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2025-01-07•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation V under the Fair Credit Reporting Act to exclude medical bills from credit reports and prohibit lenders from using medical information in credit decisions. This rule is expected to remove USD 49 billion in medical bills from credit reports, affecting 15 million Americans, and potentially increase credit scores by an average of 20 points. The CFPB anticipates the rule will lead to the approval of about 22,000 additional affordable mortgages annually.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-01-07•India•Reserve Bank of India
The Reserve Bank of India (RBI) has issued a Master Direction consolidating non-resident investment rules in Indian debt instruments, effective immediately. It outlines rules for investment through the General Route, Voluntary Retention Route (VRR), Fully Accessible Route (FAR), and trading of Central Government sovereign green bonds in the International Financial Services Centre. Key provisions include percentage-based investment limits, macro-prudential controls, and eligibility criteria for Foreign Portfolio Investors and other non-residents.
Policy & regulation Rules & requirements Cross-border payments
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2025-01-07•United Kingdom•UK Parliament
The UK Parliament’s Treasury Committee has initiated a call for evidence to evaluate the Lifetime Individual Savings Account (LISA) as a dual-purpose product for home purchase and retirement saving. The inquiry will examine consumer outcomes, product design, and potential reforms, including the 25% withdrawal charge, eligibility criteria, and contribution limits.
Policy & regulation Reform agendas & priorities Other
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2025-01-07•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported that Hong Kong's official foreign currency reserve assets decreased to USD 421.4 billion at the end of December 2024 from USD 425.1 billion in November. The reserves represent over five times the currency in circulation and about 39% of HKD M3. The HKMA also announced its January 2025 schedule for Exchange Fund data releases.
Data & statistics Balance of payments and other external statistics
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2025-01-07•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding phishing instant messages reported by China CITIC Bank International Limited. The HKMA reminded the public that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who responded to such messages 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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2025-01-07•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding phishing instant messages linked to Bank of China (Hong Kong) Limited. The HKMA emphasized that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-01-07•Global•Bank for International Settlements
The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) is advancing harmonised ISO 20022 data requirements to enhance cross-border payment processing. A joint panel with ISO 20022 global market practice groups will be established for regular maintenance, with meetings starting in 2025. The CPMI also urges developing global market practice guidelines for instant payments and will engage with industry stakeholders to support implementation by end-2027.
Policy & regulation Implementation, projects & pilots Cross-border payments
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2025-01-07•Europe•European Central Bank
The European Central Bank's evaluation of the EU's Next Generation EU programme, focusing on the Recovery and Resilience Facility (RRF), estimates euro area GDP could increase by 0.4% to 0.9% by 2026 and 0.8% to 1.2% by 2031. Implementation delays have shifted much of the impact to the latter half, with GDP growth of 0.1% to 0.2% in 2021-2023. Despite administrative and supply challenges, debt-sustainability simulations remain favorable, though Italy and Spain's projected benefits are revised down to 7-8 percentage points by 2031.
Research Other
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2025-01-07•Europe•European Central Bank
The European Central Bank's working paper examines banks' reluctance to borrow from central bank backstop facilities and their failure to convert liquidity into loans. The study suggests balance sheet policies, including credit and quantitative easing, can enhance the link between liquidity provision and credit. Empirical analysis shows lending is more strongly associated with structural liquidity sources like Targeted Long-Term Refinancing Operations than with conventional refinancing operations.
Research
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2025-01-07•Europe•European Central Bank
The European Central Bank's Working Paper No 3008 examines privately held firms' ability to substitute external equity for debt during a banking crisis, using Great Financial Crisis data. Private firms raised EUR 0.27 in equity for every EUR 1 reduction in debt, with Commerzbank-dependent firms experiencing significant financial structure shifts and real-side effects. Equity injections were infrequent but substantial, with outsiders supplying equity in 40% of cases.
Research Corporate governance
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2025-01-07•United States•Federal Reserve Bank of Kansas City
The Oklahoma City Branch of the Federal Reserve Bank of Kansas City released a report, "Oklahoma Tribal Area Economies: Rising Incomes, Falling Poverty," highlighting economic progress among Native Americans in Oklahoma. The state's labor force participation rate surpasses the national rate due to increased participation among Native Americans. Despite rising incomes and education levels, poverty rates among Native Americans have decreased but remain above average in most tribal areas.
Research Economic data and developments
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2025-01-07•Mexico•Mexico Comisión Nacional de Seguros y Fianzas (CNSF)
Mexico's National Insurance and Surety Commission reported that the insurance and surety sector maintained solid solvency through 2024, with key metrics exceeding regulatory minimums. The Solvency Capital Ratio was 3.4 in Q4 2024, well above the minimum of 1, while the Investment Base Index and Liquidity Index also surpassed required levels. The report includes a ranking of the top 10 institutions by premium issuance and their market shares.
Data & statistics Capital adequacy Asset quality Liquidity risk
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2025-01-07•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has granted Open Joint Stock Company Tajik Air a new licence for foreign currency operations, invalidating its previous licence No. 03/21. This decision aligns with the laws on the National Bank, licensing system, currency regulation, and Instruction No. 251.
Supervision Authorisations & approvals Licence approval
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2025-01-07•Kuwait•Central Bank of Kuwait
The Central Bank of Kuwait has extended the operating hours of the Real Time Gross Settlement System (KASSIP) to allow interbank transfers from 7:00 am to 8:15 pm, requiring local banks to adjust their systems for customer transactions via electronic banking channels. This marks the sixth extension since May 2023, increasing the total daily operating time to over 12 hours.
Policy & regulation Implementation, projects & pilots Payments and payment systems
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2025-01-07•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority revised its Guideline 2021/3 ICT Security Guideline to align with the Digital Operational Resilience Act (DORA), effective 1 February 2025. The updated guideline now applies only to financial intermediaries outside DORA's scope and includes changes like minimum requirements for a register of contractual agreements and updated ICT incident reporting to the FMA. Definitions and terminology have been aligned with DORA, incorporating clarifications and simplifications.
Policy & regulation Guidance & interpretation Operational risk and resilience
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2025-01-07•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina has introduced a Macroeconomic Imbalances Report, issued annually since 2024, to assess domestic economic risks from internal and external imbalances. Based on the EU's procedures, it identifies issues like high unemployment, real estate price growth, and rising unit labour costs affecting competitiveness. The CBBH cautions against direct comparisons with EU economies due to Bosnia and Herzegovina's unique structural characteristics.
Research
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2025-01-07•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) reminded Entidades Fechadas de Previdência Complementar (EFPC) of the 10 January deadline to pay the Previdência Complementar Supervision and Control Fee (Tafic) for the first quadrimester of 2025. The fee is based on the value of “recursos garantidores” as of September 2024, with penalties for late payment. Payment must be made via PREVIC’s GRU system, as outlined in PREVIC Resolution 23/2023.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-01-07•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a decrease in gross international reserves to USD 106.84 billion at end-December 2024, down from USD 108.49 billion in November. This decline is attributed to net foreign exchange operations, government deposit drawdowns for foreign debt payments, and lower gold valuations. Net international reserves also fell by USD 1.63 billion to USD 106.83 billion.
Data & statistics Balance of payments and other external statistics
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2025-01-07•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released its Business Sentiment Index for November 2024, showing stable conditions with a headline sub-index of 50.0. The Investment sub-index remained at 50.0, with a slight increase to 50.5 for three months ahead, indicating anticipated higher capital expenditure. Employment and costs were slightly positive, while sector optimism varied, with Hotels & Restaurants and Finance & Insurance showing optimism, and Construction being the most pessimistic.
Data & statistics Economic data and developments
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2025-01-07•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan amended its prudential rulebook to allow banks to extend credit using behavioural models based on borrowers’ financial transaction data. The framework includes requirements for model development, validation, and reporting, and introduces risk mitigants such as limits and increased capital requirements. Lending via behavioural models is capped at 10% of a bank’s total loan portfolio, with restrictions on new loans if delinquencies exceed 10% of this portfolio.
Policy & regulation Rules & requirements Credit risk Prudential risks
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2025-01-07•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay has started implementing a specialized depository for electronic savings deposit certificates, beginning the shift from paper to digital CDA-e. The reform covers issuance, custody, clearing and settlement, and is intended to improve transparency, efficiency and risk management. Public availability is planned for 2026.
Policy & regulation Implementation, projects & pilots Market infrastructure
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2025-01-07•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has finalized policy changes granting UK banks and building societies more flexibility in submitting Resolution Assessment reports, shifting from fixed two-year cycles to a PRA-determined schedule. Effective 10 January 2025, these changes amend the PRA Rulebook and Supervisory Statement 4/19. The PRA will set timing based on firms’ resolvability progress and other regulatory obligations, with a review of the threshold for firms coming into scope of the Resolution Assessment rules planned.
Policy & regulation Rules & requirements Regulatory reporting
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2025-01-07•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has revised the submission and publication dates for firms' resolvability assessment reports and disclosures under the Resolution Assessment Part of the PRA Rulebook. Firms must submit reports by the first Friday in October 2026 and publish disclosures by the second Friday in June 2027. The PRA and the Bank of England will coordinate with firms on disclosure dates and may adjust timelines for individual cases.
Policy & regulation Rules & requirements Recovery and resolution
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2025-01-07•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority (AMMC) has registered Maghrebail’s reference document for the 2023 financial year and the first half of 2024, under reference EN/EM/001/2025. This update is part of the annual information dossier for Maghrebail’s finance company bills programme, which includes a previously registered note from 11 February 2022. The dossier is accessible at Maghrebail’s headquarters, its website, and the AMMC’s website.
Supervision Regulatory reporting Activity and performance reporting
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2025-01-07•Poland•Central Bank of Poland
The Central Bank of Poland reported official reserve assets of EUR 214.2 billion (USD 223.2 billion) at the end of December 2024, an increase of EUR 7.3 billion from the previous month. The bank emphasized its focus on safety and liquidity in reserve management, with investments primarily in Treasury securities, international institutions, and government agency securities.
Data & statistics Balance of payments and other external statistics
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2025-01-07•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced new leadership appointments for its Anti-Money Laundering Department, effective 5 January 2025, following Government Decree 146/2024/ND-CP. Pham Tien Phong was appointed Director, with Pham Gia Bao, Nguyen Thi Minh Tho, Phan Manh Cuong, and Khuong Thanh Ha as deputy directors. These appointments are for five-year terms.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-07•Vietnam•State Bank of Vietnam
The State Bank of Vietnam merged its Forecasting and Statistics Department with the Monetary and Financial Stability Department, forming a new department led by Nguyễn Phi Lân as Director General. Effective 5 January 2025, the appointments include four Deputy Directors General for five-year terms. The department will support the Governor in state management and central banking functions as outlined in Government Decree 146/2024/ND-CP.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-07•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Tim Scott expressed support for Paul Atkins, President Trump’s nominee for SEC Chair, following their meeting. Scott emphasized Atkins' regulatory background and focus on capital formation, job creation, and regulatory clarity for digital assets. He urged a swift consideration process, criticizing current SEC Chair Gary Gensler's impact on capital markets.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-07•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Tim Scott criticized the Consumer Financial Protection Bureau's final rule on medical debt, arguing it fails to address root causes and could reduce access to credit and health care while increasing risks for lenders and providers. He intends to collaborate with the next CFPB Director to reverse the rule's impact. Scott also referenced his previous calls for regulatory pauses and nomination withdrawals, highlighting a Senate Banking Committee hearing where he challenged CFPB Director Rohit Chopra.
Other Consumer and investor protection
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2025-01-07•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Tim Scott expressed support for Paul Atkins, President Trump’s nominee for Chair of the Securities and Exchange Commission, citing his focus on capital formation, job creation, and regulatory clarity for digital assets. Scott emphasized Atkins' regulatory experience as crucial for addressing perceived issues under current SEC Chair Gary Gensler.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-07•Saudi Arabia•Saudi Arabia Insurance Authority
Saudi Arabia's Insurance Authority has licensed Deloitte Actuarial Services to provide actuarial services. Its activities will include risk assessment, pricing, liability evaluation and provisioning.
Supervision Authorisations & approvals Risk management Compliance
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2025-01-07•Chile•Central Bank of Chile
The Central Bank of Chile released its Survey of Price Determinants and Expectations, highlighting firms' price-setting dynamics and economic expectations. Selling prices and input availability were neutral, while costs and profit margins mirrored the previous quarter. Median inflation expectations for the next 12 and 24 months remained at 4%.
Data & statistics Economic data and developments
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2025-01-07•Canada•Office of the Superintendent of Financial Institutions
In a virtual speech, Superintendent Peter Routledge of the Office of the Superintendent of Financial Institutions discussed Canadian mortgage credit risk and regulatory direction as many loans reset in 2025 and 2026. He noted that while delinquencies are low, renewal-related payment increases, especially for variable-rate mortgages, remain a concern. Routledge also addressed capital and non-financial risks, including potential adjustments to the Domestic Stability Buffer and a focus on integrity and security with the Financial Transactions and Reports Analysis Centre of Canada.
Policy & regulation Guidance & interpretation Credit risk Macroprudential policy and tools
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2025-01-07•United States•U.S. Department of Justice
The U.S. Department of Justice will transfer USD 50 million in forfeited assets to Estonia, acknowledging its assistance in the prosecution of Danske Bank. This follows Danske Bank's guilty plea to conspiracy to commit bank fraud, resulting in a USD 2.059 billion forfeiture. Estonia is required to use the funds to enhance its financial crime enforcement capabilities, with oversight by an Implementing Commission and U.S. advisory involvement.
Enforcement Investigations & enforcement actions AML and CFT Foreign exchange policy and markets
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2025-01-07•South Korea•Bank of Korea
The Bank of Korea's preliminary flow of funds statistics for Q3 2024 show a rise in net lending for the total economy to KRW 36.5 trillion, up from KRW 13.0 trillion in Q2.
Data & statistics Financial and market indicators Monetary data
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2025-01-07•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported a decrease in the average non-performing loan (NPL) ratio for Taiwan's 38 domestic banks to 0.15% in November 2024, with total outstanding loans rising to TWD 41.96 trillion (USD 1,293 billion). NPL balances fell to TWD 64.4 billion (USD 1.98 billion), and the allowance coverage ratio increased to 881.75%. The FSC deemed asset quality manageable and will continue mandating measures for improvement.
Data & statistics Asset quality
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2025-01-07•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) released technical information for the Solvency II symmetric adjustment to the equity capital charge as of December 2024. This framework is detailed in Article 106 of the Solvency II Directive and Article 172 of the Solvency II Delegated Regulation, supported by EIOPA's final report on implementing technical standards for the equity index.
Policy & regulation Guidance & interpretation Capital adequacy
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2025-01-06•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority fined Fawaz Abdul Aziz Al Hokair & Partners Co SAR 20,000 for failing to publish its annual financial statements for the period ending 31 December 2023 on the Saudi Stock Exchange within the required timeframe, breaching paragraph (C) of the General Instructions.
Enforcement Sanctions & designations Accounting and financial reporting
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2025-01-06•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved Artal Capital Company's public offering of the Artal Saudi Equity Free Style Fund. The CMA emphasized that its approval is not an investment recommendation and urged investors to review the fund's terms and conditions due to potential high risks. The approval confirms compliance with the Capital Market Law and its Implementing Regulations.
Supervision Authorisations & approvals Securities offerings and listings
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2025-01-06•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has enhanced its regulatory framework for mutual funds by detailing "Investment Plans" requirements under the Non-Banking Finance Companies and Notified Entities Regulations, 2008. It specifies permissible Collective Investment Scheme categories, operational parameters, exposure limits, investment restrictions, and performance benchmarks. It mandates disclosures, offering process rules, and provisions on Total Expense Ratio and other charges to bolster governance and investor protection.
Policy & regulation Rules & requirements Market development
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2025-01-06•United States•National Credit Union Administration
The National Credit Union Administration released its 2023 Credit Union Diversity Self-Assessment Results Report, highlighting trends in diversity, equity, and inclusion among federally insured credit unions. The report, based on 334 submissions, identifies areas for improvement in supplier diversity, transparency, and strategic planning. Optimal Solutions Group, LLC has been contracted to administer the 2024 survey to ensure confidentiality.
Data & statistics Diversity and inclusion
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2025-01-06•Ukraine•National Bank of Ukraine
The National Bank of Ukraine reported its special account for defense forces received over UAH 16 billion in donor inflows in 2024, with a balance of nearly UAH 12.3 billion as of January 2025. Since the invasion began, more than UAH 50 billion has been credited, with significant disbursements to the Ministry of Defense and other military agencies. Funds are released upon request from military units, with daily updates on the bank's website.
Policy & regulation Implementation, projects & pilots Other
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2025-01-06•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) has sued Vanderbilt Mortgage & Finance for issuing unaffordable manufactured home loans and imposing fees on delinquent borrowers. The CFPB alleges violations of the Truth in Lending Act and Regulation Z, seeking to stop these practices and secure relief for affected homeowners, including injunctive relief, consumer redress, and a civil money penalty.
Enforcement Investigations & enforcement actions Lending Consumer and investor protection
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2025-01-06•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 issued a consumer alert on WhatsApp fraud, detailing methods criminals use to compromise accounts and deceive contacts. The alert outlines warning signs such as psychological pressure and requests for personal data, and recommends protective measures including enabling two-step verification and reporting suspicious users.
Supervision Alerts Other
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2025-01-06•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 revoked the licence of Bravo Microfinance Microfinance Organisation LLP due to systematic legal breaches. Clients with outstanding microcredit obligations must still fulfill their contractual terms. The firm has 30 days to re-register, reorganise, or liquidate following the licence revocation.
Supervision Authorisations & approvals Licence withdrawal
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2025-01-06•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency removed four debt collection agencies from the national register for not conducting collection activity for 12 months, per Article 9(1)(5) of the Law on Collection Activity. The agencies must re-register within 30 days, remove "collection agency" from their names, and notify relevant parties within five days.
Supervision Authorisations & approvals Licence approval
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2025-01-06•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) launched the 26th Extension Programme (PEXT) to train 34 high-potential young professionals for supervisory roles in financial, insurance, pension, and cooperative sectors. The 12-week curriculum includes modules on SBS functions, supervision, risk management, financial analysis, and economics, with instruction from SBS staff and international experts. Participants may join the SBS supervisory team following a selection process, with 56% women in the cohort.
Institutional development Workforce & recruitment Supervision process and methodologies
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2025-01-06•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission has permanently banned Mr Chan Ka Him from the industry due to criminal convictions for insurance fraud. Chan was sentenced to 20 months in prison for defrauding clients in 2019, involving USD 52,300 and over HKD 420,000. The SFC determined Chan is unfit to be a regulated person.
Enforcement Sanctions & designations
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2025-01-06•Czech Republic•Czech National Bank
The Czech National Bank announced that Executive Director Petr Král has resigned from his managerial post in the Monetary Department, effective 6 January 2025. Deputy Executive Director Jakub Mateju will lead the department until a new executive director is appointed.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-06•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a public alert regarding a fraudulent website and phishing messages linked to The Hongkong and Shanghai Banking Corporation Limited. The HKMA emphasized that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-01-06•Europe•European Central Bank
The European Central Bank's Economic Bulletin notes euro area employment resilience and low unemployment from 2022 to 2024 despite weak economic growth, due to labour hoarding, input substitution, and a rising labour force. Employment growth outpaced GDP growth, while labour productivity declined. The report anticipates normalising input prices and rebounding real wages will reduce labour hoarding, aligning employment and output dynamics with historical trends.
Research
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2025-01-06•Europe•European Central Bank
The European Central Bank published research from the Young Economist Prize on portfolio rebalancing in international bond markets when returns on safe assets decline. The study finds that falling US Treasury returns push investors towards riskier global assets, while declining German Bund returns lead to shifts within euro area sovereign bonds, with both effects diminished during financial stress. The analysis highlights implications for central bank asset purchase programs in stressed markets.
Research
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2025-01-06•India•Reserve Bank of India
The Reserve Bank of India's Master Direction on Credit Information Reporting Directions, 2025, consolidates requirements for credit institutions and credit information companies on credit data reporting, maintenance, and sharing. It mandates membership in all registered credit information companies, standardized reporting formats, and enhanced consumer access and grievance redress mechanisms. Key measures include fee caps, data submission timelines, standardized credit report terminology, and a compensation framework for unresolved complaints.
Policy & regulation Rules & requirements Regulatory reporting
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2025-01-06•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
The Middle East and North Africa Financial Action Task Force (MENAFATF) has set five strategic priorities for its 2025–26 presidency cycle, focusing on enhancing anti-money laundering and combating the financing of terrorism (AML/CFT) efforts. The plan includes mutual evaluations, governance improvements, and increased cooperation with international partners, with leadership by Samia Abu Sharif in 2025 and Hamed Saif Al-Zaabi in 2026.
Policy & regulation Reform agendas & priorities AML and CFT
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2025-01-06•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
The Middle East and North Africa Financial Action Task Force (MENAFATF) convened in Amman to develop executive implementation plans for five strategic priorities approved at its 39th Plenary, focusing on enhancing anti-money laundering and combating the financing of terrorism (AML/CFT) efforts. Samia Abu Sharif will serve as MENAFATF President for 2025, with Hamed Saif Al-Zaabi as Vice President in 2025 and President in 2026.
Policy & regulation Implementation, projects & pilots AML and CFT
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2025-01-06•Philippines•Central Bank of the Philippines
Japan and the Philippines have renewed their Bilateral Swap Arrangement (BSA) effective 1 January 2025, through an agreement between the Bank of Japan and the Central Bank of the Philippines. The BSA allows currency swaps with the US Dollar and enables the Philippines to swap the Philippine peso against the Japanese yen, maintaining the arrangement size at up to USD 12 billion for the Philippines and USD 500 million for Japan.
Policy & regulation Cooperation Cross-border cooperation Financial stability and systemic risk
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2025-01-06•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan will activate a 0.5% countercyclical capital buffer for banks' total and Tier 1 capital requirements, effective after 1 March 2025. This follows the credit gap indicator exceeding 2%, with a 2.9% deviation of the credit-to-GDP ratio from its long-term trend. The central bank noted strong profitability and capitalisation, with net profits of AZN 966 million in the first 11 months of 2024 and a total capital adequacy ratio of 17.5%.
Policy & regulation Rules & requirements Capital adequacy Macroprudential policy and tools
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2025-01-06•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, under Director General Sou Socheat, participated in an online interview with ACMF 20-Years Book writer Jennifer Jacobs and other regional representatives. The discussion focused on contributions to the draft ACMF 20th Anniversary Book, covering sustainability, digital assets, and ASEAN securities market integration.
Policy & regulation Cooperation Market development
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2025-01-06•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has released a consultation paper on revising prospectus rules under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. The proposals aim to modernize the regime by enhancing clarity, standardizing requirements, and reducing administrative burdens while maintaining international investor protection standards. The revised rules would apply to Category 2 Controlled Investments and Collective Investment Schemes, reflecting industry input and aligning with international standards.
Policy & regulation Rules & requirements Regulatory burden
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2025-01-06•Global•World Federation of Exchanges
The World Federation of Exchanges' research shows high-income countries have a two-way relationship between output growth and stock market capitalisation, while low and middle-income countries have a one-way relationship where capitalisation boosts growth. The study suggests tailored policies to stimulate market capitalisation in low and middle-income countries and support stock markets in high-income regions.
Research Market development
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2025-01-06•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission is consulting on proposed amendments to margin loan regulations to enhance risk management in client collateral and credit exposures. The changes aim to mitigate clearing and settlement risks, reduce bad debts from forced liquidation, and limit impacts on market stability. Key measures include revising initial margin rates, tightening lending criteria, setting concentration limits, and removing daily redemption funds from collateral.
Policy & regulation Rules & requirements Lending Prudential risks
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2025-01-06•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has announced its 2025 plan to enhance legal awareness and access to legal information in the banking sector. The plan includes implementing government directives, expanding training for legal communicators, and disseminating new laws and policies through various channels. The initiative is led by the State Bank’s Legal Department, with progress reports required biannually and annually.
Policy & regulation Implementation, projects & pilots Financial literacy and education
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2025-01-06•Europe•European Payments Council
The European Payments Council (EPC) announced the addition of MONEI, Paynetics AD, Stripe, Visa Direct, and BNP Paribas Fortis as new members, effective 1 January, expanding its representation to 83 payment service providers and their associations. BNP Paribas Fortis replaced KBC in the EPC's governance bodies as part of a periodic rotation among Belgian payment service providers.
Institutional development Governance Payments and payment systems
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2025-01-06•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Tim Scott issued a statement criticizing Michael Barr's tenure as Federal Reserve Board Vice Chair for Supervision, citing supervisory failures during the Spring 2023 bank failures and labeling the Basel III Endgame proposal as "disastrous." Scott emphasized the legal mandate of the vice chair role to oversee banking system safety and expressed readiness to collaborate with President Trump on appointing "responsible financial regulators."
Other Leadership change and appointments
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2025-01-06•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority has amended rules to lower the minimum age for youth dealing in securities on the Egyptian Exchange to 15 and increased the maximum trading portfolio to EGP 40,000. Eligibility is for youth aged 15 to under 21, with specific provisions for those aged 18 authorized to manage their money. The cap excludes margin trading and securities borrowing, and intermediaries must provide educational materials for young investors.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-01-06•Chile•Chile Financial Market Commission
The Chile Financial Market Commission is consulting on a new Chapter 21-10 of the Updated Compilation of Banking Regulations, establishing minimum requirements for banks to use collateral as a credit risk mitigator. The proposal outlines governance, admissibility criteria, and valuation standards for collateral, and suggests amendments to align existing regulations without altering provisions or capital calculations.
Policy & regulation Rules & requirements Credit risk Prudential risks
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2025-01-06•Chile•Chile Financial Market Commission
The Chile Financial Market Commission is consulting on a proposed clause for life annuity pensions allowing old age and disability pensioners to receive a lower pension initially, followed by a fixed, increased lifetime pension in Unidades de Fomento (UF). The clause applies to immediate life annuities and requires guaranteed payment timeframes. Adjustments to the System of Consultation and Offers of Pension Amounts (SCOMP) are needed for implementation.
Policy & regulation Rules & requirements
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2025-01-06•United States•Federal Reserve Board
Michael S. Barr will step down as Vice Chair for Supervision of the Federal Reserve Board by 28 February 2025, or earlier if a successor is confirmed, while remaining a Board Governor. The Board will pause major rulemakings until a new Vice Chair is appointed. Barr cited potential distractions from disputes over the position as a reason for his resignation.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-06•Canada•British Columbia Securities Commission
The British Columbia Securities Commission appointed Noordin Nanji and Doug Seppala as new commissioners to enhance its investor protection and market integrity mandate. Nanji brings expertise from his roles at Stikeman Elliott LLP and Ballard Power Systems, while Seppala offers experience from DuMoulin Black LLP and advisory roles in debt and equity offerings and governance.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-06•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported on foreign portfolio investment in Taiwan's securities markets for December 2025, noting 82 offshore foreign institutional investor registrations and net selling of TWD 474.44 billion across the Taiwan Stock Exchange and Taipei Exchange. Net inward remittance for December totaled USD 4.400 billion, with a cumulative total of USD 320.160 billion as of year-end.
Data & statistics Balance of payments and other external statistics
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2025-01-06•South Korea•Bank of Korea
The Bank of Korea published its monthly update on South Korea's official foreign reserves for December 2024, with detailed figures available in an attachment.
Data & statistics Balance of payments and other external statistics
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2025-01-06•Taiwan•Central Bank of Taiwan
The Central Bank of Taiwan reported foreign exchange reserves of USD 576.68 billion at the end of December 2024, a decrease of USD 1.30 billion from the previous month. The decline was due to returns from reserves management, exchange rate movements, and central bank interventions to stabilize capital flows. Foreign portfolio investors' securities and New Taiwan dollar deposits totaled USD 836.9 billion, 145% of the reserves.
Data & statistics Foreign exchange policy and markets
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2025-01-06•Turks & Caicos Islands•Turks & Caicos Financial Services Commission
The Turks and Caicos Islands Financial Services Commission issued a notice that Siesta Services, Ltd is falsely conducting business as a bank or trust company without authorization. The Commission clarified that Siesta Services, Ltd is not licensed or registered and advised the public to verify the status of firms on its website and report any suspicious entities.
Supervision Alerts Licence withdrawal
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2025-01-06•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank has appointed Mr. Niguel Streete as the Official Administrator for Financial Investment and Consultancy Services Limited (FICS) under Saint Lucia’s Banking Act, 2015. FICS remains operational and licensed, with management aimed at protecting depositors' interests. The appointment was made in collaboration with FICS’ board and management, maintaining ECCB's regulatory oversight.
Supervision Interventions Supervision process and methodologies
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2025-01-05•Tanzania•Tanzania Insurance Regulatory Authority
At the 11th Zanzibar International Trade Fair, the Tanzania Insurance Regulatory Authority reported that Minister of Industry and Trade, Dr. Selemani Jafo, advocated for insuring strategic projects with domestic insurers to bolster the local insurance sector. Jafo emphasized retaining funds within the country and expanding market participation. TIRA's Unguja Zonal Office manager highlighted the authority's role in market supervision, development, and public education efforts.
Policy & regulation Reform agendas & priorities Other
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2025-01-05•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority reported total financing through FRA-supervised entities reached EGP 718 billion in the first 10 months of 2024, with equity issuances at EGP 397.4 billion and securities issuances at EGP 31.5 billion. Key insurance sector indicators showed total premiums of EGP 77.1 billion and claims paid at EGP 35.6 billion. Registrations over movable assets on the collateral registry totaled EGP 2.86 trillion by end-October 2024.
Data & statistics Activity and performance reporting
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2025-01-04•Türkiye•Central Bank of Türkiye
The Central Bank of the Republic of Türkiye revised its loan growth-based reserve requirement practice, tightening monthly loan growth limits to support disinflation. The foreign currency commercial loan growth limit was reduced to 1%, while the Turkish lira commercial loan limit was adjusted to 2.5% for SME loans and 1.5% for other loans. SME loans via KOSGEB or international development finance programmes are exempt from these limits.
Policy & regulation Rules & requirements Macroprudential policy and tools
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2025-01-04•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank (DNB) announced employees will return to its renovated Amsterdam headquarters on 6 January 2025, after a nearly five-year project to enhance sustainability and public accessibility. The EUR 320 million renovation included relocating cash operations and gold to a new Cash Centre in Zeist, allowing for 4,800 m2 of public space. The upgraded building aims to meet the BREEAM Outstanding standard, reducing energy consumption and carbon emissions by over 80%.
Institutional development Other Organizational structure
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2025-01-04•China•Central Bank of the Republic of China
The People's Bank of China outlined its 2025 priorities, focusing on a "moderately accommodative" monetary policy, financial reform, and renminbi internationalisation. Key measures include potential reserve requirement and interest rate cuts, aligning social financing growth with economic objectives, and enhancing macroprudential frameworks. The agenda also emphasizes financial stability, market risk monitoring, and support for technology and consumption.
Monetary policy Monetary policy framework & strategy
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2025-01-04•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority will require all supervised entities to use its XBRL Electronic Disclosure System, "Ifsah 2," starting 5 January 2025, for financial and non-financial disclosures, discontinuing traditional methods. Ifsah 2 will cover financial reporting, capital adequacy, general assembly, and other market disclosures. Boursa Kuwait Securities Exchange will launch an XBRL sub-site for submissions until 31 March 2025, with a 99% registration rate reported during the pilot phase.
Policy & regulation Implementation, projects & pilots Regulatory reporting
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2025-01-03•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has initiated the selection process for a Consolidated Tape Provider (CTP) for bonds, aiming to enhance market transparency and price discovery. The CTP will consolidate bond trade data from various trading venues into a single electronic stream. ESMA plans to finalize the selection by July 2025, with the provider operating under ESMA's supervision for five years.
Institutional development Procurement Market infrastructure
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2025-01-03•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority has issued a warning about phishing text messages from fraudsters impersonating Bowtie Life Insurance Company Limited to obtain personal or payment information. Bowtie has confirmed no connection to these messages, and the incident has been reported to the Hong Kong Police Force. Affected individuals are advised to contact Bowtie and report to the police.
Supervision Alerts Fraud and scams
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2025-01-03•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan is collaborating with the Asian Development Bank to enhance gender diversity and inclusion in Non-Banking Microfinance Companies (NBMFCs). This initiative includes a Training of Trainers programme and a consumer protection session, focusing on identifying gender biases and implementing inclusive policies. The programme aims to empower participants to train colleagues, focusing on women, who constitute over 70% of the sector's clientele.
Policy & regulation Cooperation Diversity and inclusion
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2025-01-03•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan's Appellate Bench dismissed appeals by United Insurance Company of Pakistan Limited and SPI Insurance Company Limited, upholding an SECP direction to encash a PKR 50 million insurance guarantee for Sukh Chayn Valley Limited. The Bench affirmed the insurer's absolute obligation under the guarantee, supported by the Islamabad High Court and the Supreme Court of Pakistan, and rejected claims of SECP's lack of jurisdiction.
Enforcement Investigations & enforcement actions Other
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2025-01-03•Lithuania•Bank of Lithuania
The Bank of Lithuania has updated financial accounts statistics detailing the financial assets and liabilities of Lithuania's institutional sectors. This includes quarterly data on debt indicators and household financials, as well as annual data from 1995 to 2023. Users can create custom datasets with the My Data Sets tool for automatic updates.
Data & statistics Financial and market indicators Supervisory data
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2025-01-03•Ukraine•National Bank of Ukraine
The National Bank of Ukraine hosted a workshop on "Monetary Policy in Emerging Markets," focusing on integrated policy frameworks for macroeconomic and financial stability. Discussions included foreign-exchange interventions, capital flow measures, and fiscal-monetary interactions, emphasizing tools like the IMF’s Integrated Policy Framework. Participants highlighted the trade-off between model complexity and public comprehensibility in communicating results.
Policy & regulation Cooperation Monetary policy decisions and developments
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2025-01-03•Portugal•Bank of Portugal
The Bank of Portugal's updated Q3 2024 Central Balance Sheet Database shows increased equity financing and higher financing costs for Portuguese non-financial corporations, alongside reduced profitability. Return on assets decreased to 9.4%, with financial autonomy rising to 45.1% due to intra-group loan conversions. The cost of financing rose to 5.0%, with interest expense coverage declining, notably in industry, trade, and head offices.
Data & statistics Balance of payments and other external statistics
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2025-01-03•Finland•Bank of Finland
The Bank of Finland has issued a warning about online scams using its name, involving fake social media profiles and fraudulent pages to phish for banking codes. The bank clarified it does not provide financial support or request banking information. Victims are advised to report incidents to the police.
Supervision Alerts Fraud and scams
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2025-01-03•Europe•European Central Bank
The European Central Bank published research by Executive Board member Philip R. Lane on geo-economic trade fragmentation, focusing on non-tariff barriers and their effects on output, inflation, and monetary policy. The study frames the global economy into three geopolitical blocs and examines the impact of reduced foreign critical input supply from China-aligned countries. It advises against broad-based protectionism, advocating for targeted approaches and enhanced supply-chain monitoring, while noting the ECB Governing Council's view of uncertain inflation impacts and downside risks to output.
Research Geopolitical risk
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2025-01-03•Europe•European Central Bank
The European Central Bank released its weekly balance sheet, showing total assets and liabilities at EUR 6,412,636 million. Key changes include EUR -20,846 million in transactions and EUR 76,236 million in quarter-end adjustments. Notable figures include securities of euro area residents at EUR 4,533,034 million and a deposit facility balance of EUR 2,923,970 million.
Data & statistics Balance of payments and other external statistics
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2025-01-03•India•Reserve Bank of India
The Reserve Bank of India announced that its e-Kuber platform will process Government receipts and payments on 30 March 2025, a Sunday, to ensure transactions are accounted for within the financial year 2024-25. This decision follows advice from the Office of the Controller General of Accounts to accommodate Government transaction data transfers on that date.
Policy & regulation Implementation, projects & pilots Other
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2025-01-03•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission coordinated with local authorities and insurers to support motorists and provide insurance assistance during the New Year holiday. The initiative emphasized the role of compulsory motor insurance in ensuring prompt compensation for accident victims. Additionally, the OIC promoted two microinsurance policies for the holiday period, offering coverage for travel and home safety at a THB 10 premium each.
Policy & regulation Implementation, projects & pilots Other
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2025-01-03•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina's Governing Board approved the appointment of Professor Emir Kurtic, Ph.D., as Vice Governor for a four-year term starting 1 January 2025. Kurtic will oversee the Sector of Statistics, Foreign Debt Servicing, European Integration, and Payment Systems.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-03•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines has revoked ETRANSS Remittance International Corp.'s certificate to operate as a remittance and transfer company, including its authority as a virtual asset service provider. This decision, approved by the Monetary Board under Resolution No. 1148, aligns with amendments in the Manual of Regulations for Non-Bank Financial Institutions.
Supervision Authorisations & approvals Unlicensed or unauthorized activity
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2025-01-03•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten, with government support, relaunched the ENNIA insurance group, now operating as a solvent entity under ENNIA Holding N.V. The court lifted emergency regulations for ENNIA Caribe Schade N.V. and ENNIA Caribe Zorg N.V., while the legacy structure remains under regulation as VEHIA N.V. and VELIA N.V. The Central Bank continues to seek damages from Parman International and others.
Supervision Authorisations & approvals Licence approval
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2025-01-03•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a VND 1,000,000 fee for the re-issuance of a securities practice certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-01-03•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines' Monetary Board has revoked ETRANSS INTERNATIONAL REMITTANCE CORP's Certificate of Registration to operate as a Remittance and Transfer Company and Virtual Asset Service Provider. This enforcement action was taken under Section 902-N, as amended by Bangko Sentral ng Pilipinas Circular No. 1108, in relation to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions.
Supervision Authorisations & approvals Unlicensed or unauthorized activity
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2025-01-03•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the Residential Property Price Index (RPPI) for Q3 2024, showing a decline in private residential property prices by 4.3% year-on-year and 1.6% quarter-on-quarter. There were 134 transactions, an increase of 8.9% from Q2 2024 and 34.0% from Q3 2023, with detached houses making up 61.2% of sales. The median purchase price was BND249,800, with most transactions occurring in the Brunei-Muara district.
Data & statistics Financial and market indicators Supervisory data
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2025-01-03•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) identified seven listed companies as delinquent for not submitting required filings for at least three months. Missing submissions include the Standardised Financial Statements Form, Quarterly Information Form, and/or Reference Form. Investors should consider this delinquency, with potential suspension of registration under CVM Resolution 80 if obligations remain unmet for over 12 months.
Supervision Alerts Accounting and financial reporting
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2025-01-03•Serbia•Republic of Serbia Securities Commission
The Republic of Serbia Securities Commission announced the adoption of a National Risk Assessment on money laundering, terrorist financing, and proliferation financing by the Government of the Republic of Serbia. Updated based on 2024 work, it reviewed risks in the prevention system, including digital assets and misuse of the non-profit sector. Conducted by a public-private working group, it involved over 200 representatives from financial and non-financial sectors.
Policy & regulation Implementation, projects & pilots AML and CFT