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2025-12-29•India•Reserve Bank of India
The Reserve Bank of India amended its Rural Co-operative Banks – Know Your Customer Directions, 2025, clarifying responsibility for verifying customer identity and address when KYC records are managed via CKYCR. The entity that last updated the KYC records is responsible for verification, while banks downloading these records are exempt from re-verification if the records are current and compliant with anti-money laundering regulations.
Policy & regulation Rules & requirements KYC
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2025-12-29•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 conducted a financial literacy program for military personnel under the Fingramota.kz project. In collaboration with the Chief Military Prosecutor’s Office and support from banking and microfinance ombudsman offices, 45 events were held nationwide, educating over 10,000 service members on financial product use, personal finance management, and fraud prevention.
Financial literacy & education Other
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2025-12-29•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency released an overview of the microfinance sector, noting expanded regulations and transparency for microfinance organisations, credit partnerships, and pawnshops. Initiatives include reduced risk-weighting for secured microloans, simplified rural MFO-to-bank conversions, and the first Apex fund registration. The sector's assets grew to KZT 2,932bn, with a loan portfolio of KZT 2,402bn by Q3 2025 and a 4.7% non-performing loan rate.
Policy & regulation Rules & requirements SME financing
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2025-12-29•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan amended eight regulatory acts, affecting compulsory motor insurance pricing and market conduct. Changes include reduced costs for first-time contracts, insurer responsibility for data reliability, expanded investment opportunities for the Insurance Payments Guarantee Fund, disclosure of brokers' commission levels, and technical requirements for insurers' websites.
Policy & regulation Rules & requirements Other
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2025-12-29•United States•Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston released a roundup of its most-read 2025 stories, covering regional economic conditions, fraud risks, and financial-sector exposures. Highlights include synthetic identity fraud losses exceeding USD 35 billion in 2023, driven by generative AI, and a rise in large banks' loan commitments to private equity and credit funds. The roundup also features insights from the Boston Fed's 69th Economic Research Conference on the US economy's adaptation to global volatility.
Research Economic data and developments Financial and market indicators
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2025-12-29•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) is joining the New Year 2026 road accident prevention command centre, emphasizing insurance as a risk-management tool during peak travel. The OIC coordinates with provincial centres and agencies to provide continuous insurance guidance. As part of its campaign, the OIC offers low-cost microinsurance products, including the Aun Jai personal accident and home fire policies, with premiums starting at THB 10.
Financial literacy & education Other
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2025-12-29•Middle East•Arab Monetary Fund
The Arab Monetary Fund's study, "Economic Productivity in Arab Countries: Status and Challenges," highlights that productivity in Arab economies has been supported by capital accumulation and labour availability, but warns that rising government expenditure and public debt could impede gains. It recommends effective fiscal frameworks, macroeconomic stability, and efficient public spending to enhance productivity and competitiveness.
Research Economic data and developments
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2025-12-29•Israel•Bank of Israel
The Bank of Israel's third-quarter 2025 update shows a 2.6% increase in total business and household debt to NIS 2.4 trillion, with business sector debt rising 2.5% to NIS 1.5 trillion and household debt increasing 2.7% to NIS 890 billion. Corporate bond issuance reached NIS 26 billion, primarily from real estate and construction firms, while new mortgage borrowing averaged NIS 9 billion monthly in October–November.
Data & statistics Financial and market indicators Monetary data
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2025-12-29•Dominican Republic•Superintendencia del Mercado de Valores de la Republica Dominicana
The Dominican Republic's Superintendence of the Securities Market (SIMV) reported securities in custody at DOP 3.07 trillion in early December 2025, with total settled volume at DOP 11.3 trillion. Growth in intermediaries and investor accounts was driven by public-sector issuance acquired by pension fund administrators. The Dominican Republic Stock Exchange recorded a 42.45% increase in traded volume in 2024, with significant activity in fixed income and equities.
Supervision Risk monitoring & watch points Securities offerings and listings
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2025-12-29•Spain•Bank of Spain
The Bank of Spain has amended its accounting and Central Credit Information Register (CIR) reporting frameworks to simplify financial reporting and align with EU-adopted International Financial Reporting Standards. Circular 4/2017 now incorporates IFRS 9 changes, revises credit risk coverage requirements, and initiates a transition to more granular CIR data, reducing national reserved statement requirements by one third. Further reductions are anticipated with a draft omnibus circular, potentially cutting reporting requirements by 50% by 2026.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-29•Spain•Bank of Spain
The Bank of Spain has unveiled its 2025-2030 analysis and research framework, focusing on central banking pillars, Spanish economic challenges, European resilience, and global trends. Key areas include inflation, monetary policy, financial stability, productivity, demographics, climate change, and technological transitions. The framework will be reviewed and updated annually.
Research Financial stability and systemic risk Macroprudential policy and tools
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2025-12-29•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) is enhancing its supervisory capacity for the closed pension fund sector through a 2025 restructuring, including new hires and digital upgrades. Initiatives include Painel PREVIC – Cidadão, Protocolo Digital PREVIC for transparency and efficiency, and the CADPREVIC system for registration. PREVIC is also developing AI solutions for investment monitoring and risk identification, expected in the second half of 2026.
Institutional development Technology & data transformation Hiring and recruitment Organizational structure
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2025-12-29•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) released a year-end review detailing updates in Brazil’s closed supplementary pension regime, including rule changes, supervisory actions, and coordination with other regulators. Key developments include updates to PREVIC Resolution 23 and CMN Resolution 5,202/2025, addressing investment guidelines, sustainability factors, and governance criteria. PREVIC highlighted concluding its intervention in Portus and a BRL 210 million surplus distribution by Valia, while proposing a new solvency framework and sanctions regime for 2026.
Policy & regulation Rules & requirements Other
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2025-12-29•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 5.0% decline in foreign currency deposit unit (FCDU) loans to USD 15.13 billion in Q3 2025, with USD 9.59 billion extended to Philippine-based borrowers. Medium- to long-term loans accounted for 79.8% of outstanding FCDU loans. Despite a 5.7% increase in foreign currency deposits to USD 60.73 billion, FCDU loans decreased by 3.9% year-on-year.
Data & statistics Financial and market indicators Supervisory data
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2025-12-29•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 7.1% increase in the economy's net external liabilities in Q2 2025, rising to PHP 3.7 trillion. This increase was driven by higher external financing for non-financial corporations and a widening net debtor position of the general government. The report also highlighted a decline in the central bank's investments in debt securities issued by nonresidents.
Data & statistics Balance of payments and other external statistics
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2025-12-29•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a narrowing of the country's net external liability to USD 58.2 billion as of end-September 2025, a 13.2% decrease from the previous quarter. This improvement reflects a 1.9% increase in external assets to USD 263.9 billion and a 1.2% decline in foreign investments in Philippine assets to USD 322.1 billion. The net liability position now stands at 12.1% of GDP, down from 14.1%.
Data & statistics Balance of payments and other external statistics
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2025-12-29•Oman•Central Bank of Oman
The Central Bank of Oman’s Board of Directors approved a regulatory framework for finance and financial leasing companies in compliance with Islamic Sharia. The Board also approved the 2026 annual budgets for the Central Bank, the Banking Deposits Protection Scheme, and the Oman Credit and Financial Information Center (Mala’a).
Policy & regulation Rules & requirements Other
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2025-12-29•South Korea•South Korea Financial Services Commission
The Korea Financial Intelligence Unit has launched a taskforce to enhance the anti-money laundering and counter-terrorist financing framework for the 2028 Financial Action Task Force evaluation. Key initiatives include tightening virtual asset service provider requirements, extending AML rules to legal and accounting professionals, and introducing tools to suspend suspicious accounts. The taskforce aims to develop AML improvement measures by mid-2026.
Policy & regulation Rules & requirements AML and CFT
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2025-12-29•Andorra•Andorran Financial Authority
The Andorran Financial Authority has issued Technical Communication No. 7/2025-SF on the countercyclical capital buffer for the first quarter of 2026 under its macroprudential solvency framework. The communication applies to a wide range of regulated entities, including banks, specialised non-bank credit financial institutions, investment firms, asset managers, financial advisers, collective investment scheme managers, payment institutions, and electronic money institutions.
Policy & regulation Guidance & interpretation Macroprudential policy and tools
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2025-12-29•Albania•Albania Financial Services Authority
The Albania Financial Services Authority Board adopted governance and supervisory decisions, including criteria for selecting the external audit firm for 2025 and the 2026–2028 strategic plan. It also approved appointments at Raiffeisen Invest, authorised insurance agent activity, and amendments to Ansig’s statute following a capital increase.
Institutional development Governance Auditing
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2025-12-29•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan concluded its Economic Journalism Development Support Programme for Baku Slavic University students, awarding certificates to 27 participants. The programme included training on central banking and financial topics, emphasizing communication and accurate public information. Deputy Chairman Ali Ahmadov and the bank's communications leadership highlighted its role in enhancing financial literacy and cooperation with academia.
Financial literacy & education Financial literacy and education
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2025-12-29•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) began a collegial judgment on alleged fiduciary-duty breaches by IRB – Brasil Resseguros S.A. executives Fernando Passos and José Carlos Cardoso. Interim Chair Otto Lobo voted to acquit both, but the session was suspended after a review request by substitute director Luís Felipe Lobianco. The case involves accusations of selective disclosure, false market information, and breaches of remuneration limits.
Enforcement Investigations & enforcement actions Corporate governance
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2025-12-29•Russia•Central Bank of Russia
The Central Bank of Russia has revised its classification for digital financial assets (DFAs), effective 2026, expanding access for non-qualified investors while restricting higher-risk instruments to qualified investors. Non-qualified investors can purchase high credit quality DFAs and high-rated DFAs linked to indicators like inflation, subject to an annual limit of RUB 600,000, with some requiring capital protection. The Bank of Russia Board of Directors will determine permissible rating levels, and elevated risk DFAs will remain exclusive to qualified investors.
Policy & regulation Rules & requirements Fintech and insurtech
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2025-12-29•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has revoked the accreditation of Mr. Michail Kopanakis as a Securities Dealer Representative and as the representative of MECO Markets Limited, effective 24 December 2025, under Section 4(1)(m) of the Financial Services Authority Act 2013.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-29•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has revoked the accreditation of Mr. Michalis Yiasemides as the representative of MMCD Resources Limited, effective 24 December 2025. This action was taken under Section 4(1)(m) of the Financial Services Authority Act 2013.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-29•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority issued an alert that https://topfxm.com/ is not associated with the licensed entity TopFX Global Ltd. Investors are urged to conduct thorough research before sharing personal information or engaging in transactions on the site. The authority disclaims responsibility for any use of services provided through the website.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-29•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC is promoting its SEC HOPES programme to encourage private hospitals to use capital markets for expansion. Under SEC Memorandum Circular No. 11, Series of 2017, the programme reduces the registration review period to 28 days for quicker funding access. By December 2025, 18 hospitals registered, with shares totaling PHP 19.95 billion and an issue value of PHP 17.05 billion, addressing the hospital capacity gap identified by the Department of Health.
Policy & regulation Rules & requirements SME financing
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2025-12-29•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo's 2025 Annual Presentation confirmed financial system stability and outlined 2026 reform and payment priorities. Macroeconomic projections for 2025 include 3.9% growth, 3.6% inflation, EUR 1.4 billion in remittances, and EUR 950 million in foreign direct investment. The bank reported low non-performing loans at 2.1%, capital adequacy of 17.6%, and liquidity coverage above 216%, while highlighting progress in financial inclusion, digitalisation, and SEPA integration efforts hindered by pending legal reviews.
Policy & regulation Reform agendas & priorities Financial stability and systemic risk Market development
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2025-12-29•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission held a training course on non-traditional security and securities market security with the Institute for Non-traditional Security at Vietnam National University, Hanoi. It addressed risks from transnational and high-tech crime, and cyber security, emphasizing enhanced security amid market development and digital transformation. The course aimed to improve management and supervisory capabilities in line with international standards.
Institutional development Cooperation & capacity building Capacity building
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2025-12-29•Portugal•Bank of Portugal
The Bank of Portugal has issued a public warning that Osmar Carlos Gerardo is not authorised to conduct any financial activities, including payment services, in Portugal. The central bank emphasizes that only entities authorised under the Legal Framework for Payment Services and Electronic Money can provide such services and directs users to its website for a list of authorised providers.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-29•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC filed criminal complaints against nine individuals for alleged manipulation of Comanche International shares, treating it as a predicate offense under anti-money laundering law. The investigation identified suspected manipulation across three periods, involving synchronized orders and influencing prices, breaching the Securities and Exchange Act B.E. 2535 (1992). The SEC will monitor proceedings and cooperate with relevant agencies for enforcement.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-29•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission filed criminal complaints against eight individuals for allegedly manipulating Siamese Asset Public Company Limited's share price and trading volumes. The SEC's investigation found evidence of collusion over 167 business days, using tactics like price pushing and bid layering. The case involves violations of the Securities and Exchange Act B.E. 2535 (1992) and will proceed through investigation, prosecution, and court adjudication.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-29•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC filed criminal complaints against 18 individuals for alleged share price manipulation of One to One Contacts, now Peer for You. The SEC's investigation, based on Stock Exchange of Thailand referrals, found coordinated trading between July 2021 and May 2023 that misled the public and violated securities laws. The case is under investigation, with potential further action by the Anti-Money Laundering Office.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-29•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission imposed civil sanctions on six individuals for insider trading of Thaifoods Group Public Company Limited shares and warrants, based on undisclosed earnings information from 2016. The Civil Sanction Committee ordered penalties and compensation totaling THB1,125,195,148.13. Additionally, Winai Teawsomboonkij is barred from serving as a director or executive of a listed company for 40 months due to his "untrustworthy" status.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-29•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's Working Paper estimates Nigeria's revenue-maximising VAT rate at 6.4%, below the current 7.5% rate, suggesting the latter may reduce VAT revenue. The study uses a quadratic VAT revenue function with data from 2010 to 2023, finding significant effects from the VAT rate and its squared term, while inflation is insignificant. The paper is part of ongoing research and does not reflect the Central Bank's official views or policies.
Research Taxation
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2025-12-29•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's study examines the impact of public expenditure on macroeconomic stability from 2010Q1 to 2023Q4, highlighting an asymmetric relationship where spending cuts worsen short-term stability and increases harm long-term stability. It suggests private sector credit expansion reduces instability and recommends enhancing countercyclical fiscal management by revising fiscal laws and cautioning against reliance on short-term borrowing during downturns.
Research
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2025-12-29•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria released a Working Paper evaluating a modified forecast-combination approach for predicting banking system liquidity using eight driver-based models. The study finds that combined point and midpoint interval forecasts align more closely with observed liquidity trends, suggesting utility for short-term liquidity management. The research, not representing official policy, recommends exploring unequal weighting schemes and expanding liquidity drivers.
Research Liquidity risk
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2025-12-29•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's working paper reassesses the adequacy of Nigeria's external reserves from Q1 2015 to Q1 2024, highlighting vulnerabilities in reserves-to-broad money and ARA-based assessments. While traditional metrics indicate adequacy, the study suggests increased risks from imports, capital flight, and short-term flow reversals. It recommends monitoring short-term investment liabilities and broad money supply, noting it is research in progress and not official policy.
Research Prudential risks
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2025-12-29•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria released a working paper analyzing macroeconomic factors driving deindustrialization in Nigeria from 1981 to 2023. It finds that higher inflation and currency depreciation correlate with weaker industrial performance, while currency strengthening, favorable foreign direct investment, and lower interest rates support industrial activity. The paper highlights a decline in the industry share of GDP from 10% in 1981 to 3% in 2023, with services surpassing industry in 1983 and industry falling below agriculture in 1995.
Research
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2025-12-29•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority's committee issued licensing decisions for non-banking financial services firms, including Awaed Real Estate Investment Fund and Grow Holding. Tanmia for Financial Leasing (EGY Lease) and El Nile Financial Leasing received approvals to add factoring, while QNB's financial leasing business was approved to add mortgage finance. CFH Holding was licensed for custody services.
Supervision Authorisations & approvals Licence approval
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2025-12-29•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority and the Ministry of Education have signed a protocol to enhance financial literacy among students aged 15 and above. This initiative includes awareness campaigns, specialised education, training, and a trading simulation system for practical exposure to capital markets. The program aims to promote secure engagement in non-banking financial activities and educate students on saving, investing, and entrepreneurship.
Financial literacy & education Financial literacy and education
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2025-12-29•Egypt•Egypt Financial Regulatory Authority
Egypt's Financial Regulatory Authority reviewed plans to expand state asset offerings on the Egyptian Exchange in 2026, including state-owned companies preparing for IPOs. Draft laws to stimulate financial markets and amendments to the Capital Market Law were discussed, potentially allowing the exchange to become a joint-stock company. The authority is also considering listing shares in central securities depository and registry companies to enhance transparency and governance.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-29•United States•U.S. Securities & Exchange Commission
Cicely LaMothe, Deputy Director of the Division of Corporation Finance at the U.S. Securities & Exchange Commission (SEC), has retired. LaMothe, who joined the SEC in 2002, played a significant role in issuing external guidance, supporting policy recommendations, and modernizing public company disclosure review. Her contributions included updates on Compliance and Disclosure Interpretations and crypto-related matters.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-29•United States•U.S. Securities & Exchange Commission
Nekia Hackworth Jones concluded her tenure as Deputy Director of the Division of Enforcement (Southeast) at the U.S. Securities and Exchange Commission on December 26, 2025. Appointed in April 2025, she supervised enforcement activities across multiple offices and previously served as Regional Director of the Atlanta Regional Office.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-29•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission announced the re-election of its President, Vassiliki Lazarakou, as a Bureau member of the OECD's Corporate Governance Committee for 2026. The Committee oversees the implementation of the OECD/G20 Principles of Corporate Governance and supports dialogue on corporate governance and finance. Lazarakou highlighted the Committee's recent work on the Revised Principles, updating guidance on transparency, management responsibilities, and sustainability in capital markets.
Institutional development Leadership change & appointments Corporate governance
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2025-12-29•Chile•Chile Financial Market Commission
The Chile Financial Market Commission censured Jerónimo Andrés García Bacchiega and Alejandro Alfonso Gil Gómez for breaching Articles 41, 48, and 50 of Law No. 18,046 and Article 85 of the CMF’s Guidelines. They implemented a board agreement at Clínica Las Condes S.A. without approved minutes and unanimous board authorization, posing a corporate governance risk.
Enforcement Investigations & enforcement actions Corporate governance
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2025-12-29•Chile•Chile Financial Market Commission
The Chile Financial Market Commission reported insurers generated USD 12,158 million in sales in the first three quarters of 2025, a 7.9% increase from 2024. Life insurance sales rose 14.2% to USD 8,328 million, while general insurance sales fell 3.7% to USD 3,829 million. Profits reached USD 933.6 million, with life insurers earning USD 676.7 million and general insurers USD 256.9 million, driven by improved investment results and lower claim costs.
Data & statistics Financial and market indicators Activity and performance reporting
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2025-12-29•Palestine•Palestine Capital Market Authority
The Palestine Capital Market Authority has issued new rules governing the pledging of assets under financial leasing contracts, aiming to balance leasing companies' funding needs with lessees' ownership rights. The regulations enhance transparency, reduce legal risks, and require lessee consent for pledges, with supervisory actions for breaches. These rules are effective upon publication in the Official Gazette.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-29•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance (SSN) amended point 37.6 of the RGAA to expand mandatory reporting through the Policy Issuance Information System (SIEP) to more insurance lines. From 1 January 2026, insurers must report all policy issuances and endorsements within 24 hours and complete an initial upload of all in-force policies and endorsements. Existing reporting obligations for specific lines, as per Resolution 690/2022, remain unchanged.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-29•Panama•Superintendencia de Bancos de Panama
The Superintendency of Banks of Panama reported continued balance-sheet expansion in the International Banking Center (CBI) through November 2025, driven by rising deposits and increased liquidity buffers. The CBI's Capital Adequacy Index stood at 16.34% at the end of Q3, above the 8% regulatory minimum. In the National Banking System, gross local lending reached USD 64,958 million, with notable growth in private-sector credit and new loan disbursements.
Data & statistics Credit risk Asset quality
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2025-12-29•Vietnam•State Bank of Vietnam
The State Bank of Vietnam prioritized cyber-scam prevention amid rising cashless payments and digital banking, emphasizing multi-agency coordination for security. A national workshop co-chaired by Deputy Governor Pham Tien Dung and the Ministry of Public Security reported a 57% drop in individuals losing money to scams in the first half of 2025 compared to 2024. The workshop addressed scam typologies and challenges from advanced methods like deepfakes and AI.
Policy & regulation Cooperation Fraud and scams
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2025-12-29•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's year-end briefing highlighted a 17.87% increase in outstanding credit to VND 18.40 quadrillion, focusing on priority sectors and unchanged policy rates. Key initiatives include targeted credit programs for agriculture and infrastructure, and enhanced digital payment systems, including cross-border QR payment links with neighboring countries. The SIMO system flagged over 2.4 million suspicious transactions, resulting in significant transaction pauses or cancellations.
Data & statistics Credit risk Financial stability and systemic risk
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2025-12-29•Moldova•National Bank of Moldova
The National Bank of Moldova has introduced a yield curve as a market reference tool to enhance financial market analysis, risk and instrument valuation, and pricing transparency. The curve is based on transactions in government securities and money markets, using a transparent methodology. It will be updated weekly on the bank's website.
Policy & regulation Implementation, projects & pilots Market infrastructure
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2025-12-28•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance, via Minister Kyriakos Pierrakakis, outlined priorities for Europe's competitiveness and Greece's transition beyond Recovery Fund support. The final procurement stage for the Acquisition and Leaseback Agency for Properties aims to protect vulnerable debtors' primary residences, with full operation expected by mid-2026. Funding includes EUR 7.2 billion in grants and EUR 6.9 billion in loans from the Recovery Fund, alongside significant investments from national and EU programs.
Policy & regulation Implementation, projects & pilots Other
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2025-12-28•Israel•Bank of Israel
The Bank of Israel reported a 4% increase in the public’s financial assets portfolio for Q3 2025, reaching approximately NIS 6.9 trillion, with equities in Israel and corporate bonds leading the gains. Institutional investors' assets rose by 4.7% to NIS 3.2 trillion, while Israeli mutual funds grew by 6.9% to NIS 722 billion, driven by net inflows into domestic bond and equity funds.
Data & statistics Financial and market indicators
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2025-12-28•Egypt•Central Bank of Egypt
The Central Bank of Egypt, in collaboration with the Egyptian Banking Institute, has launched a "Foundations of Fraud Combating" training program to enhance the banking sector's fraud detection and prevention capabilities. The program aims to establish a unified understanding of banking fraud, covering various fraud types, mitigation techniques, and appropriate responses to suspected incidents.
Policy & regulation Implementation, projects & pilots Fraud and scams
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2025-12-27•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority has launched a "Real Estate Title Deed Insurance" policy to boost confidence in real estate transactions, especially for foreign investors. It covers buyers against risks affecting ownership validity, such as unknown title defects and third-party disputes, excluding losses from legal breaches and government actions. Insurers must provide legal defense and compensation within 30 days, with an option to extend coverage to unregistered properties under specific conditions.
Policy & regulation Implementation, projects & pilots Other
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2025-12-26•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority has initiated a public consultation on three draft rulebooks under the Capital Market Law. These drafts outline procedures for maintaining the register of securities issuers and recording securities issues and offers not conducted through public offerings.
Policy & regulation Rules & requirements Other
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2025-12-26•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine National Commission on Securities and Stock Market Chair Ruslan Magomedov dismissed claims of delaying pension reform, emphasizing the shift from a solidarity pension system to a funded savings model. He stressed pension fund investments must grow with inflation and linked reform success to stock market development, highlighting personal investment accounts as key to the Stock Market 2.0 initiative.
Policy & regulation Reform agendas & priorities
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2025-12-26•Georgia•National Bank of Georgia
The National Bank of Georgia reported on its cooperation with the China International Payment System (CIPS), highlighting increased engagement and integration efforts. Several Georgian banks have applied for direct CIPS membership, aiming to enhance efficiency in renminbi transactions. CIPS expressed readiness to continue collaboration, supporting Georgian banks in diversifying cross-border payment channels.
Policy & regulation Cooperation Cross-border cooperation Payments and payment systems
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2025-12-26•Georgia•National Bank of Georgia
The National Bank of Georgia released the December editions of its "Current Macroeconomic Review" and "Financial Sector Review" to offer analytical data and support economic analysis.
Research Economic data and developments
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2025-12-26•Georgia•National Bank of Georgia
The National Bank of Georgia has released a questionnaire to gather input from financial sector stakeholders for its 2026–2028 Supervisory Strategy. This strategy will outline supervisory priorities and activities, incorporating international best practices, private-sector insights, and identified risks. The initiative continues the bank's transparency efforts since 2020.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies
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2025-12-26•China•Central Bank of the Republic of China
The People's Bank of China has issued revised rules for the interbank foreign exchange market, consolidating the 1996 interim provisions into a comprehensive regulatory framework effective 1 February 2026. The regulation covers trading venues, participant eligibility, and trading and clearing rules, clarifying the roles of market infrastructure and financial institutions. It emphasizes openness and fairness, supporting market infrastructure to expand trading products and methods.
Policy & regulation Rules & requirements Foreign exchange policy and markets
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2025-12-26•China•Central Bank of the Republic of China
The People's Bank of China's 2025 Financial Stability Report highlights 2024's financial conditions and policies to support the real economy while managing risks in financing platform debt, real estate, and smaller banks. Key measures include reserve requirement and policy rate cuts, property-market support, and expanded market-stability tools. The report prioritizes maintaining liquidity, low financing costs, and a flexible exchange-rate framework, with continued focus on macroprudential monitoring and targeted risk prevention.
Monetary policy Monetary policy assessments & outlooks Financial stability and systemic risk
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2025-12-26•China•Central Bank of the Republic of China
The People's Bank of China and China's State Administration of Foreign Exchange have updated cross-border fund management rules for domestic enterprises listing overseas to enhance offshore fundraising efficiency. The notice unifies policies for renminbi and foreign-currency funds, allowing repatriation in either currency and discretionary conversion for domestic use, while streamlining bank registration procedures. It mandates remittance of offshore funds and income from share sales back onshore, with provisions for retaining proceeds offshore under specific conditions.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-26•China•Central Bank of the Republic of China
The People's Bank of China and the State Administration of Foreign Exchange have extended the integrated RMB and foreign currency cash pooling scheme for multinational corporations nationwide. The notice establishes a unified policy framework, encourages RMB use, and sets operational standards for multinationals and banks. Local SAFE branches will serve as a single service window, and local offices will enhance monitoring to manage cross-border capital flow risks.
Policy & regulation Rules & requirements Cross-border payments
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2025-12-26•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) released its Risk Outlook for 2026, highlighting significant risks to financial markets from geopolitical tensions, moderate economic growth, and market index developments. Capital markets and operational risks are elevated, with operational risk outlook revised upward due to increased digitalisation and cyberattacks. The report also examines the exposure of Portuguese equity collective investment undertakings to external economic shocks and global supply chain disruptions.
Supervision Risk monitoring & watch points Market risk and volatility Operational risk and resilience
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2025-12-26•Zambia•Zambia Securities & Exchange Commission
The Zambia Securities and Exchange Commission announced the election of Mr. Paul Nkhoma as Chairperson and Mr. Alick E. Mutambo as Vice-Chairperson of its Board, effective 18 December 2025. Mr. Nkhoma brings over 30 years of experience in the insurance industry, while Mr. Mutambo has 37 years of experience in audit and the insurance and manufacturing sectors.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-26•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 approved Zhalgas Kuandykuly Batalov as deputy head of the executive body of JSC Kazakhstan-Ziraat International Bank.
Institutional development Leadership change & appointments Licence approval
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2025-12-26•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 approved Viktor Alekseyevich Kyshpanakov as an independent director in a management body within the securities market.
Supervision Authorisations & approvals Leadership change and appointments
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2025-12-26•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission held its second meeting to develop a strategic plan for integrating voluntary health insurance with national health coverage. The meeting reviewed progress on analyzing the health system and insurance market, and discussed a draft strategy for short- and long-term goals. The plan aims to align regulatory efforts and improve equitable access to health protection, especially for low-income groups.
Policy & regulation Reform agendas & priorities Other
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2025-12-26•Liberia•Central Bank of Liberia
The Central Bank of Liberia's latest quarterly newsletter is led by the launch of the Inclusive Instant Payment System, a national platform for interoperable real-time payments that initially links Lone Star MTN and Orange Liberia mobile money services. It also sets out the participation and service level agreements underpinning the system and highlights parallel work on insurance sector reform, currency handling and MSME finance. Rollout of IIPS services will continue after launch.
Policy & regulation Implementation, projects & pilots Payments and payment systems
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2025-12-26•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan convened a meeting with audit firms and the Ministry of Finance to address weaknesses in the external audit of insurers' financial statements. The bank emphasized the importance of audit quality and supervisory actions following its assumption of insurance supervisory powers. It also highlighted the adoption of regulatory acts in 2025 to enhance insurance-sector accounting and financial reporting.
Supervision Risk monitoring & watch points Other
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2025-12-26•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan held a meeting with financial and insurance institutions to discuss a centralized website for comparing financial services, part of the National Financial Inclusion Strategy 2022–2026. The draft technical specification aims to enhance consumer access to information and promote competition. Participants shared views on the platform's operation, with a call for cooperation in its development.
Policy & regulation Implementation, projects & pilots Other
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2025-12-26•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines mandates banks to submit the updated Financial Reporting Package (FRP) and related reports in XML format via the Prudential Reporting Innovation and Monitoring Engine (PRIME) from the 30 June 2026 reference period. Banks must download the updated XML Schema Definition from the BSP Relationship Management System and submit XML files with signed Control Prooflists and Certification Forms through PRIME. The memorandum details submission timelines and enforces FRP version 16 from the 30 September 2026 reporting period, with penalties for non-compliance.
Policy & regulation Guidance & interpretation Regulatory reporting
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2025-12-26•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam has commissioned the Centre for Strategic and Policy Studies to conduct the fourth National Financial Literacy Survey 2025. The survey aims to assess financial literacy, inclusion, resilience, and well-being, supporting Brunei Vision 2035 through financial education and policy initiatives. Data will be collected from 1,800 households across four districts, with confidentiality maintained.
Research Financial literacy and education
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2025-12-26•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) has issued Ordinance PREVIC 1214/25, updating the certification requirements for professionals at closed pension entities (EFPC), effective 1 January 2026. ANBIMA-issued CPA-20 and CEA certifications will be valid only until 31 December 2026, after which they will be discontinued. The ordinance includes an annex listing eligible certifying institutions and accepted certificates by EFPC role.
Policy & regulation Rules & requirements Licence approval
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2025-12-26•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines forecasts a shift in the balance of payments from a surplus in 2024 to deficits in 2025 and 2026, driven by a persistent current account shortfall and reduced foreign direct investment amid global policy uncertainty. Trade deficits and weaker services receipts are expected, with temporary export boosts in 2025 due to anticipated US tariffs. Despite these challenges, gross international reserves are projected to remain adequate, resilient to external shocks with manageable financing needs.
Research Balance of payments and other external statistics
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2025-12-26•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines conducted a nationwide information drive to update stakeholders on changes to the foreign exchange framework. Key updates include simplified FX procedures, a streamlined registration process for certain foreign investments, and reforms in the FX derivatives market. The briefings, led by Director Jodeth Niña R. Yeung, were held in multiple cities to liberalize and clarify the FX regulatory environment.
Policy & regulation Guidance & interpretation Cross-border cooperation
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2025-12-26•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 1.9% year-on-year increase in the Residential Property Price Index (RRPI) for Q3 2025, down from 7.5% in Q2. Prices in the National Capital Region rose by 2.3%, while Areas Outside the NCR saw a 1.6% increase. The RRPI, derived from banks' housing loan data, is a key indicator for assessing real estate and credit market conditions.
Data & statistics
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2025-12-26•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported a rise in the delinquency rate on domestic banks’ won-denominated loans to 0.58% at end-October 2025, up from 0.51% the previous month. Business-loan delinquency increased to 0.69%, with small and medium-sized enterprise loans rising to 0.84%. Household-loan delinquency also rose to 0.42%, with mortgage and unsecured loans increasing to 0.29% and 0.85%, respectively.
Data & statistics Financial and market indicators Supervisory data
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2025-12-26•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia has updated its Financial Consumer Alert list, adding 34 unauthorised companies and websites, and flagged AHAM Capital Asset Management as a potential clone entity. The list serves as a public guide and will be updated regularly based on received information and queries.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-26•Europe•European Central Bank
The European Central Bank's Eurosystem weekly financial statement reports total assets and liabilities of EUR 6,163,751 million, up EUR 28,947 million from the previous week. Key changes include a rise in lending to euro area credit institutions by EUR 11,385 million and an increase in banknotes in circulation by EUR 8,145 million. The statement also notes a decline in monetary policy liabilities to euro area credit institutions by EUR 7,333 million.
Data & statistics Balance of payments and other external statistics
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2025-12-26•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan updated its research under the Bilateral Assistance and Capacity Building for Central Banks programme, supported by Switzerland’s State Secretariat for Economic Affairs and the Geneva Graduate Institute. Led by Director General Vugar Ahmadov, the study investigates the response of unsecured interbank market interest rates to liquidity conditions during the reserve maintenance period. The research is expected to be finalized and published by January 2026.
Research Other
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2025-12-26•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan assessed 14 applications for its special regulatory regime, selecting four innovative products for testing. The pilots include Islamic banking offerings from ABB OJSC and Rabitabank OJSC, a Pasha Insurance OJSC product for purchasing insurance via gift vouchers, and the BITAZN LLC cryptocurrency exchange. The initiative aims to support market introduction of innovative services, enhance financial inclusion, and improve financial service safety and accessibility.
Supervision Innovation & testing Fintech and insurtech
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2025-12-26•Brazil•Brazil Securities Commission (CVM)
Brazil Securities Commission (CVM) will hold a judgment session on 29 December to assess Fernando Passos and José Carlos Cardoso's responsibility regarding IRB - Brasil Resseguros S.A. disclosures. The session will be public, with in-person or videoconference attendance options, and may proceed as restricted if the accused do not participate. Reports, including interim president Otto Lobo’s, may be amended post-session.
Enforcement Investigations & enforcement actions Disclosures
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2025-12-26•Zambia•Bank of Zambia
The Bank of Zambia has issued the Currency Directives, 2025, effective 26 December 2025, mandating that domestic transactions be settled in ZMW. The Directives, which include exemptions and exclude international transactions, aim to facilitate compliance for businesses and individuals. They were issued under the Bank of Zambia Act, 2022, following stakeholder consultations.
Policy & regulation Rules & requirements Currency and cash management
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2025-12-26•Zambia•Bank of Zambia
The Bank of Zambia released FAQs on recent upgrades to Zambia’s sovereign credit rating by Fitch and Standard & Poor’s, citing debt restructuring and improved economic management. Key drivers include fiscal discipline, increased copper production, economic growth, and higher foreign currency reserves. The Bank noted potential risks like fiscal slippage and external shocks, while expecting increased investment in domestic financial assets in 2026.
Policy & regulation Guidance & interpretation Credit ratings
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2025-12-26•Russia•Central Bank of Russia
The Central Bank of Russia's latest Russian Journal of Money and Finance explores the impact of monetary policy on sectoral debt, a new output gap estimation method, and macroeconomic forecasting using sentiment measures. Key findings include the immediate effect of rate hikes on mining debt, the role of external demand in past economic shifts, and improved inflation forecasts through sentiment integration.
Research Economic data and developments
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2025-12-26•Saudi Arabia•Saudi Arabia Insurance Authority
The Saudi Arabia Insurance Authority has licensed Tadamon Takaful Insurance Brokerage to operate as an insurance broker. The authority reminded customers to use only licensed insurance firms.
Supervision Authorisations & approvals Consumer and investor protection Fintech and insurtech
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2025-12-26•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has awarded a contract to a consortium including the Military Industry and Telecommunications Group and the Center for Digital Technology Application and Digital Transformation to design and build an integrated IT system for management and supervision. The contract, valued at VND 364 billion, is funded through public investment and has a 12-month implementation period.
Institutional development Technology & data transformation
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2025-12-26•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated nine individuals to pay a VND 1,000,000 fee for their securities practice 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 collect the certificate within one year of the fee notice will result in cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-26•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals on a specified list to pay a VND 1,000,000 licensing fee to obtain a securities practice certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year of notification will result in certificate cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-26•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission filed criminal complaints against 14 individuals and entities for manipulating Thonburi Healthcare Group's share price and trading volumes. The SEC's investigation, based on a referral from the Stock Exchange of Thailand, found collusion over 369 business days, violating the Securities and Exchange Act B.E. 2535 (1992). The case has been reported to the Anti-Money Laundering Office for further investigation and prosecution.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-26•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has enforced actions against foreign exchange bureaux for violating national legislation and regulatory requirements, including a temporary licence suspension and fines. OsOO “Askar Cash” exchange bureau's licence was suspended from 26 December 2025 to 9 January 2026. Additionally, two other bureaux in Bishkek were fined KGS 55,000 each.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-26•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has initiated a public consultation on draft amendments to regulatory acts to promote unsecured lending for entrepreneurial activities. The amendments aim to clarify the definition of unsecured loans and refine the classification procedure for such loans.
Policy & regulation Rules & requirements Lending
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2025-12-26•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) issued penalties against Changjiang Pharmaceutical Holding Co., Ltd. for inflating revenue and profits, potentially leading to mandatory delisting by the Shenzhen Stock Exchange. Proposed sanctions include a RMB 10 million fine on the company, RMB 31 million in fines on 14 individuals, and a lifetime market ban for the former general manager. The CSRC is also reviewing intermediary conduct and will transfer criminal cases to public security authorities as necessary.
Enforcement Investigations & enforcement actions Accounting and financial reporting
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2025-12-26•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission released a plan to advance digital finance in banking and insurance, emphasizing digital transformation, security, and risk controls. It introduces "AI+" and "Data Elements ×" workstreams, focusing on governance, technology adoption, and risk management. Priorities include AI platforms, quantum computing, and data governance, while enhancing supervisory capabilities with AI and big data.
Policy & regulation Implementation, projects & pilots Fintech and insurtech Regtech and suptech
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2025-12-26•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1099, revising transitional provisions and issuer-related rules under its deregulation programme. The reform repeals obsolete provisions, standardises terminology, and removes the requirement for certain issuers to submit the "MiPyME Certificate" for share issuances and negotiable obligations.
Policy & regulation Rules & requirements Regulatory burden
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2025-12-25•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has launched an Electronic Check Clearing System (ECCS) as part of its digital transformation strategy, aiming to clear checks within one business day. This service is integrated into SAMA's e-Services Portal, which offers automated services with enhanced data protection and faster processing. Additional electronic services are planned for future introduction.
Policy & regulation Implementation, projects & pilots Payments and payment systems