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2025-01-23•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario is consulting on proposed guidance for mortgage agents and brokers regarding the use of team names in advertising. The guidance aims to ensure clear accountability by requiring advertisements to display the authorizing brokerage's name and licence number. Stakeholder input is sought on maintaining transparency and compliance.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-01-23•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) released its third Health Service Provider Supervision Plan for 2024-2026, focusing on compliance among top-billing providers in the Health Claims for Auto Insurance system. The plan addresses non-compliance issues, examines preferred provider network agreements, and reviews potential unauthorized activities. FSRA is also assessing the Health Service Provider Framework to improve Ontario's auto insurance system.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-01-23•Global•Taskforce on Nature-related Financial Disclosures
The Taskforce on Nature-related Financial Disclosures (TNFD) released final sector guidance for apparel, textiles & footwear, beverages, construction materials, and engineering, construction & real estate, expanding its coverage to 13 sectors. Draft guidance for fishing, marine transportation & cruise lines, and water utilities & services was issued for consultation. TNFD's guidance now covers 50% of the Sustainable Industry Classification System industries and complements its core recommendations and LEAP assessment approach.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-01-23•Global•World Federation of Exchanges
The World Federation of Exchanges has outlined its 2025 priorities, focusing on strengthening regulated markets, providing ESG guidance, managing technological change, and addressing the interface between private and public markets. Key initiatives include advocating for comprehensive financial trading regulation, developing ESG disclosure guides, assessing technology-driven risks, and engaging with regulators on emerging standards and clearing.
Policy & regulationReform agendas & prioritiesMarket infrastructureESG
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2025-01-23•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's December 2024 Business Expectations Survey shows optimism among firms about the macroeconomy and operations, expecting naira appreciation and increased business activities. Agriculture showed the highest optimism and expansion plans, while financial conditions and access to credit were negative, with constraints like high bank charges and poor infrastructure. The survey, conducted with 1,900 enterprises, highlighted positive capacity utilisation, especially in mining, and the Northeast region's highest macroeconomic optimism.
Data & statisticsEconomic data and developments
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2025-01-23•Canada•Financial Transactions and Reports Analysis Centre of Canada
FINTRAC issued an Operational Alert on laundering proceeds from illicit synthetic opioids, detailing money laundering indicators for fentanyl-related transactions. Developed with U.S. and Mexican counterparts, it highlights organized crime's role and methods, including precursor chemical sourcing from Asia and the use of darknet and virtual currencies. It references Project Guardian and analyzes 5,000 suspicious transaction reports, identifying typologies like cash smurfing and trade-based money laundering.
SupervisionAlertsAML and CFT
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2025-01-23•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs approved subcommittee assignments for the 119th Congress, including a new Subcommittee on Digital Assets to develop regulatory clarity for the digital assets industry. Leadership for the subcommittees was announced, with Chairman Tim Scott and Ranking Member Elizabeth Warren serving as ex-officio, non-voting members on all subcommittees.
Institutional developmentLeadership change & appointmentsFintech and insurtechRegulatory sandbox
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2025-01-23•Kenya•National Treasury (Kenya)
Kenya's National Treasury is engaging in public participation on the draft National Policy on Virtual Assets and Virtual Asset Service Providers and the Virtual Assets Service Providers Bill, 2024. The forum was inaugurated by Kisumu County Commissioner Benson Leparmorijo at Tom Mboya University in Kisumu County.
Policy & regulationRules & requirementsOther
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2025-01-23•Kenya•National Treasury (Kenya)
Kenya's National Treasury is engaging in public consultations at Machakos University on the draft National Policy on Virtual Assets and Virtual Asset Service Providers, alongside the Virtual Assets Service Providers Bill 2024.
Policy & regulationRules & requirementsCBDC
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2025-01-23•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has outlined its 2025 supervisory priorities, emphasizing financial stability, consumer protection, and confidence in the financial system. Key focus areas include firms' operational resilience, consumer product quality, anti-money laundering efforts, and household indebtedness risks. The authority will allocate resources to high-risk areas while maintaining flexibility to address unforeseen issues.
SupervisionSupervision approach, priorities & toolkitFinancial stability and systemic riskConsumer and investor protection
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2025-01-23•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission announced an annual indexation update to the cap on non-pecuniary loss for minor personal injuries from motor vehicle accidents. Effective 1 January 2025, the cap will increase by 2.2% from CAD 9,513.14 to CAD 9,722.42, based on the Consumer Price Index for New Brunswick.
Policy & regulationRules & requirementsOther
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2025-01-23•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority issued Decision No. 269 of 2024, revising rules for private insurance funds, including expanded investment channels and new liquidity management and reporting requirements. Defined benefit funds can invest in metals-backed instruments and open-ended funds with specific asset caps, while defined contribution funds require an Authority-approved investment policy. All funds must keep uninvested balances within 5% of total assets and submit quarterly reports.
Policy & regulationRules & requirementsOther
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2025-01-23•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority updated rules for private insurance funds and insurance/reinsurance companies under the Unified Insurance Law. From 2025, private insurance funds will align their financial year with the calendar year, requiring transitional statements for 2024. Insurance/reinsurance companies must prepare quarterly and annual financial statements from 2025, adhering to Egyptian Accounting Standards, with specific submission deadlines.
Policy & regulationRules & requirementsRegulatory reporting
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2025-01-23•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority is participating in the Cairo International Book Fair to promote financial literacy and customer protection, focusing on non-banking financial activities. The authority's booth offers educational materials and seminars, with involvement from the Financial Services Institute and various professional federations. A dialogue session on microfinance, titled “A tool to empower entrepreneurs,” is scheduled.
Financial literacy & educationFinancial literacy and education
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2025-01-23•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) issued a Notice and Request for Comment on proposed amendments to National Instrument 23-101 Trading Rules to maintain competitiveness of Canadian trading in U.S. inter-listed securities. The proposals align Canadian trading fee caps with U.S. caps for securities priced at CAD 1.00 or more, following the U.S. Securities and Exchange Commission's recent rule changes. Concurrently, the Canadian Investment Regulatory Organization proposed amendments to align pricing increments with U.S. standards.
Policy & regulationRules & requirementsTrading
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2025-01-23•Albania•Bank of Albania
The Bank of Albania signed a cooperation agreement with the European Investment Bank under the EIB Green Finance Systems Program to advance green finance and enhance financial-system resilience in Albania. The initiative includes developing a national green taxonomy, supporting banks in funding green projects, and building capacity to manage climate risks. This aligns with the Bank's recent supervisory efforts, including a Climate Risk Management Guide for banks.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-01-23•Chile•Chile Financial Market Commission
Chile’s Financial Market Commission (CMF) is consulting on amendments to rules prohibiting banks from lending to directors, general representatives, and related parties. The proposal clarifies lending restrictions to corporations and includes civil union partners as equivalent to spouses. Amendments refine the exclusion scope for corporations with less than 5% equity or profits held by covered persons or related parties.
Policy & regulationRules & requirementsCorporate governance
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2025-01-23•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority filed a report with the Prosecutor General about an alleged offence involving a social media post on X, which contained false claims and derogatory remarks about the authority. The report cites violations under multiple laws, including Article 125 of Law No. 7 of 2010, Article 209 of Law No. 16 of 1960, and Article 6 of Law No. 63 of 2015 on cyber crimes. The post, made on 8 January 2025, allegedly accused the CMA of failing in its supervisory duties.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-01-23•Russia•Central Bank of Russia
The Central Bank of Russia released its January 2025 monitoring results for maximum interest rates on Russian ruble deposits at the top 10 credit institutions by household deposit volume. The average maximum deposit rate was 21.72% in early January and 21.52% in mid-January. Rates varied by maturity, with 19.68% for up to 90 days and 21.30% for 181 days to one year.
Data & statisticsFinancial and market indicators
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2025-01-23•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) announced a six-agency Implementation Plan to boost medium- and long-term investments in China's capital markets. It targets a 10% annual growth in public mutual funds' A-share holdings and encourages large state-owned insurers to invest 30% of new premiums in A-shares from 2025. The plan includes extending performance assessment cycles, revising state-owned insurers' evaluations, and implementing a public fund reform package to enhance governance and reduce fund sales fees. The CSRC is consulting on the reform plan and preparing to publish revised investment management rules for the National Social Security Fund.
Policy & regulationImplementation, projects & pilotsMarket developmentPrudential risks
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2025-01-23•Canada•Alberta Securities Commission
The Alberta Securities Commission reached a settlement with GSB Gold Standard Corporation AG, GS Partners, and Josip Heit, enabling Alberta investors to seek refunds. GS Partners must cease trading in Alberta unless compliant with securities laws. Eligible investors can claim compensation for losses, managed by AlixPartners LP, covering digital assets and metaverse products.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-01-23•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance introduced a resolution establishing a new single-capital regime for the insurance sector, setting minimum capital requirements for insurance and reinsurance operations. This move aims to enhance sector solvency, reduce insolvency risk, and promote market stability and competition by shifting towards technical criteria and policyholder protection.
Policy & regulationRules & requirementsCapital adequacy
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2025-01-23•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said its Monetary Policy Committee unanimously kept the monetary policy rate at 6.00% on 23 January 2025, citing strong domestic activity and demand, favorable headline and core inflation dynamics, and lower inflation expectations consistent with the 3.5% target. It noted a more cautious expected pace of United States Federal Reserve rate cuts and higher oil and agricultural commodity prices in the external backdrop, and reiterated its commitment to act as needed to bring inflation to target over the policy horizon.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-01-23•South Korea•Bank of Korea
The Bank of Korea published its January 2025 Business Survey Index and Economic Sentiment Index, part of its regular economic statistics. The release includes the Composite Business Sentiment Index and refers to an attached file for detailed results.
Data & statisticsEconomic data and developments
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2025-01-23•Caribbean•Caribbean Financial Action Task Force (CFATF)
The Caribbean Financial Action Task Force published Belize's Fourth Round Mutual Evaluation Report, finding a broadly comprehensive AML/CFT and counter-proliferation financing regime but some minor shortcomings. The report highlights a good understanding of risks across authorities and industry, notes gaps in earlier risk assessments of non-profit organisations and legal persons, and points to Belize's prohibition on VASPs until December 31, 2025.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-01-23•South Korea•Bank of Korea
The Bank of Korea's advance estimate indicates a 0.1% increase in real GDP for Q4 2024 compared to the previous quarter, with a 2.0% rise for the entire year.
Data & statisticsOther
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2025-01-23•Denmark•National Bank of Denmark
The National Bank of Denmark's working paper examines the EU's planned carbon pricing extension to household sectors and its interaction with monetary policy. Using a New Keynesian model, it finds the transition modestly inflationary under conventional policy, with a trade-off between headline inflation targeting and the shift to green durables. Core-inflation targeting could enhance the green-to-brown durable stock ratio, with minimal impact on inflation.
ResearchClimate risk and sustainable finance
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2025-01-23•United States•The White House
The White House issued an executive order resetting US policy on digital assets, supporting responsible growth of digital assets and lawful stablecoins while prohibiting federal agencies from establishing a central bank digital currency unless required by law. The order revokes Executive Order 14067 and mandates the Treasury to rescind its 2022 framework on digital assets. A President’s Working Group on Digital Asset Markets is established to propose regulatory and legislative measures, including a federal framework for digital assets and stablecoins, within 180 days.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-01-23•United States•The White House
The White House released a fact sheet on President Trump's executive order establishing the Presidential Working Group on Digital Asset Markets to create a federal regulatory framework and evaluate a national digital assets stockpile. The order mandates federal agencies to review and potentially rescind regulations affecting the digital assets sector and prohibits actions related to central bank digital currencies. The Working Group, chaired by the White House AI & Crypto Czar, includes key federal leaders and will consult external digital asset experts.
Policy & regulationRules & requirementsCBDC
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2025-01-23•United States•The White House
The White House released remarks from President Trump on signing executive orders to advance U.S. leadership in artificial intelligence and establish a crypto working group. An executive order also created a presidential advisory commission on science and technology. President Trump expressed a desire for lower interest rates and anticipated discussions with Federal Reserve Chair Powell.
Policy & regulationReform agendas & prioritiesArtificial intelligence
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2025-01-23•Australia•Department of Treasury (Australia)
Australia's Department of the Treasury proposed merging the Australian Accounting Standards Board, Auditing and Assurance Standards Board, and Financial Reporting Council into a single statutory body. This entity would oversee accounting, sustainability, and auditing standards, with a government-appointed Board delegating tasks to specialized committees. The proposal includes enhanced governance measures and seeks feedback, though it is not yet government-approved or law.
Policy & regulationReform agendas & prioritiesAccounting and financial reporting
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2025-01-23•Europe•Single Resolution Board
The Single Resolution Board revised its guidance on operational continuity in resolution, clarifying expectations for banks without major industry changes. Updates cover service identification, risk assessment, and mitigation measures, aligning with the Digital Operational Resilience Act and European Banking Authority Guidelines. Some additions will apply from the 2026 resolution planning cycle, contingent on pending measures.
Policy & regulationGuidance & interpretationRecovery and resolution
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2025-01-23•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank announced the Eastern Caribbean Partial Credit Guarantee Corporation's "MSME Growth" loan guarantee to enhance financing for micro-entrepreneurs in the Eastern Caribbean Currency Union. It supports loans up to XCD 50,000 without collateral and includes an XCD 1,500 allowance for bookkeeping. It targets small businesses with over one year of operation and fewer than 50 employees across six ECCB member countries.
Policy & regulationImplementation, projects & pilotsSME financing
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2025-01-22•Europe•European Securities and Markets Authority
The European Securities and Markets Authority, with the European Commission and European Central Bank, has set up a governance structure for the EU's shift from a T+2 to a T+1 securities settlement cycle. This includes an Industry Committee and a Coordination Committee to manage technological, operational, and regulatory changes. ESMA recommends 11 October 2027 for the transition, with phased implementation and ongoing stakeholder engagement.
Policy & regulationCooperationMarket infrastructure
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2025-01-22•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo has approved a new guideline for data reporting in the Kosovo Credit Registry System, enhancing information detail required from banks and credit institutions. The framework mandates granular data on borrowers, including repayment capacity, debt burden, and collateral values, and introduces gender-disaggregated reporting to aid women's access to finance. Implementation will be phased, covering new and active loans, with support from the International Finance Corporation.
Policy & regulationRules & requirementsRegulatory reporting
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2025-01-22•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority announced that its director, Louise Mogensen, has been elected to the board of the European Banking Authority (EBA). Her mandate runs until 2027, with a focus on enhancing European bank supervision and simplifying regulation. Upcoming EBA work includes implementing the EU banking package and developing a new common data portal.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-22•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority announced the re-opening of trading in Nextensa financial instruments on Euronext Brussels. Trading will resume on 22 January 2025 at 13:00 CET.
SupervisionAuthorisations & approvalsTrading
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2025-01-22•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority (FSMA) has suspended trading in Nextensa financial instruments on Euronext Brussels at the company's request. The suspension began on 22 January 2025 and will continue until a press release is issued.
SupervisionInterventionsTrading
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2025-01-22•Greece•Bank of Greece
The Bank of Greece's Q1 2025 assessment of cyclical systemic risks indicates a low-risk environment, maintaining the countercyclical capital buffer (CCyB) rate at 0.25%. The review, considering factors like the credit-to-GDP gap and real estate prices, found no excessive credit growth despite emerging risks in certain areas. The 0.25% CCyB rate, set in October 2024, will be effective from 1 October 2025.
Policy & regulationRules & requirementsFinancial stability and systemic riskMacroprudential policy and tools
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2025-01-22•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission's newly appointed Board of Directors held its first meeting on 14 January, approving a 100-day operational plan. The plan focuses on internal organization, regulation, financial matters, and strategic operations to enhance capital market visibility and attractiveness.
Policy & regulationImplementation, projects & pilotsLeadership change and appointments
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2025-01-22•Cape Verde•Ministry of Finance (Cape Verde)
Cape Verde’s Ministry of Finance announced an online presentation of Banco Jovens e Mulheres (BJM), a digital platform offering credit and technical assistance to young entrepreneurs and women. BJM aims to expand financial access via digital channels, eliminating the need for personal guarantors. Credit lines include Stimula Empreenda +, Startup Jovem 100%, and financing for Women Entrepreneurs, with a digital application process and collateral options.
Policy & regulationImplementation, projects & pilotsSME financing
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2025-01-22•West Africa•Central Bank of West African States
The West African Monetary Union Banking Commission, under the Central Bank of West African States, imposed fines on financial institutions in Senegal, Togo, and Benin for regulatory breaches. The Senegalese bank was fined XOF 300 million for governance and AML/CFT deficiencies, while the Togolese bank received a XOF 151 million fine for AML/CFT weaknesses. The Beninese electronic money institution was fined XOF 38 million for governance, prudential, and AML/CFT compliance issues.
EnforcementInvestigations & enforcement actionsAML and CFTCorporate governance
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2025-01-22•Peru•Central Bank of Peru
The Central Reserve Bank of Peru reported a 12.3% increase in Peru's terms of trade in November 2024 compared to the previous year, driven by a 9.5% rise in export prices and a 2.5% decline in import prices. Key contributors to export price gains included gold, zinc, coffee, and non-traditional fishery products, while lower import prices were primarily due to a 21.4% decrease in oil and derivatives. The terms of trade index rose from 111.2 to 124.9.
Data & statisticsBalance of payments and other external statistics
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2025-01-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan proposes a Registration and Trading Platform (RTP) for public unlisted companies at Pakistan Stock Exchange Limited. Initially, companies with paid-up capital of PKR 200 million or more must register, later extending to those with capital between PKR 25 million and PKR 200 million. Trading is limited to existing shareholders and sophisticated investors, with RTP registration not equating to a formal PSX listing or enabling direct fundraising from the stock market.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-01-22•Georgia•National Bank of Georgia
The National Bank of Georgia highlighted a Capital Finance International article on Georgia's economic reforms, noting disinflation with inflation dropping from 11.9% in 2022 to 1.1% in 2024. The banking sector is resilient, with initiatives like developing a green bond market and reduced foreign currency vulnerability due to macroprudential measures. Additionally, Georgia's FATF Recommendation 15 rating improved to "Largely Compliant" following MONEYVAL's 2024 assessment of the virtual assets sector.
Policy & regulationImplementation, projects & pilotsMonetary policy decisions and developmentsFinancial stability and systemic risk
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2025-01-22•China•Central Bank of the Republic of China
The Central Bank of the Republic of China and financial authorities issued a plan to boost medium- and long-term institutional participation in the equity market. Targeting commercial insurance funds, pension funds, and public and private fund products, the plan includes measures to increase equity allocations and implement long-cycle performance assessments. Additional steps involve regulatory changes to enhance equity-oriented public funds and capital market measures to encourage share buybacks and strategic participation in private placements.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-01-22•China•Central Bank of the Republic of China
The People's Bank of China and the Central Bank of Sri Lanka have renewed their bilateral local-currency swap agreement for three years, with a swap size of CNY 10 billion (LKR 410 billion). The agreement, approved by the State Council, includes an option for extension to enhance local currency use in trade, investment, and financial cooperation.
Policy & regulationCooperationCross-border cooperation
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2025-01-22•United States•National Credit Union Administration
President Donald J. Trump has appointed Kyle S. Hauptman as the thirteenth Chairman of the National Credit Union Administration (NCUA) Board. Hauptman plans to revise the NCUA budgeting process, enhance internal efficiencies, and promote AI use. He also aims to support financial inclusion, clarify enforcement procedures, and reassess policies affecting low-income areas and credit union obligations under the Bank Secrecy Act.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-22•Lithuania•Bank of Lithuania
The Bank of Lithuania's Q3 2024 overview highlights active household and business lending, improved loan quality, and a higher capital adequacy ratio. Banks reported a net profit of EUR 267.7 million in Q3, with a 4.1% year-on-year increase over the first nine months. The report anticipates increased competition in housing lending from February 2025 due to refinancing changes, potentially lowering costs for households.
Data & statisticsLendingCapital adequacyAsset quality
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2025-01-22•Portugal•Bank of Portugal
The Bank of Portugal reported a EUR 1.0 billion increase in non-financial sector indebtedness for November 2024, totaling EUR 811.5 billion. Public sector debt rose by EUR 0.7 billion, driven by general government and non-resident indebtedness, while private sector debt increased by EUR 0.3 billion, with household debt rising and private corporations' debt declining. The release includes revisions back to March 2024.
Data & statisticsBalance of payments and other external statistics
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2025-01-22•Laos•Bank of the Lao
The Bank of the Lao held its 13th expanded Party Executive Committee meeting to review 2024 leadership performance and set 2025 priorities, including a draft five-year banking sector development plan for 2026-2030. The meeting also discussed resolutions from recent Party and National Assembly sessions, and provided feedback on draft documents for submission to the Fifth Congress of the Bank of the Lao Party organisation.
Policy & regulationReform agendas & prioritiesOther
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2025-01-22•Laos•Bank of the Lao
The Bank of the Lao PDR met with the International Monetary Fund (IMF) macroeconomic assessment mission to discuss preparations for the 2025 Article IV consultation and potential technical assistance for financial stability. The meeting introduced Angana Banerji as the new IMF mission head and outlined the planned work programme. The IMF team will conduct in-country work from 22 to 24 January 2025.
Policy & regulationCooperationOther
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2025-01-22•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 Kazakhstan released its 2024 Asset Quality Review (AQR) for the banking sector, covering 11 major banks representing 85% of system assets. The review showed system-wide resilience with a capital adequacy ratio of 16.3%, above the 5.5% regulatory minimum. The AQR assessed KZT 27.4 trillion in exposures, noting increases in Stage 2 and Stage 3 exposures, and forms part of the supervisory cycle to adjust reserves and capital.
SupervisionReviews, inspections & stress testsAsset quality
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2025-01-22•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Pension Fund Administrators (SBS) has amended its anti-money laundering and counter-terrorist financing framework concerning politically exposed persons (PEPs). The updates clarify the list of PEP functions and positions for customer due diligence and require entities to identify clients meeting the PEP definition for enhanced due diligence, even if not on the list. Entities may treat others as PEPs if they fit the defined criteria.
Policy & regulationRules & requirementsAML and CFT
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2025-01-22•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 refused consent for T.B. Sagimbayeva's appointment to a senior management role in the insurance sector, as noted in protocol No. 232/SO.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-22•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) has withdrawn the Investors Compensation Fund (ICF) membership of IFCM Cyprus Ltd, Arumpro Capital Ltd, Greenpost Trading Europe Ltd, and Reliantco Investments Ltd after revoking their Cyprus Investment Firm (CIF) authorisations. Despite losing ICF membership, covered clients retain rights to compensation for prior investment operations if conditions are met, and the compensation process can still be initiated.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-01-22•Global•G20
The G20 prioritizes reforming the global financial architecture, emphasizing Africa's inclusion and stronger financial systems. Key issues include debt sustainability, credit access, and financial infrastructure, with Zambia and Ghana's debt distress highlighted. Proposed measures involve improved debt management, enhanced roles for the African Union and African Development Bank, increased transparency, debt-for-climate swaps, and developing pan-African financial infrastructure.
Policy & regulationReform agendas & prioritiesFinancial inclusionFinancial stability and systemic risk
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2025-01-22•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has temporarily suspended certain regulated activities of Blackfridge SC Limited under the Financial Services Act 2008. The suspension affects Blackfridge's Class 8 Money Transmission Services permissions for sub class 2(a) and sub class (4) and will remain until varied, lifted, surrendered, or revoked. The online register has been updated to reflect this change.
SupervisionAuthorisations & approvalsWhistleblowing
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2025-01-22•United Kingdom•UK Parliament
The UK Parliament’s Public Accounts Committee (PAC) criticizes HM Revenue & Customs (HMRC) for poor taxpayer services and urges action on customer service failures and tax system abuse. Issues include long call waiting times, inadequate digital services, and a significant rise in uncollectable debt, with GBP 5 billion written off in 2023-24. The PAC calls for HMRC to improve debt collection, address offshore tax gaps, and enhance deterrence against tax evasion despite declining prosecution rates.
Policy & regulationReform agendas & prioritiesComplaints and dispute resolution
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2025-01-22•United Kingdom•UK Parliament
The UK Parliament’s Public Accounts Committee published letters between its Chair and HM Revenue & Customs’ Chief Executive, highlighting concerns over HMRC's declining customer service and alleged efforts to push taxpayers towards digital channels. The correspondence follows a report noting a six-year decline in service levels and urging HMRC to address these issues.
Other
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2025-01-22•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission reported the success of the "Insure Mall Thailand 2024" initiative, which facilitated online insurance purchases totaling THB 247.6 million during its event period. The platform's uptake was driven by online accessibility, promotions, and partnerships with 49 entities, including insurers and brokers. The website will continue to operate, with plans to expand its offerings and features.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-22•Qatar•Qatar Central Bank
During the World Economic Forum Annual Meeting 2025 in Davos, the Qatar Central Bank Governor met with Trevor Thomson, Global Head of Growth at Scale A1, to discuss advancements in artificial intelligence application within the sector.
Institutional developmentCooperation & capacity buildingArtificial intelligence
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2025-01-22•Qatar•Qatar Central Bank
Qatar Central Bank Governor H.E. Sheikh Bandar bin Mohammed Saoud Al Thani met with The Rt Hon. Alastair King, Lord Mayor of the City of London, at the World Economic Forum Annual Meeting 2025 in Davos to discuss key global banking and investment issues.
Policy & regulationCooperationOther
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2025-01-22•Mexico•CONDUSEF
Mexico's CONDUSEF issued an alert about identity impersonation of eight financial institutions in SIPRES. The alert highlights misuse of names and branding to deceive credit seekers, with 174 institutions affected by unauthorized use of trade names and logos. CONDUSEF emphasized SIPRES's availability for users to verify financial institutions' legitimacy.
SupervisionAlertsFraud and scams
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2025-01-22•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan approved the 2025 list of systemically important and potentially systemically important credit institutions. This list is prepared annually and published on the central bank’s website and in the "Bankdori Taraqqiyot Jahonishavi" journal.
Policy & regulationRules & requirementsOther
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2025-01-22•United States•Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston announced the appointment of Karen Emis-Williams and Brian Gottlob to the advisory board of the New England Public Policy Center. Both appointees, based in New Hampshire, bring expertise in economic data and state fiscal and housing policy. The advisory board guides the center on research topics and dissemination of findings to policy leaders across New England.
Institutional developmentLeadership change & appointmentsHiring and recruitment
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2025-01-22•Kuwait•Central Bank of Kuwait
The Central Bank of Kuwait announced the sixteenth cohort of its Harvard Business School programme for GCC banking and financial executives, focusing on financial strategy and leadership, to be held from 12 to 17 April 2025 in Kuwait City. This initiative, part of the Kafa’ programme, is organized by the Institute of Banking Studies in collaboration with Harvard Business School.
Policy & regulationImplementation, projects & pilotsCapacity building
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2025-01-22•Jordan•Jordan Securities Commission
The Jordan Securities Commission announced its sustainability finance agenda, including implementing an ESG Code by 2026, starting with ASE 20 index companies and expanding to all listed issuers. The Commission amended Article 9 of the Amman Stock Exchange listing instructions to mandate annual sustainability reports and highlighted a 2024 memorandum with the Ministry of Planning and International Cooperation and the International Finance Corporation to support ESG Code development.
Policy & regulationRules & requirementsESG
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2025-01-22•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities & Commodities Authority has released draft regulations for security and commodity tokens, seeking stakeholder feedback. The draft outlines scope, definitions, and technical standards for tokenised securities and commodities, covering trading, settlement, registration, and issuer obligations.
Policy & regulationRules & requirementsTokenization
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2025-01-22•United States•New York State Department of Financial Services
The New York State Department of Financial Services proposed regulations to enhance consumer protections against unfair overdraft and non-sufficient funds (NSF) fee practices. Key measures include capping fees on small-dollar overdrafts, limiting the frequency of charges, and prohibiting fees on overdrafts under USD 20. The proposal also bans NSF fees for declined transactions and multiple fees for the same transaction.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-01-22•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has settled with Lieven Cooreman and Julio Enrique Varela Gubitosi of Fertilizantes Heringer S.A. in Administrative Sanctioning Proceeding 19957.015872/2023-04, requiring payments totaling BRL 1,170,000. The settlement addresses alleged failures to convene a shareholders’ meeting and disclose material facts related to board meetings.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-01-22•Estonia•Central Bank of Estonia
The Central Bank of Estonia's Supervisory Board reviewed cybersecurity measures, risk management, and internal audit reports at its regular meeting. The Board also received an economic briefing and discussed potential changes to the bank's statute. A plan for issuing commemorative coins in 2026 was presented and is pending Executive Board approval.
Institutional developmentMandate & organizational structureCyber resilienceOperational risk and resilience
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2025-01-22•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, with the International Finance Corporation and Luxembourg’s Ministry of Finance, co-organized a "Derivatives Market" workshop. It covered derivatives operations, risk management, and Cambodia's regulatory framework, including local and ISDA Master Agreements. The workshop also explored derivatives' benefits and drawbacks in Cambodia and emerging markets, offering recommendations for regulators and industry participants.
Policy & regulationCooperationMarket development
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2025-01-22•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia (SERC) signed a cooperation agreement with the International Finance Corporation (IFC) to develop a derivatives market in Cambodia. SERC and IFC co-hosted a capacity-building program on derivatives markets, focusing on pricing, valuation, risk mitigation, and case studies on market development.
Policy & regulationCooperationMarket developmentDomestic cooperation
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2025-01-22•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has revoked Minh Anh Nguyen's insurance agent licence due to misconduct involving falsified documents and misappropriation of client funds. The regulator cited breaches of the Insurance Act and relevant regulations, noting Nguyen did not contest the decision.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-01-22•Global•Taskforce on Nature-related Financial Disclosures
The Taskforce on Nature-related Financial Disclosures (TNFD) has secured strategic, multi-year grant funding from The Rockefeller Foundation, which will also join the TNFD Stewardship Council. This funding will support TNFD's efforts to drive voluntary market adoption of its recommendations and enhance access to high-quality nature-related data. TNFD's recommendations aim to integrate nature into decision-making processes, backed by over 1,600 organizations managing over USD 17 trillion in assets.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-01-22•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has advised JCK212A bondholders to review information and exercise their rights at the upcoming e-meeting. The meeting will consider extending the bond’s maturity to 2027, increasing the interest rate to 7.75% per year, and revising the repayment schedule. The SEC requires the bondholders’ representative to analyse the implications of both approval and non-approval scenarios.
Policy & regulationGuidance & interpretationCorporate governance
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2025-01-22•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria has approved the Nigerian Foreign Exchange Code to guide ethical conduct among Authorised Dealers in the FX market. The Code serves as a conduct framework for these market participants.
Policy & regulationGuidance & interpretationForeign exchange policy and markets
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2025-01-22•Global•ISDA
ISDA CEO Scott O’Malia cautioned that unresolved legal, operational, and capital issues persist ahead of the SEC's Treasury clearing mandate, urging a review of implementation deadlines. The mandate, effective December 31, 2025, requires clearing of certain US Treasury securities, with repo transactions following six months later, potentially impacting thousands of entities globally.
Policy & regulationOtherCCPsMarket infrastructure
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2025-01-22•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's branches in Hau Giang and Khanh Hoa held conferences to outline 2025 banking tasks and review 2024 performance, focusing on credit allocation, non-performing loan control, and digital transformation. Hau Giang reported deposits of VND 25,244bn and loans of VND 44,427bn, while Khanh Hoa reported deposits of VND 134,085bn and loans of VND 136,578bn, with significant lending to priority sectors. Both branches emphasized alignment with government directives and completing the 2021–2025 plan.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-22•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee held its organizational meeting for the 119th Congress, adopting rules, an Authorization and Oversight Plan, and establishing a Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity. Chairman French Hill emphasized priorities like community banking, digital asset regulation, financial literacy, and Federal Reserve policy oversight. Electronic voting will follow House-level rules issuance.
Policy & regulationRules & requirementsOrganizational structure
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2025-01-22•United States•U.S. Financial Services Committee
U.S. House Financial Services Committee chairman French Hill praised Acting FDIC Chairman Travis Hill's priorities, which focus on stability and public confidence in the financial system. Key areas include openness to innovation, clarity on bank-fintech partnerships, regulatory impact review, and improvements in supervision and appeals processes. Additional priorities involve encouraging de novo bank activity and ensuring access to banking services for law-abiding customers.
Policy & regulationReform agendas & prioritiesFintech and insurtechRegulatory burden
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2025-01-22•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority amended rules for trading unlisted securities, raising the review threshold by the Exchange’s Operations Committee from EGP 20 million to EGP 60 million. The amendments also ease documentation and timing requirements for payment evidence, allowing brokerage firms to accept settlement documents and extending the acceptance period for bank deposits from one to two months without needing a no-objection.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-01-22•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority updated the framework for private insurance funds, introducing a revised model statute and new rules on registration, bylaw amendments, liquidation, and removal from registers under the Unified Insurance Law. Key changes include expanded eligibility for fund founders, conditions for admitting external members, and mandatory internal control systems with specific audit requirements. The decisions also allow electronic general assembly meetings and broaden board member eligibility beyond the insurance sector.
Policy & regulationRules & requirementsLicensing framework and process
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2025-01-22•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority (FRA) has finalized the framework for Egypt's first regulated voluntary carbon market, inviting entities to register carbon-reduction projects. Launched in August 2024, the market supports trading of carbon emission reduction certificates under capital-markets supervision. Amendments to Capital Market Law No. 95 of 1992 classify these certificates as financial instruments. The FRA has set project verification criteria, listed three entities, and approved trading and settlement rules, emphasizing the importance of technology governance for carbon registries.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-01-22•Egypt•Egypt Financial Regulatory Authority
Egypt's Financial Regulatory Authority (FRA) has approved an advisory group to support the Committee for the Supervision and Oversight of Carbon Emission Reduction Units (CCRC), enhancing technical input into the regulated voluntary carbon market. The 13 experts will provide technical advice and review topics for the CCRC, with recommendations submitted for consideration. This follows the FRA's launch of a regulated voluntary carbon market and the establishment of the CCRC, supported by a regional regulatory framework and the registration of over 145,000 carbon certificates.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-01-22•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority's report on Gjensidige Pensjonsforsikring AS highlights low solvency capital coverage and deficiencies in capital management, risk governance, and customer protection. The firm had the lowest solvency capital coverage among Norwegian life insurers as of September 2024. Finanstilsynet expects improvements in product governance and investment-advice processes by Q1 2025 and a quantified assessment of solvency effects from bond exposure modelling by March 2025.
SupervisionReviews, inspections & stress testsCapital adequacy
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2025-01-22•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority (Finanstilsynet) found DOF Group ASA's financial reporting non-compliant with IAS 36 regarding vessel valuation in its 2022 statements. DOF Group plans a NOK 266 million adjustment in its Q4 2024 interim and 2024 annual reports. Finanstilsynet highlighted issues with cash-generating unit definitions and note disclosures, requiring DOF Group to update and inform the authority of corrections.
SupervisionReviews, inspections & stress testsAccounting and financial reporting
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2025-01-22•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway released a supervisory report following an on-site inspection of DNB Livsforsikring AS, conducted on 9 May 2023. The report evaluates the firm's governance and control arrangements for customer handling, focusing on compliance with insurance product governance rules under section 16-13 of the Financial Institutions Act.
SupervisionReviews, inspections & stress testsComplianceSupervision process and methodologies
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2025-01-22•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority has fined Danske Bank A/S for market manipulation related to a Norwegian government bond issuance in February 2023. The bank was found to have artificially influenced the Norwegian swap rate, impacting the bond's pricing and the issuer's funding cost. Despite the bank's self-reporting, the conduct was deemed gross and damaging to market trust.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-01-22•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has launched a consultation on draft regulations establishing suitability and technical capability requirements for appointing interventors or provisional administrators. The proposals target securities intermediaries, commodity exchange brokers, and entities involved in the intermediation and custody of financial instruments under Title II of Law No. 21,521.
Policy & regulationRules & requirementsRecovery and resolution
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2025-01-22•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority has reported a former Chairman and CEO to the Prosecutor General for failing to comply with a Disciplinary Board decision under Article 127 of Law No. 7 of 2010. The individual did not pay a fine imposed by Disciplinary Board Resolution No. (20/2024 Disciplinary Board – 82/2021 Authority) despite receiving notice in November 2024.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-01-22•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority reported a listed company to the Prosecutor General for violating Article 127 of Law No. 7 of 2010. The company allegedly failed to provide required documents and obstructed CMA employees' access to necessary data and information.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-01-22•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets approved a mandatory withdrawal offer for VITARSERVICE shareholders and registered share-capital restructurings for MOLDEXPO SA and ILACI-50 SA. MOLDEXPO SA increased its share capital by MDL 750,120, while ILACI-50 SA increased by MDL 358,430. The Commission also mandated that official websites be accessible via mobile and for people with disabilities, including audio rendering for content.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-22•United States•Commodity Futures Trading Commission
Commodity Futures Trading Commission Acting Chairman Caroline D. Pham announced interim leadership appointments, including Harry Jung as Acting Chief of Staff and Meghan Tente as Acting General Counsel. Other key appointments include Taylor Foy, Nicholas Elliot, Mauricio Melara, Amanda Olear, Richard Haynes, Tom Smith, and Brian Young in acting director roles across major divisions. The announcement acknowledged the contributions of former Chairman Behnam and the outgoing executive team.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-22•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission approved offering documents for two public offerings under Greece’s takeover bid framework. MASDAR HELLAS SINGLE-MEMBER S.A. and LEONIDSPORT B.V. received authorization for mandatory and voluntary public offerings, respectively, under Law 3461/2006. Additionally, HELLENIC QUALITY FOODS Societe Anonyme was authorized to exercise squeeze-out rights over BIS PACKAGING INDUSTRY Societe Anonyme shares.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-01-22•Canada•British Columbia Securities Commission
The British Columbia Securities Commission has reached an agreement with GS Partners and affiliates to refund British Columbians for investments made with the group. The firms must return all money or cryptocurrency deposited, covering products like certificates, G999 tokens, and XLT Vouchers. AlixPartners LP will manage the claims process, and enforcement proceedings will cease upon successful claims resolution.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-01-22•Russia•Central Bank of Russia
The Central Bank of Russia recommends issuers with exchange-traded shares and IPO candidates develop strategies to enhance medium- and long-term shareholder value. These should include business and financial performance indicators, market capitalisation, and dividend history, focusing on total shareholder return. Improved communication with investors, especially retail investors, is emphasized to boost confidence and support the Russian stock market's capitalisation.
Policy & regulationGuidance & interpretationCorporate governance
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2025-01-22•Global•Financial Stability Board
The Financial Stability Board's evaluation of G20 post-crisis reforms on securitisation finds that minimum risk retention and higher prudential requirements have bolstered resilience in residential mortgage-backed securities and collateralised loan obligation markets. However, the securitisation market hasn't been tested through a full credit cycle, raising concerns over synthetic risk transfers and private credit. The report emphasizes the need for authorities to monitor these risks and assess risk retention effectiveness in CLOs, considering uneven global coverage and third-party risk financing.
Policy & regulationPeer reviews and country evaluationsSecuritization
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2025-01-22•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority (BCFSA) has initiated its second "Sector Insights Survey" to gather feedback from regulated entities and individuals in the province's financial services sector. Participants include credit unions, insurers, trusts, pensions, real estate licensees, developers, and mortgage brokers. Data collection is managed by Hill & Knowlton Strategies, ensuring confidentiality and anonymity.
Policy & regulationImplementation, projects & pilotsSupervisory data