The Central Bank of Iceland released Monetary Bulletin 2025/1, providing updated inflation and macroeconomic forecasts as part of its quarterly report on economic and monetary developments.
The Monetary Policy Committee of the Central Bank of Iceland unanimously reduced the key interest rate on seven-day term deposits by 0.5 percentage points to 8.0%, amid falling inflation and a cooling housing market. Despite these trends, the Committee emphasized ongoing inflation pressures and global economic uncertainty, indicating that future policy will remain cautious and responsive to economic developments.
The Federal Deposit Insurance Corporation (FDIC) released 175 documents on its supervision of banks in crypto activities to enhance transparency. The materials reveal resistant supervisory interactions, with directives to pause or refrain from expanding crypto activities. The FDIC is reevaluating its approach, including replacing Financial Institution Letter 16-2022 and collaborating with the President’s Working Group on Digital Asset Markets.
The Bank of Albania's Supervisory Council kept the policy rate at 2.75% and approved regulatory amendments to enhance consumer protection and transparency in banking and financial services. Changes include revising the Effective Interest Rate calculation for loans in the ALL 0–200,000 range and standardizing advertising requirements for financial products. The amendments aim to lower consumer credit costs and improve transparency, especially for non-banking financial institutions.
The Federal Reserve Board's FEDS Note reviews survey-based evidence on AI adoption in the workplace, showing substantial variation across surveys. Firm-level AI adoption estimates range from under 5% to around 40%, influenced by measurement choices like firm-weighted versus employment-weighted results. Worker-level surveys indicate 20-40% AI usage, with higher rates among programmers, noting significant growth despite differing estimates.
The Commodity Futures Trading Commission (CFTC) will hold a public roundtable in about 45 days to discuss prediction market regulation following its information requests on sports-related event contracts. The agenda will address regulatory obstacles, including CFTC Regulation 40.11, federal court decisions, and issues related to sports betting under the Commodity Exchange Act. Topics will also cover retail binary options fraud, customer protection, and potential revisions to CFTC regulations to support innovation.
The Federal Reserve Board released hypothetical scenarios for its 2025 stress test of 22 large banks, including a severe global recession and significant declines in real estate and asset prices. The test includes exploratory elements assessing banks' responses to credit and liquidity shocks and a market shock scenario for the largest banks. Aggregate results will be published in June 2025, with plans to enhance model transparency and reduce volatility in stress test outcomes.
The Central Bank of Russia revised capital adequacy ratio rules for securities market participants to mitigate financial stability risks. Changes include adjustments to credit and market risk calculations, restrictions on collateral acceptance, and new methods for assessing digital rights and option contracts. The ordinance discourages large open foreign currency positions and simplifies credit risk rate rules for counterparties and clients.
The Central Bank of Russia has implemented new rules for consumer credit cooperatives' (CCCs) market entry, effective 5 February 2025, to enhance transparency. CCCs will now be registered only after document review by a self-regulatory organization or the Central Bank, based on their level. The framework includes procedures for maintaining the register and assessing management qualifications and reputation.
The Central Bank of Russia reported fewer complaints about bundling additional services and misselling, but more about cyber fraud and banks blocking accounts. Conduct supervision reduced complaints about banks promoting extra services, while cyber fraud complaints rose due to new techniques. From March 2025, citizens can ban consumer loan agreements via the Public Services portal to prevent fraud.
Moldova's Ministry of Finance reported on a bilateral screening meeting with EU experts regarding Chapter 9 Financial Services, focusing on aligning national legislation with EU rules. The meeting, held in Brussels, involved key Moldovan financial authorities and covered topics such as banking, capital markets, and sustainable finance. This dialogue is part of Moldova's efforts to harmonize its financial services framework with EU standards.
The Central Bank of Egypt hosted the Financial Stability Board's Regional Consultative Group for the Middle East and North Africa meeting in Sharm El-Sheikh, co-chaired by the governors of the Central Bank of Egypt and the Saudi Central Bank. Discussions included the FSB's crypto-assets framework, cross-border payment systems, and the 2025 work programme. The event aligns with Egypt's goal to enhance participation in international economic forums and regional integration.
The Qatar Financial Centre hosted the third annual Qatar Financial Market Forum in Doha, focusing on regional markets, alternative assets, and sustainable investment. Bloomberg Intelligence noted a 57% increase in foreign investors' purchases of listed equities in Saudi Arabia, the UAE, and Qatar, averaging USD 750 million in daily value traded in 2024. The forum also covered Middle East market-structure developments, including exchange ecosystems and regulatory updates.
The Bank of Korea released its official foreign reserves statistics for January 2025. Detailed figures are available in the attached files.
The Royal Monetary Authority of Bhutan is seeking public and stakeholder feedback on proposed amendments to the Draft Penalty (Amendment) Regulations 2025.
The National Bank of Denmark's analysis highlights the growing dominance of mobile wallet payments and the need to adjust regulations for secure transactions. It notes the decline of Dankort's market share despite cost advantages and the benefits of broader instant-payment adoption. The analysis references a draft legislative amendment to clarify payment-system access and initiatives to enhance payments infrastructure, including migration to TARGET Services and MobilePay's launch of contactless payments.
The Central Bank of Taiwan reported foreign exchange reserves of USD 577.58 billion at the end of January 2025, an increase of USD 0.91 billion from the previous month. The rise was attributed to returns from reserves management and exchange rate movements. The market value of securities investment and New Taiwan dollar deposits by foreign investors was USD 864.8 billion, 150% of the foreign exchange reserves.
MONEYVAL's evaluation report on Bosnia and Herzegovina highlights moderate effectiveness in combating money laundering and terrorist financing, with significant deficiencies in applying UN financial sanctions and addressing non-profit sector risks. The report calls for major improvements, particularly in aligning investigations and prosecutions with the country's risk profile. MONEYVAL has placed Bosnia and Herzegovina under enhanced follow-up.
Australia's Department of the Treasury released an exposure draft of the National Consumer Credit Protection Amendment (Low Cost Credit) Regulations 2025, proposing changes to support the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024. The draft outlines financial situation inquiries, unsuitability assessment policies, and fee caps for low cost credit contracts (LCCCs), including buy now pay later (BNPL) contracts. Key elements include aggregate fee caps, mandatory credit checks, and amendments to align disclosure and default notice rules with LCCCs.
The European Insurance and Occupational Pensions Authority (EIOPA) released technical information on risk-free interest rate term structures as of January 2025 for Solvency II calculations. This data, based on the RFR Technical Documentation, is available on EIOPA's RFR web section, ensuring consistent technical provisions calculation across Europe.
The European Insurance and Occupational Pensions Authority released technical information for the Solvency II symmetric adjustment to the equity capital charge as of January 2025. This adjustment is governed by Article 106 of the Solvency II Directive and Article 172 of the Solvency II Delegated Regulation, supported by EIOPA's final report on implementing technical standards.
The European Insurance and Occupational Pensions Authority announced the liquidation of FWU Life Insurance Luxembourg following a District Court of Luxembourg decision on 31 January 2025. The liquidation follows the failure of FWU Luxembourg's recovery plan and a request by the Commissariat aux Assurances. FWU Luxembourg has suspended premium collections, and FWU AG has restricted IT access, affecting customer communication.
The Bank of Cape Verde participated in Macau's launch of the digital pataca (e-MOP) prototype and white paper, aimed at informing its own central bank digital currency (CBDC) efforts. The programme included technical exchanges and meetings with the People’s Bank of China and the Monetary Authority of Macao. Insights gained are expected to aid Cape Verde's study on CBDC projects and its digital currency development.
Central Bank of Nicaragua President Ovidio Reyes reported 2024 GDP growth of 3.5–4%, inflation at 2.8%, and unemployment at 2–3%. For 2025, GDP growth is forecasted at 3–4%, with inflation at 2.5–3.5% and unemployment around 3%, alongside a public sector surplus and foreign direct investment of USD 2,500–3,000 million. Reyes noted widespread implementation of córdoba payment provisions, with the central bank addressing consumer complaints about exchange rate practices.
The Saudi Arabia Capital Markets Authority has approved the public offering of the SEDCO Capital Saudi Freestyle Artificial Intelligence Fund by Saudi Economic and Development Securities Company. The approval confirms compliance with the Capital Market Law and its Implementing Regulations but is not an endorsement to subscribe. Investors are advised to thoroughly review the fund's terms and conditions and assess its strategy and risks.
The Montenegro Capital Market Authority has released draft rules for public consultation regarding the content and publication of business reports for closed investment funds. The proposal outlines required information and disclosure methods for these reports.
The Montenegro Capital Market Authority has adopted draft rules on the content and publication of business reports for open-ended collective investment funds, initiating a public consultation. The rules aim to standardize reporting requirements under Article 154(4) of the Investment Funds Law.
The Central Bank of Luxembourg reported a provisional balance sheet total for Luxembourg credit institutions of EUR 957.878bn as of 31 December 2024, a 1.48% decrease from the previous month but a 1.17% increase year-on-year. Asset changes were driven by higher securities holdings, while non-bank sector deposits influenced liabilities. Loans to non-financial corporations fell by 13% year-on-year, while household mortgage lending and lending to other financial intermediaries rose by 0.76% and 13.17%, respectively.
The Bank of Greece reported December 2024 euro-denominated bank deposit and loan interest rates, with new business deposit rates at 0.45% and loan rates at 5.21%, maintaining a spread of 4.76 percentage points. Outstanding deposit rates were stable at 0.49%, while loan rates decreased to 5.50%, narrowing the spread to 5.01 percentage points. The report highlights that "new business" refers to contracts agreed within the month.
The National Bank of Ukraine's January 2025 Business Outlook Survey shows unchanged business expectations, with the composite index at 41.0, below the neutral 50. Challenges include security issues, limited investment, and rising costs, while consumer demand and international aid provide support. Sector-specific indices show mixed changes, with notable declines in industry and construction, and firms across all sectors plan to reduce headcount.
The Bank of Israel’s Banking Supervision Department released its 2024 Household Satisfaction Survey, showing improved customer satisfaction with banks and credit card companies, though results varied across entities and service channels. The survey, expanded to 4,000 respondents, introduced a comparative dashboard and highlighted tools for public comparison of banks, with a separate survey for small businesses expected soon.
The Central Bank of the Republic of Kosovo and Germany's Ambassador Jörn Rohde discussed financial sector developments and the central bank's reform agenda, including SEPA membership and payments infrastructure enhancement. The meeting highlighted financial stability, regulatory framework advancements, and challenges like Green Card motor insurance system accession. Ongoing cooperation with German authorities, including Deutsche Bundesbank, was noted, with a commitment to further collaboration.
The Dubai Financial Services Authority (DFSA) has released its 2025-2026 Business Plan for the Dubai International Financial Centre, focusing on supervisory priorities to maintain an effective regulatory framework. Key areas include advancing a risk-based regulatory approach, aligning with international standards, and enhancing clarity in sectors like artificial intelligence and fintech. The plan emphasizes financial crime prevention, cybersecurity resilience, and investment in talent and culture, particularly targeting Emirati professionals.
NSSMC Chair Ruslan Magomedov met with Francis Malige of the EBRD to discuss capital markets infrastructure development. They considered creating a consolidated structure under the EBRD to unify market elements, aiming to enhance capital markets as a financing channel and attract investment for Ukraine's recovery and integration into European and international markets.
De Nederlandsche Bank's Steven Maijoor warned of potential disruptions to EU financial services from state-sponsored cyberattacks, emphasizing sector interconnections and reliance on shared providers. The European Digital Operational Resilience Act (DORA), effective 2025, mandates threat-led penetration testing and enhances cyber risk management in outsourcing. Maijoor highlighted the need for cross-sector cooperation and government-led cyber drills, citing Dutch exercises revealing weaknesses in information sharing and resource mobilization.
The Securities and Exchange Commission of Pakistan participated in the Investor Connect Event 2025, highlighting its role in connecting Pakistani startups with global investors. SECP Commissioner Zeeshan Rehman Khattak emphasized the importance of incubators in supporting early-stage ventures and enhancing regulatory compliance. The SECP also discussed initiatives like regulatory sandboxes and simplified incorporation to facilitate startup growth and investor confidence.
The Securities and Exchange Commission of Pakistan (SECP) conducted a capacity-building session in Karachi to aid banks in utilizing the Electronic Mortgage Register (EMR) portal. In collaboration with the Pakistan Banks’ Association, the session focused on EMR functionality and its role as a centralized mortgage information database to enhance decision-making and transparency.
The National Bank of Georgia concluded a meeting with an International Monetary Fund mission and the Ministry of Finance to review Georgia’s macroeconomic outlook and financial developments. Discussions included monetary and fiscal policy settings, with agreement on macroeconomic and fiscal forecasts. The NBG reaffirmed its commitment to price stability and ongoing cooperation under the IMF’s Article IV process.
The National Bank of Georgia launched a Regulatory Sandbox project on tokenized deposits and certificates of deposit using distributed ledger technology (DLT), inviting participation from supervised entities. The initiative aims to develop a regulatory framework, diversify the financial ecosystem, and enhance product offerings without guaranteeing specific licensing or authorisation. Applications will be accepted starting 15 February 2025.
Ireland's Department of Finance has launched a public consultation on the EU Listing Act 2024, focusing on national discretions regarding prospectus requirements for stock exchange listings. Key considerations include setting the prospectus exemption threshold at EUR 12 million or EUR 5 million and determining whether issuers should publish a full or summarised prospectus. The Listing Act aims to streamline listings, reduce compliance costs, and enhance SME access to public markets while ensuring investor protection.
The European Banking Authority (EBA) has released final draft Implementing Technical Standards to standardize reporting on charges for credit transfers, payment accounts, and transaction rejections due to EU sanctions. Harmonized reporting is delayed to April 2026, with data collection deprioritized in 2025. The European Commission is expected to adopt the standards, after which the EBA will develop taxonomy and validation rules, with reporting deferred to October 2026.
The Bank of Portugal released updated statistics showing a decline in average rates for new term deposits and mortgage loans through December 2024, with record volumes of new housing loan contracts. Household term deposit rates averaged 2.16%, while corporate rates fell to 2.66%. New lending to households reached EUR 34.3bn, with mortgage contracts at EUR 17.6bn, and new corporate lending rose to EUR 26.7bn.
FINRA fined Apex Clearing USD 3.2 million for violations in its fully paid securities lending program, marking the first enforcement of Rule 4330. Apex misrepresented compensation to retail investors and failed to deliver required disclosures, violating several rules. Apex settled without admitting or denying the findings and agreed to certify remediation.
Kazakhstan's Financial Market Agency amended regulations to enhance the securities market, introducing an "account operator" role for banks to manage depositor accounts at the Central Securities Depository. These changes allow global custodians to transact in Kazakh securities and expand the Depository's remit to include settlement services and tax administration for foreign income, aiming to improve risk management and facilitate transactions within the Astana International Financial Centre and on foreign exchanges.
The Agency for Regulation and Development of the Financial Market of Kazakhstan reported to President Tokayev on 2024 financial sector outcomes, highlighting banking stability, supervisory work, and legislative initiatives. Key developments included a 19.7% increase in bank assets to KZT 61.6 trillion, a 20.9% rise in lending, and non-performing assets below 3.1%. The President directed the Agency to maintain financial stability, expand real sector lending, and enhance consumer protection.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has amended rules on microcredit agreements, setting limits on borrower contact and introducing conduct requirements for microfinance organisations. The amendments prohibit unfair practices, allow borrowers to request contract changes, and shorten notification deadlines for payment delays. These changes align with legislative amendments and take effect on 28 February 2025.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan is developing a draft Board resolution to amend rules on calculating and administering insurance payments under education savings insurance contracts. This initiative is part of the Keleshek unified voluntary accumulation system and aims to refine the legal framework for the State Educational Savings System.
Kazakhstan's Financial Market Agency advises borrowers to review loan agreements, emphasizing the effective interest rate. Consumers should request a fee list, confirm insurance needs, and ensure clarity in repayment schedules and penalties. Financial literacy resources are on Fingramota.kz.
Peru's Superintendency of Banking, Insurance and Pension Funds (SBS) announced that from 2025, the Cooperative Deposit Insurance Fund will cover deposits of member savers under the legal framework for savings and credit cooperatives (Coopac). Coverage applies to 131 Coopac that have paid contributions for 24 months, with insured savings up to PEN 5,000 for level 1 and 2 Coopac with assets up to 32,200 tax units (UIT), and up to PEN 10,000 for level 2 Coopac with assets above 32,200 UIT and level 3 Coopac. Deposit-taking Coopac not on the coverage list will be added once contributions are regularised.
The Australian Prudential Regulation Authority (APRA) addressed private health insurance directors on risk management, sustainability, and board effectiveness. APRA noted industry improvements, with nearly 15 million Australians insured, net insurance margins at 5%, and investment earnings at 4% of premium revenue in 2024. However, it highlighted pressures from medical inflation, demographic ageing, and cyber risks. APRA expressed concerns over risk governance maturity under CPS 220 and its integration with CPS 230 and CPS 234. It urged insurers to enhance exit planning under CPS 190 and noted the upcoming Financial Accountability Regime extension in March 2025, increasing accountability for directors and executives. APRA plans to focus on governance and propose changes to its prudential standards.
CDP CEO Sherry Madera has joined the Global Advisory Council of Japan’s GX Acceleration Agency, which enhances international networks for green transformation. Established in July 2024, the agency supports Japan’s decarbonization with over JPY 150 trillion in planned GX investments and will manage carbon pricing and emissions trading from fiscal year 2026. The council will offer strategic advice on GX policy and bolster global communication of the GX agenda.
The Isle of Man Financial Services Authority released a thematic report from a conduct-focused review of insurance intermediaries, highlighting compliance with legislation and customer treatment. The Prudential Supervision Division's two-phase review involved 27 firms responding to a questionnaire and a risk-based sample of seven firms undergoing a desk-based review. The report aims to inform sector risk assessment and urges firms to update and document their processes.
The Hong Kong Monetary Authority (HKMA) issued a public alert about fraudulent websites and phishing emails linked to DBS Bank (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS. Affected individuals should contact DBS using details from the bank's press release and report to the Hong Kong Police Force’s Crime Wing Information Centre.
The Bank for International Settlements announced that the Group of Central Bank Governors and Heads of Supervision has endorsed the Basel Committee on Banking Supervision’s 2025-26 work programme, focusing on Basel III implementation and emerging risks. The programme prioritises risk assessment, digital finance, and liquidity, with collaboration from standard-setting bodies and stakeholders. GHOS will review the Basel Committee’s work on climate-related financial risks in 2025.
The Thailand Office of Insurance Commission (OIC) released its 2025 roadmap for the insurance sector, focusing on consumer outcomes, insurer stability, and regulatory capability. Key initiatives include clearer compensation terms for motor insurance, enhanced regional compliance inspections, and improved market infrastructure with API and road safety projects. The roadmap also outlines plans for group-wide supervision, recalibrating risk-based capital, modernizing data-sharing, a phased Open Insurance rollout, and AI governance guidelines.
The Qatar Central Bank announced that Governor Sheikh Bandar bin Mohammad bin Saoud Al Thani met with Germany’s Federal Minister of Finance, Dr. Jörg Kukies, to discuss mutual interests and enhance bilateral cooperation.
The European Central Bank released the draft outcome of the 19th meeting of the digital euro scheme Rulebook Development Group, detailing the 2025 workplan for rulebook development and review. Key areas include mandatory digital euro services, liquidity management, offline functionality, and engagement with standardisation bodies like the European Payments Council. The update also covers ongoing workstreams such as fraud-risk recommendations, dispute management, and certification.
The United Arab Emirates Securities and Commodities Authority has appointed Waleed Saeed Abdul Salam Al Awadhi as its Chief Executive Officer.
The Brazilian Superintendence of Private Insurance (SUSEP) has released a new data layout for the Operations Registration System (SRO) for non-life and personal insurance under the simple repair financial regime, as outlined in SUSEP Circular No. 710/2024. Insurers must adapt their systems for compliance by 2 March 2026. Updated technical information is available on registrars' internet portals and the SRO page on SUSEP’s website.
The Jordan Securities Commission met with financial services companies and the Jordan Association of Securities Investors to discuss capital market conditions and gather feedback on decisions and incentives under the Economic Modernization Vision 2025. Key topics included legislative updates, tax issues for mutual funds, new financial products, and alignment with International Organization of Securities Commissions standards, aiming to shape future projects and potential trading-cost reforms.
Eurosif supports a joint investor appeal urging the European Commission to preserve the EU sustainable finance framework's integrity amid amendments. Over 200 financial entities, managing EUR 6.6 trillion, warn against revisions causing legal uncertainty and weakening sustainability disclosures. Signatories advocate targeted changes to streamline technical standards and enhance guidance, emphasizing long-term policy stability.
The Central Bank of the Philippines updated the list of cancelled and replaced Bangko Sentral Registration Documents (BSRDs) as of Q3 2024, advising Authorized Agent Banks and related entities not to honor these for foreign exchange transactions. The update includes original and provisional BSRDs cancelled and replaced from April 2020 to December 2022 due to investment changes, per the amended Manual of Regulations on Foreign Exchange Transactions.
The Central Bank of the Philippines announced the conversion of Dungganon Bank (A Microfinance Rural Bank), Inc. into a regular rural bank, now named Dungganon Bank (A Rural Bank), Inc. This follows the Securities and Exchange Commission's approval of the bank's Amended Articles of Incorporation and By-Laws on 4 December 2024.
The Central Bank of Iraq, in collaboration with the Iraqi government and Oliver Wyman, announced a strategic reform initiative for the banking sector, focusing on governance, service standards, and alignment with international standards. The reforms aim to enhance financial resilience through improved capital and liquidity requirements, with further operational details to follow.
The Central Bank of the Philippines highlighted its progress in developing the Islamic finance ecosystem during Abu Dhabi Finance Week, including licensing two new Islamic banks. Assistant Governor Arifa A. Ala emphasized the 2019 Islamic Banking Law, tax reforms, takaful guidelines, and the first sovereign sukuk issuance as key developments. The bank also leads the Islamic Finance Coordination Forum, focusing on public awareness and capacity-building efforts.
The Central Bank of the Philippines, the Department of Education, and the BDO Foundation signed a memorandum of agreement to enhance financial literacy among K-12 learners, teachers, and Department of Education personnel. The Department of Education will focus on disseminating learning materials such as lesson exemplars and videos.
The Vietnam State Securities Commission has issued a notice requiring individuals listed to pay a fee of VND 1,000,000 for the reissuance of securities practice certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly to the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
The Central Bank of Aruba has initiated a digital survey to assess residents' banked or unbanked status and payment behavior, running from 4 February to 25 February 2025. The survey aims to identify excluded groups and barriers to banking access, informing policies to enhance financial inclusion. Responses are anonymous and open to residents aged 18 and over.
The Brazil Securities Commission (CVM) accepted three settlement agreements totaling BRL 1,630,382.06 to resolve two administrative and one ongoing sanctioning proceeding related to alleged market abuse and governance failures. The cases involve Banco Pine S.A., Oi S.A., and Even Construtora e Incorporadora S.A., with payments required to settle allegations of undisclosed trading and disclosure failures. The CVM's Federal Attorney’s Office found no legal impediment to the settlements, which were recommended by the Term of Commitment Committee and accepted by the board.
The National Bank of Slovakia's Bank Board approved two decrees revising bank licensing and prior-approval proceedings under the Banking Act, effective 1 March 2025. The updates align Slovak requirements with EU regulations, modify application elements for foreign banks, and address crypto-asset obligations. Additionally, a EUR 10 silver collector coin commemorating the 950th anniversary of the Benedictine abbey in Hronský Beňadik will be issued in March 2025.
The Central Bank of Estonia released Q4 2024 data on cash circulation, noting a 6% increase in banknote issuance and a 28% decrease in coin issuance year on year. ATM withdrawals and cash deposits declined by 5% and 4%, respectively, while counterfeit detections included 105 euro banknotes and 46 coins. The report also highlighted the implementation of a rounding rule for cash payments from 1 January 2025, rounding totals to the nearest five cents.
The Guernsey Financial Services Commission released a report detailing findings from a thematic review of reserving methodologies and practices among licensed general insurers. The review involved questionnaires to 20 firms and on-site visits to five, focusing on reserve setting and monitoring. Firms are encouraged to use the report's insights and self-assurance questionnaire to enhance their frameworks.
The Philippine Securities and Exchange Commission reported a record 52,304 new company registrations in 2024, a 6% increase from 2023, attributed to digital transformation initiatives. Stock corporations comprised 75% of new registrations, with significant growth in one-person corporations. The SEC plans to expand its digital services in 2025 to enhance accessibility.
The UNEP FI outlined strategic priorities from its 2024 Leadership Council meeting, emphasizing unified action on climate, nature, and pollution. Key 2025 priorities include engaging policymakers and clients, sharing best practices, and supporting climate finance mobilisation. Discussions highlighted the need for consistent climate policies, carbon pricing clarity, and regulatory alignment with international agreements.
The Islamic Financial Services Board (IFSB) has appointed Abdullah Haron as Deputy Secretary-General, effective 4 February 2025. Haron brings over 30 years of experience in financial regulation, risk management, and Islamic finance, with previous roles at the International Monetary Fund, Central Bank of the UAE, Bank Negara Malaysia, and IFSB.
FINTRAC assisted the Lethbridge Police in a multi-jurisdictional identity fraud investigation, charging five individuals. Hundreds of forged identity documents and equipment were linked to victims across provinces. The accused allegedly used stolen identities for financial fraud and other crimes, with further seizures and alleged crimes in Calgary, Edmonton, and Ontario.
Senator Elizabeth Warren criticized the Department of the Treasury's response to her inquiries regarding Secretary Bessent's alleged granting of access to government payment systems to Elon Musk and DOGE. Warren highlighted inconsistencies between Treasury's claims and public reports, questioning the authorization process and access details. She urged clarification on protections for the economy, national security, and private data.
Senators Elizabeth Warren and Ron Wyden have asked the Government Accountability Office to investigate Treasury Secretary Scott Bessent's decision to grant Elon Musk and others access to sensitive Treasury payment systems. The request cites economic and national security risks, privacy concerns, and questions about the removal of Treasury's top career official, David Lebryk. It also highlights potential conflicts of interest, including X's planned payments partnership with Visa and Tesla's ties to China.
State Bank of Vietnam Standing Deputy Governor Dao Minh Tu urged Vietnam Cooperative Bank (Co-opBank) to fulfill its public-policy mandate and 2025 business plan while ensuring safe and sustainable operations. Co-opBank CEO Pham Thi Hong Minh highlighted 2024 achievements amid economic challenges, and Chairman Nguyen Quoc Cuong emphasized plans for modernization and meeting 2025 goals.
State Bank of Vietnam Governor Nguyen Thi Hong reviewed 2024 economic and banking outcomes at VietinBank, citing 7.09% GDP growth and 3.63% inflation. She emphasized innovation for an 8% growth target in 2025 and highlighted efforts in inflation control, digital transformation, and typhoon recovery support. The Governor also noted the amended Law on Credit Institutions and praised VietinBank's asset and credit growth.
The U.S. Senate Committee on Banking, Housing and Urban Affairs introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bipartisan bill to regulate dollar-denominated payment stablecoins. The Act proposes licensing procedures, reserve requirements, and regulatory standards, applying the Federal Reserve's framework to issuers over USD 10 billion while allowing smaller issuers to remain state-regulated. It includes consumer protection measures such as one-to-one reserves and a ban on algorithmic stablecoins.
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced the formation of a bicameral working group to develop a regulatory framework for digital assets, aiming to bolster U.S. leadership in the sector. The group will include members from the Senate Banking, House Financial Services, and Senate and House Agriculture Committees. The announcement was made at a press conference with key congressional and White House figures.
The Swedish Financial Supervisory Authority has issued a consultation on proposed regulations and guidelines for debt collection and amendments to non-performing credit agreement management. The proposals outline authorisation requirements and conduct standards for debt collection, aligning with European Banking Authority guidelines. These changes reflect FI's expanded supervisory role since January 2024.
The Swedish Financial Supervisory Authority's 2024 report on investment fraud highlights fake social media ads and cryptoasset claims deceiving consumers. The authority warned about 4,500 entities, a 37% increase from the previous year, driven by foreign warnings. Notable scams involved false claims of AI-managed crypto investments and unauthorized trading services, with consumers advised to consult the authority's warning list.
The Egypt Financial Regulatory Authority (FRA) finalized the framework for Egypt's voluntary carbon market, treating carbon emission reduction certificates as tradable financial instruments. Key developments include Capital Market Law amendments, a trading platform on the Egyptian Exchange, and a Committee for Supervision of Carbon Emission Reduction Units. The FRA reported over 160,000 registered carbon certificates and 26 projects, with preparations for the first auction and a renewable energy certificates framework.
The Egypt Financial Regulatory Authority announced measures to bolster fintech and innovation in non-banking financial activities, including reducing entry capital requirements for fintech startups and enabling robo-advisory services. The authority introduced SPAC listing controls and launched a regulatory sandbox for testing fintech applications. Minimum capital for fintech startups is now EGP 15 million, while SPACs must increase capital to EGP 100 million within three months of listing.
Norwegian Finanstilsynet supports the Savings Bank Committee's proposals to amend savings banks' capital structure and equity certificate rules to align with the Capital Requirements Regulation. It endorses easing conversion requirements into joint-stock savings banks and abolishing customer dividends, while advocating for a stronger link between owner capital size and equity certificate holders' influence. Finanstilsynet plans to engage with the European Banking Authority on these changes, considering consultation feedback and the Ministry of Finance's assessment.
The U.S. Department of Justice announced that Stephen George, a former vice president and controller at a NASDAQ-listed company, pleaded guilty to securities fraud for insider trading, generating over USD 1.6 million in illicit profits. George used non-public information to trade shares and options, selling them after the company reported better-than-expected earnings. He faces up to 20 years in prison, with sentencing set for April 28.
Payments Canada has launched a 30-day public consultation on policy proposals to amend its by-laws and rules ahead of changes to the Canadian Payments Act, broadening membership eligibility. The proposals cover membership, governance, system participation, and compliance, including Stakeholder Advisory Council eligibility and compliance penalties. Feedback will guide drafting by-law amendments and rule changes through the regulatory approval process.
The Central Bank of Iceland will release a Monetary Policy Committee statement and Monetary Bulletin on 5 February 2025, with a press conference to follow at 09:30 led by key officials.
The Federal Deposit Insurance Corporation (FDIC) released a list of state nonmember banks evaluated for Community Reinvestment Act (CRA) compliance, including ratings from November 2024. The CRA mandates assessments of banks' efforts to meet community credit needs, with results publicly disclosed as required by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
Chile’s Financial Market Commission (CMF) reported on the implementation of the Fintech Act, requiring firms to file enrolment and authorisation applications by 3 February 2025 to continue operations. The CMF received 335 enrolment requests, with 160 simultaneous authorisation applications, and approved 26 requests for investment advisory services. Entities operating without filing may face inspections and sanctions.
The European Central Bank's quarterly transparency update reported no errors affecting the euro short-term rate (€STR) for Q4 2024 above the reporting threshold. The update confirmed no incidents where the absolute impact on €STR exceeded 0.1 basis points.
The European Central Bank released the disaggregated financial statement of the Eurosystem as of 3 January 2025, detailing assets and liabilities by each euro area national central bank and the ECB. The consolidated balance sheet totaled EUR 6,412,636 million, with significant figures including EUR 872,158 million in gold and gold receivables and EUR 1,585,418 million in banknotes in circulation. The statement also highlights intra-Eurosystem positions and notes potential negative "capital and reserves" for individual national central banks due to losses.
The Commodity Futures Trading Commission has reorganized the Division of Enforcement, consolidating task forces into two units to enhance focus on fraud victims and governance. The Complex Fraud Task Force, led by Deputy Director Paul Hayeck, will address complex fraud and manipulation, while the Retail Fraud and General Enforcement Task Force, under Deputy Director Charles Marvine, will focus on retail fraud and general enforcement. This restructuring aims to improve consistency, fairness, and due process in enforcement.
The Commodity Futures Trading Commission's Division of Market Oversight issued a no-action letter allowing Korea Exchange to offer KOSPI 200 Futures Contracts to U.S. persons while reviewing a certification request under CFTC Regulation 30.13. This follows changes in the KOSPI 200's classification, which will shift to exclusive CFTC jurisdiction on 6 February 2025. Similar no-action letters were issued in 2021 and 2022 when the index became broad-based.
The Commodity Futures Trading Commission announced a default judgment by the US District Court for the Southern District of Florida against Emerson Pires, Flavio Goncalves, and Joshua Nicholas for fraud related to the EmpiresX commodity pool scheme. The defendants must pay significant monetary sanctions and are permanently barred from CFTC registration and trading in CFTC-regulated markets. The judgment resolves a CFTC complaint and follows related actions by the Department of Justice and the Securities and Exchange Commission.
The Federal Reserve Board has terminated two enforcement actions against Wells Fargo related to deficient mortgage servicing and lending practices from 2011. However, the 2018 enforcement action restricting the firm's growth remains in effect.
The Central Bank of Russia's survey reveals limited compliance with its climate-risk recommendations among financial institutions, with banks more engaged than non-governmental pension funds and insurance companies. The central bank plans to enhance methodologies for climate risk management and stress testing, urging financial institutions to independently assess these risks as Russia's trading partners shift towards a low-carbon economy.
The U.S. Securities and Exchange Commission announced executive staff appointments under Acting Chairman Mark T. Uyeda, including Gabriel Eckstein as Chief of Staff and Steven Levine as Deputy Chief of Staff. Key appointments for the Crypto Task Force include Richard Gabbert, Taylor Asher, and Landon Zinda in senior advisory roles. Antonia Apps and Sebastian Gomez Abero were named Acting Deputy Directors for the Divisions of Enforcement and Corporation Finance.