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2025-01-14•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) reported a decrease in the Exchange Fund's foreign assets by HKD 28.1 billion to HKD 3,478.3 billion as of December 2024, under the IMF's Special Data Dissemination Standard. The Monetary Base was HKD 1,957.6 billion, with claims on the private sector at HKD 305.7 billion and foreign liabilities at HKD 24.3 billion. The HKMA also announced its January 2025 schedule for Exchange Fund data releases.
Data & statistics Monetary data
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2025-01-14•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued an alert regarding fraudulent websites and internet banking login screens associated with DBS Bank (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with links for transactions or request sensitive information via phone, email, or SMS. Individuals who interacted with these fraudulent sites should contact DBS and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-01-14•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert following Shanghai Commercial Bank Limited's report of a fraudulent website and internet banking login screen. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information by phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-01-14•Europe•European Central Bank
The European Central Bank released a speech by Executive Board member Philip R. Lane outlining the euro area outlook, based on December 2024 Eurosystem staff projections. Key forecasts include HICP inflation at 2.4% in 2024, decreasing to 2.1% by 2027, and real GDP growth rising from 0.7% in 2024 to 1.3% in 2027. The speech also addressed money and credit developments, bank funding costs, lending standards, and inflation expectations.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
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2025-01-14•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland appointed Brian Richardson as senior vice president and chief human resources officer, effective 13 January 2025. Richardson, formerly with Covia and The Sherwin-Williams Company, will lead efforts to attract, engage, and retain employees across the Fourth Federal Reserve District.
Institutional development Leadership change & appointments Hiring and recruitment
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2025-01-14•Qatar•Qatar Central Bank
H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of the Qatar Central Bank, met with Sir Graham Boyce, Chairman of the International Advisory Board of Foresight Environmental Infrastructure, to discuss key global financial and investment developments.
Other
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2025-01-14•Jordan•Central Bank of Jordan
The Central Bank of Jordan signed a memorandum of understanding with Al al-Bayt University to enhance cooperation on scientific research and student training, focusing on financial awareness and adapting to evolving banking models and financial technology. The agreement aims to coordinate efforts on joint research projects and support financial literacy in response to digital developments and financial fraud prevention.
Policy & regulation Cooperation Capacity building Financial literacy and education
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2025-01-14•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an annex to pay a VND 1,000,000 fee for the reissuance 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 reissuance procedure within one year will result in certificate cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-01-14•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission requires individuals listed in a notice to pay a VND 1,000,000 fee for re-issuance of securities practice certificates. Fees can be paid via bank transfer to designated accounts or directly at the Commission. Certificates may be canceled if not collected within one year of the fee payment notice, in accordance with Ministry of Finance Circular 25/2022/TT-BTC.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-01-14•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has notified individuals to pay a statutory fee of VND 1,000,000 for the re-issuance of securities practice certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission's offices. 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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2025-01-14•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Superintendency of Banks of the Dominican Republic reported that the financial system remained stable and solvent at the end of 2024, with total assets increasing by 10.6% to RD$3.87 trillion. Credit expanded by 12.2% to RD$2.18 trillion, while public deposits rose 11.4% to RD$2.9 trillion. Despite a decline in liquid assets and profitability ratios, the non-performing loan ratio was 1.6%, with provisions coverage at 175%.
Supervision Risk monitoring & watch points Asset quality Prudential risks
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2025-01-14•United States•New York State Department of Financial Services
The New York State Department of Financial Services outlined Governor Kathy Hochul’s 2025 consumer protection proposals, focusing on overdraft and non-sufficient funds fee practices and a licensing framework for "Buy Now, Pay Later" providers. Proposed regulations include capping overdraft charges, enhancing fee transparency, and introducing standards for disclosures and data privacy. Additional measures target elder financial exploitation and require new legislation for oversight of "Buy Now, Pay Later" loans.
Policy & regulation Rules & requirements Consumer and investor protection Other
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2025-01-14•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has issued a market alert ordering Ukuchuma Financial Services (PTY) LTD and IGM Forex LTD to cease public offerings of securities intermediation services in Brazil. The firms, operating under the XPROMarkets brand, are not authorized to intermediate securities or raise funds from Brazilian investors. The suspension was enacted through Declaratory Act CVM 22,915.
Supervision Interventions Unlicensed or unauthorized activity
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2025-01-14•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said the Executive Branch has appointed Rodrigo Sebastián Ruiz Morel as Superintendent of Securities from a shortlist submitted by the central bank’s board. Ruiz Morel previously led regulation and registries at the Superintendency of Securities and has spent 14 years at the central bank in banking supervision and regulatory roles.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-14•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay’s Securities Superintendency has made a competency exam mandatory for applicants seeking registration as securities advisers. Candidates must first submit their application through the HRA electronic platform. Exams are scheduled every two months from February to December, with the first sitting on 3 February 2025.
Policy & regulation Rules & requirements Licence approval
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2025-01-14•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia participated in a virtual meeting chaired by the Ministry of Economy and Finance to review a draft Prakas for a code of conduct for valuers and real estate agents. The meeting included representatives from the Real Estate Business and Pawnshop Regulator and other FSA regulators.
Policy & regulation Rules & requirements Other
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2025-01-14•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Russia sanctions notice designating PJSC SURGUTNEFTEGAS and GAZPROM NEFT under the UK's Russia (Sanctions) (EU Exit) Regulations 2019. Firms must freeze any related funds or assets and report findings to the States of Guernsey Policy & Resources Committee. The notice prohibits making funds available to designated parties unless a permitted derogation or licence is in place, requiring firms to notify the Commission and submit a detailed report on affected relationships.
Policy & regulation Guidance & interpretation New sanctions designations
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2025-01-14•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Venezuela sanctions notice designating 16 individuals under the Venezuela (Sanctions) (EU Exit) Regulations 2019, subjecting them to an asset freeze in the Bailiwick of Guernsey. Businesses must verify relationships with these individuals, freeze related assets, and report findings to the States of Guernsey Policy & Resources Committee. Firms must also notify the Commission and provide a report under Handbook Rule 12.37 after statutory reporting.
Policy & regulation Rules & requirements New sanctions designations
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2025-01-14•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario imposed CAD 20,000 in penalties on Patricia Porretta for unlicensed mortgage dealing and providing false information. The penalties relate to breaches of the Mortgage Brokerages, Lenders and Administrators Act, 2006. Porretta's request for a hearing was dismissed by the Financial Services Tribunal due to non-compliance with its schedule.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-01-14•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission issued an investor notice urging bondholders of six Richy Place 2002 Public Company Limited bond series to review information and exercise their rights at an upcoming e-meeting. Proposals include revising repayment terms, extending maturity by two years, and adjusting interest rates. The SEC mandates a clear analysis from bondholder representatives on the implications of these proposals.
Policy & regulation Guidance & interpretation Corporate governance
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2025-01-14•Vietnam•State Bank of Vietnam
The State Bank of Vietnam branches in Hai Duong and Dak Lak reviewed 2024 banking activities and outlined 2025 work programmes, noting increased deposits and credit with low non-performing loan ratios. In Hai Duong, mobilised funds rose to VND 213.165 trillion and credit to VND 152.383 trillion, while Dak Lak saw funds reach VND 96.537 trillion and loans VND 168.595 trillion. Provincial leaders emphasized continued credit support for priority sectors and digital transformation, commending contributions to social policy credit.
Supervision Risk monitoring & watch points Other
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2025-01-14•Global•Global Legal Entity Identifier Foundation
The Global Legal Entity Identifier Foundation and the United Kingdom's Companies House have initiated embedding direct URLs in Legal Entity Identifier records for UK companies to streamline due diligence processes and enhance global discoverability, especially for SMEs.
Policy & regulation Implementation, projects & pilots Other
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2025-01-14•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial & Consumer Services Commission has issued a Notice and Request for Comments on proposed Local Rule 81-512, concerning the rescission of mutual fund security purchases. The document is available on the Securities Division Regulatory Instruments section of its website.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-01-14•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee has established a Monetary Policy, Treasury Market Resilience, and Economic Prosperity Task Force for the 119th Congress, chaired by Rep. Frank Lucas. It will hold hearings on monetary policy, review the Federal Reserve's role, and assess fiscal and monetary policies' impact on U.S. Treasury debt markets. Members include Reps. Bill Huizenga, Andy Barr, Marlin Stutzman, Scott Fitzgerald, Mike Flood, Monica De La Cruz, and Troy Downing.
Policy & regulation Reform agendas & priorities
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2025-01-14•United States•U.S. Financial Services Committee
U.S. House Financial Services Committee Chairman French Hill announced subcommittee leadership and Republican member assignments for the 119th Congress, covering capital markets, financial institutions, and digital assets. Key appointments include Ann Wagner as Chair of Capital Markets and Andy Barr as Chair of Financial Institutions. The Committee's priorities include regulatory framework development, consumer and investor protection, and agency accountability.
Institutional development Leadership change & appointments Fintech and insurtech Artificial intelligence
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2025-01-14•Iceland•Central Bank of Iceland
The Central Bank of Iceland released its Monetary Policy Committee report to Parliament, detailing activities from July to December 2024, including three regular meetings, with the latest on 20 November 2024. The report, mandated biannually under the Act on the Central Bank of Iceland, is reviewed by a parliamentary committee.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
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2025-01-14•Finland•Finanssivalvonta
Finland's Financial Supervisory Authority reported excellent motor liability insurance profitability in 2023, with EUR 754 million in premiums and a EUR 377 million profit, the highest in five years. This was driven by a positive underwriting result of EUR 198 million and an investment result of EUR 179 million, though adjusted underwriting results declined due to increased claims and expenses. Market concentration remained high, with the top four companies holding nearly 90% of premiums.
Data & statistics Financial and market indicators Supervisory data
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2025-01-14•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation published a speech by Chairman Martin J. Gruenberg, reviewing historical banking crises and identifying recurring stress drivers like interest rate risk, uninsured funding, and regulatory shortcomings. Gruenberg linked these crises to policy choices and reforms, highlighting deregulatory measures and inadequate supervision. He noted recent failures like SVB and Signature were partly due to high uninsured deposits and post-2018 regulatory rollbacks, with subsequent measures including a resolution planning rule and proposals for minimum long-term debt requirements.
Policy & regulation Reform agendas & priorities Financial stability and systemic risk Prudential risks
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2025-01-14•Iceland•Central Bank of Iceland
The Central Bank of Iceland's Monetary Policy Committee has submitted its biannual report to Parliament, detailing its activities from July to December 2024, including three regular meetings, the last of which occurred on 20 November 2024.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
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2025-01-14•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) will publish the certificate for the Conventional Current and Maximum Interest Rates in the Official Gazette on 15 January. As mandated by Law No. 18.010, this information is also available on the CMF's website to ensure transparency and timeliness.
Policy & regulation Implementation, projects & pilots Financial and market indicators
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2025-01-14•Chile•Chile Financial Market Commission
Chile's Financial Market Commission (CMF) filed charges with the Public Prosecutor's Office against individuals for disclosing confidential information from the CMF Investigation Unit's sanctioning procedure concerning the Structured Capital I investment fund. The CMF emphasized that such disclosures are criminal offenses under the CMF Act, punishable by fines and imprisonment. This is the third complaint related to the same procedure, with previous filings in October and December 2024.
Enforcement Investigations & enforcement actions Other
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2025-01-14•United States•Federal Reserve Board
The Federal Reserve Board's FEDS Note analyzes the U.S. manufacturing construction boom, noting a surge in planning before construction starts. Using Dodge Data & Analytics microdata, it shows planning peaked around the CHIPS and Science Act and Inflation Reduction Act enactments, with many projects still in planning amid volatility. The note highlights uncertainty about older plans and suggests monitoring planning activity as a leading indicator of nonresidential structures investment.
Research Market development
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2025-01-14•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) has initiated a review of two sports contracts self-certified by the North American Derivatives Exchange, Inc. (Nadex), operating as Crypto.com. The contracts, which are cash-settled and binary, may involve activities under CFTC Regulation 40.11(a) and section 5c(c)(5)(C) of the Commodity Exchange Act. Nadex has been requested to suspend listing and trading of these contracts during the review.
Supervision Interventions Trading
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2025-01-14•United States•Federal Reserve Board
The Federal Reserve Board and other agencies issued guidance for financial institutions affected by California wildfires and winds. It supports prudent loan modifications without examiner criticism if compliant with U.S. accounting standards and allows expedited requests for temporary facilities. Regulators won't penalize institutions unable to meet reporting requirements due to the disaster and highlight potential Community Reinvestment Act considerations for qualifying activities.
Policy & regulation Guidance & interpretation Operational risk and resilience
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2025-01-14•Global•Financial Stability Board
The Financial Stability Board has published a report on how firms’ climate transition planning and transition plans can support financial stability monitoring. The report finds that transition plans can enhance firms’ risk management, inform investment decisions and help authorities monitor climate-related risks, but their current use for financial stability and macroprudential assessments is limited by restricted coverage, inconsistent methodologies, and uneven data and metrics. It calls for broader adoption and further standardisation by international organisations and standard setters to improve their usability for financial authorities.
Policy & regulation International standards & recommendations Climate risk and sustainable finance
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2025-01-14•Russia•Central Bank of Russia
The Central Bank of Russia reported December 2024 monitoring results of maximum interest rates on ruble deposits from the 10 largest credit institutions by household deposits. The average maximum rates were 22.08% in early December, 22.28% mid-month, and 21.69% at month's end. Rates varied by maturity, with the highest at 21.34% for 181 days to one year.
Data & statistics Financial and market indicators
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2025-01-14•China•China Securities Regulatory Commission
China Securities Regulatory Commission Chair Wu Qing and UK Financial Conduct Authority Chief Executive Nikhil Rathi met in Beijing to discuss capital market connectivity, sustainable finance, and investor protection.
Policy & regulation Cooperation Cross-border cooperation
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2025-01-14•United States•U.S. Securities & Exchange Commission
SEC Chair Gary Gensler, in his final town hall speech, reflected on the SEC's investor protection mission and recent regulatory efforts. Achievements include 2,700 enforcement cases, USD 2.7 billion in public returns, and 46 finalized rules impacting the USD 60 trillion equity and USD 28 trillion Treasury markets. Initiatives highlighted include a one-day settlement cycle, enhanced governance and insider trading controls, cybersecurity and climate risk disclosures, and reforms in money market and private funds sectors.
Policy & regulation Guidance & interpretation Other
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2025-01-14•United States•U.S. Securities & Exchange Commission
The SEC settled charges against investment adviser representatives Tamir Shabat, Danny Z. Spiegel, and Joseph J. Orlando, Jr. for acting as unregistered brokers, violating Section 15(a) of the Securities Exchange Act. They agreed to pay nearly USD 540,000 in penalties and suspensions. VCP Financial LLC was censured and fined USD 100,000 for misleading disclaimers and conflict-of-interest issues under Section 206(2) of the Investment Advisers Act.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-01-14•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission charged Navy Capital Green Management, LLC with misrepresenting its anti-money laundering due diligence to private fund investors and related compliance failures, settling for a USD 150,000 civil penalty. The firm falsely claimed voluntary AML compliance and failed to perform due diligence, leading to asset freezes by a foreign court. Navy Capital agreed to a cease-and-desist order, censure, and the penalty without admitting or denying findings.
Enforcement Investigations & enforcement actions AML and CFT Compliance
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2025-01-14•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission announced the retirement of Chief Accountant Paul Munter, effective January 24, 2025. During his tenure, Munter oversaw the SEC's engagement with the Financial Accounting Standards Board and the Public Company Accounting Oversight Board, contributing to key standards updates and publishing 22 statements on various financial reporting topics.
Institutional development Leadership change & appointments Accounting and financial reporting
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2025-01-14•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency penalized three former Wells Fargo executives for unsafe banking practices related to systemic sales misconduct. Claudia Russ Anderson received a prohibition order and a USD 10 million penalty, while David Julian and Paul McLinko were issued cease-and-desist orders with penalties of USD 7 million and USD 1.5 million, respectively. These actions conclude the OCC's proceedings against 11 individuals, following prior resolutions with eight other former executives.
Enforcement Investigations & enforcement actions Corporate governance
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2025-01-14•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency and other regulators issued a statement on supervisory practices for financial institutions affected by California wildfires and winds. It supports prudent loan adjustments, flexibility on compliance issues, expedited approvals for temporary facilities, and potential Community Reinvestment Act consideration for qualifying activities in disaster areas.
Supervision Supervision approach, priorities & toolkit Operational risk and resilience Supervision process and methodologies
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2025-01-14•Luxembourg•Ministry of Finance (Luxembourg)
Luxembourg's Ministry of Finance reported that Finance Minister Gilles Roth visited China and Hong Kong to strengthen financial ties and engage with key stakeholders. The mission included meetings with Chinese financial leaders and concluded at the Asian Financial Forum in Hong Kong. The ministry noted that seven of China's largest banks have their European headquarters in Luxembourg.
Other Cross-border cooperation
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2025-01-14•South Korea•Bank of Korea
The Bank of Korea published its Loan Officer Survey detailing financial institution lending trends for Q4 2024 and lending outlook for Q1 2025. Further information is available in the accompanying document.
Data & statistics Lending
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2025-01-14•Luxembourg•Luxembourg Commissariat aux Assurances
Luxembourg's Commissariat aux Assurances issued Circular Letter 25/1 on the Digital Operational Resilience Act (DORA), including annexes with incident reporting templates in JSON and Excel formats.
Policy & regulation Guidance & interpretation Operational risk and resilience
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2025-01-14•Europe•Council of Europe
The Council of Europe’s MONEYVAL issued follow-up reports on Estonia and the Slovak Republic, assessing their compliance with FATF recommendations. Estonia showed improvement in implementing financial sanctions related to terrorism, achieving compliance on seven recommendations, while Slovakia made limited progress, remaining partially compliant on key areas. Both countries remain under enhanced follow-up, with further updates expected in 2025.
Policy & regulation Peer reviews and country evaluations AML and CFT
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2025-01-14•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission released November 2024 statistics for credit cards, cash cards, and electronic payment institutions, covering issuance, usage, balances, sales, write-offs, and delinquency ratios. Credit cards had 58.62 million effective cards with TWD 385.5 billion in monthly retail sales and a 0.29% delinquency ratio. Cash cards reported TWD 10.5 billion in loan balances with a 1.225% delinquency ratio, while electronic payments saw TWD 6.35 billion in monthly retail sales and TWD 28.79 billion in stored value funds.
Data & statistics Financial and market indicators Supervisory data
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2025-01-14•Peru•Superintendencia del Mercado de Valores de Peru
Peru's Superintendence of the Securities Market (SMV) launched the 26th edition of its Securities Market Specialization Programme, a free annual educational initiative conducted in person. The programme, organized with the Peruvian University of Applied Sciences, includes 13 courses, workshops, and conferences, and will run until 28 March 2025. This year's cohort consists of 32 participants, including 28 university students and four SMV staff.
Financial literacy & education Financial literacy and education
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2025-01-14•Europe•Single Resolution Board
The Single Resolution Board (SRB) finalized decisions that no compensation is due to shareholders of Sberbank banka d.d. and Sberbank d.d., as they would have fared worse under normal insolvency proceedings. These decisions are based on independent post-resolution valuations and the SRB's assessment of submissions from a "right to be heard" process. The resolution actions involved transferring all shares to Hrvatska Poštanska Banka d.d. and Nova Ljubljanska Banka d.d.
Policy & regulation Guidance & interpretation Recovery and resolution
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2025-01-13•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua's third quarter 2024 report details total external debt at USD 15,729.1 million, with public sector debt at 55.6% and private sector debt at 44.4%. Disbursements reached USD 897.7 million, predominantly from private creditors, while external debt service payments totaled USD 934.2 million. The report also noted average maturity and interest rates for long-term private and public external debt.
Data & statistics Balance of payments and other external statistics
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2025-01-13•France•France Autorite des marches financiers
France's Autorité des marchés financiers (AMF) released a study on the performance of funds investing in unlisted financial assets, such as private equity and private debt, marketed to non-professional clients. This comprehensive analysis, the first of its kind in France, examines historical performance and various quantitative indicators, excluding real estate funds.
Research Other
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2025-01-13•Chile•Ministry of Finance (Chile)
Chile’s Ministry of Finance introduced the first National Financial Inclusion Strategy to enhance access to quality financial and pension products for prioritised groups. Objectives include improving public trust, addressing infrastructure gaps, enhancing consumer protection, and tailoring measures for underserved segments. The Financial Market Commission, Central Bank, and National Consumer Service supported the initiative, launching strategies to engage public, private, and civil-society actors.
Policy & regulation Reform agendas & priorities Financial inclusion
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2025-01-13•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority hosted a panel at the Asian Financial Forum discussing insurance's role in supporting the ageing population and the silver economy. The session addressed demographic trends, current insurance solutions, and challenges from local and cross-border perspectives, emphasizing collaboration in the Greater Bay Area and enhancing insurance literacy and retirement planning.
Financial literacy & education Other
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2025-01-13•Colombia•Central Bank of Colombia
The Central Bank of Colombia’s Board of Directors released Bulletin 02 of 2025, detailing the Unidad de Valor Real (UVR) values for 16 January to 15 February 2025, pursuant to External Resolution No. 13 of 2000.
Data & statistics Other
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2025-01-13•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has initiated a trial phase for its e-services portal, eSAMA, offering electronic access to 23 services for individuals, government entities, and businesses. The platform aims to automate service delivery, enhance data protection, and provide a digital alternative to traditional methods. Additional services are expected to be added post-trial.
Policy & regulation Implementation, projects & pilots Fintech and insurtech Open banking and finance
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2025-01-13•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority released a Q&A to assist banks in applying rules for basic payment accounts, focusing on challenges faced by homeless and socially vulnerable individuals. The guidance includes practical examples for customer identification and verification, aiming to enhance financial inclusion. The Q&A was developed with input from organizations supporting these groups and Finans Danmark.
Policy & regulation Guidance & interpretation Financial inclusion
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2025-01-13•Belgium•Belgium Financial Services and Markets Authority
The National Bank of Belgium and the Belgium Financial Services and Markets Authority released their fifth joint report on asset management and non-bank financial intermediation (NBFI), noting limited risks but emphasizing continued monitoring due to international vulnerabilities. NBFI assets are estimated at EUR 172 billion, 29% of GDP, highlighting the small scale of the Belgian NBFI sector compared to global and EU aggregates. Authorities stress the importance of European and international regulatory efforts to manage liquidity, leverage, and interconnectedness risks.
Supervision Risk monitoring & watch points Asset quality Financial stability and systemic risk
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2025-01-13•Australia•Australian Securities & Investments Commission
ASIC is consulting on extending conditional relief for business introduction services, expiring 1 April 2025, for managed investment schemes and possibly reinstating relief for securities offers. The current relief, under ASIC Corporations Instrument 2022/805, exempts certain Corporations Act 2001 requirements but not financial services licensing. ASIC seeks input on reinstating Chapter 6D relief for securities and the adequacy of the crowd-sourced funding regime.
Policy & regulation Rules & requirements Crowdfunding
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2025-01-13•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission’s Enforcement Committee has revoked Hub Investments Ltd's Global Business Licence and Investment Dealer Licence due to non-compliance with regulatory requirements. Effective 26 November 2024, the revocation was based on multiple breaches of the Financial Services Act, Financial Intelligence and Anti-Money Laundering Act, and related regulations. Hub Investments is directed to proceed with an orderly dissolution and discharge of liabilities under the Insolvency Act.
Enforcement Investigations & enforcement actions AML and CFT Compliance
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2025-01-13•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has initiated a trial phase of its e-services portal, eSAMA, offering 23 services to individuals, government entities, and businesses. These services include personal data rights, Regulatory Sandbox applications, Open Banking access requests, and no-objection submissions for senior leadership appointments. SAMA plans to expand the portal with additional services in the future.
Policy & regulation Implementation, projects & pilots Fintech and insurtech Open banking and finance
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2025-01-13•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets fined flatexDEGIRO Bank AG EUR 85,000 for a 2019 transaction reporting breach by DeGiro B.V., acquired by flatexDEGIRO in 2021. The initial fine of EUR 1,000,000 was reduced by the District Court of Rotterdam on proportionality grounds and further due to court-related delays. The AFM's decision is now final and cannot be appealed.
Enforcement Investigations & enforcement actions
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2025-01-13•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
MONEYVAL's follow-up report shows Estonia improved its implementation of targeted financial sanctions related to terrorism, upgrading compliance with FATF Recommendation 6 to largely compliant. Despite enhancements in its sanctions regime and guidance for virtual asset service providers, Recommendations 7 and 15 remain partially compliant. Estonia is compliant on seven FATF recommendations, largely compliant on nineteen, and partially compliant on fourteen, and remains under enhanced follow-up.
Policy & regulation Peer reviews and country evaluations AML and CFT
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2025-01-13•Costa Rica•Central Bank of Costa Rica
Costa Rica's General Superintendency of Securities has mandated Transcomer Puesto de Bolsa de Comercio S.A. to seek public offering authorization and register its MACAB products in the National Register of Securities and Intermediaries, as they qualify as securities under the Securities Market Regulatory Law. An appeal by Transcomer was rejected by the National Council for Supervision of the Financial System, and a clarification request was deemed inadmissible. Transcomer operates on Bolsa de Comercio, S.A., regulated by the Central Bank.
Supervision Authorisations & approvals Securities offerings and listings
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2025-01-13•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) and the Federation of Pakistan Chambers of Commerce and Industry hosted a seminar in Islamabad to promote corporatization and discuss SECP's digitization initiatives. SECP officials detailed the regulator's functions, company incorporation process, and facilitation measures for businesses. The seminar included interactive discussions on SECP's digitization efforts and their impact on business operations and corporate governance.
Policy & regulation Guidance & interpretation Corporate governance
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2025-01-13•China•Central Bank of the Republic of China
The People's Bank of China and the State Administration of Foreign Exchange have increased the macroprudential adjustment parameter for cross-border financing from 1.5 to 1.75. This adjustment aims to enhance macroprudential management, expand funding sources, and guide optimization of asset and liability structures for enterprises and financial institutions. The new parameter is effective from 13 January 2025.
Policy & regulation Rules & requirements Cross-border payments Macroprudential policy and tools
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2025-01-13•China•Central Bank of the Republic of China
The People’s Bank of China, with the Hong Kong Monetary Authority and securities regulators, outlined measures to enhance financial cooperation and support Hong Kong's role as an international financial centre. Initiatives include developing the offshore renminbi market, enhancing market connectivity, and expanding payment settlement systems. Measures involve a CNY 100 billion renminbi trade finance liquidity facility, a CNY 800 billion swap arrangement, and introducing offshore bond repurchase transactions under Bond Connect.
Policy & regulation Reform agendas & priorities Other
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2025-01-13•United States•National Credit Union Administration
The National Credit Union Administration has appointed Julie Cayse as regional director for its Western Region, effective January 12. She will oversee examination and supervision for all federally insured credit unions in 21 states and territories, including Alaska, California, and Hawaii. Cayse previously served as associate regional director of operations for the Western Region.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-13•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York's December 2024 Survey of Consumer Expectations showed stable short-term inflation expectations, increased medium-term expectations, and decreased long-term expectations. Labor market sentiment softened, with lower perceived job loss probabilities and voluntary separations, but a significant drop in the perceived likelihood of finding a job after a loss. Expected income growth decreased to 2.8%, while spending growth expectations rose to 4.8%, alongside deteriorating credit access and a higher perceived probability of missing debt payments.
Data & statistics Economic data and developments
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2025-01-13•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York has appointed Pat Wang as chair and Dr. Rajiv Shah as deputy chair of its Board of Directors. Wang, CEO of Healthfirst, has been a Class C director since January 2023, while Shah, president of The Rockefeller Foundation, joined as a Class C director in January 2024.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-13•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York announced the appointment of Patricia White as a Class C director on its Board of Directors for a three-year term ending December 31, 2027. Class C directors represent public interests. White brings extensive experience in union governance and trustee roles.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-13•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners issued guidance on additional living expenses (ALE) coverage in homeowners policies, highlighting its role in covering temporary costs when a home becomes unlivable due to a covered disaster. ALE reimburses the difference between normal and temporary living expenses, such as hotel or rental costs and meals, and may have dollar or time limits. Policyholders should verify these limits with their insurer and seek assistance from their state department of insurance if needed.
Policy & regulation Guidance & interpretation Other
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2025-01-13•Lithuania•Bank of Lithuania
The Bank of Lithuania reported a EUR 5.0 million deficit in Lithuania's balance of payments for November 2024, transitioning from a surplus in October. This change was primarily due to a deficit in the primary income balance and a significant drop in the services surplus. The foreign trade deficit narrowed, while net financial account investment was negative, driven by negative net flows in direct and other investments.
Data & statistics Balance of payments and other external statistics
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2025-01-13•Portugal•Bank of Portugal
The Bank of Portugal, in collaboration with the Portuguese Securities Market Commission and the Insurance and Pension Funds Supervisory Authority, has launched the sixth edition of Portugal FinLab. Applications are open for projects to be reviewed by the three regulators, with a maximum of five projects selected for analysis and feedback.
Supervision Innovation & testing Fintech and insurtech
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2025-01-13•Sweden•Riksbank
Sweden's Riksbank commentary on labour market "matching" notes a decline in efficiency post-2009 crisis and 2020 pandemic, with partial recovery not reaching pre-pandemic levels. This is attributed to shifts in unemployment composition, particularly more foreign-born workers and lower job-finding rates. Despite high unemployment, employment remains robust, with foreign-born employment above pre-pandemic levels, suggesting an overly negative view if focusing solely on unemployment.
Research
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2025-01-13•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking to ban terms in consumer finance contracts that waive legal rights or suppress speech. The proposal targets provisions bypassing federal or state laws, restricting unilateral contract amendments, and codifying bans on "confessions of judgment." It aims to enhance accountability by allowing state Attorneys General to enforce these prohibitions against national banks.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-01-13•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau's report reveals widespread use of buy now, pay later (BNPL) loans in 2022, with significant activity among consumers with subprime credit scores. It highlights that 21.2% of consumers financed purchases with BNPL loans, with 63% taking multiple loans simultaneously and 33% borrowing from multiple lenders. BNPL usage is linked to higher balances on other unsecured debts, particularly among younger borrowers aged 18 to 24.
Research BNPL
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2025-01-13•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 revoked the licence of FinansInvest Microfinance Organization LLP for systematic non-compliance with regulatory instructions. The firm must re-register, reorganise, or liquidate within 30 days. Clients remain liable for any breaches under existing microcredit agreements.
Supervision Authorisations & approvals Licence withdrawal
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2025-01-13•Gibraltar•Gibraltar Financial Services Commission
The Gibraltar Financial Services Commission announced the publication of the Financial Services (Amendment No.2) Act 2024.
Policy & regulation Rules & requirements Other
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2025-01-13•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 Kazakhstan has partnered with Almaty Management University to deliver educational programs in finance, IT, and risk management, and to collaborate on research and professional events. The agreement emphasizes involving AlmaU students and faculty in developing digital products for the financial regulator. Several joint projects are already in progress with practical application potential.
Institutional development Cooperation & capacity building Other
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2025-01-13•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 removed four collector agencies from the registry due to inactivity for 12 consecutive months. Under Article 9 of Kazakhstan’s Law on Collection Activity, these agencies must re-register to remove references to "collector agency" from their names and notify relevant creditors and counterparties within specified timeframes.
Supervision Authorisations & approvals Licence withdrawal
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2025-01-13•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong reported on the 18th Asian Financial Forum, highlighting People’s Bank of China Governor Pan Gongsheng's support for Hong Kong as an international financial centre. Priorities include enhancing Hong Kong's capital market, offshore renminbi hub, asset management, and financial stability. The forum features discussions on innovation, digital transformation, generative AI, and sustainable finance.
Policy & regulation Reform agendas & priorities Market development
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2025-01-13•United States•Federal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond announced its 2025 board appointments, naming Lisa M. Hamilton as chair and Halsey M. Cook Jr. as deputy chair. James F. Goodmon Jr. and Leslie D. Hale were designated chairs of the Charlotte and Baltimore boards, respectively. William H. Rogers Jr. was appointed as the Fifth District representative to the Federal Advisory Council.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-13•United States•Federal Reserve Bank of Minneapolis
The Federal Reserve Bank of Minneapolis announced the election of Laura Clark and Andrea Walsh to its board of directors, effective January 1, 2025. Clark, president and CEO of Opportunity Bank, will serve as a Class A director, while Walsh, president and CEO of HealthPartners, will serve as a Class B director. They replace outgoing directors Jeanne Crain and Sarah Walsh.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-13•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) released draft amendments to enhance customer service channels for pension fund administrators (AFPs). The proposal mandates AFPs to adopt technology-driven service models, enabling procedures without branch visits, and requires clear communication about service channels and third-party intermediaries.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-01-13•Honduras•Ministry of Finance (Honduras)
Honduras’ Ministry of Finance announced that an independent review by Sustainalytics confirmed the allocation of proceeds from the country's first green, social, and sustainable thematic bond, issued in November 2024 for USD 700 million, was consistent with the bond’s criteria and international guidelines. The review aligned with the Republic of Honduras’ Bond Framework and received support from the World Bank and European Union funding.
Policy & regulation Implementation, projects & pilots Climate risk and sustainable finance
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2025-01-13•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission, in collaboration with the People’s Bank of China and the Hong Kong Monetary Authority, will allow offshore investors to use onshore RMB bonds as margin collateral for eligible derivative transactions cleared at OTC Clearing Hong Kong Limited. This initiative aims to enhance RMB bonds' efficiency as non-cash collateral, reduce liquidity costs, and bolster Hong Kong's position as an offshore RMB hub. Further details are pending regulatory review.
Policy & regulation Rules & requirements Cross-border cooperation
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2025-01-13•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) has launched the sixth edition of Portugal FinLab, inviting firms to submit innovation projects for regulatory analysis and feedback. The launch event in Lisbon featured participation from CMVM, the Bank of Portugal, and the Insurance and Pension Funds Supervisory Authority. Selected projects will receive a report with regulatory conclusions and a final meeting for discussion.
Supervision Innovation & testing Fintech and insurtech
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2025-01-13•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) released the December 2024 monthly benchmarks for securities investment funds.
Data & statistics Financial and market indicators
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2025-01-13•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has licensed Land Bank of Taiwan Co., Ltd to operate in Australia as a foreign authorised deposit-taking institution under the Banking Act 1959. APRA's updated register of authorised deposit-taking institutions is accessible on its website.
Supervision Authorisations & approvals Licence approval
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2025-01-13•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission's 2025 outlook emphasizes implementing the Markets in Crypto-Assets Regulation (MiCA) and the Digital Operational Resilience Act (DORA), alongside digital transformation and sustainable investment disclosures. Effective January 2025, MiCA and DORA aim to enhance crypto-asset service provider authorisation and harmonize cybersecurity requirements. The outlook also notes geopolitical uncertainties and forecasts 2.8% growth and 2% inflation for Cyprus, with anticipated growth in green bonds and ESG equities.
Supervision Supervision approach, priorities & toolkit
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2025-01-13•Belgium•National Bank of Belgium
The National Bank of Belgium and the Financial Services and Markets Authority released their fifth joint report on asset management and non-bank financial intermediation, noting limited risks but highlighting vulnerabilities from international events. Non-bank financial intermediation assets are estimated at EUR 172 billion, about 29% of GDP. The report emphasizes ongoing monitoring as the European Savings and Investment Union evolves, with plans to engage in international efforts to refine risk assessments and regulatory frameworks.
Supervision Risk monitoring & watch points Asset quality
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2025-01-13•Belgium•National Bank of Belgium
The National Bank of Belgium and the Financial Services and Markets Authority's updated report assesses risks in Belgian asset management and non-bank financial intermediation as limited. A measure focused on credit intermediation risks puts Belgian non-bank financial intermediation assets at EUR 172 billion, or 29% of gross domestic product, at the end of 2023. Vulnerabilities abroad involving liquidity, leverage and financial system interconnectedness underscore the need to follow up international regulatory work as the European Savings and Investment Union develops.
Supervision Risk monitoring & watch points Financial stability and systemic risk Liquidity risk Consumer and investor protection
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2025-01-13•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) has issued an alert regarding a fraudulent website and internet banking login screen linked to Nanyang Commercial Bank, Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
Supervision Alerts Fraud and scams
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2025-01-13•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Customers who interacted with the fraudulent site are advised to contact the bank and report to the Police.
Supervision Alerts Fraud and scams
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2025-01-13•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the People’s Bank of China announced measures to enhance financial market connectivity between Hong Kong and the Mainland, including a new RMB Trade Financing Liquidity Facility for Hong Kong banks. Key initiatives involve enhancements to Bond Connect, offshore RMB liquidity tools, and cross-boundary payment arrangements. The measures aim to facilitate RMB funding, expand settlement options, and improve remittance services.
Policy & regulation Implementation, projects & pilots Cross-border cooperation Payments and payment systems
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2025-01-13•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a public alert regarding a fraudulent website linked to Bank of Communications (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. It advised affected individuals to contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
Supervision Alerts Fraud and scams
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2025-01-13•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to the Bank of East Asia. The HKMA reminded customers that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
Supervision Alerts Fraud and scams
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2025-01-13•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) has introduced an arrangement for Northbound Bond Connect participants to conduct offshore renminbi (RMB) bond repurchase transactions in Hong Kong using onshore bonds as collateral. It involves 11 designated Primary Liquidity Providers as market makers, with transactions executed bilaterally OTC or via existing platforms. The HKMA will monitor transactions and adjust the arrangement post-launch, with further operational details provided by the Central Moneymarkets Unit (CMU).
Policy & regulation Implementation, projects & pilots Cross-border payments
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2025-01-13•United States•Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco announced new appointments to its Head Office Board of Directors for 2025, effective 1 January. Pallavi Mehta Wahi, Jeff Newgard, and Jack Sinclair join as new directors, while Russell A. “Chip” Childs is designated as chair and Mehta Wahi as deputy chair. The board consists of nine directors divided equally among Class A, B, and C.
Institutional development Leadership change & appointments Leadership change and appointments