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2025-12-19•Europe•European Securities and Markets Authority
The European Securities and Markets Authority updated its Q&A for EU frameworks, providing guidance for market participants and supervisors. Key updates clarify exclusions under the Alternative Investment Fund Managers Directive, ESG Rating Activities Regulation, Market Abuse Regulation, and Markets in Crypto-Assets Regulation, addressing issues like small ESG rating providers and crypto-asset trading platforms.
Policy & regulation Guidance & interpretation ESG
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2025-12-19•Ukraine•National Bank of Ukraine
The National Bank of Ukraine revised balance of payments statistics for 2020–2024 and the first three quarters of 2025, expanding sectoral breakdowns to align with IMF guidelines. Updates include increased recorded goods imports and exports for 2020–2023, a reduction in 2023 travel expenses abroad by USD 1.5 billion, and downward revisions of private remittances for 2024 and 2025. These revisions incorporate new data, mirror statistics, and updated methodologies, with detailed adjustments published in the bank's methodological materials.
Data & statistics Balance of payments and other external statistics
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2025-12-19•Hong Kong•Hong Kong Mandatory Provident Fund Schemes Authority
The Hong Kong Mandatory Provident Fund Schemes Authority reported a fraud case involving forged identity cards to impersonate MPF scheme members, suspending electronic identity verification (eKYC) for eMPF registration. Affected users have been contacted, and fund unit balances restored, with no further impact reported. The eMPF Company is reviewing alternative identity verification methods and collaborating with authorities on enhanced authentication and anti-counterfeiting measures.
Supervision Alerts Fraud and scams AML and CFT
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2025-12-19•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority celebrated its 25th anniversary, emphasizing its commitment to a stable, transparent capital market aligned with European and international standards. President Željko Drinčić highlighted institutional cooperation, regulatory capacity, and investor confidence as key to sustainable financial-system development. The Authority remains focused on modernizing the regulatory framework and strengthening Montenegro’s financial market.
Other
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2025-12-19•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg reported a rise in Luxembourg's external financial assets by EUR 342bn to EUR 13.086tn and liabilities to EUR 13.059tn for Q3 2025, resulting in a net international investment position of EUR 27bn. The increase was primarily driven by collective investment undertakings, with portfolio investment assets in foreign securities rising to EUR 6.375tn. Direct investment positions remained stable, while other investment assets and liabilities increased modestly.
Data & statistics Balance of payments and other external statistics
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2025-12-19•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) released a whitelist of licensed Digital Financial Asset Traders (PAKD) and registered Prospective Digital Financial Asset Traders (CPAKD) for authorized trading in Indonesia. Linked to Law No. 4/2023, the list includes 25 licensed platforms and four registered entities, with violations subject to severe penalties. OJK also published a list of licensed market infrastructure and emphasized consumer vigilance against unlisted platforms.
Policy & regulation Guidance & interpretation Licence approval
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2025-12-19•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) has established a Department of Regulation and Development for Micro, Small and Medium Enterprises (UMKM) and Islamic Finance, and reorganised digital bank supervision with a Directorate of Digital Banking Supervision, effective 2026. The department aims to enhance UMKM financing and integrate Islamic finance, while the directorate will address digital transformation, governance, and cybersecurity in digital banks. OJK highlighted UMKM's significant economic role and the projected USD 360 billion digital economy by 2030 as key factors for these changes.
Institutional development Mandate & organizational structure Organizational structure Operational excellence
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2025-12-19•Burundi•Ministry of Finance & National Planning (Burundi)
Burundi's Ministry of Finance & National Planning held a strategic pre-consultation meeting to prepare the next Country Partnership Framework with the World Bank Group, focusing on aligning sector priorities with national strategies like the Macroeconomic Stabilization Country Programme and Vision Burundi objectives. The meeting aimed to establish a coherent cooperation framework for measurable results and improved project effectiveness.
Policy & regulation Cooperation Other
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2025-12-19•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has chosen EuroCTP as the first Consolidated Tape Provider for shares and exchange-traded funds in the EU, offering a unified view of trading activity. EuroCTP, a Netherlands-based joint venture with 15 European exchange groups, met all selection criteria under the Markets in Financial Instruments Regulation. ESMA is inviting EuroCTP to apply for authorisation to operate under its direct supervision for five years.
Supervision Authorisations & approvals Securities offerings and listings
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2025-12-19•United Kingdom•Payment Systems Regulator
The Payment Systems Regulator (PSR) has initiated a consultation on draft directions to enhance transparency and oversight of Mastercard and Visa card payment fees. Proposed remedies include an Information Transparency and Complexity remedy for clearer pricing information and a Pricing Governance remedy for evidence-based pricing decisions. Additionally, the PSR plans to develop regulatory financial reporting to better monitor these schemes' financial performance.
Policy & regulation Rules & requirements Payments and payment systems
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2025-12-19•United Arab Emirates•Dubai Financial Services Authority
The UAE Sustainable Finance Working Group, led by the Financial Services Regulatory Authority of Abu Dhabi Global Market, issued its fourth statement on corporate governance, sustainability disclosures, and climate transition planning. It introduces new Climate Transition Planning Principles for UAE financial institutions and corporates, with support from the Dubai Financial Services Authority for implementation in the Dubai International Financial Centre. The statement also mentions efforts to develop a UAE sustainable finance taxonomy and align disclosures with international standards.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance
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2025-12-19•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) disclosed agreed facts in civil penalty proceedings where Macquarie Securities (Australia) Limited (MSAL) admits to misleading conduct due to systemic failures in short sale reporting. MSAL acknowledges incorrect reporting of at least 73 million short sales from December 2009 to February 2024, with total misreporting estimated between 298 million and 1.5 billion short sales. ASIC and MSAL will request the New South Wales Supreme Court to impose a civil penalty of AUD 35 million, pending court approval.
Enforcement Investigations & enforcement actions
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2025-12-19•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has banned financial adviser Louis Van Coppenhagen for seven years for giving inappropriate advice, including superannuation investments in the Shield Master Fund. While with MWL Financial Services Pty Ltd and United Global Capital Pty Ltd (UGC), he implemented UGC's advice model, leading to ASIC cancelling UGC's licence for conflicted advice on speculative investments. The ban, effective 16 December 2025, is recorded on ASIC’s Banned and Disqualified Register, with potential for review by the Administrative Review Tribunal.
Enforcement Sanctions & designations
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2025-12-19•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced that the Federal Court ordered ANZ to pay AUD 250 million for misconduct in its institutional and retail divisions. This includes AUD 135 million for institutional misconduct related to a AUD 14 billion bond issuance and inaccurate reporting, and AUD 115 million for retail misconduct involving financial hardship notices, misleading savings interest rate statements, and mishandling deceased estates. ASIC noted this as its largest combined penalties against a single entity.
Enforcement Investigations & enforcement actions
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2025-12-19•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission announced that the Federal Court ordered RM Capital Pty Ltd and The SMSF Club Pty Ltd to pay AUD 925,000 for breaches of conflicted remuneration provisions under the Corporations Act. RM Capital was fined AUD 575,000 for failing to prevent SMSF Club from accepting conflicted remuneration, while SMSF Club was fined AUD 350,000 for accepting such remuneration, including AUD 135,863.65 in referral fees. Both entities must submit independent expert reports on their compliance systems to ASIC within six months.
Enforcement Investigations & enforcement actions Corporate governance
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2025-12-19•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) issued comprehensive decisions for capital markets, including a draft law for integrated infrastructure and new self-regulatory organisation regulations. It published indicators for detecting false signals and pyramid schemes, amended its 2025 plan, and approved supervisory actions like securities transaction prohibitions and financial remediation plans. It also classified projects as dubious, terminated a depository licence, and made senior appointments.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-19•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market introduced draft law No. 14296 to establish Personal Investment Accounts (PIR) to channel idle household funds into the economy via tax incentives for long-term investments. Profits from funds held in a PIR for five years would be tax-exempt, while early withdrawals would incur full taxation. The proposal shifts tax accounting responsibilities to investment firms to reduce administrative costs for small investors and issuers.
Policy & regulation Rules & requirements SME financing
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2025-12-19•Netherlands•Dutch Authority for the Financial Markets
Dutch Authority for the Financial Markets chair Laura van Geest highlights generative AI's role in scaling financial crime and investment fraud, emphasizing vigilance and a broader disruption strategy. The AFM estimates annual investment fraud losses in the Netherlands could reach EUR 750 million, exacerbated by "Fraud as a Service" and social media. Van Geest advocates using AI to detect fraud, stronger cross-border cooperation, and a central reporting point to better address the issue.
Policy & regulation Other AML and CFT Artificial intelligence Fraud and scams
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2025-12-19•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets released supervisory observations from its 2025 audit firm review, focusing on high-risk clients. The report highlights the importance of identifying and managing client-related risks, using indicators such as client characteristics and size. Insights were shared with licensed audit firms, emphasizing the need for practical risk mitigation and internal reflection.
Supervision Supervision approach, priorities & toolkit Other
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2025-12-19•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets released findings from its 2025 supervisory review of audit firms, focusing on managing time, resources, and audit fees for statutory audits. The review highlighted good practices, like using an independent planner for capacity assessment and gathering team input on fees, while noting areas for improvement in embedding evaluations into firm policy. The AFM plans ongoing engagement and periodic monitoring of these issues.
Supervision Reviews, inspections & stress tests Auditing
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2025-12-19•El Salvador•Superintendencia del Sistema Financiero de El Salvador
El Salvador's Superintendence of the Financial System received a request to authorize the incorporation of Administradora de Fondos de Pensiones Cuscatlán de El Salvador, S.A. The notice includes shareholder and director information as required under Article 28 of the Comprehensive Pension System Law, allowing third parties to raise objections based on statutory disqualifications. Inversiones Financieras Grupo Cuscatlán, S.A. is set to hold 99.99890% of the new company.
Supervision Authorisations & approvals Licence approval
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2025-12-19•Europe•European Financial Reporting Advisory Group
The European Financial Reporting Advisory Group (EFRAG) released a Basis for Conclusions and four documents to help stakeholders understand the draft simplified European Sustainability Reporting Standards (ESRS). This package includes a cost–benefit analysis, amendment logs, a comparative table, and an explanatory note, reflecting public consultation feedback. EFRAG's release fulfills its mandate to simplify ESRS as part of its technical advice to the European Commission.
Policy & regulation Guidance & interpretation Accounting and financial reporting
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2025-12-19•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS) conducted training sessions for insurance intermediaries in Casablanca-Settat, focusing on regulatory and supervisory updates. Key topics included the implementation of compulsory All Risks Construction and Ten-Year Civil Liability insurance, new claims management instructions, and a commercial practices questionnaire. These sessions are part of ACAPS' ongoing regional training tour.
Policy & regulation Guidance & interpretation Capacity building
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2025-12-19•Georgia•National Bank of Georgia
The National Bank of Georgia has introduced a Sex-disaggregated MSME Data Framework to enhance reporting on financing for women-owned and women-led businesses. Developed with the Investors Council and banking entities, this initiative aims to improve data availability and support evidence-based policymaking. Banks have prepared initial reports using 2024 data, with regular quarterly reporting set to commence in 2026.
Supervision Regulatory reporting Financial inclusion
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2025-12-19•China•Central Bank of the Republic of China
The People's Bank of China, the Ministry of Agriculture and Rural Affairs, and the National Financial Regulatory Administration issued a notice to enhance financing secured by agricultural facilities and livestock. The initiative aims to expand acceptable rural collateral, standardize registration and valuation, and improve risk management. Financial institutions are encouraged to develop tailored products, explore supply-chain finance, and utilize digital tools for collateral management and risk mitigation.
Policy & regulation Rules & requirements SME financing
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2025-12-19•China•Central Bank of the Republic of China
The People's Bank of China has introduced a one-off credit repair policy to aid individuals in rebuilding credit post-COVID-19. Eligible small-value personal overdue records, fully repaid by 31 March 2026, will be removed from the Financial Credit Information Basic Database. The Credit Reference Center will handle the changes centrally, and individuals will receive two additional free credit report queries between 1 January and 30 June 2026.
Policy & regulation Rules & requirements Credit risk
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2025-12-19•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier has revamped its framework for specialised investment funds, investment companies in risk capital, and Part II undertakings for collective investment to align supervisory expectations with market practices. Circular CSSF 25/901 consolidates and updates key limits and disclosures, allowing more flexibility in risk management and fund documentation. Additionally, the CSSF released a non-exhaustive technical compilation of key concepts for alternative investment funds to enhance understanding without formal regulatory status.
Policy & regulation Rules & requirements
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2025-12-19•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier reported a 2.3% decline in profit before provisions and taxes for the first three quarters of 2025, with net interest income down 3.7% due to falling interest rates. Net fee and commission income rose 1.4%, while other net income increased 32.1%. The cost-to-income ratio increased to 45.8%, with 14 out of 117 banks recording negative results.
Data & statistics Accounting and financial reporting
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2025-12-19•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance Regulator (ASF) has initiated a stakeholder questionnaire to enhance a secure, value-creating technology ecosystem in the insurance and pension fund markets. This effort is part of ASF's strategy to foster responsible innovation and improve sector communication, potentially through a Technological Free Zone for real-world technology testing under ASF oversight.
Policy & regulation Implementation, projects & pilots Fintech and insurtech
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2025-12-19•Australia•Australian Financial Complaints Authority
The Australian Financial Complaints Authority (AFCA) released a video update on handling financial advice complaints related to the collapse of the Shield and First Guardian Master Funds, highlighting new lead decisions for MWL Financial Services, Financial Services Group Australia, and United Global Capital. These decisions guide similar complaints, with AFCA urging solvent firms to settle issues in line with these decisions while ensuring each complaint is individually assessed.
Supervision Supervision approach, priorities & toolkit Complaints and dispute resolution
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2025-12-19•United States•National Futures Association
The National Futures Association congratulated Michael Selig on his confirmation as Chairman of the Commodity Futures Trading Commission, highlighting his previous roles at the CFTC and the Securities and Exchange Commission, as well as his private sector experience. The association expressed eagerness to collaborate with him and the Commission on regulatory matters.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-19•Laos•Bank of the Lao
The Bank of the Lao PDR and the National Bank of Cambodia launched the Lao-Cambodia cross-border retail payment arrangement, LAO QR Scan KHQR, during their annual bilateral meeting. This phase allows Lao users to pay at Cambodian merchants using mobile banking apps from five Lao banks. The meeting also addressed macroeconomic policy, foreign exchange management, banking sector development, and included a memorandum of understanding between the countries' credit information firms.
Policy & regulation Cooperation Other
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2025-12-19•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) has released its December 2025 Quarterly Bulletin and announced changes to its publication schedule from 2026. The Bulletin will be issued as needed to provide updates on banking sector developments and timely topics. The December issue features articles on Hong Kong's foreign exchange and derivatives markets and banking sector developments.
Research Foreign exchange policy and markets
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2025-12-19•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released Q3 2025 payment card statistics, showing a 10% quarterly and 23.6% annual increase in credit card circulation to 25.08 million. Credit card transactions rose 6.2% quarterly and 16.3% annually, with transaction values up 6.4% to HKD 285.6 billion. Debit card transactions for retail sales and bill payments declined 9.6% quarterly and 5.6% in value.
Data & statistics Financial and market indicators Supervisory data
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2025-12-19•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released Q3 2025 statistics on stored value facility schemes, noting a 0.8% increase in SVF accounts to 83.4 million and a 0.5% rise in transaction volumes to 2.1 billion. Despite a 5.9% decline in total transaction value to HKD 268.9 billion, total float and SVF deposits grew 1.7% to HKD 20.7 billion. Year-on-year, SVF accounts rose 7.7%, with transaction numbers and values increasing by 3.8% and 13.4%.
Data & statistics Financial and market indicators Supervisory data
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2025-12-19•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert about fraudulent websites, fake internet banking login screens, and phishing scams involving several banks, including The Bank of East Asia and Shanghai Commercial Bank. The alert emphasizes that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact their bank and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-12-19•Switzerland•Swiss National Bank
The Swiss National Bank reported a Q3 2025 current account surplus of CHF 15 billion, up CHF 8 billion from Q3 2024, due to lower expense surpluses in primary and secondary income. The financial account showed a net acquisition of financial assets of CHF 8 billion and liabilities of CHF 4 billion, resulting in a balance of CHF 4 billion. The net international investment position rose by CHF 70 billion to CHF 1,029 billion, with direct and portfolio investments leading asset acquisition and direct investment driving liability increases.
Data & statistics Balance of payments and other external statistics
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2025-12-19•Latin America•Financial Action Task Force of Latin America (GAFILAT)
The Financial Action Task Force of Latin America (GAFILAT) and the Inter-American Development Bank (IDB) released a summary of the Regional Policy Dialogue on asset recovery. The document addresses asset recovery in corruption cases, virtual assets, international cooperation, and the implementation of FATF Recommendation 4, aiming to enhance national strategies and the regional agenda against organized crime.
Policy & regulation Cooperation AML and CFT Recovery and resolution
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2025-12-19•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission has issued a consultation paper proposing a Directive for Crypto-Asset Service Providers (CASPs) to submit prudential supervisory information and financial reports under Regulation (EU) 2023/1114 (MiCAR). The proposal mandates periodic reporting to CySEC, including trial balances, balance sheets, profit and loss statements, and audited annual financial statements. The scope is limited to CASPs authorized by CySEC, excluding other financial entities providing crypto-asset services under notification.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-19•Global•Bank for International Settlements
The Bank for International Settlements released a paper analyzing the short-run effects of generative AI on growth across 56 economies and 16 industries. Advanced economies are likely to see larger gains due to sectoral exposure, production structures, and AI readiness. Highly AI-prepared sectors grow faster, with advanced economies seeing an average growth increase of 0.6 percentage points compared to 0.4 in emerging markets.
Research Artificial intelligence
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2025-12-19•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority reported a GBP 1.99 billion (4.67%) increase in deposits held by Isle of Man licensed deposit takers, reaching GBP 44.62 billion as of 30 September 2025. Foreign currency deposits rose to 48.61% of total deposits, primarily in US dollars and euros, with exchange-rate movements contributing to less than 25% of the increase.
Data & statistics Financial and market indicators Supervisory data
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2025-12-19•United Kingdom•UK Parliament
The UK Parliament’s House of Lords Economic Affairs Committee released a report criticizing the lack of a coherent strategy for addressing the economic and social impacts of an ageing society. It argues that raising the State Pension Age is insufficient and recommends measures to incentivize workforce participation among those in their mid-50s to mid-60s. The report highlights fiscal pressures from ageing, the inadequacy of higher immigration, and the need for policies addressing health, discrimination, and retirement costs.
Policy & regulation Reform agendas & priorities Other
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2025-12-19•Ghana•Bank of Ghana
The Bank of Ghana's Governor, Dr. Johnson P. Asiama, emphasized the importance of bank listings for capital strengthening and market discipline during First Atlantic Bank PLC's IPO, the first since 2018. He highlighted Ghana's economic stabilization, noting inflation at 6.3%, cedi appreciation over 24%, and GDP growth of 6.3% in the first half of 2025. The Governor also discussed the need for more domestic equity instruments to diversify pension investments and reduce reliance on government securities, expecting increased bank listings from 2026.
Policy & regulation Reform agendas & priorities Securities offerings and listings
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2025-12-19•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City's December Survey of Tenth District Services shows slight growth in regional services activity and moderate increases in future expectations. Sales and revenues improved, but employment levels declined despite anticipated growth in the next six months. New seasonal adjustment factors using Census X-13 ARIMA-SEATS were introduced, leading to minor revisions in historical indexes.
Data & statistics Activity and performance reporting
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2025-12-19•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision issued a new guide for significant institutions on notifying the ECB for supervisory recognition of significant risk transfer (SRT) in securitisations, replacing its 2016 guidance. It introduces regular and fast-track notification routes for simpler transactions, with eligibility criteria including a portfolio size cap of EUR 8 billion and a Common Equity Tier 1 ratio impact capped at 25 basis points. Institutions must follow detailed notification timelines and criteria, with the ECB conducting ex-post compliance checks.
Policy & regulation Guidance & interpretation Securitization
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2025-12-19•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision updated its list of supervised entities under the Single Supervisory Mechanism, reflecting changes in group structures and significance assessments as of November 2025. Key developments include RBS Holdings N.V. meeting the size criterion, Revolut Holdings Europe UAB achieving national economic importance, and Mizuho Trust & Banking (Luxembourg) SA becoming significant following acquisition by State Street Bank International GmbH. The update also notes licensing events, mergers, acquisitions, and reclassifications affecting various institutions.
Supervision Authorisations & approvals Supervision process and methodologies
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2025-12-19•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission has ordered Thai Life Insurance Public Company Limited to address fraudulent misappropriation by a life insurance agent, requiring refunds, policy reinstatements, or alternatives within 15 days. The agent's license is revoked, and criminal proceedings will follow, with ongoing supervision to ensure compliance and effective risk management.
Supervision Interventions Other
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2025-12-19•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission met with the non-life insurance sector to address disaster response, claims settlement, and dispute prevention. The meeting highlighted flooding in 10 southern provinces, with 60,000 claims and estimated losses of THB 15 billion, urging insurers to expedite claim processing. Discussions also covered unresolved earthquake claims and arbitration trends, emphasizing negotiation and mediation before arbitration.
Supervision Supervision approach, priorities & toolkit Complaints and dispute resolution
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2025-12-19•Liechtenstein•Liechtenstein Financial Market Authority
Neue Bank AG has waived its registration as a TT Depositary under the Liechtenstein Financial Market Authority's TVTG, effective 18 December 2025. Consequently, the bank is no longer authorized to provide TT services requiring registration.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-19•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority has authorized LGT Bank Ltd., Vaduz to offer specified crypto-asset services under Article 60(1) of Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR). The authorization includes safekeeping, administration, execution, acceptance, transmission, and transfer services for crypto-assets for clients, effective 19 December 2025.
Supervision Authorisations & approvals Licence approval
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2025-12-19•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) republished the accounting Annexes I–III to PREVIC Resolution 23/2023, incorporating editorial adjustments and corrections before their 2026 implementation. Changes include numbering updates and account modifications. The republished materials, covering the chart of accounts, account functions, and financial statement instructions, are accessible via PREVIC’s Busca-Normas system.
Policy & regulation Rules & requirements Accounting and financial reporting
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2025-12-19•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a balance of payments deficit of USD 225 million in November 2025, contributing to a USD 4.8 billion deficit from January to November 2025. Gross international reserves rose to USD 111.3 billion, providing an adequate liquidity buffer equivalent to 7.4 months of imports and 4.0 times the short-term external debt.
Data & statistics Balance of payments and other external statistics
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2025-12-19•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines' Q4 2025 Business Expectation Survey shows increased business optimism, with the confidence index rising to 29.7% from 23.2% in the previous quarter. Firms cited expected holiday spending, productivity gains, and a favorable inflation environment as key factors. However, confidence for the next quarter and year eased due to natural calamities and corruption concerns, with inflation expectations remaining within the government's target range.
Data & statistics Economic data and developments
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2025-12-19•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported a KRW54.5 trillion balance in Korean financial companies' alternative investments in overseas real estate as of June 2025, with insurance companies holding the largest share. The FSS highlighted risks in office investments and plans to enhance monitoring, loss recognition, and risk management regulations.
Supervision Risk monitoring & watch points Other
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2025-12-19•Serbia•National Bank of Serbia
The National Bank of Serbia reported a 10.9% year-on-year increase in payment card issuance, reaching 13.2 million cards by the end of Q3 2025. Card purchases at domestic merchants rose by 20.5% compared to the previous year, with 91% of transactions made using domestically issued cards. The number of active POS solutions grew by 17% year on year, while ATM numbers slightly decreased by 0.4%.
Data & statistics Financial and market indicators Supervisory data
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2025-12-19•South Korea•South Korea Financial Services Commission
South Korea's Financial Services Commission outlined its 2026 policy agenda to overhaul finance, focusing on productive, inclusive, and reliable finance. Key initiatives include KRW150 trillion funding for the National Growth Fund, expansion of climate policy finance, and new microfinance products. The agenda also emphasizes household debt controls, digital finance safety legislation, and measures to bolster capital markets confidence.
Policy & regulation Reform agendas & priorities Market development
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2025-12-19•South Korea•South Korea Financial Services Commission
South Korea's Financial Services Commission announced measures to enhance the KOSDAQ market, including governance reforms at the Korea Exchange, a revised listing and delisting framework, and initiatives to attract institutional investors. Key changes involve expanding the special listing process to new sectors, increasing the minimum market capitalization requirement, and enhancing investor protections. These measures aim to boost market confidence and innovation, with implementation timelines extending into 2026.
Policy & regulation Rules & requirements Market development
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2025-12-19•Kazakhstan•Astana Financial Services Authority
The Astana Financial Services Authority (AFSA) has amended the Astana International Financial Centre frameworks for capital markets, digital assets, and crowdfunding, effective 1 January 2026. Key changes include narrowed corporate governance requirements, expanded membership eligibility, and enhanced prospectus disclosures for capital markets; revised capital requirements and governance obligations for digital assets; and strengthened due diligence and disclosure requirements for crowdfunding. AFSA introduces Feedback Statements to summarize consultation themes and stakeholder input.
Policy & regulation Rules & requirements Crowdfunding Regulatory reporting
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2025-12-19•Europe•European Council
The European Council has agreed on its position for amendments to the EU’s prudential and regulatory framework for securitisation, aiming to boost market activity and ease compliance under the Savings and Investment Union initiative. Key changes include recalibrated bank capital requirements, simplified administrative requirements, and increased concentration limits for UCITS. This agreement paves the way for negotiations with the European Parliament to finalise the legal texts.
Policy & regulation Rules & requirements Securitization
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2025-12-19•Europe•European Council
The European Council has set its negotiating position on draft EU regulations for a digital euro, aiming to create a legal framework that complements cash and ensures transaction privacy. The framework includes holding limits, service charge restrictions, and access expectations for digital euro interfaces, while addressing cash acceptance and resilience. This position enables negotiations with the European Parliament, with the European Central Bank potentially issuing a digital euro by 2029.
Policy & regulation Rules & requirements CBDC
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2025-12-19•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Syria sanctions notice designating nine individuals and entities under the UK's Syria (Sanctions) Regulations 2019, subjecting them to an asset freeze in Guernsey. Firms must check for connections, freeze relevant assets, and report to the States of Guernsey Policy & Resources Committee. The notice emphasizes the prohibition on providing funds or resources to designated persons unless a permitted derogation or licence is granted.
Enforcement Sanctions & designations New sanctions designations
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2025-12-19•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission amended designation details for Limited Liability Company "RBRU Specialized depository" under UK Russia sanctions. The entity remains subject to an asset freeze in Guernsey, and firms must comply with reporting obligations and refrain from providing funds or resources to designated entities unless permitted by derogation or licence. Businesses must report findings to the Policy & Resources Committee and notify the Commission of affected relationships.
Policy & regulation Rules & requirements Sanctions list update
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2025-12-19•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia released a discussion paper outlining strategies to enhance the operational resilience of financial institutions in response to increased digitalisation and operational disruptions. The paper seeks feedback on proposed measures and alternative approaches.
Policy & regulation Reform agendas & priorities Operational risk and resilience
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2025-12-19•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia released a Shariah Advisory Council statement and standards for an inventory purchase product using a parallel istisna contract. These standards are issued under Section 29(1) of the Islamic Financial Services Act 2013 and Section 33E(1) of the Development Financial Institutions Act 2002.
Policy & regulation Guidance & interpretation Other
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2025-12-19•Europe•European Central Bank
The European Central Bank's Discussion Paper, "The economics of natural capital," examines natural capital as a productive input and a source of household wellbeing, emphasizing the need for public conservation alongside private efforts. Using forest biodiversity data, it shows higher biodiversity in publicly owned forests and suggests central-bank models may need to consider natural-capital degradation. It questions balancing public ownership with regulation of private natural-capital assets.
Research Climate risk and sustainable finance
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2025-12-19•Europe•European Central Bank
The European Central Bank's AMI-SeCo Corporate Events Compliance Report notes a decline in compliance with corporate action processing and shareholder identification standards across European markets, excluding the UK. Issues include non-compliance in market claims, transformations, and key-date disclosures, with only two markets fully compliant. The AMI-SeCo Corporate Events Group plans to address these issues in 2026 with a single corporate events rulebook and T+1-related standard changes.
Supervision Reviews, inspections & stress tests Regulatory reporting
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2025-12-19•Europe•European Central Bank
The European Central Bank's Eurosystem AMI-SeCo SCoREBOARD report shows uneven compliance with the Single Collateral Management Rulebook for Europe (SCoRE) standards, despite the final implementation milestone passing in June 2025. Only Clearstream Banking Luxembourg achieved full implementation for triparty collateral management by November 2025, with others targeting 2026. Delays in corporate actions and billing processes persist, with some compliance dates extending into 2026 and beyond, prompting further follow-up by the SCoRE Secretariat.
Supervision Reviews, inspections & stress tests Market infrastructure
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2025-12-19•Europe•European Central Bank
The European Central Bank reported a euro area current account surplus of EUR 26 billion in October 2025, up from EUR 24 billion in September. Over the 12 months to October 2025, the surplus was EUR 313 billion (2.0% of GDP), down from EUR 419 billion (2.8%) the previous year, mainly due to a shift in primary income from surplus to deficit and a reduced services surplus. The financial account showed significant net acquisitions of portfolio securities by both euro area residents and non-residents, while the Eurosystem's reserve assets rose to EUR 1,709.8 billion, primarily due to gold price changes.
Data & statistics Balance of payments and other external statistics
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2025-12-19•Europe•European Central Bank
The European Central Bank (ECB) released an updated wage tracker, extending its forward-looking horizon to December 2026, indicating easing negotiated wage growth in 2026. The tracker shows a decline in negotiated wage growth from 3.2% in 2025 to 2.3% in 2026, with less dispersion across euro area countries. The ECB emphasizes that the tracker is not a forecast and may deviate from actual negotiated wage growth over time.
Data & statistics Economic data and developments
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2025-12-19•Europe•European Central Bank
The European Central Bank (ECB) expects Eurosystem counterparties to enhance operational preparedness by voluntarily participating in main refinancing operations (MROs) and/or three-month longer-term refinancing operations (LTROs) annually from 2026. This recommendation arises amid declining excess liquidity in the euro area as the Eurosystem balance sheet normalises. Testing should be conducted at the counterparty's discretion with collateral in line with the Eurosystem general collateral framework to support smooth monetary policy implementation.
Policy & regulation Guidance & interpretation Liquidity risk
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2025-12-19•Europe•European Central Bank
ECB Executive Board member Piero Cipollone outlined a strategy to modernize central bank money for digital payments, focusing on a potential digital euro, DLT transaction settlement from 2026, and interlinking instant payment platforms. The strategy addresses fragmented euro area retail payments, reliance on non-European providers, and cross-border payment frictions. A digital euro pilot could begin in 2027, with issuance by 2029, contingent on legislative approval.
Policy & regulation Reform agendas & priorities CBDC
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2025-12-19•Europe•European Central Bank
The European Central Bank's weekly financial statement reported total assets and liabilities of EUR 6,134,804 million, an increase of EUR 5,590 million from the previous week. Key changes included a EUR 6,176 million rise in lending to euro area credit institutions and a EUR 3,556 million decline in securities held for monetary policy purposes. Banknotes in circulation increased by EUR 7,135 million, while liabilities to other euro area residents fell by EUR 14,575 million.
Data & statistics Balance of payments and other external statistics
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2025-12-19•Europe•European Central Bank
The European Central Bank (ECB) outlined its ethics framework for high-level officials, restricting private financial transactions to publicly listed, broadly diversified collective investment schemes like exchange-traded funds and mutual funds, excluding crypto-assets and stablecoins. Amended in December 2022, the framework enhances transparency and mitigates risks by narrowing permitted instruments and extending rules beyond officials' terms. Transactions for personal, non-investment purposes, such as acquiring crypto-assets for understanding financial innovations, are exempt but subject to compliance checks.
Policy & regulation Guidance & interpretation Other
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2025-12-19•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan concluded its Leadership Competencies Training Programme at ADA University, awarding certificates to senior staff. This initiative is part of the bank's strategy to enhance leadership skills and professional development, focusing on responsible decision-making, collaboration, and ethical conduct. Since its inception, the programme has trained 164 managers, emphasizing a unified management approach and sustainable principles.
Institutional development Cooperation & capacity building Leadership change and appointments
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2025-12-19•Canada•Ontario Securities Commission
The Ontario Securities Commission's Capital Markets Tribunal approved a settlement with Claire Drage concerning fraud involving her companies, The Lion’s Share Group Inc. and The Windrose Group Inc. Drage is permanently banned from acting as a registrant or as a director or officer of any issuer. Drage raised over 285 million CAD through unsecured promissory notes without disclosing liquidity issues, misleading investors, and bypassing prospectus and registration requirements.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-12-19•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Declaratory Act CVM 24.552 to suspend public offerings of securities intermediation services by Vie Finance Sey LTD. The CVM warned that Vie Finance Sey LTD, via the Zenstox platform, was targeting Brazilian clients without authorization to intermediate securities or raise investor funds.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-19•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) acquitted GRF Assessoria Ltda and its partner of unauthorized securities offering allegations and dismissed the Joesley Mendonça Batista market manipulation case as time-barred. Banco de Brasília S.A. board member Romes Gonçalves Ribeiro received a warning for diligence failure in completing a board registration form, despite being acquitted of conflict of interest allegations.
Enforcement Investigations & enforcement actions Securities offerings and listings
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2025-12-19•United Kingdom•Bank of England
The Bank of England released a staff working paper introducing EcoFinBench, an NLP benchmark suite for economics and finance, with two new monetary-policy-focused datasets, Bluebook and Greenbook. Financial transformer models generally outperform dictionary-based methods on text-only tasks, while an AutoGluon ensemble excels in multimodal settings. The authors call for community contributions and plan future expansions, including new datasets, longer text sequence models, and a more interactive interface.
Research Artificial intelligence
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2025-12-19•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,164 examines firm-level geopolitical risk's impact on cross-border bank lending, showing a 4% decline following a one standard deviation risk increase. Significant lending reductions occur to financial-sector firms, with better-capitalised banks less sensitive to geopolitical risk. The study highlights varying lending responses based on geopolitical alignment and sanctions-related risk, linking these dynamics to macroeconomic aggregates and asset prices.
Research Geopolitical risk
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2025-12-19•Mozambique•Bank of Mozambique
The Bank of Mozambique has updated reporting procedures for foreign exchange operations using bank cards, aligning them with limits set under Notice No. 09/GBM/2025. Key changes include daily reporting of cross-border card payments and blocked cards via the Bank Supervision Application, with specific templates for different transaction types. The revised requirements take effect on 22 December 2025.
Policy & regulation Rules & requirements Foreign exchange policy and markets
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2025-12-19•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency's November 2025 update highlights a 0.6% increase in mandatory pension funds' net assets to EUR 26.2bn and a 0.7% rise in voluntary pension funds' net assets to EUR 1.61bn. Insurance companies reported EUR 1.9bn in premiums, a 7.6% year-on-year increase, while the Zagreb Stock Exchange saw a 39.9% drop in turnover to EUR 44.7m. UCITS net assets reached EUR 4.0bn with net inflows of EUR 60.0m.
Data & statistics
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2025-12-19•Poland•Central Bank of Poland
The Central Bank of Poland's December 2025 Financial Stability Report confirms the financial system's stability, with banks maintaining a substantial capital surplus. Key risks remain largely unchanged, with reduced legal risk from foreign-currency housing loans and concerns over legal uncertainty affecting long-term planning. Recommendations focus on reducing legal and regulatory uncertainty, enhancing consumer protection proportionality, and addressing risks related to interest rate benchmarks, bank recapitalisation, and insurance solvency.
Research Financial stability and systemic risk Prudential risks
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2025-12-19•Switzerland•Swiss National Bank
The Swiss National Bank reported a Q3 2025 current account surplus of CHF 15 billion, up CHF 8 billion from Q3 2024, driven by improved primary and secondary income. The financial account showed a net asset acquisition of CHF 8 billion and a net liability increase of CHF 4 billion, resulting in a CHF 4 billion balance. The net international investment position rose by CHF 70 billion to CHF 1,029 billion, mainly due to valuation gains from higher foreign stock market prices.
Data & statistics Balance of payments and other external statistics
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2025-12-19•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities & Commodities Authority announced the launch of the Community Participation in Zeroing Bureaucracy initiative, allowing community members to evaluate ministries and federal entities on reducing procedures and improving service quality. Feedback will influence the Zero Bureaucracy Award and measure simplification efforts, with participation open to various segments via an online platform.
Policy & regulation Implementation, projects & pilots Other
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2025-12-19•United States•U.S. Financial Services Committee
Republican leaders of the U.S. House Committee on Financial Services have requested additional data from the Federal Deposit Insurance Corporation (FDIC) to aid in deposit insurance reform efforts. The letter, signed by Chairman French Hill and other committee leaders, seeks information on available deposit insurance data and the FDIC's ability to assess reform proposals.
Policy & regulation Cooperation Regulatory reporting
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2025-12-19•United States•U.S. Financial Services Committee
Republican members of the U.S. House Committee on Financial Services urged Federal Reserve, OCC, and FDIC leaders to ensure the Basel III Endgame large bank capital proposal protects safety and soundness without restricting credit or harming growth. They emphasized U.S.-specific calibration to avoid excessive requirements and maintain international competitiveness, citing reliance on corporate bond markets. The letter also called for a cohesive capital framework that avoids risk double-counting during the rulemaking process.
Policy & regulation Other Capital adequacy
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission announced the Ministry of Finance's Decision No. 4223/QD-BTC, detailing amended administrative procedures in the securities sector. These changes are effective immediately from the signing date.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-19•Vietnam•Vietnam State Securities Commission
Vietnam’s Ministry of Finance and the Vietnam State Securities Commission released a compilation of stakeholder feedback and responses regarding the draft decree on domestic private placements and corporate bond trading, including international offerings.
Policy & regulation Guidance & interpretation Securities offerings and listings
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission and the Ministry of Finance released a report summarizing stakeholder feedback and their responses regarding the draft decree on administrative sanctions for crypto asset violations.
Policy & regulation Guidance & interpretation
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission released a draft decree to replace existing ones on corporate bond private placement and trading, aligning with amendments to the Securities and Enterprise Laws. Key proposals include stricter investor eligibility, issuance conditions, use-of-proceeds reporting, new requirements for credit ratings, collateral, payment guarantees, a liabilities-to-equity cap for non-public issuers, enhanced disclosure, reporting obligations, and expanded oversight roles for provincial authorities.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in an attached notice to pay a VND 1,000,000 fee for securities practising certificates as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person. Failure to collect the certificate within one year of the fee notice will result in cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has notified 19 individuals to pay a VND 1,000,000 fee for the re-issuance of securities practitioner certificates, 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.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission issued Notice 168/TB-UBCK requiring individuals listed to pay a VND 1,000,000 licensing fee for securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the SSC. Failure to collect the certificate within one year of the fee notice will result in cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-19•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in an attached schedule to pay a fee of VND 1,000,000 per securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly to the Commission. Failure to complete the certificate collection procedure within one year will result in cancellation of the certificate.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-19•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic approved Almaz Beknazartegin as chair of the board of directors and chair of the audit committee for Open Joint Stock Company Capital Bank Central Asia. Anuar Abuovich Kuandykov was also approved as chair of the board of directors for Open Joint Stock Company Optima Bank.
Supervision Authorisations & approvals Licence approval
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2025-12-19•Malta•Central Bank of Malta
The Malta Financial Services Authority and the Central Bank of Malta have revised the BR/06 financial information submission process to streamline data collection and eliminate duplicate reporting. From January 2026, credit institutions and foreign branches will submit data exclusively to the Central Bank in XML and XLS formats, which will then be transmitted to the MFSA. The final Excel submission to the MFSA will cover December 2025 data, with the new process starting from January 2026 data.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-19•Malta•Central Bank of Malta
The Central Bank of Malta issued the final revised CBM Directive No. 11 on macro-prudential policy, incorporating provisions from the Capital Requirements Directive VI. The Directive takes effect on 19 December 2025.
Policy & regulation Rules & requirements Capital adequacy Macroprudential policy and tools
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2025-12-19•Namibia•Bank of Namibia
The Bank of Namibia announced the appointment of Mr. Ebson Uanguta as its seventh Governor, effective 1 January 2026, for a five-year term. Appointed by President Netumbo Nandi-Ndaitwah, Uanguta brings nearly 30 years of experience in economic policy, macroeconomic research, and central banking.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-19•Europe•European Banking Federation
The European Banking Federation's Facts & Figures 2025 report highlights ongoing consolidation in the European banking sector, with a 1.9% decrease in credit institutions and a 2.5% decline in branches in 2024. Loans outstanding increased slightly by 0.12% to EUR 26.84 trillion, while total deposits grew 4.55% to EUR 17.05 trillion. Total assets rose for the seventh consecutive year, reaching EUR 45.1 trillion.
Data & statistics Financial and market indicators Supervisory data
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2025-12-19•Sweden•Finansinspektionen
Sweden's Financial Supervisory Authority has closed one of its investigations into Alecta’s investment activities, finding no regulatory breaches in its risk management of listed equities despite significant losses. The investigation focused on Alecta's investments in Silicon Valley Bank, First Republic Bank, and Signature Bank. A separate investigation into Alecta’s investments in Heimstaden Bostad is still ongoing.
Supervision Reviews, inspections & stress tests Risk management