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2025-12-17•United States•National Futures Association
The National Futures Association (NFA) ordered Alggoritmica Portfolio Management LLC and its principal, Lino David Flores Hidalgo, to withdraw from membership. Hidalgo was fined USD 75,000 and barred from reapplying for three years. This follows a settlement where they neither admitted nor denied allegations, including misuse of a misleading disclosure document and failure to qualify for a Commodity Futures Trading Commission Regulation 4.7 exemption. The NFA found multiple violations, including improper asset use and lack of cooperation.
Enforcement Investigations & enforcement actions Compliance
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2025-12-17•Laos•Bank of the Lao
The Bank of the Lao has launched the Financial Institution Reporting System (FIRS) to modernize data collection from commercial banks, enhancing security and efficiency. FIRS aims to support supervisory functions by automating data collection and consolidation. It is also seen as a step towards a centralized data warehouse and future big data capabilities.
Supervision Regulatory reporting
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2025-12-17•Bosnia and Herzegovina•Banking Agency of the Federation of Bosnia and Herzegovina
The Banking Agency of the Federation of Bosnia and Herzegovina has revoked the licence of Microcredit Foundation “LOK” Sarajevo to conduct microcredit lending activities, as per Decision No. 04-1-3-1579-21/24 dated 12 December 2025.
Supervision Authorisations & approvals Licensing and supervisory fees
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2025-12-17•United Kingdom•Financial Conduct Authority
The UK Financial Conduct Authority has introduced new standards allowing banks and payment providers with robust fraud controls to set their own contactless payment limits, while maintaining consumer protections. Firms are encouraged to let customers set personal limits or disable contactless payments. The changes, effective March 2026, require clear communication to customers, aligning with the Consumer Duty.
Policy & regulation Rules & requirements Payments and payment systems
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2025-12-17•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission's July–September 2025 Quarterly Report highlights increased connectivity with Mainland and overseas markets, expansion in virtual asset offerings, and collaboration with the Hong Kong SAR Government on new regulatory regimes. The report notes significant growth in Swap Connect trading volume and virtual asset ETFs, alongside 24 IPOs raising over HKD 70 billion. A workplan is underway to implement a roadmap for fixed income and currency markets, with conclusions on proposed virtual asset regimes expected soon.
Policy & regulation Implementation, projects & pilots Activity and performance reporting
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2025-12-17•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission announced that Ms Wong Yuk Lan was sentenced to eight months' imprisonment for false trading in a market manipulation case involving China All Access (Holdings) Limited. The Shatin Magistrates’ Courts also ordered her to pay the investigation costs. The Magistrate emphasized the seriousness of the offence and the need to protect investors, noting Wong's lack of remorse.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-17•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Poonam Chauhan, proposing to revoke her insurance agent licence and impose CAD 35,000 in penalties. Allegations include making false statements in insurance solicitation and obstructing FSRA’s investigation. Chauhan has requested a hearing before the Financial Services Tribunal.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-17•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario reached a settlement with Gowthaman Balachandran, resulting in the imposition of licence conditions.
Enforcement Investigations & enforcement actions
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2025-12-17•Austria•Austrian National Bank (OeNB)
The Austrian National Bank (OeNB) has allocated EUR 2.9 million from its Jubilee Fund to support 11 research projects selected from 44 applications. These projects cover diverse topics including fiscal policy perceptions, Gen Z financial education, inflation comparisons, and sustainable pensions.
Policy & regulation Implementation, projects & pilots Other
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2025-12-17•Global•International Financial Reporting Standards Foundation
The International Financial Reporting Standards Foundation updated its Memorandum of Understanding with China’s Ministry of Finance, ensuring the International Sustainability Standards Board will maintain its Beijing office to support cooperation and innovation. Minwen Zhang was appointed as the new Beijing office director and special adviser to the ISSB Chair, succeeding Zhengwei Zhang.
Policy & regulation Cooperation Climate risk and sustainable finance
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2025-12-17•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails targeting customers of The Bank of East Asia, Shanghai Commercial Bank, Chong Hing Bank, and Bank of China (Hong Kong). HKMA emphasized banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-12-17•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance reported a provisional central administration budget surplus of EUR 5.131bn for January–November 2025, surpassing the target of EUR 225m. Net revenues exceeded targets by EUR 2.259bn, primarily due to an early receipt from the Recovery and Resilience Facility, while total expenditures were EUR 2.647bn below target. The ministry noted differences between cash-basis and fiscal-basis results, expecting revenue deviations to be addressed in the December bulletin.
Data & statistics Economic data and developments
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2025-12-17•Uganda•Ministry of Finance (Uganda)
Uganda's Ministry of Finance and the Bank of Uganda have launched the Okusevinga Money Market Unit Trust Scheme, Africa's first government-owned unit trust, to offer retail savers regulated, low-risk investment options via a mobile platform. The initiative aims to shift from access to financial services to active participation in savings and investment, addressing informal saving. The pilot will test platform functionality and consumer safeguards before a broader launch in early 2026.
Policy & regulation Implementation, projects & pilots Financial inclusion
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2025-12-17•Cyprus•Cyprus Securities and Exchange Commission
CySEC fined Cyprus Investment Firm Wonderinterest Trading Ltd EUR 100,000 for breaches of the Investment Services and Activities and Regulated Markets Law of 2017. Penalties include EUR 50,000 for non-compliance with authorisation conditions, EUR 30,000 for not acting in clients' best interests, and EUR 20,000 for providing misleading information. CySEC emphasized the importance of effective policies, investor protection, and proper risk assessment for target markets.
Enforcement Investigations & enforcement actions Compliance
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2025-12-17•United States•Federal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond's CFO Survey, with Duke University and the Federal Reserve Bank of Atlanta, reveals U.S. CFOs' concerns over tariffs and anticipates price growth above 3 percent in 2026, with moderate employment and economic activity gains. AI spending is expected to rise significantly, especially among small firms, with 80 percent planning investments in 2026. The survey also notes a decline in the CFO Optimism Index and forecasts real GDP growth of 1.9 percent in 2026.
Research Economic data and developments
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2025-12-17•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority released a Q&A document post-2025 Pensions Governance Conference, addressing unanswered panel questions. The document covers proposed legislative changes, supervisory priorities, and preparations for the 2026 MONEYVAL evaluation, alongside updates on the Retirement Benefits Schemes (Amendment) Bill aimed at enhancing consumer protection.
Policy & regulation Guidance & interpretation AML and CFT Supervision process and methodologies
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2025-12-17•Middle East•Union of Arab Securities Authorities
The General Secretariat of the Union of Arab Securities Authorities met with the Iraqi Securities Commission and the Iraq Stock Exchange to discuss enhancing cooperation in regulation, supervision, oversight, institutional capacity building, and legislative framework strengthening. The meetings reviewed existing cooperation and joint training programs aimed at developing market professionals' competencies in supervision and regulation.
Policy & regulation Cooperation Domestic cooperation Capacity building
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2025-12-17•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission updated its expectations for insurance intermediaries, emphasizing legally compliant appointment contracts for agents and brokers as essential for risk control. It advocated electronic premium payment to enhance transparency and efficiency, advising consumers to verify seller licenses and use official payment channels. The Office aims to raise service and conduct standards among intermediaries through proactive supervision.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies
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2025-12-17•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan approved a new organizational structure and a 2026–2027 roadmap for the Joint-Stock Company Central Securities Depository. The roadmap aims to enhance digital transformation, align service quality with international standards, and improve post-trading services. A transformation Project Office has been established, and Valiyev Sanjar Shavkatovich appointed as First Deputy Chief Executive Officer to lead these efforts.
Institutional development Mandate & organizational structure Organizational structure Leadership change and appointments
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2025-12-17•Mexico•CONDUSEF
Mexico’s National Commission for the Protection and Defence of Users of Financial Services (CONDUSEF) warned of identity impersonation involving 18 registered financial institutions in November 2025. The impersonators allegedly used the institutions' names, logos, and corporate identities to deceive individuals seeking credit. CONDUSEF advised users to verify institutions through the System of Financial Service Providers (SIPRES).
Supervision Alerts Fraud and scams
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2025-12-17•Jordan•Jordan Securities Commission
Jordan's Cabinet approved amendments to the Jordan Securities Commission's Fees and Services Allowance Regulations for 2025, reducing the Commission's share of the trading fee and lowering ASE Company's annual licence renewal fee to increase ASE's trading revenue share and support the objectives of the Commission and the Depository Center.
Policy & regulation Rules & requirements
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2025-12-17•Liberia•Central Bank of Liberia
The Central Bank of Liberia has launched the Inclusive Instant Payment System, introducing mobile money interoperability and real-time digital payments as the first phase of a broader payments modernization effort. Initial use cases cover person-to-person and government-to-people transactions, with tax payments, bank and fintech participation, and further payment use cases planned next.
Policy & regulation Implementation, projects & pilots Payments and payment systems
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2025-12-17•Spain•Bank of Spain
Bank of Spain Deputy Governor Soledad Núñez, at the 2nd Conference on Sustainable Finance, emphasized integrating sustainability criteria into financial decisions to address climate risks. She warned against simplifying EU sustainability reporting at the expense of transparency. Núñez highlighted the economic impact of climate risks, noting a decline in global sustainable bond issuance and the importance of high-quality data for stress tests and reducing greenwashing.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance
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2025-12-17•Spain•Bank of Spain
The Bank of Spain's Deputy Governor Soledad Núñez emphasized the importance of financial education and community welfare programs for household well-being and social progress at the 20th CECA Awards. Núñez noted a significant financial literacy gap in Spain, stressing the need for education to adapt to digital finance and cybersecurity. She advocated for community projects to focus on transparency, inclusion, and collaboration with public and non-profit sectors.
Financial literacy & education Financial literacy and education
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2025-12-17•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the Business Sentiment Index for October 2025, showing modest optimism with a Current Business Conditions sub-index of 50.4, while the one-month-ahead index declined to 49.9. Improved conditions were driven by higher sales, new projects, and sector-specific growth, offset by slowing demand and competition. Investment expectations remain positive, but employment and cost indices indicate slight declines and stabilizing costs.
Data & statistics Economic data and developments
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2025-12-17•South Africa•South African Reserve Bank
The South African Reserve Bank reported a 0.4% increase in the composite leading indicator for October 2025, with gains in export commodity prices and business confidence. The coincident indicator rose by 0.1% in September, driven by industrial production and employment, while the lagging indicator increased by 0.8%. The indicators are subject to continuous revision.
Data & statistics Economic data and developments
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2025-12-17•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore has released a consultation paper proposing updates to its Guidelines on Liquidity Risk Management Practices for Fund Management Companies. The updates aim to clarify expectations on managing liquidity risk and related disclosures in investment management.
Policy & regulation Guidance & interpretation Liquidity risk Disclosures
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2025-12-17•Serbia•National Bank of Serbia
The National Bank of Serbia reported the IMF Executive Board's successful completion of the second review of Serbia’s economic programme under the Policy Coordination Instrument (PCI), highlighting structural reforms, prudent macroeconomic policies, and strong reserve buffers. The IMF noted Serbia's high foreign exchange reserves, a resilient banking sector, and projected GDP growth of 2% in 2025, with inflation below the National Bank's 3% target. Approved in December 2024 for 36 months, the PCI is advisory and reviewed semi-annually.
Policy & regulation Peer reviews and country evaluations Economic data and developments Financial stability and systemic risk
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2025-12-17•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has released a draft memorandum for public comment, proposing a cyber resilience framework for capital market entities. It mandates governance, incident response, and disclosure of material cyber incidents, requiring a board-approved strategy, defined risk tolerance, and a Computer Emergency Response Team. Entities must report material cyber incidents to the Commission within five days and conduct biennial cybersecurity audits.
Policy & regulation Rules & requirements Cyber resilience
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2025-12-17•Andorra•Andorran Financial Authority
The Andorran Financial Authority has issued Decree 456/2025 amending International Financial Reporting Standards as adopted in the European Union (IFRS-EU) and updating the 2016 decree establishing the IFRS-Andorra accounting framework. The changes apply to operating entities in the Andorran financial system and Andorran and foreign collective investment undertakings and other investment products.
Policy & regulation Rules & requirements Accounting and financial reporting
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2025-12-17•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo reported on a meeting between Governor Ahmet Ismaili and representatives from the Austrian, German, and Swiss embassies, focusing on financial sector developments and reforms, particularly the Green Card system. Discussions highlighted progress in legal frameworks and European integration efforts. Governor Ismaili expressed gratitude for the support in enhancing Kosovo's financial system integrity and alignment with EU standards.
Policy & regulation Cooperation Domestic cooperation
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2025-12-17•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a sanctions notice on updates to the UK Iran (Nuclear) regime, including removals and amendments, while maintaining asset-freeze measures under other regimes. Mohammad Ali Jafari has been removed from the UK Iran (Nuclear) regime but remains under an asset freeze, and the ISLAMIC REVOLUTIONARY GUARD CORPS QODS FORCE has been amended. Firms must identify relationships with designated entities and report findings to the States of Guernsey Policy & Resources Committee and the Commission.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-12-17•Europe•European Central Bank
The European Central Bank's Governing Council has proposed extending Frank Elderson's term as Vice-Chair of the ECB’s Supervisory Board until the end of his mandate as an ECB Executive Board member. This extension requires European Parliament approval and compliance with ECB Rules of Procedure. Following the parliamentary vote, the Council of the European Union is expected to formalize the decision.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-17•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission announced the removal of four entries from the UK Syria sanctions regime, which remain subject to asset freezes under other UK regimes in Guernsey. The entities include Mohammad Ali Jafari, Hossein Taeb, the Islamic Revolutionary Guard Corps Qods Force, and the Scientific Studies and Research Centre. Businesses must verify relationships with these entities, freeze assets, report to the States of Guernsey Policy & Resources Committee, and comply with reporting obligations to the Commission.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-12-17•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) approved a technical cooperation agreement with the Federal Accounting Council (CFC) for reciprocal sharing of restricted information, particularly about independent auditors. This aims to overcome confidentiality barriers and reaffirms joint initiatives under the Continuing Professional Education and External Quality Review Programs. The agreement is valid for 10 years and may be extended.
Policy & regulation Cooperation Auditing Domestic cooperation
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2025-12-17•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) accepted settlement proposals totaling BRL 1.105 million to resolve proceedings against investor relations directors for not promptly disclosing material facts. Leonardo George de Magalhães of Companhia Energética de Minas Gerais will pay BRL 705,000, and André Covre of Diagnósticos da América S.A. will pay BRL 400,000. The CVM Board approved the settlements following recommendations from the Settlement Committee and the Office of the Federal Prosecutor.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-17•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) concluded four administrative proceedings, fining Sebastian Kunert BRL 255,000 for unauthorized securities portfolio management, while dismissing charges in three other cases. KPMG and its partner were acquitted of audit irregularities, as were ICLA Consultoria S.A. and others in a private equity fund case, despite a dissenting vote. BDO RCS Auditores Independentes SS and its partner were also acquitted in an audit report case, with a preliminary challenge rejected.
Enforcement Investigations & enforcement actions Auditing
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2025-12-17•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has revoked the accreditation of Mr. Panagiotis Petropoulos as the Securities Dealer Representative of Nexify Capital Limited, effective 17 December 2025, under section 4(1)(m) of the Financial Services Authority Act, 2013.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-17•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority (FSA) issued a warning that the website https://drwinxgolballtdopt.cc is not associated with any licensed or regulated entity. The FSA advised investors and the public to thoroughly research entities before engaging in financial transactions or sharing personal information.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-17•Fiji•Reserve Bank of Fiji
The Reserve Bank of Fiji and the Asian Development Bank concluded the pilot phase of the Women Entrepreneurs WE Finance Initiative Code, reporting progress in reducing the gender gap in financial access and supporting women-led enterprises. Signatories committed to enhancing data systems, developing tailored products, and expanding outreach, with a milestone being the Fiji government's approval of a new definition for women-owned micro, small, and medium enterprises (MSMEs).
Policy & regulation Implementation, projects & pilots Financial inclusion
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2025-12-17•Global•ISDA
The International Swaps and Derivatives Association (ISDA) outlined its 2026 priorities for modernizing over-the-counter derivatives markets, focusing on capital rules, US Treasury clearing, trade reporting, and tokenization-related collateral management. Key initiatives include analyzing US Basel III proposals, responding to the European Commission's trading book consultation, addressing US Treasury clearing pressures, engaging with regulatory reporting consultations, and exploring tokenization to expand collateral eligibility.
Policy & regulation Reform agendas & priorities Prudential risks Market infrastructure
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2025-12-17•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has released a draft circular for public comment, proposing amendments to enhance foreign investors' access to the Vietnamese securities market. Key changes include a new order-routing model via overseas brokers, adjustments to the NPF mechanism, and revised disclosure obligations. The draft also outlines updated trading methods and settlement requirements for foreign investors.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-17•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission issued Notice No. 159/TB-UBCK mandating individuals listed in an attached schedule to pay a VND 1,000,000 licence fee for a securities practising certificate, as per Ministry of Finance Circular No. 25/2022/TT-BTC. Payment can be made via bank transfer or in person, with specific instructions on details required. Failure to collect the certificate within one year will result in cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-17•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in an annex to pay a fee of VND 1,000,000 for the issuance of securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer to specified accounts or directly at the Commission. Failure to collect the certificate within one year of the fee payment notice will result in cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-17•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached schedule to pay a VND 1,000,000 licensing fee to complete the securities practice certificate process, 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 procedures within one year will result in the cancellation of the granted certificate.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-17•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services reported 20 bills to the House and reauthorized the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity through July 22, 2026. The package addresses banking supervision, bank merger review, regulator transparency, housing, flood insurance, and capital formation. Key measures include studies on rural depository institutions, adjustments to asset thresholds for banks, and enhanced reporting requirements for federal banking agencies.
Policy & regulation Rules & requirements Regulatory burden Prudential risks
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2025-12-17•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services advanced the bipartisan Housing for the 21st Century Act to boost housing supply and affordability by updating federal programs and removing regulatory barriers. Key reforms include streamlining reviews, modernizing environmental standards, and enhancing coordination between HUD and USDA. The bill also proposes adjustments to FHA loan limits and clarifies HUD's role in manufactured housing.
Policy & regulation Rules & requirements Other
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2025-12-17•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission announced a fee of VND 1,000,000 for the issuance of securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Certificates not claimed within one year will be cancelled.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-17•Canada•Financial Transactions and Reports Analysis Centre of Canada
FINTRAC provided crucial financial intelligence for Project CHICKADEE, aiding in dismantling an auto theft ring exporting stolen vehicles. Led by the Canada Border Services Agency and Ontario Provincial Police, the operation recovered 306 vehicles worth CAD 25 million, resulting in 20 arrests and 134 charges. Seizures included firearms, vehicle documentation, and cash, with ongoing investigations into proceeds-of-crime offences.
Enforcement Investigations & enforcement actions AML and CFT
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2025-12-17•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has extended the deadline for NR Instant Produce Public Company Limited to submit and disclose rectified interim financial statements for Q1 and Q2 2025 to 26 December 2025. The extension follows NRF's request for additional time to address inventory count differences at its subsidiary and complete auditor reviews.
Supervision Authorisations & approvals Accounting and financial reporting
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2025-12-17•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic suspended the licence of Dirham KTK exchange bureau in Bishkek for violations of national legislation and regulatory requirements. The suspension is effective from 17 to 31 December 2025.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-17•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has amended the 2020 Board resolution on the Regulation of the Special Regulatory Regime. The updated resolution is available on the bank's website under the banking legislation section.
Policy & regulation Rules & requirements
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2025-12-17•Sweden•Finansinspektionen
Sweden's Financial Supervisory Authority (Finansinspektionen) has repealed rules mandating quarterly statistics submissions by certain securities firms, citing limited need for standalone reporting. The information is now accessible through other regulatory reporting. The repeal, enacted via FFFS 2025:13, is effective from 1 January 2026.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-17•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has amended its rules on reporting quarterly and annual financial statement data, updating the reporting template and instructions. Changes are driven by the update of Sweden’s industry classification standard from SNI 2007 to SNI 2025, affecting the “Standard report” template and instructions. The amendments, effective from 1 January 2026, apply to reporting with a balance sheet date of 31 March 2026.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-17•Canada•New Brunswick Financial & Consumer Services Commission
The Financial and Consumer Services Commission of New Brunswick issued a warning that 3Red Groups Limited is not registered to deal or advise in securities or derivatives in New Brunswick. The firm claims to be based in London, UK. Investors are advised to avoid unregistered firms and verify registration status using the National Registration Search tool.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-17•United States•Federal Reserve Board
The Federal Reserve Board has withdrawn its 2023 policy statement and issued a new one to facilitate responsible innovation among Board-supervised banks. The updated policy allows both insured and uninsured state member banks to engage in certain innovative activities, reflecting changes in the financial system and the Board's evolving understanding of innovative products and services.
Policy & regulation Guidance & interpretation Fintech and insurtech
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2025-12-17•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) is reviewing its policy framework to identify barriers to online investment advice, including hybrid and automated models, aiming to enhance access to affordable, tailored advice. Firms currently rely on exemptive relief due to the lack of a dedicated framework for these models. The review will assess the need for further policy development and consider technology-augmented approaches under CIRO’s “Access to Advice” strategic pillar.
Policy & regulation Reform agendas & priorities Fintech and insurtech
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2025-12-17•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority approved six companies for non-banking financial activities, including real estate investment funds, factoring, investment fund management, and mortgage finance. Approved entities include Awaed Real Estate Investment Fund, Thunder Fund, Nawy Shares Fund, BFI Cash, Okaz Asset Management, and EFG Financial Solutions. The committee operates under FRA Chairman’s Decision No. 3060 of 2023.
Supervision Authorisations & approvals Licence approval
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2025-12-17•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority highlighted chair Mohamed Farid's remarks at the Al Baraka Regional Forum, emphasizing weak domestic saving as a key factor in rising sovereign debt. Farid discussed the Authority's legislative overhaul supporting sukuk issuance and takaful insurance, noting increased sustainable finance issuance, including sustainability bonds and sukuk. He reported growth in real estate funds and digital platforms, with sukuk issuance reaching EGP 33.5bn after regulatory updates.
Policy & regulation Rules & requirements Climate risk and sustainable finance
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2025-12-17•United States•U.S. Securities & Exchange Commission
The SEC's Division of Trading and Markets clarified Rule 15c3-3 for broker-dealers custodying crypto asset securities, allowing "physical possession" under specific conditions. The statement emphasizes policies to protect private keys but doesn't address "control," previously covered in an FAQ. Commissioner Hester M. Peirce urged proposing amendments to Rule 15c3-3 for crypto asset custody.
Policy & regulation Guidance & interpretation Client asset custody and safekeeping Tokenization
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2025-12-17•United States•U.S. Securities & Exchange Commission
The U.S. SEC's Division of Trading and Markets clarified that broker-dealers can have "physical possession" of crypto asset securities under specific conditions. This non-objection stance includes safeguards like asset access, written policies on distributed ledger technology, and private key protection. The statement is an interim measure as the Commission evaluates broader custody issues and feedback.
Policy & regulation Guidance & interpretation
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2025-12-17•United States•U.S. Securities & Exchange Commission
The SEC’s Division of Trading and Markets released FAQs on trading and settlement for exchanges and alternative trading systems in crypto. Commissioner Hester M. Peirce emphasized their role as guidance for regulated platforms and requested information to assist the SEC Crypto Task Force in evaluating market structure changes. Topics include Regulation NMS and ATS impacts, disclosure requirements, and regulatory forms' applicability to crypto trading systems.
Policy & regulation Guidance & interpretation Trading
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2025-12-17•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) filed an amicus brief with the U.S. Court of Appeals for the Tenth Circuit in National Association of Industrial Bankers v. Weiser, arguing that the decision undermines the federal interest rate framework and disadvantages state banks. Comptroller Jonathan V. Gould emphasized the decision's inconsistency with Congress's intent for competitive equality between state and national banks. The OCC supports the dual banking system and the Federal Deposit Insurance Corporation's related amicus filing.
Policy & regulation Guidance & interpretation Other
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2025-12-17•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) proposed guidance to simplify the strategic plan process for community banks under the Community Reinvestment Act (CRA). The proposal aims to reduce regulatory burden by clarifying plan requirements and streamlining submission for OCC approval, allowing banks to tailor CRA examinations to local needs and their strategies. This initiative is part of broader reforms to reduce community bank burdens.
Policy & regulation Guidance & interpretation Regulatory burden
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2025-12-17•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision's Q3 2025 statistics show stable capital and asset quality but slightly weaker profitability and liquidity among significant institutions. The Common Equity Tier 1 (CET1) ratio decreased marginally to 16.10%, and the liquidity coverage ratio fell to 156.73%. Non-performing loans remained steady at 2.22%, with sector-specific NPL ratios varying, and total loans and advances increased by EUR 30.95 billion.
Data & statistics Capital adequacy Liquidity risk
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2025-12-17•Europe•European Central Bank - Banking Supervision
The European Central Bank Governing Council has proposed extending Frank Elderson's term as Vice-Chair of the ECB Supervisory Board until the end of his mandate as an Executive Board member. The extension requires approval from the European Parliament and a subsequent Council of the EU implementing decision. Elderson will appear before the European Parliament's Committee on Economic and Monetary Affairs for a hearing.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-17•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway has recalculated and republished the base rates for January 2026 due to errors in the underlying data. These rates, set by assignment from the Ministry of Finance, are based on market interest rate conditions for residential mortgage loans as outlined in the Tax Act regulations.
Policy & regulation Implementation, projects & pilots Monetary data
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2025-12-17•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority fined Lucerne Capital Management LP NOK 125,000 for breaching major shareholding disclosure rules. Lucerne failed to promptly notify Oslo Børs after crossing the 5% threshold in Agilyx ASA, due to inadequate internal oversight. Finanstilsynet stressed the need for immediate disclosures and robust compliance systems.
Enforcement Investigations & enforcement actions Disclosures
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2025-12-17•Myanmar•Central Bank of Myanmar
The Central Bank of Myanmar warned about counterfeit banknotes, often made on A4 sheets with high-quality photocopiers, distinguishable by a shiny finish and lack of raised printing. It reminded the public that using counterfeit notes is illegal under the Central Bank of Myanmar Act, with penalties including fines and imprisonment, and stated it is working with law enforcement agencies.
Supervision Alerts Fraud and scams
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2025-12-17•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren has requested records from the independent monitor of the 2012 National Mortgage Settlement about second mortgages allegedly extinguished under the settlement, amid reports of debt collectors foreclosing on these "zombie" mortgages. Concerns arise that banks, including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial, may have received settlement credit for forgiving over USD 15 billion in second mortgages while potentially selling these loans to debt collectors.
Policy & regulation Implementation, projects & pilots Other
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2025-12-17•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs' Ranking Member, Senator Elizabeth Warren, commented on the D.C. Circuit's decision to review en banc a case against the Trump Administration's attempt to close the Consumer Financial Protection Bureau, emphasizing the agency's role in returning over USD 21 billion to consumers and the importance of legal adherence to protect families.
Other Consumer and investor protection
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2025-12-17•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1095, reforming the public offering regime to streamline processes and reduce regulatory burdens for issuers. The reform simplifies Title II of the issuer framework, excluding Chapters III and IV, and removes eight regimes, 15 annexes, and five professional reports, while introducing over 15 new provisions. This initiative is part of CNV's broader deregulation agenda, complementing previous resolutions RG 1073 and RG 1076.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-17•Australia•Australian Competition and Consumer Commission
The Australian Competition and Consumer Commission accepted a court-enforceable undertaking from Equifax Australasia Workforce Solutions Pty Ltd to stop agreements restricting competitors' access to electronic payroll and superannuation data for income verification services. This follows concerns over anti-competitive practices in a 2021 agreement with SuperChoice Services. Equifax has amended the agreement to remove exclusivity and revenue-sharing provisions and informed data holders they can supply data to competitors.
Enforcement Investigations & enforcement actions Competition and market structure
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2025-12-17•India•Securities & Exchange Board of India
SEBI approved regulatory changes, replacing the 1992 stock broker framework with the Securities and Exchange Board of India (Stock Brokers) Regulations, 2025, and revising the mutual fund regime through the Securities and Exchange Board of India (Mutual Funds) Regulations, 2026. Updates include reorganizing stock broker regulations, revising mutual fund expenses, and amending IPO and corporate bond issuance processes. Additional changes involve lock-ins for pledged shares, incentivizing certain investors in public debt issues, and raising the High Value Debt Listed Entity threshold to INR 5,000 crore.
Policy & regulation Rules & requirements Corporate governance
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2025-12-17•South Korea•Bank of Korea
The Bank of Korea's Financial Statement Analysis for Q3 2025 shows improved growth indicators for non-financial companies compared to the previous quarter, with profitability indicators rising year-on-year.
Data & statistics Financial and market indicators Supervisory data
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2025-12-17•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 inclusion of national security provisions in the Fiscal Year 2026 National Defense Authorization Act, passed by the Senate. Key measures include the Protect Our Bases Act, enhancing CFIUS reviews of foreign land purchases near sensitive sites, and the FIGHT China Act, authorizing the Treasury to regulate U.S. investments in sensitive technologies in China.
Policy & regulation Rules & requirements Other
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2025-12-17•Vietnam•State Bank of Vietnam
Deputy Governor Nguyen Ngoc Canh chaired an IBEC Council meeting to review performance and set priorities, including updating founding documents and approving the 2026 budget. Member countries praised IBEC's resilience amid global challenges, noting its stable "A" rating from ACRA and "AAA" rating from Chengxin. The Council endorsed IT development and approved customer credit decisions, with Vietnam reaffirming its support as a founding member.
Institutional development Governance Other
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2025-12-17•Vietnam•State Bank of Vietnam
State Bank of Vietnam Deputy Governor Pham Tien Dung praised the Vietnam Cooperative Bank's trade union for its 2020–2025 performance and endorsed its modernization and digital transformation priorities for 2025–2030, emphasizing their importance for the People’s Credit Fund system's stability. Co-opBank reported a 9.13% increase in total operating capital and a 21.18% rise in lending as of November 2025, with expanded digital services via the CFeBank e-banking system.
Institutional development Mandate & organizational structure Other
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2025-12-17•Vietnam•State Bank of Vietnam
The State Bank of Vietnam’s Party Committee, led by Governor Nguyen Thi Hong, held its annual review conference for 2025, discussing draft reports and a resolution to set 2026 banking sector priorities. Key focus areas include effective monetary policy management, inflation control, exchange rate stabilization, and digital transformation. Feedback from the conference will inform the Standing Board’s resolution to guide leadership in 2026.
Policy & regulation Reform agendas & priorities Other
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2025-12-17•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury announced amendments to the UK’s Central African Republic (Sanctions) (EU Exit) Regulations 2020, effective 6 January 2026, to align with UN obligations. These changes lift the arms embargo against the Central African Republic's government while maintaining restrictions on armed groups. Firms are advised to review the amendments to ensure compliance, as non-compliance with sanctions legislation is a criminal offence.
Policy & regulation Rules & requirements Sanctions list update
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2025-12-17•Europe•European Insurance and Occupational Pensions Authority
The European Parliament has confirmed Damian Jaworski as the next Executive Director of the European Insurance and Occupational Pensions Authority (EIOPA), starting his five-year term on 1 April 2026. Jaworski, currently Director of the International Cooperation Department at Poland’s Financial Supervision Authority, will succeed Fausto Parente. EIOPA will now complete administrative steps to formalise the appointment.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-17•Europe•Single Resolution Board
The Single Resolution Board's Appeal Panel will undergo a change in composition, with new members starting a five-year term on 1 January 2026. The incoming members are Emilia Dimitrova, Gerard Gardella, Malgorzata Iwanicz-Drozdowska, Myrte Meijer Timmerman Thijssen, and Michele Siri. The panel, which reviews appeals against certain SRB decisions, will appoint a new Chair and Vice-Chair at their inaugural meeting.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-17•Moldova•National Bank of Moldova
The National Bank of Moldova reported on the IMF's Article IV mission, highlighting progress in financial-sector supervision and crisis management. The IMF and World Bank's Financial Sector Assessment Program found Moldova's banking system well-capitalized and liquid, due to a decade of structural reforms. Recommendations include enhancing risk-based supervision, identifying operational risks, and developing the emergency liquidity assistance framework.
Policy & regulation Peer reviews and country evaluations Supervision process and methodologies Financial stability and systemic risk
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2025-12-17•Australia•Department of Treasury (Australia)
Australia's Department of the Treasury has initiated a consultation to inform an independent review of the Enhanced Regulatory Sandbox, focusing on financial innovation barriers and the ERS's effectiveness. The consultation runs from 17 December 2025 to 6 February 2026.
Policy & regulation Other Fintech and insurtech
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2025-12-16•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission approved authorisation and supervisory decisions, including a prospectus for Ring Estates Company EAD’s bond issue and three prospectuses for Sopharma AD’s warrant offerings. Governance and market-infrastructure measures were also cleared, including amendments to Central Depository AD’s rules for Bulgaria’s euro transition. Additional approvals included management board appointments, budget approvals, and mutual fund offering notifications.
Supervision Authorisations & approvals Securities offerings and listings
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2025-12-16•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand announced modernized prudential capital rules, reducing system-wide common equity requirements by approximately NZD 5 billion and aligning capital instruments with Australian settings. Implementation begins in early 2026, with full adoption by 2028 under the new Deposit Takers Act, and further refinements and supporting materials will be published.
Policy & regulation Rules & requirements Capital adequacy
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2025-12-16•Chile•Ministry of Finance (Chile)
Chile's Ministry of Finance announced Senate approval of Kevin Cowan as a new board member of the Central Bank of Chile, replacing Stephany Griffith Jones. Finance Minister Nicolás Grau emphasized Cowan's technical expertise and financial-sector credentials. Cowan's appointment follows the tradition of maintaining economic policy knowledge in central bank decision-making.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-16•Colombia•Central Bank of Colombia
The Central Bank of Colombia amended External Regulatory Circular DCIP-83, updating procedures for foreign exchange operations, including credit substitutions and remittance accounts. Key changes involve new provisions for credit substitutions in different currencies, an exclusive-use account category for remittances, and new transaction codes. These amendments apply to foreign exchange market intermediaries and entities involved in international investments.
Policy & regulation Rules & requirements Foreign exchange policy and markets
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2025-12-16•Africa•GABAC
The Action Group against Money Laundering in Central Africa (GABAC) initiated a typologies study on money laundering, terrorist financing, and proliferation financing risks linked to environmental crime and illicit trafficking of precious stones and metals in Central Africa during a seminar in Chad. The event gathered experts and officials to discuss offences, risks, and reform options, and to develop a data set and research approach for the study.
Research AML and CFT
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2025-12-16•Israel•Bank of Israel
The Bank of Israel reported a larger net surplus in Israel's International Investment Position for Q3 2025, with residents' foreign assets increasing by USD 33 billion to USD 885 billion, surpassing the USD 16 billion rise in liabilities to USD 625 billion. This resulted in a USD 16 billion increase in the surplus of assets over liabilities to USD 260 billion, while gross external debt as a share of GDP decreased to 27.2 percent.
Data & statistics Balance of payments and other external statistics
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2025-12-16•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) will maintain the recognition of LCH Limited and LME Clear Limited, UK-based central counterparties, under the European Market Infrastructure Regulation (EMIR) until 30 June 2028. LCH Limited remains a Tier 2 CCP, while LME Clear Limited is confirmed as Tier 1. ICE Clear Europe Limited was not included in this review, having been assessed in 2023.
Policy & regulation Rules & requirements CCPs
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2025-12-16•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) released its Statistical Bulletin for the first half of 2025, highlighting double-digit profit growth for banks and rising profits for insurers, while non-financial corporates saw weaker net results. Banks reported EUR 16.7bn in profits, up 11.9%, with insurers' profits increasing by 5.9% to EUR 3bn. SMEs on Euronext Growth Milan achieved an 8.4% profit rise to EUR 178m, driven by strong turnover growth.
Data & statistics Activity and performance reporting
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2025-12-16•Europe•European Financial Reporting Advisory Group
EFRAG's progress report on its VSME Market Acceptance Survey shows growing awareness and positive acceptance of the Voluntary Sustainability Reporting Standard for SMEs. Benefits include improved access to finance and strategic advantages, while challenges involve limited training and unclear methodologies. EFRAG plans further guidance and digital tool development, with a second survey and potential voluntary standard by the European Commission in 2026.
Policy & regulation Implementation, projects & pilots Accounting and financial reporting
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2025-12-16•Australia•Australian Securities & Investments Commission
ASIC has revised Regulatory Guide 181 to improve conflict of interest management for Australian financial services licensees. The updated guidance aligns with legal developments, incorporates regulatory insights, and offers practical conflict management steps. Replacing the 2004 guidance, it follows public consultation and supports ASIC's regulatory maintenance agenda.
Policy & regulation Guidance & interpretation Corporate governance
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2025-12-16•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has banned Sydney-based mortgage broker Thi Hoa Trieu from credit activities for 10 years and cancelled her Australian credit licence, effective 8 December 2025. ASIC found she made false or misleading statements in compliance certificates and failed to maintain proper records, pay industry levies on time, and comply with conduct obligations. Ms Trieu can seek a review by the Administrative Tribunal.
Enforcement Investigations & enforcement actions Fitness and propriety
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2025-12-16•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) was named National Best Public Body 2025 in the Public Information Openness Awards and received the Arkaya Wiwarta Prajanugraha award. OJK also secured second place in the state institutions and non-ministerial government agencies category with a score of 98.70. The authority's transparency efforts include enhanced PPID governance, a new mobile app, and improved accessibility features on its website.
Other
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2025-12-16•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission announced that AfrAsia Bank Limited has surrendered the Representative of Investment Adviser (Unrestricted) licence held by Mr. Raveen Sewchand Ramlakan. The licence termination, effective from 28 November 2025, complies with sections 28(5) and 28(9) of the Financial Services Act.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-16•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market adopted rules on self-regulatory organizations, licensing amendments, and disclosure procedures for managers' transactions. It approved its 2026 rule-making plan, amended the 2025 plan, and addressed registration and licensing matters, including significant participations and corporate bond issuances. The Commission also prohibited certain securities transactions and changes to the depository accounting system for JSC Southern Mining and Processing Plant.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-16•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten, in its December 2025 Economic Bulletin, reports strong tourism-led growth in 2025 and positive prospects for both economies, while underscoring high vulnerability to external shocks, commodity price volatility and climate-related disruptions, amplified by rising United States–Venezuela tensions. It details potential transmission channels from escalating regional tensions and calls for stronger fiscal frameworks and buffers, better execution of multi-annual public investment, long-term sustainability of health care and social insurance systems, and diversification of regional trade links, including a partial scope trade agreement between Curaçao and Trinidad and Tobago.
Policy & regulation Reform agendas & priorities Economic data and developments Financial stability and systemic risk
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2025-12-16•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) issued an interim final rule amending the special assessment on banks to align collections with a revised loss estimate of USD 16.7 billion from the 2023 systemic risk exception. The rule adjusts the final quarterly collection in early 2026 and includes provisions for offsets or additional charges based on the outcome of SVB Financial Trust litigation and the termination of receiverships.
Policy & regulation Rules & requirements Financial stability and systemic risk