countries dependent on high-cost corridors. The short-term scenario is subject to substantial data limitations.
ResearchCross-border paymentsCBDCPayments and payment systems
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2025-02-07•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka issued Payment and Settlement Systems Circular No. 02 of 2025, mandating new transaction value limits and fee caps for the Common Electronic Fund Transfer Switch (CEFTS). Standard CEFTS transfers are capped at LKR 5 million, with higher limits for specific LankaPay Online Payment Platform (LPOPP) transactions, such as LKR 20 billion for Sri Lanka Customs payments. Fee caps are LKR 25 for most digital transactions, with specific caps for other types.
Policy & regulationRules & requirementsPayments and payment systems
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2025-02-07•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation's Acting Chairman Travis Hill advocated for more flexible Customer Identification Program requirements in bank-fintech partnerships, suggesting banks collect only the last four digits of a customer's Social Security number. Hill supports aligning these requirements with modern onboarding processes and is open to collaborating with other federal regulators on modernization efforts.
Policy & regulationGuidance & interpretationKYC
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2025-02-07•Moldova•National Commission for Financial Markets
Moldova's Ministry of Finance has released a draft law for public consultation to approve the National Strategy for Capital Market Development for 2025–2030, prepared by the National Commission for Financial Markets. The strategy aims to enhance the capital market by improving financing access, broadening the investor base, modernizing infrastructure, and aligning with EU standards. It also assesses current market conditions and identifies regulatory gaps to diversify funding sources and enhance investor protection.
Policy & regulationRules & requirementsMarket development
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2025-02-07•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets (CNPF) joined the EU accession bilateral screening for Chapter 9 Financial Services, briefing European Commission experts on Moldova's regulatory framework and alignment priorities. The meeting included key Moldovan financial institutions and presentations on investment firms, market instruments, and consumer protection. CNPF is expected to harmonize about 170 EU acts related to capital markets, consumer protection, and sustainable finance.
Policy & regulationCooperationCross-border payments
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2025-02-07•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) will host a CEO Forum with firms like Circle and Coinbase to discuss its digital asset markets pilot program focused on tokenized non-cash collateral, such as stablecoins. This aligns with Acting Chairman Caroline D. Pham’s proposal for a regulatory sandbox to enhance clarity in digital asset markets. The program builds on previous CFTC pilot experiences and recommendations to expand non-cash collateral use via distributed ledger technology.
Policy & regulationImplementation, projects & pilotsCBDCStablecoins
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2025-02-07•Europe•European Central Bank
The European Central Bank's working paper models the effects of a EUR 100 per tonne increase in EU carbon pricing and a Carbon Border Adjustment Mechanism (CBAM). The study finds renewable energy investment mitigates electricity price hikes and reduces emissions with minimal GDP impact. Without renewable expansion, EU GDP could fall by 1.41% short-term and 0.41% medium-term, with CBAM slightly worsening outcomes due to higher imported input costs.
ResearchClimate risk and sustainable finance
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2025-02-07•Europe•European Central Bank
The European Central Bank's Economic Bulletin highlights uncertainty in estimating the euro area's natural rate of interest (r*), emphasizing these estimates should not dictate policy rates. Updated models indicate a modest post-pandemic increase in r*, with real r* ranging from -0.5% to 1% and nominal r* from 1.75% to 3%, depending on the model. The ECB stresses that policy decisions are based on a comprehensive assessment of inflation outlook and monetary policy transmission.
Research
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2025-02-07•Russia•Central Bank of Russia
The Central Bank of Russia has approved an advisory standard to enhance the security of QR code transactions for payments and funds transfers. The standard identifies potential threats by QR code type and outlines protection measures, including for ATM cash deposits and withdrawals.
Policy & regulationGuidance & interpretationPayments and payment systems
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2025-02-07•Europe•European Central Bank
The European Central Bank released consolidated banking data for the EU as of September 2024, showing a 5.01% increase in total assets to EUR 33.12 trillion and a rise in the non-performing loans ratio to 1.96%. The dataset, covering 344 banking groups and 2,349 stand-alone institutions, includes indicators on profitability, balance sheet composition, and capital adequacy. It also features limited revisions to prior data.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-02-07•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) outlined priorities to leverage capital markets for technology, green, inclusive, pension, and digital finance, emphasizing risk monitoring and enforcement. Key initiatives include enhanced support for tech firm financing, unified green bond standards, and expanded investment options for long-term funds. The plan also stresses improved cross-agency coordination and dynamic policy evaluation for effective implementation.
Policy & regulationReform agendas & prioritiesFintech and insurtechMarket development
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2025-02-07•China•China Securities Regulatory Commission
The China Securities Regulatory Commission issued implementation opinions with 18 policy measures to boost capital markets' support for science and technology finance, green finance, inclusive finance, pension finance, and digital finance. These measures aim to enhance capital markets' role in the real economy, focusing on technological innovation, advanced manufacturing, and green low-carbon development. The CSRC stressed policy coordination, risk prevention, and high-quality development, with a Q&A from spokesperson Zhou Xiaozhou accompanying the release.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-02-07•China•China Securities Regulatory Commission
The China Securities Regulatory Commission has implemented a framework to align capital markets with the "financial Five Key Articles": technology, green, inclusive, pension, and digital finance. It includes 18 measures to enhance funding and risk-bearing capacity, with specific initiatives for each category. Implementation involves a CSRC work plan, coordination with other departments, governance, compliance, risk management mechanisms, and stronger enforcement against illegal conduct.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-02-07•United States•U.S. Securities & Exchange Commission
The U.S. SEC granted a temporary exemption from Exchange Act Rule 13f-2 and Form SHO reporting for institutional investment managers meeting specified thresholds, delaying initial filings to February 2026. The SEC cited the need for more time to implement technical updates, resolve operational questions, and complete system testing. Abusive naked short selling remains unlawful despite the exemption.
Policy & regulationRules & requirementsRegulatory reporting
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2025-02-07•Malta•Malta Financial Services Authority
The Malta Financial Services Authority (MFSA) attended a Madrid business meeting to boost Malta–Spain collaboration in financial services. The MFSA held bilateral meetings with Banco de España and Spain’s Directorate-General for Insurance and Pension Funds to discuss supervisory practices and regulatory reforms. MFSA officials highlighted Malta's regulatory framework and supervisory approach, emphasizing the balance between regulation and innovation.
SupervisionCooperationCross-border cooperation
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2025-02-07•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration has launched a pilot programme allowing insurance funds to invest in gold, aiming to broaden investment channels and optimize asset allocation. The notice outlines the scope, permitted methods, and management arrangements for gold investments, involving 10 pilot insurance companies. It also establishes reporting mechanisms and supervisory requirements, with the authority to monitor progress and enhance supervision.
Policy & regulationImplementation, projects & pilotsOther
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2025-02-07•Moldova•National Bank of Moldova
The National Bank of Moldova presented the country's progress in financial services during EU accession talks in Brussels, focusing on reforms and alignment with EU standards in banking, insurance, and financial market infrastructure. Discussions highlighted the post-2018 banking legislative overhaul, legal harmonisation efforts since 2012, and insurance sector alignment with Solvency II and EU motor insurance rules.
Policy & regulationPeer reviews and country evaluationsCross-border cooperation
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2025-02-07•Moldova•National Bank of Moldova
The National Bank of Moldova reported a decline in Moldova’s official reserve assets to EUR 5,164.12 million as of 31 January 2025, down from EUR 5,247.45 million at the end of December 2024. The decrease was primarily due to net outflows related to licensed banks’ foreign currency reserves, external public debt service payments, and foreign exchange interventions, partially offset by exchange rate gains and income from reserve management.
Data & statisticsBalance of payments and other external statistics
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2025-02-07•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury announced Secretary Scott Bessent's plan to appoint Rodney E. Hood as Deputy Comptroller and First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC), where he will also serve as Acting Comptroller. The First Deputy Comptroller assumes the Comptroller's duties during a vacancy, as per 12 U.S.C. § 4. Hood has experience on the National Credit Union Administration Board and in senior roles in retail finance and community development.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-07•Trinidad & Tobago•Central Bank of Trinidad & Tobago
The Central Bank of Trinidad and Tobago, in collaboration with the Ministry of Digital Transformation, sent a delegation to India to explore the Unified Payments Infrastructure (UPI) fast payments solution. The delegation engaged with the Reserve Bank of India and other financial entities to understand UPI operations and implementation experiences.
Policy & regulationCooperationCross-border paymentsPayments and payment systems
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2025-02-06•Albania•Ministry of Finance (Albania)
Albania's Ministry of Finance, led by Finance Minister Petrit Malaj, announced plans to enhance agricultural financing through a new "innovative banking instrument" covering 70% of eligible loan principals. Supported by a EUR 250 million fund, the initiative offers soft loans with interest rates up to 3.5% to improve lending terms and reduce collateral requirements. The scheme targets sectors like production infrastructure, agri-processing, fisheries, and agrotourism, with planned budget spending of ALL 14.6 billion for agriculture by 2025.
Policy & regulationReform agendas & prioritiesSME financing
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2025-02-06•Europe•European Securities and Markets Authority
The European Securities and Markets Authority hosted a conference in Paris to discuss the EU’s Savings and Investments Union (SIU), featuring speeches by key figures including Commissioner Maria Luís Albuquerque and ESMA Chair Verena Ross. Panels addressed making the SIU a reality, bridging the funding gap, and fostering retail investment culture. The event aimed to shape ESMA's priorities and support a collective vision for the SIU.
Policy & regulationOtherMarket development
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2025-02-06•Hong Kong•Hong Kong Mandatory Provident Fund Schemes Authority
The Green and Sustainable Finance Cross-Agency Steering Group, including the Hong Kong Mandatory Provident Fund Schemes Authority, outlined 2025 priorities to bolster sustainable finance in Hong Kong. Initiatives include aligning sustainability disclosures with International Financial Reporting Standards, enhancing transition finance infrastructure, and expanding data and technology support. Plans also involve publishing a Hong Kong Green Fintech Map and improving public utility data tools in 2025.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-02-06•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority's Green and Sustainable Finance Cross-Agency Steering Group outlined three 2025 priorities to bolster sustainable finance: establishing a sustainability disclosure ecosystem, enhancing Hong Kong's role in sustainable and transition finance, and leveraging data and technology for improved reporting and financing. Key initiatives include supporting ISSB Standards implementation, expanding the Hong Kong Taxonomy, and developing a Green Fintech Map.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-02-06•Sierra Leone•Ministry of Finance (Sierra Leone)
Sierra Leone’s Ministry of Finance reported on a meeting between WAMA Director General Boima Kamara and Minister Sheku Ahmed Fantamadi Bangura, discussing the delayed ECOWAS single currency (ECO) and challenges in meeting convergence criteria. Kamara emphasized strengthening WAMA's capacity, while Bangura suggested revising the criteria to align with member economies and focusing on capital markets, banking regulation, and regional integration.
Policy & regulationReform agendas & prioritiesLeadership change and appointments
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2025-02-06•Kosovo•Central Bank of the Republic of Kosovo
Governor Ahmet Ismaili of the Central Bank of the Republic of Kosovo participated in a high-level conference in Tirana on reforming Albania’s pension system. He emphasized the central bank's regulatory approach to the pension sector, focusing on investment security and contributor protection. Ismaili also discussed potential reforms, including digitalization, product expansion, and financial education, supported by prudent policies.
SupervisionSupervision approach, priorities & toolkit
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2025-02-06•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission approved the registration of the Special Open-End Securities Investment Fund BFA Rendimento Flex, promoted by BFA Gestão de Activos. The fund aims to offer a diversified portfolio, facilitating access to Angola’s capital markets and supporting financial inclusion.
SupervisionAuthorisations & approvalsLicence approval
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2025-02-06•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission announced that criminal charges against former directors of Capital Mining Limited were discontinued in the District Court of Western Australia. Peter James Dykes, Peter Alan Torney, and Anthony John Dunlop faced charges of dishonestly using their positions as directors. The prosecutions were halted on 1 November 2024 under section 87 of the Criminal Procedure Act 2004 (WA). Although the Commonwealth Director of Public Prosecutions plans to file an ex officio indictment in New South Wales, no proceedings have been filed, and the cases remain under review by the CDPP.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-02-06•Israel•Bank of Israel
The Bank of Israel reported that foreign exchange reserves reached USD 216,059 million at the end of January 2025, an increase of USD 1,486 million from the previous month, with a reserves-to-GDP ratio of 41.4%. The rise was primarily due to a revaluation gain of USD 2,214 million, partially offset by government foreign exchange activities amounting to USD 713 million.
Data & statisticsBalance of payments and other external statistics
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2025-02-06•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) released a Consob Notebook on "Greenwashing and consumer protection for a sustainable economy," detailing EU and Italian legislative measures to promote sustainable investments. It defines greenwashing, its impact on investment decisions, and potential investor remedies, noting the complexity of the current regulatory framework. The analysis was conducted by Consob with the University of Bologna and the University of Naples Federico II.
Policy & regulationGuidance & interpretationGreenwashing
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2025-02-06•Israel•Bank of Israel
The Bank of Israel, in collaboration with the Ministry of Finance, Israel Securities Authority, and Tel Aviv Stock Exchange, is soliciting proposals to evaluate the development of a domestic repo market backed by Israeli government bonds. The initiative seeks feedback on barriers, framework needs, collateral suitability, liquidity impacts, transaction preferences, and market models, with responses due by March 13, 2025.
Policy & regulationCooperationMarket development
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2025-02-06•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission has approved the registration of Eaglestone Acções I, an open-ended special securities investment fund. The fund aims to offer a diversified portfolio, including equities and bonds, to support investment democratisation and financial inclusion in Angola.
SupervisionAuthorisations & approvalsLicence approval
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2025-02-06•Denmark•National Bank of Denmark
The National Bank of Denmark's annual report reveals a decline in central government debt to DKK 217 billion, or 7.4% of GDP, in 2024, with low interest costs and a maintained AAA credit rating. The report also notes a negative yield spread to Germany and details issuance activities, including new 2-year bonds, to support market liquidity and manage interest rate and market risk.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-02-06•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority hosted a webinar with key investment firms to educate investors on collective investment schemes (CIS) and highlight growth in Rwanda’s CIS market. By December 2024, the two licensed CIS, RNIT Iterambere Fund and BKC Aguka Fund, managed assets worth RWF 67.49 billion with 34,465 unit holders. Discussions included market development, new schemes, and technology investments, with RNIT Iterambere Fund planning more schemes and the Rwanda Stock Exchange encouraging BK Capital to list for increased visibility.
Financial literacy & educationOther
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2025-02-06•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission announced that Alphatick Ltd has surrendered its Global Business Licence and Investment Dealer Licence, effective 13 December 2024. The termination complies with sections 28(5) and 28(9) of the Financial Services Act.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-02-06•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market, led by Chairman Ruslan Magomedov, outlined its vision for regulating Ukraine's virtual asset market, emphasizing investor protection. Draft law 10225 is being finalized with the National Bank of Ukraine and other bodies, drawing on MISA while adapting to local conditions. Magomedov clarified that tax rate decisions are the purview of the Verkhovna Rada and the Ministry of Finance, and invited dialogue with the crypto community on regulatory approaches.
Policy & regulationRules & requirements
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2025-02-06•Netherlands•De Nederlandsche Bank
Olaf Sleijpen of De Nederlandsche Bank noted at a CPMI-CGFS workshop that payment system modernization is improving cross-border payments but introducing financial stability risks. Developments include fast payment systems, distributed ledger technology, central bank digital currencies, and increased cloud computing and AI use. Benefits like instant payments and lower costs are noted, but risks such as faster capital flows, operational dependencies, and reduced monetary policy effectiveness were emphasized, with calls for enhanced monitoring, data sharing, and international regulatory cooperation.
Policy & regulationGuidance & interpretationCross-border paymentsPayments and payment systems
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2025-02-06•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) advocates for a prevention-focused financial wellbeing policy through a "Periodic Financial Maintenance" initiative, offering households accessible financial health checks. The AFM highlights digital tools and upcoming European regulations for consumer financial data access and emphasizes collaboration with budget coaches, financial advisers, and employers. The AFM plans to explore scaling opportunities and conduct behavioural science experiments in 2025 to enhance the initiative's impact.
Policy & regulationReform agendas & prioritiesFinancial literacy and education
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2025-02-06•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS) and the High Commission for Planning have signed a cooperation agreement to enhance data sharing, expertise exchange, and strategic analysis. The agreement aims to improve data integration for analyzing Morocco's economic and social dynamics, focusing on accessibility, transparency, and reliability of statistics. Both institutions will establish mechanisms for effective implementation and explore further collaboration.
Policy & regulationCooperationDomestic cooperation
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2025-02-06•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) consulted stakeholders on proposed amendments to the Non-Banking Finance Companies and Notified Entities Regulations, 2008, focusing on cost rationalization for retail investors. Key changes include replacing the total expense ratio capping with a management fee capping, disallowing indirect expense reimbursements, and enhancing Shariah compliance. The session also addressed establishing a Market Development Fund and developing a digital strategy for the mutual fund industry.
Policy & regulationRules & requirements
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2025-02-06•Georgia•National Bank of Georgia
The Georgian Parliament has approved four new members to the National Bank of Georgia Board, nominated by the President: Vakhtang Burkiashvili, Levan Dzneladze, Nino Jeladze, and Otar Shamugia. The appointees, with backgrounds in finance and banking, include three former NBG leaders and one from the Ministry of Agriculture. Board members serve seven-year terms, bringing the total to nine members.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-06•Latvia•Ministry of Finance (Latvia)
Latvia's Ministry of Finance and the Bank of Latvia have submitted a draft law to implement the EU Digital Operational Resilience Act (DORA) and the EU Artificial Intelligence Act in the financial sector. The proposal outlines requirements for mitigating digital technology risks and ensuring secure AI use, extending DORA's scope to digital service providers. The Bank of Latvia is designated as the supervisory authority for compliance and monitoring, with mechanisms and sanctions detailed for breaches.
Policy & regulationRules & requirementsFintech and insurtechSupervision process and methodologies
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2025-02-06•Italy•Bank of Italy
The Bank of Italy released four new economic research Working Papers, covering topics such as artificial intelligence in relationship lending, business loan characteristics and inflation shock transmission in the euro area, and the inventory–business cycle nexus. Additionally, issue No. 77 of its economic research newsletter was published.
ResearchOther
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2025-02-06•Italy•Bank of Italy
The Bank of Italy released a report examining fraudulent transactions in Italy related to digital retail payment instruments such as credit transfers, cards, and e-money, using data from payment service providers.
ResearchFraud and scams
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2025-02-06•Italy•Bank of Italy
The Bank of Italy is hosting a "Diversity and Inclusion" webinar as part of its international technical cooperation efforts. Participation is by invitation only for central banks from selected new EU Member States, EU candidates, potential candidates, countries under the EU neighbourhood policy, and other emerging economies.
Policy & regulationCooperationDiversity and inclusion
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2025-02-06•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners issued guidance for homeowners on mitigating winter-related damage risks to roofs, interiors, and plumbing. The advisory includes practical steps such as trimming branches, inspecting roofs, clearing gutters, and protecting pipes, alongside a reminder to review insurance coverage for winter weather losses.
Financial literacy & educationOther
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2025-02-06•Europe•European Banking Authority
The European Banking Authority (EBA) released a report on short to medium-term objectives for its IRRBB Heatmap, offering observations and recommendations without new requirements. Key areas include NMD behavioural assumptions, supervisory tools for NMD modelling, and guidance for NII outliers under the SOT. The EBA will continue collaborating with stakeholders on long-term objectives, including monitoring the five-year cap on NMD repricing maturity and CSRBB.
Policy & regulationGuidance & interpretation
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2025-02-06•Europe•European Banking Authority
The European Banking Authority (EBA) released a peer review on supervisory convergence and effectiveness in addressing tax integrity and dividend arbitrage trading schemes, finding most supervisors adequately applied assessed benchmarks. The review, sampling six national authorities, evaluated the integration of tax integrity into AML/CFT supervision and related risk assessments. The EBA also outlined follow-up measures to enhance supervisory consistency and limit exposure to illegal tax schemes across the EU.
SupervisionPeer reviews and country evaluationsAML and CFT
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2025-02-06•Laos•Bank of the Lao
The Bank of the Lao reported that Deputy Governor Sulisak Thamnouvong hosted Tae Sik Yoon from South Korea’s Ministry of Economy and Finance to discuss expanding Lao–Korean cooperation in finance and banking within the ASEAN+3 framework. The discussions aimed at enhancing regional financial stability and preparedness for economic uncertainties. The Deputy Governor acknowledged South Korea's support and expressed a desire to deepen bilateral financial cooperation.
Policy & regulationCooperationOther
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2025-02-06•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority reported a 97.5% increase in amended or withdrawn financial promotions in 2024, totaling 19,766 interventions, due to intensified action against misleading and illegal promotions. Key concerns included cryptoasset, debt solutions, and claims management company promotions, with 9,197 CMC promotions withdrawn following action against 46 firms. The FCA emphasized the need for social media platforms to prevent illegal promotions and highlighted targeted actions against "finfluencers," resulting in 20 interviews under caution.
EnforcementEnforcement statistics
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2025-02-06•Sweden•Riksbank
Sweden's Riksbank published a Staff Memo analyzing private equity's impact on financial stability, finding limited risks despite high leverage and opacity. The study highlights that Swedish banks' exposure to private equity has decreased, with private credit funds filling the gap, potentially increasing rollover risk. Institutional investors dominate the sector, with significant commitments, while growing retail access could pose future risks due to valuation opacity and withdrawal pressures.
Research
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2025-02-06•United States•Federal Reserve Bank of Minneapolis
The Federal Reserve Bank of Minneapolis appointed Deb Poteet and Dennis Fitzpatrick to the Helena Branch Board of Directors for three-year terms starting January 1, 2025. Poteet, president of Poteet Construction, was elected by the Minneapolis Fed's Board of Directors, while Fitzpatrick, CEO of Siyeh Corporation, was appointed by the Federal Reserve System’s Board of Governors. The Helena Branch Board shares economic insights with Bank leadership and acts as a community liaison.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-06•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency issued guidance on early loan repayment, emphasizing reviewing agreements and bank procedures. Penalties for early repayment are generally prohibited, but exceptions exist for full repayment within specific timeframes. Borrowers should confirm outstanding amounts, choose full or partial prepayment, and verify loan closure and credit history accuracy post-repayment.
Policy & regulationGuidance & interpretationLending
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2025-02-06•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) released its Report on the 2023/24 Thematic Cybersecurity Review, detailing significant cybersecurity incidents at licensed corporations (LCs) causing business disruptions and client account hacks. It identifies common vulnerabilities, such as outdated software and weak encryption, and emphasizes the need for improved senior management oversight and cybersecurity controls. The SFC plans to review existing cybersecurity standards in 2025 to establish a comprehensive framework for LCs.
Policy & regulationGuidance & interpretationCyber resilience
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2025-02-06•Indonesia•Ministry of Finance (Indonesia)
Vice Minister of Finance Thomas A.M. Djiwandono has been sworn in as an ex officio member of the Board of Commissioners of the Financial Services Authority (OJK), representing the Ministry of Finance. This completes the 11-member OJK Board, which includes ex officio members from Bank Indonesia and the Ministry of Finance, tasked with overseeing financial services supervision.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-06•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has de-registered Browne Craine & Co Limited under the Designated Businesses (Registration & Oversight) Act 2015. The action was taken in accordance with section 12(1)(a) of the Act and is effective from 06 February 2025.
SupervisionAuthorisations & approvalsAML and CFTWhistleblowing
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2025-02-06•United Kingdom•UK Parliament
The House of Lords Financial Services Regulation Committee published a report questioning the Financial Conduct Authority's (FCA) proposals to publicize enforcement investigations more frequently, warning of potential reputational damage to firms before facts are established. The report suggests these proposals could misalign with the FCA's competitiveness and growth objectives, recommending enhanced stakeholder engagement and transparency measures. The Committee urges the FCA to address concerns before finalizing the proposals, highlighting the risk of unfair reputational harm given the lengthy average duration of investigations.
Policy & regulationOther
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2025-02-06•Hong Kong•Hong Kong Monetary Authority
The Green and Sustainable Finance Cross-Agency Steering Group, co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission, has outlined three priorities for 2025 to bolster sustainable finance in Hong Kong: implementing the International Financial Reporting Standards Sustainability Disclosure Standards, expanding the Hong Kong Taxonomy for Sustainable Finance, and developing a Hong Kong Green Fintech Map. These initiatives aim to enhance sustainability reporting, transition finance, and data tools.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-02-06•Europe•European Central Bank
The European Central Bank released a working paper by Nina Furbach on how non-homothetic housing demand affects worker location choices and house prices in Germany. The study links 2007–2017 house price growth and regional disparities to increased high-skilled workers, with skill sorting significantly impacting prices. Welfare impacts from skill-share changes were negative for both low- and high-skilled workers, with optimal allocation models suggesting minor welfare gains.
Research
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2025-02-06•Europe•European Central Bank
The European Central Bank's Working Paper explores how banking networks transmit shocks, finding that geographically diversified banks can redirect loans from impacted to unaffected areas. Using U.S. interstate banking deregulation as a natural experiment, it estimates a negative shock in one state can boost growth in a partner state by 0.05 to 0.19 percentage points. The paper suggests stronger banking integration, like the European Banking Union, could lead to divergent growth responses to shocks among member states.
ResearchMarket development
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2025-02-06•Mexico•CONDUSEF
Mexico's CONDUSEF issued an alert about scammers impersonating TALA MOBILE to offer unsolicited loans via SMS and WhatsApp. Victims are directed to download a fraudulent app, like “Crédito Felices-Tala Préstamos,” to collect personal data. CONDUSEF advises verifying financial institutions' registration in SIPRES and avoiding unsolicited credit offers or suspicious apps.
SupervisionAlertsFraud and scams
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2025-02-06•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) fined Kings International Removers (Pty) Ltd and Mr. Rolf Michael Lamers ZAR 1,126,982 and debarred Lamers for eight years for unauthorized financial services activities. The FSCA investigation revealed breaches of the Financial Advisory and Intermediary Services Act, the Short-term Insurance Act, and the Insurance Act. Lamers is prohibited from providing financial services or acting as a key person in a financial institution.
EnforcementSanctions & designationsUnlicensed or unauthorized activity
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2025-02-06•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has granted Justos Seguros S.A. definitive authorization to operate as an insurer in the S3 segment, allowing it to underwrite property, casualty, and personal insurance across Brazil. This new license removes previous restrictions from the regulatory sandbox, enabling expansion into additional products.
SupervisionAuthorisations & approvalsLicence approval
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2025-02-06•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) confirmed that all insurers have complied with the requirement to include a social name field in contractual documents, following a directive issued in February 2024. Director Júlia Normande Lins highlighted this development during a CNseg webinar, emphasizing its role in promoting respect and inclusion for transgender individuals in the insurance sector.
SupervisionReviews, inspections & stress testsDiversity and inclusion
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2025-02-06•Spain•Bank of Spain
Bank of Spain Governor Jose Luis Escrivá, at the BIS Chapultepec Conference, emphasized AI and generative AI as transformative in central banking. He highlighted the need for central banks to adapt to technology-driven risks, including financial stability and supervisory challenges. The presentation also covered wholesale Central Bank Digital Currencies (CBDCs), cross-border interoperability, and AI use in monetary policy, stressing governance, data confidentiality, and international coordination.
Policy & regulationReform agendas & prioritiesArtificial intelligenceFinancial stability and systemic risk
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2025-02-06•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) detailed its supervision of Caixa de Previdência dos Funcionários do Banco do Brasil (PREVI-BB), noting a BRL 14 billion negative result up to November 2024, primarily due to investment performance and changes in mathematical provisions. Despite this, PREVI-BB faces no liquidity or insolvency risk, and no deficit recovery plan is required for Plan 1. PREVIC's Permanent Supervision involves continuous in loco procedures and indirect monitoring, focusing on compliance with resolutions and governance rules.
SupervisionReviews, inspections & stress testsSupervision process and methodologies
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2025-02-06•Armenia•Ministry of Finance (Armenia)
Armenia's Finance Minister Vahe Hovhannisyan met with J.P. Morgan's Daniel Zelikow in the U.S. to discuss Armenia's economic and political landscape and potential ties with international banks. Key topics included Armenia's debt-to-GDP ratio, closed borders, and political conflict affecting its sovereign rating. The meeting explored expanding correspondent banking relationships and the possibility of opening a J.P. Morgan office in Armenia.
Policy & regulationCooperationCross-border cooperation
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2025-02-06•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) honored four institutional partners at the 2024 Outstanding BSP Stakeholders Appreciation Ceremony in General Santos City for contributions to financial inclusion, digitalisation, and cyber hygiene. Awardees included St. Michael's College of Iligan, Land Bank of the Philippines’ Southern Mindanao Branches Group, Surigao del Sur Public Library and Research Center, and the City Bankers' Association of General Santos. The BSP highlighted similar ceremonies in other regions and noted the OBSAC's role as a recognition platform since 2004.
Other
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2025-02-06•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has launched an upgraded foreign investor management database system, FIMS, to facilitate electronic reporting and disclosures in the securities market. The previous system will be suspended for migration from 7 to 9 February 2025, with FIMS operational from 10 February 2025. New rules for electronic reporting under Decision 74/QD-UBCK are available on the Commission's website.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-02-06•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in an attached notice to pay a VND 1,000,000 fee for the re-issuance of securities practising certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payments can be made via bank transfer or in person, with specific remittance instructions. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-02-06•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam has commissioned Universiti Teknologi Brunei to conduct the Brunei Darussalam Financial Inclusion Demand-Side Survey 2025. The survey aims to assess financial inclusion levels, identify gaps, and enhance access to financial services across the nation. It will involve face-to-face interviews with 2,600 individuals, focusing on financial behavior and needs, with strict confidentiality maintained.
ResearchFinancial inclusion
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2025-02-06•Oman•Central Bank of Oman
The Central Bank of Oman announced regulatory initiatives to support economic diversification and financial stability, focusing on non-oil sectors like tourism, renewable energy, and technology. Measures include sector-specific lending priorities, capital relief programs, and updates to liquidity and interest rate risk management frameworks. These initiatives aim to enable banks to build stronger capital buffers and could support over USD 25 billion in financing over the next five years.
Policy & regulationRules & requirementsLendingPrudential risksMarket development
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2025-02-06•Slovenia•Slovenia Securities Market Agency
The Slovenia Securities Market Agency has adopted guidelines on redemption plans under Articles 47 and 55 of the Markets in Crypto-Assets Regulation (MiCA). These guidelines outline requirements for the content, review frequency, and execution triggers of redemption plans for asset-referenced token (ART) issuers. The decision applies to ART issuers and the agency's supervisory activities over them.
Policy & regulationRules & requirementsTokenization
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2025-02-06•Estonia•Central Bank of Estonia
The Central Bank of Estonia announced the release schedule for Estonia's balance of payments and foreign travel statistics. The fourth-quarter balance of payments will be available on 12 March, while first-quarter 2025 foreign travel statistics will be released on 9 May.
Data & statisticsBalance of payments and other external statistics
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2025-02-06•Serbia•National Bank of Serbia
The National Bank of Serbia reminded taxpayers that the first instalment of the 2025 personal property tax is due on 14 February and can be paid commission-free using the Dina card at the Ministry of Finance’s Treasury Administration counters. Dina card payments at these counters are also commission-free for various taxes and social insurance contributions, while other public revenue liabilities incur low commissions.
Financial literacy & educationPayments and payment systems
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2025-02-06•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay has sworn in Rodrigo Sebastián Ruiz Morel as head of the Securities Superintendency. He used the appointment to set priorities for the market regulator, focusing on liquidity, infrastructure, investor base expansion, transparency and governance under a three pillar agenda of modernization, legal order and institutional strengthening. Ruiz Morel said the securities market has grown from 0.15% of gross domestic product to 15% of the economy by the end of 2024.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-06•Albania•Albania Financial Services Authority
The Albania Financial Services Authority, in collaboration with the Ministry of Economy, Culture and Innovation and the World Bank, hosted an international conference on reforming Albania’s pension system. Discussions highlighted the new law on private pension funds, aligning with the EU's IORP II framework, and initiatives to enhance market participation and governance. The Authority will continue monitoring the implementation of this framework.
Policy & regulationReform agendas & priorities
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2025-02-06•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has revoked the individual insurance agent licence of Robert Randall Hawken and the corporate licence of Dufferin Insurance Group. FSRA determined both were unsuitable for licensing under the Insurance Act due to misconduct, fund misappropriation, and false information provision. Neither party contested the revocation.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-02-06•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Hong Wei Liao, proposing to refuse the renewal of his life insurance and accident and sickness agent licence under Ontario’s Insurance Act. FSRA cites Liao's lack of good character, reputation, and competence as grounds for the proposal. Liao has requested a hearing before the Financial Services Tribunal.
EnforcementInvestigations & enforcement actionsFitness and propriety
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2025-02-06•Canada•Ontario Securities Commission
The Ontario Securities Commission (OSC) issued a temporary cease trade order against BG Wealth Group, its principals Craig Dunkerley and Claudia Harvey, and eight related companies amid an investigation into potential breaches of Ontario securities law, focusing on unregistered trading and illegal distributions. The OSC confirmed none are registered, prohibiting them from offering or trading securities in Ontario.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-02-06•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission (SEC) achieved the highest maturity level in the 2024 Privacy Maturity Model & Index Assessment for personal data protection measures. The assessment involved 142 participants from public and private sectors. The SEC showcased its collaboration with the Bank of Thailand and the Office of Insurance Commission under a financial sector personal data protection MoU at the "Data Privacy Day 2025" event.
Policy & regulationPeer reviews and country evaluationsData protection