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2025-12-16•Vietnam•State Bank of Vietnam
State Bank of Vietnam Deputy Governor Pham Thanh Ha stressed the need for substantial financial resources and improved allocation to achieve growth targets of at least 8% in 2025 and double-digit growth from 2026 to 2030. The focus is on a growth model based on science, technology, and innovation, supported by resolutions on digital transformation, international integration, law reform, and private sector development. Contributions from the Vietnam Economic Forum 2025 will inform policy to enhance the financial system's role in resource mobilization and allocation.
Policy & regulation Reform agendas & priorities Monetary policy decisions and developments
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2025-12-16•Trinidad & Tobago•Central Bank of Trinidad & Tobago
The Central Bank of Trinidad and Tobago's Annual Report 2024 outlines key actions, including maintaining the repo rate at 3.50% and reducing the primary reserve requirement for banks from 14.0% to 10.0%. It details Basel III measures, fintech oversight, and payments reforms, including migration to ISO 20022 standards and amendments to the E-money Issuer Order. Future priorities include enhancing deposit insurance, fast payments, cybersecurity, and climate change preparedness, alongside industry consultations on financial regulations and a new Risk-Based Supervision Framework.
Monetary policy Monetary policy instruments & operations
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2025-12-16•Europe•Single Resolution Board
The Single Resolution Board has updated Expectations on Valuation Capabilities, urging banks to prepare standardized, high-quality data for independent valuations in crises. Part of the SRM Vision 2028 strategy, it emphasizes accurate management information systems and incorporates feedback from a recent public consultation. These new expectations, replacing 2020 guidance, require progressive implementation by banks by the end of 2029.
Policy & regulation Guidance & interpretation Recovery and resolution
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2025-12-16•Trinidad & Tobago•Central Bank of Trinidad & Tobago
The Central Bank of Trinidad and Tobago's Annual Report 2024 highlights a reduction in the primary reserve requirement to 10% and the issuance of guidelines on Basel III and Domestic Systemically Important Banks. It details enhancements in payment systems, including the closure of the manual clearings house and amendments to the E-money Issuer Order. The report notes collaboration with the Ministry of Digital Transformation and the Government of India on the United Payments Interface, with net official reserves at USD 5.7 billion as of September 2024.
Policy & regulation Rules & requirements Market infrastructure Payments and payment systems
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2025-12-16•Moldova•National Bank of Moldova
The National Bank of Moldova has launched a digital service for obtaining official exchange rate information for the Moldovan leu against foreign currencies, replacing the paper-based process. The automated service offers real-time data based on user-selected criteria, available in Romanian and English, and includes a QR code and electronic signature for validation. This aids financial reporting, foreign exchange transactions, and other procedures requiring official rate confirmation.
Policy & regulation Implementation, projects & pilots Currency and cash management
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2025-12-16•Moldova•National Bank of Moldova
The National Bank of Moldova will host a conference on 19 December 2025, titled “BNM 2025 – Momentum European: A year of progress and integration,” focusing on Moldova's integration into the European financial architecture. Topics include digital payments, payment system security, and Moldova's connection to the Single Euro Payments Area (SEPA) and MIA Instant Payments. The SEPA accession process, initiated in January 2024, was completed with Moldova's operational connection on 6 October 2025, enhancing access to competitive payment services.
Policy & regulation Implementation, projects & pilots Cross-border cooperation Payments and payment systems
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2025-12-16•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank reported that Dutch life insurers acquired about EUR 7 billion in pension liabilities from pension funds over the past two years through buy-outs. This activity, involving firms like Achmea and Nationale Nederlanden, increased insurers' pension scheme value to EUR 230 billion, representing 15% of total pension provisions. The buy-outs are linked to favourable market conditions and offer insurers growth opportunities while simplifying transitions for pension funds.
Data & statistics Financial and market indicators Supervisory data
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2025-12-16•United Arab Emirates•Central Bank of the UAE
The Central Bank of the United Arab Emirates (CBUAE) board approved new regulations on insurance licensing, brokers, and telemarketing to enhance consumer protection and market efficiency. The board reviewed key projects, including the International Central Securities Depository and Real Time Gross Settlement System, reporting 95% target achievement in the “Ithraa” Emiratisation Programme. Additionally, the CBUAE plans to expand central bank participation in the UAE’s payment systems in 2026, enhancing cross-border payments and settlement efficiency.
Policy & regulation Rules & requirements Other
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2025-12-16•Vanuatu•Reserve Bank of Vanuatu
The Reserve Bank of Vanuatu issued a public warning about counterfeit polymer vatu banknotes, urging vigilance among the public and outlining security features for genuine notes. The central bank is collaborating with police to trace the source and prevent further distribution, emphasizing that passing counterfeit currency violates Reserve Bank of Vanuatu law.
Supervision Alerts Other
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2025-12-15•Jordan•Jordan Securities Commission
The Jordan Securities Commission signed a memorandum of understanding with the Public Security Directorate to enhance cooperation on programs aimed at addressing emerging crimes, supporting law enforcement, and increasing public awareness. The agreement includes joint coordination on crime prevention and specialized training for Criminal Investigation Department staff in financial, banking, and electronic aspects of cybercrime.
Policy & regulation Cooperation Domestic cooperation
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2025-12-15•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic's quarterly Continuous National Labour Force Survey for July–September 2025 reported a 2.4% increase in employment, adding 119,965 workers, with the employment rate rising to 63.1%. Formal employment contributed 73.8% of the net increase, while broader labour underutilisation fell to 9.3%. The survey highlighted significant employment gains among women and those with higher education, despite a challenging international environment affecting investment and economic growth.
Data & statistics Economic data and developments
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2025-12-15•Panama•Superintendencia de Bancos de Panama
The Board of Directors of the Superintendency of Banks of Panama has appointed Felipe Echandi Lacayo as president and David Davarro Palacios as secretary for the term from 16 December 2025 to 15 December 2026. These appointments were formalized through a board resolution on 12 November 2025. The Board serves as the highest advisory and regulatory body, setting the interpretation and scope of banking regulations.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-15•Italy•Bank of Italy
The Bank of Italy released survey results on household bank account costs for 2024, detailing actual management expenses incurred by families as recorded in bank statements.
Data & statistics Financial and market indicators
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2025-12-15•Global•Egmont Group
The Egmont Group Secretariat hosted senior representatives from FIU Kazakhstan to enhance operational cooperation and improve information sharing and capacity building among member financial intelligence units. Discussions included upcoming projects, regional priorities, and strategies to strengthen collaboration.
Policy & regulation Cooperation Cross-border cooperation
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2025-12-15•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission highlighted the expansion of Angola’s capital market intermediaries at the inauguration of SAVINGS – Sociedade Distribuidora de Valores Mobiliários, S.A.'s new headquarters in Luanda. Executive Administrator Vasco Januário noted the growth from three brokerage firms and one distributor in 2022 to ten brokerage firms and thirteen distributors, emphasizing the need for strong institutions and governance. The Commission aims to promote a stable regulatory environment and reinforce investor confidence.
Other Market development
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2025-12-15•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority (DFSA) updated its rules for Crypto Tokens in the Dubai International Financial Centre, effective 12 January 2026, making firms responsible for assessing token suitability. The DFSA will no longer provide a list of Recognised Crypto Tokens and has issued guidelines on evaluating factors like token governance, traceability, and regulatory status. A separate policy outlines the DFSA's approach to "Fiat Crypto Tokens," including requirements for price stability, reserve arrangements, and monthly disclosures, with Circle Euro Coin, Circle USD Coin, and Ripple USD deemed suitable.
Policy & regulation Rules & requirements Stablecoins
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2025-12-15•Africa•GABAC
GABAC and SecFin Africa held a forum in Brazzaville to enhance compliance with anti-money laundering and counter-terrorist financing requirements among DNFBPs in Central Africa. Attended by around 50 participants, it focused on DNFBP-specific legal obligations, practical constraints, and proposed support mechanisms, with plans to document outcomes into an awareness manual.
Policy & regulation Implementation, projects & pilots AML and CFT
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2025-12-15•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) released a Final Report proposing regulatory technical standards under the MiFIR Review, focusing on derivatives trade transparency, package orders, and consolidated tape data for OTC derivatives. Key proposals include revised transparency requirements for exchange traded and OTC derivatives, a streamlined deferral regime, and amendments to data quality requirements for consolidated tape providers. The report has been submitted to the European Commission for endorsement, with new rules anticipated to apply from 1 March 2027.
Policy & regulation Rules & requirements Regulatory burden
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2025-12-15•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) updated its Q&A guidance on collective investment institutions, venture capital entities, and MiFID II, and introduced a new Q&A block on the Markets in Crypto-assets Regulation (MiCA) to enhance investor protection. Updates include criteria for periodic redemptions in free-investment collective investment institutions, transparency expectations for venture capital entities, and clarifications on influencer advertising under MiFID II. The MiCA Q&A outlines criteria for authorisation and notification, with a transitional period ending on 1 July 2026.
Policy & regulation Guidance & interpretation Fintech and insurtech Regulatory burden
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2025-12-15•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has released the first three of eight educational modules to help smaller companies and report preparers understand Australia's new sustainability reporting requirements, including climate-related financial disclosures. Developed with the Australian Accounting Standards Board, these modules cover the Corporations Act 2001's sustainability reporting requirements, climate change basics, and climate-related physical risks. These requirements begin for financial years starting on or after 1 January 2025.
Financial literacy & education Climate risk and sustainable finance
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2025-12-15•Australia•Australian Securities & Investments Commission
ASIC has secured commitments from ASX Group for a reform package addressing deficiencies from the ASX Inquiry interim report. Key measures include enhanced independence and governance for ASX’s clearing and settlement boards, a reset of the ‘Accelerate’ transformation program with new targets, and an additional AUD 150 million capital charge on ASX Limited until remediation is completed. ASIC and the Reserve Bank of Australia will enhance their joint supervisory model for clearing and settlement facilities.
Policy & regulation Implementation, projects & pilots Market infrastructure Corporate governance
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2025-12-15•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand has initiated civil proceedings against ASB Bank Limited for breaches of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, with ASB admitting liability and both parties recommending a penalty of NZD 6.73 million. The Reserve Bank clarified that it does not allege ASB's involvement in money laundering or terrorism financing, and the final penalty decision is pending in the High Court.
Enforcement Investigations & enforcement actions AML and CFT
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2025-12-15•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market will present a draft law to amend the Tax Code to promote individual investment and support national issuers, including the introduction of investment accounts. The proposal allows Ukrainians to open investment accounts with tax-free passive income if funds are held for five years, while early withdrawals will be taxed normally.
Policy & regulation Rules & requirements SME financing
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2025-12-15•Peru•Central Bank of Peru
The Central Bank of Peru reported a 63.1% year-on-year increase in traditional exports for October 2025, reaching USD 7,164 million, driven by higher gold and copper prices and increased mineral export volumes. Traditional mining exports rose 68.1% to USD 6,497 million, while agricultural exports grew 86.7% to USD 343 million, primarily due to higher coffee export values. Over the first ten months of 2025, traditional export values increased 22.3% to USD 55,225 million, supported by a 20.1% rise in prices.
Data & statistics Balance of payments and other external statistics
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2025-12-15•Mozambique•Insurance Supervision Institute of Mozambique
The Insurance Supervision Institute of Mozambique hosted the inaugural Aposte no Seguro marathon in Maputo to enhance public awareness of risk protection through a 7 km run and insurance-focused financial education. Over 250 participants, including industry professionals, engaged in health and wellbeing activities, with Chair Ester dos Santos José emphasizing the event's role in promoting an insurance culture. The marathon will continue as part of broader financial education initiatives.
Financial literacy & education Financial literacy and education
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2025-12-15•Ecuador•Superintendencia de Bancos de Ecuador
Ecuador's Superintendency of Banks has formalized an academic cooperation agreement with Espíritu Santo University to enhance training for its staff and integrate supervisory expertise into university teaching. The agreement allows SB employees access to various UEES educational programs, while UEES will incorporate SB's technical experience into its curriculum.
Institutional development Cooperation & capacity building Capacity building
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2025-12-15•Morocco•Moroccan Insurance Authority (ACAPS)
Morocco's Supervisory Authority of Insurance and Social Welfare (ACAPS) and Mohammed VI Polytechnic University have signed a framework cooperation agreement to enhance education, training, and research in the insurance and social welfare sectors. The collaboration will leverage UM6P’s academic resources and ACAPS’ regulatory expertise to develop joint projects, including training programs and financial education initiatives.
Institutional development Cooperation & capacity building Capacity building Financial literacy and education
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2025-12-15•Georgia•National Bank of Georgia
The National Bank of Georgia released an interactive press release detailing money transfer statistics for November 2025, accessible on its website's statistics section.
Data & statistics Financial and market indicators Supervisory data
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2025-12-15•Indonesia•Bank Indonesia
Bank of Indonesia reported a decline in Indonesia’s external debt to USD 423.9 billion in October 2025, with a 0.3% annual growth driven by higher public sector debt. Government external debt increased to USD 210.5 billion, while private external debt decreased to USD 190.7 billion. The external debt-to-GDP ratio was 29.3%, with long-term debt comprising 86.2% of total external debt.
Data & statistics Balance of payments and other external statistics
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2025-12-15•United States•Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia launched the Price and Inflation Expectations Survey (PIES) data explorer, providing a decade of firm-level expectations data on prices and inflation. The first quarterly report shows a decline in firms' price forecasts to 2.6% for 2025-2026, with reported price growth at 3.0% for Q4 2025 and stable compensation cost growth at 3.3%. Median U.S. inflation expectations for the next year decreased to 3.0%.
Data & statistics Economic data and developments
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2025-12-15•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) has been recognized as a "Reforms Champion" by Prime Minister Muhammad Shahbaz Sharif for its role in modernizing the Companies Act, 2017. In collaboration with the Board of Investment and international consultants, SECP aims to decriminalize outdated provisions, simplify compliance, and enhance digitalization, corporate governance, and transparency.
Policy & regulation Reform agendas & priorities Other
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2025-12-15•Europe•European Banking Authority
The European Banking Authority and European Central Bank's 2025 report on payment fraud in the European Economic Area notes a stable fraud rate of 0.002% in 2024 but an increase in total fraud value to EUR 4.2 billion. Strong customer authentication remains effective, yet fraudsters are adapting, targeting transactions with exemptions or manipulating users. The report supports ongoing policy and supervisory actions under PSD2 and ECB regulations.
Data & statistics Fraud and scams Consumer and investor protection
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2025-12-15•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority updated a sector notice on optional flexibilities for credit institutions under Danish financial reporting rules on impairments, focusing on forbearance, financial difficulties, and contract breaches. It allows classifying exposures with credit impairment indications in a weak stage 2 segment, with conditions for assessing forbearance and group company support. It clarifies that accounting rules do not mandate a specific days-past-due backstop, despite the CRR's 90-day regulatory default backstop.
Policy & regulation Guidance & interpretation Regulatory reporting
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2025-12-15•Lithuania•Bank of Lithuania
The Bank of Lithuania reported a 49.8% increase in the current account surplus to EUR 527.7 million in October 2025, driven by a shift in the primary income balance to a EUR 6.1 million surplus due to higher EU subsidies. Goods exports and imports decreased, narrowing the foreign trade deficit by 4.3% to EUR 509.9 million, while the services surplus fell by 14.3% to EUR 956.7 million. The financial account saw a positive net investment flow of EUR 908.3 million, primarily from a EUR 744.0 million net inflow in portfolio investment.
Data & statistics Balance of payments and other external statistics
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2025-12-15•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC has denied Yellow Sands Trading Pty Ltd's remittance registration renewal, barring Raiyyan Exchange from offering money transfer services in Australia due to significant deficiencies in managing money laundering and terrorism financing risks. AUSTRAC advises verifying remittance registrations and warns that unregistered services are a criminal offence. It highlights elevated money laundering risks with offsetting arrangements and stresses compliance with anti-money laundering obligations. Raiyyan Exchange may seek a review of this decision.
Supervision Authorisations & approvals AML and CFT
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2025-12-15•Portugal•Portuguese Insurance Regulator (ASF)
The President of Portugal's Insurance and Pension Funds Supervisory Authority (ASF) emphasized consumer protection, product sustainability, and long-term savings in the insurance and pension sectors. ASF highlighted concerns over medical inflation in health insurance, rising uninsured motor accident claims, and the need for revitalized retirement savings products. The authority also plans stricter oversight of credit-linked insurance to prevent imbalances.
Supervision Supervision approach, priorities & toolkit Consumer and investor protection Financial inclusion
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2025-12-15•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced an increase in the 2026 dollar threshold for higher-priced mortgage loans subject to special appraisal requirements to USD 34,200 from USD 33,500. Effective January 1, 2026, this reflects a 2.1% annual increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. The special appraisal requirements are mandated by Dodd-Frank Act amendments to the Truth in Lending Act.
Policy & regulation Rules & requirements Lending
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2025-12-15•United States•Consumer Financial Protection Bureau
The Federal Reserve Board and the Consumer Financial Protection Bureau have set the 2026 dollar threshold for consumer credit and lease transactions under Regulation Z and Regulation M at USD 73,400, reflecting a 2.1% CPI-W increase. Private education loans and real property-secured loans, including mortgages, remain subject to Regulation Z regardless of size.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-12-15•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) conducted its first prosecution under the Data Protection Act 2018, with Luke Coleman pleading guilty to unlawfully obtaining and disclosing personal data. Coleman, an employee of Virgin Media O2, sold confidential customer information linked to a crypto scam causing significant investor losses. He was fined GBP 384, with additional costs, while his employer suspended him pending investigation.
Enforcement Investigations & enforcement actions Fraud and scams Data protection
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2025-12-15•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) fined Neil Sedgwick Dwane £100,281 for insider dealing and banned him from UK financial services. Dwane, an adviser to ITM Power Plc, traded on inside information before a significant share price drop, profiting £26,575. He settled with a 30% discount on the penalty, which would have been £126,575 plus interest without the discount.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-15•Gibraltar•Gibraltar Financial Services Commission
The Gibraltar Financial Services Commission released a thematic review evaluating Gibraltar Pension Scheme Operators' adherence to Regulations 14–19 of the Financial Services (Personal Pensions) Regulations 2020. The review aims to enhance supervisory insight into sector compliance and bolster consumer protection by improving standards.
Supervision Reviews, inspections & stress tests Compliance
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2025-12-15•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) has released proposals to advance the UK's cryptoasset regulatory framework, incorporating traditional finance-style regulations. Key areas include cryptoasset admissions, disclosures, market conduct, trading platforms, intermediaries, staking, lending, borrowing, decentralised finance (DeFi), and prudential safeguards. The proposals also address stablecoin issuer rules, insider trading prevention, and consumer protection measures.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-15•Austria•Austrian National Bank (OeNB)
The Austrian National Bank and Austria’s Financial Market Authority have outlined their joint banking supervision priorities for 2026, focusing on bank resilience, ICT security, AI supervision, ESG risk integration, and regulatory efficiency. Key initiatives include monitoring non-performing loans, cyberattack simulations, AI application engagement, and alignment with European Banking Authority guidelines. These priorities align with the Single Supervisory Mechanism's 2026 objectives.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies
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2025-12-15•Austria•Austria Financial Market Authority
The Austria Financial Market Authority and Oesterreichische Nationalbank outlined five priorities for 2026 banking supervision: strengthening banks' resilience, enhancing ICT security, and integrating ESG risks. Key measures include monitoring banks with high non-performing loans, cyber-attack simulations, and AI engagement. These align with the Single Supervisory Mechanism and European Banking Authority's objectives.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies
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2025-12-15•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) has issued a warning regarding a scam involving Industrial and Commercial Bank of China (Asia) Limited, linked to phishing instant messages and online fraud. The HKMA emphasized that banks will not send SMS or emails with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact their bank and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-12-15•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance outlined the 2026 Budget's tax reform package, featuring broad tax cuts and reduced withholdings for employees and pensioners. The package aims to boost growth, attributing 0.6 percentage points of the projected 2.4% growth for 2026 to these reforms. Additional measures include support for disaster victims, exemptions for volunteer firefighting vehicles, and the transfer of OPEKEPE to enhance cross-checks and controls.
Policy & regulation Reform agendas & priorities
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2025-12-15•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) has launched a Financial Instruments Comparison tool to aid in analyzing Retirement Savings Plans (RSPs) structured as investment funds, focusing on return, costs, and risk. The tool allows users to compare funds against the median of a selected universe and offers filtering and sorting capabilities. CMVM plans to expand the tool to include other financial instruments as part of its Strategic Plan 2025–2028 to enhance investor confidence.
Policy & regulation Implementation, projects & pilots Disclosures
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2025-12-15•Isle of Man•Isle of Man Financial Services Authority
Mangrove Insurance Solutions PCC Limited - Cell IWG has surrendered its authorisation as an authorised insurer under section 8 of the Insurance Act 2008, effective 15 December 2025, as announced by the Isle of Man Financial Services Authority.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-15•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria released November 2025 statistical data on banknotes and circulation coins, available in dynamic series and tabular format. This information is accessible in the "Statistics of banknotes and coins in circulation" section, accompanied by a dissemination calendar.
Data & statistics Currency and cash management
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2025-12-15•United States•Federal Reserve Bank of Atlanta
The Federal Reserve Bank of Atlanta has begun the search for a new president and CEO, following Raphael W. Bostic's retirement announcement. Gregory A. Haile will lead the search committee, which will work with an executive search firm to find candidates with ties to the Sixth Federal Reserve District. If no successor is appointed by February 28, 2026, Cheryl Venable will serve as interim president.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-15•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission hosted a seminar on Enterprise Risk Management (ERM) and Own Risk and Solvency Assessment (ORSA) as tools for navigating challenges, including ESG and climate risks. Discussions focused on systematic risk assessment, capital adequacy testing, and the Risk Management Committee's role in aligning risk policy with strategy. The event also covered CAT Risk Survey findings and the need for a modern supervisory framework for emerging risks.
Policy & regulation Guidance & interpretation Risk management ESG
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2025-12-15•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan has been elected as the new Vice Chair of the Alliance for Financial Inclusion (AFI) Board of Directors and as the Board representative for Eastern Europe and Central Asia. This appointment, pending ratification at the 2026 AFI Annual General Meeting, is seen as recognition of Uzbekistan's financial inclusion and SME support reforms.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-15•Mexico•CONDUSEF
Mexico's CONDUSEF reported a 15.9% increase in consumer complaints in Colima from January to November 2025, totaling 3,381 cases. The most complained-about products were credit and debit cards, with commercial banking accounting for 54.3% of complaints, primarily involving unrecognised charges and electronic transfers. Colima's complaints represented 1.4% of the national total, with MXN 156.3 million claimed and MXN 23.7 million recovered.
Data & statistics Complaints and dispute resolution
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2025-12-15•South Africa•South Africa Financial Sector Conduct Authority
The Financial Sector Conduct Authority (FSCA) updated on licensing and supervision of crypto asset service providers (CASPs) under the Financial Advisory and Intermediary Services Act, 2002, with 300 of 512 applications approved and 14 declined due to failures in meeting fit and proper requirements, particularly in operational ability and competency. The FSCA initiated 81 investigations into potential unlicensed CASP activity and established the Crypto Asset Supervisory Engagement Forum for sector engagement.
Supervision Authorisations & approvals Licensing framework and process
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2025-12-15•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina, supported by the European Bank for Reconstruction and Development, launched the country's first interactive dashboard of gender-disaggregated financial data. Developed under the Women Entrepreneurs Finance Support Initiative, it provides insights into SME lending and deposit activities by gender ownership, aiming to identify financing gaps and support targeted financial products for women-owned enterprises. This initiative is a step toward a comprehensive national system, with plans to include more banks and microcredit organizations.
Data & statistics Diversity and inclusion
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2025-12-15•Spain•Bank of Spain
The Bank of Spain published a speech by Governor José Luis Escrivá highlighting credit cooperatives' strategic role in Spain's macro-financial landscape, emphasizing their importance in rural finance and SME lending. Credit cooperatives show strong asset quality, solvency, and liquidity, with lower non-performing loan ratios and higher CET1 compared to other institutions. The speech also addresses challenges like digitalization and compliance for smaller institutions, suggesting regulatory simplification and collaboration as potential solutions.
Policy & regulation Guidance & interpretation Other
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2025-12-15•Spain•Bank of Spain
The Bank of Spain's quarterly Excessive Deficit Procedure statistics reveal that general government debt was 103.2% of GDP in Q3 2025, down 1 percentage point from the previous year, with a nominal increase to EUR 1,709 billion. Central government debt rose to EUR 1,572 billion, while social security debt increased to EUR 126 billion. Long-term securities comprised 84.8% of the debt, with a notable rise in loans over one year by 11.8%.
Data & statistics Balance of payments and other external statistics
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2025-12-15•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines issued Circular No. 226, amending regulations on the disqualification and delisting of directors and officers for banks and non-bank financial institutions. Temporary disqualification now begins upon official notification and lasts five years, with automatic delisting unless pending legal or investigative matters exist. Delisting provisions apply retroactively and take effect 15 days post-publication.
Policy & regulation Rules & requirements Corporate governance
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2025-12-15•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority is investigating Chance Voight Investment Corporation Limited and its affiliates, with PwC New Zealand partners appointed as interim liquidators for six entities effective 10 December 2025. The investigation continues, but further details are restricted by court suppression and FMA confidentiality orders.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-15•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported cash remittances from overseas Filipinos reached USD 3.17 billion in October 2025, totaling USD 29.20 billion from January to October. Personal remittances, including cash and in-kind transfers, amounted to USD 3.52 billion in October and USD 32.49 billion for the same period. The United States was the largest source of cash remittances, though the central bank noted limitations in accurately reporting country sources due to routing through correspondent banks and money couriers.
Data & statistics Balance of payments and other external statistics
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2025-12-15•South Africa•South African Reserve Bank
The South African Reserve Bank released an updated Excel file detailing descriptions of all available Quarterly Bulletin time series, including codes, descriptions, and measurement units. The data covers monetary and financial statistics, liquidity and operational items, and banking institutions’ deposit liabilities. Most series are presented with frequency codes "J" and "M" and unit of measure "RMILL".
Data & statistics Monetary data
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2025-12-15•South Africa•South African Reserve Bank
The South African Reserve Bank has updated several government finance statistics tables in the public finance section to reflect a revised institutional sector classification. These revisions apply from fiscal year 2022/23 and affect specific tables.
Data & statistics Balance of payments and other external statistics
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2025-12-15•South Africa•South African Reserve Bank
The South African Reserve Bank's December 2025 Quarterly Bulletin includes updated statistical tables for secondary school assignments. It presents annual balance of payments data through 2024, with a current account balance of -47,991 ZAR million and a financial account balance of 65,905 ZAR million. National accounts tables cover gross value added and household final consumption expenditure, with quarterly real growth rates up to Q3 2025.
Data & statistics Balance of payments and other external statistics
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2025-12-15•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore announced initiatives with Chinese counterparts to enhance financial cooperation, including appointing DBS Bank as a second renminbi clearing bank and supporting secondary listings of China A-share companies on the Singapore Exchange. Additional measures involve an over-the-counter bond market access arrangement and an e-CNY pilot for Singapore travellers. An updated Memorandum of Understanding on Financial Cooperation was signed, focusing on cross-border financing, FinTech innovation, and green finance.
Policy & regulation Cooperation Cross-border cooperation
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2025-12-15•Serbia•National Bank of Serbia
The National Bank of Serbia's latest Inflation Expectations Survey shows financial-sector inflation expectations at 3.4% for one year ahead and 3.0% for two and three years ahead. A Bloomberg poll indicates a higher one-year-ahead expectation of 4.0%. Business representatives' short-term expectations rose to 5.8%, while medium-term expectations remained at 5.0%.
Data & statistics Monetary data
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2025-12-15•Serbia•National Bank of Serbia
The National Bank of Serbia recommended banks standardize practices for providing payment services and contracts with blind and visually impaired persons. Banks should offer various consent methods, ensure independent contract conclusion, and improve digital accessibility. The recommendation also highlights the complaint pathway under the Law on the Protection of Users of Financial Services for unresolved issues.
Policy & regulation Guidance & interpretation Consumer and investor protection
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2025-12-15•Oman•Oman Financial Services Authority
The Supreme Sharia Supervisory Board, under the Oman Financial Services Authority, reviewed the draft Insurance Law and other Sharia governance matters in its second meeting. Chaired by Dr. Ismail bin Nasser Al Aufi, the session included recommendations to enhance the legislative and regulatory framework. The FSA emphasized the Board's role in aligning legislation and financial practices with Islamic Sharia principles in the capital-market and insurance sectors.
Policy & regulation Guidance & interpretation Other
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2025-12-15•South Korea•South Korea Financial Services Commission
South Korea's Financial Services Commission will continue its market stabilization programs in 2026, providing up to KRW37.6 trillion in liquidity to support corporate bond and short-term money markets. Real estate project finance restructuring support will also continue, with up to KRW60.9 trillion available. The FSC highlighted recent pressures in government bond yields and foreign exchange volatility as key areas of concern.
Policy & regulation Implementation, projects & pilots Financial stability and systemic risk
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2025-12-15•Estonia•Central Bank of Estonia
The Central Bank of Estonia released its monthly flash estimate of the balance of payments, highlighting its provisional nature due to reliance on limited data sources. The estimate incorporates month-specific information but is subject to adjustment upon the release of quarterly data. The bank also announced the third quarter 2025 balance of payments will be published on 11 March 2026.
Data & statistics Balance of payments and other external statistics
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2025-12-15•Europe•European Central Bank
The European Banking Authority and the European Central Bank's 2025 report on payment fraud shows a stable fraud rate of 0.002% but an increase in total fraud value to EUR 4.2 billion in 2024. Strong customer authentication (SCA) has reduced card payment fraud, though fraud remains higher outside the EEA. Emerging fraud targets SCA exemptions and manipulates users, with significant losses in credit transfers and card payments.
Data & statistics Fraud and scams
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2025-12-15•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission released a thematic review on investment firms' compliance with intermediary and correspondent relationship requirements. Most firms understood associated risks, but six areas need improvement, leading to risk mitigation programmes for firms with weaker controls. The Commission will integrate these findings into ongoing supervision and plans further outreach with the investment sector in 2026.
Supervision Reviews, inspections & stress tests AML and CFT
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2025-12-15•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, in partnership with VANDA University and supported by ACLEDA Securities Plc. and Benjaran Asset Management (Cambodia) Plc., conducted a workshop to enhance financial literacy in the securities sector. The event was led by SERC Director General Sou Socheat and VANDA University Board Chairman Heng Vanda.
Financial literacy & education Financial literacy and education
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2025-12-15•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has released the CVM Calendar 2026, detailing submission deadlines for regulated market participants under CVM rules. This compliance tool aims to reduce coercive fines for late or missing submissions, covering filings subject to the coercive fine regime under CVM Resolution 47. Deadlines may change based on ordinances from the Ministry of Management and Innovation in Public Services.
Policy & regulation Guidance & interpretation Regulatory reporting
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2025-12-15•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has issued a market alert and ordered the suspension of securities intermediation services by 4SQUARE SY LTD, which was soliciting Brazilian clients. The firm, operating through websites www.fxroad.com/pt and www.fxroad.co.in, is not authorized to intermediate securities or raise investment funds in Brazil, as formalized in Declaratory Act CVM 24.523.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-15•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) will hold a public judgment session on 16 December 2025 to deliberate on four administrative sanctioning proceedings. These involve alleged audit irregularities by KPMG and BDO RCS, suspected unlicensed portfolio management by Sebastian Kunert, and an alleged fraudulent operation by Finance Moinhos related to a private equity fund. The session will be at CVM's headquarters in Rio de Janeiro, with videoconference access available.
Enforcement Investigations & enforcement actions Auditing
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2025-12-15•Brazil•Brazil Securities Commission (CVM)
Brazil’s Securities Commission (CVM) announced that a new version of the Receivables Investment Funds (FIDC) Monthly Report will be available on Fundos.Net from 2 January 2026. Key updates include the addition of a subclass without a subordination structure, unique identifiers for each subclass, and validation checks for CPF or CNPJ numbers in Tables I and VIII.
Supervision Regulatory reporting
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2025-12-15•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro outlined its 2025 results and future priorities, focusing on financial stability, EU standards alignment, and payments modernization. Key developments include Montenegro's first SEPA transactions, regulatory reforms aligned with EU standards, and the TIPS Clone project for real-time payments. Banking sector metrics showed asset growth to EUR 7.7 billion, with a solvency ratio of 19.39% and non-performing loans at 2.78%.
Policy & regulation Reform agendas & priorities Financial stability and systemic risk Market development
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2025-12-15•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said the Social Security Council set 2026 priorities for implementing the Superintendency of Pensions and Retirement. The update centered on a phased regulatory approach and on building the institution’s organizational, legal and operational foundations before supervision begins. It also covered the formal presentation of the newly appointed superintendent and the superintendency’s initial structure and budget framework.
Policy & regulation Reform agendas & priorities Mandate change
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2025-12-15•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said its Securities Superintendency held in-person training for obligated securities market entities on AML/CFT risk self-assessment. The session focused on applying a risk-based approach and using self-assessment to tailor preventive systems to each supervised entity's risk profile. The authority said it will continue offering training and update sessions for supervised firms.
Supervision Supervision approach, priorities & toolkit AML and CFT Supervision process and methodologies
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2025-12-15•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC seeks public comment on draft amendments to Rule 68, proposing to raise the audit exemption threshold for micro enterprises to PHP 3 million in assets or liabilities. Corporations meeting this threshold would file certified financial statements, with certifying officers responsible for accuracy. The higher threshold excludes entities in Groups A, B, and C or those with public interest, and the SEC can require audited statements when necessary.
Policy & regulation Rules & requirements Auditing
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2025-12-15•Croatia•Croatian Financial Services Supervisory Agency
At the tenth Croatian Actuarial Conference, the Croatian Financial Services Supervisory Agency's President, Ante Žigman, highlighted record insurance premiums of EUR 2 billion in 2025 and the need to revive the declining life insurance sector. He noted growth in non-life premiums and shifts in insurers' investments. The conference addressed cyber risks, with EUR 17 million in damages from 2024 attacks, and discussed the Digital Operational Resilience Act and the upcoming Solvency II review.
Policy & regulation Rules & requirements Cyber resilience Market development
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2025-12-15•Poland•Central Bank of Poland
The National Bank of Poland reported a PLN 8.2bn current account surplus for October 2025, up from PLN 4.0bn a year earlier, driven by surpluses in services and trade in goods. Goods exports rose 3.7% to PLN 137.5bn, led by consumer goods and buses, while imports increased 0.9% to PLN 135.2bn. The primary income deficit widened due to lower income from Polish direct investors, despite a rise in services exports.
Data & statistics Balance of payments and other external statistics
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2025-12-15•Uganda•Uganda Insurance Regulatory Authority
The Uganda Insurance Regulatory Authority clarified that "Principal Officer" in Uganda’s insurance framework refers to the Chief Executive Officer (CEO). This applies to insurers, reinsurers, health maintenance organizations, microinsurers, insurance brokers, and third-party administrators, excluding insurance and bancassurance agents. Affected entities must update documents and communications accordingly.
Policy & regulation Guidance & interpretation Corporate governance
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2025-12-15•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services announced the passage of the bipartisan INVEST Act by the House, aimed at reducing regulatory burdens for entrepreneurs and small businesses. Led by Committee Chairman French Hill, it includes measures to simplify capital raising from crowdfunding to public offerings and expedite public market access. The package also incorporates the Green Lighting Growth Act to support investment opportunities.
Policy & regulation Rules & requirements Other
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2025-12-15•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined an exchange bureau KGS 55,000 following an inspection by its Jalal-Abad regional directorate. The inspection uncovered violations of Kyrgyz legislation and the National Bank's regulatory legal acts.
Enforcement Investigations & enforcement actions Compliance
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2025-12-15•United Kingdom•HM Treasury
HM Treasury plans to legislate the inclusion of cryptoassets within the UK regulatory framework by 2027, aligning them with rules for other financial products. Cryptoasset firms would be regulated by the Financial Conduct Authority, enhancing legal clarity and consumer protection. This initiative is part of a broader strategy to foster innovation, competitive markets, and collaboration with the United States.
Policy & regulation Rules & requirements Fintech and insurtech
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2025-12-15•United States•Federal Reserve Board
Federal Reserve Board Governor Stephen I. Miran argued that core PCE inflation is overstated due to lagged shelter readings and imputed services prices, suggesting underlying inflation is near the 2 percent target. He advocated easing monetary policy to avoid labor market harm, citing a faster decline in PCE shelter inflation and a loosening labor market. Miran also questioned tariffs as the main cause of core goods inflation, emphasizing market-based measures for assessing underlying inflation.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
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2025-12-15•United States•Federal Reserve Board
The Federal Reserve Board and the Consumer Financial Protection Bureau announced the 2026 dollar thresholds for consumer credit and lease transactions under Regulation Z and Regulation M, set at USD 73,400 or less. The thresholds are based on a 2.1% annual increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. Private education loans and loans secured by real property remain subject to Regulation Z regardless of amount.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-12-15•United States•Federal Reserve Board
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced an increase in the 2026 exemption threshold for special appraisal requirements on higher-priced mortgage loans to USD 34,200 from USD 33,500. This adjustment reflects a 2.1% annual increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2025. The new threshold takes effect on January 1, 2026.
Policy & regulation Rules & requirements Other
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2025-12-15•Chile•Central Bank of Chile
The Central Bank of Chile has released the minutes of its 2004 Council sessions, transitioning to an ongoing disclosure process based on a 20-year age criterion. This marks the conclusion of a six-year project that published minutes from 1925 to 2003, totaling 4,568 documents. Future disclosures will adhere to the 20-year threshold established in 2019.
Policy & regulation Implementation, projects & pilots Activity and performance reporting
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2025-12-15•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka mandates that Sri Lanka Deposit Insurance Scheme (SLDIS) members publicly disclose their membership and the LKR 1,100,000 deposit insurance limit per depositor. This must be done via ATM screens, websites, and physical displays in Sinhala, Tamil, and English. Institutions must update materials if coverage limits change and ensure staff are trained on deposit insurance information.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-12-15•Egypt•Egypt Financial Regulatory Authority
Egypt's Financial Regulatory Authority, chaired by Mohamed Farid, detailed enhancements expanding access to non-banking financial services and boosting market participation. Developments include gold investment funds attracting EGP 4–5bn, new stock market trading codes, and a unified insurance law raising capital requirements. The authority stressed internal audit and governance importance and extended oversight to healthcare programme management companies.
Policy & regulation Rules & requirements Corporate governance Market development
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2025-12-15•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority hosted a workshop with market participants to discuss activating market maker activity and securities lending for short selling in Egypt's securities market. Presentations from the Authority, the Egyptian Exchange, and the European Bank for Reconstruction and Development (EBRD) covered implementation updates, technical readiness, and international best practices. This workshop is part of a broader plan to enhance liquidity, pricing mechanisms, and market efficiency.
Policy & regulation Guidance & interpretation Market development
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2025-12-15•United States•U.S. Securities & Exchange Commission
Commissioner Hester M. Peirce of the U.S. Securities & Exchange Commission addressed the Crypto Task Force's roundtable, emphasizing privacy concerns in financial surveillance and crypto's role in disintermediated transactions. She discussed privacy tools like zero-knowledge proofs and mixers, highlighted the GENIUS Act's directive for innovative methods to detect illicit digital-asset activity, and cautioned against policies equating privacy protection with wrongdoing or imposing obligations on software developers without asset custody.
Policy & regulation Guidance & interpretation
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2025-12-15•United States•U.S. Securities & Exchange Commission
SEC Chairman Paul S. Atkins, at the Crypto Task Force roundtable, stressed balancing financial surveillance with privacy, criticizing expanded government data collection. He warned of public blockchains as surveillance tools and supported privacy-enhancing technologies for compliance without compromising privacy. Atkins cited the Bank Secrecy Act and the President’s Working Group on Digital Asset Markets' call for regulatory clarity and civil liberties protections.
Policy & regulation Guidance & interpretation
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2025-12-15•United States•U.S. Securities & Exchange Commission
SEC Commissioner Mark T. Uyeda stressed balancing law enforcement and market integrity with privacy at the Crypto Task Force roundtable. He warned against indiscriminate personal data collection, citing potential privacy abuses. Uyeda suggested privacy-enhancing technologies like zero-knowledge proofs to support verification while preserving privacy rights.
Policy & regulation Guidance & interpretation
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2025-12-15•Zimbabwe•Securities & Exchange Commission of Zimbabwe
The Securities and Exchange Commission of Zimbabwe appointed Mr. Dakshesh Patel as Non-Executive Chairman of its Board of Commissioners, effective 17 November 2025. Patel brings over 25 years of international experience in capital markets and structured finance, with previous roles including Chief Financial Officer at NatWest Markets and involvement in the restructuring of Lloyds Banking Group.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-15•Chile•Chile Financial Market Commission
The Chile Financial Market Commission sanctioned Tanner Corredora de Seguros Limitada with a UF 150 fine for lacking representatives with sufficient accredited insurance knowledge. The violation occurred between January 24 and May 2, 2025, contravening Decree with Force of Law No. 251, Supreme Decree No. 1,055, and Circular Letter No. 2,271, which mandate brokers to have adequate knowledge to meet policyholders' needs.
Enforcement Investigations & enforcement actions Corporate governance
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2025-12-15•Chile•Chile Financial Market Commission
The Chile Financial Market Commission sanctioned Paulo Gorichon Bengoechea and Gonzalo Bofill Velarde for violating the Securities Market Law by acquiring Valparaíso Sporting Club S.A. shares during a prohibited trading window. Gorichon was fined UF 300 for purchasing shares valued at CLP 56.2 million, and Bofill was fined UF 200 for shares valued at CLP 25 million.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-15•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency released its Mortgage Metrics Report for Q3 2025, noting 97.4% of first-lien mortgages were current and performing, consistent with the previous year. New foreclosures rose to 7,903, while completed modifications decreased by 2.7% from the prior quarter. The report, covering 10.5 million loans totaling USD 2.7 trillion, now features an interactive online version with improved search and data download capabilities.
Data & statistics Credit risk Asset quality