-
2025-12-12•Europe•European Council
The European Council has enacted emergency measures under Council Regulation (EU) 2025/2600, temporarily banning the transfer of immobilised Central Bank of Russia assets within the EU back to Russia. This action aims to mitigate economic harm to the EU and prevent resources from financing Russia's war against Ukraine. The prohibition remains in effect as long as significant financial risks to the EU persist.
Policy & regulation Rules & requirements Sanctions list update
-
2025-12-12•Germany•German Bundesbank
The German Bundesbank reported a current account surplus of EUR 14.8 billion for October 2025, a decrease of EUR 1.0 billion from the previous month, due to a deterioration in service transactions. The goods trade surplus increased to EUR 16.7 billion, while the services deficit rose to EUR 8.9 billion. Germany's financial account showed net capital imports of EUR 19.6 billion, reversing the previous month's net capital exports.
Data & statistics Balance of payments and other external statistics
-
2025-12-12•Europe•European Central Bank
The European Central Bank released a document on TARGET2-Securities auto-collateralisation (T2SAC), an automated intraday credit feature for euro securities settlement. T2SAC offers fully collateralised, interest-free intraday credit, requiring participation in TARGET and compliance with specific conditions. A future change, T2S-0784-SYS, is set for November 2027 to enable multiple collateral mobilisation channels from a single cash account.
Policy & regulation Guidance & interpretation Market infrastructure
-
2025-12-12•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has issued a sanctions notice designating four individuals under the UK's Republic of Sudan (Sanctions) (EU Exit) Regulations 2019, subjecting them to an asset freeze in Guernsey. Businesses must freeze related assets and report findings to the States of Guernsey Policy & Resources Committee, complying with local law. Firms must also inform the Commission of affected relationships and transactions as per Handbook Rule 12.37.
Enforcement Sanctions & designations New sanctions designations
-
2025-12-12•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia signed a memorandum of understanding with VTeam Financial Service Group Corp. and Stronghold Trustee Co., Ltd. to promote financial technology innovation and explore a regulatory framework for asset securitization and securities financing. The signing was conducted under the permission of Deputy Prime Minister and Minister of Economy and Finance Dr. Aun Porn Moniroth.
Policy & regulation Cooperation Fintech and insurtech Domestic cooperation
-
2025-12-12•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) announced that listed companies can submit the "Termo de Emissão de Nota Comercial" via a new filing association in the Empresas.Net system starting 15 December 2025. This document was previously filed under "Comunicado ao Mercado" and "Outros comunicados não considerados fatos relevantes" in the IPE Online module.
Policy & regulation Guidance & interpretation Other
-
2025-12-12•Zambia•Bank of Zambia
The Bank of Zambia's Registrar of Financial Service Providers revoked the bureau de change licence of DonChi Bureau de Change Limited for non-compliance with the Banking and Financial Services Act, 2017 and related regulations. Consequently, DonChi has ceased operations as of 12 December 2025. The cancellation does not absolve the firm of any prior obligations.
Supervision Authorisations & approvals Unlicensed or unauthorized activity
-
2025-12-12•Zambia•Bank of Zambia
The Bank of Zambia has revoked the bureau de change licence of Favour Bureau de Change Limited for non-compliance with the Banking and Financial Services Act, 2017 and related regulations. The firm has ceased operations as of December 12, 2025, but remains responsible for obligations incurred while the licence was valid.
Supervision Authorisations & approvals Unlicensed or unauthorized activity
-
2025-12-12•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,162 analyzes UK firms' investment hurdle rates during the 2022–23 monetary tightening cycle, revealing these rates are generally high and slow to adjust. The study finds firms with "sticky" hurdle rates reduced investment less following contractionary policy shocks, with only partial pass-through of higher borrowing costs to hurdle rates. The paper is intended for comment and does not represent official Bank of England policy.
Research
-
2025-12-12•Russia•Central Bank of Russia
The Central Bank of Russia has updated its Lombard List by adding government bonds from the Republic of Bashkortostan and the Republic of Sakha (Yakutia), along with exchange-traded bonds from major corporate issuers such as Gazprom Capital and Russian Railways. Bonds from issuers with limited information disclosure have been removed.
Policy & regulation Rules & requirements Securities offerings and listings
-
2025-12-12•Russia•Central Bank of Russia
The Central Bank of Russia revoked the banking licence of Joint-Stock Company Commercial Bank Industrial Savings Bank due to breaches of banking laws and anti-money laundering regulations. The bank, ranked 225th by assets, engaged in high-risk lending and suspicious transactions, undermining its financial stability. A provisional administration has been appointed, and law enforcement will be informed of potential misconduct.
Supervision Authorisations & approvals Prudential risks AML and CFT
-
2025-12-12•Russia•Central Bank of Russia
The Bank of Russia has revised its Lombard List policy to exclude bonds from certain financial organizations, including development institutions and microfinance companies, as part of a countercyclical strategy. This change, effective 15 December 2025, does not affect mortgage-backed bonds from DOM.RF Mortgage Agent or existing listed bonds, nor does it restrict their use in repo and lending operations if compliant with Bank of Russia standards.
Policy & regulation Rules & requirements Liquidity risk
-
2025-12-12•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC warns against Quantum Trust for offering investments without a secondary license and falsely claiming endorsement by Finance Secretary Frederick D. Go. The scheme violates the Securities Regulation Code, involving promises of high returns and pressure tactics. The public is advised to be cautious of phishing sites and verify investment entities through official SEC channels.
Supervision Alerts Unlicensed or unauthorized activity
-
2025-12-12•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC issued a cease and desist order against Trading Point Holdings Limited, XM Global Limited, and XM Philippines for unauthorized investment solicitation and securities offerings. The order mandates cessation of activities, removal of online presence, and prohibits asset transactions. The SEC found the group offered derivatives, forex shares, and cryptocurrencies, requiring account openings and deposits, with a referral program offering bonuses.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
-
2025-12-12•Switzerland•Swiss National Bank
The Swiss National Bank's Direct Investment 2024 report shows Swiss companies repatriated CHF 11 billion, while non-resident investors reduced investment in Switzerland by CHF 83 billion. Foreign-controlled finance and holding companies withdrew CHF 52 billion from non-resident subsidiaries, while Swiss firms increased investment in Asia, Central and South America, and the US. The report revises figures for 2015–2023 and introduces new subtotals distinguishing foreign-controlled enterprises.
Data & statistics Balance of payments and other external statistics
-
2025-12-12•Switzerland•Swiss National Bank
The Swiss National Bank’s Bank Council will propose Martin Hirzel for election to the Bank Council at the General Meeting of Shareholders on 24 April 2026. Hirzel, President of Swissmem, is set to succeed Romeo Lacher, who stepped down in April 2025. If elected, Hirzel will assume office on 1 May 2026 for the remainder of the 2024–2028 term.
Institutional development Leadership change & appointments Leadership change and appointments
-
2025-12-12•Vietnam•Vietnam State Securities Commission
Vietnam’s Ministry of Finance and the Vietnam State Securities Commission are consulting on a draft circular to amend securities market regulations. The revisions target information disclosure, securities trading, and securities company operations, affecting Circulars 96/2020/TT-BTC, 120/2020/TT-BTC, and 121/2020/TT-BTC.
Policy & regulation Rules & requirements Securities offerings and listings
-
2025-12-12•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee reported stakeholder endorsements for the bipartisan INVEST Act, passed by the House on 11 December 2025. Key measures include updates to the accredited investor framework, reduced regulatory friction for small companies, and retirement-related provisions aligning 403(b) plans with 401(k) plans. Additional elements involve electronic document delivery, SEC rulemaking updates, and a Senior Investor Taskforce.
Policy & regulation Rules & requirements Capital adequacy
-
2025-12-12•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee passed the INVEST Act to update securities laws, enhancing small business capital access and investor participation in private offerings. The Act mandates the SEC to redefine "small entity," adjust venture capital fund thresholds, and modernize "accredited investor" criteria. It also aims to streamline public market disclosures and improve safeguards against financial fraud.
Policy & regulation Rules & requirements Securities offerings and listings
-
2025-12-12•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services supports the Trump Administration's reforms to enhance transparency and accountability in the proxy advisory process. The reforms aim to tighten oversight of proxy advisers and reinforce fiduciary accountability in proxy voting, promoting fairer shareholder voting and value maximization for investors. Chairman French Hill and Subcommittee Chair Ann Wagner plan to collaborate with regulators on implementation.
Policy & regulation Reform agendas & priorities Corporate governance
-
2025-12-12•Thailand•Thailand Securities & Exchange Commission
Thailand’s Securities and Exchange Commission urged Prime Road Power Public Company Limited’s bondholders to review information and exercise their rights at the reconvened e-meeting on 16 December 2025. The meeting will address proposed waivers of events of default, amendments to bond terms, and rescheduling of partial principal repayments. Bondholders should seek comprehensive information and consider the impacts before voting.
Supervision Interventions Corporate governance
-
2025-12-12•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has imposed civil sanctions on Mr. Pakorn Mongkoltada for insider trading of Aqua Corporation shares, totaling THB 19,339,187. He is barred from serving as a director or executive of securities issuers and companies for 14 months. The sanctions follow an investigation into trades made while he was an AQUA director, involving undisclosed information about AQUA's transactions with Plan B Media.
Enforcement Investigations & enforcement actions Market abuse
-
2025-12-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic warned of a counterfeit document circulating via messaging apps, falsely using the bank's logo and Chairman M. Turgunbaev's forged signature. The bank clarified it does not send official documents through messengers or request money transfers, urging verification through official channels and advising victims to contact law enforcement.
Supervision Alerts Fraud and scams
-
2025-12-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic approved four senior appointments at domestic banks, including Bolot Barievich Azykov to the board of directors of Keremet Bank and Azamat Abdyrakmanovich Tekenov as chief accountant of Bank Bai-Tushum. Rakhat Bolotbekovna Bazarbaeva and Ainura Nazirovna Turdugulova were appointed as deputy chief accountants at Kyrgyz Investment and Credit Bank and Capital Bank, respectively.
Supervision Authorisations & approvals Licence approval
-
2025-12-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Issyk-Kul regional office annulled the certificate of the Public Foundation “Microcredit Agency ‘Kumtor’” effective 12 December 2025. This follows the agency's supervisory board decision to voluntarily surrender the certificate.
Supervision Authorisations & approvals Licence withdrawal
-
2025-12-12•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic and the OSCE Programme Office in Bishkek hosted a roundtable on enhancing cybersecurity and countering fraud in the financial sector. Discussions focused on implementing Kyrgyz legislation on cybersecurity, anti-fraud systems in financial institutions, and integrating financial security education in schools. Participants included representatives from security, law enforcement, and financial intelligence sectors.
Policy & regulation Cooperation Cyber resilience Consumer and investor protection
-
2025-12-12•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority approved CFG Bank’s prospectus for a MAD 500 million subordinated bond issuance, structured into two unlisted tranches. The bonds have a 10-year maturity, with tranche A offering a fixed rate based on the 10-year Treasury bills yield plus a 70 bps premium, and tranche B offering a rate revised annually, initially set by the 52-week Treasury bills yield plus a 65 bps premium.
Supervision Authorisations & approvals Securities offerings and listings
-
2025-12-12•Morocco•Moroccan Capital Markets Authority
The Moroccan Capital Market Authority approved Bank of Africa's prospectus for an unlisted issuance of subordinated perpetual bonds with a ceiling of MAD 1 billion. The issuance includes two tranches: Tranche A with a five-year coupon reset and Tranche B with an annual reset, both linked to Treasury bill yield curves with specified risk premiums. Allocation will occur through a French auction, prioritizing Tranche A.
Supervision Authorisations & approvals Securities offerings and listings
-
2025-12-12•Europe•European Banking Federation
The European Banking Federation and UNEP Finance Initiative released the first policy brief to guide financial institutions on sustainably transforming key European industries. The inaugural brief focuses on the EU chemical industry, proposing seven policy levers to enhance investment appeal and finance decarbonisation, emphasizing coherent policies, simplified processes, and stable incentives for innovation and sustainable product demand.
Policy & regulation Reform agendas & priorities Climate risk and sustainable finance
-
2025-12-12•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority (Finansinspektionen) has revoked Jifiti Patorai AB’s authorisation due to inactivity in conducting licensed activities. The firm, authorised since October 2023 to issue electronic money, had not engaged in such business. The revocation is effective immediately.
Supervision Authorisations & approvals Licence withdrawal
-
2025-12-12•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency have finalized changes to the FFIEC 031 Call Report form to align with new capital rule modifications for US global systemically important banks. Effective June 30, 2026, these changes await US Office of Management and Budget approval, with early adoption options available. The FFIEC 041 and FFIEC 051 Call Reports will be extended for three years without revision.
Policy & regulation Rules & requirements Regulatory reporting
-
2025-12-12•Honduras•Comisión Nacional de Bancos y Seguros de Honduras
Honduras's National Commission of Banks and Insurance (CNBS) has amended its credit portfolio evaluation rules to include the collateral-discounted formula for calculating the past-due provisioning coverage indicator, maintaining a minimum coverage requirement of 110%. Initially an exceptional measure due to COVID-19 and Tropical Storms Eta and Iota, this formula was set to expire at the end of 2025. The revised rules specify discount factors by collateral type and adjust the definition of past-due loans based on borrower type.
Policy & regulation Rules & requirements Prudential risks Accounting and financial reporting
-
2025-12-12•Canada•British Columbia Securities Commission
The British Columbia Prosecution Service has stayed quasi-criminal charges against Vancouver resident Yazan Al Homsi following an investigation by the British Columbia Securities Commission’s Criminal Investigations Branch. The stay was entered on December 12.
Enforcement Investigations & enforcement actions Market abuse
-
2025-12-12•Canada•British Columbia Securities Commission
The British Columbia Securities Commission (BCSC) panel found Lucas Christopher Birdsall in violation of a statutory demand to produce records, constituting obstruction of justice under the Securities Act. Despite multiple service attempts and deadline extensions, Birdsall failed to comply. The BCSC's Executive Director and Birdsall are to submit on sanctions.
Enforcement Investigations & enforcement actions Compliance
-
2025-12-12•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission welcomed the election of Greece’s Minister of National Economy and Finance, Kyriakos Pierrakakis, as President of the Eurogroup, marking the first time a Greek minister has held this position. The Commission emphasized Pierrakakis' focus on completing the Savings and Investments Union as a key European priority and pledged to collaborate with him to enhance the Greek and European capital markets.
Other Leadership change and appointments
-
2025-12-12•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released its annual private health insurance statistical report for the 2024–2025 year.
Data & statistics Financial and market indicators Supervisory data
-
2025-12-12•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) warned about unregistered entities, including Crypto Secure Markets and Crypto Inversiones T&L SpA, unauthorized to provide regulated financial services in Chile. The CMF highlighted impersonators of Apollo Global Management and others promoted via social media and apps. Investors should verify registration on the CMF website and consult the Fraud Alerts Page for more information.
Supervision Alerts Unlicensed or unauthorized activity
-
2025-12-12•Chile•Chile Financial Market Commission
The Chile Financial Market Commission issued regulations under the new Law on Housing Co-ownership to streamline fire and mortgage insurance for condominiums. General Rule No. 556 allows co-owners to present combined insurance policies to lenders, while General Rule No. 557 aligns mortgage insurance tenders with the law, permitting condominium-level coverage. The framework prioritizes repair over mortgage repayment for partially damaged units.
Policy & regulation Rules & requirements Other
-
2025-12-12•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) conditionally approved five national trust bank charter applications, including de novo charters for First National Digital Currency Bank and Ripple National Trust Bank, and conversions for BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company. These approvals are contingent on meeting OCC conditions and will add to the approximately 60 national trust banks currently supervised by the OCC. Each application was assessed individually against statutory and regulatory criteria.
Supervision Authorisations & approvals Licence approval
-
2025-12-12•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision will conduct a geopolitical risk reverse stress test on 110 directly supervised banks in 2026, requiring scenarios leading to a minimum 300 basis point depletion in Common Equity Tier 1 capital. This exercise will assess banks' stress-testing frameworks and ability to manage geopolitical shocks, with results feeding into the Supervisory Review and Evaluation Process. The test will be integrated into the 2026 internal capital adequacy assessment process, using existing supervisory data templates.
Supervision Reviews, inspections & stress tests Stress testing Geopolitical risk
-
2025-12-12•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway will require Annex IV reports under the Alternative Investment Fund Managers Directive to be submitted as XML file attachments starting 30 June 2026. This change affects registered and authorised alternative investment fund managers, as well as non-EEA managers marketing in Norway, due to the phase-out of the Altinn II platform. Submissions must adhere to ESMA’s technical specifications, and managers should prepare for the transition.
Policy & regulation Rules & requirements Regulatory reporting
-
2025-12-12•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority's inspection report on Rogaland Sparebank highlights deficiencies in internal control and risk reporting, calling for improved governance and structured risk assessments. It emphasizes clearer strategies and adherence to guidelines for the "Balansebank" product, suggesting enhancements in IFRS 9 loss assessments and liquidity risk management. The Authority expects the bank to address these issues and provide the final report to its auditor.
Supervision Reviews, inspections & stress tests Corporate governance Risk management Prudential risks
-
2025-12-12•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority's thematic review of six Norwegian banks revealed significant variations and weaknesses in compliance with large-exposure requirements for connected counterparties. Key issues included outdated guidelines, insufficient documentation, and reporting errors due to weak quality controls. Finanstilsynet expects banks to update frameworks, improve documentation, and enhance quality assurance and governance.
Supervision Reviews, inspections & stress tests KYC
-
2025-12-12•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority's inspection of Luster Sparebank found a solid foundation but highlighted the need for improved operational framework and documentation. The bank's guidelines align with the Capital Requirements Regulation but don't fully meet Commission Implementing Regulation (EU) 2024/1728. The report identified incorrect grouping in large exposure reporting due to technical issues, recommending systematic documentation and quality assurance improvements.
Supervision Reviews, inspections & stress tests Risk management Supervision process and methodologies
-
2025-12-12•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority reported deficiencies in Trøndelag Sparebank's management of connected counterparties under the large exposures framework. The report cited inadequate assessments, quality assurance weaknesses, and errors in exposure reporting. Finanstilsynet expects improvements in documentation, consistency, controls, and alignment with EU regulations.
Supervision Reviews, inspections & stress tests Prudential risks Supervision process and methodologies
-
2025-12-12•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority issued a report on Sparebanken Norge, evaluating its system for identifying connected counterparties for large exposures. The report commends the bank's structured framework and conservative limits but calls for stronger documentation for traceability and consistency. Recommendations include a checklist, enhanced guidelines with examples, and addressing data and control discrepancies identified in third quarter 2024 reporting.
Supervision Reviews, inspections & stress tests Risk management Supervision process and methodologies
-
2025-12-12•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority found gaps at Sparebank 68 Grader Nord in identifying connected counterparties for large exposures under the Capital Requirements Regulation. The report noted insufficient documentation in credit assessments and inconsistencies in exposure reporting. The bank must update guidelines, improve documentation, and align reporting practices, with the board considering improvement measures.
Supervision Reviews, inspections & stress tests Supervision process and methodologies
-
2025-12-12•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) penalized Zhejiang Youce Investment Management Co., Ltd. and individuals for misappropriating private fund assets and submitting false information, including a CNY 21 million fine and a lifetime market ban for the firm's actual controller. The Asset Management Association of China revoked the manager registration, and securities regulators will transfer suspected criminal cases to public security authorities. CSRC emphasized ongoing enforcement in the private fund sector under the new "Nine-Point Plan" policy framework.
Enforcement Investigations & enforcement actions
-
2025-12-12•China•China Banking and Insurance Regulatory Commission
China’s National Financial Regulatory Administration has issued interim measures to establish a supervisory framework for commercial banks' custody business, aiming to standardize practices and enhance risk management. The measures define custody business, set governance and management requirements, and strengthen supervisory tools and enforcement. The framework seeks to clarify operating norms, support asset management, and promote improved operational management and risk prevention.
Policy & regulation Rules & requirements Client asset custody and safekeeping
-
2025-12-12•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration has issued interim measures to enhance oversight of commercial banks' custody business, emphasizing standardized operations, custodian responsibilities, governance, risk controls, and transparency. The framework requires adherence to principles of good faith, due diligence, and risk segregation, prohibiting banks from assuming credit or market risk of custodial assets. It also details prohibited conduct and includes transitional arrangements for implementation.
Policy & regulation Rules & requirements Client asset custody and safekeeping
-
2025-12-12•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission outlined its 2026 agenda, focusing on risk prevention, enhanced supervision, and economic support. Key measures include addressing financial institution risks, stabilizing the real estate market, and resolving local government financing vehicle debt. The agenda also emphasizes improving the financial rule-of-law framework, curbing competition, and expanding support for national strategies and insurance coverage.
Policy & regulation Reform agendas & priorities Financial stability and systemic risk Market development
-
2025-12-12•Myanmar•Central Bank of Myanmar
The Central Bank of Myanmar issued an "Open Call" notice, but provided no further details.
Policy & regulation Implementation, projects & pilots Other
-
2025-12-12•Zimbabwe•Reserve Bank of Zimbabwe
The Reserve Bank of Zimbabwe announced the approval of a merger between FBC Bank Limited and FBC Building Society by the Minister of Finance, Economic Development and Investment Promotion. Under the agreement, FBC Building Society will transfer its banking assets and liabilities to FBC Bank Limited and its property assets to FBC Properties (Private) Limited. Following the merger, FBC Building Society will cease to exist as an entity.
Supervision Authorisations & approvals Mandate change
-
2025-12-12•Argentina•Argentina Securities Commission (CNV)
Roberto E. Silva, president of the Argentina Securities Commission, spoke at the IOSCO/PIFS-HLS Global Certificate Program at Harvard Law School about capital markets in emerging economies and digital asset regulation. He highlighted Argentina's new regulatory framework for Virtual Asset Service Providers. The program also covered regional integration, risk-based supervision, and institutional strengthening, with contributions from industry and regulatory representatives.
Policy & regulation Cooperation Cross-border cooperation Supervision process and methodologies
-
2025-12-12•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) announced Switzerland's expansion of sanctions against Russia and Belarus, aligning with the EU's 19th sanctions package. Measures include asset freezes and bans on 22 individuals, 42 entities, and 116 vessels, stricter export controls on 45 companies, and transaction bans on several Russian banks. Financial intermediaries must implement these prohibitions, freeze assets, and report to the State Secretariat for Economic Affairs, with additional checks required under the Anti-Money Laundering Act.
Policy & regulation Rules & requirements Sanctions list update
-
2025-12-12•South Korea•Bank of Korea
The Bank of Korea reported preliminary November 2025 data showing a 3.7% monthly and 7.0% annual increase in the Export Price Index in KRW terms. The Import Price Index rose 2.6% monthly and 2.2% annually. The Net Barter Terms of Trade Index improved by 5.8% year on year.
Data & statistics Economic data and developments
-
2025-12-12•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a roundup of media coverage highlighting Chairman Tim Scott's focus on reducing costs for American families, expanding housing and financial access, and promoting responsible digital asset policy, with 2025 marked as a particularly active year for the committee.
Other
-
2025-12-12•Switzerland•Federal Department of Finance (Switzerland)
Switzerland's Federal Department of Finance reported mixed progress on open finance, with no immediate regulatory requirements for open data interfaces. The banking sector's multibanking initiative marks a key milestone, but challenges remain in data access for third-party providers. The FDF will collaborate with the industry to develop indicators to evaluate the effectiveness of a market-based approach, keeping statutory duties as a potential future option.
Policy & regulation Implementation, projects & pilots Open banking and finance
-
2025-12-12•Argentina•Central Bank of Argentina
Argentina's Central Bank Vice President Vladimir Werning spoke at the LarrainVial AMI International Investor Seminar about a political-electoral shock's impact on money demand and financial normalisation. He highlighted economic stabilisation, a temporary confidence shock, and post-election normalisation without altering the economic programme. Key themes included structural reforms, market access, and re-monetisation.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
-
2025-12-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam appointed Mr. Do Hoang Anh and Ms. Tran Thi Hoa as Deputy Directors of the Credit Institutions System Safety Department. The appointments aim to support the department's increasing workload and responsibilities.
Institutional development Leadership change & appointments Leadership change and appointments
-
2025-12-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's annual meeting highlighted 2026 as a new development phase, focusing on inflation control, macroeconomic stability, and growth support. Governor Nguyen Thi Hong emphasized a flexible monetary policy, banking sector restructuring, and regulatory amendments, including Basel III standards. The agenda includes bad-debt resolution, innovation in banking services, and green credit promotion amidst geopolitical challenges.
Policy & regulation Reform agendas & priorities Domestic cooperation
-
2025-12-12•India•Securities & Exchange Board of India
The Securities and Exchange Board of India issued a circular detailing operational requirements to enhance governance at market infrastructure institutions. Key measures include appointing Executive Directors (EDs) for critical operations and regulatory functions, revised reporting structures, and additional responsibilities for the Chief Risk Officer. Amendments to relevant regulations take effect on 20 December 2025, with phased implementation for appointing EDs and applying new reporting provisions.
Policy & regulation Guidance & interpretation Corporate governance
-
2025-12-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has directed 21 commercial banks to implement a credit programme supporting long-term lending for priority projects in electricity, transport, and strategic technology. Running until 2030, the programme involves VND 500 trillion with preferential interest rates 1.0–1.5 percentage points below average rates. Banks must adhere to normal credit appraisal and risk management rules, overseen by the State Bank of Vietnam.
Policy & regulation Guidance & interpretation Other
-
2025-12-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's 20-year review of its Payment Department highlights growth in cashless transactions and infrastructure advancements. Future priorities include enhancing the legal framework for digital banking, modernizing payment infrastructure, and expanding digital payment access in underserved areas. It also emphasizes using AI and Big Data for fraud prevention and exploring a central bank digital currency.
Policy & regulation Reform agendas & priorities Payments and payment systems Market development
-
2025-12-12•Vietnam•State Bank of Vietnam
The State Bank of Vietnam celebrated the 20th anniversary of its Payment Department, highlighting its contributions to payment policy and digital transformation. The department's SIMO system, operational since mid-2025, has processed 592,000 records of suspicious payment data, aiding 2.13 million customers in preventing fraud. Non-cash payments have grown rapidly, with QR code adoption and over 87% adult bank account penetration.
Institutional development Technology & data transformation Payments and payment systems
-
2025-12-12•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury added four entries to the Sudan sanctions regime on the UK Sanctions List, subjecting them to an asset freeze. The Sudan (Sanctions) (EU Exit) Regulations 2020 apply via the Sanctions (Implementation of UK Sanctions) Regulations 2024, encompassing trade and immigration sanctions. Firms must freeze assets of designated persons, verify matches, and report to the Financial Intelligence Unit, ensuring compliance with ownership and control checks.
Enforcement Sanctions & designations Sanctions list update
-
2025-12-12•Europe•Single Resolution Board
The Single Resolution Board acknowledged the Court of Justice's dismissal of ABLV's appeal in case C-602/22 P. The Grand Chamber confirmed the SRB's authority to make non-resolution decisions independently, aligning with the Single Resolution Mechanism Regulation and Meroni case-law on EU agency power delegation.
Policy & regulation Guidance & interpretation Recovery and resolution
-
2025-12-12•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
Moody's affirmed Trinidad and Tobago's long-term local and foreign currency issuer and senior unsecured ratings at Ba2, revising the outlook to Negative. This reflects fiscal buffers like the Heritage and Stabilisation Fund, while the Negative outlook is due to short-term risks, including declining liquid foreign exchange reserves. The Ministry of Finance highlighted a net international investment position surplus of USD 7.5 billion and noted the outlook change does not account for recent government strategies.
Other Credit ratings
-
2025-12-12•Moldova•National Bank of Moldova
National Bank of Moldova Governor Anca Dragu highlighted financial inclusion, modern payment infrastructure, and European standards alignment as key to local economic development at a Bucharest roundtable. She emphasized Moldova's integration into the Single Euro Payments Area (SEPA) and the MIA instant payments system, noting MIA's widespread use and SEPA's potential to lower transfer costs and boost local economies.
Policy & regulation Reform agendas & priorities Financial inclusion Payments and payment systems
-
2025-12-12•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE and the National Anti-Narcotics Authority discussed enhancing cooperation to combat narcotics-related financial crimes and protect the UAE financial system's integrity. Key topics included expanding information exchange, improving response efficiency, and enhancing national policy effectiveness. The CBUAE also briefed on its mandates, financial-crime regulations, and infrastructure projects, including payment system digitisation and personnel training initiatives.
Policy & regulation Cooperation AML and CFT Cross-border cooperation
-
2025-12-11•Panama•Panama Superintendencia del Mercado de Valores
Panama’s Superintendency of the Securities Market issued Public Notice No. 20, warning that RYK Private Trading, also known as TTIMarket and Emporium DJC, S.A., along with individuals Yeika Daniela Jimenez Caballero and Rafael Fernando Oliveira Almeida, are non-authorised persons.
Supervision Alerts Unlicensed or unauthorized activity
-
2025-12-11•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua released Volume 12 of its Economics and Finance Journal, featuring research from the 2024 Economy, Finance and Development Prize and central bank staff. Key findings include the effectiveness of inflation forecasting methods, identification of credit boom episodes, and the impact of progressive taxation on income distribution. The studies also explore terms-of-trade shocks' influence on GDP variability and the procyclical nature of loan-loss provisions.
Research Economic data and developments
-
2025-12-11•India•Reserve Bank of India
The Reserve Bank of India has amended the credit risk management framework for Small Finance Banks, introducing a new framework for maintaining cash credit, current, and overdraft accounts. The revised rules link account eligibility to a borrower's aggregate exposure across the banking system, with criteria for maintaining current and overdraft accounts based on exposure thresholds. Exemptions and monitoring requirements are outlined, with the amendments effective from April 1, 2026, though banks may implement them earlier.
Policy & regulation Rules & requirements Credit risk
-
2025-12-11•India•Reserve Bank of India
The Reserve Bank of India amended its Rural Co-operative Banks – Credit Risk Management Directions, defining cash credit, current account, and overdraft facilities, and establishing a framework for account maintenance to improve credit discipline and transaction monitoring. Banks with system exposure below INR 10 crore can maintain current or overdraft accounts without restriction, while those with exposure of INR 10 crore or more must meet specific criteria. Exemptions apply for certain accounts, and compliance monitoring is required, effective April 1, 2026.
Policy & regulation Rules & requirements Credit risk
-
2025-12-11•India•Reserve Bank of India
The Reserve Bank of India amended its Payments Banks – Miscellaneous Directions to establish a framework for payments banks' maintenance of current accounts, linking permissible account types to a customer's aggregate exposure. Payments banks can maintain unrestricted current accounts if exposure is below INR 10 crore, but must use "collection accounts" for exposures of INR 10 crore or more. Effective April 1, 2026, the amendments include strengthened monitoring and misuse-prevention measures.
Policy & regulation Rules & requirements Payments and payment systems
-
2025-12-11•India•Reserve Bank of India
The Reserve Bank of India (RBI) amended its Local Area Banks credit risk management directions, introducing a framework for cash credit, current, and overdraft accounts to enhance credit discipline and transaction monitoring. Effective April 2026, the framework imposes restrictions based on borrower exposure, with specific conditions for maintaining current and overdraft accounts. Banks must ensure compliance through regular monitoring and implement controls to prevent unauthorized transactions.
Policy & regulation Rules & requirements Credit risk
-
2025-12-11•India•Reserve Bank of India
The Reserve Bank of India has amended directions for commercial banks on Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) maintenance and reporting, aligning with the Banking Laws (Amendment) Act, 2025. The framework now uses two calendar-month fortnights and updates CRR and SLR return requirements, effective 15 December 2025. Banks will submit returns digitally via the Centralised Information Management System portal, with transitional rules for December 2025 and January 2026.
Policy & regulation Rules & requirements Liquidity risk Prudential risks
-
2025-12-11•India•Reserve Bank of India
The Reserve Bank of India has amended its Credit Risk Management Directions for Commercial Banks, introducing a new framework for cash credit, current, and overdraft accounts. It enhances credit discipline and monitoring with rules based on the banking system's aggregate exposure to a customer. Key provisions include unrestricted cash credit facilities, restrictions on current and overdraft accounts for exposures of INR 10 crore or more, and exemptions for certain accounts, effective from 1 April 2026.
Policy & regulation Rules & requirements Credit risk
-
2025-12-11•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority has released Consultation Paper 169 seeking feedback on updates to its Anti-Money Laundering, Fees, and Prudential modules. Key proposals include formalizing notification requirements for Designated Non-Financial Businesses and Professions, introducing a USD 3,000 fee for registration requests, and tightening liquidity eligibility criteria. The consultation aims to refine rule clarifications and policy updates across these areas.
Policy & regulation Rules & requirements AML and CFT
-
2025-12-11•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission issued decisions on management approvals, professional qualifications, and securities registry changes. Approvals were granted for executive roles at Phoenix Re Insurance AD and Phoenix Re AD, and Roman Grynenko was recognized as an investment consultant. A Finance Direct AD bond issue was removed from the securities register, and Alfastar Ventures AD was notified of potential changes to its venture capital fund registration.
Supervision Authorisations & approvals Licence approval
-
2025-12-11•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo and the Council of Europe Development Bank discussed financial-sector developments, focusing on microfinance, non-bank financial institutions, financial inclusion, regulatory reform, and digitalisation. The central bank outlined measures to enhance the regulatory framework, including new licensing and capital requirements, improved supervisory practices, and AML activities. Both parties expressed commitment to ongoing cooperation, particularly in inclusive finance and socially oriented development.
Policy & regulation Rules & requirements Supervision process and methodologies
-
2025-12-11•Council of Financial Regulators•Council of Financial Regulators (CoFR)
New Zealand's Council of Financial Regulators (CoFR) released the latest Regulatory Initiatives Calendar, detailing the timing of planned and ongoing regulatory initiatives for the financial sector. The Q4 2025 calendar is available in various formats, with updates provided quarterly since 2021.
Policy & regulation Cooperation Regulatory burden
-
2025-12-11•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) reported financial sector stability after its November 2025 meeting, detailing measures for localized shocks, including special credit treatment for flood-affected borrowers in Aceh, North Sumatra, and West Sumatra. OJK mandated insurers to activate disaster-response mechanisms and extended regulatory reporting deadlines for affected areas. Recent rulemaking includes amendments for digital financial assets, new asset-liability management rules for insurers, and updated risk management requirements effective January 2026.
Policy & regulation Rules & requirements Financial stability and systemic risk Market risk and volatility
-
2025-12-11•Italy•Bank of Italy
The Bank of Italy, CONSOB, and IVASS have updated the TIBER-IT National Guide for cybersecurity testing in the Italian financial sector to align with Regulation (EU) 2022/2554 on digital operational resilience (DORA). The guide serves as the unified framework for Threat-Led Penetration Testing (TLPT) of ICT systems, applicable to both mandatory and voluntary testing. DORA mandates financial entities to conduct TLPT every three years, with the updated guide incorporating the latest provisions and the European Commission's delegated regulation.
Policy & regulation Guidance & interpretation Cyber resilience
-
2025-12-11•Ghana•Ghana National Insurance Commission
The Ghana National Insurance Commission announced that, starting 1 January 2026, motorists must present a Ghana Card for purchasing or renewing motor insurance policies, while corporate clients must provide their Tax Identification Number (TIN). This policy aims to enhance claims handling, strengthen compliance with know-your-customer and anti-money laundering standards, reduce fraud, and align with global financial services standards.
Policy & regulation Rules & requirements KYC AML and CFT
-
2025-12-11•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has appointed Marie-Anne Barbat-Layani and Christopher P. Buttigieg as new Management Board members, with Armi Taipale reappointed for a second term. Effective 1 January 2026, these appointments follow the conclusion of mandates for Vasiliki Lazarakou and Jos Heuvelman. The Management Board, including ESMA Chair Verena Ross and other key members, oversees ESMA's mission and tasks under its founding Regulation.
Institutional development Leadership change & appointments Leadership change and appointments
-
2025-12-11•Italy•Bank of Italy
The Bank of Italy, with the Bank for International Settlements Innovation Hub and partners, published the final report for Phase 2 of Project Leap, confirming successful testing of post-quantum cryptography in payment systems. The experiment focused on implementing quantum-resistant protocols for liquidity transfers between central banks. The report highlights challenges and findings on performance, interoperability, and cryptographic agility, aiming to enhance European payment infrastructure and financial stability.
Policy & regulation Implementation, projects & pilots Quantum computing
-
2025-12-11•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) issued infringement notices to 12 large proprietary companies for allegedly failing to lodge their FY24 audited financial reports on time, resulting in penalties exceeding AUD 2.2 million. Despite payment, ASIC clarified this does not imply admission of guilt. After a three-month surveillance, ASIC found 70% of 217 engaged companies were non-compliant, with ongoing investigations and further enforcement actions planned for 2026.
Enforcement Investigations & enforcement actions Accounting and financial reporting
-
2025-12-11•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) has issued a policy granting special regulatory treatment for credit and financing to borrowers affected by floods and landslides in Aceh, North Sumatra, and West Sumatra. The policy includes assessing credit quality based on payment timeliness for exposures up to IDR 10 billion and allows restructured facilities to be classified as performing. OJK has also instructed insurance and reinsurance companies to activate disaster-response mechanisms and simplify claims processes.
Policy & regulation Rules & requirements Other
-
2025-12-11•Indonesia•OJK
The Indonesia Financial Services Authority (OJK) stressed integrity and good governance in the financial sector during a lecture at Yogyakarta State University for Anti-Corruption Day 2025. OJK Audit Board Chair Sophia Wattimena highlighted evolving fraud risks due to technological advancements and efforts to enhance defences with an Anti-Bribery Management System and a four-pillar anti-fraud strategy. The session urged students to resist corruption, report misconduct, and raised awareness of risks from illegal financial products.
Financial literacy & education Corporate governance
-
2025-12-11•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority introduced its new Board of Directors and bid farewell to outgoing CEO Thapelo Tsheole. Board Chair Marc Holtzman emphasized the capital market's role in resource mobilization and regulatory strengthening. The Ministry of Finance and Economic Planning pledged support for the Authority's mandate.
Institutional development Leadership change & appointments Leadership change and appointments
-
2025-12-11•United States•Federal Deposit Insurance Corporation
FDIC Acting Chairman Travis Hill detailed progress on reforms, including joint proposals with the OCC to define "unsafe or unsound practice" and prohibit examiner actions based on reputational risk. The FDIC rescinded climate-related guidance, finalized asset-based threshold rules, and proposed revisions to the Community Bank Leverage Ratio, with plans for further supervision reforms and examination manual updates.
Policy & regulation Rules & requirements Supervision process and methodologies
-
2025-12-11•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets has released 12 building blocks to guide audit firms in responsibly integrating advanced audit tools, including generative AI. Emphasizing trust and safety, the guidelines stress that AI should enhance, not replace, professional judgment. Key expectations include maintaining human responsibility, ensuring AI output traceability, and prioritizing data security.
Policy & regulation Guidance & interpretation Auditing
-
2025-12-11•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) reports that investment fraud in the Netherlands results in annual losses potentially reaching EUR 750 million, with harm underestimated due to low victim reporting. The AFM emphasizes the need for a coordinated response involving public and private sectors, including enhanced policy, supervision, and enforcement, and suggests measures such as a central reporting point and increased accountability for social media platforms.
Research Fraud and scams
-
2025-12-11•Latvia•Central Bank of Latvia
The Central Bank of Latvia has granted an electronic money institution operating licence to SIA GR8 PAY, allowing it to issue electronic money and execute payments. This brings the total to nine licensed electronic money institutions in Latvia. The central bank advises firms to utilize its licensing guides and pre-licensing consultations for better application quality and compliance.
Supervision Authorisations & approvals Licence approval
-
2025-12-11•Latvia•Central Bank of Latvia
The Central Bank of Latvia has licensed Nexdesk SIA as the second authorised crypto-asset service provider in Latvia under the European Union Markets in Crypto-Assets Regulation (MiCA). The licence includes custody, order execution, and transfer services for crypto-assets. Nexdesk SIA intends to operate in Latvia and other EU countries, leveraging MiCA’s cross-border notification mechanism.
Supervision Authorisations & approvals Licence approval
-
2025-12-11•Peru•Central Bank of Peru
The Central Bank of Peru reported a 5.7% year-on-year increase in private sector liquidity in October 2025, driven by a 3.8% rise in domestic currency liquidity and a 10.8% rise in foreign currency liquidity. Currency in circulation increased by 11.9%, while deposits grew by 4.6%, with savings deposits up 11.6% and demand deposits up 5.8%. Total private sector liquidity reached PEN 532,172 million, with currency in circulation at PEN 90,022 million.
Data & statistics Monetary data
-
2025-12-11•Australia•Australian Transaction Reports and Analysis Centre (AUSTRAC)
AUSTRAC has initiated civil penalty proceedings against Castra Licensee Pty Ltd and Princeton Securities (NSW) Pty Ltd for failing to submit a 2023 compliance report, as required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Despite receiving infringement notices in September 2024, neither company paid, prompting legal action. AUSTRAC stresses these reports are crucial for supervising entities and identifying money laundering and terrorism financing vulnerabilities.
Enforcement Investigations & enforcement actions AML and CFT
-
2025-12-11•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has suspended MW Planning Pty Ltd's financial services licence until June 2026 for non-compliance, including not appointing a new responsible manager after Robert John Tohill's banning. MW Planning also failed to submit 2024 financial statements and an auditor opinion or report these failures to ASIC. During the suspension, MW Planning must remain a member of the Australian Financial Complaints Authority and maintain professional indemnity insurance.
Enforcement Investigations & enforcement actions Accounting and financial reporting Corporate governance
-
2025-12-11•Ireland•Department of Finance (Ireland)
Ireland's Department of Finance detailed Tánaiste and Minister for Finance Simon Harris’s visit to Brussels for Eurogroup and ECOFIN meetings, focusing on euro area fiscal surveillance, EU financial services policy, and support for Ukraine. The agenda includes Ireland’s National Development Plan, euro area budgetary plans, and the European Stability Mechanism. ECOFIN will address the Market Infrastructure and Efficient Supervision package, the digital euro, customs duty relief, and amendments to Recovery and Resilience Plans.
Policy & regulation Cooperation Other