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2025-12-31•China•Central Bank of the Republic of China
The Central Bank of the Republic of China reported November data on China's financial markets, highlighting a total bond issuance of CNY 7.02 trillion and custody balances of CNY 196.3 trillion. Foreign institutions held CNY 3.6 trillion, primarily in government and policy bank bonds. Interbank cash bond turnover was CNY 30.5 trillion, with significant activity in trades of CNY 5–50 million and above CNY 90 million.
Data & statistics Financial and market indicators Supervisory data
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2025-12-31•China•Central Bank of the Republic of China
The People's Bank of China outlined priorities for 2026 foreign exchange reserve operations, emphasizing risk prevention, global economic monitoring, and high-quality reserve management. Governor Pan Gongsheng praised the Central Foreign Exchange Business Center's 2025 efforts in risk control and professionalism, linking these to asset safety and growth. He stressed aligning with central policy decisions and financial system requirements in the first year of the 15th Five-Year Plan.
Policy & regulation Reform agendas & priorities Other
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2025-12-31•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) released a draft regulatory standard for updating sums insured in housing-related property insurance policies starting or renewing in Q2 2026. The draft sets the Building Index at 583.79, the Household Contents Index at 359.38, and the Combined Index at 494.03, with noted percentage increases from the previous quarter and year. Policyholders should ensure insured values are appropriate, considering regional variations and asset changes.
Policy & regulation Rules & requirements Other
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2025-12-31•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong released the 2024-25 annual report of the Process Review Panel for the Securities and Futures Commission (SFC), confirming adherence to internal procedures and suggesting procedural enhancements. The review covered 60 cases, with the SFC showing cooperation and a positive response to recommendations. Public and market feedback on the PRP’s work was also invited.
Supervision Reviews, inspections & stress tests Auditing
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2025-12-31•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong acknowledged the annual report of the Process Review Panel for the Securities and Futures Commission, reviewing the SFC's internal processes and operational procedures for 2024-25. The report includes observations and recommendations to enhance the fair and consistent exercise of the SFC’s regulatory powers. The PRP, an independent panel, assessed enforcement, licensing, supervision of intermediaries, and complaint handling.
Institutional development Cooperation & capacity building Supervision process and methodologies
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2025-12-31•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) acknowledged the Process Review Panel’s 2024-25 annual report, which includes observations and recommendations from a review of 60 SFC cases. The recommendations aim to enhance regulatory effectiveness and support cross-divisional and cross-agency collaboration. The SFC will evaluate these suggestions to improve operational procedures.
Institutional development Cooperation & capacity building Supervision process and methodologies
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2025-12-31•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario will implement a new labour mobility licensing process on 1 January 2026, enabling eligible financial services professionals from other Canadian jurisdictions to receive expedited work authorization in Ontario. This "as of right" approach allows applicants to start working upon FSRA's receipt of a complete application, with set timelines for regulatory response and penalties for false representations. The change affects sectors such as mortgage brokering, insurance agents, insurance adjusters, and health service providers.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-31•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's SBS has amended regulations for electing representatives to CMAC boards, aligning with Law No. 32515. Changes include candidates' moral suitability, board chairs' continuity, and Vice Ministry involvement. Amendments also address board operational continuity, internal audit verification, and nomination regulations for CMACs with third-party shareholders.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-31•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority (FMA) released guidance on when insurers can adjust premiums and the rights of policyholders in such cases. Premium adjustments must be based on clear clauses in the insurance policy or general terms, often linked to price indices or fixed percentages. The FMA advises policyholders on options like objecting or adapting tariffs but warns of potential drawbacks when switching insurers.
Financial literacy & education Consumer and investor protection
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2025-12-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released analytical data on Hong Kong's foreign currency reserves and liquidity for November 2025, adhering to the International Monetary Fund's Special Data Dissemination Standard. The HKMA issues four monthly Exchange Fund data press releases, including SDDS monetary data and an abridged balance sheet, under its transparency policy.
Data & statistics Balance of payments and other external statistics
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2025-12-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released the Exchange Fund Abridged Balance Sheet and Currency Board Account for November 2025, noting a decrease in total Exchange Fund assets to HKD 4,106.9 billion. The Monetary Base increased by 0.3% to HKD 2,032.2 billion, and Backing Assets rose by 0.6% to HKD 2,241.3 billion, raising the Backing Ratio to 110.29%. Foreign currency assets fell by HKD 9.9 billion, while Hong Kong dollar assets decreased by HKD 0.8 billion, driven by market revaluations and bond issuances.
Data & statistics Balance of payments and other external statistics
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2025-12-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority's November 2025 residential mortgage survey reported declines in mortgage applications, approvals, and drawdowns, despite a slight increase in outstanding mortgage loans to HKD 1,913.5 billion. Applications fell 2.9% to 8,019, and approved loans decreased 7% to HKD 29.1 billion, with primary market financing dropping 12.6% and refinancing down 9.6%. The delinquency ratio remained at 0.14%, and the rescheduled loan ratio was nearly 0%.
Data & statistics Financial and market indicators Supervisory data
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2025-12-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert regarding fraudulent websites and fake internet banking login screens linked to OCBC Bank (Hong Kong) Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information by phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
Supervision Alerts Fraud and scams
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2025-12-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority completed its annual assessment of Domestic Systemically Important Authorized Institutions, confirming no changes to the designated list or Higher Loss Absorbency requirements. Under Hong Kong’s D-SIB framework, these institutions must integrate a Higher Loss Absorbency requirement of 1% to 3.5% into their regulatory capital buffer, extending the Basel III Capital Conservation Buffer and imposing restrictions on discretionary distributions if the Common Equity Tier 1 ratio falls within the extended buffer range.
Supervision Reviews, inspections & stress tests Capital adequacy Financial stability and systemic risk
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2025-12-31•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 reissued a licence to Home Credit Bank JSC, now legally named Home Credit Bank Joint Stock Company (Subsidiary Bank of ForteBank JSC), for banking operations under Kazakhstan’s banking legislation. This follows Deputy Chair’s order No. B-345 dated 30 December 2025.
Supervision Authorisations & approvals Licence approval
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2025-12-31•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 issued a securities market licence to JSC Central Securities Depository, effective 29 December 2025.
Supervision Authorisations & approvals Securities offerings and listings
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2025-12-31•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
The Middle East and North Africa Financial Action Task Force (MENAFATF) published a high-level overview of its 2025 activities under the Jordan presidency.
Policy & regulation Cooperation Other
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2025-12-31•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) implemented monitoring and consumer support measures during the New Year "seven dangerous days" from 30 December 2025 to 5 January 2026, focusing on Phuket due to high travel and accident risks. The OIC Secretary-General assessed local conditions and agency coordination at the Tha Chat Chai checkpoint. The OIC also promoted microinsurance products, including "Aun Jai Kham Pi" and "Ban Aun Jai," with premiums starting at THB 10.
Supervision Reviews, inspections & stress tests Other
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2025-12-31•Middle East•Arab Monetary Fund
The Arab Monetary Fund's study, “The Productivity and Growth Assessment Framework (PGAF),” analyzes economic growth sources, emphasizing total factor productivity and production inputs, and benchmarks Arab countries against regional and international peers. It underscores efficient resource use and structural factors for sustainable growth, advocating balanced, data-driven economic policies in Arab economies.
Research Economic data and developments
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2025-12-31•Jordan•Jordan Securities Commission
The Jordan Securities Commission signed a memorandum of understanding with Al-Mamlaka TV to enhance investor education through television bulletins and content on investment basics, risks, and warnings against unlicensed companies and fake profit offers. The initiative focuses on managing investment risks, verifying licensing, and avoiding misleading advertisements.
Financial literacy & education Consumer and investor protection
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2025-12-31•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority announced that Ganten Treuhand AG has waived its registration as a TT Depositary, effective 23 December 2025, resulting in the lapse of its registration. Consequently, the firm is no longer authorized to provide TT services requiring registration. The waiver and lapse are cited under Articles 12(1), 2(1)(n), and 20(1)(a) of the TVTG.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-31•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority has authorized Bank Frick AG, Balzers, under Article 60(1) of Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR). The bank is permitted to offer safekeeping, administration, order execution, and transfer services for crypto-assets, effective 23 December 2025.
Supervision Authorisations & approvals Licence approval
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2025-12-31•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority has issued Directive 2026/1 and Notice 2026/1, updating requirements for special statutory auditing and reporting by auditors. The new guidelines apply to financial intermediaries with fiscal years ending on or after 1 January 2026, and replace the previous notice from 2024.
Policy & regulation Rules & requirements Auditing
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2025-12-31•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the Business Sentiment Index for November 2025, showing stable current business conditions at 50.0 and slight optimism for December at 50.1. The investment sub-index remained mildly expansionary, while employment was marginally contractionary at 49.9. Costs were expected to ease in November and rise in December, with sector sentiment slightly positive in Finance, Insurance, Real Estate, and Manufacturing.
Data & statistics Economic data and developments
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2025-12-31•South Africa•South African Reserve Bank
The South African Reserve Bank released its Template on International Reserves and Foreign Currency Liquidity for November 2025, detailing official reserve assets of USD 72.068 billion. The report includes a breakdown of short-term foreign currency assets, liabilities, and liquidity, with USD 68.687 billion in Special Drawing Rights currencies and USD 3.381 billion in other currencies. Predetermined net drains within one year total USD 3.885 billion, and contingent liabilities amount to USD 1.231 billion.
Data & statistics Balance of payments and other external statistics
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2025-12-31•South Africa•South African Reserve Bank
The South African Reserve Bank released updated gross external debt statistics, indicating an increase to USD 193,047 million as of 30 September 2025 from USD 180,237 million at 30 June 2025. The general government remains the largest component at USD 93,981 million, primarily in long-term debt securities. Deposit-taking corporations excluding the central bank reported USD 38,832 million, predominantly short-term debt.
Data & statistics Balance of payments and other external statistics
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2025-12-31•South Africa•South African Reserve Bank
The South African Reserve Bank reported a marginal increase in South Africa's net international investment position to ZAR 2,488 billion at end-September 2025, driven by a rise in foreign assets. Foreign assets grew by 4.8% to ZAR 10,454 billion, while foreign liabilities increased by 5.9% to ZAR 7,966 billion, influenced by higher portfolio investment liabilities and non-resident purchases of government bonds.
Data & statistics Balance of payments and other external statistics
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2025-12-31•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia has reappointed three members to its Shariah Advisory Council (SAC) for terms from 1 January 2026 to 31 December 2028, maintaining the council's composition at eight members. The SAC, the highest authority for Islamic law in Malaysia's financial sector, advises on Shariah issues and provides rulings for Islamic financial institutions. Datuk Prof. Dr. Mohamad Akram Laldin will complete his service on 31 December 2025.
Institutional development Leadership change & appointments Other
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2025-12-31•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia disclosed Malaysia's international reserves as of end-November 2025, in line with the International Monetary Fund Special Data Dissemination Standard. Official reserve assets were USD124,121.5 million, with other foreign currency assets at USD266.2 million. The reserves remain usable, with detailed projections of foreign currency inflows and outflows over the next 12 months.
Data & statistics Balance of payments and other external statistics
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2025-12-31•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia imposed a MYR 10,200 penalty on Mayfair Forex Sdn. Bhd. for failing to comply with customer due diligence requirements under relevant financial regulations. The breach, identified during an on-site examination, involved a money-changing transaction exceeding MYR 3,000. Mayfair has since improved its compliance measures, and the penalty reflects the severity of the non-compliance and the company's remedial actions.
Enforcement Investigations & enforcement actions AML and CFT
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2025-12-31•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia imposed Administrative Monetary Penalties on 10 money services business licensees for non-compliance with regulatory requirements, including failures to submit statistical information and meet minimum capital funds. Penalties ranged from MYR 1,500 to MYR 3,000, based on non-compliance frequency and historical records. All firms have paid the penalties and taken remedial actions.
Enforcement Investigations & enforcement actions Compliance
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2025-12-31•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) released the second edition of "TOP Derivatives Market in Brazil – Concepts, Products and Operations," updating educational material on derivatives as risk-management and investment tools. It includes expanded coverage of new structures like flexible barrier options and Structured Operations Certificates, reflecting updates to CVM rules and market developments since 2015. The book is available for free on the Investor Portal as part of the TOP Books series.
Financial literacy & education Market development
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2025-12-31•Saudi Arabia•Saudi Arabia Insurance Authority
The Saudi Arabia Insurance Authority has launched the second phase of a master's program covering actuarial science and insurance and risk management, starting in 2026. The program, delivered with Bayes Business School and coordinated with the Saudi Financial Academy, will provide relevant professional accreditation and prepare Saudi nationals for specialized insurance roles.
Financial literacy & education Risk management
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2025-12-31•Vietnam•Vietnam State Securities Commission
Vietnam's State Securities Commission (SSC) has issued a tender for a consultancy to oversee the implementation of its IT system for management and supervision. The contract, funded by public investment, will last 12 months and be awarded through a domestic open tender using a one-stage, two-envelope procedure on the National E-Procurement System.
Institutional development Procurement
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2025-12-31•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission's Technology and Digital Transformation Department has issued a tender for consultancy services to oversee the implementation of its centralised Data Warehouse project. The 12-month consultancy, funded by the state budget, will be selected through a domestic open tender on the National E-Procurement System using a one-stage, two-envelope process.
Institutional development Procurement Other
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2025-12-31•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has requested 11 individuals to pay a VND 1,000,000 fee for a securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person. Failure to complete the procedure within one year will result in certificate cancellation.
Supervision Authorisations & approvals Licensing and supervisory fees
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2025-12-31•Middle East•Middle East and North Africa Financial Action Task Force (MENAFATF)
The Middle East and North Africa Financial Action Task Force released highlights of its 2025 activities under the Jordan presidency.
Policy & regulation Other
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2025-12-31•Malta•Central Bank of Malta
The Central Bank of Malta announced the appointment of Alexander Demarco as Governor for a five-year term starting 1 January 2026, following unanimous approval by the Parliamentary Public Appointments Committee. Demarco, previously Deputy Governor responsible for Monetary Policy, has served in various roles including Acting Governor and member of the European Central Bank’s Supervisory Board.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-31•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic approved a new regulation establishing minimum internal control requirements for exchange bureaus to combat criminal financing and money laundering. This aligns with recent amendments to national law, Cabinet of Ministers' measures, and Financial Action Task Force standards. The resolution was adopted on 19 December 2025 and is available on the National Bank's website.
Policy & regulation Rules & requirements AML and CFT
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2025-12-31•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has amended its regulatory framework for microfinance organisations (MFOs) and guarantee funds, including updates to MFO periodic reporting forms. The changes address rules for MFOs, including those using Islamic financing principles, and adjust regulations for guarantee fund activities.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-31•Botswana•Bank of Botswana
The Bank of Botswana published its exchange rate framework for 2026, with no further details provided.
Policy & regulation Rules & requirements Foreign exchange policy and markets
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2025-12-31•Pakistan•State Bank of Pakistan
The State Bank of Pakistan has launched the Pakistan Financial Inclusion Index (P-FII), a composite measure assessing access, usage, and quality of financial services, with a 2024 inclusion score of 58.1. The index, comprising 69 indicators, supports the National Financial Inclusion Strategy 2024–28 and aligns with international practices. Results will be disseminated annually, with a detailed methodology paper available on the SBP website.
Data & statistics Financial inclusion
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2025-12-31•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) updated resolution planning expectations for covered insured depository institutions (CIDIs) as it prepares amendments to the IDI Rule, highlighting 2026 rulemaking priorities and capabilities testing for its virtual data room. Amendments will codify content requirement exemptions and address overlaps with the Title I Rule, focusing on rapid, low-cost resolution under the Federal Deposit Insurance Act. CIDIs with USD 50 billion or more in assets will have adjusted submission requirements for 2026, with capabilities testing beginning early that year.
Policy & regulation Guidance & interpretation Recovery and resolution
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2025-12-31•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets made decisions on capital markets, consumer protection, and its supervisory programme. Actions include registering a share restructuring by VIITORUL NOSTRU SA, approving valuation reports for securities sales by fiduciary administrators, and upholding a decision against Victoriabank SA for misleading currency exchange rate displays. The Commission also approved its 2026 inspection activity plan.
Supervision Authorisations & approvals Licence approval
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2025-12-31•Egypt•Egypt Financial Regulatory Authority
Egypt's Prime Minister appointed Mahmoud Jibril, Walid Anwar, and Counsellor Ahmed Mohamed Taher Sheta as assistants to the chairman of the Egypt Financial Regulatory Authority (FRA). These appointments enhance the FRA's leadership under Chairman Dr. Mohamed Farid Saleh, appointed by presidential decree in August 2025. Jibril, Anwar, and Sheta bring extensive experience in market protection, non-banking financial supervision, and legal expertise.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-31•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) warned about three entities falsely claiming CMF supervision while offering loans that require advance payments but never materialize. The CMF filed fraud complaints against Proel Finanzas, CREDIPOL, and CrediJusto with the Public Prosecutor's Office. The CMF also emphasized its online Fraud Alerts Page for verifying supervision and reviewing alerts on unregulated entities.
Supervision Alerts Fraud and scams
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2025-12-31•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) issued a public alert regarding five unsupervised mobile applications offering predatory loans and filed a criminal complaint against those responsible. The apps, available on Google Play and other websites, include APP YAPI CASH and APP SABA PRESTAMO SEGURO. The CMF advises users to consult its Fraud Alerts Page for information on supervised entities and client protection guidance.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-31•Thailand•Ministry of Finance (Thailand)
The Ministry of Finance (Thailand) announced Cabinet approval of medium-term monetary policy objectives and 2026 objectives, as agreed by the Monetary Policy Committee and the Minister of Finance. This aligns with Section 28/8 of the Bank of Thailand Act 1942 as amended.
Monetary policy Monetary policy framework & strategy Financial stability and systemic risk
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2025-12-31•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) endorsed expanding special representative litigation and voluntary advance compensation in securities misrepresentation disputes. Highlighting recent cases, the CSRC emphasized the "explicit opt-out, implicit join" design as a cost-effective collective pathway for investors. The CSRC will continue supporting the China Securities Investor Services Center in its public-interest role and encourage voluntary advance compensation under the Securities Law.
Policy & regulation Guidance & interpretation Accounting and financial reporting
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2025-12-31•China•China Securities Regulatory Commission
The China Securities Regulatory Commission has issued a programme to enhance the real estate investment trusts (REITs) market, focusing on commercial real estate REITs' growth, market supply expansion, and risk prevention. Key measures include refining issuance and listing processes, supporting asset management company participation, and promoting REITs in the Shanghai-Shenzhen-Hong Kong Stock Connect. The programme also aims to standardize offering practices, improve transparency, and strengthen full-chain supervision.
Policy & regulation Implementation, projects & pilots Other
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2025-12-31•China•China Securities Regulatory Commission
The China Securities Regulatory Commission has launched a pilot programme for commercial real estate real estate investment trusts (REITs), establishing definitions, fund registration, operational requirements, and an oversight framework. The framework includes fund manager responsibilities, compliance standards, and regulatory oversight. Following public consultation, the CSRC will now focus on implementing the regime.
Policy & regulation Implementation, projects & pilots Securities offerings and listings
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2025-12-31•China•China Securities Regulatory Commission
The China Securities Regulatory Commission released draft Regulatory Rules for Board Secretaries of Listed Companies for public consultation to standardize functions and enhance governance. The draft outlines responsibilities in disclosure, governance, and communication, introducing safeguards and stricter appointment criteria. It mandates regular performance evaluations and accountability measures for board secretaries.
Policy & regulation Rules & requirements Corporate governance
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2025-12-31•China•China Securities Regulatory Commission
The China Securities Regulatory Commission has approved the Dalian Commodity Exchange's registration of coking coal options. It will oversee the exchange's preparatory work to ensure a smooth launch and stable operation.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-31•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) amended its securities and futures enforcement system, effective 1 February 2026, clarifying application criteria and enhancing procedural integrity. Applications will be rejected for obstruction, inability to pay, or prior misuse. The amendments refine investigation standards, application processes, and internal consultations, with breaches of good faith subject to penalties.
Policy & regulation Rules & requirements Other
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2025-12-31•China•China Securities Regulatory Commission
The China Securities Regulatory Commission issued the Measures for the Implementation of Supervisory Measures in the Securities and Futures Market, effective 30 June 2026, establishing a unified framework for supervisory actions. The 25-article framework outlines fourteen supervisory measures, procedural safeguards, and execution requirements, emphasizing legality, efficiency, and proportionality. The CSRC incorporated public feedback into the final text, with implementation work to follow.
Policy & regulation Rules & requirements Regulatory burden
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2025-12-31•China•China Securities Regulatory Commission
The China Securities Regulatory Commission revised rules on sales fees for publicly offered securities investment funds, effective 1 January 2026, to reduce investor costs and enhance market conduct. Key changes include fee reductions, simplified redemption arrangements, and new requirements for fund sales service fees and client maintenance fees. The revisions aim to encourage equity fund development and establish a direct sales service platform for institutional investors.
Policy & regulation Rules & requirements Sales and distribution
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2025-12-31•Cape Verde•Ministry of Finance (Cape Verde)
Cape Verde’s Ministry of Finance announced that the sale of shares in Cabo Verde Handling, S.A. is in its final negotiation phase, following a transparent procedure established by Decree-Law No. 31/2020 and Council of Ministers Resolution No. 35/2025. The government emphasized that halting the process could harm investor confidence, and it will proceed according to legal and procedural guidelines.
Policy & regulation Implementation, projects & pilots Other
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2025-12-31•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission has updated the 2015 guidelines with new Measures for the Administration of Commercial Bank Mergers and Acquisitions Loans. The measures expand M&A loans to include minority-stake transactions and introduce differentiated eligibility for controlling versus minority-stake lending. They adjust loan terms by increasing the maximum share of acquisition financing and extending loan tenors, while emphasizing the assessment of acquirers' debt-servicing capacity and post-acquisition performance.
Policy & regulation Rules & requirements Lending
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2025-12-31•Myanmar•Central Bank of Myanmar
The Central Bank of Myanmar announced the removal of 29 exporter companies and their board members from the blacklist and travel restrictions after reinstating their export revenues. This delisting pertains to blacklists by the Ministry of Home Affairs and the Ministry of Immigration and People’s Power for companies that failed to re-enter export revenues from 2016 to 2021.
Enforcement Sanctions & designations Other
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2025-12-31•Macao•Monetary Authority of Macao
The Monetary Authority of Macao released an overview of the revised Investment Funds Law, effective 1 January 2026, enhancing the regulatory framework for investment funds and management. Key updates include stricter related-party transaction rules, new prudential limits, and increased investor protections through higher disclosure requirements. The law also removes minimum thresholds for fund formation, abolishes supervisory fees, and expands the business scope for fund management companies.
Policy & regulation Rules & requirements Market development
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2025-12-31•Europe•European Central Bank
The European Central Bank issued a notice dated 31 December 2025, without additional details on its content or purpose.
Other
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2025-12-31•Bhutan•Royal Monetary Authority of Bhutan
The Royal Monetary Authority of Bhutan released its Annual Report for FY 2024/25, detailing Bhutan's macroeconomic conditions, financial sector developments, and medium-term outlook. The report includes a new chapter on Capital Market Development and covers monetary policy operations, liquidity management, and financial sector progress. It also features the Authority's financial statements and a comprehensive statistical appendix.
Monetary policy Monetary policy assessments & outlooks Activity and performance reporting
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2025-12-31•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission appointed Shang Kuang-chi as Chief Secretary, succeeding Lin Chih-chi. The Executive Yuan approved the appointment on 30 December 2025, effective 31 December 2025.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-31•Vietnam•State Bank of Vietnam
The State Bank of Vietnam convened a meeting to finalize 2025 year-end accounts, emphasizing organizational streamlining and secure completion of settlements. The restructuring reduced 63 branches to 15 regional branches and consolidated accounting units from 72 to 20. Priorities for 2026 include macroeconomic stability, inflation control, and enhanced monetary policy operations.
Institutional development Mandate & organizational structure Other
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2025-12-31•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) has launched a 2026 banking-sector-wide emulation campaign focused on innovation, digitalisation, and efficiency. Key priorities include legal framework completion, proactive monetary policy, safer credit administration, enhanced market discipline, and accelerated digital transformation. The campaign also emphasizes improved access to finance, non-performing loan resolution, and organisational streamlining.
Policy & regulation Implementation, projects & pilots Other
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2025-12-31•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) reviewed its 2021–2025 performance, highlighting flexible monetary policy in 2025 that supported over 8% economic growth and maintained inflation around 3%. Achievements included stable policy rates, credit growth, disaster-related financial support, and advancements in digital payments and administrative simplification. For 2026, SBV plans to focus on monetary policy, digital transformation, credit-institution restructuring, and implementing Resolution 18 on organisational streamlining.
Monetary policy Monetary policy assessments & outlooks Other
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2025-12-31•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's 2026 banking-sector conference prioritized proactive, flexible monetary policy to maintain macroeconomic stability, control inflation, and safeguard the banking system. Key outcomes included administrative simplification, unchanged policy rates, and a VND 500 trillion preferential lending package. Governor Nguyen Thi Hong emphasized ensuring adequate cash supply and secure payments for early 2026 and the Lunar New Year.
Monetary policy Monetary policy assessments & outlooks Other
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2025-12-31•Cayman Islands•Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority announced Cabinet-approved legislative amendments introducing fee adjustments across regulated sectors effective 1 January 2026. Mutual and private funds will see a consolidated annual fee, while insurance fees for Class B(i), (ii), and (iii) insurers will rise by 10%. Banking fees will adopt a tiered structure based on assets under management, with phased increases from 2026 to 2028.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-31•Cayman Islands•Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority has launched a new Prudential Information Survey (ADR-046-75-02) for all Registered Persons for the 2025 calendar year, to be submitted via the Regulatory Enhanced Electronic Forms Submission (REEFS) portal. This survey, covering activities, exposures, and risk areas, supplements the Annual Declaration (ADR-046-75) and aims to enhance supervisory assessments. Both submissions require timely and accurate completion.
Supervision Regulatory reporting
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2025-12-31•Trinidad & Tobago•Central Bank of Trinidad & Tobago
The Central Bank of Trinidad and Tobago released its December 2025 Economic DataPack, consolidating key economic and financial statistics for policy support. Notable indicators include a Q1 2025 real GDP contraction of 2.1% year-on-year, Q3 2025 headline inflation at 1.3% average, and a central bank repo rate of 3.50%. The external sector reports net official reserves of USD 4,878.3 million, while public finance data show government debt at TTD 147.4 billion (84.3% of GDP).
Data & statistics
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2025-12-31•Bahamas•Central Bank of the Bahamas
The Central Bank of the Bahamas has released final Application Guidelines for Private Trust Companies, Qualified Executive Entities (QEEs), and Registered Representatives, detailing registration and documentation requirements under the Executive Entities Act, 2011. QEEs must maintain a Special Officer or Special Council Member and comply with Fit and Proper Guidelines. Registered Representatives must submit annual certifications, ensuring QEEs remain exempt from trust company licensing.
Policy & regulation Guidance & interpretation Licence approval
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2025-12-31•Moldova•National Bank of Moldova
The National Bank of Moldova has republished the consolidated text of the Law on foreign exchange regulation, incorporating the latest legislative amendments. This updated version includes changes from Law No. 327 of 29 December 2025, as well as other amendments from 2025 and earlier.
Policy & regulation Rules & requirements Currency and cash management
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2025-12-31•Moldova•National Bank of Moldova
The National Bank of Moldova's preliminary Q3 2025 data shows a current account deficit of USD 867.12 million, a capital account net inflow of USD 19.73 million, and a financial account net inflow of USD 947.18 million. The goods trade deficit widened to USD 1,656.48 million, with imports up 10.8% and exports up 26.5%, driven by EU shipments and agri-food products. As of 30 September 2025, the net international investment position was -USD 7,496.25 million, with official reserve assets covering 6.2 months of imports.
Data & statistics Balance of payments and other external statistics
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2025-12-31•Moldova•National Bank of Moldova
The National Bank of Moldova reported a Q3 2025 current account deficit of USD 867.12 million, a 1.7% decrease from Q3 2024, amounting to 14.3% of GDP. The deficit reduction was driven by surpluses in secondary income and services, despite wider goods trade and primary income deficits. Net financial account inflows were USD 947.18 million, with a reduction in residents’ external financial assets and an increase in liabilities to non-residents.
Data & statistics Balance of payments and other external statistics
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2025-12-31•Moldova•National Bank of Moldova
The National Bank of Moldova reported a Q3 2025 current account deficit of USD 867.12 million, with a capital account net inflow of USD 19.73 million and a financial account net inflow of USD 947.18 million. The current account deficit was 1.7% smaller than Q3 2024, with a deficit-to-GDP ratio of minus 14.3%. Moldova's net debtor international investment position increased by 23.4% from end-2024, with gross external debt rising 12.4% to 58.9% of GDP.
Data & statistics Balance of payments and other external statistics
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2025-12-31•Moldova•National Bank of Moldova
The National Bank of Moldova reported on the liquidation of Banca de Economii S.A., BC “BANCA SOCIALĂ” S.A., and B.C. “UNIBANK” S.A., focusing on asset realisation and emergency loan servicing since their 2015 licence withdrawals. By 31 December 2025, estates collected MDL 3,066,078.6 thousand, with MDL 11,200,800.0 thousand in emergency loans outstanding. Liquidators are pursuing recoveries through court claims, insolvency proceedings, and asset sales, directing proceeds towards liquidation costs and creditor claims.
Supervision Interventions Liquidity risk
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2025-12-31•Moldova•National Bank of Moldova
The National Bank of Moldova released reports on its public procurement contracts, including the 2025 annual report and a first-half 2025 report, available in PDF and XLS formats. Reports for 2024, 2023, 2022, and 2021 are also included.
Data & statistics Procurement
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2025-12-31•Moldova•National Bank of Moldova
The National Bank of Moldova reported a 12.4% increase in Moldova’s gross external debt, reaching USD 11,600.42 million as of 30 September 2025, equivalent to 58.9% of GDP. Public external debt rose by 12.8% to USD 4,867.71 million, while private external debt increased by 12.1% to USD 6,732.71 million.
Data & statistics Balance of payments and other external statistics
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2025-12-31•Moldova•National Bank of Moldova
The National Bank of Moldova released provisional international investment position statistics for 30 September 2025, revealing a net debtor position of -USD 7,496.25 million, a 23.4% increase from end-2024. The net IIP-to-GDP ratio rose to -38.1%, with external financial assets at USD 8,451.71 million and liabilities at USD 15,947.97 million. The external assets to liabilities ratio decreased to 53.0%.
Data & statistics Balance of payments and other external statistics
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2025-12-31•Timor-Leste•Central Bank of Timor-Leste
The Central Bank of Timor-Leste's fourth-quarter 2025 Petroleum Fund report shows the fund balance fell to USD 18.61 billion from USD 18.95 billion in the previous quarter. The portfolio returned 1.68% in the quarter, above its 1.58% benchmark, while withdrawals totaled USD 604.34 million, including a USD 600 million transfer to the Treasury Account. For 2025 as a whole, the fund posted a 10.41% market return against a 10.04% benchmark.
Data & statistics Activity and performance reporting
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2025-12-30•Pakistan•State Bank of Pakistan
The State Bank of Pakistan's Quarterly Report on Payment Systems for Q1 FY 2025-26 highlights growth in retail and digital payments, driven by mobile app-based banking. Retail payment volumes increased by 10% to 2.8 billion transactions, with digital channels accounting for 90% of these. Raast processed 544 million transactions valued at PKR 12.8 trillion, with significant activity in person-to-person transactions.
Data & statistics
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2025-12-30•Pakistan•State Bank of Pakistan
The State Bank of Pakistan has instructed commercial banks to extend branch hours until 10:00 P.M. on 31 December 2025 to facilitate government duty and tax payments. Banks must also keep branches open as needed for Special Clearing by NIFT and ensure uninterrupted online payment services.
Policy & regulation Guidance & interpretation Payments and payment systems
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2025-12-30•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission has approved the registration of FUNDO ASSET, a closed-ended Special Securities Investment Fund focused on equities via private subscription. The fund will invest in a diversified portfolio including shares, bonds with share subscription rights, convertible bonds, and warrants. Prospectum Capital – SCVM, S.A. will manage the fund, with Banco Keve, S.A. as depositary.
Supervision Authorisations & approvals Licence approval
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2025-12-30•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission has approved the registration of AXIOS, a new closed-end special securities investment fund focused on equities and offered by private subscription. The fund's investment policy includes high-liquidity money market instruments, various debt and equity instruments, and units in collective investment undertakings. Ohuasi Investment is the management company, with Banco Keve, S.A. as the depositary.
Supervision Authorisations & approvals Licence approval
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2025-12-30•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority revoked the operating licence of SASA CAPITAL a.d. Podgorica, following the firm's decision to cease investment services and activities. The decision was made at the Authority's 163rd session under Article 222(1)(2) of the Capital Market Law. Clients have been advised to withdraw or transfer their funds in accordance with Article 223(1).
Supervision Authorisations & approvals Unlicensed or unauthorized activity
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2025-12-30•Indonesia•OJK
Indonesia’s Financial Services Authority (OJK) reported a robust 2025, with the Jakarta Composite Index up 22.10% and market capitalisation at IDR 15,810 trillion. OJK noted increased retail participation, significant fundraising, and supervisory actions to maintain market integrity, including 219 technical and 155 special examinations. For 2026, OJK outlined strategic agendas on market deepening, integrity, governance, and sustainable finance development.
Supervision Supervision approach, priorities & toolkit Activity and performance reporting
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2025-12-30•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendency of Colombia (SFC) announced the 2026 maximum premiums for Mandatory Traffic Accident Insurance (SOAT), adjusting tariff caps by vehicle category with a 5.17% annual change in the Tax Value Unit (UVT). The SFC reported a 7% increase in the insured vehicle fleet to 10.6 million policies, a decline in accident frequency to 8.2%, and an increase in average claim severity to COP 2.8 million. Consumers are advised to purchase SOAT through official channels to avoid fraud.
Policy & regulation Rules & requirements Other
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2025-12-30•Mexico•Central Bank of Mexico
The Central Bank of Mexico's annual report to Congress outlines its actions from July 2024 to June 2025 under the Law for Transparency and Regulation of Financial Services, covering credit transparency, payroll services competition, and payments regulation. Key initiatives include revising the Costo Anual Total (CAT) methodology, amending regulations for Créditos Asociados a la Nómina (CAN), and launching the Banxico Contigo website. The report also notes the completion of the credit-offering platform's technological build, pending broader issuer participation for public release.
Policy & regulation Implementation, projects & pilots Other
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2025-12-30•Mexico•Central Bank of Mexico
The Central Bank of Mexico has launched a public consultation on draft rules for card payment clearinghouses to enhance security, efficiency, and interoperability. The proposed framework includes clearer interoperability rules, service diversification, and adherence to international standards, focusing on operational, liquidity, and cybersecurity risk management. It also seeks to expand card use, reduce costs, and improve transaction processing times.
Policy & regulation Rules & requirements Market infrastructure
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2025-12-30•Mexico•Central Bank of Mexico
The Central Bank of Mexico has launched a public consultation on draft provisions to establish "Rules for the supply of information to the Bank of Mexico," aiming to enhance information management through a standardized regulatory framework. The draft includes measures to ensure information security and cybersecurity, supporting the financial system's development and payment systems' proper functioning.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-30•Japan•Bank of Japan
The Bank of Japan released its Payment and Settlement Statistics for November 2025, highlighting a 9.9% increase in daily settlement instructions via BOJ current accounts and a 6.0% rise in transaction value to JPY 233.8 trillion. Key systems such as the Zengin System and the Foreign Exchange Yen Clearing System also saw significant growth in transaction volumes and values.
Data & statistics
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2025-12-30•Japan•Bank of Japan
The Bank of Japan published November 2025 banking statistics on average contract interest rates for loans and discounts, detailing rates for new and outstanding loans across various bank categories and maturities. The data will be available on the BOJ Time-Series Data Search following the next business day.
Data & statistics Monetary data
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2025-12-30•Kenya•Central Bank of Kenya
The Central Bank of Kenya has licensed an additional 42 Digital Credit Providers (DCPs), bringing the total to 195. Since March 2022, over 800 applications have been received, with ongoing engagement on business models and consumer protection. The licensing aims to address public concerns over predatory practices by unregulated providers.
Supervision Authorisations & approvals Licence approval
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2025-12-30•Georgia•National Bank of Georgia
David Abesadze, Head of the Securities Market Supervision Department at the National Bank of Georgia, participated in an IOSCO panel in Malta on sustainability reporting implementation. The panel, part of the GEMC’s Sustainability Standards Implementation Network, discussed policy design, regulatory frameworks, and market readiness for sustainability reporting. Abesadze also attended a meeting of IOSCO’s European Regional Committee.
Policy & regulation Cooperation Climate risk and sustainable finance
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2025-12-30•Georgia•National Bank of Georgia
The National Bank of Georgia released updated external debt statistics, showing gross external debt at USD 27.3 billion (74.2% of GDP) and net external debt at USD 13.0 billion (35.4% of GDP) as of 30 September 2025. The third quarter saw a USD 807.4 million increase in gross external debt, primarily due to transactions and price changes. Public sector external debt was USD 11.6 billion, with foreign-currency liabilities comprising 87.6% of total.
Data & statistics Balance of payments and other external statistics
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2025-12-30•Georgia•National Bank of Georgia
The National Bank of Georgia released a working paper analyzing strategic tariff setting among large economies using a Stackelberg-Cournot model. The study, calibrated to the US, China, and the EU, finds that first movers in tariff setting can achieve short-term welfare gains at the expense of trading partners, reducing global welfare and trade volumes. The paper highlights the importance of cooperation due to spillovers affecting small economies.
Research Other
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2025-12-30•Georgia•National Bank of Georgia
The National Bank of Georgia reported a Q3 2025 current account surplus of USD 338.8 million (GEL 917.3 million), or 3.3% of GDP, driven by services and current transfers. The goods trade deficit widened by 10.7% year-on-year to USD 1.7 billion (GEL 4.5 billion), with exports down 0.3% and imports up 3.8%. Net foreign direct investment reached USD 430.0 million (GEL 1.2 billion), representing 4.2% of GDP.
Data & statistics Balance of payments and other external statistics
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2025-12-30•Georgia•National Bank of Georgia
The National Bank of Georgia released updated international investment position statistics, revealing a net IIP of USD -32.3 billion (GEL -87.4 billion) as of September 30, 2025, or -87.7% of GDP. This marks an improvement of USD 648.6 million from the previous quarter, with international assets increasing by USD 1.8 billion and liabilities by USD 1.1 billion.
Data & statistics Balance of payments and other external statistics
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2025-12-30•Lebanon•Central Bank of Lebanon
Lebanon's Central Bank governor supports the draft Financial Stability and Deposit Repayment law but calls for refinements to enhance fairness, credibility, and implementation. Key concerns include clearer state obligations, a realistic repayment timeline, and caution against depleting banks' private capital before addressing irregular claims. The governor urges the Council of Ministers to review thoroughly before parliamentary submission.
Policy & regulation Guidance & interpretation Financial stability and systemic risk
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2025-12-30•China•Central Bank of the Republic of China
The Central Bank of the Republic of China’s Governor Pan Gongsheng visited the National Clearing Center to review preparations for the 2025 year-end final accounts, emphasizing the importance of safe and stable payment and clearing system operations. He stressed the need for close coordination, strict implementation of internal requirements, and enhanced technical support. Deputy Governor Lu Lei and senior officials were also present.
Supervision Reviews, inspections & stress tests Auditing