The National Bank of Moldova, via Decision No. 301 of 28 November 2024, approved the calculation of base insurance premiums, adjustment coefficients, and reference premiums for compulsory motor third-party liability insurance, effective 14 January 2025.
The Maldives Monetary Authority (MMA) requires non-tourism entities, excluding financial institutions, with earnings of at least USD 15 million in the past year to register under the Foreign Currency Act (32/2024) for foreign currency reporting. This registration, effective from 1 January 2025, is to be completed via the MMA FX Portal Registration Form.
European Central Bank Executive Board member Piero Cipollone emphasized Europe's competitiveness issues, focusing on technology and finance rather than manufacturing costs. He warned against monetary policy overly focused on future inflation amid weak demand and underinvestment. Cipollone linked the digital euro project to reducing reliance on non-European payment providers, noting card payments often depend on them. He highlighted a significant investment shortfall in the euro area, with GDP projections revised down and investment levels expected to remain below 2023 levels by 2026.
The European Central Bank's Economic Bulletin highlights energy price shocks' impact on EU corporate investment, revealing reduced fixed capital and R&D expenditures, especially in energy-intensive and financially constrained firms. A 1% rise in the energy producer price index leads to a 2.9% immediate drop in capital expenditure and a 0.85% decline in R&D spending. The study underscores the EU's vulnerability to energy pricing dynamics, with significant implications for productivity and competitiveness.
The European Central Bank's Economic Bulletin examines the sharp rise in US equity prices since early 2023, driven by market concentration, optimistic earnings expectations, and compressed equity risk premia. The "Magnificent Seven" tech firms now represent about one-third of S&P 500 market capitalisation, trading at elevated valuations. The ECB warns that high valuations and concentration increase vulnerability to adverse shocks and macroeconomic changes.
The Caribbean Financial Action Task Force released the outcomes of its 59th plenary, centered on approval of the mutual evaluation reports for Belize and Montserrat under the FATF fourth-round methodology. The reports will be published after the post-plenary quality and consistency process in the first quarter of 2025. The meetings also covered transaction-suspension practices, a regional terrorist financing risk assessment and follow-up reviews, including technical compliance re-ratings for Saint Lucia and Suriname.
The National Bank of Denmark's lending survey revealed increased loan demand from banks' and mortgage institutions' existing private customers in Q4 2024. Average monthly loan disbursements rose to DKK 39.8 billion, driven by falling lending rates and heightened housing market activity. One-third of institutions anticipate further demand growth in Q1 2025.
Danmarks Nationalbank has contracted Spain’s Fábrica Nacional de Moneda y Timbre – Real Casa de la Moneda to produce Danish coins for four years, following an EU tender. The selection was based on price, quality, and corporate social responsibility, with initial orders for 1, 2, 5, 10, and 20 kroner coins. The first coins are expected to circulate in late 2025.
Taiwan's Financial Supervisory Commission reported domestic banks' outstanding loans to SMEs reached NT$10,266.8bn at end-November 2024, a slight increase from the previous month. SME loans comprised 64.55% of total enterprise loans and 68.21% of private enterprise loans, with a non-performing loan ratio of 0.24%. The Commission continues to encourage banks to expand SME lending while maintaining risk control and management.
The Central Bank of the Dominican Republic reported remittances reached USD 10.756 billion in 2024, a 5.9% increase from 2023, with the United States as the primary source. Broader external-sector estimates for 2024 included tourism receipts over USD 10.6 billion and foreign direct investment above USD 4.5 billion, contributing to total foreign-currency earnings of approximately USD 43.6 billion. The central bank projects remittance inflows of around USD 11.0 billion for 2025.
Saudi Arabia's Capital Markets Authority has launched a public consultation on a draft regulatory framework for depositary receipts in the Saudi capital market. The proposals aim to introduce depositary receipts as a new security type, allowing foreign companies to register and offer these instruments in Saudi Arabia, representing their shares listed abroad. The draft aligns registration and offering requirements with existing share offering frameworks, with related amendments to Tadawul and Edaa rules also open for consultation.
The Saudi Central Bank (SAMA) has licensed SEULAH ALAWLA Company to offer consumer microfinance solutions in Saudi Arabia, bringing the total number of SAMA-licensed consumer microfinance providers to seven and the overall number of licensed finance companies to 63. SAMA emphasized the importance of engaging only with authorized financial institutions.
The European Securities and Markets Authority has released the 2024 European Single Electronic Format (ESEF) XBRL taxonomy files and an updated ESEF Conformance Suite to aid in implementing the ESEF Regulation. This package assists software vendors and issuers in preparing 2024 IFRS consolidated financial statements and supports EU issuers listed on US capital markets in meeting US SEC reporting requirements. The 2024 ESEF taxonomy includes updates from the IFRS Foundation and labels in all EU languages.
The Financial Markets Standards Board published an updated Statement of Good Practice on Front Office Supervision of Wholesale Traded Markets, detailing 15 good practice statements to address evolving regulatory challenges, new working practices, and technological changes. Key updates include clearer supervision frameworks, distinctions between supervision and controls, and guidance on managing conflicts of interest and supervisory data quality.
Mexico's National Banking and Securities Commission (CNBV) released its quarterly Financial Saving and Financing report, detailing intermediation channels in the financial system as of June 2024. The report shows total financial saving at 90.1% of GDP (MXN 30.5 trillion) and total financing at 94.1% of GDP (MXN 31.9 trillion), with domestic private sector financing at 36.1% of GDP.
The Central Bank of Luxembourg's December 2024 consumer survey indicates a slight improvement in the consumer confidence indicator to -13 from -14 in November. While households' expectations for the general economic situation improved slightly, their outlook on personal financial situations worsened. However, perceptions of past financial situations and intentions for major purchases showed positive trends.
France's Financial Markets Authority awarded the 2024 Young Researcher in Economics prize to Maxime Bonelli for his innovative research on asset management, including AI integration and investment-adviser biases. The EUR 5,000 prize encourages financial economics research by scholars under 35 on regulation and market themes. Bonelli will present his work at the AMF Scientific Council meeting on 7 February 2025.
The Hong Kong Insurance Authority has issued a warning about phishing text messages impersonating FWD Life Insurance Company (Bermuda) Limited to extract personal or payment information. FWD confirmed no association with these messages, and the issue has been reported to the Hong Kong Police Force. The Authority advises affected individuals to contact FWD and report to the police.
The Financial Superintendence of Colombia released a year-end balance of the Colombian capital market, highlighting milestones in its ongoing reactivation efforts.
The Tanzania Insurance Regulatory Authority reported on Zanzibar's insurance sector development, noting system upgrades for registration and fee monitoring, and opening a Pemba office to enhance insurance education. The 2023 Insurance Market Performance showed a 7.4% increase in Gross Premiums Written to TZS 1.24 trillion, a 34% rise in service providers, and a 25.5% increase in claims paid. The Insurance Commissioner emphasized the need for sustained 15% annual growth in insurance uptake to achieve a 50% target by 2050.
The Saudi Central Bank (SAMA) has licensed SEULAH ALAWLA to offer consumer microfinance solutions, raising the total number of licensed finance companies to 63. This move aligns with SAMA's goals to enhance financial sector efficiency and promote innovative solutions for financial inclusion. SAMA advises customers to engage only with authorised institutions listed on its official website.
The Angola Insurance Authority (ARSEG) conducted a ceremony for the transition of leadership, confirming Filomena Manjata as the new chair. She will be supported by board members Jesus Teixeira and Aldemiro Gonçalves.
El Salvador's Superintendence of the Financial System announced the 2025 statutory deadlines for pension contributions under Article 21 of the Comprehensive Pension System Law. Payment due dates range from 15 January 2025 for December 2024 accruals to 12 December 2025 for November 2025 accruals.
The Securities and Exchange Commission of Pakistan has released a consultation paper to enhance the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Proposed changes include streamlined public announcement timelines, revised price determination criteria, and enhanced disclosure requirements. The paper also considers provisions on voluntary offers and mechanisms for indirect acquisitions.
The People's Bank of China and the Ministry of Ecology and Environment aim to enhance financial support for the "Beautiful China" agenda by standardizing green finance definitions, improving infrastructure, and developing a unified green finance support catalogue. Measures include expanding the national carbon market and aligning green finance standards with pollution control technology. Financial institutions are encouraged to expand green product offerings and align financing with key projects to improve environmental outcomes and support industrial transition.
The European Banking Authority released a consultation paper on draft Regulatory Technical Standards for calculating and aggregating crypto-asset exposures under the Capital Requirements Regulation (CRR 3). The draft aims to harmonize EU capital requirements for banks' crypto-asset exposures, aligning with the Markets in Crypto Assets Regulation (MiCAR) and the Basel standard. It addresses capital treatment for various risks, netting, hedging criteria, and valuation requirements for crypto-assets.
The Capital Markets Board of Türkiye has amended its licensing and record-keeping framework, expanding the scope of individuals requiring licensing or notification to the Capital Markets Licensing Registry and Training Agency (SPL). Key changes include updated examination requirements, mandatory notifications for non-licensed reportable persons, and expanded definitions of licensed personnel to include outsourced service providers. The amendments took effect upon publication in the Official Gazette.
The Consumer Financial Protection Bureau (CFPB) recognized Financial Data Exchange, Inc. (FDX) as a standard-setting body under the Personal Financial Data Rights rule, allowing FDX to issue compliance standards. This marks the first such recognition under the rule, which mandates free data transfer at consumer request. The CFPB also updated procedures for companies seeking special regulatory treatment to enhance transparency and fairness.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan appointed Rauan Serikovich Daukenov as an independent director and Bauyrzhan Yerlikbayevich Alimkulov as chief accountant in the securities market. These appointments were recorded in protocols dated 5 and 6 January 2025.
The Central Bank of Slovenia announced that Deputy-Governor Primož Dolenc will assume leadership following the end of Governor Boštjan Vasle’s term. Dolenc will lead both the central bank and its Governing Board but will not have voting rights in the European Central Bank’s Governing Council meetings. The central bank emphasized the urgency of appointing a new governor to ensure full participation in monetary policy decisions.
The Isle of Man Financial Services Authority has extended Santander Financial Services plc’s Financial Services Licence under section 7 of the Financial Services Act 2008. The extension includes class 2 investment business, covering sub-classes 3 and 5, effective immediately.
The Hong Kong Monetary Authority has launched the Supervisory Incubator for Distributed Ledger Technology to aid banks in adopting DLT while managing associated risks. The initiative focuses on tokenised deposits and offers a platform for supervisory feedback and risk management validation. It also aims to promote industry best practices through guidance, sharing sessions, and research.
The Hong Kong Monetary Authority (HKMA) issued an alert about a fraudulent website linked to Dah Sing Bank, Limited. The HKMA emphasized that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who have interacted with the fraudulent site are advised to contact Dah Sing Bank and report to the Hong Kong Police Force.
The Bank for International Settlements' BIS Bulletin analyzes the macroeconomic effects of commodity price fluctuations and central banks' responses, especially during the 2021–22 energy and food price surge. It highlights supply-driven price increases as a risk for high inflation, mitigated by intense monetary tightening, and warns of future challenges from geopolitical and climate disruptions. The Bulletin advises caution against increasing tolerance for commodity-driven inflation, as it could undermine central banks' credibility in maintaining price stability.
The European Central Bank's Occasional Paper analyzes the interaction between climate transition policies and geoeconomic fragmentation (GEF), noting that uncoordinated national measures can worsen cross-border frictions and that GEF can impede the low-carbon transition. It identifies trade, investment, and regulatory spillovers as key channels and highlights the global lack of coordination in carbon pricing. The paper emphasizes the need for improved climate-policy modelling and detailed Inter-Country Input-Output tables to better understand these interactions.
The European Central Bank's Economic Bulletin notes the euro area household saving rate has risen since mid-2022 due to strong real income growth and cautious spending amid higher real interest rates. Despite increased incomes, consumption remains sluggish, with goods consumption below pre-pandemic levels and services consumption rising moderately. The saving rate is expected to stay elevated in the near term but may ease as interest rates moderate, potentially supporting future consumption momentum.
The European Central Bank's Economic Bulletin notes low short-term economic uncertainty in the euro area but high long-term policy-related uncertainty, affecting economic activity and investment. Policy-related measures, especially geopolitics and climate, exceed historical averages. Bayesian vector autoregression results show increased uncertainty typically reduces real GDP, consumption, and investment, except for geopolitical risk.
The European Central Bank published research by a Young Economist Prize finalist on how working from home affects housing demand and inequality, using London as a case study. Remote work is linked to increased price and rent growth for larger homes farther from the city centre, with significant effects between workers in WFH-compatible and non-compatible occupations. A dynamic model simulates a permanent shift towards remote work, highlighting increased suburban prices, a widened housing-wealth gap, and welfare losses for non-WFH workers.
The National Bank of the Republic of Tajikistan has granted a licence to Limited Liability Company Digital Payment to operate the Sendy payment system. This decision aligns with the laws governing the National Bank, permitting systems, and payment services in Tajikistan.
The National Bank of the Republic of Tajikistan reviewed 2024 banking and insurance results, noting improved indicators and expanded services, and set 2025 priorities. Key tasks include implementing the National Financial Inclusion Strategy, enhancing digital banking and insurance, and improving service quality and risk management. Additional goals involve reducing non-performing loans, boosting investment, and advancing cashless payments in services.
The G20 Global Partnership for Financial Inclusion (GPFI) released a policy note on financial well-being, endorsed by G20 Finance Ministers and Central Bank Governors. It introduces a shared definition and framework for financial well-being, linking financial sector policies to outcomes like financial inclusion and literacy. The note outlines an initial roadmap for developing a measurement framework, emphasizing the iterative nature of this process and the complementary roles of surveys and data.
The Jordan Securities Commission signed a memorandum of understanding with the National Cybersecurity Center to enhance cybersecurity cooperation, including joint workshops, technical training, and improved information exchange, as part of its digital transformation agenda.
The South African Reserve Bank's statement of assets and liabilities as of 31 December 2024 reported total assets of ZAR 1.28 trillion, an increase of approximately ZAR 37.51 billion from November 2024. The rise was attributed to higher gold and foreign assets, with foreign exchange reserves excluding special drawing rights at ZAR 913.12 billion. Liabilities saw increases in notes and coin circulation, bank deposits, and the gold and foreign exchange contingency reserve.
The South African Reserve Bank reported a decrease in official gold and foreign exchange reserves, with gross reserves at USD 65,459 million and the international liquidity position at USD 60,371 million as of 31 December 2024. The decline is due to a lower US dollar gold price, valuation adjustments from the US dollar's appreciation, and foreign exchange payments for the government. Gold reserves were USD 10,546 million, Special Drawing Rights holdings USD 6,186 million, and foreign exchange reserves USD 48,727 million.
The Central Bank of the Philippines announced that the Monetary Board has acknowledged the closure of UBS AG’s Philippine Representative Office, as per Resolution No. 1468 dated 19 December 2024. This update was communicated through a circular letter to banks and BSP-supervised non-bank financial institutions.
Brazil’s National Superintendence of Complementary Pension (PREVIC) has unveiled a new Strategic Plan for 2025–2030, replacing the 2023 plan. The updated plan includes 48 strategic actions, focusing on modernizing the closed pension fund sector and enhancing supervisory, licensing, and rulemaking processes. The plan is structured around six priority themes and may be amended as circumstances evolve.
The New York State Department of Financial Services, led by Superintendent Adrienne A. Harris, announced enforcement action against the largest nonbank mortgage servicing company for inadequate cybersecurity protocols. The action underscores the expectation for firms to protect consumer data, with investigations conducted in coordination with partner agencies.
The South Korea Financial Services Commission's 2025 work plan prioritizes market stabilization, livelihood support, and financial-sector innovation. Key measures include KRW100 trillion in market stabilization programs, raising the deposit protection limit to KRW100 million, and expanding policy funding to KRW247.5 trillion. Innovation efforts involve easing fintech investment limits, advancing capital market reforms, and updating AI guidelines.
The Albania Financial Services Authority released issue 187 of its periodical, detailing its regulatory, supervisory, and institutional activities. The publication aims to enhance consumer and investor understanding of the markets under its jurisdiction.
The Securities and Exchange Regulator of Cambodia met with Asian Development Bank consultant Anindya Dutta to discuss strategies for promoting Cambodia's government bond market. This meeting is part of the consultant's second mission under an Asian Development Bank technical assistance framework.
The Guernsey Financial Services Commission has added Blood and Honour to its counter-terrorism sanctions list, subjecting it to an asset freeze under the Counter Terrorism (Sanctions) (EU Exit) Regulations 2019. Businesses must freeze assets linked to the entity and report findings to the States of Guernsey Policy & Resources Committee, complying with the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also inform the Commission and submit a detailed report if an affected relationship is identified.
The Guernsey Financial Services Commission issued a Russia sanctions notice updating the UK consolidated list for Vyacheslav Vladimirovich RUKSHA and ZAPCHASTTRADE LLP, emphasizing the need for businesses to verify links and comply with asset-freeze and reporting obligations. Both entities remain subject to asset freezes and trust services sanctions, with RUKSHA also facing travel sanctions. Firms must comply with Guernsey's framework, including freezing relevant assets and reporting to the States of Guernsey Policy & Resources Committee.
Bank Negara Malaysia reported international reserves of USD116.2 billion as of 31 December 2024, sufficient to finance 5.0 months of imports and equivalent to 1.0 times total short-term external debt. The reserves incorporate quarterly foreign exchange revaluation changes and would cover 5.8 months of retained imports under the previous measure. Short-term external debt is mainly linked to resident banks' foreign currency liquidity operations and multinational companies' borrowing from overseas parents.
The Financial Services Regulatory Authority of Ontario has initiated a second consultation on a proposed Unclaimed Deposits Rule, mandating credit unions to transfer unclaimed deposits to FSRA after 10 years of inactivity. The proposal outlines requirements for credit unions and claimants, who must file a claim with FSRA and provide evidence of entitlement.
The Ontario Securities Commission's Capital Markets Tribunal has updated the membership of its Securities Proceedings Advisory Committee (SPAC), which advises on policy and procedural initiatives for Tribunal hearings. New members include Maureen Doherty, Ljiljana Stanic, and Stephanie Voudouris, with Jonathan Wansbrough's term extended. The Tribunal operates independently under the Ontario Securities Act and the Commodity Futures Act.
The Central Bank of Nigeria announced it will no longer approve deadline extensions for the repatriation of export proceeds by exporters. According to the Foreign Exchange Manual, non-oil export proceeds must be repatriated within 180 days and oil and gas proceeds within 90 days. Authorised dealer banks must ensure compliance with these regulations.
The State Bank of Vietnam outlined 2025 priorities focusing on growth, macroeconomic stability, and financial system reform, following a 2024 GDP growth of 7.09% and a trade surplus exceeding USD 20 billion. Key 2025 targets include 8% GDP growth, reducing the incremental capital-output ratio to 3–4, and completing a sandbox framework for the digital, green, and circular economy. The speech emphasized administrative streamlining, decentralization with oversight, and results-based management.
The Saudi Arabia Insurance Authority licensed Eltizam Electronic Brokerage Company for an official launch and Wazin Electronic Insurance Brokerage Company for a pilot launch. The firms will provide electronic insurance brokerage services intended to improve access, comparison and policy issuance.
Sweden's Finansinspektionen released guidance from its consumer protection economist, Moa Langemark, outlining three financial resolutions for 2025 to enhance household finances. The guidance advises against shopping on invoice without available funds, emphasizes the importance of essential insurance coverage, and highlights the benefits of negotiating mortgage rates and choosing low-fee investment funds.
HM Treasury has designated Blood and Honour under the Domestic Counter-Terrorism sanctions regime, imposing a full asset freeze due to suspected involvement in terrorist activities. This marks the first use of the regime against extreme right-wing terrorism. From 8 January 2025, all UK assets linked to Blood and Honour, including aliases, must be frozen, with prohibitions on dealing with these assets unless licensed by HM Treasury.
The New Brunswick Financial and Consumer Services Commission issued guidance for holders of unclaimed monetary property under the Unclaimed Property Act to fulfill annual review, owner notification, and reporting obligations via the Unclaimed Property Program. Reporting is conducted through FundsFinderNB.ca from January 1 to March 31 each year.
The Financial Supervisory Authority of Norway imposed a NOK 50,000 penalty on Eiendomsadvokaten i Valdres AS for breaches of the Anti-Money Laundering Act. The firm was found lacking in AML risk assessment, customer due diligence, and internal controls, with specific deficiencies in politically exposed person checks and sanctions list screenings. The firm is required to ensure its AML officer completes additional training.
The Finnish Financial Supervisory Authority (FIN-FSA) updated its Regulations and Guidelines 4/2023 on customer due diligence to align with the EU Instant Payments Regulation and amendments to Finland’s Anti-Money Laundering Act. Effective 9 January 2025, the changes impact entities providing instant payments and extend guidance to crypto-asset service providers. Updates also include removing certain entity types from scope and revising national regulations and chapters 6 and 7.
The Finnish Financial Supervisory Authority (FIN-FSA) assessed real estate-related vulnerabilities in Finland’s financial sector, noting significant exposures among banks, insurers, and real estate funds that could elevate risks. Despite a property market downturn since mid-2022, solid capital positions and risk management bolster risk-bearing capacity. The FIN-FSA identified shortcomings in banks' real estate collateral valuation and increased credit risk in construction loans, while insurers and real estate funds face challenges with negative returns and redemption pressures.
Chile's Financial Market Commission (CMF) has introduced new Regulatory Files for payment card issuers and operators, focusing on revenues and costs to enhance data for regulatory impact assessment and compliance supervision. The Files apply to both banking and non-banking entities, with specific registries to monitor interchange rate compliance. Adjustments were made post-consultation to clarify reporting definitions and timelines.
The Federal Reserve Board released a staff note evaluating major wage-growth measures and introducing a new model-based indicator to address compositional shifts and measurement issues exacerbated by the Covid-19 pandemic. The analysis, using data from 2009 to 2024, indicates aggregate wage inflation peaked in 2022 and returned to pre-pandemic levels by mid-2024, with sectoral variations in leisure, hospitality, education, and health.
The British Columbia Securities Commission settled with Jeremy Alexei Benne for making false statements to investors, requiring him to pay CAD 55,000 and accept a permanent ban from the province's investment market. Benne raised approximately CAD 255,000 from 23 investors between 2020 and 2023, misusing funds and failing to deliver promised returns. The settlement allows the CAD 55,000 payment to be distributed to victims and prohibits Benne from acting as a director or officer, though he may trade through his own accounts with a registered dealer.
The Central Bank of Egypt reported that the banking sector remained well-capitalised and liquid through Q3 2024, with a capital adequacy ratio of 19.1%, exceeding the 12.5% minimum requirement. Non-performing loans decreased to 2.4% of total loans, with provisions covering 87.4% of NPLs. Liquidity ratios were strong, and profitability was high, with a return on equity of 32.2% by end-FY2023.
The Argentina Securities Commission (CNV) finalized a rule for automatic authorization of low and medium impact public offerings and securities auctions. It introduces special regimes with exemptions for Negotiable Obligations (ONs) under Law No. 23.576, capping low impact issuances at 1,000,000 UVAs and medium impact at 7,000,000 UVAs. Trading is restricted to qualified investors, with transparency and disclosure obligations, simplified post-issuance reporting, and CNV's supervisory and investor protection powers maintained.
The Argentina Securities Commission (CNV) issued General Resolution No. 1048, establishing a framework for client referrals, third-party advertising, and order channelling among CNV-registered agents, BCRA-registered entities, and Virtual Asset Service Providers (PSAVs). The resolution expands activities for Clearing and Settlement Agents (ALyC), Trading Agents (AN), and Global Investment Advisory Agents (AAGI) to include client referrals to PSAVs and regulates referrals between ALyCs and other financial entities. It also permits agents to market services through third parties and amends order-taking provisions.
The Malta Financial Services Authority (MFSA) hosted a two-day exchange with the Reserve Bank of India (RBI) in Malta, focusing on banking supervision, governance, and regulatory developments. Discussions included the Maltese regulatory landscape, India's Basel III implementation, and the use of technology in supervision. The exchange concluded with talks on potential staff exchanges and capacity-building opportunities.
China's National Financial Regulatory Administration detailed a meeting between its Party Secretary and Director, Li Yunze, and Luxembourg’s Minister of Finance, Gilles Roth, emphasizing regulatory and cooperation themes. Discussions included the macroeconomic situation, financial regulatory system reforms, and enhancing financial-sector cooperation between China and Luxembourg.
The Argentina Superintendency of Insurance issued a public notice directing citizens to its updated FAQ page on "Digital Vehicle Insurance" for accurate motor vehicle insurance information. This clarification aims to address potential confusion from third-party publications and encourages users with further questions to contact the authority directly.
The Monetary Authority of Macao has mandated a payment institution to investigate an incident affecting bus fare deductions and submit a report. The preliminary review found no network security issues, attributing the problem to the supplementary deduction process. The institution must also contact affected users promptly and enhance the deduction mechanism to reduce user impact.
The Bank of Korea released preliminary data for November 2024, indicating a USD 9.30 billion current account surplus and a USD 9.76 billion rise in net assets in the financial account.
The Isle of Man Treasury added Blood and Honour to the UK sanctions list under the Counter-Terrorism (Domestic) regime, subjecting it to an asset freeze. Suspected of promoting terrorism through music and generating funds via events, institutions must freeze assets immediately if a match is suspected and report breaches to the Financial Intelligence Unit, with non-compliance constituting a criminal offence.
The European Insurance and Occupational Pensions Authority (EIOPA) released shifted risk-free interest rate term structures for calculating the option-adjusted duration of technical provisions in financial stability reporting. These structures ensure consistent reporting under EIOPA’s Guidelines, specifically Template S.38.01.11. Insurers are encouraged to discuss with national supervisory authorities the optional reporting of this duration when technical provisions include significant embedded options.
The Central Bank of Timor-Leste issued a public warning advising caution against illegal online lending, money transfer, and investment activities.
The Saudi Arabia Capital Markets Authority has approved Arriyadh Development Co.'s capital increase from SAR 1,777,777,770 to SAR 2,339,308,180 to fund the acquisition of two real estate assets. This will be achieved through issuing 56,153,041 ordinary shares. The CMA clarified that its approval ensures compliance with legal requirements but does not endorse the transaction's feasibility.
The Central Bank of Cyprus reported a significant improvement in the current account balance for Q3 2024, with the deficit narrowing to EUR 29.6 million from EUR 369.4 million in Q3 2023. Adjusted for special purpose entities, the deficit was EUR 108.2 million compared to EUR 351.6 million a year earlier. The international investment position showed a slight decrease in net liabilities, while gross external debt decreased marginally, and net external debt rose due to reduced external assets.
The French Financial Markets Authority (AMF) has issued a warning regarding the fraudulent Forex investment platform LIVAXXEN, which lacks authorization to provide investment services in Europe. Despite being blacklisted in October 2024, the platform continues to aggressively solicit investments, with reported average losses of EUR 25,000. The AMF advises investors to avoid the platform and verify authorization status through its blacklists.
Peru's Superintendency of the Securities Market (SMV) updated the minimum share capital requirement for financial crowdfunding platform administrators for 2025 to PEN 352,127.37. This amount must be fully subscribed, paid in cash, and adjusted annually based on the national wholesale price index. Platform administrators are also required to maintain net worth at or above this threshold.
The Central Bank of Kenya announced the commencement of Mr. Gerald Nyaoma Arita's term as Deputy Governor, following his appointment by President William Samoei Ruto. Mr. Arita, who joined the bank in 1988, has held senior roles in Financial Markets, Banking Services, and Internal Audit, and served on the Board of the SACCO Societies Regulatory Authority.
The Rwanda Capital Markets Authority has introduced guidelines for the public issuance and listing of Green, Social, Sustainability, and other Labels (GSS+) bonds. These guidelines complement existing debt securities regulations and are based on international principles to support credible labelled bond structures. They apply solely to public issuance within Rwanda and exclude private or multi-jurisdictional issuance.
The Ukraine National Commission on Securities and Stock Market registered a UAH 20 billion share issuance by PJSC Ukrainian Financial Housing Company to support the eOselia affordable mortgage lending programme in 2025. This follows the Cabinet of Ministers of Ukraine's approval of Ukrfinzhytlo’s recapitalisation under Resolution No. 1486. The share issue is crucial for the continuation of the state programme for affordable housing lending.
The Central Reserve Bank of Peru (BCRP) has launched its 2025 Summer Courses in Advanced Economics and Advanced Finance to enhance technical capacity through academic training. A cohort of 72 university students will participate, with courses focusing on monetary and economic policy management and financial topics. Top-ranked students will be invited to join the BCRP's selection process for roles in specialised areas.
The Bank of Lithuania has updated its Financial Market Supervision Policy, effective 1 January 2025, emphasizing risk-based supervision and AML/CFT as distinct areas. The policy enhances compliance support through clearer requirements, supervisory priorities, and training, while maintaining a technologically neutral approach to innovation. It also focuses on consumer protection, enforcement measures, and ensuring reliable market entry.
The Bank of Portugal released updated statistics on interest rates and volumes for new bank loans and deposits through November 2024. Household term deposit rates continued to decline, with the average rate falling to 2.28%, while new housing loan activity remained robust, with the average rate dropping to 3.29%. Corporate loan rates also decreased to 4.46%, with new operations totaling EUR 2,167 million.
The Central Bank of Colombia issued External Operational and Services Circular DTE-184, detailing provisions on deposits subject to verification and cash exchange operations.
The Consumer Financial Protection Bureau (CFPB) has sued Experian for allegedly failing to properly investigate consumer disputes and allowing inaccuracies in credit reports, violating the Fair Credit Reporting Act and the Consumer Financial Protection Act. The CFPB claims Experian's dispute handling was flawed, relied on faulty procedures, and issued confusing consumer notices. The Bureau seeks to halt the conduct, secure redress for consumers, and impose a civil penalty.
The Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation V under the Fair Credit Reporting Act to exclude medical bills from credit reports and prohibit lenders from using medical information in credit decisions. This rule is expected to remove USD 49 billion in medical bills from credit reports, affecting 15 million Americans, and potentially increase credit scores by an average of 20 points. The CFPB anticipates the rule will lead to the approval of about 22,000 additional affordable mortgages annually.
The Reserve Bank of India (RBI) has issued a Master Direction consolidating non-resident investment rules in Indian debt instruments, effective immediately. It outlines rules for investment through the General Route, Voluntary Retention Route (VRR), Fully Accessible Route (FAR), and trading of Central Government sovereign green bonds in the International Financial Services Centre. Key provisions include percentage-based investment limits, macro-prudential controls, and eligibility criteria for Foreign Portfolio Investors and other non-residents.
The UK Parliament’s Treasury Committee has initiated a call for evidence to evaluate the Lifetime Individual Savings Account (LISA) as a dual-purpose product for home purchase and retirement saving. The inquiry will examine consumer outcomes, product design, and potential reforms, including the 25% withdrawal charge, eligibility criteria, and contribution limits.
The Hong Kong Monetary Authority reported that Hong Kong's official foreign currency reserve assets decreased to USD 421.4 billion at the end of December 2024 from USD 425.1 billion in November. The reserves represent over five times the currency in circulation and about 39% of HKD M3. The HKMA also announced its January 2025 schedule for Exchange Fund data releases.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding phishing instant messages reported by China CITIC Bank International Limited. The HKMA reminded the public that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who responded to such messages should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding phishing instant messages linked to Bank of China (Hong Kong) Limited. The HKMA emphasized that banks will not send messages with hyperlinks 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.
The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) is advancing harmonised ISO 20022 data requirements to enhance cross-border payment processing. A joint panel with ISO 20022 global market practice groups will be established for regular maintenance, with meetings starting in 2025. The CPMI also urges developing global market practice guidelines for instant payments and will engage with industry stakeholders to support implementation by end-2027.
The European Central Bank's evaluation of the EU's Next Generation EU programme, focusing on the Recovery and Resilience Facility (RRF), estimates euro area GDP could increase by 0.4% to 0.9% by 2026 and 0.8% to 1.2% by 2031. Implementation delays have shifted much of the impact to the latter half, with GDP growth of 0.1% to 0.2% in 2021-2023. Despite administrative and supply challenges, debt-sustainability simulations remain favorable, though Italy and Spain's projected benefits are revised down to 7-8 percentage points by 2031.
The European Central Bank's working paper examines banks' reluctance to borrow from central bank backstop facilities and their failure to convert liquidity into loans. The study suggests balance sheet policies, including credit and quantitative easing, can enhance the link between liquidity provision and credit. Empirical analysis shows lending is more strongly associated with structural liquidity sources like Targeted Long-Term Refinancing Operations than with conventional refinancing operations.
The European Central Bank's Working Paper No 3008 examines privately held firms' ability to substitute external equity for debt during a banking crisis, using Great Financial Crisis data. Private firms raised EUR 0.27 in equity for every EUR 1 reduction in debt, with Commerzbank-dependent firms experiencing significant financial structure shifts and real-side effects. Equity injections were infrequent but substantial, with outsiders supplying equity in 40% of cases.