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2025-12-11•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority clarified the application of Norway’s Digital Security Act and related NIS Directive regulations to the financial sector, confirming its supervisory role. Effective October 2025, the Act mandates baseline security requirements for systemically important banks and financial market infrastructure, including DNB Bank ASA and Oslo Børs ASA. Financial firms must report incidents to the National Security Authority and Finanstilsynet, with NFCERT as a sector incident response environment.
Policy & regulation Guidance & interpretation Cyber resilience
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2025-12-11•Europe•European Central Bank - Banking Supervision
The European Central Bank (ECB) endorsed recommendations to streamline the EU's regulatory, supervisory, and reporting framework for banks, aiming to reduce complexity while maintaining resilience and Basel III compliance. Key proposals include merging capital buffer layers, simplifying the leverage ratio framework, and enhancing the prudential regime for small banks. The ECB also published a report on supervisory initiatives complementing these recommendations.
Policy & regulation Reform agendas & priorities Capital adequacy Prudential risks
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2025-12-11•Global•Bank for International Settlements
The Bank for International Settlements released a bulletin assessing the G20 Roadmap for enhancing cross-border payments, noting limited improvement in end-user outcomes and the unlikelihood of meeting the 2027 targets on time. While most international policy actions are completed, achieving the Roadmap's goals depends on timely implementation and strong public-private collaboration. The bulletin reflects the authors' views, not those of BIS or its member central banks.
Policy & regulation Other Cross-border payments
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2025-12-11•Malta•Malta Financial Services Authority
The Malta Financial Services Authority (MFSA) reported on a delegation visit to Southern China and Hong Kong to enhance regulatory cooperation. Led by Matthew Scicluna and Ray Schembri, the delegation engaged with key officials in Shenzhen and Hong Kong, and participated in Insurtech Insights Asia to discuss the European regulatory landscape and Malta's role in the EU financial services ecosystem.
Policy & regulation Cooperation Cross-border cooperation
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2025-12-11•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub released the Project Leap Phase 2 report, detailing an experiment on post-quantum cryptography in payment systems, highlighting performance differences and readiness challenges. The study, involving multiple European banks and partners, underscores the need for further testing and preparation for a broader transition.
Policy & regulation Implementation, projects & pilots Quantum computing
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2025-12-11•Myanmar•Central Bank of Myanmar
The Central Bank of Myanmar criticized the Basel Institute on Governance’s Basel AML Index 2025 for ranking Myanmar as the highest-risk country, arguing it overlooks Myanmar's progress on FATF standards. The statement highlights improvements in technical compliance, ongoing engagement with the Asia Pacific Joint Group, and FATF's reduction of Myanmar's recommended actions from eight to four, while maintaining enhanced due diligence.
Policy & regulation Guidance & interpretation AML and CFT
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2025-12-11•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) and the US Securities and Exchange Commission (SEC) conducted a virtual training programme on capital markets supervision and compliance. The sessions, led by SEC experts, focused on risk-based supervision, compliance programmes for broker-dealers, and enhancing dialogue between regulators and market professionals. CNV President Roberto E. Silva and other CNV officials participated in the programme.
Supervision Cooperation Capacity building Supervision process and methodologies
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2025-12-11•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) has approved the merger of FINcontrol Suisse AG and Organisation de Surveillance Financière (OSFIN). OSFIN will be dissolved and absorbed by FINcontrol Suisse AG, which will be renamed OSFINcontrol AG. Both were authorised as supervisory organisations in 2020. The merger becomes legally effective upon entry in the commercial register. These organisations oversee compliance with the Financial Institutions Act, Financial Services Act, and Anti-Money Laundering Act, while FINMA supervises them and enforces financial market law.
Supervision Authorisations & approvals Licence approval
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2025-12-11•United Arab Emirates•ADGM Financial Services Regulatory Authority
The ADGM Financial Services Regulatory Authority has launched a consultation on climate-related financial risk requirements for Authorised Persons, focusing on risk materiality and business complexity. Proposed enhancements include integrating these risks into capital adequacy assessments and public disclosures, with specific guidance for Recognised Bodies. The FSRA also contributed to the UAE Sustainable Finance Working Group's upcoming Principles for Climate Transition Planning.
Policy & regulation Rules & requirements Climate risk and sustainable finance
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2025-12-11•Asia•Asia/Pacific Group on Money Laundering (APG)
The Asia/Pacific Group on Money Laundering and the Financial Action Task Force published Malaysia’s mutual evaluation report, finding that the country has strengthened its AML/CFT/CPF system since 2015 through legal reforms, stronger supervision and better risk coordination. The report says Malaysia still struggles to turn money laundering investigations into prosecutions and convictions, while international cooperation, beneficial ownership transparency, non-financial sector supervision and broader asset recovery need improvement. Malaysia received substantial effectiveness ratings in several core areas, but only moderate ratings for international cooperation, beneficial ownership, money laundering enforcement and asset recovery.
Policy & regulation Peer reviews and country evaluations AML and CFT Supervision process and methodologies
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2025-12-11•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance issued Resolution 679/2025 under Law No. 20.091, prohibiting GALENO Aseguradora de Riesgos del Trabajo S.A. from entering new insurance contracts. This action aims to protect insureds and ensure system solvency following the identification of a deficit requiring immediate regularisation.
Supervision Interventions Prudential risks
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2025-12-11•India•Securities & Exchange Board of India
The Securities and Exchange Board of India (SEBI) will host an Investor Service Camp in Indore, Madhya Pradesh, on 16 December 2025, offering a single-window facility for investor services. The event, in collaboration with BSE, NSE, CDSL, NSDL, and several registrar and transfer agents, will provide assistance with shares, mutual fund requests, KYC updates, and more.
Financial literacy & education Consumer and investor protection
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2025-12-11•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub released findings from Project Leap, demonstrating that post-quantum cryptography (PQC) can secure payment messaging and system operations. The experiments, conducted with several central banks and financial institutions, highlighted successful PQC deployment but noted increased processing times and considerations for performance, interoperability, and cryptographic agility.
Policy & regulation Implementation, projects & pilots Quantum computing
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2025-12-11•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury, through Secretary Scott Bessent's remarks to the Financial Stability Oversight Council (FSOC), outlined a strategy prioritizing economic growth and security in financial stability efforts, moving away from burdensome regulation. FSOC will work with member agencies to amend regulatory frameworks that hinder growth and stability, focusing on economic security and technological advancements. This agenda aligns with the U.S.'s 2026 G20 host year priorities, emphasizing deregulation and innovation.
Policy & regulation Reform agendas & priorities Financial stability and systemic risk
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2025-12-11•United States•U.S. Department of the Treasury
The Financial Stability Oversight Council, chaired by the U.S. Department of the Treasury, released its 2025 annual report, highlighting U.S. financial stability risks and policy recommendations. Key areas include Treasury market resilience, cyber risk management, and enhanced oversight of banks and credit unions. The report emphasizes using artificial intelligence for resilience and calls for modernizing supervisory expectations and reducing compliance costs for community banks.
Policy & regulation Reform agendas & priorities Activity and performance reporting
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2025-12-11•United States•U.S. Department of the Treasury
U.S. Treasury Secretary Scott K. H. Bessent led a Financial Stability Oversight Council meeting to review priority workstreams and consider revisions to nonbank and financial stability risk frameworks. The Council approved its 2025 annual report and discussed updates from working groups and agencies on key priorities. Additionally, the Council received briefings on potential revisions to interpretive guidance and analytic frameworks, and approved the minutes from its September 2025 meeting.
Policy & regulation Cooperation Artificial intelligence Financial stability and systemic risk
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2025-12-11•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) joined a nationwide conference led by Vietnam’s Central Steering Committee on Anti-Corruption to review efforts during the 13th Party Congress term. The SBV reiterated its anti-corruption programme, highlighting measures like the Governor’s Directive No. 01 and Decision No. 1799/QD-NHNN for combating sector crime. The conference, chaired by General Secretary To Lam, was held in a hybrid format with over 190,000 participants.
Policy & regulation Cooperation Other
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2025-12-11•India•Securities & Exchange Board of India
SEBI has postponed Phase III of its "Revise and Revamp Nomination Facilities in the Indian Securities Market" framework, originally set for 15 December 2025, to a date yet to be announced. This follows requests for re-examination of structural implications and more time for system development due to operational challenges. The deferment is effective immediately, with all other provisions of previous circulars unchanged.
Policy & regulation Rules & requirements Other
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2025-12-11•India•Insurance Regulatory and Development Authority of India
The Insurance Regulatory and Development Authority of India (IRDAI) hosted the 8th Asia-Pacific High-Level Meeting on Insurance Supervision and the 20th Asian Forum of Insurance Regulators (AFIR) Annual Meeting in Hyderabad, focusing on digital innovation and financial inclusion. IRDAI's Chairman was elected as Chair of AFIR for the next two years. Discussions included supervisory mandates, protection gaps, AI in supervision, and India's Digital Public Infrastructure's role in enhancing trust.
Supervision Cooperation Fintech and insurtech Financial inclusion
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2025-12-11•Moldova•National Bank of Moldova
The National Bank of Moldova approved its 2026 expense budget at MDL 761,365 thousand and investment allocations at MDL 173,735 thousand. This includes MDL 107,038 thousand for new multiannual projects, with MDL 71,278 thousand set for payment under the Supervisory Council's decision.
Institutional development Other
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2025-12-11•Moldova•National Bank of Moldova
The National Bank of Moldova issued a sanctioning decision against JSC Depozitarul Central Unic al Valorilor Mobiliare (DCU), mandating remedial action due to governance and risk management deficiencies. The inspection highlighted issues in supervisory board responsibilities, meeting organization, and ICT. The bank will disclose sanctions post-notification and publish appeal outcomes if contested.
Enforcement Investigations & enforcement actions Sanctions list update
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2025-12-11•United Arab Emirates•ADGM Financial Services Regulatory Authority
The ADGM Financial Services Regulatory Authority (FSRA) updated its 2025 sustainable finance initiatives, focusing on a consultation for Authorised Persons to manage climate-related financial risks. Proposed enhancements include integrating these risks into capital adequacy assessments and public disclosures, with guidance tailored to business specifics. The FSRA also supports the UAE Sustainable Finance Working Group's upcoming Principles for Climate Transition Planning, addressing governance, strategy integration, and reporting.
Policy & regulation Rules & requirements Climate risk and sustainable finance
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2025-12-11•Barbados•Central Bank of Barbados
The Central Bank of Barbados issued an explainer on financial stability, highlighting its collaboration with the Financial Services Commission to maintain stability in Barbados' financial system. It underscores that banks are subject to regulatory constraints.
Financial literacy & education Financial stability and systemic risk
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2025-12-10•Europe•European Securities and Markets Authority
European Securities and Markets Authority Chair Verena Ross will not seek a second term and will remain in her role until her contract ends on 31 October 2026. ESMA will initiate the selection process for a new Chair.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-10•Council of Financial Regulators•Council of Financial Regulators (CoFR)
New Zealand's Council of Financial Regulators (CoFR) approved a revised operating model focusing on a strategic, system-wide approach with horizon scanning and targeted taskforces. The meeting also addressed the 2026 work programme, noted the Finance and Expenditure Committee’s report on banking competition, and introduced new leadership, including Reserve Bank of New Zealand Governor Dr Anna Breman.
Institutional development Governance Other
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2025-12-10•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) has launched a plan to cut periodic reporting requirements by 50% under its "CNMV 2030" strategy. The plan includes 31 initiatives to reduce documentation, streamline processes, and enhance digital transformation, with 58% targeting redundant submissions and 26% expediting reviews. Additionally, the CNMV is advancing national legislative proposals and engaging in EU-level simplification efforts through ESMA and the European Commission.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies
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2025-12-10•Council of Financial Regulators•Council of Financial Regulators (CoFR)
New Zealand's Council of Financial Regulators (CoFR) approved a revised operating model focusing on a strategic, system-wide approach to risks and opportunities, prioritizing horizon scanning and targeted taskforces. The December 2025 meeting also addressed banking competition, leadership changes, and outlined a 2026 work programme.
Institutional development Governance Other
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2025-12-10•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) released a final report detailing supervisory expectations for management bodies under its supervision, based on 12 high-level, outcome-focused principles. These principles guide governance effectiveness and oversight, allowing tailored approaches according to the firm's nature, scale, and complexity. ESMA will incorporate these principles into its supervisory priorities in 2026 and engage with entities on their practical implementation.
Supervision Supervision approach, priorities & toolkit Corporate governance
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2025-12-10•Angola•Angola Capital Markets Commission
Elmer Serrão, Chair of Angola's Capital Markets Commission, addressed a Luanda conference on venture capital, sustainability, and innovation. He emphasized venture capital's role in economic dynamism and sustainability in Angola, highlighting international and African experiences and potential social and environmental impacts. The Commission sees venture capital as a way to diversify funding, support SMEs, and align with ESG priorities.
Policy & regulation Guidance & interpretation Market development ESG
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2025-12-10•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) released a paper examining the impact of information and skills on Italian retail investors' sustainable finance choices. The study highlights that increased access to information boosts knowledge of sustainable products but raises the risk of overconfidence. It suggests regulatory frameworks should enhance investor capability while addressing cognitive distortions, noting that financial advice increases sustainable investment, especially when advisers engage on sustainability preferences.
Research Financial literacy and education ESG
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2025-12-10•Italy•Bank of Italy
The Bank of Italy published the December 2025 issue of "The Italian economy in brief," offering updated data on Italy's economic and financial systems. The report covers real economic activity, prices, foreign transactions, private-sector financial conditions, banking-sector developments, public finances, and inflation and growth forecasts.
Data & statistics Economic data and developments
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2025-12-10•Italy•Bank of Italy
The Bank of Italy released updated "Banks and money: national data" statistics, detailing national banking and monetary data as of October 2025.
Data & statistics Monetary data
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2025-12-10•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) and the Ministry of Finance hosted a webinar on enhancing Alternative Credit Rating Providers (PKA) to improve financial access for MSMEs. OJK's Hasan Fawzi highlighted regulatory strengthening, alternative data use, and collaboration as key to serving underserved segments, while Ministry official Masyita Crystallin advocated for behavioural data to improve credit assessments.
Policy & regulation Reform agendas & priorities Credit ratings
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2025-12-10•Mozambique•Ministry of Finance (Mozambique)
Mozambique’s Ministry of Finance announced Parliament's general approval of a draft law to establish the Insurance and Pension Funds Supervisory Authority, aiming to align with international and regional standards. The initiative addresses low financial penetration, with only 30.6% of adults having a bank account and 17% accessing insurance. No timeline was provided for the authority's establishment.
Policy & regulation Rules & requirements Organizational structure
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2025-12-10•Mozambique•Ministry of Finance (Mozambique)
Mozambique's Ministry of Finance highlighted the country's removal from the Financial Action Task Force grey list during the 10th International goAML User Group meeting in Maputo. The event, attended by global specialists, focused on enhancing cooperation against money laundering and terrorist financing, following the launch of goAML version 5.6. Participants will review platform updates and share experiences over the three-day meeting.
Policy & regulation Cooperation AML and CFT Cross-border cooperation
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2025-12-10•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) issued an ESG update and factsheet outlining expectations for investment firms on sustainability in product oversight, governance (POG), and suitability assessments. The AFM noted progress but emphasized the need for better compliance to align investors' sustainability preferences with product characteristics. Firms should refine target market determination and gather detailed client sustainability preferences, using statutory categories and minimum percentages where applicable.
Policy & regulation Guidance & interpretation ESG
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2025-12-10•Ireland•Central Bank of Ireland
The Central Bank of Ireland has released a roadmap to enhance its regulatory framework, focusing on reducing complexity and improving clarity while maintaining resilience. Key initiatives include aligning domestic regulations with EU frameworks, establishing a Gatekeeping Division for better authorisation processes, and reforming reporting and data collection. The programme emphasizes a risk-based supervisory approach with multidisciplinary teams and clearer communications.
Policy & regulation Reform agendas & priorities Regulatory burden
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2025-12-10•Congo•Congo Insurance Regulation and Control Authority
The Congo Insurance Regulation and Control Authority, with support from International Monetary Fund experts, emphasized the need to modernize prudential frameworks during an educational exchange with insurance company board chairpersons. The focus is on transitioning to risk-based supervision and aligning with International Association of Insurance Supervisors standards.
Policy & regulation Reform agendas & priorities Supervision process and methodologies
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2025-12-10•Georgia•National Bank of Georgia
The National Bank of Georgia's Governor Natia Turnava met with an International Monetary Fund (IMF) mission to discuss Georgia's monetary policy, financial stability, and macroeconomic outlook. The meeting also addressed future cooperation on IMF technical assistance. Participants included senior officials from the National Bank of Georgia and the IMF.
Monetary policy Monetary policy assessments & outlooks Cross-border cooperation
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2025-12-10•Georgia•Insurance State Supervision Service of Georgia
The Insurance State Supervision Service of Georgia held a workshop in Tbilisi with licensed insurers to discuss the gradual introduction of a risk-based solvency system. The sessions, featuring Professor Karel van Hülle, focused on the European Union’s Solvency II framework and its implementation in Georgia. Attendees included heads of the Georgian Insurance Association and the Insurance Union.
Supervision Supervision approach, priorities & toolkit Capital adequacy Supervision process and methodologies
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2025-12-10•United States•National Credit Union Administration
The US National Credit Union Administration (NCUA) has proposed regulatory changes under its Deregulation Project, aiming to streamline Title 12, Chapter VII of the Code of Federal Regulations. Key proposals include amending corporate credit union rules, revising supervisory committee audit rules, and removing certain appendices related to member information security. Stakeholders are invited to review and comment on these proposals.
Policy & regulation Rules & requirements Regulatory burden
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2025-12-10•Indonesia•Bank Indonesia
Bank of Indonesia's Retail Sales Survey forecasts a 5.9% year-on-year increase in the Real Sales Index (RSI) for November 2025, up from 4.3% in October, driven by seasonal demand. Respondents also anticipate rising inflationary pressures, with the Price Expectations Index (PEI) for January 2026 increasing to 163.2 due to higher raw material costs and demand ahead of Ramadan. However, price pressures should ease by April 2026 as demand normalizes post-Eid-ul-Fitr.
Data & statistics Economic data and developments
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2025-12-10•Europe•European Banking Authority
The European Banking Authority published final draft amendments to its Regulatory Technical Standards on risk weights for exposures secured by immovable property under the Standardised Approach, updating legal references to align with the revised Capital Requirements Regulation (CRR3). The amendments also address minimum loss given default values for retail exposures under the internal ratings-based approach, ensuring consistency with CRR3. Developed under Article 124(11) of Regulation (EU) 2024/1623, the RTS will be submitted to the European Commission.
Policy & regulation Rules & requirements Credit risk
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2025-12-10•Latvia•Ministry of Finance (Latvia)
Latvia's Ministry of Finance and Latvijas Banka have submitted a 2026–2027 strategy to the Cabinet of Ministers to enhance the FinTech sector. The strategy targets a 30% increase in registered FinTech companies, 15% in new capital investment, and an 18% rise in FinTech-related jobs. Key measures include easing market entry, improving funding access, and promoting Latvia internationally, alongside existing support tools like a licensing regime for crypto-asset service providers.
Policy & regulation Reform agendas & priorities Fintech and insurtech
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2025-12-10•Latvia•Ministry of Finance (Latvia)
Latvia’s Ministry of Finance and Latvijas Banka propose amendments to align national laws with EU Directive (EU) 2024/927, affecting fund operations, supervision, and liquidity risk management. The draft refines requirements for alternative investment fund managers, tightens delegation standards, and enhances cross-border service access. Parallel changes for investment management companies address operational, delegation, and liquidity risk management requirements.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-10•Colombia•Central Bank of Colombia
The Central Bank of Colombia announced the Unidad de Valor Real (UVR) values for 16 December 2025 to 15 January 2026, as detailed in Board of Directors Bulletin 42 of 2025, under External Resolution 13 of 2000.
Data & statistics Other
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2025-12-10•Laos•Bank of the Lao
The Bank of the Lao has launched the Rural Development Bank, transforming the former Policy Bank into a specialised commercial bank to support rural development and poverty reduction, aligning with national economic goals. The bank's mandate includes providing low-interest credit, borrower training, and expanding access to modern financial services, with a strategy extending to 2030 and a vision through 2035. Changes include updates to governance, legal arrangements, and its operating model to enhance flexibility and self-sustainability.
Institutional development Mandate & organizational structure Other
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2025-12-10•United States•Federal Housing Finance Agency
The Federal Housing Finance Agency reported a rise in mortgage applications to a three-year high and narrowing spreads between mortgage rates and US Treasuries, attributed to improving mortgage rates. The agency credited the Trump administration’s economic agenda and affirmed Director William Pulte's commitment to supporting affordable homeownership. The FHFA reiterated its regulatory role over Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks, collectively providing over USD 8.5 trillion in funding for US mortgage markets.
Other
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2025-12-10•Europe•European Systemic Risk Board
The European Systemic Risk Board proposed a framework to monitor financial stability risks from leverage in EU-domiciled alternative investment funds, identifying hedge funds and liability-driven investment funds as most vulnerable. Using AIFMD, EMIR, and SFTR data, the analysis highlights significant leverage in 655 funds with gross exposures over EUR 1 trillion. Policy simulations suggest that leverage containment tools, such as gross leverage limits and repo haircut floors, could significantly impact hedge funds but have limited effects on LDI funds, underscoring the need for tailored policy design.
Policy & regulation Reform agendas & priorities Prudential risks Financial stability and systemic risk
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2025-12-10•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has announced a 2.4% increase in indexed benefit payments for auto insurance injury claims for 2026, reflecting inflation. This adjustment, based on Statistics Canada's Consumer Price Index, affects monetary and deductible amounts for court awards and specified benefits under the Statutory Accident Benefits Schedule.
Policy & regulation Rules & requirements Other
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2025-12-10•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has launched a public consultation on its proposed 2026-27 Statement of Priorities and five-year Strategic Framework. Key proposals include modernizing internal systems, enhancing technology and data capabilities, and promoting principles-based regulation and collaborative partnerships. These will support FSRA's Annual Business Plan for submission to the Minister of Finance.
Policy & regulation Reform agendas & priorities Other
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2025-12-10•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has initiated a consultation on amendments to CPS 230 Operational Risk Management to better address entities with significant arrangements with non-traditional service providers. These changes aim to streamline processes, reduce regulatory burden, and facilitate a smooth transition before CPS 230's implementation.
Policy & regulation Rules & requirements Operational risk and resilience Outsourcing and third-party risk management
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2025-12-10•Sweden•Riksbank
Sweden's Riksbank will maintain its strategic allocation of gold and foreign exchange reserves for 2026, despite 2025's exchange-rate fluctuations. The SEK 584 billion reserves are mainly in USD, EUR, GBP, AUD, and NOK, with hedging at USD 8 billion and EUR 2 billion. This strategy balances crisis preparedness with low risk and sufficient return, while hedging mitigates currency risk and earnings impact.
Monetary policy Monetary policy framework & strategy Foreign exchange policy and markets
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2025-12-10•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) released its Financial System Stability Report, highlighting credit growth, improved loan quality, and strong solvency and liquidity. As of September 2025, credit increased 5.2% year-on-year, with consumption lending up 7.0% and mortgages up 6.3%. The system's average global capital ratio was 17.2%, and stress tests confirmed resilience, with solvency above the regulatory minimum.
Supervision Risk monitoring & watch points Financial stability and systemic risk Capital adequacy Liquidity risk
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2025-12-10•Austria•Austria Financial Market Authority
The Austria Financial Market Authority (FMA) outlined its 2026 goals, emphasizing resilience, risk-based supervision, and cost reduction through simplification. Key initiatives include a 25% reduction in data reporting costs, digital transformation via the "360 degree" platform, and addressing global threats like asset bubbles and geopolitical risks. From January 2026, the FMA will oversee financial sanctions supervision, aiming for a 25% synergy in combined inspections with anti-money laundering efforts.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies
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2025-12-10•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a scam alert about fraudulent websites, fake internet-banking login screens, and phishing emails targeting banks like The Bank of East Asia and The Hongkong and Shanghai Banking Corporation. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force's Crime Wing Information Centre.
Supervision Alerts Fraud and scams
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2025-12-10•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance outlined a macro-fiscal outlook at the 2nd International TMEDE Conference, highlighting a shift to an investment-led growth model and deeper integration with European capital markets. Key points include a projected debt ratio decline to below 120% of GDP by the decade's end, a 2.4% growth forecast for 2026, and significant reforms and tax measures. The minister emphasized the Recovery and Resilience Fund model and a proposed Euronext acquisition of the Athens Stock Exchange to enhance liquidity.
Policy & regulation Reform agendas & priorities Other
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2025-12-10•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance proposed a draft law to establish a EUR 22.4bn National Development Programme (NDP) and transfer the Payment and Control Agency (OPEKEPE) to the Independent Authority for Public Revenue (AADE). The NDP focuses on infrastructure, digital and green transition, AI, crisis resilience, and social cohesion, with a comprehensive rulebook for its management. Additionally, the ministry plans to request a seventh Recovery Fund payment of EUR 1bn in grants and EUR 300m in loans, having received EUR 23.4bn so far.
Policy & regulation Rules & requirements Economic data and developments
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2025-12-10•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia issued guidance on verifying the authenticity of euro banknotes and coins, emphasizing the use of the FEEL-LOOK-TILT method for banknotes and FEEL-LOOK for coins. Despite advanced anti-counterfeiting technologies, the risk of counterfeit cash persists. The bank advises against accepting suspected counterfeits and recommends contacting the police if a counterfeit is suspected or received.
Policy & regulation Guidance & interpretation Currency and cash management
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2025-12-10•Latin America•Financial Action Task Force of Latin America (GAFILAT)
GAFILAT conducted a training in Quito, Ecuador, on sanctions for non-compliance with anti-money laundering, counter-terrorist financing, and proliferation financing obligations. Experts from Spain and GAFILAT delivered theoretical and practical modules on international standards and legal frameworks. Nearly 50 participants from eight supervisory and regulatory authorities attended.
Institutional development Cooperation & capacity building
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2025-12-10•Finland•Ministry of Finance (Finland)
Finland's Ministry of Finance detailed Finance Minister Riikka Purra’s agenda for the Eurogroup and Economic and Financial Affairs Council meetings in Brussels, focusing on Ukraine financing and euro area legislative files. The European Commission's proposed "war reparations loan" is seen as the most viable option for Ukraine support. Discussions will also cover the digital euro, euro cash status, and potential excessive deficit procedure for Finland.
Policy & regulation Reform agendas & priorities Other
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2025-12-10•Cyprus•Cyprus Securities and Exchange Commission
CySEC announced Mega Ploutos Fund Management Ltd has begun dissolving SECURESY FUND RAIF V.C.I.C. LTD under the Alternative Investment Funds Law of 2018. The fund will stay on CySEC’s RAIF Registry with an “under liquidation” notice until finalized. CySEC will remove the fund from the register upon completion and submission of all required documents.
Supervision Authorisations & approvals Other
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2025-12-10•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) announced that AIFCAP MANAGERS LTD has initiated the dissolution and liquidation of TECHGIANT RAIF V.C.I.C. LTD, a Registered Alternative Investment Fund (RAIF). The RAIF will remain on CySEC’s registry with a notice of "under liquidation" until the process is complete and all documents are submitted, as per Article 138(9) of the Alternative Investment Funds Law of 2018.
Supervision Authorisations & approvals Other
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2025-12-10•Global•Bank for International Settlements
The Basel Committee issued Principles for managing third-party risk, setting a baseline for banks and supervisors. This framework addresses the banking sector's reliance on third-party providers amid digitalisation, replacing the 2005 Joint Forum paper on outsourcing. The Committee will monitor prudential developments in finance digitalisation and technology.
Policy & regulation International standards & recommendations Outsourcing and third-party risk management
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2025-12-10•Türkiye•Insurance and Private Pension Regulation and Supervision Agency of Türkiye
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye clarified that the monthly maximum increase for motor third-party liability insurance premiums for January 2026 is set at 0.66%, countering media reports of high increases. Premiums are determined using variables such as vehicle type, risk level, and economic conditions, with a claims-cost index introduced in May 2024 to reflect current economic factors.
Policy & regulation Guidance & interpretation Other
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2025-12-10•Türkiye•Insurance and Private Pension Regulation and Supervision Agency of Türkiye
Türkiye's Insurance and Private Pension Regulation and Supervision Agency is finalizing a regulation on participation insurance and private pensions to broaden scope, enhance product diversity, and align with international standards. The draft includes detailed requirements for fund management, operating models, and compliance, focusing on AAOIFI standards. A six-month transition period is anticipated for firms to comply once enacted.
Policy & regulation Rules & requirements Other
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2025-12-10•Qatar•Qatar Central Bank
Qatar Central Bank reported an increase in November 2025 international reserves and foreign currency liquidity to QAR 261.5 billion, with total official reserves rising to QAR 201.9 billion, surpassing November 2024 levels.
Data & statistics Balance of payments and other external statistics
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2025-12-10•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 reported on the Debt-Free Society project's 2025 outcomes, highlighting debt-resolution measures and a moratorium on loan sales to collectors until May 2026. Achievements include regulating KZT 754bn in debts for 703,000 borrowers and introducing credit tightening measures, slowing unsecured consumer lending growth to 13.2% in 2025. The Agency also announced a 2026 roadmap for further reforms, including enhanced consumer protection and a streamlined out-of-court bankruptcy process.
Policy & regulation Implementation, projects & pilots Lending Financial inclusion
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2025-12-10•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency warned of fraudsters using clickbait in emails and messaging apps to lead users to phishing sites mimicking legitimate resources to capture credentials or bank details. Some messages prompt malware-laden app installations. Users should close suspicious pages, avoid downloading content, and use antivirus software and browser extensions for protection.
Supervision Alerts Other
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2025-12-10•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission concluded its Advanced Insurance Science Programme class 13, involving 150 senior executives, with six group research papers aimed at enhancing insurance supervision and market development. Proposals include an AI-driven disaster insurance mechanism, a central platform for health and insurance data integration, and a framework for strengthening ESG integration in insurance. Selected papers will be showcased at the International Insurance Symposium 2025.
Policy & regulation Implementation, projects & pilots Other
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2025-12-10•Thailand•Thailand Office of Insurance Commission
Thailand’s Office of Insurance Commission (OIC) revoked Ms. Janket Thapboon's life insurance agent licence for deceiving policyholders and misappropriating over THB 100 million in premiums. The OIC referred the case to Thailand’s Economic Crime Suppression Division for further investigation and instructed Thai Life Insurance Public Company Limited to assess the impact, address internal control weaknesses, and ensure premiums are paid directly to the company account.
Supervision Authorisations & approvals Fraud and scams
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2025-12-10•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan held a press conference with state-owned commercial banks on International Anti-Corruption Day, emphasizing the prevention of corruption and conflicts of interest. The event highlighted priorities for enhancing anti-corruption measures in the banking system, alongside expanding digitalization and improving operational transparency.
Policy & regulation Reform agendas & priorities Bribery and corruption
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2025-12-10•Middle East•Arab Monetary Fund
The Arab Monetary Fund, with the Financial Stability Institute and Basel Committee on Banking Supervision, began the 20th High-Level Meeting on Financial Stability in Abu Dhabi. It addresses supervisory developments and risks in Arab financial systems, including stablecoin regulation and AI's role. Senior officials from central banks, regulatory authorities, commercial banks, credit rating agencies, fintech firms, and international bodies from about twenty Arab countries are attending.
Supervision Cooperation Financial stability and systemic risk Supervision process and methodologies
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2025-12-10•Iraq•Central Bank of Iraq
The Central Bank of Iraq's Governor, Ali Mohsen Al-Allaq, emphasized the need for accelerated development of Iraq’s financial markets to adapt to rapid technological and policy changes, highlighting efforts to digitize trading, enhance transparency, and stimulate domestic debt markets through bond issuances covering over 50% of financing needs at an annual rate of IQD 5 trillion.
Policy & regulation Reform agendas & priorities Market development
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2025-12-10•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) participated in a São Paulo meeting with women chief executives from the insurance sector, organized by Prudential of Brazil CEO Patrícia Freitas. SUSEP representatives emphasized the importance of direct engagement and expressed plans for more focused discussions. Key topics included sector expansion, the new Insurance Law, Opin, technological modernization, and data utilization.
Policy & regulation Cooperation Diversity and inclusion
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2025-12-10•United Arab Emirates•National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC)
The UAE's National Anti-Money Laundering Committee and Themis assessed how artificial intelligence, virtual assets and digital payments are increasing exposure to cyber-enabled financial crime. The paper highlights more scalable fraud and money laundering methods and calls for stronger supervision, cyber intelligence and public-private coordination.
Research AML and CFT Artificial intelligence Fintech and insurtech
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2025-12-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines has issued guidelines for an independent review mechanism under Section 25 of the New Central Bank Act, establishing an Independent Review Committee (IRC) to evaluate significant supervisory issues affecting banks' safety and soundness. The IRC reports directly to the Monetary Board and excludes banks under certain corrective frameworks. Banks must submit requests within 10 banking days of examination milestones, with a non-refundable fee based on bank type.
Policy & regulation Rules & requirements Supervision process and methodologies
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2025-12-10•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) emphasized legal certainty and regulatory improvements to enhance investment conditions for closed pension funds, anticipating a shift towards risk assets like private equity. PREVIC's Director of Standards, Alcinei Rodrigues, noted that while fixed income dominates, expected interest rate changes in 2026 could boost risk assets' importance. PREVIC is modernizing proposals and enhancing its risk-based supervision framework through public consultation and industry involvement.
Policy & regulation Reform agendas & priorities Other
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2025-12-10•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) outlined its risk-based supervision approach for closed pension funds at an Abrapp-hosted event, focusing on risks and conduct over rule compliance. PREVIC's supervision includes preventive, protective, and punitive dimensions, with thematic supervision on issues like variable remuneration and ESG investment criteria. Abrapp's president suggested updating Decree 4942/2003 to enhance risk-based supervision by clarifying offences and accountability.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies
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2025-12-10•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority published two Kaupapa Māori research papers to understand Māori consumer and provider experiences in financial markets, noting significant data gaps despite growth in the Māori asset base. The research highlights a need for products aligned with te ao Māori values and identifies opportunities and challenges for Māori providers, with findings to inform regulatory engagement and risk awareness.
Research Diversity and inclusion
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2025-12-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported net foreign direct investment (FDI) inflows of USD 320 million in September 2025, totaling USD 5.5 billion for January–September 2025, or 1.6% of GDP. Japan was the leading FDI source, with manufacturing as the top recipient sector. The FDI data, compiled under the Balance of Payments and International Investment Position Manual, Sixth Edition, differ from other sources by reporting actual net inflows.
Data & statistics Balance of payments and other external statistics
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2025-12-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines and the Securities and Exchange Commission have signed a memorandum to establish data-sharing and access arrangements for the Personal Equity and Retirement Account System (PERASys). The agreement ensures secure use of PERA contributor data, accurate recording of retirement savings, and compliance with data privacy laws. It also sets standards for confidentiality, recordkeeping, and data security.
Policy & regulation Cooperation Cross-border cooperation
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2025-12-10•South Korea•South Korea Financial Supervisory Service
South Korea's Financial Supervisory Service reported a KRW 4.1 trillion increase in household loans for November 2025, a slower rise than in October. Bank loans grew by KRW 1.9 trillion, while nonbank loans increased by KRW 2.3 trillion, driven by mutual finance and insurance companies. The Financial Services Commission and Korea Housing Finance Corporation will allow home appraisals for jeonse loans and maintain the stressed debt service ratio framework with a 0.75 percent stress rate for the first half of 2026.
Policy & regulation Rules & requirements Financial and market indicators Supervisory data
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2025-12-10•Serbia•National Bank of Serbia
The National Bank of Serbia announced measures to ensure smooth access to cash euros and other foreign currencies during high demand periods, amending rules to facilitate supply from banks to exchange offices. It affirmed the stability of Serbia's foreign exchange market, with sufficient reserves to meet domestic demand. The bank emphasized legal compliance and readiness to sanction misconduct, urging citizens to report suspected illegal activities.
Policy & regulation Rules & requirements Foreign exchange policy and markets
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2025-12-10•Estonia•Central Bank of Estonia
The Central Bank of Estonia reported an 8% year-on-year increase in Estonia's foreign trade turnover for Q3 2025, driven by stronger global growth and trade revival. The current account deficit stood at EUR 117 million, or 1.1% of GDP, with a widening surplus on services. Goods exports grew by 5% and services exports by 12%, with significant contributions from machinery, equipment, and business services.
Data & statistics Balance of payments and other external statistics
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2025-12-10•Europe•European Central Bank
The European Central Bank's Working Paper under the Lamfalussy Fellowship Programme examines how euro area financial integration influences monetary policy transmission to inflation and GDP. The study finds that greater integration amplifies the pass-through to prices and output, while low integration renders transmission statistically insignificant. The analysis highlights stronger effects in peripheral economies and confirms robustness across various specifications.
Research Other
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2025-12-10•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a cyber sanctions notice designating Integrity Technology Group Incorporated and Sichuan Anxun Information Technology Co., Ltd. under the UK Cyber (Sanctions) (EU Exit) Regulations 2020, imposing an asset freeze in Guernsey. Firms must freeze related assets, report to the States of Guernsey Policy & Resources Committee, and comply with Sanctions Law reporting. Providing funds to designated persons is prohibited unless permitted by a derogation or licence, and firms must submit a Handbook Rule 12.37 report post statutory reporting.
Enforcement Sanctions & designations New sanctions designations
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2025-12-10•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission announced that Munir Al Qubaysi has been removed from the United Nations Security Council sanctions list concerning Iraq. This update is automatically effective in the UK under the Iraq (Sanctions) (EU Exit) Regulations 2019 and in the Bailiwick of Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020.
Enforcement Sanctions & designations Sanctions list update
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2025-12-10•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a Russia sanctions notice designating seven individuals and entities under the UK Russia sanctions regime, now subject to asset freezes and trust service sanctions in Guernsey. Firms must identify and freeze any assets related to these parties and report findings to the States of Guernsey Policy and Resources Committee and the Commission.
Policy & regulation Guidance & interpretation New sanctions designations
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2025-12-10•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia (SERC) participated in the initial public offering listing ceremony of Picasso City Garden Development at the Cambodia Securities Exchange. The event was attended by SERC Director General Sou Socheat and other officials, under the presidency of Ministry of Economy and Finance Secretary of State Dr. Hean Sahip.
Other Securities offerings and listings
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2025-12-10•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) approved a Term of Commitment settlement with Leonardo Mendes Cabral, director of Banco Santander (Brasil) S.A., involving a payment of BRL 180,000. The settlement follows an investigation into potential trading violations during a prohibited period, possibly breaching Article 14 of CVM Resolution 44. The Federal Specialized Prosecutor’s Office found no legal barriers, and the Terms of Commitment Committee recommended acceptance.
Enforcement Investigations & enforcement actions Sanctions list update
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2025-12-10•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) outlined its 2026 regulatory priorities at the “Um Mercado de Capitais ABERTO” event, focusing on rulemaking, consultations, and analytical work in areas like funds, offers, and market conduct. Key initiatives include a new rule for investment crowdfunding, updates to CVM Resolution 175 affecting various funds, and rules on disclosure and treasury shares. CVM plans public consultations on suitability, retail product expansion, and a review of the "qualified investor" concept, with a regulatory impact analysis involving market participant contributions.
Policy & regulation Reform agendas & priorities Market development
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2025-12-10•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) released its 2026 Regulatory Agenda, highlighting priorities such as a new rule for investment crowdfunding and updates to the investment fund rulebook. The agenda includes consultations on tokenization, retail product suitability, and a framework for financial influencers, among others. Additionally, five regulatory impact and ex-post evaluation studies are planned for 2026.
Policy & regulation Rules & requirements Climate risk and sustainable finance
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2025-12-10•Canada•Ontario Securities Commission
The Ontario Securities Commission (OSC) has charged Seyed Mohammad Ali Nojoumi, Behnaz Samavat, and Amir Mostoufi with fraud over CAD 5,000 and possession of proceeds of crime related to Smart Prime Group Inc. The OSC alleges the group misappropriated investor funds for personal use and to pay other investors, without being registered to sell securities in Ontario. The investigation, conducted with York Regional Police and the Financial Transactions and Reports Analysis Centre of Canada, began as a probe into an affinity-related securities scheme.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-12-10•Global•Institutional Investors Group for Climate Change
The Institutional Investors Group on Climate Change (IIGCC) released an updated "Investor Expectations" paper, emphasizing integrating climate-related risks and opportunities in audited financial statements. It addresses gaps between narrative climate disclosures and financial accounts, reflecting developments in accounting standards and regulatory scrutiny. It outlines expectations for companies, auditors, and audit committees to incorporate climate considerations, align reporting, and provide sensitivity analysis.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance
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2025-12-10•Bahrain•Central Bank of Bahrain
The Central Bank of Bahrain’s Governor, Khalid Humaidan, emphasized digital transformation's role in reshaping prudential oversight and enhancing financial stability. He highlighted using real-time data, enhanced analytics, and SupTech applications to improve market visibility and supervisory responsiveness. Humaidan also advocated for broader digital adoption in payments, credit assessment, and regulatory processes to boost efficiency and access to financial services.
Supervision Supervision approach, priorities & toolkit Fintech and insurtech Supervision process and methodologies
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2025-12-10•Russia•Central Bank of Russia
The Central Bank of Russia's Regional Economy report shows increased business activity in October–November, driven by higher industrial output, especially in oil, gas, and coal production. Car lending and sales surged ahead of a recycling fee hike, while consumption growth slowed, with weaker demand in shopping malls and for certain goods. The report also examines production capacity utilisation, household incomes, and housing construction.
Data & statistics Economic data and developments
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2025-12-10•Russia•Central Bank of Russia
The Central Bank of Russia's review of retail lending trends for January–June 2025 shows a decline in household over-indebtedness, with borrower numbers and outstanding loans decreasing to 49.7 million and RUB 37.8 trillion, respectively. Despite fewer borrowers with multiple loans, this group still represents nearly half of total household loans. From 2026, microfinance organisations must use official income data or Rosstat's average income to calculate borrowers' debt burden.
Research Lending
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2025-12-10•Russia•Central Bank of Russia
The Central Bank of Russia warns of high risks with structured bonds yielding below-market returns of about 3% annually. These over-the-counter bonds lack capital protection and rely on a one-off redemption payment linked to underlying assets. Even qualified investors struggle to assess outcomes due to non-standardized yield formulas. The central bank will monitor the market for potential regulatory changes.
Supervision Alerts Risk analysis and outlook
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2025-12-10•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has released draft 2026 Rules of Procedure for public comment, aiming to streamline processes and expedite case resolution. Key proposals include an "electronic first" approach for filings, expanded enforcement powers, and consolidated case management rules. The draft also specifies time limits for ex parte cease and desist orders and clarifies enforcement powers under various codes.
Policy & regulation Rules & requirements Other