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2025-01-20•Italy•Bank of Italy
The Bank of Italy released its December 2024 report on "Credit supply and demand in the macro-regions," detailing findings from the Regional Bank Lending Survey for the first half of 2024. The report analyzes loan demand from households and firms and banks' credit supply policies, segmented by geographical area and economic sector. The survey involved 240 banks, with results available in Italian.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-01-20•Europe•European Banking Authority
The European Banking Authority has initiated the 2025 EU-wide stress test, releasing baseline and adverse macro-financial scenarios for 2025–2027. It evaluates the solvency of 64 EU banks under severe geopolitical and economic stress, supporting cross-bank comparability and informing the Supervisory Review and Evaluation Process. The adverse scenario includes a 6.3% EU GDP decline, significant unemployment and inflation increases, under the Capital Requirements Regulation/Directive framework.
SupervisionReviews, inspections & stress testsStress testing
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2025-01-20•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance has implemented legislation abolishing or reducing six basic bank fees, with an estimated annual customer benefit of EUR 150 million. Key measures include zero fees for certain transactions and capped fees for domestic interbank transfers. Additionally, systemic banks will allocate EUR 200 million to educational and real estate initiatives, and the IRIS instant payments limit will rise to EUR 1,000 within six months.
Policy & regulationRules & requirementsPayments and payment systems
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2025-01-20•Portugal•Bank of Portugal
The Bank of Portugal's updated securities statistics for December 2024 reveal that the general government issued EUR 10.6bn more debt securities than it redeemed, marking the first net issuance since 2020. ESG debt securities issued by resident entities rose by 28% in 2024, driven by green instruments, reaching EUR 13.6bn. The total value of debt securities issued by resident entities stood at EUR 298.5bn, with a notable decline in public debt securities value.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-01-20•Laos•Bank of the Lao
The Bank of the Lao held a consultative meeting with the Lao Microfinance Association to review 2024 activities and set the 2025 work plan. Discussions addressed microfinance institutions' challenges, such as branch expansion, capital increases, and lending capacity disparities. The meeting also emphasized encouraging deposit-taking institutions to join the Deposit Protection Office and promoting membership in the Lao PDR Credit Information Bureau to reduce lending risks.
Policy & regulationCooperationOther
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2025-01-20•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 appointed Erbol Dyusembaev to an executive body and Olzhas Kurmanov to a governing body in the securities market. These appointments were formalized under protocols No. 211/RCB and No. 212/RCB.
Institutional developmentLeadership change & appointmentsHiring and recruitment
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2025-01-20•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 approved Nurlan Serikuly Esembayev as head of the executive body and member of the management body in the securities market.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-20•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Financial Intelligence Unit of the SBS has launched a five-day training course to improve expert evidence preparation in money laundering cases related to drug trafficking. Supported by the EU’s Copolad III initiative and Peru’s Devida, the program covers economic, financial, and tax analysis, cryptoasset use in financial crime, forensic auditing, and OSINT. Participants come from national agencies involved in anti-money laundering and terrorist financing investigations.
Policy & regulationImplementation, projects & pilotsCapacity building
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2025-01-20•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) released the monthly benchmarks for order reception for December 2024.
Data & statisticsFinancial benchmarks
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2025-01-20•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority and the Australian Securities and Investments Commission published notes from Superannuation CEO Roundtables held in late 2024, involving 14 superannuation trustee CEOs and industry executives. The notes are available on the Australian Prudential Regulation Authority's website.
Policy & regulationGuidance & interpretationOther
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2025-01-20•Philippines•Department of Finance (Philippines)
Finance Secretary Ralph G. Recto will lead the Philippine delegation to the World Economic Forum in Davos, focusing on investment commitments in high-impact industries and financial inclusion. The agenda includes a global investor briefing on the CREATE MORE Act, and Recto will meet with global banks and tech firms. Additional engagements include forums on energy transition and AI governance, and interviews with Bloomberg and Reuters.
Institutional developmentLeadership change & appointmentsOther
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2025-01-20•Global•Ceres
Ceres warned that President Trump's proposed actions, including withdrawing from the Paris Agreement, could undermine policy certainty and slow clean energy investment. It urged Congress to maintain federal clean energy tax credits, highlighting investor pressure for climate risk management and the positive impact of the Inflation Reduction Act. Ceres plans to collaborate with investors, companies, and policymakers to sustain US clean energy investment momentum.
Policy & regulationOtherClimate risk and sustainable finance
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2025-01-20•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to China CITIC Bank International Limited. The HKMA emphasized that banks will not send messages with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-01-20•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen associated with Chong Hing Bank Limited. The HKMA emphasized that banks do not send SMS or emails with embedded links for transactions or request sensitive information via phone, email, or SMS. Affected customers are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-01-20•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to China Construction Bank (Asia) Corporation Limited. The HKMA reminded the public that banks will not request sensitive information via SMS, email, or phone. Individuals who interacted with the fraudulent site are advised to contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-01-20•Europe•European Central Bank
The European Central Bank's Advisory Group on Market Infrastructures for Securities and Collateral published its 15th TARGET2-Securities Harmonisation Progress Report, noting high compliance but persistent non-compliance in corporate actions across 11 markets. A new core T2S Harmonisation Standard was introduced for direct connectivity, with 91.2% of market-standard statuses fully compliant. Non-compliant markets must provide compliance plans, with some issues dependent on public authority actions or legal changes.
Policy & regulationImplementation, projects & pilotsMarket infrastructure
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2025-01-20•Europe•European Central Bank
The European Central Bank (ECB) updated the Eurogroup on the digital euro project, noting declining cash usage and rising non-European payment solutions. The ECB is conducting technical testing and exploring innovative use cases, with stakeholder engagement and experimentation underway. The project remains on track, addressing technical questions to support legislative discussions, with safeguards to preserve financial stability and offset seigniorage decline.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-01-20•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan engaged with major international financial institutions to discuss enhancing collaboration on its planned initiatives for the year. Talks focused on leveraging recommendations and technical assistance to strengthen core functions, support financial inclusion, and develop the financial market. The parties committed to ongoing dialogue to implement these initiatives.
Policy & regulationCooperationDomestic cooperation
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2025-01-20•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina announced the withdrawal of convertible mark (KM) banknotes, which ceased to be legal tender on 1 January 2025. Commercial banks will handle exchanges until the end of 2025, after which the Central Bank will manage exchanges for 10 years. New KM 10, KM 20, KM 50, and KM 100 banknotes will be introduced to enhance security and durability.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-01-20•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) is working with the Federal Revenue Service and the Superintendence of Private Insurance on a Normative Instruction for pension plan portability and migration, aligning with Law 14,803/2024. PREVIC highlighted tax-interpretation issues affecting 200,000 retirees, with the Revenue Service to address these via a formal ruling. PREVIC also requested a review of Consultation Solution Cosit 354/2017 on the tax treatment of deficit-recovery contributions.
Policy & regulationRules & requirementsOther
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2025-01-20•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission (SSC) has mandated individuals listed in a notice to pay a VND 1,000,000 fee for reissuing securities practising certificates as per Ministry of Finance Circular No. 25/2022/TT-BTC. Payments can be made via bank transfer or directly at the SSC. Failure to pay and collect the certificate within one year will result in cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-01-20•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a balance of payments deficit of USD 1.5 billion in December 2024, reversing a USD 642 million surplus from the previous year. Despite this, the cumulative BOP position for 2024 remained in surplus at USD 609 million, down from USD 3.7 billion in 2023. The December deficit was influenced by net foreign exchange operations and national government deposit drawdowns, while the annual surplus was affected by a wider trade deficit and lower net receipts from services and borrowings.
Data & statisticsBalance of payments and other external statistics
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2025-01-20•Europe•European Council
The European Council reported on the Eurogroup's strategic discussion on 2025 economic policy priorities, focusing on competitiveness, fiscal policy, and global development. Ministers reviewed modernising wholesale payments, including central bank money settlement innovations and the digital euro, with insights from the European Central Bank's exploratory work. The discussion aims to inform the Eurogroup's upcoming work programme.
Policy & regulationReform agendas & prioritiesCBDCPayments and payment systems
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2025-01-20•Serbia•National Bank of Serbia
The National Bank of Serbia has temporarily capped interest rates on consumer credit products until the new Law on the Protection of Financial Services Users is enacted or by end-2025. The Decision sets specific caps for housing loans, dinar cash and consumer loans, credit cards, and overdrafts, with expected savings for borrowers. A draft law for a permanent rate cap framework is anticipated to be discussed in the National Assembly soon.
Policy & regulationGuidance & interpretationLending
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2025-01-20•Serbia•National Bank of Serbia
The National Bank of Serbia's Cash Operations Division reported 3,840 counterfeit banknotes detected in 2024, with euro notes comprising the largest share. Among domestic currency, 1,697 counterfeit dinar notes were identified, predominantly RSD 2,000. The total nominal value of detected counterfeits was RSD 26,123,912.19, with euro counterfeits accounting for RSD 21,262,930.88.
Data & statisticsCurrency and cash management
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2025-01-20•Albania•Albania Financial Services Authority
The Albania Financial Services Authority released the agenda for its Board meeting on 27 January 2025, which includes decisions on a bond issuance filing and the 2025 Compensation Fund. The Board will also review inspection results at several banks and insurance entities, including Banka Credins sh.a. and Insig sh.a., focusing on depositary services and insurance brokerage activities.
Institutional developmentGovernanceOther
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2025-01-20•Malaysia•Malaysia Securities Commission
The Malaysia Securities Commission issued "Navigating the Transition: A Guide for Boards" to help directors prepare for the National Sustainability Reporting Framework (NSRF), incorporating IFRS Sustainability Disclosure Standards. The NSRF will phase in for listed issuers on Bursa Malaysia’s Main and ACE Markets and large non-listed companies with annual revenue of at least RM2 billion, starting with large Main Market companies in 2025. The Advisory Committee on Sustainability Reporting launched PACE to provide training and resources for NSRF compliance, with additional initiatives planned.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-01-20•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has refused to renew Noella Caspersz's insurance agent licence and imposed a CAD 15,000 penalty. This decision follows findings of compensation paid to a non-licensee and failure to respond to an inquiry, violating sections 403, 442.1(5), and 442.3(3) of the Insurance Act. The order was issued following a settlement with Caspersz.
EnforcementSanctions & designationsUnlicensed or unauthorized activity
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2025-01-20•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission imposed civil sanctions on Suthee and Peeranut Siripornpitak for manipulating RPCG Public Company Limited's share price, resulting in penalties totaling THB 71,729,832. Suthee faces a 14-month trading suspension and a 28-month ban from director roles, while Peeranut faces an 8.5-month trading suspension and a 17-month ban. Sanctions will be enforced upon consent, with refusal leading to potential Civil Court action.
EnforcementSanctions & designationsMarket abuse
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2025-01-20•Europe•European Payments Council
The European Payments Council (EPC) has initiated the EPC Directory Service (EDS) project, selecting Swift to develop and operate the platform. The EDS will support the Verification of Payee (VOP) scheme, ensuring compliance with the Instant Payment Regulation by facilitating IBAN-name checks before credit transfers. The platform, which will not store personal data, aims to enhance reachability and interoperability among payment service providers and is expected to launch by October 2025.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-20•United Kingdom•HM Treasury
HM Treasury announced that the Chancellor of the Exchequer will host Industry Forums to gather input for the UK's first Financial Services Growth and Competitiveness Strategy, part of the broader Industrial Strategy. The forums will cover sub-sectors such as retail banking, insurance, asset management, and fintech. Initial meetings are planned for January and February, with ongoing engagement anticipated post-publication.
Policy & regulationReform agendas & prioritiesMarket development
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2025-01-20•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority aims to enhance the insurance sector's economic role by implementing the Unified Insurance Law, promoting digitalisation, and updating private pension and insurance fund frameworks. The law consolidates previous laws, introduces new compulsory insurance lines, and emphasizes governance and policyholder protection. Market indicators show significant growth, with gross written premiums rising 34.1% to EGP 82.3bn and sector investments reaching EGP 298.2bn by June 2024.
Policy & regulationReform agendas & prioritiesOther
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2025-01-20•Iceland•Central Bank of Iceland
The Central Bank of Iceland's 2024 summary report highlights an appreciation of the króna, limited exchange rate volatility, and a decline in interbank foreign exchange market turnover, with international reserves at ISK 886 billion, or 20% of GDP. The Bank intervened once in the foreign exchange market to stabilize the króna's exchange rate.
Monetary policyMonetary policy assessments & outlooksForeign exchange policy and markets
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2025-01-20•Iceland•Central Bank of Iceland
The Central Bank of Iceland appointed Karen Áslaug Vignisdóttir as acting Chief Economist and Director of Economics and Monetary Policy. Vignisdóttir has been with the bank since 2006, holding roles including Deputy Chief Economist and secretary to the Monetary Policy Committee.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-20•Iceland•Central Bank of Iceland
The Central Bank of Iceland has appointed Karen Áslaug Vignisdóttir as acting Chief Economist and Director of Economics and Monetary Policy.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-20•Iceland•Central Bank of Iceland
The Central Bank of Iceland's 2024 summary reports the króna appreciated with limited exchange rate volatility and a decrease in interbank foreign exchange market turnover. The Bank intervened once to stabilize the króna, and international reserves remained at ISK 886 billion, 20% of GDP.
Data & statisticsForeign exchange policy and markets
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2025-01-20•Chile•Chile Financial Market Commission
The Chile Financial Market Commission's Information Systems Manual for the Fintech Sector mandates Title II Fintech Act entities to submit supervisory information in specified formats. It requires periodic reporting through 16 standardized files, covering metrics like business volumes, risk-weighted assets, and cybersecurity. This regulation aims to enhance fintech supervision and facilitate statistical tracking of sector evolution and regulatory impacts.
Policy & regulationRules & requirementsRegulatory reporting
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2025-01-20•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has postponed the implementation of its regulation extending operational risk management requirements for securities intermediaries and commodity exchange brokers to 1 July 2025. This adjustment aligns the operational risk rules with General Rule No. 528, ensuring complementary requirements take effect simultaneously. The amended regulation's consolidated text is available on the CMF website.
Policy & regulationRules & requirementsOperational risk and resilienceCorporate governance
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2025-01-20•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission has unanimously elected Commissioner Caroline D. Pham as Acting Chairman, effective January 20, 2025. Pham succeeds Rostin Behnam, who will continue as a Commissioner until February 7, 2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-20•Liechtenstein•Finance Liechtenstein
Finance Liechtenstein updated on the IMF's first Article IV consultation, noting high per capita income, balanced finances, and strong global integration. The IMF highlighted risks from global slowdown and Swiss franc appreciation, stressing fiscal planning for ageing, climate change, and public investment. The financial centre was positively assessed for international compliance, though macroeconomic data gaps were identified.
ResearchEconomic data and developmentsFinancial stability and systemic risk
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2025-01-20•Russia•Central Bank of Russia
The Central Bank of Russia released a consultation paper proposing changes to enhance transparency in IPO documentation, focusing on retail investors' needs and offering quality. Key updates include requirements for securities prospectuses to feature issuer forecasts, financial indicators, and investment strategies. The paper also considers regulating services provided by offering organisers to boost professional participation in IPOs.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-01-20•Europe•European Central Bank - Banking Supervision
The European Central Bank (ECB) Banking Supervision announced a 2025 stress test for 96 euro area banks, integrating the European Banking Authority (EBA) EU-wide exercise for 51 large banks with an ECB-run test for 45 medium-sized banks. The tests will use EBA methodology and focus on risk data aggregation and reporting, impacting Pillar 2 guidance in the Supervisory Review and Evaluation Process (SREP). An exploratory counterparty credit risk scenario analysis will also be conducted, with findings published in aggregate in August 2025.
SupervisionReviews, inspections & stress testsStress testing
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2025-01-20•Canada•Bank of Canada
The Bank of Canada's Q4 2024 Business Outlook Survey shows subdued business sentiment, with firms expecting improved sales activity. Wage and input cost growth are easing, selling price growth is stabilizing, and inflation expectations remain within the 1% to 3% target range. Despite improved sales growth expectations and increased investment intentions, uncertainty persists due to trade-policy risks and the new US administration.
Data & statisticsEconomic data and developments
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2025-01-20•Canada•Bank of Canada
The Bank of Canada's Q4 2024 Canadian Survey of Consumer Expectations shows improved financial health and spending intentions due to recent and anticipated interest rate cuts, despite weakened labour market confidence. Consumers expect spending to outpace price increases for the first time since 2021, with easier credit access but rising debt payment concerns. Inflation expectations have decreased, aligning with the Bank's targets, although perceptions of current inflation remain high.
Data & statisticsEconomic data and developments
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2025-01-20•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission issued a joint statement by Commissioners Peirce, Crenshaw, and Uyeda marking Chair Gary Gensler’s departure. The statement reflects on his tenure since 2021, highlighting policy initiatives on market integrity, corporate governance, and enforcement outcomes that returned billions to investors. It also acknowledges bipartisan engagement and the Chair’s staff contributions.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-20•Moldova•National Bank of Moldova
The National Bank of Moldova reported 2024 banking system statistics, revealing cash disbursements of MDL 179,670.8 million exceeded receipts by MDL 5,553.7 million. Cash receipts rose 2.2% year on year, driven by consumer goods sales, while disbursements increased 3.0%, primarily due to higher ATM withdrawals and loans to individuals.
Data & statisticsCurrency and cash management
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2025-01-20•Moldova•National Bank of Moldova
The National Bank of Moldova reported that new loans in December 2024 totalled MDL 8,096.4 million, a 22.8% increase from November, with local-currency lending comprising 75.6% of the total. Loans with terms of two to five years were most prevalent, and legal entities increased MDL borrowing by 40.9%. Average nominal interest rates on new loans decreased to 8.26% in MDL and 5.67% in foreign currency.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-01-20•Moldova•National Bank of Moldova
The National Bank of Moldova reported December 2024 monetary statistics, indicating increases in the monetary base and all main monetary aggregates. The monetary base rose by MDL 1,465.5 million (1.8%) to MDL 82,623.7 million, with significant growth in cash circulation and deposits. Claims on the economy increased by MDL 2,816.5 million (3.5%), reflecting higher foreign-currency claims.
Data & statisticsMonetary data
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2025-01-20•Moldova•National Bank of Moldova
The National Bank of Moldova reported that new term deposits in December 2024 totaled MDL 6,046.3 million, a 94.3% increase from November 2024. Deposits in national currency made up 64.0% of the total, with average nominal rates rising to 3.24% for national currency and 1.74% for foreign currency deposits. Individuals contributed MDL 3,957.2 million, while corporate deposits in national currency surged to MDL 1,565.3 million.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-01-20•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority and the Australian Securities and Investments Commission released public notes from Superannuation CEO Roundtables held in late 2024, attended by 14 superannuation trustee CEOs and other executives.
Policy & regulationCooperationOther
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2025-01-20•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance repealed Resolution 38.064/2013, removing limits on tariff tables for occupational risk insurers (ART). This deregulation increases ARTs' responsibility for setting tariffs and managing risk, while the Superintendency ensures adequate premiums and sector solvency. Insurers must now align subscriptions and renewals with their own tariff tables, preventing underpricing and excessive premiums.
Policy & regulationRules & requirementsPrudential risks
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2025-01-20•Kazakhstan•Ministry of Finance (Kazakhstan)
Kazakhstan’s Ministry of Finance and the National Bank have amended the Rules for Export-Import Currency Control to enhance oversight of currency repatriation and improve integration with the State Revenues Committee. Key changes include postponing extended dataset transmission to 2026, allowing deregistration of contracts with debts below USD 50,000, and updating monitoring procedures for currency contracts. Effective January 1, 2025, the amendments also grant state revenue authorities access to the NBRK information system.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2025-01-20•United States•The White House
The White House announced presidential designations for leadership roles in several US federal commissions and agencies, including financial regulators. Mark Uyeda was appointed Acting Chair of the Securities and Exchange Commission, and Travis Hill as Acting Chairperson of the Federal Deposit Insurance Corporation. Kyle Hauptman and Andrew Ferguson were designated as Chairs of the National Credit Union Administration Board and the Federal Trade Commission.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-19•China•Central Bank of the Republic of China
The People's Bank of China and the China Securities Regulatory Commission discussed the share buyback and major-shareholder share-increase re-lending facility, emphasizing its role in market-value management and capital market stabilization. Established in October 2024, the facility now lowers the self-funded proportion to 10% and extends loan terms to three years, with strong demand from listed companies. Banks plan to enhance financial services for listed companies, viewing this lending as a potential growth area.
Policy & regulationRules & requirementsMarket development
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2025-01-19•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority issued Board decision No. 196 of 2024, raising minimum capital requirements for the insurance sector under the Unified Insurance Law. Life and non-life insurers must meet phased capital thresholds of EGP 400 million and EGP 600 million over two years, with additional requirements for branches like petroleum and aviation. The decision also sets capital requirements for microinsurance, specialised insurers, reinsurance companies, and related service providers, with compliance plans due within one month.
Policy & regulationRules & requirementsCapital adequacy
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2025-01-19•United States•U.S. Department of Justice
The U.S. Department of Justice announced SouthEast Bank will pay USD 1.5 million to settle allegations of discriminatory practices in its student loan refinancing program against Black and American Indian/Alaska Native graduates. The complaint alleges the program disproportionately excluded graduates from schools with high default rates, affecting up to 84.4% of majority-Black institutions. Under a consent order, the bank will compensate affected applicants, improve refinancing access, and provide financial education.
EnforcementInvestigations & enforcement actionsOther
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2025-01-18•Iraq•Central Bank of Iraq
The Central Bank of Iraq warned against false reports of exchange outlet closures, affirming no such directives were issued and emphasizing its policy to expand cash delivery points through various channels. It urged reliance on official communications for accurate information.
SupervisionAlertsOperational risk and resilience
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2025-01-18•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission, under Chair Gary Gensler, reviewed its four-year tenure, emphasizing rulemaking for market efficiency, integrity, and resiliency. Key initiatives included transparency proposals for short selling and insider stock sales, updates to U.S. equity market rules, and reforms in the Treasury and money market sectors. Gensler also highlighted corporate governance measures, audit oversight enhancements, and efforts addressing SPACs and cybersecurity disclosures.
Policy & regulationOtherAccounting and financial reportingCorporate governance
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2025-01-17•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City appointed five new members to its Economic Advisory Council, which meets biannually to discuss economic conditions in the Tenth Federal Reserve District. The new appointees are Courtenay Eichhorst, Dr. Marcie Mack, Robert McAnnally, Ike Nwabuonwu, and Nathan Peterson. Council members serve three-year terms, covering areas such as Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and western Missouri.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-17•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) has initiated a 30-day public consultation on proposed information obligations for crowdfunding service providers (CSPs) under Article 4-sexies.1 of the TUF. The consultation aims to gather feedback to support a risk-based supervisory model, covering structured data on offers, changes to authorisation conditions, and the key investment information sheet (KIIS). Consob will use the SIcrowd portal for these obligations and provide operational instructions post-consultation.
Policy & regulationRules & requirementsRegulatory reporting
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2025-01-17•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority reported provisional business statistics for the first three quarters of 2024, with total gross premiums of HKD 480.8 billion. Long-term new office premiums rose 15.7% to HKD 169.6 billion, while general insurance gross premiums reached HKD 75.0 billion with an underwriting profit of HKD 2.2 billion. The IA highlighted changes due to the Risk-based Capital regime, affecting data coverage and comparability, and announced a shift to semi-annual reporting for Mainland visitor-related business starting in 2025.
Data & statisticsFinancial and market indicators
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2025-01-17•Europe•European Securities and Markets Authority
The European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority released a joint report under the Digital Operational Resilience Act evaluating the centralisation of financial entities' ICT-related incident reporting. The report examines three models, highlighting potential reductions in reporting burdens and costs, and improvements in cross-sector supervisory efficiency. Findings have been submitted to the European Parliament, Council, and Commission for future consideration.
Policy & regulationCooperationOperational risk and resilience
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2025-01-17•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) issued a statement on asset-referenced tokens and e-money tokens, or stablecoins, under the Markets in Crypto-Assets Regulation (MiCA) in the EU. It outlines compliance expectations for crypto-asset service providers with MiCA Titles III and IV, supported by a European Commission Q&A. National authorities are urged to ensure compliance by Q1 2025 to prevent market disruption.
Policy & regulationGuidance & interpretationStablecoins
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2025-01-17•Montenegro•Insurance Supervision Agency of Montenegro
The Insurance Supervision Agency of Montenegro released results from its 2024 stress test of the Montenegrin insurance sector, conducted using European Insurance and Occupational Pensions Authority standards. The test, covering eight of nine insurers, assumed EU membership and stressed the Solvency Capital Requirement under adverse scenarios, including euro risk-free swap rate shocks and inflation impacts. Another stress test is planned for 2027 to further prepare for the EU insurance regulatory framework.
SupervisionReviews, inspections & stress testsStress testing
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2025-01-17•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority released its second survey results on financial entities' preparedness for the EU Digital Operational Resilience Act (DORA), effective 17 January 2025. While many entities are progressing towards compliance, significant efforts are still needed to fully meet DORA's requirements.
SupervisionRisk monitoring & watch pointsOperational risk and resilience
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2025-01-17•India•Reserve Bank of India
The Reserve Bank of India has directed scheduled commercial banks, primary (urban) co-operative banks, and deposit-taking non-banking financial companies to enhance nomination facilities for deposit accounts, safe custody articles, and safety lockers. Entities must ensure nomination for all customers, review coverage periodically, and report progress quarterly via the DAKSH portal from 31 March 2025. Additionally, firms are to educate staff, update account forms, and conduct outreach to boost nomination uptake.
SupervisionInterventionsConsumer and investor protection
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2025-01-17•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority announced that trading in Xior financial instruments (ISIN BE0974288202) on Euronext Brussels will resume on 17 January 2025 at 09:00 CET.
SupervisionAuthorisations & approvalsTrading
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2025-01-17•Australia•Australian Securities & Investments Commission
The Australian Securities and Investments Commission (ASIC) has informed buy now pay later (BNPL) providers that, under the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024, BNPL contracts will be subject to the National Credit Code, requiring an Australian credit licence by 10 June 2025. Providers must apply and have their application accepted by ASIC by this date to utilize transitional arrangements. ASIC stressed early action due to application lead times and warned of risks for non-compliance. Further guidance will be provided for BNPL contracts defined as low-cost credit contracts.
SupervisionAlertsLicence approval
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2025-01-17•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) fined G.J. Stroo EUR 34,000 for co-perpetrating illegal asset management with unlicensed Grinta Invest. Stroo promoted Grinta Invest, facilitated investor onboarding, and received high commissions, while Grinta Invest vanished with investors' funds. The AFM highlighted broader risks associated with finfluencers and unlicensed firm promoters, urging consumers to verify providers in AFM registers.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-01-17•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) fined M. Plat EUR 34,000 for co-perpetrating unlicensed asset management with Grinta Invest by promoting the firm and introducing investors. Plat's activities included website promotion, acting as a contact person, and receiving commissions, leading to investor losses. The AFM emphasized the necessity for asset managers to be licensed and warned against collaborating with unlicensed parties.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-01-17•Morocco•Moroccan Insurance Authority (ACAPS)
Morocco's Supervisory Authority of Insurance and Social Welfare (ACAPS) and the Moroccan Insurance Federation (FMA) have mandated All Risks Construction (TRC) and Decennial Civil Liability (RCD) insurance from 30 December 2024. The decrees specify cover limits, deductibles, exclusions, and terms, with TRC required during works and RCD for professionals post-handover for 10 years. These apply to industrial, commercial, hotel, sports, and large residential buildings, with a TRC certificate needed for building permits or certificates of conformity.
Policy & regulationRules & requirementsOther
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2025-01-17•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica clarified its role in trade exchanges as limited to vigilance, without regulatory powers, citing gaps in consumer protection under current law. It emphasized the need for legal reform to assign authority to the General Superintendency of Securities or the Ministry of Economy, Industry and Commerce. The communiqué highlighted discussions on amending the Securities Market Law to enhance oversight of exchange transactions.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-01-17•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) engaged with key financial entities on capital market strategies, including transitioning to a T+1 settlement cycle. Discussions with the Pakistan Stock Exchange emphasized governance and market development, while the National Clearing Company of Pakistan Limited focused on T+1 transition and margining reforms. Meetings with the Pakistan Mercantile Exchange and Mutual Funds Association of Pakistan addressed commodities market strategy and mutual funds industry reforms.
Policy & regulationCooperationMarket development
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2025-01-17•China•Central Bank of the Republic of China
The Central Bank of the Republic of China published the "China Inclusive Finance Indicator Analysis Report (2023-2024)".
ResearchOther
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2025-01-17•Indonesia•Bank Indonesia
Bank of Indonesia's latest Business Survey shows stable Q4 2024 activity (WNB 12.46%) and anticipates positive Q1 2025 growth (WNB 11.96%). Financial Services led, with contributions from Information and Communication, and Transportation and Storage. Respondents noted improved financial conditions, citing better liquidity, profitability, and credit access, with expected growth in Agriculture, Forestry and Fishing, Wholesale and Retail Trade, and Transportation and Storage in Q1 2025.
Data & statisticsEconomic data and developments
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2025-01-17•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) has digitalized the annual survey on covered claims related to investment business for members of the Système d’indemnisation des investisseurs (SIIL), replacing the Excel-based process. Starting 20 January 2025, ICS yearly reporting must be submitted via the methods outlined in Circular CSSF-CPDI 16/03, as amended by CSSF Circular-CPDI 25/44. A user guide details the new submission procedures.
SupervisionRegulatory reporting
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2025-01-17•Norway•Department of Finance (Norway)
Norway's Ministry of Finance has tasked the Financial Supervisory Authority of Norway (Finanstilsynet) with examining fund management companies' access to the National Population Register. This initiative follows ongoing rulemaking on investment funds and consultations with industry stakeholders. Finanstilsynet is expected to draft a consultation paper on this access issue promptly.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-17•Europe•European Banking Authority
The European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority published a joint report on centralising major ICT-related incident reporting by financial entities under the Digital Operational Resilience Act. The report evaluates three centralisation models, considering efficiency gains and cost reductions. It has been submitted to the European Parliament, European Council, and European Commission for future consideration.
Policy & regulationCooperationOperational risk and resilience
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2025-01-17•Europe•European Banking Authority
The European Banking Authority has repealed its Guidelines on major incident reporting under PSD2 due to the implementation of the Digital Operational Resilience Act (DORA) from 17 January 2025. DORA establishes a unified incident reporting regime for financial entities, replacing PSD2 for most payment service providers. PSD2 requirements remain for certain providers not covered by DORA, with national reporting requirements potentially still applicable.
Policy & regulationGuidance & interpretationOperational risk and resilience
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2025-01-17•Portugal•Bank of Portugal
The Bank of Portugal reported an external surplus of EUR 9.8 billion for January to November 2024, with the current and capital account balance reaching EUR 9.767 billion, up EUR 4.231 billion from 2023. Key factors included a narrowing goods deficit, increased services surplus driven by travel and tourism, and reduced primary income deficit due to higher EU subsidies. These gains were partially offset by a decline in the capital account surplus related to intangible asset transactions.
Data & statisticsBalance of payments and other external statistics
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2025-01-17•T?rkiye•Capital Markets Board of Türkiye
The Capital Markets Board of Türkiye has initiated an investigation into recent price movements of Şekerbank T.A.Ş. shares on Borsa Istanbul. The investigation, conducted under Articles 104 and 106 of Capital Markets Law No. 6362, follows real-time monitoring by the Board and the exchange. Criminal and/or administrative sanctions will be applied if market-disruptive actions are confirmed.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-01-17•Colombia•Central Bank of Colombia
The Central Bank of Colombia announced RappiPay Compañía de Financiamiento as a new participant in CENIT through External Circular Letter DSP-0020.
Policy & regulationGuidance & interpretationLicence approval
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2025-01-17•Sweden•Riksbank
The Riksbank, European Central Bank, and Danmarks Nationalbank invite Swedish banks to help design and test the Target Instant Payment Settlement (TIPS) cross-currency service. This aims to enable instant payments between euros, Swedish kronor, and Danish kroner, with banks developing customer-facing services on central bank infrastructure. Eligible market participants can join, with testing in 2025 and technical deployment in October 2025.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-01-17•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) ordered Equifax to rectify its dispute-handling and credit reporting practices, imposing a USD 15 million penalty for inaccurate consumer reports. Equifax ignored consumer evidence, allowed inaccuracies to reappear, and sent confusing investigation results, with ineffective systems causing credit score errors and duplicate account reporting. The order mandates compliance with federal law and addresses identity theft and excessive reliance on furnishers' responses.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-01-17•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Ernar Bolebaevich Tashenov and Nariman Gainullaevich Zharkinbaev as Management Board members of ForteBank JSC.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-01-17•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission released a summary of Dr. Kelvin Wong's keynote speech on enhancing sponsors' value proposition to advance the Growth Enterprise Market (GEM), presented at the Association of Hong Kong Capital Market Practitioners’ Seminar.
OtherCorporate governance
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2025-01-17•Latin America•Financial Action Task Force of Latin America (GAFILAT)
GAFILAT approved Bolivia’s First Enhanced Follow-Up and Technical Compliance Re-Rating Reports, highlighting progress in anti-money laundering and counter-terrorist financing. Endorsed at GAFILAT’s 50th Plenary Meeting, the report notes improvements in compliance with Recommendations 6, 13, 22, 23, 24, and 28. Members acknowledged Bolivia's commitment to international AML/CFT standards.
Policy & regulationPeer reviews and country evaluationsAML and CFTCompliance
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2025-01-17•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) has issued a warning about a fraudulent website and internet banking login screen associated with Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send SMS or emails with links for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-01-17•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to Fubon Bank (Hong Kong) Limited. The HKMA emphasized that banks will not request sensitive information or direct customers to websites via SMS or email hyperlinks. Affected individuals should contact Fubon Bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-01-17•Europe•European Central Bank
The European Central Bank reported a euro area current account surplus of EUR 27 billion in November 2024, down from EUR 30 billion in October. Over the 12 months to November, the surplus widened to EUR 412 billion, driven by larger surpluses in goods and services. In the financial account, euro area residents acquired EUR 620 billion in non-euro area portfolio securities, while non-residents acquired EUR 852 billion in euro area securities.
Data & statisticsBalance of payments and other external statistics
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2025-01-17•Europe•European Central Bank
ECB Executive Board member Piero Cipollone addressed digitalisation and fragmentation risks in European retail payments, emphasizing the digital euro as a cash equivalent. ECB survey results indicated online payments rising to 36% in 2024, with cash usage declining. The ECB is exploring distributed ledger technology for wholesale settlement and initiatives to enhance cross-border payments, with a digital euro decision pending EU legislative completion.
Policy & regulationImplementation, projects & pilotsCross-border paymentsPayments and payment systems
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2025-01-17•Europe•European Central Bank
ECB Executive Board member Frank Elderson stressed the financial risks from climate and nature-related factors, urging banks to manage these and supervisors to include them in analyses. He noted rising natural-disaster losses' impacts on credit and inflation, while highlighting the ECB's focus on money market interest rates amid falling inflation. Elderson supported more insurance for natural catastrophes and confirmed his commitment to his full ECB mandate.
Monetary policyMonetary policy assessments & outlooksClimate risk and sustainable finance
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2025-01-17•Europe•European Central Bank
The European Central Bank's weekly financial statement shows a balance sheet total of EUR 6.40tn, a decrease of EUR 3.8bn from the previous week. Key changes include a EUR 13.9bn reduction in securities held for monetary policy purposes and a EUR 37.6bn drop in the deposit facility, partially offset by a EUR 26.3bn rise in current accounts.
Data & statisticsBalance of payments and other external statistics
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2025-01-17•India•Reserve Bank of India
The Reserve Bank of India has issued measures to combat financial fraud via voice calls and SMS, targeting misuse of customer mobile numbers. These apply to banks, non-banking financial companies, and payment system participants, requiring the use of the Department of Telecommunications’ Digital Intelligence Platform for monitoring and database cleaning. Entities must adhere to specific communication protocols and enhance customer awareness to prevent fraud.
Policy & regulationRules & requirementsFraud and scams
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2025-01-17•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission and the Office of Agricultural Economics discussed cooperation under a memorandum of understanding to enhance agricultural insurance. The focus is on academic collaboration and data exchange to align insurance with Thai farmers' needs, aiming to reduce natural-disaster-related risks and support agricultural stability.
Policy & regulationCooperationCross-border cooperation
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2025-01-17•Middle East•Arab Monetary Fund
The Arab Monetary Fund, with regional partners, released the 44th Unified Arab Economic Report for 2024, detailing 2023's economic conditions and impacts on Arab economies, including oil, finance, trade, and digital transformation challenges. The report also covers Arab cooperation on food security, development aid, and provides a special analysis of the Palestinian economy.
Data & statisticsEconomic data and developments
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2025-01-17•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) discussed Complementary Law No. 213/2025, integrating insurance cooperatives and mutual property protection groups into the National Private Insurance System, expanding SUSEP's supervisory scope. The law aims to enable new distribution models and align regulatory practices with international standards. SUSEP's near-term priorities include secondary regulation for the law, a legal framework for insurance contracts, and initiatives on private pensions and civil liability insurance in transport.
Policy & regulationReform agendas & prioritiesMarket development
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2025-01-17•Spain•Bank of Spain
The Bank of Spain released preliminary data for Spain's general government debt under the Excessive Deficit Procedure, reporting an outstanding balance of EUR 1.622 trillion in November 2024 with a year-on-year growth moderation to 2.9%. State debt increased to EUR 1.475 trillion, while Social Security debt rose to EUR 126 billion due to State loans. The figures are based on advance information and may be revised.
Data & statisticsBalance of payments and other external statistics
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2025-01-17•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines disqualified four entities and their owners from registering or obtaining a licence due to unregistered money service operations. The entities include Hanie Money Services, Jonathan Sarioy Money Changer, Czasha Money Changing, and Rajahs Money Changer, located in Manila, Metro Manila.
SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
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2025-01-17•India•India International Financial Services Centres Authority
The India International Financial Services Centres Authority (IFSCA) concluded the first Global Securities Market Conclave, focusing on developing an innovative securities market ecosystem in GIFT IFSC. The event featured discussions on global capital market trends, sustainable finance, and the evolving role of GIFT IFSC, with IFSCA officials presenting regulatory developments and opportunities.
Policy & regulationImplementation, projects & pilotsMarket development