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2025-12-18•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority's Q4/2025 update notes a resilient global economy but below-average momentum in Liechtenstein, with stable banking amid challenging conditions. The OECD forecasts 3.2% global GDP growth in 2025, with slower U.S. and eurozone growth, and weak domestic indicators like negative employment growth. Despite challenges, Liechtenstein's banking sector manages CHF 523 billion in client assets, while inflation trends and monetary policies vary by region.
Supervision Risk monitoring & watch points Economic data and developments Financial stability and systemic risk
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2025-12-18•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority released its December 2025 register of Crypto Asset Service Providers (CASPs) licensed under the Financial Advisory and Intermediary Services Act, 2002. The register details 291 licensed CASPs, including major firms like First National Bank and Luno, and notes changes such as the removal of product categories for seven providers and the lapse or provisional withdrawal of two licences.
Supervision Authorisations & approvals Licence approval
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2025-12-18•Spain•Bank of Spain
The Bank of Spain reported that general government debt under the Excessive Deficit Procedure was 101.7% of nominal GDP in October 2025, down 1.5 percentage points from the previous year, with the debt stock rising 4% to EUR 1,693bn. State debt increased to EUR 1,542bn, autonomous communities’ debt to EUR 339bn, and social security debt to EUR 126bn, while local government debt decreased to EUR 22bn. Long-term securities and loans over one year grew by 3% and 10.3% year on year, respectively, with short-term instruments up 8.4%.
Data & statistics Balance of payments and other external statistics
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2025-12-18•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines announced the Monetary Board's approval of Rural Bank of Matag-ob (Leyte), Inc.'s voluntary surrender of its banking license. This decision was formalized under Monetary Board Resolution No. 1214 on 11 December 2025.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-18•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten announced that the National Payment Council will organize an information session and awareness campaign on innovative payment methods and online payment risks for the business community. The initiative includes public education on local payment schemes, terminals, and instant payments, alongside an anti-fraud campaign launched in November 2025. The NPC is exploring options for enabling instant payments between Curaçao, Sint Maarten, Bonaire, Aruba, and the Netherlands.
Financial literacy & education Payments and payment systems Financial literacy and education
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2025-12-18•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) updated its Resolution 23 rulebook for Closed Supplementary Pension Entities, incorporating 49 of 251 consultation submissions and aligning with CNPC and CMN resolutions. Key changes include new investment rules, DEI programme recommendations, and mandatory communication policies for EFPCs. Associations can now participate in licensing proceedings, and funds must assess and disclose ASG impacts, with a deadline extension for amending benefit-plan bylaws to 2026.
Policy & regulation Rules & requirements Other
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2025-12-18•Philippines•Central Bank of the Philippines
At the 4th ASEAN+3 Economic Cooperation and Financial Stability Forum in Hong Kong, the Central Bank of the Philippines emphasized capital market development and cross-border payments, focusing on deepening the domestic money market and enhancing market-oriented operations. Deputy Governor Zeno Ronald R. Abenoja highlighted efforts to improve liquidity, strengthen monetary policy transmission, and leverage tokenization and stablecoin technology for digital payments. Abenoja also participated in the ASEAN+3 Finance and Central Bank Deputies’ Meeting, with the Philippines set to co-chair the ASEAN+3 Finance Process with Japan in 2026.
Policy & regulation Reform agendas & priorities Cross-border payments Market development
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2025-12-18•Portugal•Bank of Portugal
The Bank of Portugal's updated securities statistics for November 2025 show resident entities' total debt securities at EUR 319.6bn, a EUR 1.2bn increase from October, while listed shares fell by EUR 2.9bn to EUR 73.4bn. The rise in debt securities was driven by net issuance from the financial sector and non-financial corporations, partially offset by public administration redemptions. ESG-labelled debt securities stood at EUR 14.2bn, decreasing by EUR 122m due to net redemptions and valuation changes.
Data & statistics Financial and market indicators Supervisory data
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2025-12-18•Oman•Central Bank of Oman
At its annual meeting, the Central Bank of Oman outlined its reform agenda, focusing on the new Banking Law, digital and open banking, and national payments infrastructure upgrades. Key initiatives include governance and risk management enhancements, a new electronic system for Sharia-compliant liquidity management, and the "Maal" card scheme. The bank also emphasized strategic credit allocation aligned with Oman Vision 2040 and announced financial awareness initiatives for students.
Policy & regulation Reform agendas & priorities Financial stability and systemic risk Market development
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2025-12-18•Serbia•National Bank of Serbia
The National Bank of Serbia announced that electronic money institution TRANSAKS d.o.o. Beograd joined the IPS NBS instant payment system as an indirect participant. Transactions for TRANSAKS clients will be executed through OTP banka Srbija as a direct participant. The IPS NBS system operates continuously, crediting payees within seconds, even on weekends and non-working days.
Supervision Authorisations & approvals Licence approval
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2025-12-18•Europe•European Council
The European Council and European Parliament reached a provisional agreement on an updated EU retail investment framework, enhancing investor protection rules. Key measures include stronger cost and disclosure requirements, tighter inducement controls, and simplified suitability processes for certain products. The framework also revises criteria for retail-to-professional client opt-up and mandates enhanced product information standards.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-12-18•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Russia sanctions notice designating 24 individuals and entities under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, effective in Guernsey. Businesses must freeze relevant funds and assets of designated persons and report findings to the States of Guernsey Policy & Resources Committee. Firms must also notify the Commission and provide detailed reports on affected relationships or transactions.
Policy & regulation Guidance & interpretation New sanctions designations
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2025-12-18•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission updated the Chemical Weapons sanctions notice, amending details for the Scientific Studies and Research Centre (SSRC) on the consolidated list while maintaining its designation and asset freeze. Businesses must verify connections to SSRC, freeze relevant assets, and report findings to the States of Guernsey Policy & Resources Committee. Firms must comply with reporting obligations under the Sanctions (Bailiwick of Guernsey) Law, 2018, and notify the Commission of any affected relationships.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-12-18•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission updated the Iran (Human Rights) sanctions notice, amending entries for Mohammad Ali Jafari and Hossein Taeb, who remain under asset freeze in Guernsey. Businesses must verify relationships with these individuals, freeze relevant assets, and report matches to the Policy & Resources Committee and the Commission. The UK sanctions regime is enforced locally through the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020.
Enforcement Sanctions & designations Sanctions list update
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2025-12-18•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan supported the "Insurance Agents and Intermediaries Forum" in Baku to enhance insurance intermediary activity and address market challenges. Executive Director Vusal Gurbanov highlighted the forum's focus on aligning insurance intermediation with international practices. Presentations covered regulatory frameworks, challenges, and future development plans, with insights from Turkish and Kazakhstani associations.
Policy & regulation Cooperation Other
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2025-12-18•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro adopted its 2026 Financial Plan, prioritizing payment infrastructure modernization, digital transformation, and ESG initiatives. The Council extended cash loan limiting measures for retail loans over eight years and maintained the countercyclical capital buffer rate at 1% for Q1 2026. It also aligned internal liquidity adequacy assessments with European Central Bank guidelines and updated conditions for payment service agents.
Policy & regulation Reform agendas & priorities Payments and payment systems Market development
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2025-12-18•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) will hold a public judgment session on 18 December to decide on three administrative sanctioning proceedings. The cases involve alleged irregular public offerings by GRF Assessoria LTDA., potential irregularities in trades linked to JBS USA LLC and JBS S.A., and a conflict of interest case involving Romes Gonçalves Ribeiro. If the accused or their counsel do not participate, the session will proceed with electronic voting.
Enforcement Investigations & enforcement actions Securities offerings and listings
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2025-12-18•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) denied the registration of a mandatory tender offer related to the sale of control of ATOM Educação e Editora S.A. by AQWA Brasil Participações S.A. due to non-compliance with information and documentation requirements. The CVM emphasized that failure to conduct the offer would be an irregularity under relevant laws and resolutions, and required public disclosure of the denial.
Supervision Authorisations & approvals Securities offerings and listings
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2025-12-18•Russia•Central Bank of Russia
The Central Bank of Russia has extended support recommendations into 2026 for creditors handling debt restructuring requests from small and medium-sized enterprises in regions with a medium response level. Creditors should suspend borrower obligations and issue new repayment schedules without fines. Restructured loans should be excluded from credit rating calculations, and credit history bureaus are advised not to downgrade these borrowers' credit histories.
Policy & regulation Guidance & interpretation SME financing
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2025-12-18•Russia•Central Bank of Russia
The Central Bank of Russia plans to seek damages from European banks in a Russian arbitration court over the blocking and use of its assets held in EU financial institutions. The claims will cover the allegedly illegally withheld assets and lost profit. The bank has previously filed a lawsuit against Euroclear with the Moscow City Arbitration Court.
Enforcement Investigations & enforcement actions Cross-border cooperation
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2025-12-18•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said its Superintendency of Insurance reached 3,907 people across 14 departments and Asuncion in 2025 through its insurance education campaign, up from just over 1,000 people in 2024. The program covered 31 cities through training sessions and webinars, and the authority also advanced a microinsurance working group to review the regulatory framework.
Financial literacy & education Financial literacy and education
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2025-12-18•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency and the Ministry of Finance concluded their 2025 quarterly consultations with financial industry representatives, focusing on capital market challenges and regulatory amendments. Discussions included liquidity management under new fund regulations, sustainability risk integration, and the Insurance Recovery and Resolution Directive. The Ministry outlined upcoming legislative activities and highlighted a European Commission package on financial literacy, while the Central Depository and Clearing Company announced updates to its shareholder meeting systems.
Policy & regulation Cooperation Other
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2025-12-18•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency (Hanfa) issued public warnings to Martina Dalić and Viktor Lučić for trading their companies' shares during a 30-day ban period, violating the Market Abuse Regulation and the Capital Market Act. Hanfa's investigation found no possession of inside information by the individuals. The warnings serve as a deterrent to prevent similar conduct in the future.
Supervision Alerts Market abuse
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2025-12-18•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency (Hanfa) issued a public warning about entities falsely claiming to hold Hanfa licences for consumer credit services and intermediation. Hanfa clarified that it does not grant licences for these activities, directing the public to consult the Ministry of Finance and Croatian National Bank for authorised entities.
Supervision Alerts Licence approval
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2025-12-18•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities and Commodities Authority announced the UAE Sustainable Finance Working Group's fourth statement, highlighting progress in sustainability governance, disclosures, and introducing Climate Transition Planning Principles for the UAE market. The statement includes a framework for financial institutions to prepare and disclose transition plans, with future efforts focusing on implementation, international harmonization, and potential sector-specific regulations.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance
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2025-12-18•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals on a specified list to pay a VND 1,000,000 fee for the issuance of a securities practitioner certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-18•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission released Circular 115/2025/TT-BTC, amending Circular 118/2020/TT-BTC, to update guidance on securities offerings, public tender offers, share buybacks, and public company registration and status cancellation. The amendments take effect on 26 January 2026.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-18•Canada•Financial Transactions and Reports Analysis Centre of Canada
FINTRAC fined MP Technology Services Ltd, a MoonPay Inc subsidiary, CAD 536,853.35 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included failing to report large electronic funds transfers, maintain compliance policies, assess money laundering risks, and report suspicious transactions. Declined transactions linked to darknet marketplaces and sanctioned entities were also not reported.
Enforcement Investigations & enforcement actions AML and CFT
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2025-12-18•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Talas regional administration fined an exchange bureau KGS 55,000 for breaching Kyrgyz legislation and the bank's regulatory legal acts.
Enforcement Investigations & enforcement actions Other
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2025-12-18•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has suspended the licence of Asman Cash (LLC) exchange bureau in Bishkek due to violations of national legislation and regulatory acts. The suspension is effective from 19 to 28 December 2025.
Supervision Authorisations & approvals Unlicensed or unauthorized activity
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2025-12-18•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic introduced a new training manual, "Financial Literacy for Migrants and Members of Their Families," on International Migrants Day. Developed with the International Organization for Migration, it addresses financial literacy needs specific to labour migrants and their families. Deputy Chair A. Kozubekov emphasized the link between financial literacy, citizens' financial wellbeing, and national financial stability.
Financial literacy & education Financial literacy and education
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2025-12-18•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority (AMMC) warned about unauthorised financial advice and fraudulent trading platforms promoted on social media. The AMMC stressed that financial advice requires registration under Law No. 19.14 and warned of market manipulation risks like "pump and dump" schemes. It highlighted criminal penalties for unauthorised advisory activities and announced a digital awareness campaign to enhance fraud prevention.
Supervision Alerts Fraud and scams Unlicensed or unauthorized activity
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2025-12-18•Europe•European Payments Council
The European Payments Council has initiated a public consultation on urgent change requests for version 1.1 of the Verification of Payee (VOP) scheme rulebook, following issues identified post-deployment. Concurrently, a regular call for change requests for version 1.0 is open, with a three-month public consultation planned for April to June 2026, aiming for version 2.0 publication by November 2026.
Policy & regulation Rules & requirements Payments and payment systems
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2025-12-18•Canada•Department of Finance (Canada)
The Department of Finance Canada has appointed the Canadian Climate Institute to develop sustainable investment guidelines with Business Future Pathways to identify "green" and "transition" investments. An independent Taxonomy Council will review and approve these guidelines, with completion expected for six priority sectors by 2027. The government also plans regular green bond issuances and will explore a Sustainable Bond Framework aligned with the new taxonomy.
Policy & regulation Implementation, projects & pilots Climate risk and sustainable finance
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2025-12-18•Canada•New Brunswick Financial & Consumer Services Commission
The Financial and Consumer Services Commission of New Brunswick issued an investor alert regarding Wealth Edge Investments, which is not registered to deal or advise in securities or derivatives in New Brunswick. Investors are advised to avoid unregistered firms as protections may not apply. The alert, also noted by the British Columbia Securities Commission, applies solely to this entity.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-18•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria mandates banks and non-bank acquirers to ensure uninterrupted local-currency services for foreign-issued card users. Institutions must accept international cards, comply with standards, and implement multi-factor authentication for high-value transactions. The directive includes liquidity maintenance, enhanced monitoring, and ATM withdrawal limits, with the Central Bank overseeing compliance and imposing sanctions for violations.
Policy & regulation Rules & requirements Payments and payment systems
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2025-12-18•Canada•Quebec Autorite des marches financiers
The Autorité des marchés financiers (AMF) will index annual and regulatory fees by 2.05% to 2.4% effective 1 January 2026, as published in the Gazette officielle du Québec and the AMF Bulletin. These adjustments apply to fees under various acts, including the Securities Act and the Insurers Act-related frameworks, and are based on the Consumer Price Index for Canada. The indexed fees are exempt from Quebec’s cap on government tariff indexation.
Policy & regulation Rules & requirements
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2025-12-18•Finland•Finanssivalvonta
Finland's Financial Supervisory Authority (FIN-FSA) Board maintained key macroprudential settings, keeping the housing loan cap at 90% and the first-home loan cap at 95%, with the countercyclical capital buffer (CCyB) at 0.0%. This decision reflects a slowly strengthening housing market cycle and subdued financial cycle indicators, including a private sector credit-to-GDP gap of -18.0 percentage points. The FIN-FSA continues to apply Sweden’s risk weight floors to Finnish credit institutions’ housing and corporate real estate exposures in Sweden.
Supervision Interventions Macroprudential policy and tools
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2025-12-18•United States•Federal Deposit Insurance Corporation
The US Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a joint statement clarifying supervisory expectations for compliance with insider lending restrictions and related reporting requirements for OCC- and FDIC-supervised institutions. This statement replaces the 2019 interagency statement and will remain effective unless amended or rescinded. It may become unnecessary if the Federal Reserve Board adopts a final rule revising Regulation O.
Policy & regulation Guidance & interpretation Corporate governance Supervision process and methodologies
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2025-12-18•United States•Federal Reserve Board
The Federal Reserve Board has released the first staff manual for supervising large and complex banks to enhance transparency. The LISCC Program Operating Manual has been redacted for confidentiality but not yet updated for recent changes. Additional manuals are expected in early 2026, covering various aspects of large-bank supervision.
Policy & regulation Guidance & interpretation Supervision process and methodologies
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2025-12-18•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets adopted new regulations on insurance disclosure, capital-markets authorisations, and consumer-protection supervision. Key measures include a standardised insurance product information document to align with EU practices and thematic inspections of banks, non-bank payment service providers, and insurers. The Commission also made capital-market adjustments, including share-capital changes and mandatory withdrawal approvals.
Policy & regulation Rules & requirements Consumer and investor protection Disclosures
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2025-12-18•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority has exempted the Misr Ma'akum initiative from all commissions and expenses, supporting a partnership with the Fund for Honouring Martyrs and Misr Life Insurance Company. The initiative provides care for minor children of martyrs and victims from military, terrorist, and security operations, ensuring efficient management and safeguarding beneficiaries' rights. Payments to beneficiaries will commence on 1 January 2026, with disbursements scheduled twice a year upon reaching age 21.
Policy & regulation Rules & requirements Other
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2025-12-18•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) accepted a court-enforceable undertaking from Netwealth Superannuation Services Pty Ltd to address weaknesses in its investment governance framework, requiring independent expert oversight and enhanced controls. Concurrently, the Australian Securities and Investments Commission initiated proceedings under the Corporations Act 2001, with both regulators coordinating actions to safeguard member investments.
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 concerns with its investment governance frameworks. ETSL must appoint an independent expert to review its investment menus and governance framework, develop a remediation plan, and refrain from onboarding certain high-risk investment options until compliance is confirmed, following APRA's review highlighting weaknesses in ETSL's processes.
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 an AUD 50 million operational risk capital add-on, while AUSTRAC has initiated an enforcement investigation under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Supervision Interventions AML and CFT Supervision process and methodologies
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2025-12-18•Chile•Chile Financial Market Commission
The Chile Financial Market Commission approved the merger of Seguros Vida Security Previsión S.A. into Bice Vida Compañía de Seguros S.A., along with a reform of Bice Vida’s bylaws. Bice Vida will become the legal successor to Seguros Vida Security Previsión, which will be dissolved.
Supervision Authorisations & approvals Licence approval
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2025-12-18•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) announced the termination of six enforcement actions, including an amendment to a consent order with Citibank and formal agreements with several national banks. A cease-and-desist order against UBS AG's Stamford Branch was also terminated. The OCC terminates actions when compliance is achieved, articles become outdated, or are incorporated into new actions.
Enforcement Investigations & enforcement actions Compliance
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2025-12-18•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway (Finanstilsynet) has issued updated guidance on its Supervisory Review and Evaluation Process (SREP), detailing risk assessment, capital needs, and supervisory measures for banks and financial institutions. Replacing the 2024 version, it includes SREP framework specifics, feedback processes, and expectations for capital headroom and liquidity coverage ratios. It outlines submission requirements and quantitative support tools, such as loan growth triggers and market risk stress parameters.
Policy & regulation Guidance & interpretation Capital adequacy
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2025-12-18•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway has set the statutory late payment interest rate for the first half of 2026 at 12.00% per annum, a decrease of 0.25 percentage points from the previous rate. The standard compensation for debt recovery costs remains unchanged at NOK 460. These rates are adjusted semi-annually, with the interest rate calculated as Norges Bank’s policy rate plus at least eight percentage points.
Policy & regulation Rules & requirements Other
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2025-12-18•Canada•Alberta Securities Commission
The Alberta Securities Commission (ASC) has enacted legislative amendments to Alberta’s Securities Act, enhancing tools for investor protection. The changes extend safe harbour protections to climate-related disclosures and bolster the ASC's ability to counter false or misleading online investment information. These amendments were formalized through the Financial Statutes Amendment Act, 2025 (No.2).
Policy & regulation Rules & requirements Climate risk and sustainable finance
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2025-12-18•Canada•Alberta Securities Commission
The Government of Alberta has amended the Securities Act (Alberta), enhancing the Alberta Securities Commission's (ASC) tools for investor protection. The changes extend statutory civil liability protections to climate-related disclosures and strengthen the ASC's ability to address false or misleading online investment information. These amendments, part of Bill 12, the Financial Statutes Amendment Act, 2025 (No.2), received royal assent on December 11, 2025.
Policy & regulation Rules & requirements Climate risk and sustainable finance
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2025-12-18•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway has updated its Supervisory Review and Evaluation Process (SREP) guidance, clarifying the industry classification for concentration risk measurement. Annex 2 details the methodology for calculating business sector concentration, based on the new industry standard SN 2025. An accompanying spreadsheet specifies the precise industry breakdown for concentration risk assessment.
Policy & regulation Guidance & interpretation Capital adequacy
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2025-12-18•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) held an expert symposium on the capital market 15th Five-Year plan and 2026 priorities, focusing on risk prevention, stronger supervision, and high-quality development. The newly established China Capital Market Society’s Academic Committee will support market-based, rule-of-law aligned, and internationally oriented research. Key feedback included enhancing inclusiveness in issuance and trading rules, expanding strategic capital, maintaining active M&A markets, and developing AI governance in capital markets.
Policy & regulation Reform agendas & priorities Market development
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2025-12-18•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration Party Secretary and Director Li Yunze met with UK Ambassador to China Peter Wilson to discuss the international economic and financial situation and enhance China-UK financial regulatory cooperation.
Policy & regulation Cooperation Cross-border cooperation
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2025-12-18•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde outlined its legal mandate to supervise the Cabo Verde payment system. It monitors risk indicators to identify settlement trends, assess operational performance, and detect anomalies that could impact system stability.
Institutional development Mandate & organizational structure Payments and payment systems Financial stability and systemic risk
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2025-12-18•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, stated that the November 2025 Consumer Price Index indicates inflation remains elevated compared to pre-trade war levels, attributing increased household spending and rising unemployment to the administration's tariff policy and economic agenda.
Monetary policy Other Economic data and developments
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2025-12-18•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senators Elizabeth Warren and Jeanne Shaheen have requested Treasury Secretary Scott Bessent and Secretary of State Marco Rubio to provide transparency on the Trump Administration’s use of the Exchange Stabilization Fund to support Argentina’s financial markets, involving over USD 20 billion. The senators seek details on the terms and conditions of the support, including a USD 20 billion swap line with Argentina’s central bank, with a response deadline of January 9, 2026.
Policy & regulation Other
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2025-12-18•Global•Bank for International Settlements - Committee on Payments and Market Infrastructures
The Bank for International Settlements Committee on Payments and Market Infrastructures published results from the 2024 cross-border payments monitoring survey, highlighting uneven progress in payment system interoperability and legal reforms, with the Asia-Pacific region leading interlinking efforts. The survey notes increased adoption of ISO 20022 messaging standards and APIs, alongside legal reforms to enhance access for non-bank providers and improve data privacy.
Data & statistics Cross-border payments
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2025-12-18•United Arab Emirates•ADGM Financial Services Regulatory Authority
The UAE Sustainable Finance Working Group, led by the ADGM Financial Services Regulatory Authority, issued its fourth statement on sustainability-driven governance, disclosures, taxonomy, and climate transition planning. It introduces Climate Transition Planning Principles to guide UAE financial institutions and corporates in preparing and disclosing climate strategies. The statement references existing principles, emphasizing governance, risk management, and data use for climate goal alignment.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance Disclosures Corporate governance
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2025-12-18•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced the Senate's confirmation of eight Trump administration nominees for senior roles in the Department of Housing and Urban Development, the Department of the Treasury, and the Federal Deposit Insurance Corporation, following a reform in Senate rules to streamline the confirmation process.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-18•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC and APRA are addressing deficiencies in Bendigo and Adelaide Bank's money laundering risk management after a Deloitte review. AUSTRAC has launched an enforcement investigation under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, while APRA mandates a root cause analysis and an AUD 50 million operational risk capital add-on until issues are resolved.
Enforcement Investigations & enforcement actions AML and CFT
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2025-12-18•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC has updated its regulatory expectations for businesses under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 as they transition to new obligations effective 31 March 2026. Businesses unable to meet these obligations must have documented implementation plans to manage money laundering and terrorism financing risks, with AUSTRAC warning of potential regulatory action for non-compliance.
Policy & regulation Guidance & interpretation AML and CFT
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2025-12-18•India•Securities & Exchange Board of India
The Securities and Exchange Board of India has revised conditions for issuing listed debt securities at a reduced denomination, now including zero coupon debt securities. Issuers can privately place these securities at a face value of INR 10,000, provided they have a fixed maturity and no structured obligations. This amendment updates Clause 1.3 of Chapter V of SEBI’s Non-Convertible Securities Master Circular, with implementation required by stock exchanges, clearing corporations, and depositories.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-18•Vietnam•State Bank of Vietnam
Deputy Governor Nguyen Ngoc Canh inaugurated the 10th Annual Conference of the International Investment Bank in Phu Quoc. Participants evaluated the bank's Crisis Response Plan and 2025–2026 Strategic Framework, noting stabilization of its financial position and achievement of key performance targets. Member countries discussed ongoing challenges and set priorities for continued strategy execution and future development.
Policy & regulation Reform agendas & priorities Other
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2025-12-18•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's Standing Deputy Governor Doan Thai Son praised Co-opBank's 2025 achievements and outlined expectations for 2026 at a conference in Hanoi. He emphasized the importance of enhancing operational effectiveness and fulfilling tasks from the Party, State, and central bank. Co-opBank Chair Nguyen Quoc Cuong noted that the bank surpassed key 2025 targets through flexible and comprehensive measures.
Policy & regulation Guidance & interpretation Other
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2025-12-18•Mongolia•Central Bank of Mongolia
The Central Bank of Mongolia announced the appointment of Sanjaa Narantsogt as the new Governor, succeeding B. Lkhagvasuren. Narantsogt, with a background in finance and economic development, formally assumed the role following parliamentary approval.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-18•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury announced a sanctions update after the UK Foreign, Commonwealth and Development Office added 24 individuals and entities to the UK Sanctions List under the Russia sanctions regime. These entries face asset freeze and trust services sanctions, requiring firms to identify matches and freeze assets if confirmed. Non-compliance or attempts to circumvent sanctions are criminal offences, and frozen assets must be reported to the Financial Intelligence Unit.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-12-18•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury has amended its export control legislation, updating the Export Control Order 2008 and EU regulations to align with international standards and recent UK and EU policy changes. Key updates include revised controls on conventional weapons per the Wassenaar Arrangement, changes to country listings after the UK's arms embargo lift on Armenia and Azerbaijan, and new controls on electronics and semiconductor equipment. Exporters should consult the updated UK consolidated list of strategic military and dual-use items.
Policy & regulation Rules & requirements Other
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2025-12-18•Europe•Single Resolution Board
The Single Resolution Board (SRB) has outlined its approach to simplifying the resolution framework to enhance effectiveness, proportionality, and predictability. This initiative aims to reduce unnecessary burdens, focus on relevant risks, and support Banking Union integration while maintaining financial stability and competitiveness in the EU banking sector.
Policy & regulation Guidance & interpretation Recovery and resolution
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2025-12-18•United Arab Emirates•Dubai International Financial Centre
Dubai International Financial Centre announced that Sun Life has been authorized by the Dubai Financial Services Authority to establish operations in the Centre, focusing on high net worth insurance solutions. Sun Life plans to begin operations in December 2025, aiming to enhance partnerships with local and regional brokers and provide coverage for high net worth clients across the Middle East.
Supervision Authorisations & approvals Licence approval
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2025-12-18•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE and Dubai Public Prosecution have launched an electronic system to streamline blood money claim settlements, integrating DPP processes with licensed insurers via the CBUAE’s digital platform. This initiative aims to automate workflows under the UAE's "Zero Bureaucracy" programme and enhance coordination among the CBUAE, insurers, and the DPP. A Memorandum of Understanding was signed to support ongoing cooperation and improve service efficiency.
Policy & regulation Implementation, projects & pilots Other
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2025-12-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission announced Dr. Joshua T. White's return as Chief Economist and Director of the Division of Economic and Risk Analysis (DERA) starting January 2026. White, who previously served in DERA, will focus on enhancing economic analysis in SEC rulemaking. Robert Fisher will continue supporting DERA as Acting Chief Economist.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission’s Office of the Investor Advocate submitted its Fiscal Year 2025 Report on Activities to Congress, detailing key workstreams in investor research, engagement, advocacy, and assistance. The report highlights research on accredited investors, advocacy in private markets and disclosure, and the Ombuds Office's investor support efforts. It underscores the office's role in aiding retail investors and proposing beneficial regulatory changes.
Policy & regulation Other Activity and performance reporting
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2025-12-17•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico's Ministry of Finance and Public Credit announced that the National Banking and Securities Commission (CNBV) revoked Vector Casa de Bolsa, S.A. de C.V.’s authorization to operate, following the firm's voluntary request. The decision, approved by shareholders and unrelated to US Treasury measures, was deemed appropriate by the CNBV's Governing Board after meeting all legal and operational requirements.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-17•Italy•Bank of Italy
The Bank of Italy released ten Occasional Papers (Nos. 982–991) covering topics such as euro-area inflation expectations, climate impacts on inflation, and Italian household financial behaviors. The research includes analyses on payment fraud, insolvency, public procurement, and healthcare staffing in Italy. Notable studies examine the effects of a financial education campaign and the adoption of generative AI by households.
Research Artificial intelligence Financial literacy and education
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2025-12-17•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) revoked Vector Casa de Bolsa, S.A. de C.V.'s brokerage license following the firm's voluntary request. The decision was based solely on the firm's interests and unrelated to the US Treasury’s Financial Crimes Enforcement Network. The CNBV's Governing Board approved the revocation after assessing legal, financial, and operational factors.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-17•Denmark•National Bank of Denmark
The National Bank of Denmark released the 2026 central government borrowing strategy, projecting a financing requirement of DKK 109 billion, a decrease of DKK 32 billion from 2025, with unchanged government bond issuance at DKK 65 billion. The strategy includes DKK 15 billion in Treasury bills, DKK 5 billion in commercial paper, and a short-term foreign currency bond under the EMTN programme, aiming to minimize borrowing costs while maintaining market access and a robust domestic capital market.
Policy & regulation Implementation, projects & pilots
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2025-12-17•Global•Financial Markets Standards Board
The Financial Markets Standards Board has released a Transparency Draft Statement of Good Practice on grey market trading to guide firms in assessing its appropriateness, highlighting its role in price discovery and liquidity, while noting risks, especially for syndicate banks. The draft is open for industry comment until 15 February 2026.
Policy & regulation Guidance & interpretation Trading
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2025-12-17•Israel•Bank of Israel
The Bank of Israel reported a 0.5% increase in its November Index of Economic Activity, reversing October's decline and surpassing the long-term growth trend of 0.3%. The rise was driven by goods exports, imports, labor market indicators, indirect taxes, and equity market indices, while revisions to prior months' data and third-quarter GDP estimates were adjusted downward.
Data & statistics Economic data and developments
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2025-12-17•Israel•Bank of Israel
The Bank of Israel announced relief measures under the Checks without Cover regime for Operation Rising Lion, excluding checks returned for insufficient funds between June 13 and June 30, 2025, from counts triggering account restrictions and reporting. Enacted by the Minister of Justice, these measures will automatically lift restrictions imposed during this period, though the obligation to pay remains and other non-payment consequences may still apply.
Policy & regulation Implementation, projects & pilots Other
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2025-12-17•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission reported the commercial banking sector's Capitalisation Index at 20.51% as of end-October 2025. The Basic Capital Coefficient was 18.48%, and the Core Capital Coefficient was 17.19%.
Data & statistics Capital adequacy
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2025-12-17•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) found that its guidelines for ESG-related fund names improved alignment with investment strategies, reducing greenwashing risks. Analysis of nearly 1,000 shareholder notifications showed 64% of funds changed names, often avoiding ESG terms, and 56% updated policies for greater sustainability focus. A review of 4,000 EU funds indicated higher fossil fuel exposure increased the likelihood of removing ESG terms, while funds retaining ESG terms significantly reduced fossil fuel holdings.
Research ESG Greenwashing
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2025-12-17•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) has appointed Soledad García Santa as the new head of its Bilbao delegation, succeeding Concepción Cabezudo. García Santa, with over 20 years of experience at the CNMV, will focus on reinforcing the delegation's workstreams. The Bilbao office, established in 2021, aims to enhance CNMV's presence in the Basque financial ecosystem.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-17•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has extended two relief instruments for litigation funding, conditional costs schemes, and proof of debt arrangements until 31 January 2029. This extension, via an amending instrument, aims to provide regulatory certainty while the Government reviews its policy. The relief exempts these arrangements from certain requirements under the National Consumer Credit Protection Act 2009 and the Corporations Act 2001.
Policy & regulation Rules & requirements Other
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2025-12-17•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) secured Federal Court orders to appoint receivers over Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd amid an investigation into alleged misuse of investor funds. Robert Woods and Salvatore Algeri of Deloitte SRT Pty Ltd were appointed to identify and secure assets, with a report due by 20 February 2026. ASIC's investigation suggests up to AUD 131 million was raised, with significant funds allegedly spent on gambling.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-12-17•Mozambique•Ministry of Finance (Mozambique)
Mozambique’s Ministry of Finance emphasized the strategic importance of the Banking, Financial Services and Insurance Mozambique 2025 conference for dialogue on digital transformation in the financial sector. Finance Minister Carla Loveira highlighted its alignment with the National Development Strategy 2025–2044, focusing on innovation and digitalisation to enhance economic transformation, financial inclusion, and service quality.
Policy & regulation Reform agendas & priorities Fintech and insurtech Financial inclusion
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2025-12-17•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission amended its licensing and fees framework, allowing discretion to treat a previously submitted Personal Questionnaire as valid if submitted within two years and unchanged. Rule 7(4B) mandates a new questionnaire if there are material changes, maintaining the Commission's authority to request updates from relevant parties. The amendments take effect on 5 January 2026.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-17•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank reports that Dutch pension funds, insurers, and investment funds now hold over EUR 200 billion in listed technology shares, doubling since 2020. Significant investments in major US tech firms increase vulnerability to market volatility and valuation risks. DNB advises institutions to manage exposures within their risk appetite due to tech shares' heightened volatility and sensitivity to market shocks.
Supervision Risk monitoring & watch points Financial and market indicators Supervisory data
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2025-12-17•Congo•Congo Insurance Regulation and Control Authority
The Congo Insurance Regulation and Control Authority convened with the Congolese National Police to finalize practical modalities for motor third-party liability insurance enforcement checks. This session aimed to prepare for the effective launch of field operations.
Policy & regulation Implementation, projects & pilots Other
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2025-12-17•Georgia•National Bank of Georgia
Governor Natia Turnava of the National Bank of Georgia emphasized corporate bonds' role in alternative financing at Rico Express’s GEL 200 million bond issuance event. Part of the State Capital Market Development Program, the issuance aims to refinance GEL 130 million of 2023 bonds and expand the loan portfolio. Turnava noted total corporate bond issuance in 2025 surpassed GEL 1.5 billion, with more placements expected by year-end.
Policy & regulation Implementation, projects & pilots Market development
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2025-12-17•United States•National Credit Union Administration
The National Credit Union Administration's 2025 Q3 report shows modest balance-sheet growth and stable lending at federally insured credit unions, with median assets up 2.6% and loans up 0.3%. Membership grew overall, but the median credit union saw a 0.5% decline, particularly among those with assets under USD 50 million. Profitability improved, with 88% reporting positive net income, up from 85% in 2024.
Data & statistics Supervisory data
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2025-12-17•Europe•European Banking Authority
The European Banking Authority's Q3 2025 Risk Dashboard, accessible via the European Data Access Portal, indicates stable prudential and performance metrics for EU/EEA banks amid macroeconomic and geopolitical challenges. Key figures include a transitional common equity tier 1 ratio of 16.3%, liquidity coverage ratio of 160.7%, and net stable funding ratio of 126.8%. The portal aims to become a central hub for supervisory data, with plans to include Pillar 3 data by Q1 2026.
Data & statistics Supervisory data
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2025-12-17•Europe•European Banking Authority
The European Banking Authority (EBA) issued guidance on managing enhanced operational risk reporting under amended Implementing Technical Standards, following the European Commission's delay of new reporting obligations to June 2026. Banks should use the COREP OF module (release 4.2) for March 2026, with certain templates deferred to June 2026. Updated reporting instructions and tools have been published to aid preparation for the June 2026 implementation.
Policy & regulation Guidance & interpretation Supervisory data Regulatory reporting
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2025-12-17•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority's semi-annual risk outlook highlights elevated geopolitical tensions and outlines three risk scenarios: infrastructure breakdown, financial market crisis, and recession. Planned supervisory activities for 2026 include enhanced cyber security and IT supervision, tighter lending oversight, focus on sustainable pension products, intensified supervision of alternative investment funds and crypto-assets, and strengthened anti-money laundering.
Supervision Supervision approach, priorities & toolkit Geopolitical risk
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2025-12-17•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority has designated Nets as an operator of financial digital infrastructure, imposing enhanced requirements for digital operational resilience, cybersecurity, and incident reporting. This designation expands IT supervision to Nets' entire business beyond its payment institution activities. Nets joins six other firms as designated operators in Denmark, with potential for further additions.
Supervision Authorisations & approvals Operational risk and resilience
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2025-12-17•Lithuania•Bank of Lithuania
The Bank of Lithuania has authorized Nuvei Liquidity, UAB as a crypto-asset service provider, permitting custody, administration, transfer, and exchange of crypto-assets. Additionally, the firm received a payment institution licence for operations with electronic money tokens. Part of the Canadian Nuvei Group, Nuvei Liquidity aims to serve business and retail clients in Lithuania, facilitating crypto-asset payments and blockchain fund transfers.
Supervision Authorisations & approvals Licence approval
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2025-12-17•Lithuania•Bank of Lithuania
The Bank of Lithuania has authorized UAB Decentralized as a crypto-asset service provider, enabling it to offer custody, administration, transfer, and exchange services for crypto-assets. Additionally, the company received a payment institution licence for operations with electronic money tokens. Operating under the CoinGate brand, UAB Decentralized plans to focus its services in the Lithuanian market.
Supervision Authorisations & approvals Licence approval
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2025-12-17•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) issued guidance on supervisory expectations for PRIIPs key information documents (KIDs), emphasizing consistency with the prospectus. The CSSF advises that KIDs should clearly summarize key investment policies and strategies, avoiding unnecessary detail, and recommends updates within 35 business days post-31 December. The CSSF retains the right to review KIDs for discrepancies or late submissions.
Policy & regulation Guidance & interpretation Regulatory reporting
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2025-12-17•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier will implement changes to U1.1 reporting from 31 December 2025, permitting delegation of report transmission and requiring submitter designation via the eDesk procedure. Entities can start setting up delegation in eDesk, with guidance available on the CSSF website.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-17•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Operational and Services Circular DSP-272, detailing fees for deposit account administration, CUD operations, and centralized modules for instant payment interoperability.
Policy & regulation Rules & requirements Payments and payment systems