The U.S. Securities and Exchange Commission has rescinded its long-standing policy that barred settling defendants from publicly denying allegations in enforcement actions. Settling parties will no longer face restrictions on their public statements as a condition of settlement, with the SEC stating that the public can now assess its case alongside any denials by defendants.
The Brazil Securities Commission opened ENEF 2026 financial education week by announcing an expansion of its financial education work, with continued emphasis on investor training and evidence-based public policy. CVM highlighted a planned national financial literacy survey with Banco Central do Brasil under an OECD International Network on Financial Education initiative, and outlined a programme addressing financial inclusion, longevity planning and related investor education topics.
The National Bank of Belgium announced that Claire Tillekaerts’ term as chairperson of the Council of Regency has ended.
The IMF Executive Board’s Article IV consultation with Trinidad and Tobago noted a gradual recovery, with projected real GDP growth of 0.8 percent in 2025, low inflation, a current account surplus and a well-capitalized banking system, but also elevated uncertainty, persistent fiscal deficits, rising public debt and declining reserves. Directors backed stronger fiscal consolidation, including closing tax gaps, cutting non-priority transfers, better targeting social programmes, rebuilding buffers and adopting a medium-term fiscal framework with a fiscal rule and debt anchor. They also urged monetary tightening toward neutral, improved foreign exchange market functioning, greater exchange rate flexibility over time, and vigilance over sovereign-financial linkages and cyber and climate risks.
Elizabeth Warren and Jeanne Shaheen, Ranking Members of the Senate Banking and Foreign Relations Committees, criticized the Trump Administration for extending Treasury’s temporary sanctions relief for Russian oil after General License 134B expired on May 16, 2026. They argued the extension sustains Russian oil revenues without clear benefits for U.S. consumers or energy markets, does not limit prices Russia can charge, and reduces sanctions risk, enabling higher Russian oil prices amid ongoing Russian military actions and support for Iran.
The Securities and Exchange Regulator of Cambodia, together with Royal Group Securities Plc. and the Cambodia Securities Exchange, held the fourth Investor Forum for civil servants from five ministries and government institutions on 11 May 2026. The event, attended by about 100 participants, provided an overview of investment opportunities in the securities market and practical guidance on stock trading via the CSX Trade application.
The Ministry of Finance of Saudi Arabia reported that Deputy Minister for International Relations Khalid Bawazier led the Kingdom’s delegation to the third G20 Finance and Central Bank Deputies meeting in Fort Lauderdale, Florida. He underscored progress in the G20 Finance Track and urged continued focus on practical outcomes, including support for sustainable growth, better coordination among creditors on sovereign debt and stronger international economic cooperation, including with the U.S. private sector.
The Central Bank of Iraq held an expanded meeting in Baghdad with licensed electronic payment service providers to review sector challenges and discuss measures to improve services and support digital transformation. Discussions focused on strengthening compliance with Central Bank rules, modernising infrastructure and supervisory systems in line with international standards, and developing initiatives to enhance security, efficiency, reliability and financial inclusion in the electronic payments environment.
The Algeria Market Authority and IFAG Higher Institute held a study day on the Algerian financial market, aimed at students and focused on growth opportunities, market development and alternative financing mechanisms. Discussions also reviewed regulatory reforms launched since 2023 and recent developments at the Algiers Stock Exchange.
The Central Bank of Peru reported a March 2026 trade surplus of USD 4,157 million and a 12‑month cumulative surplus of USD 41,423 million, with the monthly surplus USD 1,719 million higher than in March 2025 as exports outpaced imports. March exports rose 38.4 percent year-on-year to USD 9,947 million on higher prices despite flat volumes, while imports increased 21.9 percent to USD 5,790 million, and the first-quarter trade surplus widened to USD 12,867 million from USD 6,877 million a year earlier.
The Central Bank of Libya said it has completed the first nationwide phase of US dollar cash distribution to commercial bank branches and is preparing a second phase. Nomisma, the contracted supplier, said it is ready to provide additional large tranches of USD cash and technical support. The central bank linked the rollout to upgraded compliance systems and a new foreign exchange regulatory framework.
The Jordan Securities Commission reported that board member Mohammad Abd al-Sattar Jaradat represented Jordan at the 32nd annual International Institute for Securities Market Growth and Development, organised by the US Securities and Exchange Commission and attended by regulators from over 54 countries. The engagement, covering virtual asset regulation, AML/CFT, risk-based supervision, data analytics and AI, capital formation and cyber security, supports efforts to exchange expertise, deepen cross-border cooperation and align Jordan’s regulatory frameworks with international practice.
France’s Ministry of Economics and Finance published the agenda for the G7 Finance Ministers and Central Bank Governors meeting it will host with the Bank of France on 18–19 May, as a preparatory step for G7 leaders’ June decisions on global imbalances, developing country partnerships, critical minerals supply chains, and crisis management and financial stability. Ministers will seek closer positions on inflation responses, industrial resilience and economic sovereignty, debt, financial stability, and international solidarity including support for Ukraine, while working on modernising development partnerships, mobilising private capital, improving conditions for critical minerals investment, and supporting Financial Stability Board initiatives on cyber, artificial intelligence and extreme weather risks. The meeting will, for the first time, include Brazil, South Korea, India and Kenya, as well as major international organisations and Ukraine’s finance minister.
The National Bank of Hungary awarded the Sándor Lámfalussy Award to Adam Glapiński, Governor of the Polish central bank, at a gala ahead of the Lámfalussy Conference. Governor Mihály Varga highlighted the bank’s new operational model focused on its primary objective, reduced inflation within the tolerance band, and record-high foreign exchange and gold reserves supporting financial stability, and credited Glapiński with contributing to international, especially European, financial cooperation and stability.
The Tanzania Insurance Regulatory Authority participated in an insurance debate organised by the Tanzania Insurance Institute to improve young people’s understanding of insurance and test their sector knowledge. The event gathered secondary school and university students with industry stakeholders, and TIRA highlighted early insurance education as key to informed financial decisions and building a culture of risk protection.
The Bank of Korea’s April 2026 Financial Market Trends report shows a late-month rebound in Treasury bond yields, a strong equity rally and firmer bank credit growth, alongside a shift from bank deposits into asset management products. Household loans rose KRW 2.1 trillion, driven by housing-related borrowing, while corporate lending increased KRW 10.7 trillion amid higher funding needs for taxes, dividends and bond redemptions. Transferable deposits declined, time deposits and money market funds grew, and the KOSPI surged on semiconductor strength and improved earnings expectations.
The Qatar Financial Centre has joined the Gulf Capital Market Association as an associate member to support a more structured and competitive financial ecosystem in Qatar, building on a February 2025 memorandum of understanding to deepen cooperation and explore a local GCMA Asset Management Chapter. The move underpins plans to develop a local investment management association to represent industry views, promote best practices, and engage with regulators, announced at a Qatar Financial Centre asset management roundtable with senior industry leaders.
South Korea’s Ministry of Economy and Finance announced that Deputy Prime Minister Koo Yun-cheol will visit London and Paris to brief global investors on the Korean economy, meet major financial institutions, and attend the Group of Seven Finance Ministers and Central Bank Governors meeting as an invited country. Koo will highlight Korea’s capital market and innovation policies, discuss foreign exchange and capital market reforms with firms including HSBC and Schroders, explore AI-based development cooperation with the European Bank for Reconstruction and Development, and present Korea’s emergency economic measures and global outlook at the G7 finance meeting.
South Korea’s Ministry of Economy and Finance reported on the third 2026 G20 Finance and Central Bank Deputies Meeting, highlighting Korea’s emergency economic response, regulatory reform programme, and proposals to stabilize energy and critical minerals supply chains. As co-chair of the G20 Global Imbalances Study Group, Korea called for joint action by surplus and deficit countries, supported more efficient sovereign debt restructuring and better debt transparency, and outlined steps to ease financial regulation, monitor cross-border virtual asset transactions, and strengthen financial education.
The Central Bank of the Bahamas has published secondary market prices for Bahamas Registered Stock as of 15 May 2026, detailing bid and ask prices and corresponding yields for fixed-rate and floating-rate government securities maturing between May 2026 and October 2054. The Bank confirms it will buy at the bid and sell at the ask, with quoted yields ranging from 3.38% on shorter-dated issues to 6.50% on the longest-dated 2054 securities, and prices excluding accrued interest.
The Thailand Office of Insurance Commission reported that its Secretary-General made an urgent site visit after a fatal train–bus collision in Bangkok and coordinated with insurers to verify coverage and accelerate payment of claims and medical expenses. The bus held compulsory motor insurance with Dhipaya Insurance and voluntary insurance with Muang Thai Insurance, and the authority has instructed insurers to expedite compensation while checking for additional life or personal accident cover and coordinating with transport operators, hospitals and insurers to gather casualty data.
The Oman Financial Services Authority reported that Oman’s insurance sector generated RO 501.6 million of revenue in 2025, with net profit rising 36% to about RO 34.3 million. Gross written premiums increased 8.9% and claims fell 4.1%, supported by stronger investment income and improved underwriting. Digital premiums rose 35.5%, while Takaful revenue reached about RO 75.35 million.
The Tanzania Insurance Regulatory Authority reported on a strategic meeting with Cenfri and FSD Africa on collaboration to support innovation in Tanzania’s insurance sector. Discussions covered enhancing regulatory sandboxes, data analytics, stakeholder engagement and public awareness, and creating a more enabling environment for innovative insurance solutions. TIRA said the meeting is part of its broader efforts to strengthen the sector through technology and inclusive regulatory approaches.
The Tanzania Insurance Regulatory Authority reported that Insurance Commissioner Dr. Baghayo Saqware attended the first meeting of the National Road Safety Council in Dodoma, marking his second consecutive term representing the insurance sector on the statutory body. He was recognized for advancing motor vehicle insurance priorities, including improving support for road incident victims and reinforcing compliance with motor insurance law, and committed to continued cooperation with government bodies on road safety.
The Egypt Financial Regulatory Authority highlighted its use of the FRA Sandbox to support innovation in non-bank financial activities, including the Insurtech Challenge 2026 run with the American University in Cairo Venture Lab. The authority emphasized partnerships with incubators and accelerators to align startup solutions with regulatory and market requirements, and reported that three winning projects focused on customer experience, access to insurance, operational efficiency and digital outreach.
The Egypt Financial Regulatory Authority and the World Bank held a capacity-building workshop for board members of private insurance funds to strengthen governance and management under Egypt's Unified Insurance Law No. 155 of 2024. The programme covered international good practice in fund governance, monitoring economic developments, board operating rules, regulatory compliance and risk management, linking stronger governance and transparency to improved oversight of investments and returns for nearly 4 million beneficiaries in over 660 private insurance funds.
The India International Financial Services Centres Authority hosted India’s Commerce Secretary at GIFT City for high-level discussions on using the GIFT IFSC framework to support ease of doing business in international trade, including global capital flows, trade financing and cross-border financial services. IFSCA highlighted ecosystem growth to over 1,000 registered entities under more than 35 regulations and 17 frameworks, and discussed potential enablers such as Special Economic Zone enhancements, leasing development and metals and commodities opportunities. It reported that in 2025-26 GIFT IFSC international banking units provided USD 50 bn in trade finance, while ITFS platforms and factoring companies provided USD 111 million in bill factoring to SMEs.
The China Securities Regulatory Commission reported that Chairman Wu Qing met Citigroup board chair and chief executive officer Jane Fraser in Beijing. They exchanged views on global economic and financial conditions and the opening of China’s capital market.
The Central Bank of Kuwait marked Kuwaiti Women’s Day by outlining measures to support women’s progression, noting that women represent 57.1 percent of its workforce and 58.5 percent of leadership positions. It highlighted training programmes, equal access to roles across all levels, and the allocation of 50 percent of study scholarships over the past decade to women, and stated it will continue its equal opportunity approach.
The Indonesia Financial Services Authority reported continued expansion of the Islamic banking sector through March 2026, with assets up 10.49 percent year on year to IDR 1,061.61 trillion, financing up 9.82 percent to IDR 716.40 trillion, and third-party funds up 11.14 percent to IDR 811.76 trillion. OJK highlighted sector-deepening measures, including consolidation and spin-offs in Islamic commercial and rural banks, issuance of nine Islamic product guidelines and Regulation No. 4 of 2026 on Islamic banking investment products, and implementation of new sharia-based instruments such as Cash Waqf Linked Deposits and Shariah Restricted Investment Accounts.
The National Bank of the Republic of Tajikistan, together with KPMG, held a training seminar for financial credit institutions on recent changes to International Financial Reporting Standards and on environmental, social and governance reporting. The seminar covered amendments to IFRS 9 and IAS 21, forthcoming standards IFRS 18 and IFRS 19, and highlighted how timely implementation of new IFRS requirements and ESG principles can support more reliable reporting and closer alignment with international practice.
Preliminary Philippines Insurance Commission data show first-quarter 2026 premiums increased to PHP 140.85 billion and benefit payments rose to PHP 43.44 billion. Assets and invested assets also grew, while net income declined 1.75% mainly because of higher benefit payments.
The Philippines Insurance Commission reported that HMO assets rose 15.95% year on year to PHP 101.44 billion in Q1 2026, while net income increased by more than 40% to PHP 818.7 million. Membership fees grew faster than benefits paid, maintaining a stable benefit-to-contribution ratio.
The Central Bank of Cuba conducted the Meteoro 2026 exercise to test and strengthen disaster response capabilities across the banking and financial system and assess implementation of Directive 1 of the President of the National Defence Council. Held under the National Security and Protection System campaign, the drill reviewed the civil defence framework and updated participants on the upcoming cyclone season, while President Juana Lilia Delgado Portal urged coordinated implementation and regular reporting.
The Superintendency of Banks of the Dominican Republic reported that the foreign currency loan portfolio reached USD 10,228.52 million at end-December 2025, or 24% of total credit, with delinquency at 0.6% and provisions on loans more than 90 days past due covering 357.3% of exposure. The electricity sector accounted for 19.4% of this portfolio, followed by tourism at 18.6% and real estate at 11.1%, with 41.2% of lending to foreign-currency-generating sectors and delinquency in line with the five-year average.
The Angola Capital Markets Commission participated in a Luanda workshop launching the Biodiversity Finance Initiative in Angola, organised by the United Nations Development Programme with environmental and financial institutions. The workshop presented BIOFIN, discussed biodiversity financing opportunities and investment in environmental conservation, and proposed establishing a BIOFIN National Committee to support integration of environmental issues into national economic and financial planning.
The Angola Capital Markets Commission has updated the draft regulation on the governance of non-bank financial institutions linked to capital markets and investment as part of Public Consultation Process No. 1/26. The other proposed measures in the consultation package remain unchanged.
Japan’s Securities and Exchange Surveillance Commission has urged the Prime Minister and Financial Services Agency Commissioner to take administrative action against Takumi Investment Advisors Co., Ltd. for serious misconduct in its discretionary investment management and advisory businesses. Takumi concentrated client funds in bonds issued by a related company and in B Medical Corporation while its chief investment officer siphoned funds, misused JPY 80 million to meet redemptions, misreported investments, and failed to manage conflicts of interest or notify authorities. The Commission also cited improper advice on RL360 Insurance Company Limited’s Regular Savings Plan, misleading website disclosures, and noted that the Kanto Finance Bureau warned RL360 for unregistered financial instruments trading.
The Bank of Japan published its Basic Figures on Fails for April 2026, providing monthly statistics on Japanese government bond settlement fails and related delivery-versus-payment activity. The release, based on the Survey on Fails covering 245 institutions in the JGB book-entry and BOJ-NET JGB DVP systems, reports the number and value of fails, fail duration, buy-ins used, and Government Bond DVP direct debit totals.
The Bank of Japan’s preliminary April 2026 Corporate Goods Price Index shows the Producer Price Index rising 2.3 percent month on month and 4.9 percent year on year to 132.8, driven mainly by petroleum and coal products, chemicals, and electric power, gas and water. Export prices increased 3.3 percent month on month and 9.6 percent year on year on a contract currency basis, while import prices rose 4.9 percent and 7.9 percent respectively, with petroleum, coal and natural gas the main contributors.
Finland's Financial Supervisory Authority has imposed a EUR 400,000 penalty on Oma Savings Bank Plc for breaches of insider list requirements under the EU Market Abuse Regulation. The authority found that the bank failed to draw up, update and complete insider lists in connection with inside information disclosed in June 2021 and May 2022, and calibrated the sanction to the nature, extent and duration of the omissions. The decision is not yet legally binding and may be appealed to the Helsinki Administrative Court.
The Office of the Comptroller of the Currency issued two final rules clarifying that national banks and federal savings associations may establish and maintain real estate lending escrow accounts and set their terms, including decisions on interest payments and related fees. The second rule determines that federal law preempts New York’s interest-on-escrow law and substantively equivalent laws in 13 other states and territories, aligning with a recent U.S. Court of Appeals for the Second Circuit decision.
The Greek Ministry of National Economy and Finance defended the government’s distressed debt management, highlighting a reduction in nonperforming loans to EUR 72.6 billion from EUR 99.7 billion in 2018 and a fall in banks’ nonperforming exposure ratio to 3.3%. It credited the Hercules programme with cleaning up bank balance sheets and supporting Greece’s return to investment grade, and reported average monthly debt restructurings of EUR 330 million over the past six months, expanded primary residence protections, and new relief options for Swiss franc borrowers.
The Federal Reserve Board approved the application by the Stephen M. Calk 2025 Trust of Houston, Texas, to become a savings and loan holding company by acquiring National Bancorp Holdings, Inc. The transaction includes indirect acquisition of The Federal Savings Bank, both entities based in Chicago, Illinois.
The Federal Reserve Board stated it does not object to United Texas Bank converting from a state member bank supervised by the Federal Reserve into a national bank supervised by the Office of the Comptroller of the Currency. The Board noted that under the Dodd-Frank Act it must not object to such conversions when certain enforcement actions apply, and confirmed it did not object to the Office of the Comptroller of the Currency’s supervisory plan addressing the underlying enforcement matters.
The Federal Reserve Board has named Jerome H. Powell chair pro tempore as a temporary transition measure as his term as chair concludes. He will serve in this role until Kevin M. Warsh is sworn in as the new chair.
The New York State Department of Financial Services will implement legislation reducing reliance on federal Advisory Committee on Immunization Practice recommendations by requiring insurers to cover vaccines recommended either by ACIP or by the Commissioner of Health under generally accepted medical standards. A companion bill removes ACIP references from multiple state laws, updates immunization requirements and coverage provisions, and authorizes pharmacists to administer COVID-19 vaccines to children aged two and older.
National Bank of Romania kept the policy rate at 6.50 % (deposit 5.50 %, Lombard 7.50 %) and reserve ratios unchanged, citing April headline CPI of 10.71 %—well above the 1.5–3.5 % target—despite a 0.2 % q/q GDP contraction in Q1. The central bank expects inflation to peak in Q2 2026 and return to target by Q3 2027, pledging vigilance amid energy-price shocks, Middle East tensions and external policy shifts.
The National Credit Union Administration has issued a Notice of Proposed Rulemaking to establish operational and risk management standards for NCUA-licensed permitted payment stablecoin issuers under the GENIUS Act. The framework would apply to credit union-linked stablecoin issuers overseen by the agency and is designed to align with standards proposed for bank subsidiaries so credit unions are not placed at a competitive disadvantage.
The Central Bank of Brazil outlined its contributions to Brazil’s 13th National Financial Education Week, focused on financial education and long-term prosperity. It will host an in-person event on women’s financial citizenship and wellbeing and will launch an updated Financial Citizenship Portal with simpler language, a modernised design and more practical guidance.
The Seychelles Financial Services Authority has announced the termination, effective 15 February 2026, of Mr Jason William Gibson’s accreditation as the representative of Quox Capital Ltd under a Securities Dealer’s Representative Licence. The authority stated that the notice is for information and public awareness only and does not constitute an enforcement action or adverse determination.
The Seychelles Financial Services Authority has announced the termination, effective 18 February 2026, of Christopher Albert Drummond’s accreditation as a representative of Pepperstone International Markets Limited under a Securities Dealer’s Representative Licence. The authority stated that the notice is for information only and does not constitute an enforcement action or adverse determination.
The Central Bank of Seychelles has begun strengthening its strategic foresight capacity through a one-day workshop with United Nations partners to support longer-term planning and more forward-looking policies. Training for 31 staff focused on emerging risks, early signals and drivers of change, and introduced tools such as signal scanning, scenario development, futures thinking and backcasting. The bank said the workshop will help embed strategic foresight in planning and decision-making as it implements its 2024-2028 Strategic Plan and considers priorities beyond the current cycle.
The Central Bank of Uruguay hosted secondary and vocational students under its Central para Vos initiative within the BCUEduca economic and financial education programme, introducing them to price stability, inflation, monetary policy and the functioning of the financial system through everyday scenarios. The sessions, held on 12 and 13 May, formed part of a new phase of BCUEduca focused on citizens’ financial wellbeing and included workshops on inflation and monetary policy instruments, as well as a visit to the Numismatic Museum.
The Central Bank of Poland's preliminary data showed a March 2026 current account deficit of PLN 1.0bn, narrower than the PLN 4.6bn deficit a year earlier. A PLN 13.1bn services surplus was outweighed by deficits in primary income, goods trade and secondary income. The primary income gap widened mainly because of income earned by foreign direct investors from Polish entities.
The Portuguese Insurance and Pension Funds Supervisory Authority has signed a cooperation protocol with Angola's Insurance Regulation and Supervision Agency to strengthen cooperation and support the balanced and sustainable development of their insurance and pension fund sectors. The agreement establishes a framework for information exchange, professional training, technical assistance, advisory work and joint studies within the two authorities' mandates.
The Central Bank of the Republic of Azerbaijan has suspended the licence of CIB Insurance Agency LLC for three months and the licences of 10 insurance intermediaries for one month under decisions dated 14 May 2026. CIB Insurance Agency LLC was sanctioned for failing to implement a regulatory order under Article 106.1.1 of the Law on Insurance Activity, while the other intermediaries were sanctioned under Article 106.1.10 for not submitting a required report.
The Federal Reserve Board terminated, effective May 12, 2026, the July 21, 2023 cease and desist order against UBS Group AG, Credit Suisse AG, Credit Suisse Holdings (USA), Inc., and Credit Suisse AG, New York Branch.
The National Bank of Ethiopia consulted industry stakeholders on a draft Insurance Proclamation that would create an independent Insurance Regulatory Authority and gradually open the insurance market to foreign competition. The draft also proposes an industry-funded regulator, stronger policyholder protection, tighter market conduct supervision and a policyholders’ protection fund.
Ranking members of the Senate Finance and Small Business committees asked the Small Business Administration to explain why it did not warn small businesses about predatory merchant cash advances and why it adopted a June 2025 policy barring SBA loan refinancing of such debt. The letter seeks records on interagency coordination around tariff-related liquidity pressures, internal assessments of working-capital support, outreach on merchant cash advance risks, and the rationale and data underpinning the June 2025 restriction.
The International Monetary Fund reached staff-level agreement with Ghana on the sixth and final review of the Extended Credit Facility and on policies for a non-financing 36‑month Policy Coordination Instrument, alongside the 2026 Article IV consultation. Staff deemed the ECF program broadly satisfactory, citing lower inflation, stronger reserves, improved fiscal performance and declining public debt. The PCI will focus on consolidation and resilience, including growth-friendly fiscal adjustment, debt sustainability, financial sector stability, governance reforms, calibrated fiscal space, continued debt restructuring, protection of the Bank of Ghana balance sheet, bank recapitalization, energy and cocoa sector reforms, and stronger anti-corruption measures.
The IMF Executive Board concluded its Article IV consultation with Kiribati, noting near-term resilience but high downside risks from external shocks and climate vulnerabilities, and assessing the country as at high risk of debt distress. Directors called for growth-friendly fiscal consolidation to rebuild buffers and safeguard debt sustainability, including revenue measures, rationalisation of subsidies and social benefits, and stronger public financial and debt management. They also urged tighter oversight of contingent liabilities and state-owned enterprise borrowing, adoption of a balance-based withdrawal rule for the Revenue Equalization Reserve Fund, and reforms to support private sector development, financial supervision, governance and statistics.
Ranking Member Elizabeth Warren of the U.S. Senate Committee on Banking, Housing and Urban Affairs and Ranking Member Jeanne Shaheen of the Senate Foreign Relations Committee urged the Trump Administration not to extend the U.S. Department of the Treasury’s General License 134B, which authorizes purchases of certain Russian oil. They argued the license has not lowered U.S. fuel costs, instead increases Russian revenue during President Trump’s war in Iran, and lacks clear justification in terms of benefits to Americans or oil markets.
National Bank of Moldova Governor Anca Dragu told the Tech Talks 2026 event the bank is developing an internal AI governance framework and assistant to support SupTech and digital infrastructure, including faster access to institutional information, analysis and data processing. She underlined that AI use must follow clear rules, data protection and rigorous risk management, with human judgment retained in decision-making, and discussed competitiveness and European financial market integration with former European Central Bank President Mario Draghi.
The Securities and Exchange Board of India has revised and consolidated its master circular on securities market surveillance, creating a single reference for exchanges, depositories, listed companies, intermediaries and fiduciaries, and rescinding overlapping circulars. The circular embeds the framework for financial disincentives for surveillance-related lapses at market infrastructure institutions, clarifies that certain non-convertible securities, offer for sale and rights entitlements transactions fall outside trading window restrictions, and consolidates the PAN-ISIN freeze framework for designated persons and their immediate relatives.
The U.S. Senate Committee on Banking, Housing and Urban Affairs advanced H.R. 3633, the Digital Asset Market Clarity Act of 2025, by a 15–9 bipartisan vote, sending the digital asset market structure bill to the Senate floor. The committee said the bill would provide clearer rules for digital assets, strengthen safeguards and transparency, and enhance tools to address bad actors, following nearly a year of bipartisan negotiations and support from crypto, technology, financial, and consumer organizations.
The Central Bank of Libya has formally launched implementation of the unified financial expenditure agreement and its unified spending mechanisms. The meeting focused on Article 8, oversight of public spending and oil and non-oil revenues, and technical arrangements for regular disbursements. Participants also called for continued coordination to carry the agreement into practice.
The Czech National Bank published results of its April 2026 survey of daily average money market turnovers, reporting a rise in deposit operations to CZK 45.9 billion from CZK 37.4 billion, driven by increased activity with non-residents whose share reached 95.5%. Deposits with maturities from one week to one month formed 55.8% of volumes, repo volumes declined by 9.5% to a 50% share, and turnover in interest rate swaps and forward rate agreements rose by 28% and 198% respectively, all derivatives traded with non-residents.
The Financial Conduct Authority, Bank of England and HM Treasury issued a joint statement warning that frontier artificial intelligence models materially increase cyber risk for regulated firms and financial market infrastructures, reiterating that firms must address these risks under existing operational resilience requirements. The authorities highlight expectations around governance, vulnerability management, third-party risk, protection, and response and recovery, and direct firms to cyber resilience practices and guidance from the Cross Market Operational Resilience Group and the National Cyber Security Centre.
The Prudential Regulation Authority published results of its 2025 firm feedback exercise, based on an expanded sample including all credit unions, showing strong scores for clarity of regulatory objectives and supervisory relationships but weaker views on the regulatory framework, rules and policy. Firms requested clearer supervisory feedback, better co-ordination, greater proportionality and more visibility on timelines and workplans, to which the PRA pointed to initiatives on policy clarity, data governance, co-ordination with the Financial Conduct Authority and international regulators, and its Strong and Simple and Future Banking Data projects.
The State Bank of Pakistan has launched its nationwide Go Cashless campaign for Eid al-Azha 2026, expanding digital payment access in cattle markets from 54 to 96 locations as part of its broader payments digitization push. Twenty-two banks will operate camps and kiosks to onboard market participants and enable QR code-based payments, supported by temporary relaxations on transactional and account balance limits and additional mobile banking vans, ATMs and Cash Deposit Machines.
The South African Reserve Bank’s Financial Surveillance Department has cancelled HSBC Bank plc Johannesburg Branch’s appointment as an Authorised Dealer in foreign exchange with immediate effect. The branch may no longer conduct authorised dealer business under South Africa’s Exchange Control Regulations, and its name will be removed from the relevant sections of the Currency and Exchanges Manuals.
The South African Reserve Bank and National Treasury have extended the comment period on the draft Capital Flow Management Regulations, 2026 and clarified that the proposals are not intended to criminalise possession of crypto assets or apply retrospectively. They will issue a draft manual on the cross-border crypto asset framework, setting out when transactions are treated as cross-border and the obligations of authorised crypto asset service providers. The draft regulations aim to strengthen the authorities’ ability to detect, deter or disrupt illicit financial flows and complement existing regimes of the Financial Intelligence Centre and Financial Sector Conduct Authority.
The Croatian National Bank said regional central bank governors discussed integrating digital assets into the financial system while safeguarding stability, consumer protection and monetary sovereignty. Governor Boris Vujčić said a digital euro would complement cash and deposits and warned that stablecoins, though not yet systemic, pose strategic risks and require close monitoring under the EU’s Markets in Crypto-Assets Regulation. He noted the dominance of U.S. dollar stablecoins over euro instruments and urged support for European payment solutions, including the digital euro. Vujčić attributed Croatia’s recent inflation mainly to external energy shocks and subsidy withdrawal, citing easing food, core and industrial goods inflation but persistently high services inflation driven by a strong labour market and domestic demand.
Peru’s Superintendence of Banking, Insurance and Private Pension Fund Administrators has set a framework requiring private pension fund administrators to identify deceased affiliates and proactively assist beneficiaries or heirs when no survivor pension or inheritance claim exists. Administrators must verify deaths using external mortality data, notify at the last known address within 15 days, and publish semiannual lists of deceased affiliates in a national newspaper and on their websites, which the authority will also link to.
The Banking Agency of the Federation of Bosnia and Herzegovina has published preliminary data on the operations of entities in the Federation banking system as of 31 March 2026. The release provides basic performance indicators for the public, media and other users, with final data to follow in the Agency’s quarterly Information on entities of the banking system of the Federation of Bosnia and Herzegovina.
At a regional meeting of central bank governors in Pula, Central Bank of Montenegro Governor Irena Radović said digital assets are increasingly integrating into the traditional financial system and stressed that innovation must develop within clear rules, responsible oversight and robust safeguards. She highlighted Montenegro’s payment modernisation via SEPA and the TIPS Clone project, including a planned July 2026 launch of an instant euro payment system developed with Banca d’Italia and supported by the European Central Bank and the World Bank.
The Central Bank of Latvia has published a working paper analysing how fiscal shocks affect public debt and other fiscal and macroeconomic variables across European Union member states from 2001 to 2024. It finds that primary balance shocks reduce government debt-to-GDP gradually, with primary expenditure shocks driving faster, larger and statistically significant debt reductions, while revenue shocks have gradual and statistically insignificant effects, reflecting differing reactions to each type of shock.
The World Bank’s latest Viet Nam Economic Update projects growth easing from 8% in 2025 to 6.8% in 2026, while remaining robust amid a more uncertain global environment. It highlights strong exports, investment, and a broad reform agenda as drivers, but notes elevated risks and stresses the need to retain more value domestically, deepen links between foreign-invested and local firms, raise productivity, and tighten macroeconomic management to support implementation and financing of reforms.
China Securities Regulatory Commission Chairman Wu Qing participated by video in the International Organization of Securities Commissions Board meeting on 12 May 2026. He discussed global capital market developments, capital market operational resilience in a new technology environment, and reform of IOSCO working mechanisms with other board members, with Vice Chairman Liu Haoling also attending.
The Central Bank of Aruba’s fourth-quarter 2025 external sector tables show a current account surplus of AFL 244.5 million and a capital account surplus of AFL 34.4 million, yielding net lending of AFL 279.0 million from the current and capital accounts and AFL 234.5 million from the financial account. The full-year 2025 current account surplus rose to AFL 921.0 million from AFL 708.9 million in 2024, supported by a higher services surplus and a narrower income deficit despite a larger goods deficit.
The Ukraine National Commission on Securities and Stock Market has established an Advisory Coordination Council on Corporate Governance to align Ukrainian legislation with European standards and introduce international best practices, with its decisions being recommendatory. The council will act as an independent forum for Ukrainian and international experts, including representatives from international financial institutions, foreign regulators, academia and industry, and will be chaired by Commission member Maksym Libanov.
The National Bank of Ukraine published opening remarks for its Sixth Annual Research Workshop on monetary policy in emerging market economies, outlining five principles for preserving monetary transmission under extreme shocks and illustrating them with its wartime policy response. It highlighted emergency liquidity and foreign exchange measures, a sharp policy rate hike to 25%, adjustments to the operational framework and reserve requirements, and liquidity absorption tools that helped stabilise inflation and support the domestic debt market. The bank reported continued double-digit lending growth and low non-performing loans but warned that elevated inflation risks from energy damage, logistics disruptions and high fiscal spending may require tighter policy and further sterilisation measures.
The Swedish Financial Supervisory Authority has launched a supplementary consultation on amendments to its securities business rules to align with the European Commission’s February 2026 changes to the MiFID II delegated directive under the EU Listing Act. The proposal would require investment firms receiving third party investment research outside the MiFID inducements framework to set objective criteria for annual assessments of research quality, usefulness and value, and to take corrective action where it does not support better investment decisions, while removing existing research payment account governance requirements. The proposal is conditional on the EU amending directive entering into force.
The Portuguese Securities Commission registered Visabeira Indústria’s mandatory offer for 14,412,198 Martifer shares at EUR 2.057 each. The offer follows the attribution of 85.59% of voting rights to parties to a shareholder agreement and related persons. Visabeira could reach the squeeze-out threshold by acquiring at least 4,412,198 shares.
Moldova's National Commission for Financial Markets adopted measures including draft amendments to the 2020 voluntary pension funds law to align with EU rules, widen access, clarify payments, strengthen equal treatment safeguards, tighten prudential requirements, expand supervisory and sanctioning powers, and introduce transparency and digital information measures. The Commission also approved a voluntary takeover prospectus for ABC SA shares, authorized converting LEMI INVEST SA into a limited liability company, launched a thematic inspection of EASY CREDIT SRL under the consumer credit law, and set 2025 Investor Compensation Fund contribution rates, citing gradual alignment with higher EU compensation thresholds.
The European Central Bank reported that its balance sheet total declined by EUR 6.051 billion to EUR 6.179 trillion, mainly due to a EUR 9.364 billion reduction in securities held for monetary policy purposes to EUR 3.511 trillion. On the liabilities side, the deposit facility increased by EUR 11.544 billion to EUR 2.254 trillion, while liabilities to euro area residents in euro fell by EUR 10.400 billion, driven by lower general government deposits.
The National Bank of the Republic of Tajikistan published results of its 15 May 2026 foreign exchange intervention purchase auction, which attracted 14 participants. Satisfied orders ranged from USD 120,000 to USD 20,474,000 at a weighted average rate of TJS 9.3451 per USD.
The Bank of Ghana’s 2025 Financial Stability Report finds the financial sector grew and remained resilient in 2025, with total assets up 23.2% to GHS 647.25 billion, or 45.1% of GDP, and stronger profitability and solvency. The report summarizes Financial Stability Council initiatives, updates resilience assessments with a Systemic Risk Survey, and highlights implementation of a conglomerate supervision framework. Following the Virtual Assets Service Providers Act 2025, the Council’s Technical Committee will develop a risk matrix to monitor risks in the virtual asset service provider sector.
The Securities and Exchange Commission of the Republic of North Macedonia signed a memorandum of cooperation with SEPUGS Vasil Antevski-Dren to promote financial literacy and give students practical exposure to the capital market. The cooperation provides workshops, presentations, institutional and market participant visits, and promotional material for elective subjects on capital markets and financial instruments.
Central Bank of Montenegro Governor Irena Radovic said digital assets and other financial innovation must develop within clear rules, responsible oversight and safeguards protecting financial stability, consumers and monetary sovereignty, linking this to Montenegro’s payment modernisation agenda. She noted that Montenegro’s accession to the Single Euro Payments Area cut cross-border payment costs to the EU and presented work on the TIPS Clone instant euro payments platform with Banca d’Italia, supported by the European Central Bank and the World Bank.
The Isle of Man Financial Services Authority has introduced a new process to alert Island firms to changes to sanctions lists, issuing email notifications from 15 May 2026 to highlight updates that may affect customer relationships and transactions. Alerts will go to all primary contacts and be posted on the Authority’s website and social media, with recent updates covering Russia, Afghanistan and Iran in mid-May 2026.
The Ministry of Finance (Serbia) published remarks by First Deputy Prime Minister and Finance Minister Sinisa Mali at Business Summit 2026, highlighting Serbia as a predictable capital destination, with 3 percent first-quarter GDP growth, public debt of about 43 percent of GDP, an investment grade credit rating and strong foreign direct investment. Mali linked these results to administrative and market reforms, including digital tax and trade systems and capital market and Belgrade Stock Exchange development. He noted foreign exchange reserves above EUR 28 billion and 54 tonnes of gold as buffers. Priorities include infrastructure, energy security and diversification, renewables, a future nuclear power plant, and investment in education, artificial intelligence, robotics, information technology and healthcare, with growth next year expected to be supported by Expo-related investment and domestic consumption.
The Bank for International Settlements has published a working paper constructing euro area geopolitical risk indicators from local newspapers to assess the macroeconomic effects of geopolitical shocks. The authors find these shocks resemble adverse supply shocks, with the war in Ukraine estimated to have reduced industrial production by about 1.3%, raised consumer prices by about 0.6% and lifted policy rates by about 0.5 percentage points by mid-2022, while Anglosphere measures understate these effects. The paper also introduces sanctions and shortages indicators, concluding that shortages are a key inflation channel and that the euro area outlook is highly sensitive to future geopolitical developments.
The Financial Supervisory Authority of Norway found that an investor breached shareholding disclosure rules under chapter 4 of the Securities Trading Act in relation to NEXT Biometrics Group ASA and imposed an administrative penalty of NOK 300,000. The case concerns three undisclosed crossings of the 10 percent and 15 percent thresholds and one incorrect market notification, with the authority deeming the breaches negligent and stressing that investors must understand consolidation rules.
The Norwegian Financial Supervisory Authority used a speech at the 2026 Pension Fund Conference to outline its supervisory view on pension funds, noting strong solvency but rising risks from structural change, geopolitics, potential market corrections and domestic debt and property vulnerabilities. It will prioritise supervision of financial position, liability estimates, liquidity risk, governance, capital, contingency planning, buffer capital strategy and control functions. Regulatory work will focus on simplifying rules, aligning the simplified solvency capital requirement with the revised Solvency II framework and updating rules on guaranteed products, borrowed own funds, market value use in transfers and buffer funds.
The Financial Supervisory Authority of Norway’s 2025 annual report states it largely implemented its work in line with the Ministry of Finance’s allocation letter and its own strategy, outlining supervisory activities supporting financial stability and well-functioning markets. It covers governance developments, including the new Financial Supervision Act effective 1 April 2025, digitalisation and simplification projects, internal control and security, and a risk-based supervisory approach focused on international market instability, financial sector competitiveness, digital vulnerability, economic crime, and climate and sustainability risks. The report also presents audited annual accounts.
Greece’s Ministry of National Economy and Finance announced that Minister Kyriakos Pierrakakis, also President of the Eurogroup, will attend the G7 finance ministers and central bank governors meeting in Paris on 18–19 May to discuss the global economy, including the macroeconomic effects of the Middle East situation, support for Ukraine and reducing global imbalances. Pierrakakis highlighted the vulnerability of interconnected economies to external shocks, stressed the importance of keeping the Strait of Hormuz open and ending the conflict to limit economic impact, and argued that deepening European capital markets and coordinated action by major economies are needed for more sustainable macroeconomic balances.
The Securities and Exchange Board of India has issued a circular specifying the permitted use of fresh borrowings by Infrastructure Investment Trusts whose net borrowings exceed 49 percent of asset value. Higher leverage may now be used for capital expenditure to enhance asset performance or capacity, specified major maintenance on road projects, and certain refinancing of principal-only debt originally raised for permitted purposes at the InvIT, special purpose vehicle or holding company level.
The Securities and Exchange Board of India has issued a circular specifying conditions under which a special purpose vehicle held by an Infrastructure Investment Trust will continue to be treated as an SPV after its concession or similar agreement ends. The investment manager must within one year either exit the SPV or acquire a new infrastructure project in it, excluding time taken for statutory or regulatory approvals, and must provide enhanced SPV-level disclosures in the InvIT’s annual report while the SPV is held.