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2025-01-09•Canada•New Brunswick Financial & Consumer Services Commission
The Financial and Consumer Services Commission of New Brunswick has initiated the mandatory annual reporting period under the Unclaimed Property Act, requiring entities to report unclaimed funds via FundsFinderNB.ca by March 31. Money is deemed unclaimed after three years of inactivity, or ten years for credit union accounts. The Commission continues its Compliance Awareness Program and reports over USD 2.1 million returned to owners and more than USD 35 million in unclaimed property.
Supervision Regulatory reporting
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2025-01-09•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee announced its Republican leadership for the 119th Congress, with Rep. Bill Huizenga as Vice Chairman and Rep. Mike Haridopolos as Committee Whip. Chairman French Hill outlined priorities, including regulatory changes for community banks, a digital assets framework, and enhanced agency focus on statutory mandates. Subcommittee chairs include Rep. Ann Wagner for Capital Markets and Rep. Bryan Steil for Digital Assets, Financial Technology, and Artificial Intelligence.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-09•Finland•Finanssivalvonta
Finland’s Financial Supervisory Authority (FIN-FSA) reported that the workers’ compensation insurance sector achieved its strongest total result in 2023 over five years, despite declining underwriting results. Premiums written in 2023 were EUR 554.5 million, a 2.5% decrease from 2022, while investment performance improved significantly from a EUR 191 million loss in 2022 to a EUR 197 million profit in 2023. Amendments to the Workers’ Compensation Act will require FIN-FSA to publish this statistical survey at least every three years starting 2025.
Data & statistics Financial and market indicators Supervisory data
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2025-01-09•Albania•Bank of Albania
The Bank of Albania, led by Governor Gent Sejko, held a roundtable with the banking sector to discuss priorities such as increased lending to viable projects, digital transformation, and SEPA membership. Emphasis was placed on enhancing digital banking solutions, addressing cybersecurity, and supporting SEPA transactions by 2025. A joint working platform will be established to advance these initiatives.
Policy & regulation Cooperation Market development Payments and payment systems
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2025-01-09•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization has launched a funding program for non-profit and charitable organizations to promote investor education and protection in Canada, focusing on underserved communities. Priority areas include low-income Canadians, racialized communities, youth, seniors, newcomers, LGBTQ2S+ individuals, and persons with disabilities. Grants will be funded from CIRO’s restricted fund, with distribution encouraged across provinces, including Indigenous and grassroots organizations.
Financial literacy & education Financial literacy and education
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2025-01-09•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) has proposed amendments mandating close-out requirements for investment dealers facing prolonged settlement failures at clearing agencies. Dealers must close fail-to-deliver positions within set timelines or face pre-borrow requirements. The consultation seeks stakeholder feedback on 16 questions, aligning with ongoing short selling reforms.
Policy & regulation Rules & requirements Trading
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2025-01-09•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) proposes amendments mandating close-out requirements for prolonged settlement failures at clearing agencies, seeking stakeholder feedback. Investment dealers must close fail-to-deliver positions within set timelines, with persistent failures leading to pre-borrow requirements. This follows a CIRO and Canadian Securities Administrators review of Canada's short selling framework, highlighting divergent stakeholder views and recommendations from the Ontario Capital Markets Modernization Taskforce.
Policy & regulation Rules & requirements Trading
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2025-01-09•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) has launched a funding program for non-profit and charitable organizations to enhance investor education and protection, focusing on underserved communities. The program prioritizes low-income Canadians, racialized communities, youth, seniors, newcomers, LGBTQ2S+ individuals, and persons with disabilities, with funding from CIRO’s restricted fund of monetary sanctions. CIRO encourages applications from Western and Eastern Canada, including Indigenous and grassroots organizations.
Policy & regulation Implementation, projects & pilots Financial literacy and education
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2025-01-09•Russia•Central Bank of Russia
The Central Bank of Russia reported on the outcomes of Russia's BRICS presidency, highlighting cooperation among BRICS central banks. Key achievements include developing cross-border settlement mechanisms, enhancing cyber and information security coordination, and advancing reforms to the BRICS Contingent Reserve Arrangement. Notable projects include a supranational payment platform and the first cross-border cyber drills.
Policy & regulation Cooperation Cross-border cooperation Payments and payment systems Regtech and suptech
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2025-01-09•Russia•Central Bank of Russia
The Central Bank of Russia will issue new 'Saint George the Victorious' investment coins on 10 January 2025, including a 3-ruble silver coin and a 50-ruble gold coin. Both coins feature the Russian Federation coat of arms and Saint George slaying a dragon, are minted in uncirculated quality, and are legal tender in Russia. Mintage is limited to 500,000 pieces each.
Policy & regulation Implementation, projects & pilots Other
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2025-01-09•Russia•Central Bank of Russia
The Central Bank of Russia and the Russian Ministry of Finance issued a joint letter clarifying how security issuers should restrict access to sensitive information, emphasizing balance between company and investor interests. The letter specifies that non-disclosure is permissible only under sanctions threats and discourages selective information withholding. It also provides examples of unjustified and lawful disclosure limitations.
Policy & regulation Guidance & interpretation Disclosures
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2025-01-09•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority has launched a Pensions Roundtable, inviting applications from pension industry leaders for two-year terms starting in May 2025. The roundtable aims to facilitate dialogue with the regulator to inform BCFSA’s regulatory initiatives and priorities. Membership will reflect the diversity of British Columbia’s pension industry, with appointments made through an open, transparent, merit-based process.
Institutional development Cooperation & capacity building Other
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2025-01-09•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) authorized 13 new CEDEAR programmes for ETFs based on indices listed abroad, under General Resolution No. 1030. These programmes cover sectors like biotechnology, real estate, health care, and technology, featuring products like iShares Core MSCI Europe ETF and Vanguard FTSE Developed Markets ETF. CEDEAR-to-share ratios range from 9/1 to 46/1, with issuance limits between 3,900,000 and 4,150,000 CEDEARs.
Supervision Authorisations & approvals Securities offerings and listings
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2025-01-09•Moldova•National Bank of Moldova
The National Bank of Moldova reported official reserve assets of USD 5,483.57 million as of 31 December 2024, marking a USD 202.55 million increase since 29 November 2024. This rise was driven by IMF disbursements and budget support from international entities, despite offsets from FX sale interventions and adverse exchange-rate movements. Cumulatively from end-2023, official reserve assets rose by USD 30.43 million, with net foreign assets increasing by USD 42.25 million.
Data & statistics Balance of payments and other external statistics
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2025-01-09•Moldova•National Bank of Moldova
The National Bank of Moldova, via Decision No. 301 of 28 November 2024, approved the calculation of base insurance premiums, adjustment coefficients, and reference premiums for compulsory motor third-party liability insurance, effective 14 January 2025.
Policy & regulation Rules & requirements Other
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2025-01-09•Maldives•Maldives Monetary Authority
The Maldives Monetary Authority (MMA) requires non-tourism entities, excluding financial institutions, with earnings of at least USD 15 million in the past year to register under the Foreign Currency Act (32/2024) for foreign currency reporting. This registration, effective from 1 January 2025, is to be completed via the MMA FX Portal Registration Form.
Policy & regulation Rules & requirements Foreign exchange policy and markets
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2025-01-09•Europe•European Central Bank
European Central Bank Executive Board member Piero Cipollone emphasized Europe's competitiveness issues, focusing on technology and finance rather than manufacturing costs. He warned against monetary policy overly focused on future inflation amid weak demand and underinvestment. Cipollone linked the digital euro project to reducing reliance on non-European payment providers, noting card payments often depend on them. He highlighted a significant investment shortfall in the euro area, with GDP projections revised down and investment levels expected to remain below 2023 levels by 2026.
Monetary policy Monetary policy assessments & outlooks Fintech and insurtech Artificial intelligence Payments and payment systems
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2025-01-09•Europe•European Central Bank
The European Central Bank's Economic Bulletin highlights energy price shocks' impact on EU corporate investment, revealing reduced fixed capital and R&D expenditures, especially in energy-intensive and financially constrained firms. A 1% rise in the energy producer price index leads to a 2.9% immediate drop in capital expenditure and a 0.85% decline in R&D spending. The study underscores the EU's vulnerability to energy pricing dynamics, with significant implications for productivity and competitiveness.
Research
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2025-01-09•Europe•European Central Bank
The European Central Bank's Economic Bulletin examines the sharp rise in US equity prices since early 2023, driven by market concentration, optimistic earnings expectations, and compressed equity risk premia. The "Magnificent Seven" tech firms now represent about one-third of S&P 500 market capitalisation, trading at elevated valuations. The ECB warns that high valuations and concentration increase vulnerability to adverse shocks and macroeconomic changes.
Research Market risk and volatility
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2025-01-09•Caribbean•Caribbean Financial Action Task Force (CFATF)
The Caribbean Financial Action Task Force released the outcomes of its 59th plenary, centered on approval of the mutual evaluation reports for Belize and Montserrat under the FATF fourth-round methodology. The reports will be published after the post-plenary quality and consistency process in the first quarter of 2025. The meetings also covered transaction-suspension practices, a regional terrorist financing risk assessment and follow-up reviews, including technical compliance re-ratings for Saint Lucia and Suriname.
Policy & regulation Peer reviews and country evaluations AML and CFT Supervision process and methodologies
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2025-01-09•Denmark•National Bank of Denmark
The National Bank of Denmark's lending survey revealed increased loan demand from banks' and mortgage institutions' existing private customers in Q4 2024. Average monthly loan disbursements rose to DKK 39.8 billion, driven by falling lending rates and heightened housing market activity. One-third of institutions anticipate further demand growth in Q1 2025.
Data & statistics
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2025-01-09•Denmark•National Bank of Denmark
Danmarks Nationalbank has contracted Spain’s Fábrica Nacional de Moneda y Timbre – Real Casa de la Moneda to produce Danish coins for four years, following an EU tender. The selection was based on price, quality, and corporate social responsibility, with initial orders for 1, 2, 5, 10, and 20 kroner coins. The first coins are expected to circulate in late 2025.
Institutional development Procurement Outsourcing and third-party risk management
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2025-01-09•Taiwan•Taiwan Financial Services Commission
Taiwan's Financial Supervisory Commission reported domestic banks' outstanding loans to SMEs reached NT$10,266.8bn at end-November 2024, a slight increase from the previous month. SME loans comprised 64.55% of total enterprise loans and 68.21% of private enterprise loans, with a non-performing loan ratio of 0.24%. The Commission continues to encourage banks to expand SME lending while maintaining risk control and management.
Data & statistics Financial and market indicators Supervisory data
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2025-01-09•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic reported remittances reached USD 10.756 billion in 2024, a 5.9% increase from 2023, with the United States as the primary source. Broader external-sector estimates for 2024 included tourism receipts over USD 10.6 billion and foreign direct investment above USD 4.5 billion, contributing to total foreign-currency earnings of approximately USD 43.6 billion. The central bank projects remittance inflows of around USD 11.0 billion for 2025.
Data & statistics Balance of payments and other external statistics
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2025-01-08•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Markets Authority has launched a public consultation on a draft regulatory framework for depositary receipts in the Saudi capital market. The proposals aim to introduce depositary receipts as a new security type, allowing foreign companies to register and offer these instruments in Saudi Arabia, representing their shares listed abroad. The draft aligns registration and offering requirements with existing share offering frameworks, with related amendments to Tadawul and Edaa rules also open for consultation.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-01-08•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has licensed SEULAH ALAWLA Company to offer consumer microfinance solutions in Saudi Arabia, bringing the total number of SAMA-licensed consumer microfinance providers to seven and the overall number of licensed finance companies to 63. SAMA emphasized the importance of engaging only with authorized financial institutions.
Supervision Authorisations & approvals Licence approval
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2025-01-08•Europe•European Securities and Markets Authority
The European Securities and Markets Authority has released the 2024 European Single Electronic Format (ESEF) XBRL taxonomy files and an updated ESEF Conformance Suite to aid in implementing the ESEF Regulation. This package assists software vendors and issuers in preparing 2024 IFRS consolidated financial statements and supports EU issuers listed on US capital markets in meeting US SEC reporting requirements. The 2024 ESEF taxonomy includes updates from the IFRS Foundation and labels in all EU languages.
Policy & regulation Implementation, projects & pilots Regulatory reporting
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2025-01-08•Global•Financial Markets Standards Board
The Financial Markets Standards Board published an updated Statement of Good Practice on Front Office Supervision of Wholesale Traded Markets, detailing 15 good practice statements to address evolving regulatory challenges, new working practices, and technological changes. Key updates include clearer supervision frameworks, distinctions between supervision and controls, and guidance on managing conflicts of interest and supervisory data quality.
Policy & regulation Guidance & interpretation Supervision process and methodologies
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2025-01-08•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) released its quarterly Financial Saving and Financing report, detailing intermediation channels in the financial system as of June 2024. The report shows total financial saving at 90.1% of GDP (MXN 30.5 trillion) and total financing at 94.1% of GDP (MXN 31.9 trillion), with domestic private sector financing at 36.1% of GDP.
Data & statistics Financial and market indicators Supervisory data
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2025-01-08•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg's December 2024 consumer survey indicates a slight improvement in the consumer confidence indicator to -13 from -14 in November. While households' expectations for the general economic situation improved slightly, their outlook on personal financial situations worsened. However, perceptions of past financial situations and intentions for major purchases showed positive trends.
Data & statistics Economic data and developments
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2025-01-08•France•France Autorite des marches financiers
France's Financial Markets Authority awarded the 2024 Young Researcher in Economics prize to Maxime Bonelli for his innovative research on asset management, including AI integration and investment-adviser biases. The EUR 5,000 prize encourages financial economics research by scholars under 35 on regulation and market themes. Bonelli will present his work at the AMF Scientific Council meeting on 7 February 2025.
Other Fintech and insurtech Artificial intelligence
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2025-01-08•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority has issued a warning about phishing text messages impersonating FWD Life Insurance Company (Bermuda) Limited to extract personal or payment information. FWD confirmed no association with these messages, and the issue has been reported to the Hong Kong Police Force. The Authority advises affected individuals to contact FWD and report to the police.
Supervision Alerts Fraud and scams
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2025-01-08•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia released a year-end balance of the Colombian capital market, highlighting milestones in its ongoing reactivation efforts.
Data & statistics Other
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2025-01-08•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority reported on Zanzibar's insurance sector development, noting system upgrades for registration and fee monitoring, and opening a Pemba office to enhance insurance education. The 2023 Insurance Market Performance showed a 7.4% increase in Gross Premiums Written to TZS 1.24 trillion, a 34% rise in service providers, and a 25.5% increase in claims paid. The Insurance Commissioner emphasized the need for sustained 15% annual growth in insurance uptake to achieve a 50% target by 2050.
Policy & regulation Implementation, projects & pilots Market development
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2025-01-08•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has licensed SEULAH ALAWLA to offer consumer microfinance solutions, raising the total number of licensed finance companies to 63. This move aligns with SAMA's goals to enhance financial sector efficiency and promote innovative solutions for financial inclusion. SAMA advises customers to engage only with authorised institutions listed on its official website.
Supervision Authorisations & approvals Licence approval
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2025-01-08•Angola•Angola Insurance Authority (ARSEG)
The Angola Insurance Authority (ARSEG) conducted a ceremony for the transition of leadership, confirming Filomena Manjata as the new chair. She will be supported by board members Jesus Teixeira and Aldemiro Gonçalves.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-08•El Salvador•Superintendencia del Sistema Financiero de El Salvador
El Salvador's Superintendence of the Financial System announced the 2025 statutory deadlines for pension contributions under Article 21 of the Comprehensive Pension System Law. Payment due dates range from 15 January 2025 for December 2024 accruals to 12 December 2025 for November 2025 accruals.
Policy & regulation Rules & requirements Other
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2025-01-08•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has released a consultation paper to enhance the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Proposed changes include streamlined public announcement timelines, revised price determination criteria, and enhanced disclosure requirements. The paper also considers provisions on voluntary offers and mechanisms for indirect acquisitions.
Policy & regulation Rules & requirements Corporate governance
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2025-01-08•China•Central Bank of the Republic of China
The People's Bank of China and the Ministry of Ecology and Environment aim to enhance financial support for the "Beautiful China" agenda by standardizing green finance definitions, improving infrastructure, and developing a unified green finance support catalogue. Measures include expanding the national carbon market and aligning green finance standards with pollution control technology. Financial institutions are encouraged to expand green product offerings and align financing with key projects to improve environmental outcomes and support industrial transition.
Policy & regulation Reform agendas & priorities Climate risk and sustainable finance
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2025-01-08•Europe•European Banking Authority
The European Banking Authority released a consultation paper on draft Regulatory Technical Standards for calculating and aggregating crypto-asset exposures under the Capital Requirements Regulation (CRR 3). The draft aims to harmonize EU capital requirements for banks' crypto-asset exposures, aligning with the Markets in Crypto Assets Regulation (MiCAR) and the Basel standard. It addresses capital treatment for various risks, netting, hedging criteria, and valuation requirements for crypto-assets.
Policy & regulation Rules & requirements Prudential risks Stablecoins
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2025-01-08•T?rkiye•Capital Markets Board of Türkiye
The Capital Markets Board of Türkiye has amended its licensing and record-keeping framework, expanding the scope of individuals requiring licensing or notification to the Capital Markets Licensing Registry and Training Agency (SPL). Key changes include updated examination requirements, mandatory notifications for non-licensed reportable persons, and expanded definitions of licensed personnel to include outsourced service providers. The amendments took effect upon publication in the Official Gazette.
Policy & regulation Rules & requirements Licensing framework and process
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2025-01-08•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) recognized Financial Data Exchange, Inc. (FDX) as a standard-setting body under the Personal Financial Data Rights rule, allowing FDX to issue compliance standards. This marks the first such recognition under the rule, which mandates free data transfer at consumer request. The CFPB also updated procedures for companies seeking special regulatory treatment to enhance transparency and fairness.
Policy & regulation Guidance & interpretation Open banking and finance
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2025-01-08•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 appointed Rauan Serikovich Daukenov as an independent director and Bauyrzhan Yerlikbayevich Alimkulov as chief accountant in the securities market. These appointments were recorded in protocols dated 5 and 6 January 2025.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-08•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia announced that Deputy-Governor Primož Dolenc will assume leadership following the end of Governor Boštjan Vasle’s term. Dolenc will lead both the central bank and its Governing Board but will not have voting rights in the European Central Bank’s Governing Council meetings. The central bank emphasized the urgency of appointing a new governor to ensure full participation in monetary policy decisions.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-08•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has extended Santander Financial Services plc’s Financial Services Licence under section 7 of the Financial Services Act 2008. The extension includes class 2 investment business, covering sub-classes 3 and 5, effective immediately.
Supervision Authorisations & approvals Licence approval
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2025-01-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority has launched the Supervisory Incubator for Distributed Ledger Technology to aid banks in adopting DLT while managing associated risks. The initiative focuses on tokenised deposits and offers a platform for supervisory feedback and risk management validation. It also aims to promote industry best practices through guidance, sharing sessions, and research.
Supervision Innovation & testing Fintech and insurtech Supervision process and methodologies
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2025-01-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert about a fraudulent website linked to Dah Sing Bank, Limited. The HKMA emphasized that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who have interacted with the fraudulent site are advised to contact Dah Sing Bank and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-01-08•Global•Bank for International Settlements
The Bank for International Settlements' BIS Bulletin analyzes the macroeconomic effects of commodity price fluctuations and central banks' responses, especially during the 2021–22 energy and food price surge. It highlights supply-driven price increases as a risk for high inflation, mitigated by intense monetary tightening, and warns of future challenges from geopolitical and climate disruptions. The Bulletin advises caution against increasing tolerance for commodity-driven inflation, as it could undermine central banks' credibility in maintaining price stability.
Research Monetary policy operations Other
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2025-01-08•Europe•European Central Bank
The European Central Bank's Occasional Paper analyzes the interaction between climate transition policies and geoeconomic fragmentation (GEF), noting that uncoordinated national measures can worsen cross-border frictions and that GEF can impede the low-carbon transition. It identifies trade, investment, and regulatory spillovers as key channels and highlights the global lack of coordination in carbon pricing. The paper emphasizes the need for improved climate-policy modelling and detailed Inter-Country Input-Output tables to better understand these interactions.
Research Climate risk and sustainable finance
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2025-01-08•Europe•European Central Bank
The European Central Bank's Economic Bulletin notes the euro area household saving rate has risen since mid-2022 due to strong real income growth and cautious spending amid higher real interest rates. Despite increased incomes, consumption remains sluggish, with goods consumption below pre-pandemic levels and services consumption rising moderately. The saving rate is expected to stay elevated in the near term but may ease as interest rates moderate, potentially supporting future consumption momentum.
Research Other
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2025-01-08•Europe•European Central Bank
The European Central Bank's Economic Bulletin notes low short-term economic uncertainty in the euro area but high long-term policy-related uncertainty, affecting economic activity and investment. Policy-related measures, especially geopolitics and climate, exceed historical averages. Bayesian vector autoregression results show increased uncertainty typically reduces real GDP, consumption, and investment, except for geopolitical risk.
Research Economic data and developments
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2025-01-08•Europe•European Central Bank
The European Central Bank published research by a Young Economist Prize finalist on how working from home affects housing demand and inequality, using London as a case study. Remote work is linked to increased price and rent growth for larger homes farther from the city centre, with significant effects between workers in WFH-compatible and non-compatible occupations. A dynamic model simulates a permanent shift towards remote work, highlighting increased suburban prices, a widened housing-wealth gap, and welfare losses for non-WFH workers.
Research Other
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2025-01-08•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has granted a licence to Limited Liability Company Digital Payment to operate the Sendy payment system. This decision aligns with the laws governing the National Bank, permitting systems, and payment services in Tajikistan.
Supervision Authorisations & approvals Licence approval
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2025-01-08•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan reviewed 2024 banking and insurance results, noting improved indicators and expanded services, and set 2025 priorities. Key tasks include implementing the National Financial Inclusion Strategy, enhancing digital banking and insurance, and improving service quality and risk management. Additional goals involve reducing non-performing loans, boosting investment, and advancing cashless payments in services.
Policy & regulation Reform agendas & priorities Other
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2025-01-08•Global•GPFI
The G20 Global Partnership for Financial Inclusion (GPFI) released a policy note on financial well-being, endorsed by G20 Finance Ministers and Central Bank Governors. It introduces a shared definition and framework for financial well-being, linking financial sector policies to outcomes like financial inclusion and literacy. The note outlines an initial roadmap for developing a measurement framework, emphasizing the iterative nature of this process and the complementary roles of surveys and data.
Policy & regulation International standards & recommendations Financial inclusion Financial literacy and education
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2025-01-08•Jordan•Jordan Securities Commission
The Jordan Securities Commission signed a memorandum of understanding with the National Cybersecurity Center to enhance cybersecurity cooperation, including joint workshops, technical training, and improved information exchange, as part of its digital transformation agenda.
Institutional development Cooperation & capacity building Cyber resilience Domestic cooperation
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2025-01-08•South Africa•South African Reserve Bank
The South African Reserve Bank's statement of assets and liabilities as of 31 December 2024 reported total assets of ZAR 1.28 trillion, an increase of approximately ZAR 37.51 billion from November 2024. The rise was attributed to higher gold and foreign assets, with foreign exchange reserves excluding special drawing rights at ZAR 913.12 billion. Liabilities saw increases in notes and coin circulation, bank deposits, and the gold and foreign exchange contingency reserve.
Data & statistics Balance of payments and other external statistics
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2025-01-08•South Africa•South African Reserve Bank
The South African Reserve Bank reported a decrease in official gold and foreign exchange reserves, with gross reserves at USD 65,459 million and the international liquidity position at USD 60,371 million as of 31 December 2024. The decline is due to a lower US dollar gold price, valuation adjustments from the US dollar's appreciation, and foreign exchange payments for the government. Gold reserves were USD 10,546 million, Special Drawing Rights holdings USD 6,186 million, and foreign exchange reserves USD 48,727 million.
Data & statistics Balance of payments and other external statistics
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2025-01-08•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines announced that the Monetary Board has acknowledged the closure of UBS AG’s Philippine Representative Office, as per Resolution No. 1468 dated 19 December 2024. This update was communicated through a circular letter to banks and BSP-supervised non-bank financial institutions.
Policy & regulation Guidance & interpretation Other
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2025-01-08•Brazil•Brazilian Pension Funds Authority (PREVIC)
Brazil’s National Superintendence of Complementary Pension (PREVIC) has unveiled a new Strategic Plan for 2025–2030, replacing the 2023 plan. The updated plan includes 48 strategic actions, focusing on modernizing the closed pension fund sector and enhancing supervisory, licensing, and rulemaking processes. The plan is structured around six priority themes and may be amended as circumstances evolve.
Institutional development Mandate & organizational structure Supervision process and methodologies
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2025-01-08•United States•New York State Department of Financial Services
The New York State Department of Financial Services, led by Superintendent Adrienne A. Harris, announced enforcement action against the largest nonbank mortgage servicing company for inadequate cybersecurity protocols. The action underscores the expectation for firms to protect consumer data, with investigations conducted in coordination with partner agencies.
Enforcement Investigations & enforcement actions Cyber resilience Consumer and investor protection
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2025-01-08•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission's 2025 work plan prioritizes market stabilization, livelihood support, and financial-sector innovation. Key measures include KRW100 trillion in market stabilization programs, raising the deposit protection limit to KRW100 million, and expanding policy funding to KRW247.5 trillion. Innovation efforts involve easing fintech investment limits, advancing capital market reforms, and updating AI guidelines.
Policy & regulation Reform agendas & priorities Financial stability and systemic risk Market development
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2025-01-08•Albania•Albania Financial Services Authority
The Albania Financial Services Authority released issue 187 of its periodical, detailing its regulatory, supervisory, and institutional activities. The publication aims to enhance consumer and investor understanding of the markets under its jurisdiction.
Financial literacy & education Other
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2025-01-08•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia met with Asian Development Bank consultant Anindya Dutta to discuss strategies for promoting Cambodia's government bond market. This meeting is part of the consultant's second mission under an Asian Development Bank technical assistance framework.
Policy & regulation Cooperation Market development
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2025-01-08•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has added Blood and Honour to its counter-terrorism sanctions list, subjecting it to an asset freeze under the Counter Terrorism (Sanctions) (EU Exit) Regulations 2019. Businesses must freeze assets linked to the entity and report findings to the States of Guernsey Policy & Resources Committee, complying with the Sanctions (Bailiwick of Guernsey) Law, 2018. Firms must also inform the Commission and submit a detailed report if an affected relationship is identified.
Enforcement Sanctions & designations New sanctions designations
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2025-01-08•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Russia sanctions notice updating the UK consolidated list for Vyacheslav Vladimirovich RUKSHA and ZAPCHASTTRADE LLP, emphasizing the need for businesses to verify links and comply with asset-freeze and reporting obligations. Both entities remain subject to asset freezes and trust services sanctions, with RUKSHA also facing travel sanctions. Firms must comply with Guernsey's framework, including freezing relevant assets and reporting to the States of Guernsey Policy & Resources Committee.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-01-08•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia reported international reserves of USD116.2 billion as of 31 December 2024, sufficient to finance 5.0 months of imports and equivalent to 1.0 times total short-term external debt. The reserves incorporate quarterly foreign exchange revaluation changes and would cover 5.8 months of retained imports under the previous measure. Short-term external debt is mainly linked to resident banks' foreign currency liquidity operations and multinational companies' borrowing from overseas parents.
Data & statistics
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2025-01-08•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has initiated a second consultation on a proposed Unclaimed Deposits Rule, mandating credit unions to transfer unclaimed deposits to FSRA after 10 years of inactivity. The proposal outlines requirements for credit unions and claimants, who must file a claim with FSRA and provide evidence of entitlement.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-01-08•Canada•Ontario Securities Commission
The Ontario Securities Commission's Capital Markets Tribunal has updated the membership of its Securities Proceedings Advisory Committee (SPAC), which advises on policy and procedural initiatives for Tribunal hearings. New members include Maureen Doherty, Ljiljana Stanic, and Stephanie Voudouris, with Jonathan Wansbrough's term extended. The Tribunal operates independently under the Ontario Securities Act and the Commodity Futures Act.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-08•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria announced it will no longer approve deadline extensions for the repatriation of export proceeds by exporters. According to the Foreign Exchange Manual, non-oil export proceeds must be repatriated within 180 days and oil and gas proceeds within 90 days. Authorised dealer banks must ensure compliance with these regulations.
Policy & regulation Guidance & interpretation Cross-border payments
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2025-01-08•Vietnam•State Bank of Vietnam
The State Bank of Vietnam outlined 2025 priorities focusing on growth, macroeconomic stability, and financial system reform, following a 2024 GDP growth of 7.09% and a trade surplus exceeding USD 20 billion. Key 2025 targets include 8% GDP growth, reducing the incremental capital-output ratio to 3–4, and completing a sandbox framework for the digital, green, and circular economy. The speech emphasized administrative streamlining, decentralization with oversight, and results-based management.
Policy & regulation Reform agendas & priorities Other
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2025-01-08•Saudi Arabia•Saudi Arabia Insurance Authority
The Saudi Arabia Insurance Authority licensed Eltizam Electronic Brokerage Company for an official launch and Wazin Electronic Insurance Brokerage Company for a pilot launch. The firms will provide electronic insurance brokerage services intended to improve access, comparison and policy issuance.
Supervision Authorisations & approvals Fintech and insurtech Consumer and investor protection Compliance
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2025-01-08•Sweden•Finansinspektionen
Sweden's Finansinspektionen released guidance from its consumer protection economist, Moa Langemark, outlining three financial resolutions for 2025 to enhance household finances. The guidance advises against shopping on invoice without available funds, emphasizes the importance of essential insurance coverage, and highlights the benefits of negotiating mortgage rates and choosing low-fee investment funds.
Financial literacy & education Financial literacy and education
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2025-01-08•United Kingdom•HM Treasury
HM Treasury has designated Blood and Honour under the Domestic Counter-Terrorism sanctions regime, imposing a full asset freeze due to suspected involvement in terrorist activities. This marks the first use of the regime against extreme right-wing terrorism. From 8 January 2025, all UK assets linked to Blood and Honour, including aliases, must be frozen, with prohibitions on dealing with these assets unless licensed by HM Treasury.
Enforcement Sanctions & designations New sanctions designations
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2025-01-08•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission issued guidance for holders of unclaimed monetary property under the Unclaimed Property Act to fulfill annual review, owner notification, and reporting obligations via the Unclaimed Property Program. Reporting is conducted through FundsFinderNB.ca from January 1 to March 31 each year.
Policy & regulation Guidance & interpretation Regulatory reporting
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2025-01-08•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway imposed a NOK 50,000 penalty on Eiendomsadvokaten i Valdres AS for breaches of the Anti-Money Laundering Act. The firm was found lacking in AML risk assessment, customer due diligence, and internal controls, with specific deficiencies in politically exposed person checks and sanctions list screenings. The firm is required to ensure its AML officer completes additional training.
Enforcement Investigations & enforcement actions AML and CFT
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2025-01-08•Finland•Finanssivalvonta
The Finnish Financial Supervisory Authority (FIN-FSA) updated its Regulations and Guidelines 4/2023 on customer due diligence to align with the EU Instant Payments Regulation and amendments to Finland’s Anti-Money Laundering Act. Effective 9 January 2025, the changes impact entities providing instant payments and extend guidance to crypto-asset service providers. Updates also include removing certain entity types from scope and revising national regulations and chapters 6 and 7.
Policy & regulation Rules & requirements AML and CFT Regulatory burden
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2025-01-08•Finland•Finanssivalvonta
The Finnish Financial Supervisory Authority (FIN-FSA) assessed real estate-related vulnerabilities in Finland’s financial sector, noting significant exposures among banks, insurers, and real estate funds that could elevate risks. Despite a property market downturn since mid-2022, solid capital positions and risk management bolster risk-bearing capacity. The FIN-FSA identified shortcomings in banks' real estate collateral valuation and increased credit risk in construction loans, while insurers and real estate funds face challenges with negative returns and redemption pressures.
Supervision Risk monitoring & watch points Credit risk Liquidity risk Asset quality
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2025-01-08•Chile•Chile Financial Market Commission
Chile's Financial Market Commission (CMF) has introduced new Regulatory Files for payment card issuers and operators, focusing on revenues and costs to enhance data for regulatory impact assessment and compliance supervision. The Files apply to both banking and non-banking entities, with specific registries to monitor interchange rate compliance. Adjustments were made post-consultation to clarify reporting definitions and timelines.
Policy & regulation Rules & requirements Payments and payment systems
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2025-01-08•United States•Federal Reserve Board
The Federal Reserve Board released a staff note evaluating major wage-growth measures and introducing a new model-based indicator to address compositional shifts and measurement issues exacerbated by the Covid-19 pandemic. The analysis, using data from 2009 to 2024, indicates aggregate wage inflation peaked in 2022 and returned to pre-pandemic levels by mid-2024, with sectoral variations in leisure, hospitality, education, and health.
Research Economic data and developments
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2025-01-08•Canada•British Columbia Securities Commission
The British Columbia Securities Commission settled with Jeremy Alexei Benne for making false statements to investors, requiring him to pay CAD 55,000 and accept a permanent ban from the province's investment market. Benne raised approximately CAD 255,000 from 23 investors between 2020 and 2023, misusing funds and failing to deliver promised returns. The settlement allows the CAD 55,000 payment to be distributed to victims and prohibits Benne from acting as a director or officer, though he may trade through his own accounts with a registered dealer.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-01-08•Egypt•Central Bank of Egypt
The Central Bank of Egypt reported that the banking sector remained well-capitalised and liquid through Q3 2024, with a capital adequacy ratio of 19.1%, exceeding the 12.5% minimum requirement. Non-performing loans decreased to 2.4% of total loans, with provisions covering 87.4% of NPLs. Liquidity ratios were strong, and profitability was high, with a return on equity of 32.2% by end-FY2023.
Data & statistics Capital adequacy Asset quality Liquidity risk
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2025-01-08•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) finalized a rule for automatic authorization of low and medium impact public offerings and securities auctions. It introduces special regimes with exemptions for Negotiable Obligations (ONs) under Law No. 23.576, capping low impact issuances at 1,000,000 UVAs and medium impact at 7,000,000 UVAs. Trading is restricted to qualified investors, with transparency and disclosure obligations, simplified post-issuance reporting, and CNV's supervisory and investor protection powers maintained.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-01-08•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1048, establishing a framework for client referrals, third-party advertising, and order channelling among CNV-registered agents, BCRA-registered entities, and Virtual Asset Service Providers (PSAVs). The resolution expands activities for Clearing and Settlement Agents (ALyC), Trading Agents (AN), and Global Investment Advisory Agents (AAGI) to include client referrals to PSAVs and regulates referrals between ALyCs and other financial entities. It also permits agents to market services through third parties and amends order-taking provisions.
Policy & regulation Rules & requirements Client asset custody and safekeeping Market infrastructure
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2025-01-08•Malta•Malta Financial Services Authority
The Malta Financial Services Authority (MFSA) hosted a two-day exchange with the Reserve Bank of India (RBI) in Malta, focusing on banking supervision, governance, and regulatory developments. Discussions included the Maltese regulatory landscape, India's Basel III implementation, and the use of technology in supervision. The exchange concluded with talks on potential staff exchanges and capacity-building opportunities.
Policy & regulation Cooperation Climate risk and sustainable finance
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2025-01-08•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration detailed a meeting between its Party Secretary and Director, Li Yunze, and Luxembourg’s Minister of Finance, Gilles Roth, emphasizing regulatory and cooperation themes. Discussions included the macroeconomic situation, financial regulatory system reforms, and enhancing financial-sector cooperation between China and Luxembourg.
Policy & regulation Cooperation Cross-border cooperation
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2025-01-08•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance issued a public notice directing citizens to its updated FAQ page on "Digital Vehicle Insurance" for accurate motor vehicle insurance information. This clarification aims to address potential confusion from third-party publications and encourages users with further questions to contact the authority directly.
Policy & regulation Guidance & interpretation Other
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2025-01-08•Macao•Monetary Authority of Macao
The Monetary Authority of Macao has mandated a payment institution to investigate an incident affecting bus fare deductions and submit a report. The preliminary review found no network security issues, attributing the problem to the supplementary deduction process. The institution must also contact affected users promptly and enhance the deduction mechanism to reduce user impact.
Supervision Interventions Operational risk and resilience
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2025-01-08•South Korea•Bank of Korea
The Bank of Korea released preliminary data for November 2024, indicating a USD 9.30 billion current account surplus and a USD 9.76 billion rise in net assets in the financial account.
Data & statistics Balance of payments and other external statistics
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2025-01-08•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury added Blood and Honour to the UK sanctions list under the Counter-Terrorism (Domestic) regime, subjecting it to an asset freeze. Suspected of promoting terrorism through music and generating funds via events, institutions must freeze assets immediately if a match is suspected and report breaches to the Financial Intelligence Unit, with non-compliance constituting a criminal offence.
Enforcement Sanctions & designations Sanctions list update
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2025-01-08•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) released shifted risk-free interest rate term structures for calculating the option-adjusted duration of technical provisions in financial stability reporting. These structures ensure consistent reporting under EIOPA’s Guidelines, specifically Template S.38.01.11. Insurers are encouraged to discuss with national supervisory authorities the optional reporting of this duration when technical provisions include significant embedded options.
Policy & regulation Guidance & interpretation Regulatory reporting
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2025-01-07•Timor-Leste•Central Bank of Timor-Leste
The Central Bank of Timor-Leste issued a public warning advising caution against illegal online lending, money transfer, and investment activities.
Supervision Alerts Unlicensed or unauthorized activity
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2025-01-07•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority has approved Arriyadh Development Co.'s capital increase from SAR 1,777,777,770 to SAR 2,339,308,180 to fund the acquisition of two real estate assets. This will be achieved through issuing 56,153,041 ordinary shares. The CMA clarified that its approval ensures compliance with legal requirements but does not endorse the transaction's feasibility.
Supervision Authorisations & approvals Licence approval
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2025-01-07•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus reported a significant improvement in the current account balance for Q3 2024, with the deficit narrowing to EUR 29.6 million from EUR 369.4 million in Q3 2023. Adjusted for special purpose entities, the deficit was EUR 108.2 million compared to EUR 351.6 million a year earlier. The international investment position showed a slight decrease in net liabilities, while gross external debt decreased marginally, and net external debt rose due to reduced external assets.
Data & statistics Balance of payments and other external statistics
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2025-01-07•France•France Autorite des marches financiers
The French Financial Markets Authority (AMF) has issued a warning regarding the fraudulent Forex investment platform LIVAXXEN, which lacks authorization to provide investment services in Europe. Despite being blacklisted in October 2024, the platform continues to aggressively solicit investments, with reported average losses of EUR 25,000. The AMF advises investors to avoid the platform and verify authorization status through its blacklists.
Supervision Alerts Fraud and scams Unlicensed or unauthorized activity
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2025-01-07•Peru•Superintendencia del Mercado de Valores de Peru
Peru's Superintendency of the Securities Market (SMV) updated the minimum share capital requirement for financial crowdfunding platform administrators for 2025 to PEN 352,127.37. This amount must be fully subscribed, paid in cash, and adjusted annually based on the national wholesale price index. Platform administrators are also required to maintain net worth at or above this threshold.
Policy & regulation Rules & requirements Crowdfunding
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2025-01-07•Kenya•Central Bank of Kenya
The Central Bank of Kenya announced the commencement of Mr. Gerald Nyaoma Arita's term as Deputy Governor, following his appointment by President William Samoei Ruto. Mr. Arita, who joined the bank in 1988, has held senior roles in Financial Markets, Banking Services, and Internal Audit, and served on the Board of the SACCO Societies Regulatory Authority.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-07•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority has introduced guidelines for the public issuance and listing of Green, Social, Sustainability, and other Labels (GSS+) bonds. These guidelines complement existing debt securities regulations and are based on international principles to support credible labelled bond structures. They apply solely to public issuance within Rwanda and exclude private or multi-jurisdictional issuance.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance
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2025-01-07•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market registered a UAH 20 billion share issuance by PJSC Ukrainian Financial Housing Company to support the eOselia affordable mortgage lending programme in 2025. This follows the Cabinet of Ministers of Ukraine's approval of Ukrfinzhytlo’s recapitalisation under Resolution No. 1486. The share issue is crucial for the continuation of the state programme for affordable housing lending.
Supervision Authorisations & approvals Lending Supervision process and methodologies
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2025-01-07•Peru•Central Bank of Peru
The Central Reserve Bank of Peru (BCRP) has launched its 2025 Summer Courses in Advanced Economics and Advanced Finance to enhance technical capacity through academic training. A cohort of 72 university students will participate, with courses focusing on monetary and economic policy management and financial topics. Top-ranked students will be invited to join the BCRP's selection process for roles in specialised areas.
Financial literacy & education Financial literacy and education