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2025-12-15•United States•Office of the Comptroller of the Currency
The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced an increase in the small-loan exemption threshold for higher-priced mortgage loans to USD 34,200 for 2026, up from USD 33,500. Effective January 1, 2026, this reflects a 2.1% rise in the Consumer Price Index for Urban Wage Earners and Clerical Workers. The exemption pertains to special appraisal requirements under the Dodd-Frank Act.
Policy & regulation Rules & requirements Other
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2025-12-15•Global•Bank for International Settlements - Financial Stability Institute
The Bank for International Settlements' Financial Stability Institute released an FSI Insights paper evaluating the effectiveness of post-Great Financial Crisis securitisation reforms. The paper examines whether these reforms met their objectives, caused unintended consequences, and if the regulatory framework requires recalibration. It highlights uneven market development across jurisdictions and debates over conservative implementation constraining market activity.
Research Securitization
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2025-12-15•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority published an inspection report on BDO AS, highlighting recurring weaknesses in high-risk areas such as engagement acceptance and audit of deferred tax assets. The report found material deficiencies in 10 out of 13 acceptance assessments, including inadequate documentation and communication. BDO AS responded with measures to address these issues.
Supervision Reviews, inspections & stress tests Auditing
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2025-12-15•Romania•National Bank of Romania
The National Bank of Romania reported a widened current account deficit of EUR 24,636m for January to October 2025, compared to EUR 23,644m in the same period of 2024. Non-resident direct investment reached EUR 7,237m, while total external debt increased by EUR 22,078m to EUR 225,588m as of 31 October 2025. The data, revised monthly, will have its next release on 14 January 2026.
Data & statistics Balance of payments and other external statistics
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2025-12-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission's agenda for capital markets emphasizes risk prevention, supervision enhancement, and high-quality development through reform. Key initiatives include developing a capital market framework for the 15th Five-Year Plan, enhancing corporate governance, and expanding equity mutual funds. The CSRC prioritizes technology-enabled supervision, enforcement against financial misconduct, and reforms to support market stability and institutional opening.
Policy & regulation Reform agendas & priorities Other
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2025-12-15•Macao•Monetary Authority of Macao
The Monetary Authority of Macao has mandated local card-issuing banks to implement a mobile-banking-app function for authorising online card transactions by December 2025, replacing one-time SMS verification codes. Cardholders without mobile banking can still use SMS codes. Additionally, financial institutions must cease including hyperlinks or QR codes in customer communications to mitigate phishing risks.
Policy & regulation Rules & requirements Cyber resilience
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2025-12-15•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
FINMA announced a full revision of Switzerland's ordinance on measures against Iran, aligning with reactivated UN Security Council measures and reverting to pre-2015 sanctions. Effective 12 December 2025, the revised ordinance introduces additional measures in the commodities sector, following the EU's decision to reinstate sanctions related to Iran's proliferation activities.
Policy & regulation Rules & requirements Sanctions list update
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2025-12-15•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC reported that financial intelligence from the Fintel Alliance’s Collaborative Analytics Hub aided the Australian Border Force and Australian Federal Police in disrupting a criminal operation involving money laundering and illicit tobacco, resulting in Operation SMOKEHAZE and significant asset seizures. The operation led to the confiscation of over 4 million illicit cigarettes and AUD 24 million in suspected crime proceeds, including properties, cash, and luxury items.
Enforcement Investigations & enforcement actions AML and CFT
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2025-12-15•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC issued guidance for regulated businesses on mitigating insider threats, detailing how employees, contractors, or board members might misuse access for illegal activities like money laundering. It recommends enhanced personnel management, including ML/TF-focused screening, periodic re-screening for high-risk roles, and consistent consequence management, urging businesses to investigate suspicious behavior and consider filing reports or notifying authorities.
Policy & regulation Guidance & interpretation AML and CFT
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2025-12-15•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC published an overview of its international engagement, highlighting enhanced cross-border financial intelligence cooperation and capacity-building in the Pacific and Southeast Asia. Key developments include Nauru joining the Egmont Group, Tonga added to AUSTRAC’s memorandum of understanding list, and the rollout of the TAIPAN financial intelligence system to 10 Pacific nations.
Policy & regulation Cooperation AML and CFT
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2025-12-15•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC announced the launch of a modernised AUSTRAC Online portal as part of its digital transformation programme, with enhancements in security, interface design, and self-service functionality. The update also covers industry consultations on schema changes for transaction reports under the forthcoming Anti-Money Laundering and Counter-Terrorism Financing Act and Rules, with further updates and collaboration activities planned for 2026.
Policy & regulation Implementation, projects & pilots AML and CFT
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2025-12-15•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC's Industry Readiness Research study reveals that businesses require clearer information and enhanced support for upcoming anti-money laundering and counter-terrorism financing reforms. While current reporting entities show varying confidence levels in compliance readiness, tranche 2 entities await detailed guidance, with concerns about complexity, time, and cost.
Research AML and CFT
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2025-12-15•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC has refused to renew the registration of Yellow Sands Trading Pty Ltd, trading as Raiyyan Exchange, due to serious deficiencies in managing money laundering and terrorism financing risks. The regulator emphasized the importance of checking its remittance sector register and reminded that unregistered remittance services are a criminal offence.
Supervision Authorisations & approvals AML and CFT
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2025-12-15•United States•U.S. Department of the Treasury
The U.S. Treasury and European Commission co-chaired the EU-U.S. Joint Financial Regulatory Forum in Washington, DC, reaffirming engagement on financial regulatory issues. Discussions included digital financial innovation, banking regulation modernization, capital markets revitalization, and updates on the Foreign Account Tax Compliance Act and U.S. G20 financial sector priorities. Participants also addressed strengthening the European Savings and Investments Union and competitiveness.
Policy & regulation Cooperation Cross-border cooperation
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2025-12-15•Vietnam•State Bank of Vietnam
The State Bank of Vietnam, via Deputy Governor Nguyen Ngoc Canh, stressed diversifying funding for sustainable development beyond bank credit. Vietnam's green economy investment needs are estimated at USD 670-700 billion by 2050, focusing on climate adaptation. The central bank is improving the legal framework for green credit and promoting green capital-market channels, including green bonds and ESG-linked equities.
Policy & regulation Implementation, projects & pilots Climate risk and sustainable finance
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2025-12-15•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has launched a centralized information system for administrative procedures, offering 32 end-to-end online public services for businesses. This system aims to shorten processing times, reduce compliance costs, and enhance transparency and management in monetary, banking, and foreign exchange administration. Users can submit applications online, in person, or via postal services, with refinements based on user feedback.
Policy & regulation Implementation, projects & pilots Other
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2025-12-15•Luxembourg•Luxembourg Commissariat aux Assurances
The Luxembourg Commissariat aux Assurances issued Circular Letter 25/12, amending Circular Letter 24/15 regarding technical interest rates for reinsurance undertakings.
Policy & regulation Rules & requirements Other
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2025-12-15•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority, European Banking Authority, and European Securities and Markets Authority released consumer factsheets to protect against crypto-related scams and online frauds, including AI-facilitated ones. The factsheets provide guidance on detecting fraud tactics like phishing and impersonation and emphasize verifying message sources. These resources will be translated into all official EU languages for accessibility.
Financial literacy & education Fraud and scams Artificial intelligence
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2025-12-15•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) released its December 2025 Financial Stability Report, highlighting resilience in the insurance and pension sectors despite economic fragility. It warns of potential risk premia repricing and emphasizes prudent risk management. Key vulnerabilities include private credit exposure, US dollar depreciation, global interconnectedness, cyber risk, and the impact of artificial intelligence.
Supervision Risk monitoring & watch points Cyber resilience Financial stability and systemic risk
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2025-12-15•Trinidad & Tobago•Trinidad & Tobago Securities & Exchange Commission
The Trinidad and Tobago Securities and Exchange Commission attended a CARICOM Regional Meeting on cross-border payment and settlement innovation. Deputy CEO Lystra Lucillio and Sugrim Mungal discussed cross-border securities trading and smart-contract settlement, focusing on regulatory considerations like liquidity management, market access, and systemic risk. The meeting also covered harmonization and developing a secure regional capital market under the Revised Treaty of Chaguaramas.
Policy & regulation Cooperation Cross-border cooperation
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2025-12-15•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
Trinidad and Tobago’s Finance Minister, Davendranath Tancoo, is attending CAF – Development Bank of Latin America and the Caribbean’s Board and Audit Committee meetings in Panama City, where he is expected to preside as CAF Chairman. The Board will review CAF’s 2026 programme and budget, consider credit operations, and discuss Series C share allocations for Haiti and Saint Kitts and Nevis, Barbados' transition to full member status, and various sectoral operations.
Policy & regulation Implementation, projects & pilots Other
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2025-12-15•United Arab Emirates•Dubai International Financial Centre
Dubai International Financial Centre (DIFC) has registered its 100th hedge fund, becoming a top five global hub for hedge fund managers. The number of managers in DIFC has more than doubled since early 2024, with notable additions like Oak Hill Advisors. DIFC credits its growth to its legal framework, talent access, and market reach, supported by its DIFC Funds Centre and a robust ecosystem of wealth and asset-management firms.
Other
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2025-12-15•Moldova•National Bank of Moldova
The National Bank of Moldova will assume the presidency of the Banking Supervisors of Central and South Eastern Europe Group (BSCEE) from 16 December 2025, with Vice Governor Constantin Șchendra holding the mandate through 15 December 2026. The appointment was decided at the Group’s 37th annual conference in Ljubljana, emphasizing the need for closer coordination amid technological changes and rising cyber risks. Moldova also expressed readiness to host the BSCEE annual conference in 2026.
Supervision Cooperation Cross-border cooperation
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2025-12-15•Bahamas•Central Bank of the Bahamas
The Central Bank of the Bahamas released its Bahamas Registered Stock (BRS) secondary market price sheet for December 2025, detailing bid and ask prices and corresponding yields. The sheet includes ISIN-level quotes for fixed-rate and floating-rate BRS, with issue and maturity dates, nominal values, and annual coupon rates. Floating-rate securities reset coupons semi-annually at the prevailing six-month market rate, excluding accrued interest in quoted prices.
Data & statistics Financial and market indicators
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2025-12-15•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank reports a continued decline in income from foreign direct investment and royalties routed through the Netherlands to low-tax jurisdictions in 2024, with flows now primarily as dividend distributions. The Netherlands' inward and outward direct investment positions at year-end 2024 were EUR 4,946 billion and EUR 5,759 billion, respectively. This decline is attributed to anti-avoidance measures, including Dutch withholding taxes and the global 15% minimum corporate tax rate effective in 2024.
Data & statistics Balance of payments and other external statistics
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2025-12-14•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic reported remittances of USD 10,780.8 million from January to November 2025, a 10.5% increase from the same period in 2024, with projections exceeding USD 11,700 million by year-end. November remittances were USD 889.5 million, with the United States contributing 80.7%. The bank noted stable external inflows and a 3.5% depreciation of the Dominican peso against the US dollar, with international reserves at USD 14,274.0 million, covering 11.1% of GDP and 5.3 months of imports.
Data & statistics Balance of payments and other external statistics
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2025-12-14•Peru•Central Bank of Peru
The Central Bank of Peru reported a 21.8% year-on-year increase in October 2025 terms-of-trade, driven by higher export prices, notably gold, copper, and coffee. Import prices decreased by 0.6%, mainly due to lower oil prices. The terms-of-trade index rose to 174.1, reflecting a 6.2% month-on-month increase from September 2025.
Data & statistics Balance of payments and other external statistics
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2025-12-14•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance outlined the 2026 State Budget, emphasizing significant reforms in personal income taxation and alignment with the EU expenditure-rule framework. Key measures include a new income tax scale, VAT reductions for specific islands, and changes to ENFIA assessments. The budget projects GDP growth of 2.4%, investment growth of 10.2%, and debt reduction to 138.2% of GDP by 2026.
Policy & regulation Reform agendas & priorities Other
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2025-12-14•Jordan•Central Bank of Jordan
The Central Bank of Jordan will amend the operating hours of the Instant Gross Settlement System (RTGS-JO) and several retail payment systems effective 4 January 2026, with specific session times detailed for RTGS-JO, Electronic Cheque Clearing System (ECC), ACH-JO, Instant Payment System (Click/Jumobi), and E-Fawateercom.
Policy & regulation Rules & requirements Payments and payment systems
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2025-12-14•Iraq•Central Bank of Iraq
The Central Bank of Iraq held the first meeting of the Supreme National Committee for Virtual Assets Regulation to create a national framework for digital assets, balancing innovation with financial stability and addressing risks like cyber threats and anti-money laundering. The committee stressed clear definitions, a risk-calibrated approach, enhanced customer protection, and an advanced licensing environment.
Policy & regulation Cooperation
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2025-12-14•Egypt•Central Bank of Egypt
The Central Bank of Egypt and the European Bank for Reconstruction and Development launched a MasterTalks masterclass series to promote inclusive banking and innovation in Egypt. The inaugural session focused on digital transformation and AI's role in expanding access to services for individuals and MSMEs. This initiative aligns with the CBE's financial inclusion agenda, reporting a 76.3% inclusion rate and significant growth in MSME lending portfolios.
Policy & regulation Implementation, projects & pilots Financial inclusion
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2025-12-13•Peru•Central Bank of Peru
The Central Bank of Peru reported a record monthly goods trade surplus of USD 4,233 million in October 2025, contributing to a 12-month cumulative surplus of USD 31,771 million. October exports rose 46.0% year on year to USD 9,517 million, driven by increased prices and volumes of mining products, while imports grew 10.1% to USD 5,284 million. Traditional exports surged 63.1% due to higher gold and copper prices, and non-traditional exports increased 10.7%, particularly in fisheries, agriculture, and non-metallic mining.
Data & statistics Balance of payments and other external statistics
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2025-12-13•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance published an article by Eurogroup President Kyriakos Pierrakakis outlining his priorities for the Eurogroup presidency, emphasizing economic security, growth, social cohesion, and strategic autonomy. It highlights Greece's fiscal credibility and growth post-sovereign debt crisis, advocating for Eurogroup decisions to yield tangible benefits like job creation and improved business financing.
Policy & regulation Reform agendas & priorities Other
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2025-12-13•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance outlined the 2026 State Budget, focusing on tax reform, income-support measures, and anti-tax-evasion efforts. Key reforms include lower personal income tax rates, VAT reduction for border islands, and gradual abolition of ENFIA. The anti-tax-evasion agenda emphasizes digital tools and electronic payments to narrow the VAT gap.
Policy & regulation Rules & requirements Other
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2025-12-12•South Africa•National Credit Regulator
South Africa's National Credit Regulator (NCR) confirmed a cyber-attack that disrupted systems and initiated incident response measures. The NCR isolated affected systems, disabled remote access, and engaged cybersecurity specialists for investigation and recovery. Relevant authorities were notified, and stakeholders were advised to remain vigilant and consider Protective Registration with the Southern African Fraud Prevention Service.
Supervision Alerts Cyber resilience
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2025-12-12•Panama•Panama Superintendencia del Mercado de Valores
Panama's Superintendence of the Securities Market issued Communiqué #21 regarding Financiera Familiar, S.A.'s USD 10 million revolving corporate bond programme, linked to Resolution No. SMV-503-13 from December 2013.
Supervision Alerts Securities offerings and listings
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2025-12-12•Indonesia•OJK
The Indonesia Financial Services Authority (OJK) reported that Islamic banking assets reached IDR 1,028.18 trillion in October 2025, marking an 11.34% year-on-year increase. Sharia-compliant financing and third-party funds also hit record highs, with OJK emphasizing plans for industry strengthening through spin-offs, consolidation, and enhanced competitiveness via distinctive Sharia products and synergies with parent banks.
Data & statistics Asset quality
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2025-12-12•Italy•Bank of Italy
The Bank of Italy will host a conference on 12 December 2025 to mark the tenth anniversary of the Single Resolution Mechanism (SRM), a key component of the European Banking Union. The event will gather European and international institutions to review the SRM's achievements in stabilizing the banking system and discuss future challenges for European financial stability. Operational since 2016, the SRM provides a harmonized framework for crisis management and orderly bank resolution.
Other Recovery and resolution
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2025-12-12•France•France Autorite des marches financiers
The French Financial Markets Authority released its 2025 report on corporate governance and executive remuneration at listed companies. The report includes a thematic review of succession process disclosures for main executive officers, updated observations on governance and pay reporting, and findings on proxy voting advisers' information.
Research Corporate governance
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2025-12-12•France•France Autorite des marches financiers
France's Financial Markets Authority (AMF) released its 2025 report on corporate governance and executive remuneration, reviewing disclosures from 53 French listed companies. The report highlights gaps in compliance with the AFEP-MEDEF code, including insufficient disclosure of succession plans and governance practices, and recommends improvements in transparency and adherence to severance pay guidelines. The AMF's recommendations target companies, while "reflection points" are directed at AFEP, MEDEF, and the High Committee on Corporate Governance for potential updates to the AFEP-MEDEF code.
Policy & regulation Guidance & interpretation Corporate governance
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2025-12-12•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has released its 2024-25 industry funding dashboard, detailing actual regulatory costs by sector and subsector, and highlighting variances from estimated costs. This fulfills a reporting requirement under section 138 of the Australian Securities and Investments Commission Act 2001. The final industry funding levies, reflecting ASIC's regulatory priorities and risk assessments, were published on 5 November 2025, with about 40,000 levy invoices to be issued between January and March 2026.
Policy & regulation Implementation, projects & pilots Regulatory reporting
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2025-12-12•Australia•Australian Securities & Investments Commission
The Victorian Court of Appeal overturned Geoffrey Thomas Parker's criminal conviction for preventing employee entitlements recovery. The Court granted an extension and leave to appeal, setting aside the conviction based on DPP (Cth) v Bart [2025] VSCA 161. Proceedings against Parker's co-accused were discontinued.
Enforcement Investigations & enforcement actions Corporate governance
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2025-12-12•Australia•Australian Securities & Investments Commission
The Federal Court ordered Green County Pty Ltd and Max Funding Pty Ltd to pay AUD 515,000 for breaches of consumer credit law. Green County was fined AUD 405,000 and Max Funding AUD 110,000 for unlicensed credit activity and failing to ensure loans were business loans, denying borrowers protections under the National Credit Code. Neither entity held an Australian credit licence, and ASIC initiated proceedings in March 2023.
Enforcement Investigations & enforcement actions Consumer and investor protection Unlicensed or unauthorized activity
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2025-12-12•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market made decisions on rulemaking, supervision, and market authorizations, including amending government acts and imposing asset-blocking sanctions on FREEDOM FINANCE UKRAINE LLC. It registered and approved several securities issuances, including corporate bonds and share issues for various companies. Additionally, the Commission agreed on a significant participation acquisition in ASSET MANAGEMENT COMPANY CITY-INVEST LLC.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-12-12•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) and the Bureau Financial Supervision (BFT) emphasize ongoing supervisory focus on audit firms' compliance with sanctions related to Russia. The AFM oversees audit firms under the Audit Firms Supervision Act, while the BFT supervises under the Money Laundering and Terrorist Financing (Prevention) Act. Both authorities will monitor and address any compliance issues within their mandates.
Supervision Supervision approach, priorities & toolkit Sanctions list update
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2025-12-12•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets has released a draft update of its 2011 Mortgage Advice Guide, seeking feedback from market participants. The guide offers practical guidance on good advisory practices to meet legal requirements, emphasizing the adviser's role and addressing topics like sustainability and relationship termination. The final guide is expected in spring 2026 following the consultation.
Policy & regulation Guidance & interpretation Other
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2025-12-12•Uruguay•Central Bank of Uruguay
Uruguay's Central Bank Vice President, Ana Claudia de los Heros, emphasized at the Ridge Forum 2025 that digital transformation supports economic development and financial stability when centered on people. She highlighted Uruguay's strong digitalisation, citing high rankings in the International Telecommunication Union’s ICT Development Index and the United Nations e-Government Index. De los Heros also noted the importance of digital and financial capability for effective inclusion, beyond mere access.
Policy & regulation Other Fintech and insurtech Financial stability and systemic risk
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2025-12-12•Samoa•Central Bank of Samoa
The Central Bank of Samoa warned about alleged counterfeit banknotes circulating in Samoa and is investigating with financial institutions and authorities. The bank advised the public to verify banknotes, especially higher denominations, and outlined security features for polymer and paper notes. It emphasized that possessing or using counterfeit notes is a criminal offense under the Crimes Act 2013, with penalties of up to five years' imprisonment.
Supervision Alerts Fraud and scams
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2025-12-12•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced Behzad Eghrari's 15-month imprisonment for manipulating AUD 7.14 million in ASX-listed securities, with immediate release on a two-year good behaviour bond. Eghrari executed 679 trades across four accounts, manipulating shares of Investigator Resources Limited, Silver Mines Ltd, and Lumos Diagnostics Holdings Ltd, despite warnings from Bell Direct. The case was prosecuted by the Commonwealth Director of Public Prosecutions following an ASIC investigation under the Corporations Act 2001.
Enforcement Investigations & enforcement actions Market abuse
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2025-12-12•Ecuador•Superintendencia de Bancos de Ecuador
The Superintendency of Banks of Ecuador signed a memorandum with Desjardins International Development under the PROGRESAR+ project to enhance financial inclusion and integrate banking into ecosystem protection and climate change adaptation for women and young agro-entrepreneurs in Ecuador's Andean-Amazon regions. The initiative aims to develop methodologies for financial institutions to manage socio-environmental and climate risks, promote digital financial innovation for underserved groups, and leverage data for environmental interventions.
Supervision Cooperation Climate risk and sustainable finance
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2025-12-12•Ireland•Central Bank of Ireland
The Central Bank of Ireland reprimanded and disqualified Philip Smith, former CEO of RSA Insurance Ireland DAC, for 13 years due to under-reserving practices breaching European insurance regulations. Smith's actions delayed accurate reserve estimates, risking policyholders and necessitating a capital injection from RSA Insurance Group PLC. A EUR 120,000 fine was considered but not imposed due to Smith's financial circumstances and statutory limits.
Enforcement Investigations & enforcement actions
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2025-12-12•Georgia•National Bank of Georgia
The National Bank of Georgia has initiated a semiannual Capital Market Review to analyze developments in Georgia's capital market, focusing on domestic bond markets. The review examines market structure, investor base, ownership patterns, and secondary market activity, highlighting the role of financial institutions in enhancing liquidity and expanding the investor base.
Research Financial and market indicators Supervisory data
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2025-12-12•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica reported a 4.6% year-on-year growth in its Monthly Index of Economic Activity for October 2025, with a 0.4 percentage point acceleration from the previous year. Special regime firms, led by manufacturing, contributed significantly with a 15.0% growth, while the definitive regime saw a 2.6% increase, hindered by slower private construction and reduced agricultural output due to adverse weather.
Data & statistics Economic data and developments
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2025-12-12•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York has reappointed John C. Williams as president and Sushmita Shukla as first vice president, with new five-year terms starting March 1, 2026. The decision was unanimously approved by eligible members of the New York Fed’s board of directors and the Board of Governors of the Federal Reserve System. The reappointment process involved Class B and Class C directors, excluding Class A directors.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-12•China•Central Bank of the Republic of China
The Central Bank of the Republic of China reported preliminary November 2025 data showing social financing stock at CNY 440.07tn, up 8.5% year on year, and broad money (M2) at CNY 336.99tn, up 8%. Renminbi loans to the real economy reached CNY 267.42tn, comprising 60.8% of social financing, while government bonds rose to CNY 94.24tn, representing 21.4%. The bank noted methodological changes affecting data comparability, including a revised M1 definition and expanded financial statistics.
Data & statistics Monetary data
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2025-12-12•China•Central Bank of the Republic of China
The People's Bank of China, led by Governor Pan Gongsheng, outlined its 2026 priorities, focusing on a "moderately loose" monetary policy and strengthening the institutional framework for monetary policy, macroprudential management, and systemic risk prevention. Key measures include flexible use of tools like reserve requirement ratio and interest rate cuts, coordination with fiscal policy, and financial support for domestic demand, technological innovation, and small enterprises. The bank also emphasized financial stability through enhanced risk monitoring, a regulatory framework for systemically important institutions, and liquidity mechanisms for non-bank financial institutions.
Monetary policy Monetary policy framework & strategy Other
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2025-12-12•China•Central Bank of the Republic of China
The People's Bank of China reported that Governor Pan Gongsheng met with senior leaders of major international economic organisations during the “1+10” Dialogue in Beijing. Discussions focused on developments in the Chinese and global economy and cooperation between China and these organisations. Participants included leaders from the International Monetary Fund, Bank for International Settlements, Financial Stability Board, and World Bank.
Policy & regulation Cooperation Cross-border cooperation
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2025-12-12•Europe•European Banking Authority
The European Banking Authority (EBA) published final draft Regulatory Technical Standards (RTS) on structural foreign exchange (FX) under the Capital Requirements Regulation to enhance consistency and supervisory convergence across the EU. The RTS retain the EBA's existing approach while introducing enhancements for a more harmonised framework, including guidance on exempting maximum open positions and managing FX risk in own funds requirements. The EBA has submitted the final draft to the European Commission.
Policy & regulation Rules & requirements Market risk and volatility
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2025-12-12•Europe•European Banking Authority
The European Banking Authority (EBA) updated its validation rules list under the Implementing Technical Standards on supervisory reporting, noting deactivations due to inaccuracies or IT issues. A new validation package, including a micro taxonomy package and scripts, is required from release 4.0 for consistent rule deactivation. A hotfix for reporting framework 4.2 is scheduled for January 2026, with no changes affecting release 4.2 in the current update.
Policy & regulation Guidance & interpretation Regulatory reporting
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2025-12-12•Norway•Department of Finance (Norway)
Norway's Department of Finance has directed the Financial Supervisory Authority of Norway to form a working group to evaluate the time-limitation of financial institutions' confidentiality obligations. The group will also explore rules for transferring financial archives to preservation institutions. This initiative follows a 2024 consultation paper recommendation on confidentiality for research purposes.
Policy & regulation Implementation, projects & pilots Other
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2025-12-12•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier released a communiqué on the enforcement of 2025 annual reports by issuers under the Transparency Law. The update references IFRS and addresses themes such as the Corporate Sustainability Reporting Directive, issuer disclosure enforcement, and sustainable finance.
Policy & regulation Guidance & interpretation Other
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2025-12-12•Botswana•Botswana Non-Bank Financial Institutions Regulatory Authority
Botswana's Non-Bank Financial Institutions Regulatory Authority is seeking feedback from non-bank financial institutions on proposed supervisory levies and licensing fees for the financial year ending 31 March 2027.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-12•Finland•Bank of Finland
The Bank of Finland announced that Bulgarian levs can be exchanged for euros in Finland from 1 January to 2 March 2026, coinciding with Bulgaria's euro adoption. FOREX will facilitate the exchange under an agreement with the Bank of Finland, with a daily limit of 2,000 levs per person and no fees. The fixed conversion rate is 1 euro = 1.95583 Bulgarian levs, and only banknotes will be accepted with proof of identity required.
Monetary policy Other Cross-border payments
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2025-12-12•Finland•Bank of Finland
The Bank of Finland, with central banks from Denmark, Iceland, Norway, and Sweden, released a report on Nordic payment systems and market infrastructure. It highlights digital payments as predominant, with significant country-specific variations in payment habits and local solutions. Finland, while integrated into European infrastructures, faces challenges with alternatives to international card payments, especially for in-store transactions.
Research Payments and payment systems
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2025-12-12•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) has released a feedback statement and 2026 roadmap to reform mortgage rules, aiming to improve access for first-time buyers and underserved consumers. The FCA plans to consult on rule changes across four workstreams, focusing on flexible mortgage products, retirement interest-only requirements, and later-life advice improvements. The initiative includes a market study on lifetime mortgages, enhanced use of data and technology by brokers, and simpler advertising and disclosure rules.
Policy & regulation Reform agendas & priorities
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2025-12-12•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released its annual private health insurance statistical publication for 2024–2025, accessible on the APRA website.
Data & statistics Financial and market indicators Supervisory data
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2025-12-12•Austria•Austrian National Bank (OeNB)
The Austrian National Bank (OeNB) has launched a residential real estate dashboard offering an interactive overview of the Austrian housing market, linking developments to financial stability risks. The tool includes data on supply, demand, market activity, prices, and a macroprudential module, with around 70 indicators and high-granularity metrics on lending standards. An annual market report is planned, and the dashboard will expand to cover commercial real estate in 2026.
Data & statistics Financial stability and systemic risk Market development
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2025-12-12•Austria•Austria Financial Market Authority
The Austria Financial Market Authority's Quarterly Report for Asset Management revealed a record EUR 240.5 billion in assets under management by Austrian investment fund managers at the end of Q3, a 3.4% increase from June 2025. Net inflows totaled EUR 1.591 billion, with equity and bond funds seeing significant inflows, while mixed funds experienced net outflows. Sustainability funds under SFDR Articles 8 and 9 comprised half of the total assets, reaching EUR 119.6 billion.
Data & statistics Financial and market indicators Supervisory data
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2025-12-12•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails linked to The Bank of East Asia, Shanghai Commercial Bank, and Chong Hing Bank. The alert emphasizes that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact their bank and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-12-12•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released the Analytical Accounts of the Exchange Fund for November 2025, reporting a HKD 28.9 billion increase in foreign assets to HKD 3,538.0 billion. The monetary base was HKD 2,032.2 billion, with claims on the Hong Kong private sector at HKD 313.6 billion and foreign liabilities at HKD 35.8 billion. The HKMA also outlined its December 2025 schedule for Exchange Fund data releases, including the SDDS International Reserves and other reports.
Data & statistics Monetary data
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2025-12-12•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance released Minister Kyriakos Pierrakakis’s speech on the 2026 State Budget, highlighting macro-fiscal projections and a policy package focused on tax reductions, digital tax administration, and increased investment. Key projections include a primary result of 3.7% of GDP in 2025 and 2.8% in 2026, with growth at 2.2% in 2025 and 2.4% in 2026. Tax measures include a two-point cut in income tax rates for certain brackets, zero income tax for those under 25 earning up to EUR 20,000, and enhanced tax-free thresholds for large families.
Policy & regulation Rules & requirements
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2025-12-12•Global•Bank for International Settlements - Financial Stability Institute
The Bank for International Settlements' Financial Stability Institute released a brief on central banks' use of solvency for emergency liquidity support, noting most require firms to be solvent. Solvency is defined as meeting financial obligations, but assessment methods vary. The brief suggests aligning these assessments with those for resolution purposes, emphasizing coordination among central banks, supervisors, and resolution authorities.
Policy & regulation Guidance & interpretation Liquidity risk Prudential risks
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2025-12-12•Finland•Ministry of Finance (Finland)
Finland's Ministry of Economic Affairs and Employment and the Ministry of Finance held a roundtable in Helsinki to explore strengthening Finland's fintech sector. Discussions centered on policy, regulation, and market infrastructure, with emphasis on financial data use and EU regulatory developments. The meeting also addressed fintech solutions, regulatory challenges, and the role of Finland’s Financial Supervisory Authority.
Policy & regulation Reform agendas & priorities Fintech and insurtech
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2025-12-12•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) announced that Mega Ploutos Fund Management Ltd has initiated dissolution and liquidation procedures for FISQAL FUND PRIVATE EQUITY II and III, compartments of FISQAL FUND RAIF V.C.I.C. LTD. These compartments will remain registered and marked "under liquidation" on CySEC’s website until the process is completed. CySEC will remove them from the RAIFs Register upon submission of required documents, as per article 138(9) of the Alternative Investment Funds Law of 2018.
Policy & regulation Implementation, projects & pilots Other
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2025-12-12•Global•Bank for International Settlements
The Bank for International Settlements released a working paper introducing a probabilistic framework to create a weekly all-tenant rent index for Switzerland, enhancing inflation monitoring. The model uses hedonic-adjusted, high-frequency asking-rent sub-indices from over 3.7 million listings, mapping them to an all-tenant rent series with a duration model and incorporating in-tenancy rent changes. The index strongly correlates with the official Swiss CPI rent component, improving forecast accuracy by about 25% when including asking-rent data.
Research Other
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2025-12-12•United Kingdom•UK Parliament
The UK Parliament’s Treasury Committee has launched an inquiry titled “The OBR 15 years on” to evaluate the Office for Budget Responsibility's (OBR) performance and role in economic stability. The inquiry seeks written evidence on the OBR’s forecasting accuracy, impartiality, and potential reforms to its remit and relationship with HM Treasury. The Committee Chair highlighted the 2022 “mini-budget” as a cautionary example of sidelining the OBR.
Policy & regulation Reform agendas & priorities Economic data and developments
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2025-12-12•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan and the National Bank of Kazakhstan met with second-tier bank executives to refine macroprudential measures and stimulate corporate lending. Business lending grew from KZT 9.6 trillion in 2022 to KZT 14.9 trillion by October 2025, with banks having significant liquidity and capital buffers. The meeting also addressed potential improvements to corporate bankruptcy procedures, including legislative amendments to expedite processes and enhance creditor protections.
Policy & regulation Implementation, projects & pilots Lending Macroprudential policy and tools
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2025-12-12•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission, with the Thai Life Assurance and General Insurance Associations, supports reducing medicine costs by allowing patients to buy prescribed medicines from external pharmacies. Insurers will accept receipts from these pharmacies for claims if they meet regulatory standards. The OIC will monitor compliance and transparency.
Policy & regulation Implementation, projects & pilots Other
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2025-12-12•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission launched follow-on education and career guidance activities under its Insurefluencer The New Gen 2025 programme, awarding three national prize-winning schools. The initiative combined insurance literacy with university admissions exam preparation and career guidance, reaching over 1,200 students. It included intensive teaching, practical training, and on-site booths to promote insurance knowledge and career pathways.
Financial literacy & education Other
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2025-12-12•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) urged insurers to expedite claims processing for flood-related damages in southern provinces, with specific timelines for motor and property claims. Preliminary reports indicate about 30,000 motor claims and 26,000 property claims, with estimated losses of THB 7.5 billion and THB 1.8 billion, respectively. The OIC will monitor claims data, deploy consumer protection teams, and supervise insurers' adherence to the measures.
Supervision Interventions Other
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2025-12-12•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan signed a memorandum and roadmap with the Republican Scientific and Methodological Center for the Development of Education to enhance financial literacy and digitalize educational processes. The cooperation includes developing educational materials, online courses, seminars, and financial literacy clubs, as well as organizing public events and research projects.
Financial literacy & education Financial literacy and education
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2025-12-12•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan and the Ministry of Digital Technologies signed a Memorandum of Cooperation to develop the startup ecosystem and organize mutual events, including the GOV Challenge: AI Connect competition. The agreement includes plans for acceleration, incubation, and mentoring programs, collaboration with venture funds, and integration of innovative solutions into state and banking systems.
Policy & regulation Cooperation Fintech and insurtech Market development
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2025-12-12•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned against 4XC MetaTrader, falsely claiming ties with 4xCube Ltd and employee Ms Daina Malta to offer financial services on Telegram. 4xCube Ltd, regulated in the Cook Islands, confirmed no connection with 4XC MetaTrader, which is not authorised by the FSCA. The FSCA highlighted typical scam indicators like unrealistic returns and pressure for urgent action.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-12•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warns against Oaken Financial Services (Pty) Ltd, SMD Capital (Pty) Ltd, and individuals, including Mr. Divan Dixon, Mr. Stephen Gregory Hall, and Mr. Michael Jacobs, for unauthorized financial activities. These entities lack licenses under the Financial Advisory and Intermediary Services Act, 2002, with noted misrepresentations. Consumers should verify authorization on FSCA registers and be cautious of mismatched FSP numbers.
Supervision Alerts Unlicensed or unauthorized activity
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2025-12-12•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned about fraudsters falsely claiming ties to Old Mutual Investment Group (Pty) Ltd. Reports show misuse of Old Mutual branding in a WhatsApp group and app to solicit investments. Old Mutual confirmed no connection, and the FSCA highlighted common fraud indicators, urging the public to verify FSP authorizations and report suspicious activities.
Supervision Alerts Fraud and scams
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2025-12-12•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina has issued instructions for replacing withdrawn convertible mark banknotes in denominations of BAM 10, BAM 20, BAM 50, and BAM 100, which ceased to be legal tender on 31 December 2024. Exchanges are available through commercial banks until 31 December 2025, and thereafter through the central bank until 31 December 2035. Procedures vary based on the amount exchanged, including identity verification and advance notification for amounts of BAM 20,000 or more.
Policy & regulation Implementation, projects & pilots Currency and cash management
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2025-12-12•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) discussed a draft resolution under Public Consultation No. 10/2025, aligning property damage insurance contracts with Law No. 15.040/2024. The draft represents a significant shift from the previous framework, with nearly 700 submissions under review. SUSEP may also consider future rules specifically for surety insurance.
Policy & regulation Rules & requirements Other
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2025-12-12•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has released a preview of version 3.1.0 of the Operations Registration System (SRO) layout, expanding registration requirements for insurance and open private pension operations. This version introduces new lines and products as per SUSEP Circulars 711, 713, 714, and 715 of 2024, with mandatory data submission starting 2 March 2026. Meanwhile, version 3.0.0 is in the homologation phase, allowing supervised entities to test operations in registrars' environments.
Supervision Regulatory reporting
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2025-12-12•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines issued a supervisory memorandum treating the reserve weeks of 19–25 December 2025 and 26 December 2025–1 January 2026 as a single reserve week for compliance with reserve requirements. This applies to reserve position computations, deficiencies, and related sanctions under relevant banking and non-bank financial institution regulations, as well as the determination of "abuse" of offsetting reserve deficiencies.
Policy & regulation Guidance & interpretation Liquidity risk
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2025-12-12•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the Residential Property Price Index for Q3 2025, showing a 5.2% year-on-year and 8.1% quarter-on-quarter decline in private residential property prices. Mortgage data indicated a 28.1% increase in transactions from Q2 2025, with detached houses comprising 66.8% of sales. The median purchase price fell to BND230,000, with most transactions occurring in Brunei-Muara.
Data & statistics Financial and market indicators
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2025-12-12•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a USD 5.3 billion balance of payments deficit (1.5% of GDP) for January–September 2025, driven by a USD 12.5 billion current account shortfall (3.6% of GDP) due to a trade in goods gap. This was partially offset by a USD 12.2 billion net inflow in the financial account (3.5% of GDP) from foreign direct and portfolio investments and government borrowings. Resilient exports and remittances buffered the external position amid tighter global financial conditions.
Data & statistics Balance of payments and other external statistics
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2025-12-12•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported that the country's external debt reached USD 149.09 billion at the end of September 2025, marking a 0.1% quarterly increase. The debt-to-GDP ratio decreased to 30.9%, while the debt service ratio improved to 8.5% due to lower principal and interest payments. Year-on-year, external debt rose 6.8%, driven by new borrowings, including USD 3.33 billion in National Government bond issuances.
Data & statistics Balance of payments and other external statistics
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2025-12-12•South Africa•South African Reserve Bank
The South African Reserve Bank reported that the SADC-RTGS processed 170,164 transactions valued at ZAR 271.55 billion in October 2025, marking the system's highest monthly value to date. Cumulative settlements since inception reached 5.81 million transactions totaling ZAR 18.04 trillion. The TCIB payments scheme settled 267 transactions worth ZAR 365.54 million, involving 15 countries and 88 banks.
Data & statistics Payments and payment systems
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2025-12-12•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported November 2025 statistics on foreign investment in South Korean listed securities, revealing net sales of KRW 13.3730 trillion in stocks and net purchases of KRW 16.2540 trillion in bonds. Foreign holdings comprised 29.6% of total market capitalization in equities and 11.6% in bonds. European investors led net bond buying, focusing on Korean Treasury and Monetary Stabilization Bonds with maturities under five years.
Data & statistics Balance of payments and other external statistics
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2025-12-12•South Africa•South African Reserve Bank
The South African Reserve Bank released the SADC-RTGS Settlement Statistics and Indicators report for September 2025, detailing 161,124 transactions with a total settled value of ZAR 210.06 billion. The report highlights cumulative settlements since inception of 5,639,965 transactions worth ZAR 17.77 trillion. Participation included 15 countries and 87 banks, with the TCIB payments scheme settling 239 transactions valued at ZAR 368.02 million.
Data & statistics Payments and payment systems
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2025-12-12•Serbia•Republic of Serbia Securities Commission
The Republic of Serbia Securities Commission attended the Fourth Regional Forum on Audit Quality Assurance in Tirana, focusing on public audit oversight reforms and audit service quality enhancement. The Commission shared Serbia's implementation experiences and reform results, engaging with EU and World Bank representatives on future improvements. The forum was organized by the World Bank’s Center for Financial Reporting Reform under the REPARIS for SMEs and EAASURE programmes.
Policy & regulation Cooperation Auditing
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2025-12-12•Serbia•National Bank of Serbia
The National Bank of Serbia reported gross foreign reserves of EUR 29,366.6 million at end-November, the highest end-of-month level, with net reserves at EUR 24,975.5 million. Reserves were influenced by positive net market effects and inflows of EUR 95.6 million, offset by outflows of EUR 213.9 million due to government deleveraging and FX market interventions. Gold reserves reached a record 52,407.3 kilograms, valued at EUR 6,093.9 million, while interbank FX turnover was EUR 669.0 million in November.
Data & statistics Balance of payments and other external statistics Foreign exchange policy and markets
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2025-12-12•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia has released a discussion paper for public feedback on revising the Malaysian corporate governance framework, aiming to update the Malaysian Code on Corporate Governance. This review supports the Capital Market Master Plan 4, emphasizing board roles in long-term value creation, risk management, and stakeholder trust.
Policy & regulation Reform agendas & priorities Corporate governance
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2025-12-12•Estonia•Central Bank of Estonia
The Central Bank of Estonia will release its quarterly statistics on licensed crypto asset service providers for Q4 2025 on 12 March 2026. The data will include details on client-owned asset volumes, service offerings, and financial results, separate from economic policy releases.
Data & statistics Financial and market indicators Supervisory data
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2025-12-12•Romania•Ministry of Finance (Romania)
Romania's Ministry of Finance outlined its positions at the EU Economic and Financial Affairs Council, advocating for EU customs reform, capital markets integration, and proportionate EU rulemaking. Romania supported stronger governance for the European Union Customs Authority and transitional measures to eliminate the EUR 150 customs de minimis threshold. A EUR 3 customs charge per product for low-value imports will be implemented from 1 July 2026.
Policy & regulation Reform agendas & priorities Cross-border cooperation