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2025-01-13•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia (SERC) participated in a Ministry of Economy and Finance meeting on the draft "Strategy on the preparation of electronic services for business 2025–2028." The meeting, chaired by Deputy Prime Minister Aun Pornmoniroth, included various ministers and regulators, with SERC represented by Director General H.E. Sou Socheat and Khun Kimleang.
Policy & regulationCooperationFintech and insurtechRegtech and suptech
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2025-01-13•Global•Taskforce on Nature-related Financial Disclosures
The Taskforce on Nature-related Financial Disclosures (TNFD) appointed Bank of China to its Taskforce and announced new TNFD Consultation Groups in China to boost participation. Bank of China will offer expert input on TNFD guidance and support market engagement and capacity-building initiatives. Consultation groups will be convened by the Institute of Finance and Sustainability in the Chinese Mainland and co-convened by the Hong Kong Green Finance Association and Business Environment Council in Hong Kong.
Policy & regulationInternational standards & recommendationsClimate risk and sustainable finance
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2025-01-13•Poland•Central Bank of Poland
The Central Bank of Poland reported a PLN 2.3bn current account deficit for November 2024, contrasting with a PLN 5.2bn surplus in November 2023. Goods exports fell 6.2% year on year, while imports decreased by 2.0%, with the automotive industry notably impacted. Services exports increased by 5.3%, and the primary income deficit improved by PLN 0.4bn, influenced by foreign direct investment income.
Data & statisticsBalance of payments and other external statistics
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2025-01-13•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC filed a criminal complaint against 11 individuals for alleged manipulation of Comanche International shares, citing breaches of the Securities and Exchange Act B.E. 2535 (1992). The SEC's investigation revealed collusion to inflate share prices and volumes, misleading the public and violating anti-money laundering laws. The case is under investigation, with the SEC coordinating with relevant agencies for enforcement.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-01-13•Europe•European Association of CCP Clearing Houses
The European Association of CCP Clearing Houses, Federation of European Securities Exchanges, and FIA urge the European Commission to exclude regulated financial services from DORA's "ICT services" definition. They argue these services should remain classified as financial due to existing governance frameworks and warn of compliance and market impacts if included. The paper also seeks exemptions for third-country providers to avoid duplicative oversight and operational challenges.
Policy & regulationGuidance & interpretationOperational risk and resilience
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2025-01-13•Vietnam•State Bank of Vietnam
The State Bank of Vietnam, MUFG Bank Vietnam Limited, the Vietnam Bank for Social Policies, and SHBFinance conducted a financial education programme in Hoa Binh province to enhance financial and information-security awareness. Part of Vietnam’s National Financial Inclusion Strategy 2020–2025, the initiative addressed fraud risks like multi-level marketing schemes and phishing scams, urging residents to borrow only from state-licensed providers.
Financial literacy & educationFinancial literacy and education
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2025-01-13•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced a delegation led by Standing Deputy Governor Dao Minh Tu to Yen Bai province, combining social welfare initiatives with credit support messages. The programme allocates VND 9.6 billion for local projects, including school construction, housing, and gift distribution. Dao Minh Tu highlighted that local banks are providing VND 50 trillion in credit, with 2025 credit growth expected to surpass 2024's 19% increase.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-13•Namibia•Bank of Namibia
The Bank of Namibia granted provisional authorisation to four entities under the Payment System Management Act, 2023, and the Virtual Assets Act, 2023. Finatic Technologies (Pty) Ltd. and United PayPoint (Pty) Ltd. received authorisation for payment services, while Mindex Virtual Asset Exchange (Pty) Ltd. and Landifa Bitcoin Trade CC were authorised as Virtual Asset Service Providers. The provisional licences are valid for six months, during which pre-authorisation conditions must be met for a full operational licence.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-13•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority announced that Per Nordkvist is leaving his role as head of the Markets business area and will no longer be part of the management group. Anna Cederberg has been appointed as acting head of Markets.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-13•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority, led by Chair Mohamed Farid, outlined priorities for the insurance market, emphasizing innovation, customer experience, pricing efficiency, and technology use. A forthcoming package of decisions will implement the Unified Insurance Law to enhance sector stability and inclusion. The Authority plans operational improvements, modernized marketing, and electronic connectivity to expand reach and regulatory capabilities.
Policy & regulationReform agendas & prioritiesFintech and insurtechConsumer and investor protection
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2025-01-13•Finland•Finanssivalvonta
Finland's Financial Supervisory Authority (FIN-FSA) reminded entities of their obligation to submit accurate and timely supervisory data, highlighting shortcomings in reporting compliance and data quality. Errors in submitted data must be corrected promptly, and automated checks do not absolve entities of responsibility. Non-compliance may result in administrative fines under the Act on the Financial Supervisory Authority.
SupervisionRegulatory reportingSupervisory data
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2025-01-13•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway issued a report on Schala & Partners avd Nord AS, revealing gross breaches of the Real Estate Brokerage Act in residential plot intermediation. Violations included intermediary work without engagement agreements, inadequate seller advice, and off-market sales practices favoring a recurring buyer. The firm has ceased brokerage operations and no longer holds authorization to provide such services.
SupervisionAuthorisations & approvalsOther
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2025-01-13•United States•Federal Deposit Insurance Corporation
The FDIC issued disaster-relief guidance for institutions in Los Angeles County after wildfires and winds. It encourages borrower assistance, potential Community Reinvestment Act consideration, and supervisory flexibility, including relief from some reporting requirements. Institutions should monitor FEMA designations and consult FDIC disaster resources.
Policy & regulationGuidance & interpretationOther
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2025-01-13•Chile•Chile Financial Market Commission
The Chile Financial Market Commission's Financial Report for Q3 2024 shows insurance companies' sales reached USD 11,588 million, a 1.1% increase year-on-year, with profits at USD 885.7 million, up 4.6%. Life insurance sales rose 2.2% to USD 7.5 billion, while general insurance sales fell 0.9% to USD 4,087 million. Life insurers' profits decreased by 0.4% to USD 669.5 million, whereas general insurers' profits increased by 23.9% to USD 216.2 million due to lower claim costs.
Data & statisticsFinancial and market indicatorsActivity and performance reporting
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2025-01-13•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority's Procurement Section has achieved ISO 9001:2015 Quality Management Systems certification, enhancing its procurement processes under an internationally recognized standard. This certification aims to improve performance, client satisfaction, and compliance with legal and regulatory requirements, aligning with the objectives of Article 3 of Law No. 7 of 2010.
Institutional developmentProcurementOperational excellence
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2025-01-13•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority issued Disciplinary Board Resolution No. 51/2024, fining National Consumer Holding Company KWD 3,000 for breaching disclosure and transparency requirements. The company failed to disclose the financial impact of an acquisition, valued at KWD 6,498,640, on the Boursa Kuwait Securities Exchange website.
EnforcementInvestigations & enforcement actionsDisclosures
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2025-01-13•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority sanctioned Kuwait and Middle East Financial Investment Company (KMEFIC) for breaching capital adequacy requirements and real estate asset valuation rules. KMEFIC's capital adequacy ratio fell below the legal limit due to KWD 10.4 million in deductions, with penalties including a KWD 5,000 fine and a requirement to restore regulatory capital to 100% or more of the risk-based requirement. An additional KWD 1,000 fine was imposed for delayed property revaluation.
EnforcementInvestigations & enforcement actionsCapital adequacy
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2025-01-13•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority imposed financial penalties on Rasiyat Holding Company and its board members for breaching the Corporate Governance module of the CMA Executive Bylaws. Rasiyat Holding was fined KWD 1,000 for not presenting a CMA resolution to shareholders, while board members were fined KWD 3,000 each for approving a banking contract and joint guarantee deemed incompatible with governance policies.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-01-13•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority fined Health Assurance Hospitals Company KWD 2,000 for breaching Listing Rules on periodic reporting obligations. The company failed to submit a detailed semi-annual report on its procedural and financial position for over six months, violating Article (2-1-1) of Module Twelve of the Executive Bylaws and CMA Resolution B.C.A. 17-38 of 2018.
EnforcementInvestigations & enforcement actionsSecurities offerings and listings
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2025-01-13•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority fined National Real Estate Company KWD 2,000 for breaching disclosure and transparency requirements by failing to timely disclose insider share transactions. The company delayed reporting the sale of 770,000 shares and the purchase of 300,000 shares conducted on 16 May 2024 until 29 August 2024, violating the Executive Bylaws to Law No. 7 of 2010.
EnforcementSanctions & designationsDisclosures
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2025-01-13•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission announced a U.S. District Court consent order against Gemini Trust Company LLC, imposing a permanent injunction and a USD 5 million civil penalty for violations of the Commodity Exchange Act. The violations involved materially false or misleading statements to the CFTC during the self-certification process of a bitcoin futures contract. The order follows a CFTC complaint filed on July 2, 2022.
EnforcementInvestigations & enforcement actions
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2025-01-13•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission announced that the U.S. District Court for the Southern District of Florida issued final default judgments against Mosaic Exchange Ltd. and CEO Sean Michael for a fraudulent digital asset scheme. The court ordered them to pay approximately USD 468,600 in restitution, USD 60,980 in disgorgement, and a USD 660,000 civil penalty, with permanent bans on CFTC registration and trading. From February 2019 to June 2021, they fraudulently solicited funds from 18 individuals, misrepresented investment details, and misappropriated funds.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-01-13•United States•Commodity Futures Trading Commission
Clark Hutchison will leave the Commodity Futures Trading Commission on 15 January, stepping down as Director of the Division of Clearing and Risk. Hutchison oversaw derivatives clearinghouses and their members, contributing to market growth and structural changes. Chairman Rostin Behnam praised his leadership during periods of historic volatility.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-13•United States•Federal Reserve Board
The Federal Reserve Board has appointed the Chair and Deputy Chair for each of the 12 Federal Reserve Banks for 2025. It also updated website statistical tables on the gender, race, and sector representation of Reserve Bank directors. Similar data for Reserve Bank Branch boards will be released soon.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-13•Namibia•Bank of Namibia
The Bank of Namibia has given six month provisional authorisation to two payment services firms and two virtual asset service providers. The firms cannot operate in Namibia during that period and must first meet pre authorisation conditions for a full licence. Full licensing may be granted earlier if those conditions are satisfied.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-13•Global•The Net Zero Asset Managers initiative
The Net Zero Asset Managers initiative has initiated a review to evaluate its relevance amid evolving global conditions, particularly in the U.S., and varying regulatory and client expectations. During the review, it will pause tracking signatory implementation and reporting, and remove its commitment statement and signatory list from its website. Signatories will be consulted and updated throughout the process.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-01-13•China•China Securities Regulatory Commission
The China Securities Regulatory Commission's 2025 priorities focus on risk prevention, enhanced supervision, and high-quality development under the "National Nine Articles" and "1+N" policy framework. Key initiatives include market stabilization, reform and opening-up, and improved enforcement and investor protection. The 2024 review highlighted increased on-site checks, significant penalties, and market-support actions, including dividends, buybacks, M&A transactions, and overseas IPO filings.
Policy & regulationReform agendas & prioritiesOther
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2025-01-13•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission issued orders against nine investment advisers and three broker-dealers for failing to maintain required electronic communications, resulting in combined civil penalties of USD 63.1 million. Firms admitted to violating federal securities-law recordkeeping provisions and were charged with failing to supervise personnel, receiving censure and cease-and-desist orders. Penalties ranged from USD 600,000 to USD 12 million, with PJT Partners LP receiving a reduced penalty for self-reporting.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-01-13•United States•U.S. Securities & Exchange Commission
The U.S. SEC ordered Robinhood Securities LLC and Robinhood Financial LLC to pay USD 45 million for violating over 10 federal securities laws. The settlement includes censure, admissions, an internal audit on off-channel communications compliance, and remediation certification for Regulation SHO deficiencies. Violations included failures in suspicious activity reporting, identity theft protections, cybersecurity, recordkeeping, data retention, inaccurate electronic blue sheet data, and Regulation SHO violations.
EnforcementInvestigations & enforcement actions
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2025-01-13•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission charged BMO Capital Markets Corp. for failing to supervise employees who sold misleading mortgage-backed bonds from December 2020 to May 2023. BMO agreed to pay over USD 40 million in disgorgement, prejudgment interest, and a civil penalty, with a fair fund established to compensate harmed investors. The SEC found BMO's supervisory policies lacked guidance on bond structure and sales, leading to inaccurate information being provided.
EnforcementInvestigations & enforcement actionsSales and distribution
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2025-01-13•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission charged Alfred V. Tobia, Jr. and Elizabeth Lee with insider trading, allegedly generating over USD 428,000 in illegal profits. Tobia tipped Lee about nonpublic information on acquisitions involving Spok Holdings Inc. and PFSWeb, Inc., leading to significant profits. Both defendants agreed to pay over USD 1.36 million to settle the charges, with Tobia also accepting a five-year officer-and-director bar, subject to court approval.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-01-13•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission's 2025 work meeting reviewed 2024 discipline efforts and set 2025 priorities, focusing on supervision, cadre management, work style, and anti-corruption. Key initiatives include enhancing Party governance under a "four-level vertical management" structure, strengthening oversight and discipline, and pursuing financial anti-corruption through joint investigations. The session highlighted recent disciplinary violations to reinforce warning education.
Institutional developmentGovernanceBribery and corruption
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2025-01-13•Moldova•National Bank of Moldova
The National Bank of Moldova's snapshot of the insurance market as of 30 September 2024 shows increased assets, capital, and technical reserves, with all insurers maintaining solvency ratios above 100% and liquidity coefficients above 1. Despite sector profitability, net profit for the first nine months of 2024 declined from 2023. Gross written premiums rose 10.9% to MDL 2,421.9 million, while gross claims paid increased 28.6%, raising the claims-to-premiums ratio to 36.7%.
SupervisionRisk monitoring & watch pointsPrudential risksSupervision process and methodologies
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2025-01-13•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has licensed Land Bank of Taiwan Co., Ltd as a foreign authorised deposit-taking institution under the Banking Act 1959, with the updated register of authorised institutions available on the APRA website.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-13•Taiwan•Central Bank of Taiwan
In December 2024, the Central Bank of Taiwan approved several foreign exchange business applications, including CTBC Bank's USD-denominated structured notes, Standard Chartered Bank (Taiwan)'s subordinated bond, and Taishin International Bank's structured products. Fubon Securities and KGI Securities also received approvals for foreign exchange derivatives and ETF participation.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-01-13•United Kingdom•Open Banking Limited
Open Banking Limited (OBL) celebrated the seventh anniversary of the UK's PSD2, noting growth in open banking and the Data (Use and Access) Bill as a path to a long-term regulatory framework. OBL reported 11.7 million users, 1.7 billion API calls monthly, and 22.13 million payments in November 2024, with an ecosystem valued at GBP 4 billion. The Bill supports open finance and smart data schemes, with 2025 as a transition year for interoperability and cross-border data sharing.
Policy & regulationReform agendas & prioritiesOpen banking and finance
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2025-01-13•Europe•European Insurance and Occupational Pensions Authority
EIOPA recommended Bulgaria’s FSC enhance its supervisory processes for assessing insurers’ and reinsurers’ solvency positions. This follows concerns over the FSC's inadequate review of a Bulgarian reinsurance undertaking's solvency simulation. EIOPA emphasized a prospective, risk-based approach to ensure continuous compliance with regulatory solvency requirements.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-01-12•Montenegro•Insurance Supervision Agency of Montenegro
The Insurance Supervision Agency of Montenegro released information on the interest rate used in calculating mathematical and special reserves for life insurance policies where the policyholder assumes investment risk.
Policy & regulationGuidance & interpretationOther
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2025-01-12•China•Central Bank of the Republic of China
People's Bank of China Governor Pan Gongsheng met with HSBC, Standard Chartered, and London Stock Exchange leaders to discuss global economic and financial conditions. The meeting also covered China's macroeconomic and financial policies and China-UK financial cooperation.
Policy & regulationCooperationCross-border cooperation
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2025-01-12•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission announced the Cabinet's approval of four new expert members to the board of the Deposit Protection Agency, effective 7 January 2025. The appointments, including OIC Secretary-General Chuchat Pramuanphol as the legal expert, replace outgoing members who left due to age and term completion.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-12•Qatar•Qatar Central Bank
The Qatar Central Bank announced an increase in international reserves and foreign currency liquidity to QAR 255.0 billion in 2024, marking a 3.7% rise from December 2023, with international official reserves reaching QAR 196.0 billion.
Data & statisticsMonetary data
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2025-01-12•Jordan•Central Bank of Jordan
The Central Bank of Jordan has extended the deadline for finance companies to regularise their status under the Finance Companies Law to 13 July 2025, following amendments that allow the Governor to grant extensions. The amendments also require lending crowdfunding to be conducted through a separate company.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-01-12•Israel•Bank of Israel
The Bank of Israel announced that Governor Prof. Amir Yaron and senior officials met with an International Monetary Fund delegation led by Jan Kees Martijn for a fact-finding mission on Israel's economic and financial developments. The delegation will hold additional meetings with key economic entities and is expected to return later for an extended visit, culminating in a comprehensive IMF report on the Israeli economy.
Policy & regulationCooperationDomestic cooperation
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2025-01-12•Iraq•Central Bank of Iraq
The Central Bank of Iraq announced a strategy to expand services for bank cardholders by increasing cash delivery outlets through ATMs, POC cash payment machines, authorised exchange companies, and electronic payment terminals across Iraq. This initiative is supported by directives to banks and financial institutions to enhance financial services in underserved areas and improve infrastructure for financial products.
Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution
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2025-01-12•Bahrain•Central Bank of Bahrain
The Central Bank of Bahrain is consulting on a proposed "Netting Law" to establish a statutory framework for netting and collateral arrangements for "qualified financial contracts," replacing the 2014 regulation. It covers derivatives, repos, and digital assets, enforcing close-out netting against insolvent parties while limiting insolvency rules' impact. Provisions address suspect-period challenges and allow collateral realization without prior notice, with a potential 48-hour stay for financial institutions under resolution.
Policy & regulationRules & requirements
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2025-01-12•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority issued Resolution No. (03) of 2025, amending Article (1-2) in Module Three to extend its special-audit powers to companies listed on the exchange. The amendment allows the CMA to appoint auditors to prepare special reports on specific subjects related to an entity's activities, with the entity responsible for covering the auditor's fees and providing necessary documentation.
Policy & regulationRules & requirementsAuditing
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2025-01-12•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration head Li Yunze and Bank of England Governor Andrew Bailey discussed macroeconomic outlook, prudential supervision, financial consumer protection, and enhancing regulatory cooperation between China and the UK.
Policy & regulationCooperationCross-border cooperation
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2025-01-12•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission's 2025 priorities focus on financial risk prevention, supervisory effectiveness, and economic support. Key initiatives include reforming small and medium financial institutions, managing real estate and local government debt risks, and enhancing oversight of illegal financial activities. The agenda also emphasizes legislative amendments, improved risk monitoring, consumer protection, and financial support for policy priorities and international financial centres.
SupervisionSupervision approach, priorities & toolkitOther
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2025-01-11•Tanzania•Tanzania Insurance Regulatory Authority
Tanzania Insurance Regulatory Authority (TIRA) is at the 11th Zanzibar International Trade Fair to educate the public on insurance products and benefits. TIRA staff engage visitors on insurance terms, criteria, and legal requirements, and have presented a symbolic cheque of TZS 321 million to Zanzibar’s Second Vice President. The fair, at Dimani Fumba grounds, coincides with Zanzibar's 61st Revolution anniversary celebrations.
Financial literacy & educationFinancial literacy and education
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2025-01-11•China•Central Bank of the Republic of China
People's Bank of China Governor Pan Gongsheng and Bank of England Governor Andrew Bailey met in China during the 11th China-UK Economic and Financial Dialogue. They discussed economic and financial conditions, financial stability, and broader financial cooperation. Deputy Governor Xuan Changneng was also present.
Policy & regulationCooperationCross-border cooperation
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2025-01-11•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) issued guidelines for payment system operators seeking a Merchant Acquisition License, detailing electronic filing, a three-phase evaluation, and required documents. The guidelines outline capital and fee structures based on average monthly fund transfers, with specific categories for applicants. Banks and non-bank electronic money issuers conducting merchant acquisition as part of their operations are exempt from separate licensing but must notify the BSP.
Policy & regulationGuidance & interpretationLicensing framework and process
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2025-01-11•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines, through Governor Eli M. Remolona Jr, emphasized the need for ongoing collaboration with banks on digitalisation and financial inclusion during its annual reception in Manila. The Governor also called for enhanced efforts in Open Finance to enable consumers to select financial services that best meet their needs.
Policy & regulationGuidance & interpretationOpen banking and financeFinancial inclusion
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2025-01-11•United Kingdom•HM Treasury
HM Treasury released outcomes from the 2025 UK-China Economic and Financial Dialogue, detailing a bilateral package to enhance financial services cooperation. Key areas include regulatory coordination, capital markets connectivity, and green finance initiatives, valued at GBP 600 million over five years. The UK and China committed to regular exchanges, supervisory cooperation, new MoUs, and dialogue on crypto-asset regulation and consumer protection.
Policy & regulationCooperationCross-border cooperation
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2025-01-11•Vietnam•State Bank of Vietnam
The State Bank of Vietnam highlighted Agribank's achievement of all central bank targets and outlined 2025 priorities as part of its restructuring and non-performing loan resolution plan. Agribank's 2024 performance included total assets above VND 2.2 quadrillion and a pre-tax profit exceeding VND 27 trillion. The bank is directed to focus on safe credit growth, expand green credit, and enhance digital transformation and cybersecurity.
Policy & regulationGuidance & interpretationActivity and performance reporting
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2025-01-11•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's 2025–2026 plan for the banking sector focuses on counter-terrorism and financing of weapons of mass destruction proliferation. Key measures include enhancing coordination with security ministries, strengthening internal counter-terrorism plans, and improving detection and reporting of suspicious transactions. The plan mandates increased supervision and inspections, aligning with legal and international standards.
Policy & regulationImplementation, projects & pilotsAML and CFT
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2025-01-11•Vietnam•State Bank of Vietnam
Governor Nguyễn Thị Hồng of the State Bank of Vietnam highlighted the 2024 monetary policy's success in stabilizing markets and reducing interest rates, urging Vietcombank to follow government directives for 2025. Vietcombank reported assets over VND 2,000 trillion, a 0.97% non-performing loan ratio, and efforts to maintain low lending rates. The bank is transferring Construction Bank and plans to incorporate the Governor's guidance into its 2025 strategy.
Policy & regulationGuidance & interpretationOther
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2025-01-11•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration, led by Li Yunze, met with UK Financial Conduct Authority Chief Executive Nikhil Rathi to discuss macroeconomic and financial conditions, regulatory reform, and market opening. The meeting focused on enhancing China-UK regulatory cooperation, financial consumer protection, and sustainable finance.
Policy & regulationCooperationCross-border cooperation
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2025-01-11•India•Securities & Exchange Board of India
SEBI and NISM hosted a "Capital for Growth" symposium in Mumbai, focusing on India's securities markets and economic growth. Discussions covered capital formation, investor awareness, Social Stock Exchange 2.0, and market intermediaries' future, emphasizing digitisation and AI. SEBI aims to use the symposium for consultation and collaboration on policy challenges and opportunities.
Policy & regulationCooperationMarket development
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2025-01-10•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua's December 2024 monetary indicators highlight increases in gross international reserves and growth in all monetary aggregates, with currency in circulation up 20% year-on-year. The monetary base expanded due to net payment of Monetary Deposits and central government operations, while demand for central bank Letters remained strong. Gross international reserves rose to USD 6,105.1m, equivalent to 2.9 times the monetary base.
Data & statisticsMonetary data
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2025-01-10•Panama•Superintendencia de Bancos de Panama
The Superintendency of Banks of Panama's Banking Activity Report to November 2024 highlights growth in lending, deposits, and total assets for Panama’s International Banking Center (CBI) and National Banking System (SBN). The CBI's net credit portfolio increased by 8.6% to USD 94,870 million, while SBN local credit rose by 5.3% to USD 64,183 million. Liquidity and capital ratios exceed regulatory requirements, with the Average Liquidity Index at 54.1% and the Capital Adequacy Index at 15.9%, aligned with Basel III standards.
SupervisionRisk monitoring & watch pointsCapital adequacyLiquidity risk
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2025-01-10•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo, with the Bank of Italy and central banks of Albania, Montenegro, and Bosnia and Herzegovina, has initiated an instant payments project using a "TIPS Clone" platform. The Bank of Italy will develop the infrastructure with European Central Bank approval, enabling 24/7 account-to-account transfers. The project aims to reduce cash usage and transaction costs, with future integration into the European Union payment systems post-Kosovo's entry into the Single Euro Payments Area.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-10•Europe•European Securities and Markets Authority
The European Securities and Markets Authority has updated its Questions and Answers on EU financial market rules, including AIFMD, CSDR, DORA, MiCA, and EMIR. Key updates involve AIFMD delegation permissions, CSDR beneficial ownership changes, DORA risk management and ICT incident reporting, MiCA authorisation and capital requirements for crypto-asset service providers, and EMIR margin requirements for central counterparties.
Policy & regulationGuidance & interpretationClient asset custody and safekeeping
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2025-01-10•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released statistics for December 2024 concerning the Central Information Register.
Data & statisticsSupervisory data
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2025-01-10•France•France Autorite des marches financiers
The Autorité des marchés financiers (AMF) issued a warning and updated its blacklist of unauthorised operators, adding nine new websites offering illegal crypto-asset services in France. The AMF emphasized that the blacklist is frequently updated but not exhaustive due to the constant emergence of new fraudulent actors. The full list is accessible on the AMF website and the Assurance Banque Épargne Info Service portal.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-01-10•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia reminded Colpensiones affiliates earning over 2.3 statutory monthly minimum wages to select an administrator for the Complementary Individual Savings Component (ACCAI) under the new social protection system. The selection window, as per Law 2381 of 2024, runs from 16 July 2024 to 16 January 2025, after which non-selecting affiliates will be randomly assigned an ACCAI. Eligible ACCAI providers include pension fund managers, fiduciary companies, and others, subject to authorisation and regulatory requirements.
Policy & regulationGuidance & interpretationOther
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2025-01-10•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved a White Paper outlining a reform roadmap for Ukraine’s voluntary funded pension system to enhance financial stability and align with European standards. The plan emphasizes transparency, investment diversification, and stronger participant safeguards, in line with Directive (EU) 2016/2341. Upcoming steps involve public consultations, legislative initiatives, and educational events to support implementation.
Policy & regulationReform agendas & priorities
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2025-01-10•United States•National Credit Union Administration
The National Credit Union Administration has placed Butler Heritage Federal Credit Union into conservatorship due to unsafe and unsound practices. Member services will continue uninterrupted, with deposits insured by the National Credit Union Share Insurance Fund up to USD 250,000 per account type. The NCUA aims to resolve operational issues while maintaining normal transactions and access to funds.
SupervisionInterventionsLiquidity riskPrudential risks
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2025-01-10•United States•National Credit Union Administration
The National Credit Union Administration (NCUA) is monitoring Greater Los Angeles wildfires and coordinating with state regulators to support affected federally insured credit unions. The NCUA encourages credit unions to assist members with special loan terms and reduced documentation, assuring no examiner criticism. The agency may adjust examination schedules and provide financial support through the Share Insurance Fund and Central Liquidity Facility, reaffirming deposit insurance coverage limits.
SupervisionInterventionsOperational risk and resilience
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2025-01-10•Indonesia•Bank Indonesia
Bank Indonesia's Retail Sales Survey anticipates improved retail sales for December 2024, with the Real Sales Index growing 1.0% year on year to 220.3. Key drivers include Spare Parts and Accessories and Food, Beverages, and Tobacco, with a forecasted 5.1% month-on-month growth after a 0.4% contraction in November. Inflationary pressures are expected to build over the next three months, with the Price Expectations Index for February 2025 rising to 160.2.
Data & statisticsEconomic data and developments
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2025-01-10•Italy•Bank of Italy
The Bank of Italy signed a Letter of Intent to develop an instant payment system in the Western Balkans using the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service. Central banks from Albania, Bosnia-Herzegovina, Kosovo, and Montenegro are participating, with North Macedonia considering joining later. Approved by the European Central Bank’s Governing Council, the project aims to operationalize within 18 months, facilitating real-time payments and integration with the EU financial system.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-10•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority and Prudential Regulation Authority are consulting on the proposed Management Expenses Levy Limit for the Financial Services Compensation Scheme for 2025/26, capping levies at £108.6m. This includes a £103.6m management expenses budget and a £5m contingency reserve, reflecting a £0.5m increase from the previous year. Key budget changes involve increased staff and IT costs, offset by reduced professional fees and outsourced claims handling.
Policy & regulationRules & requirements
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2025-01-10•Sweden•Riksbank
Sweden's Riksbank announced it will make no financial risk provisions or reversals for the 2024 financial year, opting to use profits to rebuild equity as a primary risk buffer. The Riksbank anticipates a profit of over SEK 30 million and equity of approximately SEK 23 billion, below the SEK 63 billion target. This decision prioritizes equity consolidation over risk provisions, which are limited to specific risks or losses.
Institutional developmentOtherFinancial and market indicators
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2025-01-10•United States•Consumer Financial Protection Bureau
The US Consumer Financial Protection Bureau (CFPB) issued two public comment notices to extend consumer protection and financial privacy requirements to digital payment mechanisms. The first seeks input on the effectiveness of current data protection frameworks, while the second proposes an interpretive rule on applying Electronic Fund Transfer Act protections to new payment methods, including those linked to large tech firms and digital currencies.
Policy & regulationRules & requirements
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2025-01-10•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 Aizhan Rakhmetovna Bekhozhaeva as head of a governing body and Vladimir Konstantinovich Kislicin as an executive member for IT in the securities market.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-10•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 Rsty Kashatovna Absattarova as chief accountant in the banking sector.
SupervisionAuthorisations & approvalsOther
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2025-01-10•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong released the IMF staff mission's concluding statement from the 2024 Article IV Consultation, highlighting gradual economic recovery and reaffirming Hong Kong's status as an international financial centre. The IMF projects 2.7% GDP growth for 2024 and 2025, with a narrowing fiscal deficit supported by new revenue measures and expenditure control. The statement commends the Hong Kong Monetary Authority's introduction of a positive-neutral countercyclical capital buffer rate and notes progress in green and sustainable finance development.
ResearchEconomic data and developmentsFinancial stability and systemic risk
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2025-01-10•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) warned about International Standard Carbon Assets Technology Co., Limited, an unlicensed virtual asset trading platform known as "iSCAT" or "iSCAT Exchange". The platform allegedly operated in Hong Kong, offering cryptocurrency trading services without a licence, violating the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. iSCAT is now on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-01-10•Czech Republic•Czech National Bank
The Czech National Bank released a CZK 10,000 gold coin to commemorate the 1100th anniversary of Wenceslas I's reign, with Governor Aleš Michl highlighting an increase in the bank's gold holdings to 65 tonnes, aiming for 100 tonnes by 2028. Designed by Zbynek Fojtu, the coin features the Rotunda of St Vitus and a flaming eagle, with a mintage of 7,200 pieces. Minted by Ceská mincovna, the coins are available through selected partners, not directly from the bank.
OtherCurrency and cash management
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2025-01-10•Bulgaria•National Bank of Bulgaria
The Bulgarian National Bank's Governing Council adopted a new Ordinance No. 6 on emergency liquidity assistance, detailing conditions, eligible collateral, and procedures for providing aid to solvent banks outside Eurosystem monetary policy operations upon Bulgaria's euro area accession. Issued under the new Law on the Bulgarian National Bank, it will replace the 1998 ordinance on lending in Bulgarian lev once the law takes effect.
Policy & regulationRules & requirementsLiquidity risk
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2025-01-10•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has issued a warning regarding the website fairbairnprivate.com, which falsely claims to be an Isle of Man-based financial services provider. The site, which lists a non-associated address in Douglas, offers financial products without proper licensing or registration. The Authority cautions against potential fraud and identity theft risks for individuals interacting with this site.
SupervisionAlertsFraud and scams
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2025-01-10•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert following Shanghai Commercial Bank Limited's report of a fraudulent website and internet banking login screen. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information by phone, email, or SMS. Individuals who have interacted with the fraudulent site are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-01-10•Europe•European Central Bank
The European Central Bank published research comparing U.S. public and private R&D funding, highlighting that public R&D complements private investment and yields larger productivity gains due to stronger spillovers. Using data from 1950 to 2020, the study shows a shift from public to private R&D funding, with public R&D peaking in 1964 and declining significantly as a share of GDP. Publicly funded patents are more likely to be breakthrough innovations and significantly boost firm productivity and R&D expenditures, especially benefiting smaller firms.
ResearchOther
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2025-01-10•Europe•European Central Bank
The European Central Bank's weekly financial statement reports total assets at EUR 6,407,186 million, a decrease of EUR 5,451 million from the previous week. Key changes include a reduction in lending to euro area credit institutions by EUR 6,995 million and an increase in the deposit facility by EUR 48,877 million. Banknotes in circulation decreased by EUR 8,245 million, while liabilities to non-euro area residents fell by EUR 33,922 million.
Data & statisticsBalance of payments and other external statistics
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2025-01-10•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City's fourth quarter Tenth District Energy Survey noted a continued decline in regional energy activity but increased optimism for future conditions. Drilling and business activity fell for the eighth consecutive quarter, yet firms expect a rebound with growth in employment and capital expenditures. The survey includes data on drilling, capital spending, and employment, with results presented as diffusion indexes.
Data & statisticsEconomic data and developments
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2025-01-10•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) attended a conference on private health insurance's role in supporting Thailand's social and health system sustainability. Secretary-General Chuchat Pramoolpol highlighted trends like medical cost inflation and population ageing, and outlined the OIC's cost-management strategies, including the New Health Standard and the use of AI and big data. The OIC is also discussing coordinating private insurance with public schemes to enhance integration and confidence in health insurance.
Policy & regulationGuidance & interpretationOther
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2025-01-10•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina, along with the central banks of Albania, Kosovo, and Montenegro, has signed a Letter of Intent to develop an instant payment system for the Western Balkans, in collaboration with the Bank of Italy. The system will be based on a clone of the TARGET Instant Payment Settlement (TIPS) platform, with the European Central Bank's Governing Council's approval. North Macedonia attended the signing but has not committed to joining.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission’s Information Technology Department cancelled a domestic e-tender for replacement servers due to all submitted bids failing to meet tender requirements. The contract, valued at VND 8.267bn, was cancelled under Bidding Law No. 22/2023/QH15, with no bidders meeting the necessary capability, experience, or technical criteria.
Institutional developmentProcurement
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2025-01-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission's Information Technology Department cancelled a server replacement procurement for the securities trading surveillance system as all electronic bids failed to meet tender requirements. The package, valued at VND 8,267,000,000, was to be procured via domestic open tendering. Five bidders were rejected for not meeting capacity, experience, or technical requirements, leading to the cancellation under Vietnam’s Bidding Law No. 22/2023/QH15.
Institutional developmentProcurement
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2025-01-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission's Information Technology Department announced no contractor was selected for the VND 8.267 billion server replacement tender. The procurement, structured as a lump-sum contract over 240 days, saw five bidders disqualified for failing to meet capacity, experience, or technical requirements. The detailed bid evaluation report is available on Vietnam’s national e-procurement system.
Institutional developmentProcurement
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2025-01-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission's Information Technology Department announced that no contractor was selected in the e-procurement tender for replacement servers for the securities trading surveillance system. The VND 8,267,000,000 package saw five bidders disqualified for failing to meet capacity, experience, or technical requirements. The evaluation report is available on the national e-procurement system.
Institutional developmentProcurement
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2025-01-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in its notice to pay a VND 1,000,000 fee for the re-issuance of securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer to VietinBank or Vietcombank, or directly at the Commission. Certificates will be cancelled if the procedure is not completed within one year.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-01-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported an 11.1% year-on-year increase in outstanding loans of universal and commercial banks in November, up from 10.6% in October. Resident lending grew by 11.3%, while non-resident loans expanded by 3.8%. The BSP aims to maintain domestic liquidity and lending conditions in line with its stability mandates.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-01-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 50.2% year-on-year increase in foreign direct investment net inflows to USD 1.0 billion in October 2024. This growth was driven by a 60.7% rise in nonresidents' net investments in debt instruments and a 34.1% increase in net equity capital. Cumulative net FDI inflows from January to October 2024 reached USD 7.7 billion, up 8.2% from the same period in 2023.
Data & statisticsBalance of payments and other external statistics
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2025-01-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported that domestic liquidity (M3) grew 7.7% year on year to PHP 18.1 trillion in November, up from 5.4% in October. Claims on the private sector rose 11.7% year on year, while net claims on the central government increased 9.2%. Net foreign assets in peso terms grew 9.8%, with the central bank's net foreign assets rising 12.8% due to higher gross international reserves.
Data & statisticsMonetary data
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2025-01-10•Europe•European Council
The European Council announced that Albania, Bosnia and Herzegovina, Iceland, Liechtenstein, Montenegro, North Macedonia, Norway, and Ukraine have aligned their national policies with the EU's expanded sanctions against Russia. These measures, based on a Council decision from December 2024, target 52 additional vessels and 32 companies linked to Russia's military and industrial complex to combat sanctions circumvention. The decision also enhances legal protection for EU Central Securities Depositories.
Policy & regulationRules & requirementsNew sanctions designations
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2025-01-10•Germany•German Bundesbank
The German Bundesbank's November 2024 statistics show a moderate net increase in debt securities, with gross bond issuance declining to EUR 108.1 billion. General government capital market debt rose by EUR 18.9 billion, while domestic banks reduced debt by EUR 7.6 billion. Foreign investors were the largest net buyers of German bonds, acquiring EUR 27.6 billion, and domestic investment funds saw net inflows of EUR 1.8 billion.
Data & statisticsFinancial and market indicators
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2025-01-10•Germany•German Bundesbank
The German Bundesbank reported a current account surplus of EUR 24.1 billion for November 2024, up EUR 10.4 billion from the previous month, driven by a higher goods trade surplus and a shift to a surplus in invisible transactions. Cross-border securities transactions showed net capital imports of EUR 14.1 billion, with significant foreign investment in German public-sector bonds and money market paper. Other financial account movements included net capital exports in direct investment and other investment, alongside an increase in the Bundesbank's currency reserves.
Data & statisticsBalance of payments and other external statistics
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2025-01-10•United Kingdom•Bank of England
The Bank of England's staff working paper finds the Phillips curve is non-linear, with prices reacting more strongly to positive than negative shocks at the firm level, leading to a convex aggregate relationship between inflation and economic slack. Using micro data from UK and US firm surveys, the study shows consistent evidence of convex price responses, particularly in high-inflation firms and industries, and highlights a stronger pass-through for positive cost shocks. The findings are explained through a menu cost model with positive trend inflation, resulting in non-linear price adjustments.
Research
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2025-01-10•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,108 examines how preferred-habitat demand affects QE and QT transmission in gilt markets. It finds that preferred-habitat investors, like pension funds and insurance companies, exhibit less elastic bidding in QE auctions, with no significant demand pressures in QT auctions. The paper extends the Vayanos and Vila model to explain this asymmetry, noting the reduced role of the preferred-habitat channel during QT aligns with increased UK government bond issuance post-Covid-19.
Research
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2025-01-10•Tanzania•Bank of Tanzania
The Bank of Tanzania approved the transfer of Canara Bank Tanzania Limited’s assets and liabilities to Exim Bank Tanzania Limited, with Canara ceasing banking operations. This decision, effective 20 December 2024, aims to protect depositors and creditors and maintain banking sector stability.
SupervisionAuthorisations & approvalsMandate change