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2025-12-10•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has partnered with TikTok to enhance financial literacy and combat investment scams through the #ThinkTwice digital literacy campaign. This collaboration will produce videos on identifying scams and verifying information, with initial content focusing on Ponzi schemes. The educational materials will be shared on TikTok and the SEC's social media platforms.
Financial literacy & education Financial literacy and education
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2025-12-10•Global•Islamic Financial Services Board
The Islamic Financial Services Board (IFSB) concluded its 47th Council Meeting, approving a Guidance Note on Climate-Related Financial Risks for Islamic financial institutions and restructuring the IFSB Technical Committee. The Council endorsed the 2026 Technical Assistance programme and ongoing governance reforms, welcoming the West African Monetary Agency and the Bank of Ghana as new Associate members. Khalid Ebrahim Humaidan will assume the IFSB chairmanship in 2026, with Olayemi Cardoso as deputy chairman, as preparations for the 17th IFSB Summit in Oman are underway.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance
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2025-12-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in an attached notice to pay a VND 1,000,000 fee for securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer to specified accounts or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-10•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services held a hearing on AI in financial services and housing, examining regulatory frameworks and innovation barriers. Discussions included the bipartisan Unleashing AI Innovation in Financial Services Act, proposing regulator-approved federal sandbox programs to manage risks. Concerns about state AI law inconsistencies prompted calls for a harmonized federal approach, with witnesses advocating for coordinated federal standards over a central AI regulator.
Policy & regulation Rules & requirements Artificial intelligence
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2025-12-10•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee is holding a hearing on AI innovation in financial services, focusing on oversight, innovation, competition, and consumer protection. Chairman French Hill's remarks highlight AI applications in analysis, risk management, fraud mitigation, and customer service, and the need to modernize laws and identify regulatory gaps. The session continues efforts by the Congressional AI Task Force and the Committee's AI Working Group.
Policy & regulation Reform agendas & priorities Artificial intelligence
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2025-12-10•Canada•Financial Transactions and Reports Analysis Centre of Canada
FINTRAC supported an OSC investigation leading to charges against Seyed Mohammad Ali Nojoumi, Behnaz Samavat, and Amir Mostoufi for fraud over CAD 5,000 and possession of proceeds of crime. The OSC alleges Smart Prime Group Inc. misrepresented itself as an asset management firm, diverting investor funds for personal use. The investigation was conducted with York Regional Police, and court proceedings are scheduled for early 2026.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-12-10•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic and the Association of Exchange Bureaus “Alliance” conducted a seminar on 8 December 2025 for exchange bureau staff. The seminar focused on compliance with regulatory requirements and legislation related to countering the financing of criminal activity and money laundering, including risk-reduction measures and practical issues in reporting.
Policy & regulation Guidance & interpretation AML and CFT
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2025-12-10•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic has suspended the licence of Expo Grand plus exchange bureau in Bishkek from 9 to 23 December 2025 due to violations of national legislation and regulatory acts.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-10•Sweden•Finansinspektionen
Sweden's Financial Supervisory Authority clarified that under the Security Protection Act, the security protection officer is part of a firm's operations and subject to internal control requirements. This applies to banks, financial firms, and equivalent foreign firms in Sweden conducting security-sensitive activities. Credit institutions must ensure the officer's work is monitored by risk control, compliance, and internal audit functions.
Policy & regulation Guidance & interpretation Operational risk and resilience
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2025-12-10•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has requested information from about 200 financial institutions to enhance oversight of investment fraud prevention and detection. This effort aims to integrate findings into ongoing supervision and curb criminal exploitation of the financial market. The request includes firms' fraud risk reduction measures, partner reviews, and statistics on suspected and confirmed fraud activities.
Supervision Risk monitoring & watch points Fraud and scams
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2025-12-10•Hungary•National Bank of Hungary
National Bank of Hungary Governor Mihály Varga emphasized the central bank's stability-oriented approach in supporting the construction sector, highlighting efficiency and cost reduction as key to price stability. He advocated leveraging technological advancements to enhance industry efficiency and profitability. Varga noted early survey findings of declining orders and stressed the importance of a patient monetary policy to anchor inflation expectations amid global uncertainty.
Monetary policy Monetary policy assessments & outlooks Market development
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2025-12-10•Canada•Canadian Securities Administrators
The Canadian Securities Administrators and the Canadian Investment Regulatory Organization issued Joint Staff Notice 31-368, detailing findings from a review of 105 firms' compliance with Client Focused Reforms on know your client, know your product, and suitability determinations. While many firms updated their processes, some did not fully comply and must address issues. The notice provides observations, examples of compliance issues, and guidance to help firms align with the reforms.
Supervision Reviews, inspections & stress tests KYC
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2025-12-10•Chile•Central Bank of Chile
The Central Bank of Chile and Carabineros de Chile launched the "Conoce tus billetes, cuida la Navidad" campaign to enhance banknote and coin checks amid increased holiday cash circulation. The initiative highlights cash's prevalence for low-value transactions and promotes counterfeit identification methods. Suspected counterfeit currency should be reported to banks or authorities, with reimbursement contingent on authenticity verification.
Financial literacy & education Currency and cash management
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2025-12-10•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka has mandated that all licensed commercial and specialised banks pay an annual licence fee for 2026, based on total assets as of end-2025. The fee structure is tiered, starting at LKR 4.0 million for banks with assets below LKR 25 billion, and reaching LKR 56.5 million for those with assets exceeding LKR 5,000 billion.
Policy & regulation Rules & requirements Licensing and supervisory fees
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2025-12-10•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets approved a voluntary takeover offer prospectus and registered two additional share issues, enhancing consumer protection and capital market authorization. The regulator also plans to initiate an administrative sanctioning procedure against OCN „Cash & Go” SRL due to insufficient evidence in a consumer claim and lack of cooperation from the creditor and a debt collection firm.
Supervision Authorisations & approvals Securities offerings and listings
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2025-12-10•Canada•Canadian Investment Regulatory Organization
The Canadian Securities Administrators and the Canadian Investment Regulatory Organization released findings from the second phase of Client Focused Reforms reviews, evaluating compliance with know your client, know your product, and suitability requirements across 105 firms. Joint CSA/CIRO Staff Notice 31-368 highlights observations and offers guidance to improve registrants' processes. While many firms updated practices, some have yet to fully comply, necessitating corrective actions.
Supervision Reviews, inspections & stress tests KYC
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2025-12-10•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority (Finanstilsynet) has revoked a real estate agent's personal licence due to gross and repeated breaches of the Real Estate Brokerage Act. The agent, associated with Schala & partners avd. Nord AS, was found unfit following supervisory work that revealed failures in duties of care, advice, and documentation, among other violations. The revocation, effective 4 December 2025, has been appealed.
Supervision Authorisations & approvals Corporate governance
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2025-12-10•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority has introduced a framework for managing healthcare programmes, classifying Third Party Administrators (TPAs) within non-banking financial services. TPAs must be Egyptian joint stock companies with a minimum capital of EGP 20 million and adhere to licensing, governance, and operational requirements. The framework prohibits TPAs from engaging in insurance activities beyond their licence and imposes strict compliance and data security standards.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-10•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority (FRA) and World Bank representatives reviewed supervisory capabilities and legislative pathways for non-bank financing providers, focusing on capital, solvency requirements, innovation, and transparency. The meeting addressed FRA's minimum capital and licensing standards, structural challenges, and the FRA Sandbox for testing fintech solutions. FRA Board Decision No. 137 of 2025 introduced Basel III-compliant solvency standards and a "responsible pricing index" to enhance financial resilience and governance.
Policy & regulation Rules & requirements Capital adequacy Prudential risks
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2025-12-10•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission will hold a roundtable on 16 December 2025 to discuss potential changes to Rule 611 of Regulation NMS and related rules, focusing on trade-through prohibitions. The event, featuring SEC Chairman Paul Atkins and other key figures, will include panels on Rule 610, Rule 600 definitions, and best execution impacts. The roundtable will be at the University of Austin and open to the public via live webcast.
Policy & regulation Other Trading
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2025-12-10•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission (SEC) filed a complaint against Nathan Gauvin and three entities he controls for allegedly orchestrating fraudulent securities offerings, raising over USD 18 million. The SEC claims Gauvin misappropriated USD 6.3 million using fabricated credentials and false metrics, charging him with antifraud and registration violations. Parallel criminal charges were announced by the U.S. Attorney’s Office for the Eastern District of New York.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-12-10•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority is consulting on amendments to CPS 230 Operational Risk Management to better accommodate entities with non-traditional service providers, aiming to streamline processes and reduce regulatory burden before the 1 July 2026 compliance date. Submissions are open until 30 January 2026.
Policy & regulation Rules & requirements Operational risk and resilience Outsourcing and third-party risk management
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2025-12-10•Africa•GABAC
GABAC and SecFin Africa co-hosted a forum in Brazzaville to raise awareness among designated non-financial businesses and professions (DNFBPs) on anti-money laundering and counter-terrorist financing compliance. Attended by 50 participants, it addressed DNFBP legal obligations, AML/CFT duties versus professional ethics, and self-regulatory bodies' roles. Outcomes include a DNFBP awareness manual and a communiqué formalizing commitment to the forum's recommendations.
Policy & regulation Cooperation AML and CFT
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2025-12-10•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) released preliminary findings from a review of "debanking" activities at nine major banks, revealing policies restricting access to services based on lawful business activities. Sectors like oil and gas, firearms, and digital assets were affected. The OCC is assessing the practices' impact and reviewing complaints about potential political and religious debanking.
Supervision Reviews, inspections & stress tests Other
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2025-12-10•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority has amended the DFSA Rulebook, introducing minor and consequential changes across several modules. Amendments to the Authorised Markets Institutions, Anti-Money Laundering, General, and Prudential modules take effect on 11 December 2025, while changes to the Conduct of Business module commence on 1 January 2026. The updated rulemaking instruments and appendices are accessible on the DFSA website.
Policy & regulation Rules & requirements AML and CFT Regulatory burden
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2025-12-10•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released its quarterly report on financial institutions' use of lending regulation flexibility quotas for Q3 2025. Deviations in new residential mortgage lending remained stable, while consumer loans granted outside requirements increased slightly. Lending secured on non-housing assets saw a decrease in deviations.
Supervision Risk monitoring & watch points Lending
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2025-12-10•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released a report on Valid Regnskap AS, highlighting shortcomings in six 2024 accounting engagements. The firm failed to perform required controls on non-state-authorised accountants' work, breaching the Accounting Services Act and GRFS requirements. Additionally, reconciliation documentation was missing or inadequate for balance-sheet accounts, affecting up to 50% of accounts in some engagements.
Supervision Reviews, inspections & stress tests Auditing
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2025-12-10•United Arab Emirates•Ministry of Economy (UAE)
The UAE Ministry of Economy and Tourism, with UNCITRAL, hosted the inaugural Global Forum on Digital Trade and Platforms to develop a unified legal framework for digital commerce. The forum addressed platform governance, cross-border payment challenges, and AI's role in compliance, referencing the European Law Institute’s Model Rules and UNCITRAL's discussion paper. A second session is planned in Spain to advance the legislative framework.
Policy & regulation International standards & recommendations Fintech and insurtech Market development
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2025-12-10•Egypt•Central Bank of Egypt
The Central Bank of Egypt reported a moderation in urban headline CPI inflation to 12.3% annually in November 2025, down from 12.5% in October. However, core CPI inflation increased to 12.5% annually, up from 12.1% in the previous month. Monthly inflation data will be published on December 15, 2025.
Data & statistics Economic data and developments
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2025-12-10•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub released a report on Project Rialto, a proof of concept for enhancing instant cross-border payments for low-value transactions using payment-versus-payment, automated foreign exchange, and settlement in tokenised central bank money. The project, focusing on remittances and person-to-person payments, tested this approach in a simulated infrastructure, addressing foreign exchange and settlement frictions.
Research
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2025-12-10•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1094, establishing a new reporting regime for Clearing and Settlement Agents (ALyC) regarding securities lending agreements to enhance disclosure and oversight. This regime replaces the previous daily reporting requirement under General Resolution No. 624 and mandates monthly submissions via the Financial Information Highway, excluding Direct Participants and financial entities.
Policy & regulation Rules & requirements Regulatory reporting
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2025-12-10•United Arab Emirates•ADGM Financial Services Regulatory Authority
The ADGM Financial Services Regulatory Authority announced enhancements to its digital asset regulatory framework, including refinements to the Virtual Asset regime, a proposed framework for VA staking, and finalised rules on Fiat-Referenced Tokens (FRTs). Changes include adjustments to capital requirements for VA firms, expanded investment scope for Venture Capital Funds, and specific product intervention powers. Effective 1 January 2026, the FRT amendments expand regulated activities and address emerging business models with risk-based requirements.
Policy & regulation Rules & requirements Fintech and insurtech
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2025-12-10•India•Securities & Exchange Board of India
The Securities and Exchange Board of India and the Investor Education and Protection Fund Authority organized the fourth "Niveshak Shivir" in Jaipur to help shareholders reclaim unpaid dividends and unclaimed shares. Supported by market infrastructure institutions and registrar and transfer agents, the event guided over 301 attendees on claim processes and KYC updates. SEBI and IEPFA plan similar events in other cities with high volumes of unclaimed assets.
Financial literacy & education Consumer and investor protection
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2025-12-10•South Korea•Bank of Korea
The Bank of Korea issued a press statement on "Financial Market Trends in November 2025," accompanied by additional materials.
Data & statistics Financial and market indicators Monetary data
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2025-12-10•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub released a report on Project Rialto, a proof of concept with central banks to enhance instant cross-border payments using a modular FX component and tokenised wholesale central bank money. The project addressed FX and settlement frictions in low-value retail cross-border payments, integrating instant payment systems with automated market makers and tokenised central bank money on a distributed ledger technology network.
Policy & regulation Implementation, projects & pilots Cross-border payments CBDC
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2025-12-10•Vietnam•State Bank of Vietnam
The State Bank of Vietnam expanded its agricultural and rural credit support, with the programme for agriculture, forestry, and fisheries reaching VND 185 trillion. By October 2025, credit to agriculture and rural areas surpassed VND 4 quadrillion, a 10.16% increase from 2024, accounting for 22.42% of system-wide credit. The Vietnam Bank for Social Policies manages 23 preferential credit programmes with total lending of VND 398.065 trillion, including significant allocations for high-tech agriculture.
Policy & regulation Implementation, projects & pilots Other
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2025-12-10•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced the National Assembly's approval of the amended Deposit Insurance Law, effective 1 May 2026. The law, passed with 94.71% support, comprises eight chapters and 41 articles. The Government will oversee the implementation and guidance issuance.
Policy & regulation Rules & requirements Other
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2025-12-10•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury announced the removal of Munir Al Qubaysi from its Iraq sanctions regime, following an update to the United Nations Security Council’s UN Consolidated List. Firms must unfreeze any assets linked to Al Qubaysi for financial sanctions purposes under Manx law, while considering other regulatory obligations that may justify maintaining a freeze. No reporting is required for the unfreezing process.
Enforcement Sanctions & designations Sanctions list update
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2025-12-10•Moldova•National Bank of Moldova
The National Bank of Moldova's Deputy First Governor, Petru Rotaru, presented Moldova’s national risk assessment report on money laundering and terrorist financing. Developed with state institutions, the report updates risk analysis and outlines directions for enhancing the AML/CFT framework. Emphasis was placed on inter-institutional cooperation and aligning with European and international standards to modernize supervisory processes.
Policy & regulation Implementation, projects & pilots AML and CFT
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2025-12-10•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank's survey shows that Silent Generation and Baby Boomers prioritize social commitment and sustainability more than Millennials and Gen Z. Older generations emphasize banks' roles in cyber crime protection, military threat response, and financial inclusion for those with limited digital skills. The report, "From Silent Generation to Gen Z: Who Appreciates a Social and Sustainable Bank Most?", serves as input for policymakers and supervisory authorities.
Research Climate risk and sustainable finance
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2025-12-10•United Arab Emirates•ADGM Financial Services Regulatory Authority
The Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM FSRA) announced enhancements to its digital assets regulatory framework, including updates to the Virtual Asset (VA) regime, a proposed framework for VA staking, and finalized rule changes for Fiat-Referenced Tokens (FRTs). Key changes involve refining the process for accepting VAs, adjusting capital requirements, and expanding investment scopes, while FRT amendments detail acceptance and regulated activities. FRT rule changes are effective from 1 January 2026, with VA staking feedback under review.
Policy & regulation Rules & requirements
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2025-12-10•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority's review of eight non-life insurers found no compliance issues with EU sanctions against Russia. It highlighted efforts to manage sanctions, especially concerning the shadow fleet and complex ownership. The authority will continue focusing on sanctions compliance and expects firms to actively update procedures in response to evolving threats and sanctions regimes.
Supervision Reviews, inspections & stress tests Sanctions list update
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2025-12-09•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico's Ministry of Finance announced the completion of a workshop by its Financial Intelligence Unit (UIF) to support a diploma programme for National Guard personnel on preventing illicit financial operations. The training covered anti-money laundering, counter-terrorist financing, and related frameworks, emphasizing compliance with Financial Action Task Force recommendations and interagency coordination. The UIF aims to establish a continuous training model.
Policy & regulation Implementation, projects & pilots AML and CFT
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2025-12-09•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission approved amendments to pension fund rules and registered share issues by Future Capital Holding AD and Texim Bank AD for trading. It also approved Petar Dochev as procurator of Ever Financial AD and the 2024 budget report of the Investor Compensation Fund. Additionally, the FSC initiated proceedings to delete VIA NOTA LTD from the insurance broker register and notified Greek authorities of Balkan General Risks Global Ltd's intent to operate there.
Supervision Authorisations & approvals Securities offerings and listings
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2025-12-09•South Africa•National Treasury (South Africa)
South Africa's National Treasury released the IMF staff concluding statement for the 2025 Article IV consultation, emphasizing policy priorities for macroeconomic stability and growth. It supports a 3 percent inflation target and a FY26 primary surplus target of 1.5 percent of GDP but warns that debt stabilization needs more measures. The statement notes the banking system's soundness despite systemic risks and outlines fiscal and financial sector recommendations, including spending efficiency and crisis-management tools.
Policy & regulation International standards & recommendations Economic data and developments
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2025-12-09•Poland•Polish Financial Supervision Commission (KNF)
The National Working Group for benchmark reform is seeking feedback on a proposal to replace WIBOR/WIBID reference rates with the POLSTR reference rate or rates from the POLSTR Compound Index Family in existing PLN portfolios for business clients. Stakeholders and financial market participants are invited to comment.
Policy & regulation Guidance & interpretation Financial benchmarks
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2025-12-09•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority (FSMA) issued two Communications updating the mandatory continuing professional education requirements for compliance officers and staff, and detailing the recognition process for training institutions. Communication FSMA_2025_16 addresses the education obligations, while FSMA_2025_17 outlines the recognition process. These replace Communication FSMA_2018_05.
Policy & regulation Guidance & interpretation Supervision process and methodologies
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2025-12-09•Montenegro•Insurance Supervision Agency of Montenegro
The Insurance Supervision Agency of Montenegro reported on a guest lecture at the Secondary Economic and Hospitality School in Nikšić, focusing on insurance's role in managing accident risks and consumer protection. Led by senior officials, the session covered accident insurance, compulsory motor third party liability insurance, and casco insurance, and included a quiz for students. The Agency thanked the school for its cooperation in enhancing students' financial literacy.
Financial literacy & education Financial literacy and education
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2025-12-09•Italy•Bank of Italy
The Bank of Italy released the text of Governor Fabio Panetta's 2025 Whitaker Lecture at the Central Bank of Ireland, discussing the challenges in reshaping the international monetary system through both gradual and rapid processes.
Other Monetary policy decisions and developments
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2025-12-09•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission announced it received a notification of a private bond offering by GRINER Engenharia, S.A. for AOA 20 billion, intermediated by ÁUREA – Sociedade Distribuidora de Valores Mobiliários, S.A. The Commission clarified that the transaction does not require prior regulatory approval and does not assure the quality or accuracy of the information provided by the offering entities.
Supervision Authorisations & approvals Securities offerings and listings
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2025-12-09•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission, with the Bank of Italy and IVASS, released an updated list of Italian financial conglomerates as of 31 December 2024, identifying Generali as the sole insurance-led conglomerate under supplementary supervision. IVASS remains the coordinating authority, enhancing sectoral oversight to monitor group-wide capital adequacy and risk. The list excludes conglomerates with significant entities supervised by the European Central Bank under the Single Supervisory Mechanism.
Supervision Risk monitoring & watch points Other
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2025-12-09•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority released its 2025 annual sectoral overview on supplementary pensions, detailing arrangements for employees and self-employed workers. The report, titled “The second pension pillar in focus,” includes data as of 1 January 2025 and is available in French and Dutch.
Data & statistics Other
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2025-12-09•Italy•Bank of Italy
The Bank of Italy, IVASS, and Consob have updated the list of Italian financial conglomerates for supplementary supervision as of 31 December 2024, under a memorandum of understanding. This supervision, under Legislative Decree 142/2005, assesses capital adequacy and risk profiles across banking, investment, and insurance sectors. The updated list includes one insurance-led conglomerate, with IVASS as coordinator, and excludes conglomerates with significant institutions under the European Central Bank's Supervisory Mechanism.
Supervision Cooperation Supervision process and methodologies
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2025-12-09•Chile•Ministry of Finance (Chile)
Chile’s Ministry of Finance announced President Gabriel Boric's nomination of Kevin Cowan to the Central Bank of Chile’s Council, pending Senate approval. Cowan, with extensive experience in academia and the financial sector, will replace Stephany Griffith Jones when her term ends on 24 December 2025. The appointment process involves Senate Finance Committee review and a full Senate vote.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-09•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission joined the public presentation of Angola’s National Financial Inclusion Strategy (ENIF) 2025–2027 in Luanda, aligning its involvement with ongoing efforts in financial inclusion and literacy. The event, organized by the Coordinating Committee for the National Financial Inclusion Strategy, featured key addresses from government and financial leaders, including the Minister of Education and the Governor of the National Bank of Angola.
Policy & regulation Cooperation Financial inclusion
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2025-12-09•Hong Kong•Hong Kong Mandatory Provident Fund Schemes Authority
The Hong Kong Mandatory Provident Fund Schemes Authority celebrated the 25th anniversary of the MPF System, noting its growth to 1.5 trillion HKD in assets and nearly 100% workforce coverage. The MPFA highlighted positive investment returns across all fund types, with Equity and Mixed Assets Funds showing significant gains. Future initiatives include MPF Full Portability, promoting voluntary contributions, and enhancing the Default Investment Strategy with further fee reductions.
Policy & regulation Implementation, projects & pilots
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2025-12-09•Pakistan•State Bank of Pakistan
The State Bank of Pakistan reported workers' remittances inflows of USD 3.2 billion in November 2025, marking a 9.4% year-on-year increase. Cumulative remittances for July to November of fiscal year 2025-26 totaled USD 16.1 billion, up 9.3% from the previous year. Major remittance sources included Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States.
Data & statistics Balance of payments and other external statistics
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2025-12-09•Australia•Australian Securities & Investments Commission
ASIC has initiated civil penalty proceedings against Diversa Trustees Limited in the Federal Court over superannuation investments in the First Guardian Master Fund. Alleged failures include due diligence, monitoring, and a 50% holding limit breach, violating the Superannuation Industry (Supervision) Act 1993 and the Corporations Act 2001. ASIC seeks compensation, declarations, and penalties, linking the case to broader enforcement efforts concerning the Shield and First Guardian collapses, with ongoing collaboration with the Australian Prudential Regulation Authority.
Enforcement Investigations & enforcement actions Consumer and investor protection
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2025-12-09•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has published a catalogue summarizing key legal obligations and regulatory guidance for private credit fund operators in Australia, serving as a practical reference for both retail and wholesale funds. This initiative complements ASIC's capital markets roadmap and urges firms to improve practices based on expert observations and surveillance findings. ASIC plans to update regulatory guidance in 2026–2027 to incorporate private credit surveillance findings and address current risks.
Policy & regulation Guidance & interpretation Regulatory burden
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2025-12-09•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has finalized new class relief measures for the digital asset and payment sectors, exempting certain intermediaries from additional licensing requirements for secondary distribution of eligible stablecoins and wrapped tokens. The relief allows omnibus custody of these digital assets, contingent on proper record-keeping and reconciliation procedures. These measures are detailed in ASIC Corporations Instruments 2025/867 and 2025/871.
Policy & regulation Rules & requirements Licensing framework and process
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2025-12-09•Australia•Australian Securities & Investments Commission
ASIC has initiated Federal Court proceedings against Spice Capital Partners Pty Ltd and CEO Colin Oxlade for operating without a licence and providing unlicensed financial advice. They raised at least AUD 1.45 million for gold salvage and mineral sands investments. Oxlade was previously banned from directorship for four years, and the case is linked to ASIC's disqualification proceedings against David Catsoulis.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-09•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) is committed to enhancing financial literacy, inclusion, and consumer protection for people with disabilities, aligning with the National Strategy for Financial Literacy 2021–2025. Initiatives include the SETARA guideline for financial access and a financial literacy handbook, developed with national ministries and the National Disability Commission. OJK also highlighted regulations mandating disability-friendly services and infrastructure from financial institutions.
Financial literacy & education Financial literacy and education
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2025-12-09•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority published a thematic review on financial institutions' product and service assessments under the Conduct of Financial Institutions regime, highlighting good practices and challenges without imposing new legal obligations. The review of ten deposit takers and ten insurers found varied approaches in objectives, cadence, scope, governance, and reporting, emphasizing the need for a clear consumer focus, broader input sources, and strengthened governance.
Supervision Reviews, inspections & stress tests Consumer and investor protection
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2025-12-09•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market is preparing for significant changes, including the launch of personal investment accounts and a management team reshuffle. Commission Chair Ruslan Magomedov emphasized the need for fresh expertise to support a modern financial architecture, while continuing recruitment in areas such as corporate governance and international cooperation.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-12-09•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine’s National Commission on Securities and Stock Market announced decisions on licensing and registration, including terminating PARITET PENSION FUND MANAGING ADMINISTRATOR LLC’s capital markets licence. The Commission registered share issues and prospectuses for joint investment companies and approved draft charters for initial capital formation. It also extended the term of a temporary head of a licensee and registered a non-public share issue for PJSC “ADM ILLICHIVSK”.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-09•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets reported high risks to financial stability, emphasizing the need for enhanced operational and digital resilience. The Financial Stability Committee highlighted concentration risks from digital dependencies and discussed the European Systemic Risk Board's recommendation on multi-issuance stablecoins. Despite stable economic conditions, underlying risks persist due to high valuations and equity market concentration, with sovereign debt sustainability a concern.
Supervision Risk monitoring & watch points Operational risk and resilience Financial stability and systemic risk
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2025-12-09•Ecuador•Superintendencia de Bancos de Ecuador
Ecuador's Superintendency of Banks received the Integrated System of the Superintendence of Control of Market Power (SISCPM) from the Superintendence of Economic Competition to enhance decision-making and institutional performance. The "paperless" management platform aims to optimize resources, reduce costs, and strengthen strategic functions such as tracking management indicators and human resources management.
Institutional development Technology & data transformation Domestic cooperation
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2025-12-09•China•Ministry of Finance (China)
China's Ministry of Finance and key agencies issued guidance to enhance the government financing guarantee system for micro and small enterprises. The initiative introduces an "employment contribution" indicator to guide resource allocation and fee concessions, reduce collateral requirements, and expand loan coverage. It also promotes lower borrowing costs, faster processing, and improved data sharing to support entrepreneurship and employment growth.
Policy & regulation Guidance & interpretation Other
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2025-12-09•Georgia•Insurance State Supervision Service of Georgia
The Insurance State Supervision Service of Georgia conducted a workshop in Tbilisi with Professor Karel van Hülle on the EU's Solvency II framework, aiming to introduce a risk-based solvency system in Georgia. The session addressed practical aspects of risk-based supervision, solvency capital framework implementation, and recent Solvency II regulatory changes. This initiative is part of capacity building for supervisors and the insurance sector.
Policy & regulation Implementation, projects & pilots Prudential risks Supervision process and methodologies
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2025-12-09•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) warned against unlicensed online trading platforms promising high or risk-free returns while impersonating licensed brokers. These schemes use social media to promote unverified apps and links, misusing identities of legitimate entities and offering fake investment tips. SECP advises trading only through SECP-licensed brokers and urges verification of legitimacy to avoid sharing personal information with unknown sources.
Supervision Alerts Fraud and scams
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2025-12-09•Belgium•National Bank of Belgium
The National Bank of Belgium expects Belgian GDP growth to remain at 0.3% in the fourth quarter of 2025, with risks skewed to the upside. Recovering household consumption and stronger public investment should support activity, while moderating business investment, declining housing investment and defense-related imports constrain growth.
Monetary policy Monetary policy assessments & outlooks Financial stability and systemic risk Macroprudential policy and tools Market risk and volatility
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2025-12-09•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Operational and Services Circular DFV-108, addressing Agricultural Development Securities (Títulos de Desarrollo Agropecuario).
Policy & regulation Guidance & interpretation Other
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2025-12-09•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) has launched a consultation to simplify the FCA Handbook by removing outdated requirements and reducing administrative burdens while maintaining Consumer Duty standards. Key proposals include changes to the UK UCITS concentration rule, amendments to client asset record-keeping, and updates to insurance and funeral plan regulations. The FCA also seeks feedback on a "smaller firms guide" and retiring certain Handbook references.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-12-09•United States•Financial Industry Regulatory Authority
FINRA released the 2026 Regulatory Oversight Report early to aid member firms' compliance planning. It covers key risk and supervisory topics like generative AI, cybersecurity, and manipulative trading in small-cap equities, highlighting findings and effective practices. FINRA will offer more compliance resources, including a podcast and the 2026 Annual Conference.
Policy & regulation Guidance & interpretation Cyber resilience Market abuse
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2025-12-09•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) released its 2026–2028 Strategic Plan, emphasizing simplified supervision, consumer protection, and digital innovation. Priorities include reducing regulatory complexity, enhancing risk-based supervision, promoting retirement savings, and addressing sustainability and natural catastrophe coverage. The plan also focuses on digital resilience, AI adoption, and advanced data analytics to strengthen supervisory processes.
Policy & regulation Reform agendas & priorities Other
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2025-12-09•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) released a manual detailing procedures for recognizing training courses for insurance and reinsurance distribution. It outlines requirements for course recognition, including training hours, curriculum, and assessment design, and specifies a supervisory framework for ongoing compliance. It also sets timelines and fees for recognition requests and describes ASF's inspection and reporting processes.
Policy & regulation Guidance & interpretation Licensing framework and process
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2025-12-09•United States•Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) announced the deemed-issuance ratio for 2026 under IRS guidelines for trading the Uniform Mortgage-Backed Security (UMBS), set at 52% Freddie Mac and 48% Fannie Mae. Based on a 24-month observation window, this ratio is used for diversification reporting in To-Be-Announced (TBA) trades. The total issuance for the period was USD 1,315.594 billion, with USD 682.513 billion from Freddie Mac and USD 633.081 billion from Fannie Mae.
Policy & regulation Implementation, projects & pilots Other
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2025-12-09•Europe•European Systemic Risk Board
Research by the European Systemic Risk Board Secretariat indicates increased downside risks to euro area growth in 2025, with model-based estimates showing a significant thickening of the left tail of GDP growth forecasts due to elevated economic policy uncertainty. Despite favourable financial conditions cushioning some risks, markets may be underpricing the growth implications of uncertainty. Equity indices rose by 15% year-to-date, but options-implied downside risks to EURO STOXX 50 returns increased sharply in early 2025, reflecting ongoing economic challenges.
Research Macroprudential policy and tools Financial stability and systemic risk
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2025-12-09•United Kingdom•Financial Conduct Authority
The UK Financial Conduct Authority (FCA) has launched Firm Checker, a tool to help consumers verify firm authorisation and permissions, aiming to reduce investment and pensions-related scams. FCA research shows around 800,000 people reported financial losses to such scams in the year to May 2024, often initiated via social media or phone. The FCA advises verifying firm details on Firm Checker and warns of scammers impersonating legitimate firms.
Policy & regulation Implementation, projects & pilots Fraud and scams
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2025-12-09•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released three quarterly superannuation reports: the Quarterly Superannuation Industry Publication, Quarterly Superannuation Product Statistics, and Quarterly Fund-Level Statistics.
Data & statistics Supervisory data
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2025-12-09•Sweden•Riksbank
Riksbank Governor Erik Thedéen stressed the need for a unified international regulatory approach to stablecoins, citing risks of divergent national regimes, including regulatory arbitrage and financial instability. He noted differences between the EU's Markets in Crypto-Assets Regulation and the U.S. Genius Act, highlighting potential competitive and risk-related consequences. Thedéen also discussed the digital euro's development and urged renewed analysis of a Swedish e-krona, given the evolving landscape.
Policy & regulation International standards & recommendations Stablecoins
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2025-12-09•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance presented a draft bill to the Hellenic Parliament to reform charitable asset management, introduce tax incentives, and simplify procedures. It includes tax exemptions for volunteer firefighter vehicles, changes to kiosk income calculations, and transferring coastal land to municipalities. Amendments address income tax, property tax, VAT, and disaster-affected areas.
Policy & regulation Rules & requirements Other
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2025-12-09•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 involving several banks, including The Bank of East Asia and Dah Sing Bank. The HKMA emphasized that banks will not send SMS or emails with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals 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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2025-12-09•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance unveiled a draft bill to reform the framework for charitable estates, unclaimed inheritances, and donations, alongside measures for victims of the 2018 Mati wildfire and 2017 Mandra flood. Key proposals include a Unified Electronic Register of Charitable Assets, new intervention tools for inactive foundations, and expanded compensation and support for disaster victims. The bill introduces a tax-exempt special pension for affected individuals and outlines debt relief measures, while enhancing the Legal Council's role in dispute resolution.
Policy & regulation Rules & requirements Other
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2025-12-09•Bulgaria•National Bank of Bulgaria
The Bulgarian National Bank will open its cash desks on 13 and 20 December 2025 to meet increased demand for euro coin starter kits ahead of Bulgaria's euro area entry on 1 January 2026. The central building in Sofia will sell starter kits to individuals, while the Sofia Cash Centre will sell kits and exchange lev coins and banknotes.
Other
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2025-12-09•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 the Republic of Kazakhstan approved Saule Erkinovna Urazalina as Deputy Chief Accountant of JSC DB Kazakhstan-Ziraat International Bank and Madina Kanatovna Tumenbayeva as a Management Board member and Deputy Chair of the Management Board of JSC Citibank Kazakhstan.
Supervision Authorisations & approvals Licence approval
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2025-12-09•Thailand•Thailand Office of Insurance Commission
Thailand’s Office of Insurance Commission (OIC) attended the IAIS Annual Conference, where members approved by-law amendments to restructure main committees. Changes include creating three new committees to enhance risk monitoring, requiring a co-chair from emerging markets in the Standards and Supervisory Practices Committee. Discussions also covered potential collaboration with the World Bank on disaster risk management and IAIS resources for emerging markets.
Policy & regulation Rules & requirements Supervision process and methodologies
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2025-12-09•Middle East•Arab Monetary Fund
In October 2025, the Arab Monetary Fund’s Training and Capacity Building Institute engaged 265 trainees from Arab countries in specialized programs to enhance skills in macroeconomics, investment, risk management, and international trade. Collaborations with entities like the World Bank and IMF Middle East Center facilitated advanced courses on public finance, modern statistical techniques, and regulatory frameworks for financial innovation.
Policy & regulation Implementation, projects & pilots
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2025-12-09•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) has debarred Songeziwe Mbalo for 20 years and imposed penalties totaling ZAR 9 million on Mbalo and Bhaca Green (Pty) Ltd, with an additional ZAR 50,000 penalty on Lungile Mgilane. The FSCA found that Mbalo and Bhaca Green operated as unauthorised financial services providers, misusing investor funds for forex trading. The FSCA will report the case to the South African Police Service and offer assistance as needed.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-09•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) imposed a ZAR 197 million penalty on Medbond Insurance Brokers and Jacobus Meyer, with additional ZAR 5 million penalties on Medbond Markets, Medbond Fund Managers, and Masjamplan. Meyer was debarred for 30 years and Frederick van Heerden for four years due to misappropriation and unauthorized financial activities. The FSCA will report the case to the South African Police Service and offer assistance.
Enforcement Investigations & enforcement actions
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2025-12-09•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority has finalized the withdrawal of Afrimarkets Capital (Pty) Ltd's financial services provider licence following an investigation. Afrimarkets was found to have misappropriated client funds, provided unauthorized advice, misled clients and the FSCA, promised unrealistic returns, and failed to act in clients' best interests. The FSCA will provide further updates on the matter as necessary.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-12-09•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority has imposed a ZAR 12.6 million penalty on The Relocations Group (Pty) Ltd and Mr Kyle Bary Tiltman, debarred for 15 years for offering marine insurance without authorisation. The investigation revealed unlicensed operations and Mr Tiltman's non-cooperation, violating multiple sections of the Short-term Insurance Act, Insurance Act, and Financial Sector Regulation Act. Mr Tiltman is barred from involvement in FSCA-regulated financial products or services and from key roles within financial institutions.
Enforcement Sanctions & designations Unlicensed or unauthorized activity
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2025-12-09•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority announced that Payzilla International AG has waived its registration as a TT exchange service provider, effective 4 December 2025. Consequently, the firm is no longer authorized to provide TT services requiring registration under the TVTG.
Supervision Authorisations & approvals Licence withdrawal
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2025-12-09•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) joined a CNseg webinar to present a consumer guide on Brazil’s new Insurance Law, effective 11 December. Ombudswoman Aline Vieira emphasized the role of insurance ombudsman functions and customer service channels in consumer protection. The guide aims to clarify consumer rights, coverage, and contractual aspects, while SUSEP is working to enhance communication and ombudsman arrangements at supervised entities.
Financial literacy & education Consumer and investor protection
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2025-12-09•Brazil•Brazilian Pension Funds Authority (PREVIC)
Brazil's National Council for Complementary Pension Plans (CNPC) approved amendments to procedural rules for pension fund statutes and benefit plan regulations, focusing on benefit updates using price indices. The changes to CNPC Resolution No. 40/2021 aim to enhance stability and legal certainty, allowing the Brazilian Pension Funds Authority (PREVIC) to list suitable indices. Adjustments to CNPC Resolution No. 50/2022 were deferred for further review, with the 2026-2027 agenda prioritizing benefit plan calculations.
Policy & regulation Rules & requirements Other
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2025-12-09•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority announced that the High Court in Auckland ordered Tower to pay a NZD 7 million civil penalty for misleading representations about its multi-policy discount, affecting about 61,000 customers and resulting in overcharges exceeding NZD 11 million. Tower admitted to breaches of the Financial Markets Conduct Act, with the court highlighting previous commitments to improve systems following a 2017 settlement with the Commerce Commission.
Enforcement Investigations & enforcement actions
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2025-12-09•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority released a report from a thematic review on financial institutions' product and service assessments, highlighting good practices, common challenges, and improvement areas. The report underscores the importance of regular reviews to identify risks, ensure fair consumer treatment, and comply with the Conduct of Financial Institutions regime.
Supervision Reviews, inspections & stress tests Consumer and investor protection
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2025-12-09•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority's thematic review highlights good practices and areas for improvement in financial institutions' product and service reviews, emphasizing consumer-focused, risk-based, and flexible processes. The report, serving as guidance without new legal obligations, stresses governance, consumer communication, and action tracking, noting varied practices and less frequent reviews of off-sale and legacy products.
Policy & regulation Guidance & interpretation Consumer and investor protection
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2025-12-09•Estonia•Finantsinspektsioon
Estonia's Financial Supervision and Resolution Authority reported that most financial institutions in Estonia use AI, vital for work processes, client service, and risk management. A survey of 65 companies highlighted AI's role in language processing, machine learning, and process automation, enhancing efficiency and decision quality while posing data protection and cyber security risks. The authority emphasized robust risk management and transparency to safeguard clients and market credibility.
Supervision Risk monitoring & watch points Artificial intelligence
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2025-12-09•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission seeks public comments on proposed amendments to Rule 68, raising the threshold for mandatory audited financial statements from PHP 600,000 to PHP 3,000,000 in total assets or liabilities. Corporations below this threshold would file certified financial statements, with certifying officers responsible for accuracy. The exemption does not apply to entities in Group A, B, or C, or those deemed of public interest by the Commission.
Policy & regulation Rules & requirements Auditing