The National Bank of Georgia published interactive statistical press releases detailing trends in resident commercial banks' loan portfolios and deposits as of November 2025. These are accessible in the statistics section of its website.
The People's Bank of China and seven other agencies announced a policy package with 21 measures to enhance the Western Land-Sea New Corridor. Key initiatives include diversified funding for infrastructure, digital finance infrastructure, and cross-border financial service platforms. Implementation will involve coordination with ministries and local authorities, with Chongqing set to launch the Land-Sea Corridor Financial Service Centre in early 2026.
The Luxembourg Commission de Surveillance du Secteur Financier reported a 0.38% monthly increase in total net assets of Luxembourg undertakings for collective investment (UCIs) to EUR 5,787.186 billion as of 30 June 2025. This growth was driven by positive net capital investment, despite a negative financial market impact. The number of UCIs decreased slightly, with net outflows from equity UCIs and inflows into fixed income UCIs, influenced by currency movements and interest rate changes.
The Insurance Supervision Agency of Montenegro set the annual interest rate cap for calculating mathematical reserves on life insurance products where the insured bears investment risk at 2.404% under Article 9(3)(1). The rate equals 60% of the average interest on Montenegro government bonds and insurers’ average returns on mathematical reserve assets over the past three years, using data from recent bond issuances, including a EUR 850 million international bond and a EUR 49.87 million domestic issuance in 2025.
The Agency for Regulation and Development of the Financial Market of Kazakhstan introduced a draft law to regulate credit rating agencies (CRAs) and foster a domestic rating industry by 2030. The law empowers the Agency to supervise CRAs, align standards with IOSCO, and establish criteria for Kazakh, international, and foreign agencies. It includes measures to enhance corporate governance, prevent conflicts of interest, and improve transparency in rating activities.
The Agency for Regulation and Development of the Financial Market of Kazakhstan, with the National Bank, proposes reforms to replace the current Banking framework. The draft introduces a two-tier bank licensing model, enhances consumer protection, and establishes a crisis management mechanism for non-viable banks. It also addresses corporate governance and regulates digital assets, including the legal status of the digital tenge.
The Thailand Office of Insurance Commission launched the "Safe Trip Safe Life with Insurance" campaign to promote travel safety and insurance awareness during the 2026 holiday season. The initiative includes 24-hour insurance advice, coordination with the Road Safety Directing Center, and a blood donation drive. Additionally, two 30-day microinsurance products are offered, covering accidental death and fire damage, available from 15 December 2025 to 15 March 2026.
The National Bank of Serbia reported a 27.5% year-on-year increase in internet purchases using cards and electronic money in Q3 2025, totaling 28.3 million transactions. Purchases in Serbian dinars (RSD) rose by 32.9% to 20.2 million, while euro (EUR) transactions increased by 31.1% to 6.1 million; however, U.S. dollar (USD) transactions fell by 27.5% to 1.4 million. Domestic online stores grew by 18.6% to 5,377 by September 2025.
The National Bank of Serbia inaugurated the "Small Money Museum," a renovated classroom to enhance educational programs for children and youth. Governor Jorgovanka Tabaković opened the facility, which will host presentations, lectures, and workshops on money and finance for primary and secondary students. The classroom features exhibits on the history of the dinar, money protection features, and unique currency examples, supporting the NBS's public financial education initiatives.
The Astana Financial Services Authority released a report on Generative AI in financial services at the Astana International Financial Centre, highlighting early-stage adoption in lower-risk activities. A survey of 42 respondents showed 45% use AI mainly for risk management and operational efficiency, with limited application in core functions like algorithmic trading. AFSA plans a follow-up survey in 2026 to evaluate potential regulatory changes and continues to support AI testing in the AIFC FinTech Lab.
The Central Bank of the Republic of Azerbaijan has released an updated AZN 50 banknote featuring the signature of Chairman Taleh Kazimov and the production year "2025." The design and technical specifications remain unchanged. The new banknote will circulate alongside existing AZN 50 banknotes.
The Central Bank of Montenegro's National Payments Council reviewed SEPA's success in retail international payments and discussed the TIPS Clone project, with North Macedonia joining. SEPA has reduced transaction costs compared to SWIFT for individuals and legal entities. The Council also addressed future regulation of instant payments, digitisation of salary-payment data, and ISO 20022 standard application in budgetary payments.
The Central Bank of Russia reported that the average maximum interest rates on Russian-ruble deposits from the top 10 credit institutions were 15.63% for the first 10 days of December 2025 and 15.38% for the second 10 days. These rates exclude special client categories and certain conditional or combined deposit products. Average maximum rates by maturity were 14.82% for up to 90 days, 15.02% for 91–180 days, 14.40% for 181 days to one year, and 12.37% for over a year.
The Vietnam State Securities Commission awarded a contract to a consortium including Military Industry and Telecoms Group, Thien Hoang Technology Group Joint Stock Company, and the Center for Digital Technology Application and Digital Transformation to design and build a centralised Data Warehouse for VND 78.5 billion. The project, procured via an abbreviated direct appointment process, has a 12-month implementation and 13-month contract performance period.
The Vietnam State Securities Commission has issued a notice requiring individuals on a specified list to pay a fee of VND 1,000,000 to finalize the issuance of a securities practice certificate. Payment can be made via bank transfer or directly at the Commission, with specific details required for transfers. Failure to collect the certificate within one year will result in its cancellation.
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a fee of VND 1,000,000 to finalize the issuance of securities practising certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payments can be made via bank transfer or directly at the commission. Failure to complete the procedure within one year will result in certificate cancellation.
Thailand's SEC has filed criminal complaints against JKN Global Group and 12 individuals for falsifying financial statements and insider trading. The investigation found fictitious transactions, leading to a 180-day asset freeze and travel ban for four individuals. Damages reported are THB 714.23 million, and the individuals are barred from serving as directors or executives in securities issuing companies during legal proceedings.
The Thailand Securities & Exchange Commission approved a 180-day asset freeze for JKN Global Group Public Company Limited under Section 267 of the Securities and Exchange Act B.E. 2535 (1992). This follows the dismissal of JKN's business rehabilitation petition, rendering it ineligible under the Bankruptcy Act. The freeze is linked to alleged fraudulent disclosures and fabricated financial statements, with prior freezes ordered for four other individuals involved.
The Saudi Arabia Insurance Authority has licensed Abdul Latif Jameel Insurance Brokerage Company under an experimental launch to provide digital insurance brokerage services. The model is intended to support automated processes, easier product comparisons and faster policy issuance.
The National Bank of the Kyrgyz Republic, supported by the International Finance Corporation, held a roundtable on digital financial technology priorities, including digital payments, financial market infrastructure, and virtual assets. Key topics included regulatory questions, IFC research on QR payments, and fintech development challenges and opportunities. The Bank emphasized the need for regulatory frameworks and stakeholder cooperation to advance fintech innovation and infrastructure modernization.
The National Bank of the Kyrgyz Republic met with partners to review 2025 initiatives for enhancing public financial literacy. The session highlighted educational campaign outcomes, emphasizing financial literacy's role in citizens' financial wellbeing and national stability. Participants included financial institutions, underscoring the link between financial literacy, improved personal finance management, investment growth, and fraud protection.
The National Bank of the Kyrgyz Republic annulled the licence of Financial Cooperative “Credit Union ‘Dividend’” effective 23 December 2025, following its decision to self-liquidate at an extraordinary general meeting.
The National Bank of the Kyrgyz Republic's Osh regional office conducted a seminar at Osh State University medical center on financial literacy and digital payment tools. Topics included the bank's role, national currency history, and security features, as well as loans, deposits, and savings. The session also covered QR code payments and managing credit bans in the Tunduk app.
The National Bank of the Kyrgyz Republic's Talas regional office reviewed 2025 financial literacy activities and discussed measures against fraudulent operations, including a self-ban mechanism on credit. The meeting also presented the region's information and educational outreach plan for the upcoming year.
The China Banking and Insurance Regulatory Commission and the Ministry of Public Security reported a six-month campaign against financial-sector illegal activities, resulting in nearly 60 enforcement actions and over 1,500 cases. The operation dismantled over 200 criminal groups, with case amounts nearing CNY 300bn. Plans for 2026 include continued enforcement against illegal loan intermediaries, enhanced coordination with authorities, and developing standards for evidence transfer in suspected criminal matters.
China's National Financial Regulatory Administration issued measures for managing information disclosure of asset management products, establishing a unified framework for asset management trust, wealth management, and insurance asset management products. The measures outline disclosure principles, responsibilities, and obligations to enhance investor protection. The regulator will assist institutions in implementing these measures.
The China Banking and Insurance Regulatory Commission joined a cooperation agreement signing between Yinbaoxin Company and the China International Electronic Commerce Center to enhance used-car information services. The agreement aims to improve transparency and consumer protection in used-car transactions by leveraging insurance-related data. The Commission emphasized data value extraction, platform development, and expanding service scope, including cross-industry applications.
The State Bank of Vietnam reported Deputy Governor Nguyen Ngoc Canh's participation in a conference reviewing the Vietnam Bank for Social Policies' 2025 performance and setting 2026 priorities. Achievements included supporting over 810,000 workers and aiding disadvantaged groups, with 2026 goals focusing on 100% access for eligible households, 10% credit growth, and a 14% increase in local budget funding. The conference emphasized executing VBSP's development strategy to 2030 and enhancing digital transformation while maintaining its policy credit management model.
The Montenegro Capital Market Authority hosted an expert lecture on blockchain technology, featuring Prof Dr Saša Popović and his book “Blockchain – from a capital idea to digital capital”. The event, aimed at capital market institutions, covered blockchain principles, cryptography, and practical applications, enhancing institutional knowledge on technological advancements in the financial sector.
Panama’s Superintendency of the Securities Market extended the preventive suspension of the stock exchange licence of International Stock Exchange Corp for one month. This measure, initially imposed on 18 September 2025, is pursuant to Articles 54 and 55 of Executive Decree 179 of 31 December 2024.
The Angola Capital Markets Commission approved the registration of the Económico – Securitisation Investment Fund, the first of its kind. Managed by Independent Finance Advisors - SGOIC, S.A., the fund will acquire and manage distressed loan rights from Banco Económico, S.A. as part of the bank's financial clean-up. It will focus on credit rights from defaulted loans and associated collateral, while holding cash and short-term Angolan state securities.
Indonesia's Financial Services Authority (OJK) issued Regulation No. 32 of 2025, establishing a framework for Buy Now Pay Later (BNPL) services to mitigate risks from digital financing growth. The regulation restricts BNPL provision to Commercial Banks and Finance Companies, setting governance, risk management, and consumer protection requirements. It mandates prudential principles, data protection compliance, and specific disclosure obligations, with OJK empowered to set policies on economic benefits and market conduct.
The Ukraine National Commission on Securities and Stock Market released a digest of capital market indicators, highlighting trading volumes across organised and unorganised markets, and commodity exchanges, focusing on government bonds. Organised market turnover rose to UAH 95.5 billion, while trading outside the organised market decreased to UAH 31.8 billion. Commodity exchange turnover increased to UAH 40 billion, primarily driven by electricity trading.
The Ukraine National Commission on Securities and Stock Market approved certificates for depository accounting access and investment support, and agreed to terminate certain international treaties. It issued decisions affecting an investment fund, the PFTS Stock Exchange, and several market participants, including cancelling Invest Gal Bud's investment certificates, registering PFTS Stock Exchange's trading platform rules, and updating the professional participants register.
The Ukraine National Commission on Securities and Stock Market registered the issuance of shares by PJSC Ukrainian Financial Housing Company to ensure uninterrupted funding for the eOselia housing programme. The state will purchase shares for UAH 30 billion using government bonds, supporting approximately 18,000 families, including military and security personnel.
The Central Reserve Bank of Peru reported a 7.2% year-on-year increase in the metallic mining sector's output for October 2025, with a 3.2% rise from January to October 2025. Copper, zinc, silver, lead, tin, molybdenum, and iron production saw significant gains, while gold output declined by 7.0% due to reduced processing at key sites.
Governor Natia Turnava of the National Bank of Georgia stressed international cooperation's role in financial stability and foreign investment at the Ambassadors’ Conference 2025. She highlighted Georgia's resilience amid global shocks, citing inflation control, price stability, and a sound financial sector, with international reserves at a historical high. The International Monetary Fund has positively assessed Georgia’s monetary policy.
Bank of Indonesia has released the 2026 schedule for its Monthly Board of Governors’ Meetings, detailing dates and designating certain meetings as quarterly and annual. These two-day meetings serve as the central bank's decision-making forum, focusing on economic assessments and policy integration on the first day, and policy determinations on the second. The framework is mandated by Article 43 of the Bank Indonesia Law.
The People’s Bank of China and national agencies issued guidance with 21 measures to enhance financial services for the Western Land Sea New Corridor, focusing on financing and settlement improvements. Initiatives include promoting cross-border banking coordination, diversified funding channels, and establishing a fund in Chongqing. The guidance emphasizes logistics and supply chain finance, cross-border trade settlement facilitation, and developing a digital platform for smart financing linked to trade and government data systems.
The People's Bank of China held the 12th plenary meeting of the Inter-ministerial Joint Conference on Anti-Money Laundering, outlining national priorities for an international assessment and enhancing anti-money laundering, counter-terrorist financing, and counter-proliferation financing frameworks. The meeting highlighted progress in legal and institutional arrangements, enforcement, and international cooperation, with member agencies tasked to coordinate on key deliverables and improve compliance and communication.
The National Bank of Belgium will appeal an FSMA Sanctions Committee decision imposing a EUR 300,000 fine for allegedly delaying the disclosure of inside information by nine calendar days. The Bank argues that the communication was covered by the monetary policy exemption under EU market abuse rules and, in any event, did not contain sufficiently specific or nonpublic information.
Hong Kong's Financial Services and the Treasury Bureau and the Securities and Futures Commission released consultation conclusions on licensing regimes for virtual asset (VA) dealing and custodian service providers, with most respondents supporting expanded regulation. The VA dealing regime will align with the Securities and Futures Ordinance for Type 1 activities, while the VA custodian regime focuses on safeguarding clients' VA private keys. A further consultation on separate licensing for VA advisory and management services is open, with final proposals expected in 2026.
The Financial Services and the Treasury Bureau of Hong Kong announced the appointment of Ms Melissa Kaye Pang and the reappointment of Mr Jack Cheung Tai-keung to the Hong Kong Deposit Protection Board for a three-year term starting 1 January 2026. Established under the Deposit Protection Scheme Ordinance, the Board manages the Deposit Protection Scheme to safeguard depositors and support banking stability. The government acknowledged the contributions of outgoing member Mr Lawrence Chan Kam-man.
The Hong Kong Monetary Authority issued an alert regarding scams involving fraudulent websites, fake internet banking login screens, and phishing emails. The alert references warnings from The Bank of East Asia and Shanghai Commercial Bank about these scams. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS.
Greece's Ministry of National Economy and Finance, with other ministries and the Independent Authority for Public Revenue, has launched a digital application for the Registry of Tanks at private-use fuel and energy supply stations. The decision outlines data recording requirements, responsible parties, and deadlines. Obligations include data submission via the myAADE portal and installing monitoring systems at private-use stations.
The Central Bank of Samoa is consulting on a proposed Money Laundering Prevention Bill to replace the 2007 Act, aiming to enhance Samoa’s anti-money laundering and counter-terrorism financing framework in line with Financial Action Task Force standards. Feedback is requested by 23 January 2026, with the draft bill available through the Central Bank’s Financial Intelligence Unit.
The National Bank of Belgium will appeal a EUR 300,000 fine by Belgium's Financial Services and Markets Authority for allegedly breaching the EU Market Abuse Regulation. The fine concerns delayed disclosure of inside information in a 21 September 2022 press release about European Central Bank policy rate impacts. The Bank disputes the findings, citing confidentiality obligations and exemptions under the Market Abuse Regulation.
The Reserve Bank of India postponed Phase 2 of "Continuous Clearing and Settlement on Realisation" in the Cheque Truncation System, allowing banks more time to streamline operations. This directive modifies the RBI's 13 August 2025 circular, adjusting CTS session timings. Further communication on Phase 2 implementation will follow.
Kazakhstan's Financial Market Agency has amended regulations to enhance anti-money laundering, counter-terrorist financing, and counter-proliferation measures. Key changes include stricter screening for major shareholders and holding structures, guidelines for monitoring suspicious activities using automated risk scoring, and expanded grounds for refusing consent to individuals with financial crime convictions.
The Union of Arab Securities Authorities participated in the COSOB third annual conference in Algiers, discussing digital transformation and sustainable finance integration in capital markets. UASA’s Secretary General, Jalil Tarif, addressed recent developments in Arab capital markets, emphasizing financial technology, governance, and sustainability.
The Thailand Office of Insurance Commission conducted a follow-up meeting and onsite monitoring in flood-affected areas to expedite insurers' claim reviews and payments. The Office reinforced service standards for motor and home insurance claims, emphasizing prompt communication and settlement once documentation is complete. Officials also visited company branches to address public concerns and adjust service measures for faster claim processing.
The National Bank of the Republic of Tajikistan has granted a banking licence to Closed Joint Stock Company Bank Imon International, allowing it to operate in national and foreign currencies. This decision follows the bank's conversion and complies with Tajikistan's legal framework on banking and licensing.
The Central Bank of Oman updated on its "She and Money" programme, aimed at enhancing financial literacy among Omani women as part of its financial inclusion agenda. The initiative, in collaboration with NGOs and civil society, focuses on rural areas and communities with limited financial training access. It covers saving, budgeting, responsible finance, and safe investment basics, with gradual expansion and increased participation.
The Securities and Exchange Commission of the Republic of North Macedonia signed a Memorandum of Cooperation with Mother Teresa University Skopje to enhance education, capital markets, and financial literacy. The partnership includes seminars, conferences, and practical student involvement, aiming to develop capital markets and improve financial literacy and professional training.
The Brazil Securities Commission (CVM) Board acquitted all respondents in two administrative proceedings. In the Petrobras case, the Board rejected a preliminary argument that the CVM’s punitive claim was time-barred, with a majority supporting the acquittals. The second proceeding involved acquittals related to alleged breaches of duty by Planner Corretora de Valores S.A. and others concerning investments in the FIRF Pyxis Institucional IMA-B fund.
The Brazil Securities Commission (CVM) issued Resolutions 237 and 238, mandating listed companies to adopt CPC 51 for financial statement presentation and disclosure, effective 1 January 2027. CPC 51, aligned with IFRS 18, replaces CPC 26 (R1) and introduces enhanced disclosure requirements and principles for information aggregation. Resolution 237 revokes previous resolutions, while Resolution 238 mandates amendments in Review Document 28, updating cross-references with IFRS 18.
The Central Bank of Russia extended the suspension of publishing data on foreign payment service providers until 31 December 2026. The procedure for maintaining the list remains governed by Bank of Russia Ordinance No. 5429-U of 6 April 2020.
The Central Bank of Russia's November 2025 report highlights growth in corporate lending and mortgages, with a 1.9% increase in corporate lending and a 1.4% rise in mortgages, driven by state-owned and trade companies. Consumer lending contracted by 0.7%, due to a decline in cash loans. The banking sector's net profit increased to RUB 394 billion, supported by non-operating income, while balance sheet capital rose by RUB 421 billion.
The State Corporation Deposit Insurance Agency (DIA) has appointed Alexander Zhdanov as General Director, effective 13 January 2026. Zhdanov brings over 20 years of experience from the Central Bank of Russia, where he was Director of the Financial Resolution Department since June 2017.
The Central Bank of Russia has released updated Open API standards as recommended guidelines, following pilot testing with major financial sector participants. These standards aim to facilitate an Open Finance model, allowing institutions to exchange client information based on consent. While currently voluntary, the Central Bank is working on a legal framework to make the use of Open API standards mandatory.
The Central Bank of Paraguay has launched a new data portal for the securities and products market through its Securities Superintendency. The platform provides a single access point for data on funds, trading, issuances, financial statements, participant registers and other statistics, with interactive visuals and exportable tables. Users can drill down by entity, instrument, currency and period.
The Philippine SEC announced that the Department of Justice will file criminal charges against Align Assets and its officers for soliciting investments without licenses. State prosecutors found prima facie evidence of violations of the Securities Regulation Code and the Cybercrime Prevention Act, involving unregistered securities and misleading statements. The scheme, presented as a UK-based trading platform, promised high returns and referral commissions, with most traffic from the Philippines.
The Central Bank of the Republic of Kosovo published November 2025 statistics for the commercial banking sector, noting a 1.23% decrease in total assets to EUR 9.22 billion. Gross loans increased by 0.84% to EUR 6.55 billion, while customer deposits rose by 0.45% to EUR 7.39 billion. The interest rate margin was 3.61%, with a loan-to-deposit ratio of 88.71%.
The Central Bank of the Republic of Kosovo released November 2025 financial statistics for non-bank financial institutions, showing a 2.25% monthly increase in assets for other financial intermediaries to EUR 743.93 million. Insurance company assets remained stable at EUR 356.12 million, while pension fund assets reached EUR 3.72 billion, with equities comprising 80.34% of total assets.
Vietnam's Ministry of Finance and the Vietnam State Securities Commission released a document summarizing stakeholder feedback and official responses regarding the draft circular set to replace Circular No. 197/2015/TT-BTC on securities practice.
The Vietnam State Securities Commission and the Ministry of Finance released a summary of stakeholder feedback and responses on a draft circular for securities transaction surveillance and compliance supervision. The draft proposes amendments to Circular 95/2020/TT-BTC and Circular 06/2022/TT-BTC, governing securities trading supervision and compliance oversight of the Vietnam Stock Exchange and related entities. This publication is part of the legal process for issuing normative legal documents.
The Vietnam State Securities Commission released a briefing on the Ministry of Finance’s Circular 122/2025/TT-BTC, updating the regulatory framework for covered warrants. Effective 6 February 2026, it outlines requirements for offering, listing, trading, settlement, reporting, and disclosure, replacing Circular 107/2016/TT-BTC. It includes parameters for warrant terms, pricing, issuance limits, and mandates operational and reporting standards for warrant issuers.
The Vietnam State Securities Commission issued Notice No. 179/TB-UBCK mandating individuals on a specified list to pay a VND 1,000,000 licensing fee for a securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer to Vietinbank or Vietcombank, or directly at the Commission. Failure to complete the process within one year will result in certificate cancellation.
The Thailand Securities & Exchange Commission's assessment of 34 securities companies reveals an upward trend in integrating Environmental, Social, and Governance (ESG) factors into investment research, though integration remains nascent. Over 50% of firms encourage ESG training, and 40% have board-approved ESG policies. The SEC aims to enhance ESG disclosure standards and support knowledge development aligned with international norms.
The Thailand Securities and Exchange Commission has issued best practice guidelines for listed companies to conduct earnings calls, enhancing disclosure standards and transparency. These guidelines cover blackout periods, scheduling, meeting format, and recording requirements to ensure equal access to information. Earnings calls are positioned as a platform for direct communication from management to investors and stakeholders.
The Thailand SEC has mandated M Vision Public Company Limited (MVP) to conduct a special audit due to concerns from auditor observations and the SEC's review of MVP's financial statements. The audit, addressing issues like advance payments and cash advances, must be completed by MVP's auditor or an affiliated Big Four auditor. MVP must submit the audit report to the SEC and disclose it via the SET Electronic Listed Company Information Transmission System within 30 days.
The Thailand SEC has opened applications for its regulatory sandbox to support financial service innovations in capital market and digital asset businesses. In collaboration with the Bank of Thailand's Enhanced Regulatory Sandbox, it focuses on integrating securities, derivatives, and digital asset services with programmable payment processing. Firms must apply to both the SEC and BOT for coordinated assessment and testing.
The Central Bank of Nigeria's December 2025 CBNUPDATE introduced circulars tightening cash usage, payments resilience, consumer marketing controls, and fraud prevention, with enforcement in foreign-exchange and mortgage banking. Key changes include revised cash withdrawal limits from 1 January 2026, mandatory dual connectivity for payment terminals, and new rules for Authorised Push Payment fraud and dishonoured cheques. The Bank also granted final licences to 82 Bureaux De Change and revoked licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc for regulatory breaches.
Moldova's National Commission for Financial Markets (CNPF) registered a Moldova-Agroindbank bond issuance totaling MDL 148,940,000 and rejected two pre-litigation complaints challenging prior supervisory decisions. The CNPF upheld its decision against OCN "OK CREDIT" SRL for exceeding legal credit payment caps and confirmed ASPA JSC's compliance in providing requested shareholder meeting documents, dismissing further requests as lacking basis.
The Egyptian Financial Regulatory Authority updated its benchmark index for MSME financing products, showing stable pricing and limited movement in non-bank financing costs from September 2024 to September 2025. Compliance with pricing standards was 81% for SME finance providers and 64% for microfinance providers. MSME and microfinance funding reached EGP 85.9 billion from January to October 2025, with outstanding balances of EGP 93.8 billion at end-October, reflecting a 27.1% increase.
The Egypt Financial Regulatory Authority reported total financing by supervised entities reached EGP 1.1tn from January to October 2025, a 54.6% increase from the same period in 2024. This includes significant rises in share issuances, financial leasing contracts, and securities issuances other than shares. Registrations of security interests on movable assets reached EGP 4tn, and financing for small, medium, and micro enterprises increased to EGP 93.8bn.
The International Monetary Fund has outlined seven supervisory priorities for managing accelerated AI adoption in securities markets. These cover regulatory capacity, technology-enabled monitoring, transparency, social media surveillance, cross-border cooperation and concentration risk. Emerging market regulators should adopt proportionate frameworks aligned with local risks, infrastructure and resources.
The Central Bank of Nepal held a programme in Kathmandu to discuss economic and monetary policy. Governor Prof. Dr. Bishwanath Poudel emphasized infrastructure development and institutional capacity building to attract foreign investment. Discussions highlighted challenges like weak investment despite high savings, the need to channel excess liquidity into productive sectors, and strengthening financial policy to support foreign investment.
The Bank of Korea's Consumer Tendency Survey reported a Composite Consumer Sentiment Index of 109.9 for December 2025, a decrease of 2.5 points from November.
The Securities and Exchange Board of India (SEBI) has issued a circular enhancing the Facility for Basic Services Demat Account (BSDA), altering eligibility criteria and consent requirements for regular demat accounts. Depository participants must exclude Zero Coupon Zero Principal bonds and delisted securities from BSDA threshold calculations and reassess eligibility quarterly. Beneficial owners must provide consent to maintain a regular demat account, with eligible accounts defaulting to BSDAs if consent is not given.
The Securities & Exchange Board of India (SEBI) has revised the process for issuing duplicate securities certificates, raising the "simplified documentation" threshold to INR 10 lakh from INR 5 lakh. Claims up to INR 10 lakh require a standardised Affidavit-cum-Indemnity bond, while claims up to INR 10,000 need only an undertaking on plain paper. For claims above INR 10 lakh, additional documentation such as an FIR or court order is required, and companies must publish a weekly loss-of-securities advertisement.
The National Bank of Moldova's year-end message highlighted financial sector modernization, emphasizing integration into the Single Euro Payments Area (SEPA) and the launch of the national instant payments platform MIA as key 2025 developments. These initiatives enhance efficiency, safety, and alignment with European standards. For 2026, the bank aims to consolidate integration into the European financial market and foster a stable environment for citizens and investors.
De Nederlandsche Bank reported that the Netherlands' net external assets rose to EUR 568 billion in Q3 2025, driven by increased cross-border investments and financing flows despite geopolitical tensions. Foreign assets reached EUR 10,374 billion, while liabilities grew to EUR 9,806 billion, primarily due to the banking sector and pension funds. The Netherlands remains highly internationally exposed, with foreign assets at 853% of GDP at end-2024, much higher than Belgium and Germany.
The European Securities and Markets Authority (ESMA) released its latest Spotlight on Markets newsletter, detailing progress on EU capital markets integration and key deliverables under the consolidated tape and transparency agendas. It highlights the selection of the equity consolidated tape provider and an upcoming Common Supervisory Action on MiFID II conflicts of interest. Additionally, the newsletter covers governance changes, including appointing new Management Board members and renewing key mandates.
The Montenegro Capital Market Authority has implemented a rulebook for maintaining a Register of crypto-asset-related service providers and conducting reputation assessments for their managers. Effective 22 December 2025, it outlines requirements for directors, management, and beneficial owners, with forms on the authority's website. As the supervisory body under Montenegro’s Anti-Money Laundering and Counter-Terrorist Financing Law, the authority urges compliance with the new framework.
The Central Bank of Nicaragua reported a 6.8% year-on-year GDP growth for Q3 2025, up from 5.0% in the previous quarter. Growth was driven by construction, mining, and trade, while declines were noted in public administration and agriculture. Domestic demand, particularly consumption and fixed investment, fueled the expansion, despite a negative contribution from net external demand.
The Bank of Italy released results from two fintech surveys, offering insights into Italy's national fintech ecosystem. The fifth Fintech Survey evaluates how banks and financial intermediaries integrate new technologies, while the inaugural survey on non-supervised operators examines business models, technologies, growth strategies, and regulatory impacts.
The Ukraine National Commission on Securities and Stock Market (NSSMC) launched the "Stock Market 2.0" initiative to boost retail participation through personal investment accounts and access to shares in state-owned companies. The proposal includes tax benefits for long-term investments and a draft law to sell a 7% stake in profitable state-owned companies via the Diia app, aiming to create 5 million retail investors and enhance market activity.
The Ukraine National Commission on Securities and Stock Market released a live interview with Chairman Ruslan Magomedov discussing key changes in Ukraine’s securities market since the invasion and future development priorities. Magomedov emphasized digital solutions for market stability, new investment instruments, and reliable securities for a funded pension system. Draft law No. 14296 on personal investment accounts was also referenced.
Non-traditional textile exports from Peru reached USD 147 million in October 2025, a 7.7% year-on-year increase due to higher volumes. Cotton garment sales to Brazil and fine alpaca hair exports to China and Italy contributed to a 6% rise in average volumes, while prices increased by 1.6%. From January to October 2025, exports totaled USD 1,435 million, up 6.6% from the previous year, driven by volume growth and modest price increases.
The Moroccan Insurance Authority (ACAPS) announced a new financial stability roadmap after Morocco’s Coordination and Systemic Risk Monitoring Committee (CCSRS) meeting, focusing on institutional, legal, and macroprudential enhancements. The CCSRS highlighted a global slowdown expected in 2026, with domestic growth projected to rise and low inflation. Banking fundamentals have strengthened, insurance sector indicators are solid, and capital market activity showed robust performance in 2025.
Mexico’s Ministry of Finance reported the Financial System Stability Council found the Mexican financial system solid and resilient, supported by banks' capital and liquidity. The update noted global economic moderation, U.S. tariff uncertainties, and stable financial markets, with the U.S. Federal Reserve lowering the federal funds target range. Domestically, the Mexican peso appreciated, government bond yields rose, and non-bank financial entities were monitored for risk indicators.
Mexico's Ministry of Finance reported Q3 2025 results for the development banking sector, highlighting MXN 1trn in credit to the private sector and a total asset base of MXN 3.2trn. Key metrics included an ICAP of 28.7%, non-performing loan ratios of 2.3% and 6.7%, and a credit-risk coverage ratio of 262.3%. Banco del Bienestar achieved 98.4% population coverage with 3,150 branches, while Nafin's issuance programme and Sustainable Fund showed significant thematic bond activity.
The National Bank of Georgia has issued new macroeconomic scenarios for International Financial Reporting Standard 9 (IFRS 9) to enhance transparency and consistency in financial reporting. These scenarios consider global tariff policies and Georgia's economic normalization, with baseline, upside, and adverse scenarios outlined. They aim to aid institutions in assessing expected credit losses amid high uncertainty and geopolitical events.
The National Credit Union Administration has initiated a second round of proposed regulatory changes under its Deregulation Project to streamline the Code of Federal Regulations. The proposals aim to revise suretyship and guaranty requirements, remove duplicative loan requirements, update catastrophic act reporting, and eliminate obsolete advertising provisions. Stakeholders are encouraged to provide feedback through the Federal Rulemaking Portal.
The Bank of Lithuania has instructed UAB Monavate to stop providing financial services to six companies, including KPTRS Investments Limited and Amnis Europe AG, effective 29 December 2025. This restriction covers payment card distribution, customer acquisition, and business relationships. Monavate must inform affected customers and provide guidance on fund transfers and contact information for inquiries.
The Central Bank of Colombia issued External Operational and Services Circular DSP-155, detailing fees for low-value payment systems managed by Banco de la República.
The Federal Housing Finance Agency (FHFA) issued a final rule setting new affordable housing goals for Fannie Mae and Freddie Mac for 2026–2028, revising the enterprises' housing-goals obligations. The changes are described as a rollback of previous mandates to ensure continued mortgage access while fulfilling statutory duties. The FHFA oversees Fannie Mae, Freddie Mac, and 11 Federal Home Loan Banks, collectively funding over USD 8.5 trillion in US mortgage markets.
The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Diversa Trustees Limited due to deficiencies in its investment governance frameworks. Diversa must appoint an independent expert to review its investment menus and governance framework, develop a remediation plan, and ensure compliance with enhanced governance standards. Diversa is also restricted from onboarding new high-risk investment options without enhanced due diligence. APRA will coordinate with the Australian Securities and Investments Commission on the regulatory response.
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) has ended the intervention regime on Cooperativa de Ahorro y Crédito La Esperanza de Marcona, as the total loss of share capital and reserve condition has been resolved. This decision, formalized by SBS Resolution No. 04398-2025, also revokes the powers of the appointed intervenors. The cooperative was initially placed under intervention due to negative equity of PEN -40,873,339.95 as of 30 September 2025.