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2025-01-15•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin 26 examines how leverage in non-bank financial intermediation (NBFI) can create systemic risk, highlighting vulnerabilities in repo-based and derivatives-based leverage. It emphasizes the need for improved transaction-level reporting and robust risk-assessment frameworks, and discusses implementing the Financial Stability Board's minimum haircut framework for securities financing transactions. The bulletin also notes ongoing development of broader recommendations to restrict excessive NBFI leverage.
Policy & regulation Guidance & interpretation Macroprudential policy and tools Financial stability and systemic risk
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2025-01-15•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin highlights euro area investment funds' use of repurchase agreements and margin lending to build leverage, posing financial stability risks. The research notes increased borrowing from non-euro area banks in foreign currencies, with significant repo borrowing in pounds sterling and margin lending in US dollars. Despite low average leverage, high leverage pockets, particularly in hedge funds, and potential stress-driven deleveraging impacting euro area banks, warrant close monitoring and further policy work.
Research
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2025-01-15•Europe•European Central Bank
The European Central Bank published a Working Paper analyzing the impact of Eurosystem sovereign bond purchase flexibility on euro area repo market functioning. The study finds that steering purchases towards less scarce bonds limited collateral scarcity and reduced "specialness" premiums. Additionally, the Eurosystem’s Securities Lending Facility alleviated scarcity, with cash collateral lending linked to increased repo rates.
Research
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2025-01-15•Europe•European Central Bank
The European Central Bank has improved its macroeconomic projections by incorporating scenario, risk, and sensitivity analyses to address uncertainty and structural changes post-crises. The ECB Blog post explains these analyses, citing the COVID-19 pandemic and geopolitical risks as reasons for adopting multiple scenarios, including energy-price scenarios predicting inflation spikes. It clarifies that "Black Swan" events are usually excluded from probability assignments in projections.
Research
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2025-01-15•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland's Economic Commentary suggests a 41% probability that the U.S. has entered a higher productivity growth phase, up from below 5% due to new data on labor productivity, consumption, and real wages. However, the model still indicates a 59% chance that trend growth remains low, with recent gains possibly reflecting temporary factors like supply-chain normalization. Further data over several quarters is needed for a definitive conclusion.
Research Economic data and developments
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2025-01-15•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland's District Data Brief reveals that nine of the 18 metro areas in the Fourth Federal Reserve District have regained all jobs lost since the pandemic, though the region's recovery lags behind other US metro areas. Employment in the Fourth District grew by 0.7% from February 2020 to March 2024, compared to 3.8% for all US metros. Notably, Pittsburgh and Cleveland experienced significant declines, ranking among the lowest nationally.
Research Economic data and developments
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2025-01-15•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) released its Monthly Synthesis report, showing BRL 33.06 billion in insurance sector revenues for November 2024 and BRL 394.16 billion year-to-date, a 12.3% increase from 2023. The report notes BRL 19.4 billion returned to society in November through claims and benefits, with cumulative returns of BRL 221.04 billion. VGBL contributions rose 16.3% to BRL 162.75 billion from January to November, while capitalisation products increased 4.8% to BRL 28.66 billion.
Data & statistics Activity and performance reporting
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2025-01-15•Jordan•Jordan Securities Commission
The Jordan Securities Commission signed a memorandum of understanding with the Income and Sales Tax Department to enhance cooperation, including information exchange and joint research, within the framework of existing legislation. The agreement also covers organizing events, sharing publications, and technical cooperation.
Policy & regulation Cooperation Domestic cooperation
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2025-01-15•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines has amended the Manual of Regulations for Non-Bank Financial Institutions, enhancing pawnshop reporting requirements for accuracy, consistency, and timeliness. The amendments formalize penalties for reporting breaches and update requirements for records, incident reporting, and audited financial statements. Pawnshops must implement robust reporting systems, submit reports electronically, and adhere to new standards for financial records and crime reporting.
Policy & regulation Rules & requirements Regulatory reporting
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2025-01-15•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has announced that individuals listed in an annex must pay a VND 1,000,000 fee for the re-issuance of a securities practising certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-01-15•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 3.5% year-on-year increase in personal remittances from Overseas Filipinos, reaching USD 3.12 billion in November 2024. Cumulative remittances for January to November 2024 totaled USD 34.61 billion, aligning with the central bank's 3.0% growth projection. Cash remittances through banks rose by 3.3% to USD 2.81 billion in November, with the United States, Saudi Arabia, Singapore, and the UAE as key contributors.
Data & statistics Cross-border payments
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2025-01-15•Andorra•Ministry of Finance (Andorra)
Andorra's Ministry of Finance announced the Council of Ministers' approval of Eric Jover's nomination as chair of the Andorran Financial Authority, pending General Council validation. Jover, who would succeed Raül González, has a background in environmental chemistry and has held various academic and governmental roles, including as minister for education and finance.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-15•Global•Bank for International Settlements - Committee on Payments and Market Infrastructures
The Basel Committee on Banking Supervision, the BIS Committee on Payments and Market Infrastructures, and IOSCO have issued a final report with ten policy proposals to strengthen the resilience of centrally cleared markets by enhancing understanding, transparency and governance of centrally cleared initial margin. The package focuses on expanded central counterparty disclosures, margin simulation tools, enhanced quantitative reporting, stronger governance of model overrides, and clearer clearing member disclosures. The standard-setting bodies will now consider how best to implement the proposals.
Policy & regulation International standards & recommendations CCPs
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2025-01-15•Global•Bank for International Settlements - Committee on Payments and Market Infrastructures
The Bank for International Settlements’ CPMI and IOSCO published a final report with eight “effective practices” to help central counterparties and clearing members streamline intraday variation margin processes and improve the predictability and transparency of margin requirements in centrally cleared markets. The non-binding practices, unchanged from the consultation and broadly supported by industry, show how existing expectations can be met in areas such as scheduling intraday calls, using excess collateral and enhancing transparency. The report is part of the broader BCBS‑CPMI‑IOSCO‑FSB work programme on margining practices.
Policy & regulation Guidance & interpretation Market infrastructure
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2025-01-15•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) released its survey on effective prices for compulsory motor third party liability policies for November 2024, showing an average premium of EUR 416, unchanged from October and up 6.6% year on year. Annual price changes varied across provinces, with Crotone at +2.3% and Rome at +10.5%. Premiums increased by 6.0% for first-class policyholders and 9.0% for those in worse merit classes.
Data & statistics Financial and market indicators
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2025-01-15•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM), in collaboration with ANBIMA and other market institutions, has opened registrations for the 18th Investor Education Press Award. The award recognizes journalism that enhances financial education in Brazil, with winners in four categories receiving BRL 3,500.
Financial literacy & education Other
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2025-01-15•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission reported a 2.6% increase in household loans across all financial sectors in 2024, totaling KRW 41.6 trillion, with significant mortgage loan growth. Loan growth accelerated from April due to lower rates and increased housing transactions, while a slowdown since September was linked to tightened stress debt service ratio rules. The Commission noted a household debt-to-GDP ratio of 90.8% in Q3 2024 and plans to align household debt growth with economic growth in 2025.
Data & statistics Financial and market indicators Supervisory data
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2025-01-15•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay has hired new permanent staff after completing a public recruitment process at the end of 2024. The appointments cover roles in economics, supervision, data analysis, technology, communication, accounting and financial operations. Candidates were selected through technical and professional experience assessments.
Institutional development Workforce & recruitment Hiring and recruitment
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2025-01-15•Albania•Albania Financial Services Authority
The Albania Financial Services Authority has released a draft regulation for public consultation detailing the registration process for offer documents related to debt securities issuance, in accordance with Law No. 62/2020 on capital markets.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-01-15•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia appointed Datuk Nik Mohd Hasyudeen Yusoff as a Board Member for a two-year term starting 15 January 2025. Appointed by the Minister of Finance, the Board oversees the governance and regulatory mandates of the Commission. Datuk Nik brings over 30 years of experience, including leadership roles at Lembaga Tabung Haji and the Audit Oversight Board.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-15•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission (GFSC) issued a Russia sanctions notice confirming that amended entries for GAZPROM NEFT, including asset freeze and trust services sanctions, remain in force, aligning with the UK consolidated list. Businesses must freeze relevant funds and assets, report findings to the States of Guernsey Policy & Resources Committee, and comply with reporting requirements under the Sanctions (Bailiwick of Guernsey) Law 2018. Firms identifying affected relationships must notify the GFSC and submit a report under Rule 12.37.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-01-15•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Russia sanctions notice correcting the UK consolidated list entry for GAZPROM NEFT, confirming the entity remains under asset freeze and trust services sanctions. Businesses must verify relationships with designated entities, freeze relevant assets, and report findings to the States of Guernsey Policy & Resources Committee. Firms must also notify the Commission and submit a Handbook Rule 12.37 report if an affected relationship is found.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-01-15•Zambia•Bank of Zambia
The Bank of Zambia, as liquidator of Investrust Bank Plc, has issued a notice for creditors, safe custody services customers, and bailors to obtain statements and submit claims in the liquidation process. Customer statements are available in Lusaka from 15 January to 15 March 2025, with additional viewing dates for other locations. Claims and property withdrawals must be completed by 14 May 2025, after which unclaimed assets will be treated as unclaimed under the Banking and Financial Services Act.
Enforcement Investigations & enforcement actions Recovery and resolution
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2025-01-15•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) outlined its strategy to support UK economic growth while maintaining bank and insurer safety, in response to the Prime Minister's request. Key initiatives include implementing Basel 3.1 with UK-specific adjustments, Solvency UK reforms, and operational efficiency improvements. Future plans involve simplifying capital requirements for small banks, accelerating insurer investments, and streamlining data reporting.
Policy & regulation Implementation, projects & pilots Financial stability and systemic risk
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2025-01-15•Global•IOSCO
The International Organization of Securities Commissions (IOSCO), with the Basel Committee on Banking Supervision (BCBS) and the BIS Committee on Payments and Market Infrastructures (CPMI), released reports proposing enhanced transparency and streamlined margin processes in cleared and non-cleared markets. The reports include policy proposals for central counterparties, effective practices for variation margin, and recommendations for improving margin model responsiveness in non-centrally cleared markets. Implementation strategies will be considered.
Policy & regulation International standards & recommendations CCPs Market infrastructure
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2025-01-15•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission is consulting on proposed amendments to advertising rules for digital asset business operators. Key changes include aligning investment risk warning font sizes with securities advertising, removing continuous warning requirements, and standardizing warning notices for cryptocurrencies and digital tokens. Social media advertising requirements will also be updated to reflect these changes.
Policy & regulation Rules & requirements
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2025-01-15•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission urges holders of Clover Power Public Company Limited’s CV251A bond to review information and exercise their rights at the bondholders’ e-meeting on 20 January 2025. Key proposals include procedural waivers, a one-year maturity extension, a coupon step-up to 7.25% per year, and partial principal repayment. The SEC mandates the bondholder representative to analyze the proposals' benefits, shortcomings, and impacts.
Policy & regulation Guidance & interpretation Corporate governance
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2025-01-15•Ecuador•Central Bank of Ecuador
Ecuador's Central Bank reported a 1.5% GDP contraction for Q3 2024 compared to Q3 2023, and a 0.2% decline from the previous quarter. Methodological improvements and historical revisions back to 2018 were incorporated following IMF technical assistance. The year-on-year decline was driven by decreases in gross fixed capital formation, exports, and government spending, partially offset by increased household consumption and imports.
Data & statistics Economic data and developments
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2025-01-15•Europe•European Commission
The European Commission and European Central Bank released the 2024 Survey on the Access to Finance of Enterprises (SAFE), noting improved financing conditions compared to last year, though still below pre-downturn levels. Interest rates and high prices remain significant barriers, especially for firms planning expansion. The survey, based on feedback from 16,000 European businesses, notes increased costs for materials and energy, with SMEs reporting decreased labour costs.
Data & statistics Economic data and developments
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2025-01-15•Morocco•Central Bank of Morocco
The Central Bank of Morocco established the Morocco Fintech Center (MFC) to support fintech development through mentoring, incubation, and skills programs. The MFC aims to assist fintechs in navigating regulations and improving access to financing, while fostering partnerships and innovation. At the inaugural Board meeting, Mustapha Lahlali was appointed Executive Director, and initial priority actions, budget, and member contributions were agreed upon.
Policy & regulation Implementation, projects & pilots Fintech and insurtech
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2025-01-15•Vietnam•State Bank of Vietnam
At its 2025 task-implementation conference, the State Bank of Vietnam prioritized reviewing systems and accelerating digital transformation and payment strategies for NAPAS. Key initiatives include enhancing operational resilience, cybersecurity, and controls against payment crime, and expanding cashless payments in healthcare, education, and government services. NAPAS aims to complete international card transaction switching, advance cross-border card and QR linkages, and update AML/CFT rules and procedures.
Policy & regulation Implementation, projects & pilots Payments and payment systems Market development
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2025-01-15•Vietnam•State Bank of Vietnam
The State Bank of Vietnam and the Bank of Korea concluded a workshop under the 2024 Bank of Korea Knowledge Partnership Program, focusing on enhancing Vietnam's asset management and diversifying its foreign exchange reserves. Korean experts provided recommendations for future policy-making and operational activities, while Deputy Governor Pham Thanh Ha advocated for expanded bilateral cooperation, including staff exchanges and internships.
Policy & regulation Cooperation Domestic cooperation
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2025-01-15•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority and the Ministry of Justice held a workshop for economic court judges on the Unified Insurance Law (Law No. 155 of 2024). The event focused on expertise exchange for insurance-related disputes, discussing the law's consolidation of previous regulations and its impact on financial technology and transaction digitisation. The FRA plans to issue a circular to clarify general insurance customs not covered by existing laws.
Policy & regulation Guidance & interpretation Other
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2025-01-15•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority updated rules for mortgage finance companies purchasing real estate developers’ receivables, allowing partial purchases and reducing the required prior payment performance to 10% from 20%. The framework mandates comprehensive documentation transfer and restricts debt instrument transfers until full repayment. Companies must verify investor payment ability through income data or a year of regular payments, complying with existing mortgage finance ratios.
Policy & regulation Rules & requirements Lending
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2025-01-15•Malaysia•Ministry of Finance (Malaysia)
Malaysia's Ministry of Finance, co-chairing with China, announced the agreement on Malaysia's proposed Priority Economic Deliverables (PEDs) for ASEAN 2025 and ASEAN+3. Key initiatives include enhancing financing for climate transition, expanding ASEAN+3 membership in SEADRIF, and strengthening the Chiang Mai Initiative Multilateralisation. A Disaster Risk Financing Initiative and a new finance ministers platform are also planned, with further refinement at the Task Force Meeting in March 2025.
Policy & regulation Reform agendas & priorities Climate risk and sustainable finance
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2025-01-15•Iceland•Central Bank of Iceland
The Central Bank of Iceland announced the appointment of Thórarinn G. Pétursson as Deputy Governor for Monetary Policy for a five-year term starting 15 January 2025. Pétursson has been with the bank since 1994, serving as Chief Economist and Director of the Economics and Monetary Policy Department since 2009.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-15•Finland•Finanssivalvonta
Finland's Financial Supervisory Authority (FIN-FSA) is examining companies offering employment services and invoicing as platform services for potential licensable payment services under the Payment Institutions Act. FIN-FSA stressed that firms must comply with safeguarding client funds, anti-money laundering, counter-terrorist financing controls, operational risk management, and management reliability. The authority will contact invoicing service companies to assess their models and licensing needs.
Supervision Reviews, inspections & stress tests Licensing and supervisory fees Payments and payment systems
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2025-01-15•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority's inspection of Collectio AS revealed significant deficiencies, including breaches of the ICT Regulation due to the lack of an ICT crisis plan and issues with monthly client funds reconciliations. Collectio has since adjusted its procedures and addressed claim consolidation errors, while working on establishing an ICT crisis plan by early 2025. Finanstilsynet has requested confirmation of the plan's implementation and that the inspection letter be shared with Collectio's auditor.
Supervision Reviews, inspections & stress tests Client asset custody and safekeeping
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2025-01-15•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway imposed a NOK 50 million penalty on Danske Bank A/S for market manipulation under the Market Abuse Regulation. The investigation, in collaboration with the Danish Financial Supervisory Authority, found that Danske Bank's trades during a "Price Call" window artificially influenced the swap rate for a government bond transaction. Danske Bank may appeal the decision to the Norwegian Ministry of Finance.
Enforcement Investigations & enforcement actions Market abuse
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2025-01-15•Chile•Central Bank of Chile
The Central Bank of Chile's Bank Credit Survey for Q4 2024 shows stable overall credit supply, with tighter conditions for housing loans and real estate and construction lending. Consumer credit demand increased, with 33% of banks reporting stronger demand, while housing credit demand also rose. Credit standards remained largely unchanged, except for tightened standards in construction and real estate sectors.
Data & statistics Lending
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2025-01-15•Iceland•Central Bank of Iceland
The Central Bank of Iceland announced the appointment of Thórarinn G. Pétursson as Deputy Governor for Monetary Policy for a five-year term starting 15 January 2025. Pétursson has been with the bank since 1994, serving as Chief Economist and Director of the Economics and Monetary Policy Department since 2009.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-15•Albania•Bank of Albania
The Bank of Albania's Supervisory Council approved the Micro, Small, and Medium-sized Enterprises Financing Program (MSMEsFP) to enhance credit access for MSMEs through commercial banks. Eligible banks can access long-term funding below the policy rate, provided the liquidity is used exclusively for MSME financing. The Council also approved its 2025 work programme and meeting schedule.
Policy & regulation Implementation, projects & pilots SME financing
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2025-01-15•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka mandates Licensed Commercial Banks and the National Savings Bank to follow new operating instructions for a domestic foreign exchange matching platform, effective 16 January 2025. The platform enhances transparency and price discovery by matching buy and sell orders based on pre-set rules and distributing trade details to participants. Transactions are limited to spot USD against LKR with a minimum order size of USD 250,000, and compliance with the FX Global Code is required.
Policy & regulation Rules & requirements Foreign exchange policy and markets
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2025-01-15•Moldova•National Commission for Financial Markets
The National Commission for Financial Markets approved a voluntary takeover offer for CALCAR SA and authorised MONSATO SA's reorganisation. It identified breaches of consumer credit rules by OCN AMIGO CREDIT SRL and OCN ZOOM CREDIT SRL, including abusive contract terms and charges exceeding statutory limits. The Commission plans to seek court actions to nullify these clauses.
Supervision Reviews, inspections & stress tests Consumer and investor protection Supervision process and methodologies
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2025-01-15•Global•GPFI
The Global Partnership for Financial Inclusion (GPFI) released its 2024 progress report to G20 Leaders, detailing achievements under the G20 Brazil Presidency and the 2023 Financial Inclusion Action Plan. Key deliverables include advancements in financial well-being, digital financial inclusion, and progress towards the G20 remittance target, with ongoing efforts on a new MSME financing action plan. The report highlights collaboration with organizations like CGAP, the World Bank, and the OECD, focusing on policy options, fintech solutions, and addressing barriers for financially excluded populations.
Policy & regulation Implementation, projects & pilots
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2025-01-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission, Ministry of Justice, and Ministry of Finance issued a Q&A on new State Council provisions regulating intermediary fees and operations for domestic public share issuances. Effective 15 February 2025, the framework aims to reduce conflicts of interest by tightening conduct requirements, mandating integrity and independence, prohibiting fee structures based on issuance results, and enforcing compliance through training and inspections.
Policy & regulation Guidance & interpretation Securities offerings and listings
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2025-01-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission released new regulations for intermediary institutions involved in public share issuance, effective 15 February 2025. The rules establish conduct and charging standards, prohibit financial fraud assistance, and mandate market-based fee structures. Coordinated supervision and enforcement will involve securities, finance, and justice authorities, with penalties for non-compliance.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-01-15•Argentina•Argentina Securities Commission (CNV)
Argentina's Securities Commission (CNV) has introduced new rules for an automatic authorisation pathway for public offerings via financial trusts, aiming to expedite issuance with reduced documentation and, in some cases, no prior CNV approval. The framework includes "low" and "medium" impact tiers with specific caps and requirements, such as prospectus publication and qualified investor limitations. CNV maintains its supervisory powers and investor protection obligations under Law No. 26,831, incorporating feedback from a prior public consultation.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-01-15•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued RG 1052, suspending until 16 February 2025 the requirement to block certain client securities subaccounts for local market transactions by specific non-resident individuals. This deferral, linked to changes under RG 1033, affects Clearing and Settlement Agents and Trading Agents, and reflects the implementation efforts needed by market participants.
Policy & regulation Rules & requirements Supervision process and methodologies
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2025-01-15•United States•U.S. Securities & Exchange Commission
The SEC filed fraud charges against John Lowe, Randy Grewal, Richard Ringel, and David Cooper for allegedly trading on nonpublic information about NASDAQ-listed offerings. Cooper shared information with Ringel, and Lowe with Grewal, leading to illicit profits. Several entities face charges under the Securities Act of 1933 and the Securities Exchange Act of 1934, with the SEC seeking injunctive relief and penalties. Parallel criminal charges were announced by the U.S. Attorney’s Office for the Eastern District of New York.
Enforcement Investigations & enforcement actions Market abuse
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2025-01-15•United States•U.S. Securities & Exchange Commission
Jessica A. Wachter, Chief Economist and Director of the Division of Economic and Risk Analysis (DERA) at the U.S. Securities and Exchange Commission, will depart on January 17. Under her leadership, DERA completed over 100 economic analyses for rulemaking and enforcement, including on Treasury market central clearing and cyber risk transparency. Wachter will return to the Wharton School as the Dr. Bruce I. Jacobs Chair of Quantitative Finance.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-15•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is monitoring the impact of the California wildfires on investors and capital markets, considering relief from filing deadlines and regulatory requirements for affected entities. Coordination will occur across SEC divisions overseeing various market participants. The SEC also warned of increased wildfire-related investment fraud risks and urged vigilance and reporting of suspicious activities.
Supervision Alerts Climate risk and sustainable finance
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2025-01-15•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission's Financial Consumer Rights Complaint Mediation Center and the Financial Consumer Protection Bureau conducted system-wide training on mediating financial consumer complaints. The new Mediation Center supports the regulator's consumer protection mandate, handling complaints, dispute mediation, and financial consumer education. It aims to expand public-interest services and enhance protection of financial consumers' rights.
Institutional development Cooperation & capacity building Capacity building
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2025-01-15•Moldova•National Bank of Moldova
Governor Anca Dragu of the National Bank of Moldova emphasized the link between diversity, gender equality, and financial stability at a forum in Vienna. She noted that women make up 64% of the bank's workforce and 53% of management, highlighting the bank's leadership in promoting inclusive frameworks. Dragu also referenced the OMFIF 2024 Gender Balance Index, which shows a slight increase in women in central bank leadership roles globally.
Institutional development Workforce & recruitment Diversity and inclusion
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2025-01-15•Moldova•National Bank of Moldova
At the Central and Eastern Europe Forum in Vienna, National Bank of Moldova Governor Anca Dragu stressed the need to adapt monetary policy to reduce inflationary pressures and highlighted the central bank's role in financial stability and risk prevention. She emphasized the importance of macroprudential and resolution mandates and introduced a Sustainable Finance Roadmap to guide domestic financial sector entities.
Policy & regulation Implementation, projects & pilots Climate risk and sustainable finance
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2025-01-15•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin introduces a framework for measuring synthetic leverage in interest rate swaps to improve risk identification in non-bank financial intermediation. It critiques traditional notional-based metrics, proposing a duration-sensitive approach for better scenario analysis and linking derivatives-driven leverage to liquidity and solvency risks. Tested with euro area non-bank entities, the framework shows leverage paths can vary significantly with swap duration under interest rate shocks.
Research Prudential risks Macroprudential policy and tools
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2025-01-15•India•Securities & Exchange Board of India
The Securities and Exchange Board of India, in collaboration with the National Institute of Securities Markets, has launched an eLearning course on municipal bonds for officials of Municipal Corporations and Urban Local Bodies. The course covers funding mechanisms, regulatory provisions, and key market roles, and is available free until 31 March 2025.
Financial literacy & education Market development
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2025-01-15•South Korea•Bank of Korea
The Bank of Korea released preliminary data for December 2024, indicating a 2.4% monthly increase in both export and import prices in KRW terms. Annually, the Export Price Index rose by 10.7% and the Import Price Index by 7.0%. The Net Barter Terms of Trade Index improved by 4.8% year on year.
Data & statistics Economic data and developments
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2025-01-15•Cayman Islands•Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority clarified annual fee payment deadlines and penalties following fee changes published in December 2024. Firms must pay the 2024 annual fee by 15 January, with penalties starting 16 January for any outstanding amounts. Payment of the 2025 fee change is extended to 17 February, with penalties commencing 18 February for any unpaid differences.
Policy & regulation Guidance & interpretation Licensing and supervisory fees
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2025-01-15•Cayman Islands•Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority and the General Registry have revised government fees for certain services effective 1 January 2025, introducing new fees and adjusting existing charges. These changes, the first in over a decade for some fees, were developed in consultation with industry stakeholders and approved by Parliament, affecting sectors including banking, insurance, and securities.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-01-15•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury corrected the UK sanctions list entry for GAZPROM NEFT under the Russia sanctions regime, maintaining its asset freeze and trust services sanctions. Following the Foreign, Commonwealth and Development Office's update, the primary name is now "PUBLIC JOINT STOCK COMPANY GAZPROM NEFT" without altering its designation. The notice emphasizes freezing assets and reporting suspected breaches to the Financial Intelligence Unit.
Policy & regulation Rules & requirements Sanctions list update
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2025-01-15•Europe•European Insurance and Occupational Pensions Authority
EIOPA warns NOVIS policyholders of potential consumer detriment due to stalled liquidation by Slovakia’s Národná banka Slovenska. NOVIS's authorization was withdrawn in June 2023, limiting operations to existing contracts. EIOPA advises policyholders to reassess options, consider ceasing premium payments or surrendering contracts, and consult national supervisory authorities.
Supervision Alerts Licence withdrawal
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2025-01-15•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority's 2024 Consumer Trends Report highlights widening pensions gaps and low participation in supplementary pensions, with only 42% of EU consumers confident in their retirement finances. The report underscores uneven consumer outcomes from digital channels and ongoing value for money concerns in insurance-based investments, particularly unit-linked and hybrid products. It also notes increased interest in sustainable products and rising cross-border insurance sales, amid challenges like greenwashing and digital exclusion.
Research Consumer and investor protection Artificial intelligence
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2025-01-15•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury announced new sanctions targeting Russia-related evasion, designating entities linked to a Russia–China clearing platform and Kyrgyz Republic-based OJSC Keremet Bank. The U.S. Department of State is sanctioning over 150 entities and individuals under Executive Order 14024, including Russian and Chinese entities, Russian national Andrei Valeryevich Prikhodko, and U.S.-designated Russian banks, with increased exposure to secondary sanctions for foreign entities facilitating significant transactions.
Enforcement Sanctions & designations Sanctions list update
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2025-01-15•Bahamas•Central Bank of the Bahamas
The Central Bank of the Bahamas released its Bahamas Registered Stock secondary market price schedule for January 2025, detailing bid and ask prices, yields, and ISIN-level specifics for fixed-rate and floating-rate issues. Floating-rate securities feature six-month coupon resets at the prevailing market rate, with yields ranging from 2.93% to 6.65% for maturities between January 2025 and October 2054.
Monetary policy Monetary policy instruments & operations Financial and market indicators
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2025-01-15•Caribbean•East Caribbean Securities Regulatory Commission
The East Caribbean Securities Regulatory Commission published a final report on its 2024 stakeholder consultations regarding the development of the Eastern Caribbean securities market.
Policy & regulation Reform agendas & priorities Market development
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2025-01-14•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua reported its 2024 international reserves at USD 6,105.1 million, marking a USD 658.1 million increase over the year. This growth was attributed to foreign exchange operations, external resources of the non-financial public sector, and financial income from overseas investments. The Bank anticipates continued reserve growth in 2025 to support the exchange rate regime and buffer against external and internal events.
Data & statistics Balance of payments and other external statistics
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2025-01-14•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved Arabian Plastic Industrial Company's request to increase its capital from SAR 50 million to SAR 75 million by issuing one bonus share for every two existing shares, funded by transferring SAR 25 million from retained earnings. An extraordinary general assembly must be held within six months, and the company must comply with all regulatory requirements.
Supervision Authorisations & approvals Securities offerings and listings
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2025-01-14•Global•Financial Markets Standards Board
The Financial Markets Standards Board published its 2025 workplan, outlining ongoing projects and potential topics to develop practical standards for wholesale financial markets, with a focus on reducing market uncertainty and aligning international standards. The workplan includes finalizing a Standard on Sharing Standard Settlement Instructions and concluding work on Carbon Markets and Grey Market Trading.
Policy & regulation Implementation, projects & pilots Market development
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2025-01-14•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released updated aggregate data for the Cypriot banking sector, detailing profitability, balance sheet, and capital adequacy metrics as of 30 September 2024.
Data & statistics Financial and market indicators Supervisory data
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2025-01-14•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released updated aggregate data on non-performing loans in the Cypriot banking sector as of 30 September 2024.
Data & statistics Financial and market indicators Supervisory data
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2025-01-14•France•France Autorite des marches financiers
The French Financial Markets Authority (AMF) and the Prudential Supervision and Resolution Authority (ACPR) have alerted about unauthorised entities offering Forex and crypto-asset derivative products in France, updating their blacklists. Since early 2024, 51 Forex and 50 crypto-asset derivative sites have been added. The authorities emphasize that the blacklists are frequently updated but not exhaustive, advising investors to consult official registers for verification.
Supervision Alerts Unlicensed or unauthorized activity
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2025-01-14•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) released its seventh market report, noting a general decline in costs for EU retail investment products, though EU fund costs remain high compared to international standards due to market fragmentation. The report highlights improved performance for UCITS and Alternative Investment Funds in 2023, with retail ESG UCITS outperforming non-ESG equivalents. ESMA is tasked with producing a detailed report on UCITS and AIF costs, supported by a data collection exercise, to enhance the 2025 market report.
Research
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2025-01-14•France•France Autorite des marches financiers
France's Financial Markets Authority (AMF) released its 2024 Savings and Investment Barometer, highlighting evolving investment preferences in France, particularly in equities. The survey of 2,044 individuals indicates strong equity investment intentions, especially among younger respondents.
Research Consumer and investor protection
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2025-01-14•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market clarified the sanctions process against Freedom Finance Ukraine LLC, following a Presidential Decree. An interim head audited and listed clients and assets, verifying connections to sanctioned persons or the aggressor country. The NSSMC will publish a decision detailing procedures for stakeholders and clients once verification is complete.
Policy & regulation Implementation, projects & pilots Sanctions list update
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2025-01-14•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
MONEYVAL's follow-up report on Slovakia highlights steps taken to enhance its anti-money laundering and counter-terrorist financing framework, yet notes persistent shortcomings. Slovakia remains Partially Compliant with FATF Recommendations 8, 15, and 19, and is under enhanced follow-up. It must report progress within a year and update on Recommendation 10 compliance by June 2025.
Policy & regulation Peer reviews and country evaluations AML and CFT
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2025-01-14•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority oversaw the official listing of Moustachir, making it the first startup to join the Algiers Stock Exchange and enter the growth segment of the equity market.
Policy & regulation Implementation, projects & pilots Securities offerings and listings
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2025-01-14•China•Central Bank of the Republic of China
At the Asian Financial Forum in Hong Kong, People's Bank of China Governor Pan Gongsheng held separate meetings with Bank of Finland Governor Rehn and Luxembourg Finance Minister Roth. Discussions focused on economic and financial conditions and financial cooperation.
Policy & regulation Cooperation Cross-border cooperation
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2025-01-14•China•Central Bank of the Republic of China
The Central Bank of the Republic of China reported a decrease in total new social financing to the real economy for 2024, amounting to CNY 32.26 trillion, down CNY 3.32 trillion from the previous year. RMB loans to the real economy increased by CNY 17.05 trillion, while net government bond financing rose to CNY 11.3 trillion. From January 2023, the bank expanded statistical coverage to include consumer finance companies, wealth management companies, and financial asset investment companies.
Data & statistics Monetary data
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2025-01-14•China•Central Bank of the Republic of China
The People's Bank of China reported preliminary year-end 2024 statistics showing total social financing at CNY 408.34 trillion, an 8% increase year-on-year. RMB loans to the real economy were CNY 252.53 trillion, representing 61.8% of the total, while government bonds saw a 16.2% rise to CNY 81.09 trillion. The PBoC expanded statistical coverage from January 2023 to include consumer finance, wealth management, and financial asset investment firms.
Data & statistics Monetary data
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2025-01-14•China•Central Bank of the Republic of China
The Central Bank of the Republic of China released December monetary and financial statistics, highlighting a 7.3% year-on-year growth in broad money (M2) to RMB 313.53 trillion and a 6.4% increase in total deposits to RMB 308.38 trillion. RMB lending rose by RMB 18.09 trillion over 2024, while foreign currency loans decreased by 17.4% to USD 542.2 billion. The report also covered interbank money market rates, foreign exchange reserves at USD 3.2 trillion, and cross-border RMB settlements.
Data & statistics Monetary data
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2025-01-14•United States•National Credit Union Administration
The California Department of Financial Protection and Innovation, FDIC, Federal Reserve Board, National Credit Union Administration, and Office of the Comptroller of the Currency issued guidance to assist institutions impacted by California wildfires and winds. It supports prudent loan adjustments, expedited temporary facility requests, and leniency on reporting penalties. Eligible disaster-related community development activities may receive Community Reinvestment Act consideration.
Policy & regulation Guidance & interpretation
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2025-01-14•Germany•Ministry of Finance (Germany)
Germany's Federal Ministry of Finance announced that BaFin will launch a free comparison website for retail current accounts on 15 January. The portal will cover nearly 6,900 account models from around 1,100 providers, allowing users to filter and compare accounts using 27 criteria. Data collection is based on the EU Payment Accounts Directive and Germany’s Payment Accounts Act, with providers responsible for accuracy.
Policy & regulation Implementation, projects & pilots Consumer and investor protection
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2025-01-14•Bermuda•Ministry of Finance (Bermuda)
Bermuda's Ministry of Finance updated on the Financial Policy Council's 27th meeting, highlighting macroeconomic performance and financial stability risks. Discussions included Corporate Income Tax implementation, life insurance and reinsurance sector developments, and banking regulatory planning. The Council also addressed international tax developments, workforce retention initiatives, and anti-money laundering measures for the Caribbean Financial Action Task Force assessment.
Policy & regulation Reform agendas & priorities Financial stability and systemic risk AML and CFT
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2025-01-14•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier now mandates the annual electronic submission of the PDAOFI self-assessment questionnaire for professional depositaries of assets other than financial instruments, replacing the "list of information on the depositary function" under CSSF Circular 18/697. This applies to Luxembourg-domiciled undertakings for collective investment.
Supervision Regulatory reporting
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2025-01-14•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority released a consultation paper on an operational resilience framework for BMA-supervised entities, emphasizing integration into daily operations and risk management. The framework aims to enhance firms' capabilities to handle operational disruptions, ensuring uninterrupted customer services.
Policy & regulation Rules & requirements Operational risk and resilience
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2025-01-14•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) has sued Capital One, N.A. and Capital One Financial Corp. for allegedly deceptive practices with its "360 Savings" account. The CFPB claims Capital One misled consumers by promoting it as high-interest while offering "360 Performance Savings" with higher rates. The lawsuit seeks to stop the misconduct, secure consumer redress, and impose penalties for violating the Truth in Savings Act and the Consumer Financial Protection Act.
Enforcement Investigations & enforcement actions Consumer and investor protection
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2025-01-14•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has amended anti-money laundering and counter-terrorist financing controls for banks, focusing on automating detection of suspicious transactions related to illegal drugs and digital assets. The changes also limit payment card validity for non-residents to 12 months and restrict the number of cards per client.
Policy & regulation Rules & requirements AML and CFT
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2025-01-14•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has adopted Board Resolution No. 89, amending regulations on anti-money laundering and counter-terrorist financing. The resolution mandates verification of customers' beneficial owners against the register of beneficial owners of legal entities, or other sources if not available.
Policy & regulation Rules & requirements AML and CFT Beneficial ownership
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2025-01-14•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency introduced a voluntary credit self-exclusion measure to combat fraud. Through the "Stop Credit" service on egov.kz and the E-gov app, individuals can prevent loans in their name. Over 920,000 citizens have used this service, adding a marker to their credit history to block credit issuance by compliant organizations.
Policy & regulation Implementation, projects & pilots Lending
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2025-01-14•United States•Federal Housing Finance Agency
The Federal Housing Finance Agency issued a final rule to enhance liquidity access for the Federal Home Loan Bank System by revising the treatment of certain short-term investments and unsecured credit exposures. The rule reclassifies deposits in interest-bearing deposit accounts to a more flexible credit limit and clarifies unsecured credit limit determinations and exceptions for specific account amounts.
Policy & regulation Rules & requirements Liquidity risk
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2025-01-14•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong summarized Chief Executive John Lee's meetings at the 18th Asia Financial Forum, highlighting Hong Kong's role as a global financing and sustainable finance hub. Discussions with foreign officials and AIIB President Jin Liqun focused on promoting Hong Kong as a platform for sustainable development funding and RMB bond issuance. The forum, themed “Powering the Next Growth Engine,” included speeches and policy dialogues with international participants.
Policy & regulation Cooperation Other
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2025-01-14•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong announced Mr. Benjamin Hung Pi-cheng as Chairman of the Financial Services Development Council Board, effective 17 January 2025 for a two-year term. The Chief Executive also reappointed the incumbent Vice-Chairmen and appointed four new board members, while reappointing four existing members. The Bureau acknowledged the outgoing Chairman, Mr. Laurence Li Lu-jen, SC, and several outgoing board members.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-14•Cyprus•Cyprus Securities and Exchange Commission
Delfi Corporate Services Ltd has waived its authorisation to provide administrative services, leading to the lapse of its Cyprus Securities and Exchange Commission (CySEC) authorisation. Effective 12 November 2024, CySEC permanently removed the firm from the licensed persons’ register.
Supervision Authorisations & approvals Licence withdrawal
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2025-01-14•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission announced the dissolution and voluntary liquidation of EOS Multi-Strategy Fund AIFLNP V.C.I.C. LTD following the total redemption of its units. The fund, licensed under LPAIF90/2014, was dissolved under Article 132(1)(d) of the Alternative Investment Funds Law of 2018.
Supervision Authorisations & approvals Licence withdrawal
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2025-01-14•India•Reserve Bank of India
The Reserve Bank of India amended its Foreign Exchange Management rules, updating payment and remittance procedures for non-debt instruments, including equity instruments and investments in limited liability partnerships. Key changes involve rupee vostro accounts in banking channels and specific conditions for equity instrument issuance and refunds. The amendments also address payment routes for Foreign Portfolio Investors and Foreign Venture Capital Investors, and procedures for Indian start-ups issuing convertible notes to non-residents.
Policy & regulation Rules & requirements Cross-border payments
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2025-01-14•India•Reserve Bank of India
The Reserve Bank of India amended the Foreign Exchange Management (Deposit) Regulations, 2016, allowing fund transfers between repatriable Rupee accounts for bona fide transactions and updating the framework for Special Non-Resident Rupee (SNRR) accounts. Key changes include permitting SNRR accounts for business interests in India and aligning account tenure with contract or business duration. The amendments are effective upon publication in the Official Gazette.
Policy & regulation Rules & requirements Foreign exchange policy and markets
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2025-01-14•India•Reserve Bank of India
The Reserve Bank of India issued the Fifth Amendment to its Foreign Exchange Management Regulations, permitting Indian exporters to maintain foreign currency accounts abroad for export value realisation and advance remittances. Funds can be used for imports or repatriated by the following month, subject to existing realisation and repatriation rules. The amendment is effective upon publication in the Official Gazette.
Policy & regulation Rules & requirements Foreign exchange policy and markets
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2025-01-14•Belgium•National Bank of Belgium
Research by the National Bank of Belgium, KU Leuven, and the University of Antwerp finds energy efficiency increasingly influences house prices in Flanders and Wallonia. The Flemish energy renovation obligation has a limited negative impact on prices of energy-inefficient homes. The study notes clustering of energy scores below label thresholds and highlights distributional effects, including potential barriers to home ownership due to renovation costs.
Research Other
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2025-01-14•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has updated its Supervisory Methodology Framework, renaming the 'Medium Low' risk category to 'Medium'. The risk assessment scale now includes Low, Medium, Medium High, and High, aligning terminology with international financial regulators. Descriptions of inherent and residual risk remain unchanged.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies