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2025-01-02•Moldova•National Bank of Moldova
The National Bank of Moldova issued a Q&A note on foreign exchange rules for individuals and residents, covering exchange locations, rate setting, and authorisation for cross-border cash movements and capital transactions. Licensed banks and exchange units set their own rates, while the official Moldovan leu (MDL) rate is for accounting purposes only. The note outlines cash movement limits, authorisation for transactions above EUR 10,000, and the National Commission for Financial Market's role in consumer protection.
Policy & regulation Guidance & interpretation Cross-border payments
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2025-01-02•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority published its Monthly Authorised Deposit-taking Institution Statistics for November 2024, accessible on the APRA website.
Data & statistics Supervisory data
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2025-01-02•India•Securities & Exchange Board of India
SEBI has introduced free tools and educational resources on its investor website and the SEBI Saarthi app to enhance investor awareness and decision-making. Features include a video learning repository, an interactive "Spot a Scam" tool, a "Financial Health Checkup" questionnaire, and 24 financial calculators. The Saarthi app also offers modules on KYC, mutual funds, ETFs, and investor grievance redressal.
Financial literacy & education Financial literacy and education
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2025-01-02•India•Securities & Exchange Board of India
The Securities and Exchange Board of India (SEBI) has withdrawn the recognition of Indian Commodity Exchange Limited (ICEX) as a recognized exchange. This follows ICEX's voluntary request to surrender its recognition, with SEBI's order permitting the exit dated December 10, 2024, and the withdrawal notification issued on December 26, 2024.
Supervision Authorisations & approvals Licence withdrawal
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2025-01-02•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported November 2024 insurance industry figures, with a combined pre-tax profit of TWD 351.3 billion. Life insurers saw a significant increase in pre-tax profit to TWD 326.3 billion, while non-life insurers reported TWD 25.0 billion. The Taiwan dollar depreciated 5.31% against the US dollar, impacting life insurers' foreign exchange valuation reserve, resulting in a net effect of TWD -267.9 billion from exchange and hedging activities.
Data & statistics Financial and market indicators Supervisory data
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2025-01-02•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported that foreign-currency denominated life insurance products generated new policy premium revenues of approximately TWD 239.814 billion as of end-October 2024, marking a 6% year-on-year increase. Investment-linked products contributed TWD 38.424 billion, a 34% decrease, while traditional insurance products rose 21% to TWD 201.390 billion.
Data & statistics Financial and market indicators
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2025-01-02•United States•U.S. Department of the Treasury
The U.S. Treasury and Federal Housing Finance Agency amended the Preferred Stock Purchase Agreements with Fannie Mae and Freddie Mac to support an orderly release from conservatorship. The amendments restore Treasury's consent rights for release and receivership actions and require public input on market impacts before termination. Technical updates include revised definitions and removal of certain business restrictions, while capital retention and dividend payments remain unchanged.
Policy & regulation Rules & requirements Recovery and resolution
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2025-01-02•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
The Trinidad and Tobago Ministry of Finance has extended the Tax Amnesty and National Insurance Amnesty deadlines from 31 December 2024 to 31 January 2025. The Tax Amnesty waives penalties and interest on taxes, including Individual Income Tax and Corporation Tax, for unpaid amounts up to 31 December 2023. The National Insurance Amnesty applies to interest and penalties on contributions paid before 1 October 2024, with conditions for employers registered before this date.
Policy & regulation Rules & requirements Other
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2025-01-02•United Arab Emirates•ADGM Financial Services Regulatory Authority
The ADGM Financial Services Regulatory Authority has updated its regulatory framework to align with the Basel Committee on Banking Supervision’s Core Principles for effective banking supervision. These enhancements, following Consultation Paper No. 10 of 2024, include amendments to the FSRA Regulations, FEES Rules, and related FSRA Rules to simplify, clarify, and correct existing requirements.
Policy & regulation Rules & requirements Regulatory burden
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2025-01-02•United Arab Emirates•ADGM Financial Services Regulatory Authority
The Abu Dhabi Global Market Financial Services Regulatory Authority updated its framework to align with the Basel Committee's Core Principles for effective banking supervision. Following Consultation Paper No. 10 of 2024, these enhancements aim to simplify, clarify, and correct existing requirements based on practical experience. Amendments were made to FSRA Regulations, FSRA Rules, and FEES Rules, with revised texts published.
Policy & regulation Rules & requirements Capital adequacy Prudential risks
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2025-01-01•South Africa•National Credit Regulator
The National Credit Regulator (NCR) of South Africa issued guidance urging consumers to borrow responsibly post-festive season, highlighting risks of costly borrowing from unregistered credit providers. The guidance, part of the "Spend Wisely/Borrow Wisely" campaign, advises on budgeting, timely debt repayment, and checking credit reports, noting that 20.77 million of the 28.15 million credit-active consumers are struggling with debt repayment.
Policy & regulation Guidance & interpretation Consumer and investor protection Financial literacy and education
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2025-01-01•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan will adopt IFRS Sustainability Disclosure Standards, including IFRS S1 and IFRS S2, for listed companies starting July 2025. IFRS S1 mandates disclosure of sustainability-related financial risks, while IFRS S2 focuses on climate-related risks. Unlisted licensed public interest companies will be included in 2027, with auditor assurance required from the second year of reporting.
Policy & regulation Rules & requirements Climate risk and sustainable finance
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2025-01-01•Cyprus•Ministry of Finance (Cyprus)
Cyprus’s Ministry of Finance reported that Finance Minister Makis Keravnos met with Central Bank of Cyprus Governor Christodoulos Patsalides.
Other
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2025-01-01•Germany•BaFin
Germany's BaFin allows cooperative credit institutions not directly supervised by the ECB to classify new member shares as CET1 and repay member capital from terminated shares under a standardised approach. CET1 recognition requires compliance with Articles 28 and 29 of the Capital Requirements Regulation, with repayments limited by a 0.5% threshold relative to end-2024 CET1. Institutions must report newly issued and terminated shares to BaFin and the Deutsche Bundesbank, with the order effective until 31 December 2025.
Policy & regulation Rules & requirements Capital adequacy
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2025-01-01•Colombia•Central Bank of Colombia
The Central Bank of Colombia released a working paper analyzing retail payment behavior and the impact of mobile wallets on payment preferences, highlighting regional and individual variations in adoption and use. The study, using spatial econometric models and machine learning, finds that mobile wallets complement traditional payment methods and are influenced by factors such as income, age, gender, and digital connectivity.
Monetary policy Other Monetary policy decisions and developments
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2025-01-01•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin article assesses counterparty credit risk (CCR) from banks' derivatives and securities financing transactions, noting significant concentration in global systemically important and investment banks. Despite CCR being limited to EUR 340 billion or 3.9% of risk-weighted assets, the article warns of potential liquidity strains from margin calls and stresses the importance of granular data and cross-jurisdictional cooperation to monitor interconnectedness. A contagion simulation shows substantial losses, especially for investment banks and asset managers, under system-wide defaults of non-bank financial intermediation counterparties.
Research Credit risk Macroprudential policy and tools
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2025-01-01•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin explores non-bank financial intermediation in euro area government bond repo markets, focusing on central clearing's benefits and trade-offs. With 60% already centrally cleared, marginal benefits appear limited. Alternatives like entity-based measures and activity-based tools are also considered, impacting market functioning and monetary policy.
Research Market development Financial stability and systemic risk
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2025-01-01•India•Reserve Bank of India
The Reserve Bank of India clarified that the National Bank for Financing Infrastructure and Development (NaBFID) can participate in financial markets as an All-India Financial Institution (AIFI), engaging in credit default swap and repo transactions. This update to the Credit Derivatives Directions and Repurchase Transactions Directions confirms NaBFID's regulation under the Reserve Bank of India Act, 1934. The changes are effective immediately.
Policy & regulation Rules & requirements Licensing framework and process
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2025-01-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter-Governmental Action Group against Money Laundering in West Africa has issued its 2025 technical assistance report, identifying AML/CFT/PF support needs across 17 member states and guiding coordination ahead of the third round of mutual evaluations. The report finds that technical compliance ratings outpace real-world effectiveness and points to common needs in training, equipment, risk assessments, beneficial ownership, virtual assets and enforcement capacity. It is designed to help GIABA and partners target assistance to deficiencies identified in mutual evaluations and national risk assessments.
Policy & regulation Implementation, projects & pilots AML and CFT Supervision process and methodologies
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2025-01-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter Governmental Action Group against Money Laundering in West Africa has issued Nigeria's 2024 third enhanced follow-up report reviewing progress since the August 2021 mutual evaluation report and assigning technical compliance re-ratings where sufficient progress has been shown.
Policy & regulation Peer reviews and country evaluations AML and CFT
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2025-01-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter Governmental Action Group against Money Laundering in West Africa has published Senegal’s sixth enhanced follow-up report on its anti-money laundering and counterterrorist financing technical compliance. The report reviews progress against recommendations considered for re-rating and assigns new ratings where satisfactory progress has been shown.
Policy & regulation Peer reviews and country evaluations AML and CFT
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2025-01-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter Governmental Action Group against Money Laundering in West Africa published Sierra Leone’s fourth enhanced follow-up report reviewing progress on the Financial Action Task Force technical compliance recommendations being re-rated since the December 2020 mutual evaluation.
Policy & regulation Peer reviews and country evaluations AML and CFT
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2025-01-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter Governmental Action Group against Money Laundering in West Africa is recruiting a permanent Senior Law Enforcement Officer at P3/P4 for its Evaluation and Compliance directorate in Dakar, with a 7 March 2025 application deadline. The role centers on mutual evaluations, follow-up reviews, law enforcement capacity building and input into FATF-related standards and GIABA procedures. Applicants must be ECOWAS nationals and meet specified legal qualifications, experience and language requirements.
Institutional development Workforce & recruitment AML and CFT Compliance
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2025-01-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Intergovernmental Action Group against Money Laundering in West Africa has invited firms to bid for interpretation and translation services for its African Development Bank-funded AML/CFT capacity-building project in 10 West African transition states. The contract covers English, French and Portuguese support for project events and documents, with at least 12 language experts required. Firms must show AIIC membership and at least four years of relevant experience, and expressions of interest are due by 10 February 2025.
Institutional development Procurement AML and CFT
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2025-01-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter Governmental Action Group against Money Laundering in West Africa has issued its 2024 mutual evaluation report on Sao Tome and Principe, assessing the country’s AML/CFT framework as of the 12–26 June 2023 on-site visit against the FATF 40 Recommendations and system effectiveness, and including recommendations for improvement.
Policy & regulation Peer reviews and country evaluations AML and CFT
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2025-01-01•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines released Circular No. 1207, amending regulations for banks and non-bank financial institutions regarding eligible counterparties for Bangko Sentral issued securities. The update specifically pertains to trust entities transacting through investment management accounts.
Policy & regulation Rules & requirements Other
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2025-01-01•Iraq•Central Bank of Iraq
The Central Bank of Iraq has completed its transition of external transfer activities from an electronic platform to Iraqi banks using foreign correspondent banks, aligning with international practices. The Central Bank will continue to support Iraqi banks in enhancing governance, compliance, and anti-money laundering efforts to bolster confidence among international and regional banks.
Policy & regulation Implementation, projects & pilots Cross-border payments
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2025-01-01•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has amended Vietnam’s Securities Law under Law No. 56/2024/QH15, effective 1 January 2025, with some requirements deferred to 2026. Key changes include expanding the definition of professional securities investors, adjusting conditions for public offerings, and strengthening public company rules. Amendments also clarify market infrastructure, including establishing a central counterparty in the cash securities market.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-01-01•India•India International Financial Services Centres Authority
The India International Financial Services Centres Authority has issued the International Financial Services Centres Authority (Informal Guidance) Scheme, 2024, effective from 1 January 2025. The scheme outlines a framework for seeking informal guidance, with submission formats available on the IFSCA website.
Policy & regulation Guidance & interpretation Regulatory burden
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2025-01-01•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia (SERC) participated in the 50th IOSCO Annual Meeting in Doha, engaging in discussions on ISSB sustainability disclosure standards, crypto-asset frameworks, and private finance vulnerabilities. The event included an IOSCO-OECD roundtable and sessions on retail investor protection. Egypt was announced as the host for the 51st IOSCO Annual Meeting in 2026.
Policy & regulation Cooperation Cross-border cooperation
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2025-01-01•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia's Director General, Sou Socheat, led a delegation to the 43rd ASEAN Capital Markets Forum Chairs' Meeting and the ACMF International Conference 2025 in Vientiane, Lao PDR. The participation was approved by Deputy Prime Minister and Minister of Economy and Finance Aun Porn Moniroth.
Policy & regulation Cooperation Cross-border cooperation
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2025-01-01•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia (SERC) has released the list of candidates for the 29th Examination in the Securities Sector. The examination will take place on 9 May 2025 in Phnom Penh.
Policy & regulation Implementation, projects & pilots Securities offerings and listings
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2025-01-01•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia has approved ACLEDA Bank Plc’s prospectus, authorizing the bank to offer debt securities to qualified investors under Decision No. 07/25 SERC/SSR.
Supervision Authorisations & approvals Securities offerings and listings
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2025-01-01•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia officiated the listing of SchneiTec Dynamic Co., Ltd., a special purpose vehicle for a 60MW solar power plant. It approved the issuance of a 15-year green infrastructure bond to qualified investors, aiming to raise KHR 196.64 billion (USD 49.16 million).
Supervision Authorisations & approvals Securities offerings and listings
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2025-01-01•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, alongside Royal Group Securities Plc., hosted its inaugural investor forum on "Long Term Investment in Securities Market" for civil servants. The event, held at the Non-Banking Financial Services Authority Building, attracted approximately 100 participants and featured speeches from SERC Director General Sou Socheat and other senior officials.
Financial literacy & education Financial literacy and education
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2025-01-01•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia supported a training programme on "Intelligence Investment" for professors and students, organized by Acleda Securities Plc with the Cambodia Securities Exchange and other partners. Presided over by SERC Deputy Director Seang Thirith, it covered investment basics, strategies, mutual fund investing, and trading account opening. About 100 participants attended, with speakers from SERC, CSX, Acleda Securities, and Banjaran Asset Management.
Financial literacy & education Fintech and insurtech Financial literacy and education
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2025-01-01•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, in partnership with Canadia Securities Co., Ltd., hosted an investor education seminar in Phnom Penh on 20 March 2025. The event, supported by the Cambodia Securities Exchange and De Montfort University Cambodia, was attended by around 70 participants and chaired by SERC Director General Sou Socheat.
Financial literacy & education Financial literacy and education
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2025-01-01•United Kingdom•Bank of England
The Bank of England released Staff Working Paper No. 1,109, analyzing the impact of monetary policy on inflation expectations in the UK. The study finds that tightening shocks generally lower inflation expectations, with varied responses among households, firms, and financial markets. The paper highlights monetary policy's role in stabilizing inflation expectation dispersion 12–18 months post-shock.
Research
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2025-01-01•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC has released draft rules to enhance fundraising and investment opportunities while strengthening investor protections. Key areas include oversight of crypto-asset service providers, Philippine Green Equity, seasoned issuer designation, and Sukuk issuance guidelines. The proposals aim to address consumer harms, systemic risks, and support sustainable and Islamic finance.
Policy & regulation Rules & requirements Market development Regulatory burden
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2025-01-01•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority released its December 2024 report on share buy-back programmes and liquidity contracts, as per Decree No 2-02-556. Maroc Telecom reported buying 382,000 shares and selling 8,406 shares, while BCP's programme, running until October 2025, saw 107,884 shares purchased and 1,381,072 sold in December.
Supervision Regulatory reporting Other
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2025-01-01•United Kingdom•HM Treasury
HM Treasury will maintain the exemption for pension funds from the clearing obligation for certain derivatives, with secondary legislation to prevent its expiration in June 2025. This decision follows stakeholder feedback on derivatives in liability-driven investment strategies and concerns over liquidity pressures from mandatory clearing. HM Treasury will review the policy with UK regulatory authorities.
Policy & regulation Rules & requirements CCPs
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2025-01-01•Eswatini•Central Bank of Eswatini
The Central Bank of Eswatini revised its inflation projections for 2025–2027, citing higher food inflation due to adverse weather and risks from exchange rates and oil prices. The 2025 annual inflation forecast increased to 5.25% from 4.87%, with quarterly forecasts also adjusted upwards. For 2026 and 2027, forecasts were set at 4.80% and 4.57%, respectively, reflecting lower oil price assumptions and a slightly improved rand.
Monetary policy Monetary policy assessments & outlooks
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2025-01-01•United States•Federal Reserve Board
The Federal Reserve Board released a research paper developing predictive models for financial distress and closure of US colleges from 2002 to 2023. The study highlights pervasive missing data among institutions that close and demonstrates that machine learning models using comprehensive data outperform existing federal screening tools. Simulations suggest that demographic shifts could significantly increase college closures.
Research Financial stability and systemic risk
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2025-01-01•United States•Federal Reserve Board
The Federal Reserve Board released a research paper introducing a framework for estimating time-varying impulse response functions in structural vector autoregressions using external instruments. The approach enhances kernel-based estimators for nonparametric time variation and provides asymptotic distributions, remaining usable with weak instruments. An empirical example evaluates the changing impact of global oil supply news shocks on US industrial production.
Research Other
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2025-01-01•United States•Federal Reserve Board
The Federal Reserve Board released research analyzing the impact of the Volcker Rule on trading revenue at the 21 largest US trading firms during the COVID-19 crisis. The study found that trading profits aligned with volume-driven fees and widening bid-ask spreads, suggesting the rule contributes to financial stability and reduced market shock exposure.
Research Trading Prudential risks Financial stability and systemic risk
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2025-01-01•Australia•Department of Treasury (Australia)
Australia's Department of the Treasury proposed the Scams Prevention Framework (SPF) after introducing the Scams Prevention Framework Bill 2024. The SPF mandates enforceable obligations on banks, digital platforms, and telecommunications providers to prevent, detect, and disrupt scams, with penalties up to AUD 50 million for non-compliance. It also establishes mechanisms for intelligence sharing and consumer redress, including a single external dispute resolution avenue via the Australian Financial Complaints Authority.
Policy & regulation Guidance & interpretation Fraud and scams
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2025-01-01•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin outlines a framework to assess financial stability risks from leveraged alternative investment funds (AIFs), highlighting hedge funds and liability-driven investment (LDI) funds as most vulnerable. Using AIFMD, EMIR, and SFTR data, it reveals LDI funds' sensitivity to interest rate shocks and significant leverage in relative value hedge funds. Stress tests indicate substantial potential losses for LDI funds under interest rate shifts, with a broader European Systemic Risk Board analysis forthcoming.
Research
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2025-01-01•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin evaluates the Financial Stability Board's proposed minimum haircut framework for non-centrally cleared securities financing transactions, finding it would reduce leverage among euro area non-bank financial intermediaries. The analysis shows a 13% reduction in leverage on repo, with the largest borrowers experiencing a 42% decrease. The impact varies, with smaller declines for entities at the 75th and 90th percentiles.
Research Macroprudential policy and tools