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2025-12-19•Chile•Central Bank of Chile
The Central Bank of Chile updated its Compendium of Financial Norms to include a new regulatory framework for sale-and-repurchase and purchase-and-resale (repo) transactions. This framework ensures legal certainty for netting reciprocal repo positions during counterparty insolvency or restructuring, similar to derivatives, and introduces safeguards to maintain system liquidity. It applies to repos under master agreements recognised by the Central Bank, with potential for additional agreements to be recognised.
Policy & regulation Rules & requirements Market infrastructure
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2025-12-19•Canada•British Columbia Securities Commission
The British Columbia Securities Commission panel found Multi-Metal Development Ltd. and its president, Shaun Methven Dykes, made false or misleading statements in a 2019 technical report on a molybdenum-copper deposit in Idaho. The report improperly used a professional engineer's electronic signature and attributed unsupported forward-looking statements to him, violating the British Columbia Securities Act. A 2023 cease trade order against the company remains in effect.
Enforcement Investigations & enforcement actions
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2025-12-19•Canada•British Columbia Securities Commission
The British Columbia Securities Commission (BCSC) has imposed a 15-year ban on Marco G. Babini, following his U.S. conviction for conspiracy to commit securities fraud and wire fraud. Babini must resign from any director or officer roles and is prohibited from trading, purchasing, or engaging in securities-related activities, with limited exceptions. The order stems from a 2012–2013 scheme involving concealed stock control and trades with an undercover agent, highlighting Babini as a continued risk to investors.
Enforcement Sanctions & designations Fraud and scams
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2025-12-19•United States•U.S. Securities & Exchange Commission
At the 2025 AICPA Conference, SEC Chief Accountant Kurt Hohl outlined five priorities for the Office of the Chief Accountant: AI and crypto issues, FASB and PCAOB oversight, international standards, and strengthening OCA capabilities. Initiatives include assessing auditor independence with AI, enhancing FASB and PCAOB processes, addressing international governance, and expanding OCA staff. The statement is advisory, not legally binding.
Policy & regulation Reform agendas & priorities Accounting and financial reporting
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2025-12-19•Europe•European Commission
The European Commission announced a political agreement on the Retail Investment Strategy, enhancing retail investor protection and ensuring value for money. The strategy amends key EU frameworks, introducing stronger product design and distribution rules, standardized information, and stricter safeguards on inducements. It also mandates a yearly portfolio performance summary and enhances supervisory cooperation to combat fraud.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-12-19•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has launched a consultation on a proposed Information Systems Manual for External Auditing Firms, detailing submission instructions for supervisory purposes. The proposal mandates periodic reporting of four Regulatory Files through the CMF’s official channel, aiming to update and systematize information requirements, reduce regulatory gaps, and enhance supervision and risk detection.
Policy & regulation Rules & requirements Auditing
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2025-12-19•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency reported USD 18.4 billion trading revenue for U.S. commercial banks and savings associations in Q3 2025, marking a 10.9% increase from the previous quarter. Four large banks held 86.3% of the industry's total derivatives notional, which rose by USD 8.3 trillion to USD 231.8 trillion, with interest rate products comprising 66.7%. Net current credit exposure decreased by USD 15.8 billion to USD 252.0 billion.
Data & statistics Financial and market indicators Supervisory data
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2025-12-19•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision will implement two fast-track processes for capital and securitisation operations, cutting approval times from three months to two weeks for standardised transactions starting January 2026. The capital reduction fast track covers repurchases and share buybacks under specific conditions, while the securitisation fast track applies to standardised significant risk transfer cases with detailed criteria. Existing global standards and European regulatory requirements remain fully applicable, with non-qualifying operations subject to normal assessments.
Supervision Supervision approach, priorities & toolkit Capital adequacy Securitization
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2025-12-19•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority (Finanstilsynet) set bank-specific minimum requirements for own funds and eligible liabilities (MREL) for 15 banks in its annual resolution planning. Eight banks have a full MREL requirement with subordination, while seven have a simplified MREL without subordination. Santander Consumer Bank AS's MREL decision will be coordinated with the group resolution college in the first half of 2026.
Policy & regulation Rules & requirements Capital adequacy
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2025-12-19•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority has extended the transitional arrangement under the Crypto-Assets Act, delaying the deadline for certain crypto-asset service providers to obtain authorisation under MiCA Article 63 to 30 June 2026. Providers registered under the Anti-Money Laundering Act may continue offering services until this date or until MiCA authorisation is granted or refused. The regulation was adopted on 18 December 2025 following a consultation launched on 28 October 2025.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-19•Canada•Alberta Securities Commission
The Alberta Securities Commission ordered Jeffrey Brian Ber to resign from director or officer roles and barred him for 10 years from trading and key securities activities due to criminal fraud and corrupt conduct. Ber was convicted of fraud over CAD 5,000 and accepting a secret commission from Blackbird Energy Inc., resulting in a seven-year jail sentence. His actions included undisclosed allocations of Blackbird shares and falsifying client forms, with his registrant status considered an aggravating factor.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-12-19•Canada•Alberta Securities Commission
The Alberta Securities Commission issued a public interest order against Jeffrey Brian Ber following criminal findings of fraud and accepting a secret commission. Ber is barred from participating in Alberta’s capital markets in specified capacities, must resign from all director and officer positions, and faces a 10-year prohibition on trading securities or derivatives, with limited exceptions. The findings included fraud over CAD 5,000 and accepting a CAD 104,568.75 secret commission from Blackbird Energy Inc.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-12-19•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway (Finanstilsynet) reported significant breaches of the Norwegian Auditors Act by RCC Revisjon AS, citing deficiencies in engagement acceptance and audit execution. The inspection revealed issues like inadequate risk assessment, insufficient audit evidence, and failure to address concerns raised by predecessor auditors. Finanstilsynet mandates a root cause analysis and remediation plan under International Standard on Quality Management 1 (ISQM 1) by March 2026, with a potential follow-up inspection.
Supervision Reviews, inspections & stress tests Auditing
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2025-12-19•Malta•Malta Financial Services Authority
The Malta Financial Services Authority and GBSB Business School held a workshop for Ghana's Parliament on corporate governance and board effectiveness in Malta's financial sector. It aimed to enhance governance and supervision capacity, covering MFSA's strategic priorities, corporate governance framework, and alignment with international standards. The MFSA anticipates ongoing international cooperation to develop robust governance frameworks.
Policy & regulation Cooperation Corporate governance Domestic cooperation
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2025-12-19•China•China Securities Regulatory Commission
The Cyberspace Administration of China and the China Securities Regulatory Commission have acted against online accounts for spreading false information about China's capital markets and illegal stock recommendations. Actions included account shutdowns on platforms like WeChat, Weibo, Baidu, and Douyin, targeting accounts accused of spreading false IPO policy information and sensationalized content. Authorities warned against creating or spreading false market information, emphasizing legal consequences and urging improved financial information discernment.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-19•China•China Banking and Insurance Regulatory Commission
China’s National Financial Regulatory Administration has released draft measures for public consultation to update asset-liability management requirements for insurance companies. The draft aims to consolidate existing rules, enhance "asset-liability linkage" supervision, and align with new insurance accounting standards set for 2026. Key elements include governance expectations, regulatory indicators with thresholds, and methodologies for stress testing and performance assessment.
Policy & regulation Rules & requirements Asset quality
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2025-12-19•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission and the Supreme People’s Court released cases on financial dispute resolution, emphasizing a "court + industry" approach. This initiative uses an online litigation–mediation mechanism to prioritize non-litigation resolutions and protect financial consumers' rights, demonstrating mediation outcomes like repayment arrangements for small enterprises and agricultural risk management.
Supervision Supervision approach, priorities & toolkit Complaints and dispute resolution
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2025-12-19•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration has released draft Measures for Asset-Liability Management of Insurance Companies for consultation, aiming to enhance insurers' management and oversight. The draft outlines objectives, governance standards, model system requirements, and introduces regulatory indicators to improve coordination and reduce mismatch risks. It also proposes changes to performance assessment frameworks, including extending evaluation horizons.
Policy & regulation Rules & requirements Asset quality Prudential risks
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2025-12-19•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde will circulate a commemorative CVE 200 coin on 22 December 2025 to celebrate 50 years of national independence, as per Decree-Law No. 17/2025. The coin will be available in cupronickel, Nordic gold, and silver finishes, featuring the archipelago map, national flag, and republic symbols. Coins can be purchased at the Bank of Cape Verde and through numismatic agents, with public distribution via credit institutions.
Policy & regulation Implementation, projects & pilots Other
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2025-12-19•Asia•Eurasian Group (EAG)
The Eurasian Group on Combating Money Laundering and Financing of Terrorism published its 2024-2025 annual results, centered on the start of its third round of mutual evaluations. It said 260 national experts were trained, new guidance was issued on updated Financial Action Task Force requirements, and a pilot technical assistance program was launched for the Kyrgyz Republic. The group also reported progress on regional risk mitigation and added the United Arab Emirates and Afreximbank as observers.
Policy & regulation Implementation, projects & pilots AML and CFT Supervision process and methodologies
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2025-12-19•South Korea•Bank of Korea
The Bank of Korea released preliminary Producer Price Index data for November 2025, indicating a 0.3% month-on-month and 1.9% year-on-year increase in producer prices. Agricultural, forestry, and marine products decreased by 2.1% month-on-month, while manufacturing products rose by 0.8%. Electric power, gas, water, and waste fell by 0.4%, and services increased by 0.1%.
Data & statistics Economic data and developments
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2025-12-19•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs highlighted Chairman Tim Scott’s interview on the Fiscal Year 2026 National Defense Authorization Act, emphasizing national security measures addressing foreign investment risks and technology exposure to China. Key provisions include updates to the Committee on Foreign Investment procedures, extending the Defense Production Act, and establishing an outbound investment screening process through the Foreign Investment Guardrails to Help Thwart China Act.
Policy & regulation Rules & requirements Other
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2025-12-19•United States•Financial Crimes Enforcement Network
FinCEN hosted an event to combat illicit finance, focusing on Chinese money laundering networks (CMLNs). Since the August CMLN Advisory, over 500 Suspicious Activity Reports have been filed, detailing about USD 7.1 billion in suspected transactions. FinCEN emphasized the importance of Bank Secrecy Act data and ongoing reporting, while Treasury plans to collaborate with China to address these issues.
Policy & regulation Cooperation AML and CFT
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam will implement a "one-stop shop" for administrative procedures on 17 December 2025, with dedicated units at its headquarters and regional offices. These units will manage applications, including receiving, processing, and returning them, and handle feedback and complaints. The framework also supports online public services and requires public disclosure of procedures.
Policy & regulation Rules & requirements Organizational structure
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced a Government decree to establish an International Financial Centre in Ho Chi Minh City and Da Nang. The decree outlines the centre's governance, development orientation, and priority areas, including fintech, green finance, and digital assets. For 2025–2026, local authorities are tasked with operationalizing the centre, developing infrastructure, and promoting fintech services, with further policy development and risk management to follow from 2026.
Policy & regulation Rules & requirements Other
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reviewed Regional Branch 8's 2025 performance, highlighting its stabilisation and task delivery post-consolidation. The branch reported stable deposit rates, reduced lending rates, and support for storm-affected households, with outstanding credit rising 15.3% to VND 674,035bn. Governor Nguyen Thi Hong emphasized enhancing operations, oversight, and policy recommendations for local economic conditions.
Institutional development Governance Other
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam updated its list of administrative procedures for online public services on the National Public Service Portal, covering 55 services in payments, banking IT, and foreign exchange. This includes procedures for bank card issuer identification numbers, intermediary payment service provider licensing, and gold jewellery trade certifications. The decision replaces the previous list from December 2024 to align with new legal and practical requirements for electronic service delivery.
Policy & regulation Implementation, projects & pilots Licensing framework and process
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam hosted a meeting with Maybank's CEO, Khairussaleh Ramli, to discuss Vietnam's macroeconomic outlook and banking-sector needs for infrastructure projects. Maybank outlined its regional operations and confirmed plans to expand investment in Vietnam, supporting local businesses. The State Bank encouraged Maybank to facilitate Malaysian firms' entry into Vietnam and enhance cooperation with international investors.
Policy & regulation Cooperation Other
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2025-12-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced an Operating Council for Vietnam’s International Financial Centre, with the Governor as vice chair. Chaired by the Standing Deputy Prime Minister, the council will set strategy and development plans for Ho Chi Minh City and Da Nang, issue operating rules, and resolve inter-agency disputes. An advisory council of finance and legal experts will support it, reporting periodically to the Government and Prime Minister.
Policy & regulation Rules & requirements Other
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2025-12-19•India•Insurance Regulatory and Development Authority of India
The Insurance Regulatory and Development Authority of India (IRDAI) and the Department of Financial Services held a workshop in Hyderabad on the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) to enhance grievance redressal in the insurance sector. The event focused on improving response quality and timeliness, with discussions on systemic improvements and data integration. IRDAI's Chairman emphasized resolving grievances to strengthen policyholder trust and regulatory oversight.
Policy & regulation Implementation, projects & pilots Complaints and dispute resolution
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2025-12-19•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury updated the UK Sanctions List under the Syria sanctions regime, adding nine entries for asset freezes. The Syria (Sanctions) (EU Exit) Regulations 2019 apply in the Isle of Man via the Sanctions (Implementation of UK Sanctions) Regulations 2024, covering financial, trade, aircraft, and immigration sanctions. Institutions must freeze assets of designated persons, verify matches, and report to the Financial Intelligence Unit, with exemptions or licenses applicable in certain cases.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-12-19•Iceland•Ministry of Finance and Economic Affairs (Iceland)
Iceland's Ministry of Finance and Economic Affairs announced the approval of the 2026 state budget, emphasizing a tighter fiscal stance with a projected deficit of ISK 28bn (0.5% of GDP) and prioritizing core public services and infrastructure. The budget aligns with the 2026–2030 fiscal strategy, maintaining expenditure growth below 2.0% and targeting a balanced budget by 2027.
Policy & regulation Rules & requirements Other
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2025-12-19•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority's 2025 report shows limited and declining cross-border activity by Institutions for Occupational Retirement Provision (IORPs) in the European Economic Area, with only 27 cross-border IORPs. The IORP Directive's goal of a robust internal market for workplace pensions remains unmet. Despite a high concentration of cross-border IORPs in a few home countries, Belgium and the Netherlands lead in geographical coverage and number of cross-border IORPs, respectively.
Research Cross-border cooperation
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2025-12-19•Moldova•National Bank of Moldova
The National Bank of Moldova reported that cumulative cash withdrawals from banks' cash desks exceeded receipts by MDL 4,607.0 million for January–November 2025. Cash receipts totaled MDL 166,976.1 million, a 5.4% increase from the previous year, with consumer goods sales as the largest source. Withdrawals reached MDL 171,583.1 million, marking a 5.2% year-on-year rise.
Data & statistics Currency and cash management
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2025-12-19•Moldova•National Bank of Moldova
The National Bank of Moldova hosted the conference “BNM 2025 – European Momentum: One year of progress and integration,” highlighting Moldova's integration into the Single Euro Payments Area (SEPA) as a key milestone. Within 60 days of SEPA integration, it became the primary channel for euro cross-border payments, surpassing SWIFT, with over 130,000 transactions processed. Governor Anca Dragu emphasized SEPA participation as a foundation for further European financial integration and innovation.
Policy & regulation Implementation, projects & pilots Cross-border cooperation
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2025-12-19•Moldova•National Bank of Moldova
The National Bank of Moldova reported a 1.6% decrease in new bank lending for November 2025, totaling MDL 6,930.5 million, with loans in Moldovan lei comprising 71.9% of new credit. Loans with maturities of two to five years were most popular, and legal entities accounted for 62.3% of all new lending. Average interest rates on national currency loans decreased to 9.06%, while rates on foreign currency loans increased to 5.34%.
Data & statistics Financial and market indicators Supervisory data
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2025-12-19•Moldova•National Bank of Moldova
The National Bank of Moldova's draft decision outlines functional and technical requirements for Open Banking interfaces by account servicing payment service providers, based on Berlin Group specifications. It establishes standards for account information and payment initiation services via standardised APIs, with strong customer authentication and user consent. It mandates a consent management dashboard, limits AIS access, and introduces a National Bank-managed Open Banking Digital List for validating third-party provider status and certificates.
Policy & regulation Rules & requirements Open banking and finance
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2025-12-19•Moldova•National Bank of Moldova
The National Bank of Moldova reported a 20.3% decrease in newly attracted term deposits for November 2025, totaling MDL 3,566.1 million. Deposits in Moldovan leu comprised 74.8% of the total, with average nominal rates rising to 5.11% for leu deposits and 1.34% for foreign-currency deposits. Household deposits fell by 10.9% to MDL 2,702.4 million, while corporate deposits dropped 40.3% to MDL 852.5 million.
Data & statistics Financial and market indicators Monetary data
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2025-12-18•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) reported on the Council of Regulators of the Iberian Electricity Market (CR MIBEL) Presidents Committee meeting, which reviewed 2025 activities and approved the 2026 work plan. The council updated its guide on financial regulation and derivatives contracts in MIBEL to reflect changes affecting electricity derivatives. The Portuguese Securities Market Commission (CMVM) will assume the rotating CR MIBEL presidency on 1 January 2026.
Policy & regulation Reform agendas & priorities Other
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2025-12-18•Panama•Superintendencia de Bancos de Panama
The Superintendency of Banks of Panama released its 2025 report on anti-money laundering, counter-terrorist financing, and counter-proliferation financing, emphasizing a new inspection cycle for obliged entities and updated banking sector Integrity Guidelines. The report also noted a pilot project on account opening to enhance competitiveness and customer experience, and ongoing training for entities and staff.
Supervision Reviews, inspections & stress tests AML and CFT Supervision process and methodologies
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2025-12-18•Colombia•Superintendencia Financiera de Colombia
The Superintendencia Financiera de Colombia (SFC) highlighted achievements and priorities for modernising financial supervision, focusing on digital supervision, open finance, and risk management. Key developments included regulatory framework updates, expanded supervisory engagement, and significant capital market oversight with assets around COP 1,000 trillion. The SFC emphasized efforts to enhance supervision digitalisation and open finance, alongside public-private initiatives to update capital market rules and improve investor guidance.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies
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2025-12-18•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority announced that the regulatory framework for voluntary pension funds is ready, with amendments to the Law on Voluntary Pension Funds aligned with EU directives. These amendments aim to enhance supervision, risk management, and transparency, allowing EU-based management companies to operate in Montenegro. However, market development depends on additional incentives like tax relief and increased financial literacy.
Policy & regulation Rules & requirements
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2025-12-18•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Sustainable Finance Working Group, including the Securities & Commodities Authority, released its fourth statement on sustainability progress and introduced Climate Transition Planning Principles. These guide financial institutions in governance, disclosure, and risk management, aligning with global standards. The group continues refining the UAE sustainable finance taxonomy and may develop sector-specific regulations, ensuring international alignment and stakeholder engagement.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance Corporate governance Disclosures
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2025-12-18•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo (BQK) launched "DataSphere," a platform developed with local universities and supported by the U.S. Embassy, to enhance Kosovo's economic, structural, and social data. Governor Ahmet Ismaili highlighted its role in advancing data-driven research and aligning with BQK's strategic goals in academia and financial education. The initiative complements BQK's statistical framework, crucial for policymaking and financial stability assessments, and offers regional comparative analysis with Western Balkan economies.
Data & statistics Data protection Regulatory reporting
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2025-12-18•India•Reserve Bank of India
The Reserve Bank of India has designated Bank of Baroda as the lead bank for the newly established Vav-Tharad district in Gujarat. This follows the Government of Gujarat's notification creating the district, which has been assigned the working code 02U. Lead bank assignments for other districts in Gujarat remain unchanged.
Supervision Authorisations & approvals Other
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2025-12-18•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission approved Banco Angolano de Investimentos, S.A.'s public subscription offer for "BAI 2026-2031" bonds and the related prospectus for trading on a regulated market. The offer includes 2,000,000 dematerialised, registered bonds with a nominal value of AOA 25,000 each, totaling up to AOA 50 billion, with a 20% annual interest rate. The Commission emphasized that registration is based on legality criteria and does not guarantee the issuer's financial situation or offer viability.
Supervision Authorisations & approvals Securities offerings and listings
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2025-12-18•Australia•Australian Securities & Investments Commission
The Australian Securities and Investments Commission (ASIC) has initiated Federal Court proceedings against Netwealth Superannuation Services Pty Ltd and Netwealth Investments Limited for contravening the Corporations Act related to the First Guardian Master Fund investment options. Netwealth has admitted to failing to adequately assess investment risks and will compensate over 1,000 affected members with more than AUD 100 million. ASIC will not seek a pecuniary penalty due to the agreed compensation and aims for a timely court resolution.
Enforcement Investigations & enforcement actions Consumer and investor protection
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2025-12-18•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) updated its guidance for market participants and operators on technological and operational resilience under the ASIC Market Integrity Rules. This revises Regulatory Guides 265, 266, and 172, streamlining content and incorporating guidance on critical business services and redundancy arrangements. ASIC clarified thresholds for major event reporting and integrated class waivers for outsourcing requirements, with further financial market infrastructure reforms anticipated in 2026.
Policy & regulation Guidance & interpretation Operational risk and resilience
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2025-12-18•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has revoked the Australian financial services licence of Rynco Pty Ltd due to persistent non-compliance. ASIC cited Rynco's failure to maintain competence, lack of an active responsible manager, inadequate resources, and breaches in notification and financial reporting obligations. Rynco may seek a review of this decision by the Administrative Review Tribunal.
Supervision Authorisations & approvals Operational risk and resilience
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2025-12-18•Global•Egmont Group
The Egmont Group highlighted at a UN conference how Financial Intelligence Units (FIUs) are combating corruption-related money laundering involving virtual assets, emphasizing enhanced FIU capabilities and international cooperation. Key developments include specialized crypto-investigation units, improved blockchain analytics, and resources like an updated eCatalogue of over 2,500 regulated Virtual Asset Service Providers (VASPs).
Policy & regulation Cooperation AML and CFT
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2025-12-18•Australia•Council of Financial Regulators
Australia’s Council of Financial Regulators, collaborating as "CFR Plus," released a Better Regulation Roadmap to enhance financial regulation efficiency while ensuring stability, consumer protection, and market integrity. The plan includes over 50 commitments from the 2025 Economic Reform Roundtable, focusing on simplification, digital capability, and improved government engagement, with updates expected in 2026.
Policy & regulation Implementation, projects & pilots Regulatory burden
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2025-12-18•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority engaged over 3,000 students at the University of Rwanda's Annual Career Summit 2025 on capital markets' role in finance and economic growth. The session emphasized regulated investment products for savings and wealth creation, highlighting career opportunities in regulation, investment advisory, and asset management. CMA also noted the demand for diverse skills beyond finance, including economics, law, and technology.
Financial literacy & education Financial literacy and education
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2025-12-18•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) conducted a training programme for claims and legal officers to enhance understanding of insurance fraud and prevention strategies. TIRA has established a Fraud Control Unit to address fraudulent practices, urging collaboration with insurers to report fraud indicators. The training included input from the Association of Certified Fraud Examiners to bolster fraud control effectiveness.
Policy & regulation Implementation, projects & pilots Fraud and scams
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2025-12-18•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) proposed a draft law to amend the Tax Code, introducing personal investment accounts to incentivize household investment in Ukrainian securities. These accounts would offer tax-free investment profits if funds remain for five years, with an annual contribution limit linked to the minimum wage, currently up to UAH 2.4 million. The initiative aims to support national issuers and develop a robust securities market by 2026.
Policy & regulation Rules & requirements SME financing
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2025-12-18•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten reported on the National Payment Council’s 2025 meetings, highlighting plans for an information session for businesses on innovative payment options and follow-on work on payment fraud awareness and Instant Payments. The council will repeat its online payment fraud awareness campaign in 2026 and the central bank will explore the feasibility of international instant payments between Curaçao and Sint Maarten, Bonaire, Aruba, and the Netherlands.
Policy & regulation Implementation, projects & pilots Payments and payment systems
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2025-12-18•Netherlands•Dutch Authority for the Financial Markets
Laura van Geest, chair of the Dutch Authority for the Financial Markets, delivered a keynote speech in Brussels advocating for a balanced approach to European capital market development. She emphasized that consumer protection and market functioning are complementary, essential for building trust, achieving scale, and fostering innovation.
Policy & regulation Reform agendas & priorities Market development
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2025-12-18•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) fined BDO Audit & Assurance B.V. EUR 765,000 for failing to prevent or detect exam fraud due to weaknesses in its quality management system. The misconduct involved several hundred professionals cheating on exams required for statutory auditor certification. The AFM noted BDO's cooperation and remedial measures as mitigating factors in the enforcement action.
Enforcement Investigations & enforcement actions Auditing
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2025-12-18•Latvia•Central Bank of Latvia
The Central Bank of Latvia revised its approach to identifying other systemically important institutions (O-SIIs) and recalibrated O-SII capital buffer rates. Swedbank Baltics AS, Swedbank AS, AS SEB Banka, and AS Citadele Banka were recognized as O-SIIs, while AS Rietumu Banka and BluOr Bank AS were removed. The methodology now better suits smaller financial sectors, with SEB Banka and Citadele Banka receiving a 0.25 percentage point buffer reduction.
Policy & regulation Rules & requirements Capital adequacy
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2025-12-18•Peru•Central Bank of Peru
The Central Bank of Peru reported that Peru achieved the highest growth in non-traditional exports among major regional economies, with a 16.4% increase in the 12 months to October. Over the past five years, Peru also led with an average annual growth of 10.5%, surpassing Colombia, Mexico, Brazil, and Chile.
Data & statistics Economic data and developments
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2025-12-18•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
The Council of Europe's MONEYVAL concluded its 70th Plenary by adopting Serbia’s mutual evaluation report and several fifth-round follow-up reports. Czechia and the Slovak Republic were removed from Compliance Enhancing Procedures, while Georgia and Poland were placed in Step 1. The Plenary also amended its Rules of Procedure and approved typologies reports on risks related to virtual assets and armed conflicts.
Policy & regulation Peer reviews and country evaluations AML and CFT Supervision process and methodologies
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2025-12-18•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced that the Companies Auditors Disciplinary Board (CADB) cancelled the registration of Sydney auditor Sam Danieli, director of A D Danieli Audit Pty Ltd, due to repeated breaches of auditing standards. The CADB found Mr. Danieli failed to engage with an engagement quality reviewer for 10 audits of five ASX-listed companies in FY23 and FY24. Mr. Danieli has applied for a stay and review of the decision, and the CADB ordered him to pay ASIC’s costs of AUD 73,000.
Enforcement Investigations & enforcement actions Auditing
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2025-12-18•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission announced that the Federal Court found NGS Group Limited, NGS Crypto Pty Ltd, and NGS Digital Pty Ltd operated a financial services business without a licence, including an unregistered managed investment scheme. The Court ordered the companies to cease operations and be wound up, appointing liquidators from McGrathNicol. Over 450 Australians invested approximately AUD 59 million, with many using self-managed superannuation funds, leading to investor harm due to the lack of a licence and confidence in the companies' management.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-18•Lithuania•Ministry of Finance (Lithuania)
Lithuania's Ministry of Finance announced a meeting between Finance Minister Kristupas Vaitiekunas and Polish Finance Minister Andrzej Domanski to discuss Polish banks' expansion in Lithuania and sustainable financial support for Ukraine. Lithuania supports the EU initiative to finance Ukraine using frozen Russian assets and the "Reparations Loan" model. PKO Bank Polski's decision to open a representative office in Vilnius is seen as a step towards stronger Lithuania-Poland financial ties.
Policy & regulation Cooperation Cross-border cooperation
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2025-12-18•United States•National Credit Union Administration
The National Credit Union Administration Board approved its 2026 and 2027 budgets, setting a combined budget of USD 316.2 million for 2026, which is USD 79.2 million lower than 2025, with 288 fewer staff positions. The 2026 operating fee rate is reduced by 24.65% compared to 2025. The Share Insurance Fund reported a net income of USD 100.4 million for Q3 2025, with two credit union failures costing approximately USD 7 million.
Institutional development Governance Other
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2025-12-18•Indonesia•Bank Indonesia
Bank of Indonesia and the Ministry of Finance of Japan have renewed and expanded their Memorandum of Cooperation to promote bilateral transactions in local currencies, including the Japanese yen and Indonesian rupiah. The updated framework now covers all bilateral economic transactions, beyond just trade and direct investment, effective 15 December 2025.
Policy & regulation Cooperation Cross-border cooperation
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2025-12-18•Ireland•Department of Finance (Ireland)
Ireland's Department of Finance appointed Mr. Frankie Watters to the Credit Union Advisory Committee (CUAC), succeeding Professor Olive McCarthy. CUAC advises on credit union management and member protection under the Credit Union Act 1997. From 1 January 2026, CUAC will consist of seven members, including Mr. Watters.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-18•China•Central Bank of the Republic of China
China's National Financial Standardization Technical Committee reviewed its 2025 work and set priorities for 2026, approving updated internal rules and membership changes. The meeting highlighted achievements during the 14th Five-Year Plan and outlined priorities for the 15th, focusing on leadership, standards quality, reforms, and internationalisation. Key participants included the People's Bank of China and other major regulatory bodies.
Institutional development Governance Organizational structure
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2025-12-18•China•Central Bank of the Republic of China
Vice Governor Xuan Changneng of the People's Bank of China attended the G20 Finance and Central Bank Deputies meeting, advocating for stronger macroeconomic policy coordination and regulatory modernization. He emphasized maintaining prudential standards like Basel III and discussed China's efforts to enhance cross-border payment systems. Xuan also outlined China's "15th Five-Year Plan" and engaged in bilateral talks on financial cooperation.
Policy & regulation Cooperation Cross-border cooperation Monetary policy decisions and developments
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2025-12-18•Europe•European Banking Authority
The European Banking Authority, European Central Bank, national central banks, and supervisory authorities have signed a multilateral Memorandum of Understanding to enhance cooperation and information sharing. The MoU establishes principles for collaboration and standardizes processes for exchanging information on non-bank payment service providers' access to central bank-operated payment systems, aiming to ensure consistent outcomes and a level playing field in the European payments market.
Policy & regulation Cooperation Cross-border cooperation Payments and payment systems
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2025-12-18•Europe•European Banking Authority
The European Banking Authority (EBA) updated its confidential report on equivalence monitoring, submitting it to key EU institutions and publishing a public summary on regulatory developments in 26 non-EU jurisdictions under the Capital Requirements Regulation. The report highlights regulatory changes, areas for continued monitoring, and confirms criteria for existing equivalence decisions. The public summary outlines the EBA’s monitoring methodology and notes that follow-up actions depend on the significance of findings in each jurisdiction.
Supervision Risk monitoring & watch points Cross-border payments Supervision process and methodologies
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2025-12-18•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority reviewed initial sustainability reports from 21 financial firms to enhance future reports and guide supervisory practices. The review emphasized double materiality assessments and key disclosures, relevant amid the EU's revisions to the Corporate Sustainability Reporting Directive (CSRD). The authority will guide firms to meet CSRD data and organizational requirements during the EU's rule revision process.
Supervision Reviews, inspections & stress tests Climate risk and sustainable finance
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2025-12-18•Ukraine•National Bank of Ukraine
The National Bank of Ukraine's Financial Stability Report emphasizes banks' growing economic support via increased lending and infrastructure investment, while maintaining risk control. It details supervisory measures post-2026 banking resilience assessment, including higher capital requirements for some banks and a phased transition to EU-aligned capital rules by 2027. Despite favorable macroeconomic conditions, challenges like energy deficits and external financing risks persist, with liquidity management increasingly reliant on banks' Internal Liquidity Adequacy Assessment Process.
Policy & regulation Rules & requirements Financial stability and systemic risk Prudential risks
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2025-12-18•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Operating and Services Circular DSP-155, detailing fees for low-value payment systems managed by Banco de la República.
Policy & regulation Rules & requirements Payments and payment systems
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2025-12-18•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC and APRA have launched enforcement actions against Bendigo and Adelaide Bank for deficiencies in money laundering risk management and non-financial risk practices. AUSTRAC is investigating compliance with relevant laws, while APRA requires a root cause analysis and a 50 million AUD operational risk capital add-on. These actions follow a Deloitte review revealing significant shortcomings. Further actions are possible.
Enforcement Investigations & enforcement actions AML and CFT
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2025-12-18•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) has drafted a regulatory standard to suspend its pension fund information disclosure rule until 1 January 2027. This gives management entities more time for operational changes, with a re-evaluation aligned with ASF's simplification agenda and proposed amendments to Directive (EU) 2016/2341. ASF will complete the re-evaluation and publish findings before 2027, considering further regulatory initiatives as needed.
Policy & regulation Rules & requirements Disclosures
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2025-12-18•T?rkiye•Capital Markets Board of Türkiye
The Capital Markets Board of Türkiye has launched a poster design contest for university students to promote financial literacy and investment culture. The contest, approved by the Council of Higher Education, excludes first-degree relatives of staff from certain financial institutions. Prizes include a laptop, tablet, and smartwatch, with results to be published on the Board’s website.
Financial literacy & education Financial literacy and education
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2025-12-18•T?rkiye•Capital Markets Board of Türkiye
The Capital Markets Board of Türkiye, with the Ministry of National Education, announced a painting and essay competition for students to enhance financial literacy and awareness against social media fraud. The initiative targets middle and high school students, excluding relatives of certain financial staff, with prizes for top entries.
Financial literacy & education Financial literacy and education
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2025-12-18•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) released draft technical standards to harmonize risk assessments for money laundering and terrorist financing across the EU. These standards outline criteria for identifying 40 high-risk financial institutions for AMLA's direct supervision from 2028. A public consultation on cooperation between AMLA and national supervisors during the selection process is underway.
Policy & regulation Rules & requirements AML and CFT
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2025-12-18•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission reported that Mr. Choi Chun Wai, former Vice President of Computershare Hong Kong Investor Services Limited, was sentenced to two months' imprisonment for insider dealing in ENM Holdings Limited shares. He was fined HKD 289,500, equivalent to the losses avoided, and ordered to pay investigation costs of HKD 120,407. The court emphasized the seriousness of insider dealing despite acknowledging his remorse.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-18•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) has refused to renew Jasneet Singh Bajwa's life and accident insurance agent licence and imposed conditions on any future mortgage agent licence applications. Bajwa was found unsuitable under the Insurance Act due to false statements and lack of valid errors and omissions insurance. The enforcement action follows a settlement with Bajwa.
Enforcement Investigations & enforcement actions
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2025-12-18•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario announced the Total Cost Reporting Rule for individual variable insurance contracts, effective January 1, 2026. This rule mandates insurers to provide enhanced annual statements disclosing total costs, fees, and investment performance, aligning with national guidance and mutual fund sector standards. Enhanced statements will be issued in 2027 for the 2026 reporting year.
Policy & regulation Rules & requirements Disclosures
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2025-12-18•Australia•Australian Prudential Regulation Authority
APRA accepted a court enforceable undertaking from Netwealth Superannuation Services Pty Ltd due to weaknesses in its investment governance. A review found deficiencies in onboarding, monitoring investments, and managing outsourced services. The undertaking requires an independent review of high-risk investments and governance, with a remediation plan. Meanwhile, ASIC has initiated proceedings against Netwealth for alleged Corporations Act violations, ensuring member reimbursements for First Guardian investments. APRA will focus on investment governance in the platform segment into 2026.
Enforcement Investigations & enforcement actions Corporate governance
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2025-12-18•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Equity Trustees Superannuation Limited (ETSL) to address deficiencies in its investment governance frameworks. ETSL must appoint an independent expert to review its governance and implement an uplift plan. It is restricted from onboarding certain high-risk investments until compliance is confirmed. APRA will coordinate with the Australian Securities and Investments Commission on identified weaknesses.
Supervision Interventions Corporate governance Prudential risks
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2025-12-18•Australia•Australian Prudential Regulation Authority
APRA and AUSTRAC are addressing deficiencies in Bendigo and Adelaide Bank's money laundering risk management. After a Deloitte review, APRA requires a root cause analysis and imposes a AUD 50 million operational risk capital add-on. AUSTRAC has launched an investigation into the bank's compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Further actions may follow.
Enforcement Investigations & enforcement actions AML and CFT Supervision process and methodologies
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2025-12-18•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority released a podcast episode on investment fraud, highlighting common scams, warning signals, and the impact of phishing. Featuring insights from Philipp Genduth and a police cybercrime expert, it emphasizes that investment fraud can affect individuals of any demographic. This episode concludes the first series of the podcast, set to resume in February 2026.
Financial literacy & education Fraud and scams
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2025-12-18•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a scam alert concerning fraudulent websites, fake internet banking login screens, and phishing messages linked to several banks, including The Bank of East Asia and Bank of China (Hong Kong). The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS.
Supervision Alerts Fraud and scams
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2025-12-18•France•Bank of France
The Bank of France awarded the 2025 “Young Researchers in Green Finance” prize to Dr Adrien Fabre and Prof Dr Thomas Giroux for their contributions to climate economics and sustainable finance. The awards were presented at the “Green Finance Research Advances” conference, co-organised with the Louis Bachelier Institute. Fabre's research addresses political preferences and climate policies, while Giroux focuses on climate risks' impact on financial returns and mobilising private capital for environmental transition.
Other Climate risk and sustainable finance
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2025-12-18•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance proposed a law for legacy Swiss franc loans, offering two borrower pathways and mandating bank acceptance. Non-performing loans can use an out-of-court settlement, while performing or restructured loans may convert to EUR with a principal reduction and fixed interest rate. The measure aims to eliminate foreign exchange risk and maintain budget and capital neutrality, with parliamentary debate ongoing.
Policy & regulation Rules & requirements Lending
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2025-12-18•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance presented a transformation plan for Hellenic Post (ELTA) to Parliament, aiming to safeguard universal postal service and enhance financial sustainability. The plan includes redesigning 158 branches, expanding the "shop-in-shop" model, and ensuring compliance with European rules on state support. Implementation will be overseen by ELTA's interim management under Hyperfund supervision, with decisions based on local conditions.
Policy & regulation Implementation, projects & pilots Other
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2025-12-18•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) issued a warning about five unauthorized websites offering investment services, namely iffbanc.com, alpha24pro.com, futuretradesx.com, mtbcapitals.com, and icmarkets777.com. CySEC advises investors to verify the licensing status of firms on its website before engaging in investment activities.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-18•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority is finalizing changes to the Financial Services (Miscellaneous) Provisions Bill and the Retirement Benefits Schemes (Amendment) Bill, with Feedback Statements expected in early 2026. Revisions focus on civil penalty provisions and the regulatory framework for pension services. The Authority is collaborating with HM Attorney General’s Chambers on revised drafts and plans a separate consultation on secondary legislation related to civil penalties.
Policy & regulation Rules & requirements AML and CFT Regulatory burden
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2025-12-18•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority issued a sanctions update referencing new information from the Isle of Man Treasury, Customs and Immigration Division. The update includes changes to the Sudan sanctions regime, amendments to the UK Sanctions List, and legislative updates for the Central African Republic. Firms are advised to consult the Isle of Man Government news releases and subscribe to relevant alert services for ongoing updates.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-12-18•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority plans a thematic project to assess Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) compliance related to Reporting and Registers. The review, coordinated by the Authority’s AML/CFT and Portfolio Supervision Divisions, will run from January to August 2026.
Supervision Reviews, inspections & stress tests AML and CFT
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2025-12-18•Ghana•Bank of Ghana
The Bank of Ghana, addressing COCLAB, stressed the threat from unlicensed financial entities exploiting digital channels and fragmented oversight. It reported over 50 complaints in 2024 about unregulated schemes and urged stronger multi-stakeholder coordination, intelligence sharing, and structured coordination, especially before Ghana's GIABA evaluation.
Policy & regulation Cooperation AML and CFT Financial stability and systemic risk
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2025-12-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan and the EBRD are collaborating on a new Banking Law and regulatory framework for digital financial assets. The EBRD will assist with insolvent bank mechanisms, a financial ombudsman service, and financial product governance. The Agency is also drafting a securities market law to enhance market stability, investor protection, and innovation.
Policy & regulation Cooperation Accounting and financial reporting Supervision process and methodologies
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2025-12-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency warned about deepfakes in financial fraud, citing scenarios like impersonation for bank access and fake loans. It highlights red flags such as unusual blinking and robotic speech, advising verification of urgent transfer requests. The agency is enhancing security with mandatory two-factor authentication and biometrics for remote services.
Supervision Alerts Cyber resilience
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2025-12-18•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reissued the securities market activity licence of Home Credit Bank JSC, a subsidiary of ForteBank JSC, to update the legal entity licensee’s name.
Supervision Authorisations & approvals Licence approval
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2025-12-18•United States•Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston published an interview with MassMutual CEO Roger Crandall, reflecting on his tenure on the Bank’s Board of Directors, including his role as chair in 2025. The discussion highlights the Board's oversight responsibilities, the Boston Fed's regional economic support, and initiatives like the Main Street Lending Program and Project Hamilton. Crandall emphasized understanding the Federal Reserve's dual mandate amid public scrutiny.
Institutional development Leadership change & appointments Payments and payment systems Monetary policy decisions and developments
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2025-12-18•Kuwait•Central Bank of Kuwait
The Central Bank of Kuwait released a press statement referencing the International Monetary Fund's concluding statement from the 2025 Article IV consultation with Kuwait.
Policy & regulation International standards & recommendations Monetary policy decisions and developments
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2025-12-18•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority has enforced an immediate suspension of the issuance and redemption of units by the Colters Capital Fund under Article 158(1)(d)(1) of the AIFMG.
Supervision Interventions Other