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2025-12-23•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority (FMA) has authorised the first credit servicers under the new Credit Servicers and Credit Purchasers Act, establishing a licensing and supervisory framework for non-performing loan servicing. The Act mandates banks to report loan sales to the FMA and requires credit servicers to hold commercial debt collection authorisation. It ensures borrower protection by maintaining loan terms and enforcing fair treatment and data protection rules.
Supervision Authorisations & approvals Licence approval
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2025-12-23•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites and fake internet banking screens linked to The Bank of East Asia, Shanghai Commercial Bank, and OCBC Bank (Hong Kong). The HKMA emphasized that banks will not send SMS or emails with embedded links for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Crime Wing Information Centre of the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-12-23•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia's Report indicates stable resilience in the banking system despite uncertainties, with unchanged overall risk assessment. Non-banking sector deposits grew to EUR 43.5 billion, driven by household deposits, while loans to the non-banking sector increased by 7.0% year on year. Asset quality remained stable, though the non-performing exposure ratio rose slightly, and pre-tax profit declined due to reduced net interest income and increased impairments.
Research Lending Asset quality
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission announced that the Supreme Constitutional Court dismissed Christos Stylianides’ appeal, upholding the Administrative Court's decision to affirm CySEC's EUR 430,000 fine. The fine was related to breaches of the Transparency Requirements Law and the Public Offer and Prospectus Law during Stylianides’ tenure at Cyprus Popular Bank Public Co Ltd. The court rejected all appeal grounds, confirming the initial findings' correctness.
Enforcement Investigations & enforcement actions Corporate governance
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission announced the dissolution and liquidation of the investment compartment Blueport Equity Strategy of AIF T.4 THETIS AIF V.C.I.C. PLC, licensed as AIF91/2018. This decision followed a shareholders’ meeting under Article 63(1)(e) of the Alternative Investment Funds Law of 2018, with the process being managed by Triton Asset Management AEDAK.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission announced that Mega Ploutos Fund Management Ltd has initiated the dissolution and liquidation of INVESTMETER FUND RAIF V.C.I.C. PLC under the Alternative Investment Funds Law of 2018. The Registered Alternative Investment Fund will remain listed as "under liquidation" until the process is complete, after which it will be removed from the RAIF Register.
Supervision Authorisations & approvals Other
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
CySEC reminded Crypto-Asset Service Providers (CASPs) in Cyprus to apply for authorisation under the Markets in Crypto-Assets Regulation (MiCA) by 27 February 2026. CASPs must cease operations without MiCA authorisation by 1 July 2026, unless a wind-down plan is submitted. Cross-border services are only allowed under host state legislation and the grandfathering regime, per ESMA guidance.
Policy & regulation Guidance & interpretation Licence approval
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) issued a consultation paper on a new supervisory framework for Cypriot Companies for the Administration of Undertakings for Collective Investments (CCAUCIs) under L.101(I)/2025. It focuses on the fee regime and reporting of material changes, detailing CySEC's discretionary powers in licensing, supervision, and oversight. The framework applies to entities operating in or from Cyprus under a delegation mandate as per Annex I, Parts I–VII of the law.
Policy & regulation Guidance & interpretation Licensing and supervisory fees
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2025-12-23•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) has issued a consultation paper on proposed amendments to the Financial Conglomerates Directive (DI 87-12) to align with EU Directive 2023/2864. The changes aim to ensure that information disclosed by Cyprus investment firms, asset management companies, and alternative investment fund managers within financial conglomerates is accessible via the European Single Access Point (ESAP).
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-23•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has introduced a new notification and breaches form to streamline submissions under various acts, including the Financial Services Act 2008 and the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019. This form replaces the previous version for class 1 firms, except for certain portal submissions and existing templates. It is accessible on the Authority's Returns/Forms webpages and the Oversight Obligations webpage for designated businesses.
Supervision Regulatory reporting
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2025-12-23•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 Sholpan Mukashkyzy Nurymbet as Chair of the Management Board of JSC Home Credit Bank, a subsidiary of JSC ForteBank. The decision was formalized under Protocol No. 100/BVU/P.
Supervision Authorisations & approvals Licence approval
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2025-12-23•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency proposes a unified Financial Ombudsman under the draft Law on Banks to streamline pre-trial dispute resolution between consumers and financial organisations. This service would consolidate existing mechanisms across banking, insurance, and microfinance, with binding decisions on organisations while preserving consumers' court rights. The Agency would oversee governance and compliance, establishing a three-level resolution process involving financial organisations, the Financial Ombudsman, and the Agency.
Policy & regulation Rules & requirements Complaints and dispute resolution
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2025-12-23•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission outlined its 2026 internal direction, emphasizing proactive supervision and staff capability development as key priorities. The update, following a seminar led by Secretary-General Chuchart Promoolpol, aims to strengthen the insurance industry, protect policyholders, and support sustainable economic growth.
Institutional development Cooperation & capacity building Hiring and recruitment
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2025-12-23•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan released an Action Plan to enhance financial service accessibility for persons with disabilities. The plan includes assessing barriers, adapting banking infrastructure, and developing financial literacy materials. It also provides methodological recommendations for financial institutions to better serve customers with disabilities.
Policy & regulation Implementation, projects & pilots Financial inclusion
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2025-12-23•San Marino•Central Bank of San Marino
The Central Bank of the Republic of San Marino has issued a regulation consolidating requirements for corporate officers of financial companies into a single rulebook, introducing three proportional "fit and proper" regimes for Type A, B, and C firms. Key changes include an "independence of judgment" criterion for corporate representatives and a requirement for at least one independent director on each board, with stricter standards for Type A firms. The regulation also incorporates anti-money laundering and counter-terrorist financing rules and introduces a materiality threshold for assessing independence.
Policy & regulation Rules & requirements Corporate governance
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2025-12-23•Jordan•Jordan Securities Commission
The Jordan Securities Commission, in collaboration with Princess Sumaya University of Technology, conducted a workshop on blockchain technology and virtual assets, aligning with new Jordanian legislation on digitisation and trading. The session, led by Prof. Dr. Mohamed Moussa Al-Nabhan, covered blockchain governance, virtual asset concepts, and regional use cases.
Financial literacy & education Blockchain and distributed ledger technology
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2025-12-23•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina presented its 2025 results, highlighting achievements in monetary stability, digitalisation, and European integration. Key metrics included foreign exchange reserves of BAM 18.28 billion and a currency board coverage ratio of 109.9%. Priorities focused on payment system upgrades, banknote modernisation, and enhanced cyber resilience, with ongoing international cooperation and technical assistance.
Monetary policy Monetary policy instruments & operations Financial stability and systemic risk Monetary policy decisions and developments
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2025-12-23•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan’s Financial Monitoring Department held a workshop in Kulob on anti-money laundering, counter-terrorist financing, and counter-proliferation financing (AML/CFT/CPF). It aimed to enhance credit financial organisation staff skills and align with Tajik legal requirements and international standards, including the Financial Action Task Force. The department plans to continue training for the third round of mutual evaluation of Tajikistan’s AML/CFT/CPF system in 2026–2027.
Policy & regulation Implementation, projects & pilots AML and CFT
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2025-12-23•India•India International Financial Services Centres Authority
The India International Financial Services Centres Authority approved regulatory changes for GIFT-IFSC, including amendments to fund management and capital market intermediary regulations, and a draft revamp of the Global In-House Centres regime. Key updates include relaxed eligibility for fund management personnel, extended validity for Venture Capital Schemes' Private Placement Memoranda, and a 24-month migration window for custodians. Additional changes involve removing office space requirements, expanding qualifications for intermediaries, and introducing unified registration options.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-23•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority announced board changes, appointing Steven Bardy as Deputy Chairperson and adding Philip Doak and Alastair Hercus as new members from 1 January 2026. Christopher Swasbrook was reappointed, Prasanna Gai will resign effective 31 December 2025, and Sue Chetwin recently stepped down.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-23•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) issued Circular No. 1223 mandating all retail payment systems to adopt the ISO 20022 standard to enhance payment efficiency and security. The circular addresses inconsistent implementation among InstaPay and PESONet participants and aligns with G20 objectives on remittance affordability, speed, and transparency. A two-year phased implementation is planned, with an ISO 20022 Harmonization Industry Project Team overseeing the transition.
Policy & regulation Rules & requirements Payments and payment systems
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2025-12-23•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) issued a warning about scams misusing its name and officials' names to offer fraudulent financial products and services. These schemes involve falsified documents and urgent requests for personal information or payments. The BSP advises the public to ignore such scams, refrain from sharing personal details, and report incidents through official channels.
Supervision Alerts Fraud and scams
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2025-12-23•Morocco•Central Bank of Morocco
The Central Bank of Morocco's Coordination and Systemic Risk Monitoring Committee finalized the previous financial stability roadmap and approved a new one to strengthen the national financial stability framework. The committee noted an expected global economic slowdown in 2026, with domestic growth projected to rise to 5% in 2025 and average 4.5% over 2026–2027. Additionally, the MENAFATF mutual assessment process for Morocco's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework was launched, with the assessment set to begin in November 2026.
Policy & regulation Implementation, projects & pilots Financial stability and systemic risk AML and CFT
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2025-12-23•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported November 2025 corporate financing statistics, with total debt and equity issuance at KRW21.8915 trillion, a 7.6% decrease from October. Equity issuance rose significantly to KRW821.4 billion, driven by KOSDAQ IPOs and rights offerings, while debt issuance fell to KRW21.0701 trillion due to a 45.0% drop in corporate bond issuance. Commercial paper and short-term bond issuance increased to KRW166.2919 trillion, up 20.8% month-on-month.
Data & statistics Financial and market indicators
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2025-12-23•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) issued a warning regarding a counterfeit surety bond policy falsely attributed to Fidelis Insurance Ireland DAC, which the company has disowned. IVASS advises consumers to verify the legitimacy of insurers and intermediaries through its online resources before making any payments.
Supervision Alerts Fraud and scams
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2025-12-23•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the blocking of three websites for illegally offering insurance services, bringing the total number of blocked sites to 334 since November 2023. IVASS cautions consumers against policy offers via instant messaging or phone and advises verifying authorised intermediaries and insurers.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-12-23•Serbia•National Bank of Serbia
The National Bank of Serbia reports that foreign currency demand is easing, and the exchange market is normalizing after measures to stabilize it. These measures included maintaining supply channels for exchange offices and abolishing commissions on euro sales to prevent non-market-based exchange rates. Since December 10, demand has declined, with exchange offices recording net purchases and a daily drop in the average selling rate for cash sales.
Monetary policy Monetary policy instruments & operations Foreign exchange policy and markets Financial stability and systemic risk
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2025-12-23•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission approved amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act, enhancing disclosure obligations for listed companies. Key changes include more frequent and detailed reporting on treasury stock holdings and plans, with a new threshold of 1% of issued shares, and expanded disclosure on serious industrial accidents. Effective 30 December, the revised regime introduces stricter penalties for disclosure violations and requires detailed board meeting statements on major management matters.
Policy & regulation Rules & requirements Corporate governance
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2025-12-23•Europe•European Central Bank
The European Central Bank's research shows that stronger legal independence of central banks enhances price stability by boosting monetary policy credibility. Using a 50-year dataset of 155 central banks, the study finds a 20 basis point increase in independence correlates with a 6% rise in credibility over ten years. The findings highlight the importance of maintaining independence alongside democratic accountability to safeguard price stability.
Research Corporate governance
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2025-12-23•Canada•Ontario Securities Commission
The Ontario Securities Commission (OSC) issued an investor warning for December 2–23, 2025, identifying 20 companies not registered to deal or advise in securities in Ontario. The OSC advises investors to verify registration through its resources and sign up for notifications of new warnings and alerts.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-23•Russia•Central Bank of Russia
The Central Bank of Russia proposed a regulatory framework for cryptocurrencies, allowing trading but prohibiting their use as payment. Non-qualified investors can buy liquid cryptocurrencies up to RUB 300,000 annually, while qualified investors face no limits except for anonymous cryptocurrencies, contingent on a risk-awareness test. The framework mandates reporting foreign crypto transactions to tax authorities and plans liability for illicit operations by intermediaries from July 2027.
Policy & regulation Rules & requirements Trading
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2025-12-23•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said its BCP Educa program reached 6,021 participants in 2025 through financial education activities. Training sessions accounted for 4,940 participants across 91 institutions, while two fairs reached 870 students and the annual competition involved 167 students and 44 teacher tutors.
Financial literacy & education Financial literacy and education
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2025-12-23•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission issued the Beneficial Ownership Disclosure Rules of 2026 to enhance the accuracy and timeliness of ownership information. Effective January 1, 2026, the rules apply to various corporate entities, introducing verification mechanisms, a 20 percent reporting threshold, and a new web-based registry. Penalties for non-compliance include fines and potential dissolution, with specific fines for false information and due diligence failures.
Policy & regulation Rules & requirements Beneficial ownership
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2025-12-23•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency announced the reappointment of its Board President, Ante Žigman, to the Management Board of the European Insurance and Occupational Pensions Authority (EIOPA) for a second term starting 23 December 2025. EIOPA, chaired by Petra Hielkema, includes six national regulator representatives and serves as an advisory body to EU institutions. Teija Korpiaho from Finland also secured a term extension beginning 1 January 2026.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-23•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a VND 1,000,000 fee for the issuance of a securities practice certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-23•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a fee of VND 1,000,000 for the issuance of a securities practice certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
Supervision Authorisations & approvals Licensing and supervisory fees
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2025-12-23•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals on a specified list to pay a VND 1,000,000 fee for the issuance of a securities practice certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year will result in the cancellation of the certificate.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-23•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission (SSC) issued Notice No. 178/TB-UBCK requiring individuals on a specified list to pay a VND 1,000,000 fee for securities practice certificates. Payment can be made via bank transfer or in person at the SSC. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-23•Portugal•Bank of Portugal
The Bank of Portugal has warned that Vitoria Maurício Pedro is not authorised to conduct any financial activities, including payment services, in Portugal. Only entities authorised under the Legal Framework for Payment Services and Electronic Money may provide such services, with a list available on the Bank's website.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-23•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has appointed Mr. Songyod Bunjoungmanee as Assistant Secretary-General of the Investment Management Division, effective 1 January 2026. He will oversee the Departments of Investment Management Supervision, Investment Management Policy, and Provident Fund Policy and Registration. Mr. Songyod previously held directorial roles in Corporate Finance and Investment Management Policy.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-23•Morocco•Moroccan Capital Markets Authority
Morocco’s Coordination and Systemic Risk Monitoring Committee approved a financial stability roadmap focusing on institutional foundations, analytical capabilities, macroprudential tools, crisis management, and communications. The financial sector shows widening bank liquidity needs, accelerating credit, and an 8.7% non-performing loans ratio as of September 2025. Banking profitability and capital buffers are strengthening, with a 25% increase in net income and capital ratios above regulatory minimums, while the MASI index rose 28.2% annually.
Policy & regulation Reform agendas & priorities Financial stability and systemic risk AML and CFT
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2025-12-23•United States•Federal Reserve Board
The Federal Reserve Board approved National Bank Holdings Corporation's merger with Vista Bancshares, Inc., including the indirect acquisition of Vista Bank. Additionally, NBH Bank's merger with Vista Bank was approved, allowing NBH Bank to establish branches at Vista Bank's current locations.
Supervision Authorisations & approvals Licence approval
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2025-12-23•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka has amended the Money or Value Transfer Service (MVTS) provider framework, updating the definition and tightening registration eligibility. New requirements include a minimum capital threshold for both Sri Lanka-incorporated and foreign applicants, and restrictions on activities and naming for registered providers. Existing unlicensed providers must apply for registration by 31 March 2026, with the amendments effective from 31 December 2025.
Policy & regulation Rules & requirements Payments and payment systems
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2025-12-23•Chile•Central Bank of Chile
The Central Bank of Chile released preliminary regional national accounts for Q3 2025, showing economic growth in 11 of 16 regions and a 2.9% rise in household consumption, aligning with national growth rates. The Metropolitan Region led GDP growth, with trade, personal services, and business services as key drivers, despite weaker mining production. Revised estimates for Q1 and Q2 2025 reflect updated regional indicators and data from sectors like mining and manufacturing.
Data & statistics Economic data and developments
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2025-12-23•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board (CPAB) released its 2025 Year in Review, detailing progress on its 2025–2027 Strategic Plan and announcing leadership changes and new transparency measures for audit oversight. Sonny Randhawa will become CEO in March 2026, and CPAB plans to publish individual public inspection reports starting the same month. Strategic priorities include enhancing audit ethics, culture, governance, and quality, particularly at smaller firms, with initiatives like Public Company Audit Summits and improvements to the Whistleblower Program.
Institutional development Leadership change & appointments Auditing
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2025-12-23•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board (CPAB) released its 2025 Year in Review, detailing progress on its 2025–2027 Strategic Plan with a focus on transparency and audit quality oversight. Key developments include a leadership transition in March 2026 and plans to publicly disclose firm-level inspection outcomes from the same month. The review also highlights initiatives for smaller firms and enhancements to the Whistleblower Program.
Institutional development Leadership change & appointments Auditing
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2025-12-23•Albania•Bank of Albania
The Bank of Albania held an end-of-year event featuring Governor Gent Sejko's address on economic stability, communication priorities, and the role of media in financial literacy. Sejko highlighted Albania's stable growth, resilient labour market, and low inflation, emphasizing the importance of transparency in monetary policy. The event also celebrated the Bank's centennial and awarded prizes for outstanding student theses on financial topics.
Other
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2025-12-23•Albania•Bank of Albania
The Bank of Albania's Governor Gent Sejko addressed the central bank's 2025 economic assessment, emphasizing steady growth, a robust labour market, and low inflation. The speech highlighted the banking system's resilience and priorities in payments modernization and digitalization. Public communication and collaboration with media to enhance financial literacy were also underscored.
Monetary policy Monetary policy assessments & outlooks Other
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2025-12-23•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission (SEC) updated on the Treasury Clearing rule, highlighting approvals and proposals to enhance clearing capacity and reduce frictions in Treasury repo clearing. Key developments include approving the Fixed Income Clearing Corporation's "Collateral-in-Lieu" service and expanding cross-margining agreements. The SEC extended compliance deadlines and issued guidance on operational aspects, with ongoing staff work addressing interpretive and operational questions.
Policy & regulation Implementation, projects & pilots Market infrastructure
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2025-12-23•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Diversa Trustees Limited to address deficiencies in its investment governance framework, requiring an independent expert review and enhanced due diligence for high-risk investment options. APRA's action follows a thematic review revealing issues in onboarding, due diligence, monitoring, and conflicts of interest management, with coordination with the Australian Securities and Investments Commission.
Supervision Interventions Corporate governance
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2025-12-23•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency has proposed amending its heightened standards guidelines, raising the asset threshold for covered banks from USD 50 billion to USD 700 billion. This change aims to reduce regulatory burden and focus on institutions with significant risk profiles. The proposal also seeks feedback on additional potential revisions.
Policy & regulation Rules & requirements Regulatory burden
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2025-12-23•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) seeks comments on two proposals regarding national banks' and federal savings associations' real estate lending escrow accounts. One proposal codifies banks' authority over escrow account terms, while the other preempts state laws, including a New York law, that limit banks' discretion on interest payments and fees.
Policy & regulation Rules & requirements Other
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2025-12-23•Thailand•Ministry of Finance (Thailand)
Thailand's Ministry of Finance has directed its permanent secretary to engage with the Bank of Thailand and the Securities and Exchange Commission to address the ongoing appreciation of the Thai baht. The discussions aim to formulate a strategic response to the currency's movement.
Policy & regulation Cooperation Foreign exchange policy and markets
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2025-12-23•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority found deficiencies in SpareBank 1 Østlandet's ICT governance under the Digital Operational Resilience Act. Issues include gaps in translating governance documentation, weak internal control, and inadequate incident reporting and supplier oversight. The bank is updating its routines and standards in response.
Supervision Reviews, inspections & stress tests IT management Operational risk and resilience
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2025-12-23•Egypt•Central Bank of Egypt
The Central Bank of Egypt hosted a delegation from the Bank of Tanzania to exchange expertise on business continuity and crisis management. The programme included site tours and discussions on operational challenges and strategies, emphasizing senior management's role. This visit is part of a series of missions from African central banks to the Central Bank of Egypt, covering areas like cybersecurity and banking supervision.
Institutional development Cooperation & capacity building Operational risk and resilience
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2025-12-23•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1096, amending investment limits for money market funds' placements in fixed-term deposits. The resolution raises the maximum individual limit for each deposit type from 35% to 50% of the fund's assets, while maintaining a 70% aggregate cap across all deposit types. The CNV aims to enhance fund management flexibility in coordination with the Central Bank of the Argentine Republic.
Policy & regulation Rules & requirements Liquidity risk
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2025-12-23•Argentina•Argentina Securities Commission (CNV)
Argentina Securities Commission (CNV) revised the "Preliminary Definitions" in CNV Rules under General Resolution 1097, aiming to enhance clarity and legal certainty. Additions include definitions for Digital Representation, Thematic Negotiable Security (SVS+), and Qualified Investor, supporting transparency and investor protection.
Policy & regulation Rules & requirements Regulatory burden
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2025-12-23•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) has issued General Resolution No. 1098, deferring the collection of the 2026 supervision and control fee until 2 February 2026. This deferral excludes Mutual Fund Administration and Custody Agents and entities with outstanding fees from previous years.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-23•Vietnam•State Bank of Vietnam
The State Bank of Vietnam joined a National Cybersecurity Association workshop, focusing on banking digitalisation and cybersecurity strategies. The SBV noted over 95% of transactions are digital, with security policies meeting international standards. Discussions stressed enhanced coordination against cyberattacks and fraud, citing the UN cybercrime convention for cross-border cooperation.
Policy & regulation Implementation, projects & pilots Cyber resilience
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2025-12-23•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's second banking-sector steering committee meeting reviewed 2025 progress and set 2026 priorities, focusing on digital transformation and technology in banking. Key 2025 updates include biometric matching of over 140 million customer records, directives on digital transformation, and the SIMO monitoring system, which flagged over 2.26 million suspicious transactions. Additionally, SBV upgraded its administrative procedure system, enhancing online public services and data management.
Policy & regulation Implementation, projects & pilots Fintech and insurtech Market development
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2025-12-23•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) has reappointed Ante Žigman and Teija Korpiaho to its Management Board for a second term of two and a half years. Žigman is President of the Croatian Financial Services Supervisory Agency, and Korpiaho is Chief Advisor of Insurance Supervision at the Finnish Financial Supervisory Authority. Their terms will conclude in mid-2028.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-23•Bahamas•Central Bank of the Bahamas
The Central Bank of the Bahamas announced the 2025 T. Baswell Donaldson Research Competition results, awarding honorable mentions to three scholars for their economic and financial-sector research contributions. The competition received 21 submissions and was evaluated by economic professionals and university professors. Honorees included Aaliya Merizier, Theo Dawkins, and Madison Haines for their studies on human capital, FinTech adoption, and economic growth in The Bahamas.
Research Other
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2025-12-23•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE has revoked Omda Exchange's licence, removed it from the Register, and imposed a 10 million AED fine for violations of the Central Bank Law and related regulations. This enforcement action follows examinations revealing compliance failures. The CBUAE emphasized the importance of adherence to UAE laws and standards to ensure transparency and integrity in financial transactions.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-22•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission approved capital markets decisions, including prospectuses for RES Invest Holding AD's warrant IPO and bond issues by Premier Fund REIT and Neo London Capital AD. It authorized Alaric Securities Ltd to provide crypto-asset services and updated insurance and investment service registers. Additionally, the FSC requested further documentation from Intercapital Markets AD for cross-border service provision in 25 EU member states.
Supervision Authorisations & approvals Securities offerings and listings
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2025-12-22•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has updated the Implementing Regulation of the Finance Companies Control Law, revising requirements for finance companies' activities and licensing. Key changes include adjustments to aggregate finance amounts, bank guarantee requirements, related party provisions, and handling of expired licenses. The update also repeals certain microfinance rules and amends licensing rules for finance support activities.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-22•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has introduced a "Fees Guide for Financial Institutions’ Services" to replace the "Banking Tariff." This guide aims to enhance customer protection, promote reasonable fees, improve disclosure and transparency, and support electronic service delivery. It includes reduced maximum fees for various services and applies to all SAMA-regulated financial institutions, marking its first edition for financial institutions and third for the banking sector.
Policy & regulation Rules & requirements
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2025-12-22•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic met with commercial bank leaders and the Superintendent of Banks to review financial sector performance and ensure credibility. The Governor reported no vulnerabilities, highlighting strong capitalisation, profitability, and solvency, with consolidated assets at DOP 4.19 trillion and a non-performing loan ratio of 1.8%. Key indicators included a 17.1% solvency ratio, 2.6% return on assets, and 21.7% return on equity.
Supervision Risk monitoring & watch points Financial and market indicators Financial stability and systemic risk
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2025-12-22•Pakistan•State Bank of Pakistan
At the 25th Zahid Husain Memorial Lecture hosted by the State Bank of Pakistan, Professor Amir Sufi emphasized adapting financial systems to high-tech, services-led growth. He advocated cash flow-based lending and external equity financing, highlighting challenges in financing intangible-capital-intensive sectors. Deputy Governor Saleemullah underscored initiatives like the risk coverage facility for SMEs, the Banking on Equality policy, and digital infrastructure advancements.
Policy & regulation Reform agendas & priorities Fintech and insurtech Financial inclusion
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2025-12-22•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro's Financial Stability Council concluded that financial stability is preserved despite rising cyclical risks from strong credit growth and high real estate prices. The Central Bank extended measures limiting cash loans to citizens for another year. Macroeconomic conditions remain supportive, with GDP growth at 3.2% in H1 2025, while banking deposits and loans have increased significantly.
Supervision Risk monitoring & watch points Financial stability and systemic risk
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2025-12-22•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro chaired the sixth meeting of the National Committee for the Development of Financial Education, adopting a Financial Education Action Plan for 2026. The committee reviewed the "Enhancing Financial Literacy and Social Entrepreneurship" programme, noting potential expansion in 2026, and discussed the Regional Financial Literacy Framework for the Western Balkans. Additionally, the committee endorsed Montenegro's participation in the Bank of Slovenia's international high-school debate competition in May 2026.
Financial literacy & education Financial literacy and education
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2025-12-22•Italy•Bank of Italy
The Bank of Italy released four Working Papers and four Occasional Papers on topics like monetary policy uncertainty, state-dependent fiscal effects, and bank–firm innovation linkages. The research analyzes interest rate volatility, fiscal multipliers, fintech investments, and the international impact of Chinese monetary policy. Additionally, the papers assess US tariffs' effects on Italian firms and the outcomes of Italy’s Inner Areas Strategy.
Research Other
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2025-12-22•Israel•Bank of Israel
The Bank of Israel released updated inflation indicators showing one-year expectations of 1.5% from the capital market, 2.1% from professional forecasts, and 2.0% from internal interest rates and inflation contracts. Forward expectations are 1.9% for the second year, 2.3% for the third year, 2.0% for years 3–5, and 1.7% for five years and years 5–10, with noted biases in one-year-horizon breakeven inflation.
Data & statistics
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2025-12-22•Europe•European Securities and Markets Authority
The European Securities and Markets Authority, with national authorities, completed a 2024 analysis of cross-border investment services in the EU and EEA. The review found 370 firms serving 10.5 million retail clients, with a 4% decrease in firms and a 32% increase in clients compared to 2023. Cyprus, Luxembourg, and Germany were key locations for these firms, while Germany, France, Spain, and Italy were major destinations for retail clients.
Data & statistics Cross-border payments Supervision process and methodologies
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2025-12-22•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission registered a new share issue by Metizi AD for trading on a regulated market, comprising 937,754 new shares. It approved key appointments in the insurance sector and notified French and Dutch authorities of Cargofort Ltd.'s cross-border service intentions. The FSC also requested further information from Manikian Capital AD and Select Asset Management EAD regarding licensing and board member approval.
Supervision Authorisations & approvals Securities offerings and listings
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2025-12-22•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority announced that SASA CAPITAL a.d. Podgorica is ceasing operations and has requested to withdraw its investment services licence. The Authority is proceeding with the licence revocation and advised clients to withdraw or transfer funds during this process.
Supervision Authorisations & approvals Other
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2025-12-22•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) launched the operational phase of the Sustainable Finance Table, offering tools and online training to help SMEs with sustainability reporting and ESG information exchange with banks. The Ministry of Economy and Finance released an interoperability table connecting the SME-Bank Dialogue Document on Sustainability to the European VSME, aiming to streamline disclosures and reduce administrative burdens. Future initiatives focus on improving data quality on climate risks and strengthening SME-bank ESG exchanges.
Policy & regulation Implementation, projects & pilots Climate risk and sustainable finance
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2025-12-22•Italy•Bank of Italy
The Bank of Italy released a report on its Regional Bank Lending Survey for H1 2025, detailing credit condition changes across Italy's macro-regions. The survey, involving 235 banks, analyzed loan demand from households and firms and banks' credit supply policies by region and sector. An Italian-language report and dataset are included as annexes.
Research Financial and market indicators Monetary data
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2025-12-22•Indonesia•OJK
Indonesia’s Financial Services Authority (OJK) and the Coordinating Ministry for Human Development and Cultural Affairs held a financial education event for women, emphasizing financial planning and vigilance against scams and illegal lending. The hybrid event engaged 480 participants, featuring topics such as illegal investments, capital markets, and household financial management.
Financial literacy & education
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2025-12-22•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) and PT Kustodian Sentral Efek Indonesia (KSEI) have launched a platform linking OJK’s Integrated Licensing and Registration System with KSEI’s Electronic Securities Registration System. This aims to streamline mutual fund registration, enhance data accuracy, and support risk-based supervision. It is part of KSEI's digital transformation efforts, including promoting green economy growth in Indonesia's capital market.
Policy & regulation Implementation, projects & pilots Market infrastructure
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2025-12-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced the conviction and sentencing of four individuals for conspiracy to commit market rigging and dealing with the proceeds of crime, using Telegram group chats to inflate Australian share prices. The offenders received intensive corrections orders ranging from 14 months to two years, with additional community service and fines. ASIC emphasized its monitoring of pump-and-dump activities and urged investors to report suspicious behavior.
Enforcement Investigations & enforcement actions Market risk and volatility Fraud and scams
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2025-12-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) warned of increased "pump and dump" schemes targeting retail investors, especially during the holidays. These involve thinly traded stocks being promoted and sold at inflated prices, with scammers impersonating celebrities. ASIC conducts real-time market surveillance and urges caution regarding paid promotions, fake endorsements, and sudden price spikes, advising reporting suspicious activities to authorities.
Supervision Alerts Fraud and scams
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2025-12-22•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has initiated civil penalty proceedings against BDO Audit (WA) Pty Ltd and its director Dean Just, alleging false or misleading statements in audit reports for Dubber Corporation Limited and the Dubber Group for financial years 2020-2022. ASIC claims the reports inaccurately stated compliance with Australian Auditing Standards and a true and fair view of financials, despite material misstatements. Dubber has also commenced proceedings against BDO Audit for up to AUD 26.6 million plus interest and costs, related to alleged unauthorised fund use.
Enforcement Investigations & enforcement actions Auditing
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2025-12-22•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission has released an updated Settlement Framework, aligning with recent amendments to the Financial Services Act and Administrative Penalties Rules. The framework details changes to section 53A, conditions under which settlement may be excluded, and new settlement discounts. An updated FAQ accompanies the revised framework.
Policy & regulation Rules & requirements Other
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2025-12-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has added MaxProfit Academy Ltd. and Azeta SA to its list of potentially dangerous investment projects, now totaling 458. Common warning signs include lack of licenses, unclear organizer information, and promises of unrealistically high returns. The updated list is on the Commission's website, and market participants are urged to report suspicious projects.
Supervision Alerts Fraud and scams
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2025-12-22•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved a draft to amend its 2020 framework, updating requirements for trading and investment services. The draft aligns with EU standards, introducing related agents, market price support tools, and addressing internal documentation, client agreements, and conflict-of-interest prevention. It also covers capital market abuse prevention, client communications, and specific requirements for portfolio management, underwriting, and market-making activities.
Policy & regulation Rules & requirements Trading
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2025-12-22•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) has updated its Digital Working Method, enhancing guidance on digital data collection and analysis in supervisory investigations. The revision clarifies roles and processes, including the independence of IT specialists and privilege officers, and outlines procedures for cleansing digital data. Definitions like "private data" have been tightened, and investigation subjects can receive explanations on data cleansing at the AFM's office.
Policy & regulation Guidance & interpretation Other
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2025-12-22•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets will focus on streamlining prospectus and supplement approvals in 2026 amid a surge in applications. Amendments to the prospectus regime under the European Union Listing Act, effective since December 2024, will significantly impact content and approval processes, with further changes in March and June 2026. Issuers of European green bonds are advised to notify the AFM early due to potentially extended review times.
Policy & regulation Guidance & interpretation Regulatory reporting
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2025-12-22•Peru•Central Bank of Peru
The Central Reserve Bank of Peru reported a 7% year-on-year increase in the formal-sector real wage bill for October 2025, indicating ongoing growth in formal employment and wages. The private sector saw a 7.6% rise, primarily due to gains in services and trade, marking 19 consecutive months of improvement. The wage bill is calculated from average income and total formal jobs using electronic payroll data.
Data & statistics Economic data and developments
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2025-12-22•Europe•European Financial Reporting Advisory Group
EFRAG released a report from its November 2025 workshops with the IASB on users' needs for intangibles. It highlights the inadequacy of current financial statements in conveying intangible assets' value and future performance. Participants advocated for enhanced qualitative and quantitative disclosures, improved transparency, and better linkage to future cash flows.
Policy & regulation International standards & recommendations Accounting and financial reporting
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2025-12-22•China•Central Bank of the Republic of China
The People's Bank of China has introduced a one-off credit repair policy affecting its credit reporting system, allowing certain personal credit delinquencies to be treated as not displayed once fully repaid. Eligibility is restricted to delinquencies under CNY 10,000 incurred between 1 January 2020 and 31 December 2025, with full repayment by 31 March 2026. The policy is automatic, free, and updates will be reflected in credit reports without requiring applications or third-party involvement.
Policy & regulation Guidance & interpretation Credit risk
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2025-12-22•Europe•European Banking Authority
The European Banking Authority has updated its Guidelines on the equivalence of confidentiality and professional secrecy regimes in third countries, incorporating new requirements under the Markets in Crypto-Assets Regulation (MiCAR). The revised Guidelines confirm the equivalence of regimes in several countries, including Australia and the UK, to EU standards, and clarify application procedures for EU authorities in supervisory cooperation.
Policy & regulation Guidance & interpretation Cross-border cooperation
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2025-12-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has amended the Companies (Further Issue of Shares) Regulations, 2020, to enhance minority shareholder protection and corporate governance. Key changes include aligning dividend distribution with voting rights, enforcing a "one share, one vote" principle for at least 75% of voting power, capping varied voting rights at five votes per share, and mandating listed status for shares with varied rights. These amendments were finalized after consultations with stakeholders like the Pakistan Stock Exchange and other industry entities.
Policy & regulation Rules & requirements Corporate governance
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2025-12-22•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan held a consultative session in Karachi to discuss a proposed Framework for Registered Intermediaries, focusing on mandatory training and eliminating periodic renewal requirements. The proposal aims to enhance compliance through continuous learning and evaluation. Participants were informed about expanded access to the SECP Financial Institutions Portal for instant digital verification of company profiles.
Policy & regulation Rules & requirements Supervision process and methodologies
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2025-12-22•Lithuania•Bank of Lithuania
The Bank of Lithuania reported a decline in Lithuania's current account balance surplus to EUR 66.5 million in Q3 2025, equating to 0.3% of GDP, while the capital account surplus doubled to EUR 577.2 million. The financial account saw a positive net flow of EUR 1.1 billion, driven by portfolio investments and increased reserve assets, despite negative net flows in direct and other investments. The net international investment position was -EUR 2.4 billion, with external debt at EUR 73.7 billion.
Data & statistics Balance of payments and other external statistics
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2025-12-22•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier announced that the Luxembourg District Court ordered the dissolution and judicial liquidation of ALFA ASSET MANAGEMENT (EUROPE) S.A., following a CSSF application under Article 129(1)(2) of the Law of 18 December 2015. Attorney-at-law Alain Rukavina was appointed as liquidator, with Nadège Anen as juge-commissaire, to oversee the process. Eligible clients may seek reimbursement from the SIIL up to EUR 20,000, subject to eligibility and verification.
Enforcement Investigations & enforcement actions Client asset custody and safekeeping
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2025-12-22•United States•Financial Industry Regulatory Authority
The FINRA Board approved the 2026 budget and three rule proposals to modernize member firm requirements and enhance customer protections. Key proposals include default electronic information delivery, enhanced use of trusted contacts, and increased flexibility for temporary holds to prevent financial exploitation. FINRA will file these proposals with the US Securities and Exchange Commission and seek comments on the financial exploitation proposal.
Policy & regulation Rules & requirements Regulatory burden
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2025-12-22•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong’s Financial Services and the Treasury Bureau aims to establish Hong Kong as an international gold trading hub, following recommendations from the Working Group on Promoting Gold Market Development. Initiatives include expanding storage, enhancing infrastructure, and developing a local trading ecosystem. Milestones include expanding the precious metals depository, launching the Shanghai Gold Exchange's first offshore vault, and trial operations of a central clearing system in 2026. A taskforce will support creating a trade organisation for the gold industry.
Policy & regulation Reform agendas & priorities Market development
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2025-12-22•Gibraltar•Gibraltar Financial Services Commission
The Gibraltar Financial Services Commission released guidance notes to assist insurers and stakeholders with the Solvency II framework. The notes address the Own Risk and Solvency Assessment (ORSA), governance guidelines, internal models, and technical provisions for general insurers.
Policy & regulation Guidance & interpretation Prudential risks
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2025-12-22•Europe•Authority for Anti-Money Laundering and Countering the Financing of Terrorism
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) concluded a roadshow across all 27 EU Member States, engaging with stakeholders to enhance cooperation on the new EU AML/CFT system. Discussions involved Financial Intelligence Units and supervisors to address national risk landscapes and challenges. Insights from these meetings will guide AMLA's future actions on the European AML/CFT framework.
Policy & regulation Cooperation AML and CFT Domestic cooperation
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2025-12-22•Bolivia•Financial System Supervisory Authority of Bolivia
Bolivia's Financial System Supervisory Authority has reinforced actions to ensure compliance with the credit deferral regime under Law No. 1670 and Supreme Decree No. 5503. This mandates a six-month payment suspension for certain loans upon request, without extra interest, and requires rescheduling deferred amounts. The authority will verify institutions provide clear consumer information and maintain complaint mechanisms for non-compliance.
Supervision Interventions Lending