Argentina Securities Commission President Roberto E. Silva highlighted recent regulatory changes at BDO's "CFO of the Year 2025" event, focusing on modernizing Argentina's capital markets. He emphasized the Automatic Public Offering Regime, which allows CFOs more flexibility in market access without needing CNV approval.
The U.S. Senate Committee on Banking, Housing and Urban Affairs, led by Chairman Tim Scott, is advocating for the inclusion of the Renewing Opportunity in the American Dream (ROAD) to Housing Act in the National Defense Authorization Act to expand housing supply and improve affordability. The bipartisan ROAD Act, supported by stakeholders and featuring 36 provisions, aims to enhance housing access, accountability, and program integrity, emphasizing zoning reforms and federal program streamlining.
FinCEN released a Financial Trend Analysis on ransomware incidents from 2022 to 2024, revealing over USD 2.1 billion in reported payments. Based on Bank Secrecy Act filings, it noted a peak in 2023 with USD 1.1 billion in payments and identified manufacturing, financial services, and healthcare as the most affected sectors. FinCEN highlighted over 200 ransomware variants, with the top 10 accounting for approximately USD 1.5 billion in payments.
The State Bank of Vietnam updated on Vietnam–Laos banking cooperation, highlighting progress in local-currency settlements and cross-border retail payments via QR codes. VND/LAK payment turnover reached nearly VND 904 billion and LAK 1,300 billion, with VND-denominated lending covering four projects. For 2026–2030, the focus will be on enhancing local-currency use and digitalising cross-border payment infrastructure.
The State Bank of Vietnam and the Bank of the Lao People’s Democratic Republic held talks to enhance local-currency settlement and cross-border retail payment connectivity. Discussions covered macroeconomic conditions, monetary policy, and strengthening bank regulation through Basel-aligned standards. Notable developments include significant growth in VND/LAK payment volumes and QR transactions, with further technical cooperation planned.
The Central Bank of Argentina has approved a new methodology for calculating the Reference Exchange Rate (TCR) under Communication A 3500, transitioning from a survey-based scheme to a model based on executed transactions weighted by volume. Developed with market participant input, the change aims to enhance transparency and representativeness for financial institutions and derivatives markets.
The Isle of Man Treasury announced the addition of four entries to the UK Sanctions List under the Russia sanctions regime, effective via the Sanctions (Implementation of UK Sanctions) Regulations 2024. These listings entail an asset freeze and trust services sanctions. Institutions must freeze assets immediately if a match is suspected, report to the Financial Intelligence Unit, and ensure compliance to avoid criminal offences.
The Isle of Man Treasury updated the UK Sanctions List under the Cyber sanctions regime, adding eight entries subject to an asset freeze. The Cyber (Sanctions) (EU Exit) Regulations 2020, applied via the Sanctions (Implementation of UK Sanctions) Regulations 2024, mandate financial and immigration sanctions, including freezing assets and reporting breaches to the Financial Intelligence Unit. Compliance requires screening for ownership and control by listed persons, with breaches constituting criminal offences.
National Bank of Moldova's governor, Anca Dragu, addressed the EU-Western Balkans Summit 2025, emphasizing Moldova's financial stability, European integration, and digital modernization. Dragu highlighted EU integration as a growth catalyst, noting inflation nearing target, strong banking sector capital adequacy, and improved sovereign ratings. She underscored Moldova's adoption of the MIA instant payments system and accession to SEPA as key steps towards deeper integration with the European financial space.
The National Bank of Moldova is drafting an Executive Committee decision to enhance reporting requirements for insurance and reinsurance companies. The initiative aims to improve data collection for Financial Soundness Indicators and risk assessment, including detailed operational indicators and cross-border activities. The draft will also replace the existing report on contracts with insurers, deemed overly complex.
The ADGM Financial Services Regulatory Authority (FSRA) issued an alert about a suspected fraudulent scheme by Mirage by Mag Investment LLC, trading as Trade Mirage. The entity falsely claims ADGM accreditation and regulation, lacking any Financial Services Permission or incorporation in ADGM. The FSRA advises investors to verify firms' authenticity and authorization through its Public Register and the ADGM Registration Authority’s Public Register.
The Danish Financial Supervisory Authority issued new Q&A guidance clarifying leverage recognition by alternative investment fund managers when calculating assets under management. It confirms private equity funds can exclude debt in intermediate structures under specified conditions, impacting authorisation thresholds for leveraged funds. This supplements previous guidance and addresses ongoing industry uncertainty regarding exemptions for unlisted companies and issuers.
The Bank of Cape Verde attended the 35th Lisbon meeting of Central Banks of Portuguese-speaking Countries to review technical cooperation and prepare for World Bank and IMF Annual Meetings. Discussions focused on financing conditions for emerging and developing countries, especially in sub-Saharan Africa, and cooperation priorities. Led by the new Governor of the Bank of Portugal, the meeting emphasized the importance of technical cooperation and dialogue among member central banks.
The Bank of Cape Verde released its semiannual Financial Stability Bulletin, highlighting key risks to the financial system. The report, prepared by the Financial Stability Office, uses indicators from the non-financial sector, banking, insurance, and the securities market for macroprudential supervision.
Governor Óscar Santos and Board Member Tereza Henriques of the Bank of Cape Verde attended the 2025 World Bank Group and IMF Annual Meetings in Washington, DC. Discussions included global economic policymaking, poverty eradication, and economic development, focusing on public debt, trade, energy transition, and AI regulation. Their participation aims to support fiscal governance reforms, enhance tax collection, and improve debt management transparency, especially for sub-Saharan Africa.
The Bank of Cape Verde attended the 14th Statistics Meeting of Central Banks of Portuguese-speaking countries in Lisbon, focusing on cooperation in central bank statistics. Discussions included data sharing, methodological challenges, and preparation for new standards like the System of National Accounts 2025 and the Balance of Payments Manual. The meeting concluded with plans to create a data-sharing network and strengthen resources, with future meetings scheduled annually.
The Central Bank of Montenegro has initiated its first comprehensive survey to assess customer satisfaction with banking services, focusing on areas such as transaction security, interest rates, digital services, and staff expertise. This initiative aims to enhance service quality and inform policy improvements in the banking sector. The survey is anonymous and available online for 15 days.
Mexico's Ministry of Finance and Public Credit, via its Financial Intelligence Unit (UIF), is acting after the U.S. Treasury’s OFAC designated 11 targets linked to Venezuela's Tren de Aragua. The UIF found one individual in Mexico, added them to the Blocked Persons List, and is working with OFAC to identify potential shell companies. The Ministry stresses these actions to prevent misuse of Mexico’s financial system by transnational criminal organizations.
The Superintendencia Financiera de Colombia emphasized its focus on enhancing corporate governance in financial cooperatives, highlighting its importance for sustainability and growth. It expects boards of directors to strategically implement and oversee governance practices, supported by tools like the Código País Survey. The authority noted that four supervised cooperatives are securities issuers, reinforcing the need for robust governance.
The Kuwait Capital Markets Authority has licensed First Financial Brokerage Company as a qualified securities broker registered on the stock exchange, effective 2 December 2025. This follows Resolution No. 114 of 2025, which amends the existing licence to cancel the previous securities broker activity and add the new qualified securities broker activity, in accordance with Law No. 7 of 2010 and its Executive Bylaws.
The Belgium Financial Services and Markets Authority announced that trading in Wereldhave Belgium financial instruments (ISIN BE0003724383) on Euronext Brussels will resume at 14:00 CET on 3 December 2025, as per Article 78 of the Law of 21 November 2017.
The Bank of Israel opposes the National Economic Council's proposal to subsidize existing mortgage borrowers through a levy on commercial banks, citing a lack of economic rationale and potential harm to Israel's economy and international standing. The Bank argues the proposal discriminates among borrowers, involves retroactive contract intervention, and is based on flawed assumptions about borrower hardship, while highlighting concerns over distributional impacts and market design.
Belgium’s Financial Services and Markets Authority has suspended trading in Wereldhave Belgium’s financial instruments on Euronext Brussels at the company's request. The suspension is effective from 3 December 2025 at 09:00 CET until a press release is issued.
ASIC updated Regulatory Guide 168 on Product Disclosure Statements to clarify expectations and align with the Corporations Act 2001. The revised guide consolidates content from withdrawn publications, incorporates stakeholder-identified relief instruments, and updates compliance risk guidance. Appendix 1 now includes section 1013DA guidelines for claims on labour standards and environmental, social, or ethical considerations in investment decisions.
The Australian Securities & Investments Commission (ASIC) updated Regulatory Guide 221 to clarify expectations for digital financial services disclosures after industry consultation. The updates address Parts 7.7 and 7.9 of the Corporations Act 2001 and related regulations, facilitating digital disclosure through the ASIC Corporations (Electronic Disclosure) Instrument 2025/447. ASIC also released a summary of feedback and responses from the consultation.
The New Zealand Financial Markets Authority released a table detailing the speed and magnitude of interest rate adjustments by major financial institutions in response to changes in the Reserve Bank of New Zealand's Official Cash Rate, covering floating rate mortgages and on-call savings accounts for both new and existing customers. This initiative aims to enhance transparency and aid consumer decision-making regarding OCR pass-through.
The Dutch Authority for the Financial Markets released a market overview on initial climate transition plans and financed emissions reporting by large Dutch banks and insurers under new sustainability rules. The report highlights early progress but emphasizes the need for standardized, comparable disclosures and identifies data-quality constraints. The AFM reviewed eight institutions' voluntary Corporate Sustainability Reporting Directive reports, noting varied scope and depth in transition plans and inconsistent definitions and measurement methods as barriers to clarity.
The Central Bank of Latvia briefed European fintechs on accessing the Single Euro Payments Area (SEPA) via its Electronic Clearing System (EKS), enabling direct SEPA credit transfers without intermediaries. Ten non-bank payment service providers have joined EKS, with more preparing to connect, and firms can start technical integration before licensing. The briefing also covers the Instant Verification Service and Instant Payment Laboratory for real-time checks and testing.
MONEYVAL Chair Nicola Muccioli addressed the 19th Ministerial Conference of the Pompidou Group, emphasizing online environments and emerging technologies' role in facilitating financial crime. Muccioli highlighted vulnerabilities in digital settings exploited for money laundering and terrorist financing, particularly through manipulating vulnerable or addicted users.
EFRAG has advised the European Commission on draft simplified ESRS to ease reporting under the 2025 Omnibus initiative. The draft includes a 61% reduction in mandatory datapoints, enhanced flexibility, and phased implementation, based on feedback from 2024 reporters and public consultation. EFRAG will support implementation with guidance and educational materials, including the ESRS Knowledge Hub launching on 4 December 2025.
Indonesia's Financial Services Authority (OJK) has concluded its criminal investigation into alleged embezzlement of insurance premiums by PT Bintang Jasa Selaras Insurance Broker, involving over IDR 6.9 billion. The suspects, WN and EHC, have been handed over to prosecutors, with charges under Article 76 of Law No. 40 of 2014 on Insurance, which carries penalties of up to five years imprisonment and a fine of IDR 5 billion.
The National Bank of the Republic of North Macedonia and the Ministry of Finance held their annual awards ceremony for an art and literary competition marking World Savings Day. Governor Trajko Slaveski emphasized saving's importance for personal and social stability, highlighting financial education's role amid digitalization. The initiative, ongoing since 2012, aims to promote financial literacy among youth through various educational activities.
The Algeria Market Authority has set out operational measures to develop Algeria’s financial market following a meeting with the Algiers Stock Exchange and Algeria Clearing. The package includes a roadmap for stock market intermediaries, a permanent advisory committee and a working group to identify companies that could use market financing instead of bank credit. A 2026 outreach program will support company engagement and possible listings.
The Securities and Exchange Commission of Pakistan announced Commissioner Muzzafar Ahmed Mirza's meeting with National Defence University President Lieutenant General Babar Iftikhar, discussing Pakistan's inclusion in the World Bank’s Middle East and North Africa regional portfolio. Effective 1 July 2025, this reclassification is seen as a chance to enhance Pakistan's global standing and attract foreign investment. The meeting also explored potential SECP–NDU collaboration to integrate economic and national security strategies.
People's Bank of China Governor Pan Gongsheng and IMF First Deputy Managing Director Dan Katz discussed economic and financial conditions in China and globally, as well as cooperation between China and the IMF. People's Bank of China Deputy Governor Xuan Changneng was also present at the meeting.
The European Banking Authority has launched a public consultation on draft amendments to the Regulatory Technical Standards for prudential requirements for central securities depositories (CSDs) and designated credit institutions. The proposals, reflecting the Central Securities Depositories Regulation Refit, allow banking CSDs to offer banking-type ancillary services to other CSDs and address scenarios involving cross-currency cash accounts. Updates also align with recent changes in the Capital Requirements Regulation and the amended CSDR text.
The Financial Conduct Authority (FCA) reviewed transaction governance in six wholesale banks, noting varied robustness in risk assessment and mitigation. While no widespread weaknesses were found, the FCA highlighted issues like inadequate documentation of early-stage discussions and inconsistent handling of inside information. The review emphasized the need for clear risk ownership and effective integration of UK representatives in cross-border transactions.
The Financial Conduct Authority (FCA) reviewed UK Payment Service Providers' handling of romance fraud, noting strong practices but inconsistent victim support and monitoring weaknesses. Covering six banks and payment firms, the review reported a 9% rise in romance fraud in 2024/2025, with losses over GBP 106 million. The FCA urged firms to improve systems, controls, and customer support, especially for vulnerable customers, and mentioned an independent review of the Payment Systems Regulator’s fraud reimbursement policy.
The Financial Conduct Authority (FCA) has issued final rules in PS25/18, extending the period for firms to issue final responses to motor finance complaints involving discretionary commission arrangements and non-DCA commission complaints, excluding regulated consumer hire agreements. The extension for non-leasing complaints ends on 31 May 2026, while leasing complaints revert to standard deadlines from 5 December 2025. Firms must update consumer-facing complaints information, and record-keeping requirements now exclude the extension period from the standard three-year retention requirement.
FINRA fined Securities America, Inc. USD 1 million and ordered USD 2 million in restitution for inadequate supervision of Class A mutual fund recommendations, causing unnecessary fees. The firm failed to comply with FINRA Rule 2111 and Regulation Best Interest, leading to over 1,000 unsuitable fund switches and 2,000 short-term sales. The case was settled with Securities America consenting to the findings without admitting or denying the charges.
The Financial Superintendence of Colombia, led by Superintendent César Ferrari, advocated for enhanced financial connectivity with China at the IX China–Colombia Dialogue. Ferrari emphasized Colombia's open financial market and adherence to global standards, highlighting potential lessons from China's monetary policy and liquidity management. He also noted opportunities with the Pacific and alternative financing from the BRICS New Development Bank.
The Bank of the Lao and the State Bank of Vietnam reviewed macroeconomic and foreign exchange management for 2025 and outlined a five-year cooperation plan for 2026-2030. Discussions included banking sector development, local currency promotion, and bilateral cooperation results from 2021-2025. The meeting also addressed the development of financial centres in Vietnam and operational issues faced by Vietnamese banks in Lao PDR.
The Financial Conduct Authority (FCA) will consult on a compensation scheme for motor finance customers after identifying non-compliance with commission disclosure rules. Following a Supreme Court ruling, the FCA plans to establish fair compensation rules and monitor compliance, estimating costs between GBP 9 billion and GBP 18 billion. Consumers are advised to complain directly to avoid losing up to 30% of compensation to claims management companies or law firms.
The Financial Conduct Authority (FCA) has proposed a compensation scheme for motor finance customers affected by unlawful non-disclosure, with payouts starting in 2026. The scheme could involve around 14 million agreements, with average compensation of GBP 700 per agreement, totaling approximately GBP 8.2 billion. It covers agreements from 6 April 2007 to 1 November 2024, where commission was payable by the lender to the broker, including specific lender-broker arrangements.
The Financial Conduct Authority's review of romance fraud in banks and payment firms reveals strong customer protection but significant gaps in scam detection, with victims losing over GBP 106 million in 2024/25. Based on six retail banks and payment firms, 42% of cases involved customers not disclosing true payment reasons, highlighting issues with monitoring systems and staff capability. It stresses the need for better detection, earlier intervention, and consistent aftercare, noting that 85% of cases originate online, emphasizing the role of online platforms in mitigating harm.
The Financial Conduct Authority (FCA) released survey findings showing that about two-thirds of corporate finance firms may not meet Money Laundering Regulations due to inadequate financial crime controls. Key issues include lack of documented risk assessments and customer due diligence, especially among principal firms with appointed representatives. The FCA aims to address these weaknesses as part of its broader financial crime strategy to enhance sector oversight and standards.
The Financial Conduct Authority (FCA) announced a strategic partnership with the Monetary Authority of Singapore (MAS) on artificial intelligence, including plans to establish a permanent presence in Singapore. The initiative aims to support safe AI innovation and facilitate UK and Singapore firms' operations across both markets. The FCA will appoint a Financial Services Attaché in Singapore and expand its presence in other priority markets in 2026.
The Financial Conduct Authority (FCA) has approved JP Jenkins as the second operator of a PISCES platform, facilitating intermittent trading of shares in private companies. The FCA anticipates increased competition and a broader range of businesses using PISCES, enhancing investor opportunities. The FCA also noted its supportive engagement with prospective operators, resulting in two approvals within months.
The Gibraltar Financial Services Commission released its Annual Regulatory Fees for the 2026/2027 financial year in the GFSC Fees Newsletter 2026/2027.
The Banking Agency of the Federation of Bosnia and Herzegovina has released responses to banks' inquiries regarding the methodology for supervisory stress resilience testing for climate risks. These responses are accessible under the "Regulatory reporting framework for banks" section.
The Financial Conduct Authority has initiated criminal proceedings against Bobosher Sharipov and Bekzod Avazov for alleged insider dealing related to a potential takeover of GCP Student Living Plc. Sharipov is accused of improperly disclosing inside information to Avazov, who then traded shares and spread bets, profiting nearly GBP 70,000. Detected through FCA’s market monitoring systems, the case has been sent to Southwark Crown Court, with insider dealing punishable by fines and imprisonment.
The Hong Kong Securities and Futures Commission (SFC) suspended Dashan Education Holdings Limited's shares on the Stock Exchange of Hong Kong to maintain market integrity amid investigations. The SFC found discrepancies in Dashan's financial statements, including overstatements of bank balances and questionable fund flows, raising concerns about management integrity and market disclosure.
The Hong Kong Securities and Futures Commission (SFC) has suspended Ms. Loretta Lee Si Kar of Tung Tai Securities Company Limited for three months and two weeks due to neglect of duties related to unauthorized sales and transfers of client securities and funds. The SFC identified significant control failures at Tung Tai, including acting on instructions from a bogus email and transferring USD 3,301,740 to unauthorized accounts. The suspension follows a previous reprimand and HKD 900,000 fine on Tung Tai for the incident.
The Australian Prudential Regulation Authority (APRA) has identified financial system vulnerabilities and policy priorities, including its first System Risk Outlook report and plans to limit high debt-to-income home lending by February 2026. Risks are categorized into geopolitical, housing, and superannuation-related areas. APRA is working with other agencies on geopolitical risks and addressing housing vulnerabilities like high household debt. The system risk stress test shows superannuation can support banks but may increase vulnerabilities. APRA is enhancing supervision of superannuation trustees' investment governance and adjusting governance proposals. Upcoming actions include activating lending limits, starting Phase 2 of the stress test, and consulting on a third tier in the banking prudential framework.
Zimbabwe's 2026 National Budget Statement plans to enhance the Microinsurance Framework to boost access for low-income households and MSMEs, addressing the 70% uninsured population. It emphasizes microinsurance as a key social protection tool and aims to refine regulations and foster product innovation. The insurance sector saw significant growth, with assets rising 50% to ZiG30 billion and US$-denominated revenue increasing 17% to USD 275 million as of September 2025.
The Zimbabwe Insurance and Pensions Commission announced pension-sector reforms under NDS 2 to expand coverage, enhance sustainability, and restore confidence. The strategy aims to increase pension coverage from below 40% of the labor force in 2025 to at least 45% by 2030 through mandatory occupational pension schemes. Measures include inflation-hedged and index-linked bonds, pension portability, and diversified assets to preserve retirement savings' real value.
The Zimbabwe Insurance and Pensions Commission outlined priorities under the National Development Strategy 2 (NDS 2) for 2026–2030, focusing on restoring public confidence in long-term savings and mobilising stable capital through insurers and pension funds. Initiatives include resolving pre-2009 compensation cases, promoting innovative investment products, and enhancing regulatory oversight. Financial literacy programmes will be intensified to foster a savings culture and informed decision-making.
The Zimbabwe Insurance and Pensions Commission announced reforms under the National Development Strategy 2 to boost growth and competitiveness in the insurance market, emphasizing macroeconomic stability. Key interventions include reducing administrative burdens, domestication of marine insurance, compulsory insurance for high-risk activities, and expanding agricultural index-based insurance. These measures aim to rebuild trust, enhance competitiveness, and align with international best practices.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Abguzhinov Alan Tasbulatovich as a member of the Board of Directors of JSC Islamic Bank Zaman-Bank.
Greece's Ministry of National Economy and Finance reported a record EUR 600 million in restructured debts through the Out-of-Court Debt Settlement Mechanism in November, with 2,450 settlements completed. Bilateral loan restructurings with major servicers totaled EUR 355 million in October, while the non-performing loan ratio for Greek banks stood at 3.4%. The report highlighted that 17% of non-performing exposures at systemic banks are under restructuring.
Greece's Ministry of National Economy and Finance has increased public resources for the TEPIX III Loan Fund by EUR 100 million, leveraging new lending totalling EUR 240 million. This funding, from the 2021–2027 ESIF “Competitiveness” programme, aims to enhance SME access to bank financing. The scheme offers interest-free loans and interest-rate subsidies, with applications processed through the Hellenic Development Bank’s KYC platform.
Greece's Ministry of National Economy and Finance reported that Minister Kyriakos Pierrakakis met with Italian counterpart Giancarlo Giorgetti in Rome to discuss bilateral cooperation and European economic coordination. Talks included the Draghi report on European competitiveness, the digital euro, and financial sector digital transformation. The ministers emphasized joint contributions to strategic European economic governance.
The Central Bank of Slovenia hosted Philip R. Lane of the European Central Bank for a keynote speech on the euro area economic outlook and global economic links. Lane addressed challenges affecting monetary and financial stability, including interest rate changes, global trade dynamics, and structural transformations in Europe. The speech was part of the 15th "Exchange Rates" workshop, co-organized with several central banks to explore foreign exchange markets and macrofinancial stability.
Francesco Mazzaferro, Head of the European Systemic Risk Board Secretariat, urged the European Commission to confirm by the end of 2025 that third-country multi-issuer stablecoin schemes are not permissible under the Markets in Crypto-Assets Regulation. He warned that fungible EU and third-country stablecoins could trigger large redemption flows into the EU, overwhelming issuers' reserves and amplifying run dynamics. Mazzaferro also highlighted tokenisation risks and operational resilience concerns, citing recent market developments and the October 2025 crypto market crash as warnings.
Christine Lagarde, Chair of the European Systemic Risk Board (ESRB), outlined priorities at a European Parliament ECON hearing, emphasizing a system-wide macroprudential policy approach and addressing regulatory gaps in non-bank financial intermediaries and crypto-assets. The ESRB highlighted risks from macroeconomic shocks, geopolitical tensions, and vulnerabilities in certain asset classes, while noting the EU financial system's resilience. Concerns were raised about the impact of recent Solvency II changes on regulatory prudence.
The International Association of Insurance Supervisors has introduced an interactive online tool to assist members in navigating the Insurance Capital Standard (ICS) Level 1 and Level 2 texts. The tool includes explanatory content and examples to support implementation.
Indonesia's Ministry of Finance backs changes to the Law on Development and Strengthening of the Financial Sector (P2SK), aiming to expand the Financial System Stability Committee's mandates and enhance fiscal-monetary coordination. The revision broadens Bank Indonesia's role to support economic growth and improve crisis response. The updated framework positions P2SK as a financial safety net involving multiple authorities, allowing the deposit insurer to act swiftly in deteriorating conditions.
The Bank for International Settlements released a BIS Bulletin analyzing international trade through nationality-based and residence-based perspectives using 2024 maritime shipment data. The study reveals that nationality-based measures highlight significant cross-border shipments within the same nationality, differing from traditional residence-based statistics. Key findings include substantial within-nationality shipments for the United States, Germany, and China, and distinct foreign-subsidiary shipment patterns like the "outpost" and "going-global" models.
The Basel Committee on Banking Supervision released reports rating the UK's implementation of the Net Stable Funding Ratio and large exposures framework as "largely compliant" with Basel standards. This completes assessments of these frameworks across all member jurisdictions. Additionally, the Committee has begun assessing Basel III revisions to risk-weighted assets and the leverage ratio.
The Isle of Man Financial Services Authority has announced a sanctions update, highlighting new and revised information across various sanctions regimes, including those related to Russia and cyber. The update includes a general licence for legal services fees and directs licenceholders to the Isle of Man Government's resources for further details.
The Isle of Man Financial Services Authority has updated its Anti-Money Laundering and Countering the Financing of Terrorism Handbook, incorporating revised guidance on Commercially Exposed Persons. The update also allows for combined Business and Technology Risk Assessments and includes various clarifications and updates.
The National Bank of Bulgaria's Governing Council approved Bulgarian-American Credit Bank AD's preliminary acquisition of over 50% of Tokuda Bank EAD's share capital and voting rights. This decision follows an instruction from the European Central Bank under the Single Supervisory Mechanism framework, reflecting Bulgaria's integration into the SSM since October 2020.
Kazakhstan's Financial Market Agency clarified the operational framework for collection agencies, emphasizing creditor involvement and a two-year moratorium from 1 July 2024 on assigning citizens’ loan claims to collection agencies until 1 May 2026, with a possible extension to 2027. The agency outlined borrower rights and collector conduct expectations, including interaction limits and prohibitions on misleading practices.
The Agency for Regulation and Development of the Financial Market of Kazakhstan has simplified the licensing process for the Central Depository to provide custodial services in the securities market. This aligns with provisions allowing licensed entities to obtain additional activity licenses through a streamlined procedure. The amendments recognize the Central Depository's role as a professional market participant under Kazakhstan’s Law on the Securities Market.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported a 1.1% increase in banking sector assets in October 2025, reaching KZT 67.8tn, with stable asset quality. Loans to the economy rose 1.2% to KZT 39.1tn, driven by increases in both business and household lending. The sector's capital adequacy ratios remained strong, with a net profit of KZT 2.3tn reported for January–October.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported a 0.3% decline in insurance and reinsurance assets in October to KZT 3.7 trillion, attributed to tenge appreciation. Despite this, assets have risen 19.8% since the start of 2025. The insurance market saw a 6.5% increase in contracts year to date, with premiums totaling KZT 1.3 trillion, driven by voluntary personal and property insurance.
Kazakhstan's financial market agency reported a 1.6% decline in equity market capitalisation to KZT 39.6 trillion in October, mainly due to a 12.8% drop in Kaspi.kz’s share price. The KASE Index fell 0.3% to 7,131.47 points, with share trading volumes down 11.5% to KZT 23.9 billion. Conversely, the KASE Global sector's trading volume rose 65.3% to KZT 36.2 billion, driven by increased activity in Intel, ProShares Trust, SPDR Series Trust, NVIDIA, and Meta Platforms shares.
The Agency for Regulation and Development of the Financial Market of Kazakhstan reported a 1.7% decline in microfinance sector assets to KZT 3.5 trillion and a 3.7% decrease in the loan portfolio to KZT 3.0 trillion as of 1 October 2025. Business microcredits fell 7.7% due to KMF's conversion into a second-tier bank, while individual microcredits rose 2.3% driven by pawnshop lending. The agency imposed 148 administrative sanctions, including licence suspensions and revocations, for non-compliance and systematic legal breaches.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported a 7.9% increase in borrower complaints in October 2025, mainly about fraud and debt restructuring. The agency applied 15 supervisory measures and four fines totaling KZT 2.4 million, with banks and microfinance organizations receiving most actions. Progress was noted in the Mortgage Housing Loan Refinancing Programme, with significant refinancing of mortgages and additional support for vulnerable borrowers.
The Thailand Office of Insurance Commission (OIC) coordinated with 29 organizations, including insurance associations and companies, to deliver essential supplies to flood-affected areas in southern Thailand under the Ministry of Finance initiative. Donations included food, water, clothing, and medical supplies, distributed through the Ministry's Vayupak Network Assistance Coordination Centre. The OIC also committed to expediting insurance claims and providing related assistance during the flooding.
The Central Bank of Kuwait introduced a Cyber and Operational Resilience Framework for local banks and financial institutions.
Jordan Securities Commission Chairman Imad Abu Haltam attended the Jordanian-Syrian Banking Summit, organized by the Association of Banks in Jordan and supported by the Central Bank of Jordan and the Central Bank of Syria, with participation from senior banking and industry leaders.
The Liechtenstein Financial Market Authority (FMA) will establish an "Auditor Oversight" unit on 1 January 2026, led by Markus Meier, to enhance quality assurance in auditing. Based on the Auditors Act and related legislation, the unit aims to support a trustworthy supervisory regime through risk-based supervision and will act as the FMA's central contact for auditor supervision.
The Central Bank of Bosnia and Herzegovina released updated estimates showing core inflation at 4.32% and services sector inflation at 4.83% for the first ten months of 2025. October data indicate a slight increase in inflationary pressures compared to September, though the ten-month rates remain largely unchanged from the nine-month figures. The core inflation estimate is 6 basis points lower than the September nowcast.
The Brazilian Superintendence of Private Insurance (SUSEP) participated in the “Infrastructure Scenarios 2026” forum, where director Jessica Bastos highlighted insurance's role in enhancing financial resilience for infrastructure projects. Bastos emphasized insurance's contribution to risk analysis and monitoring, improving predictability and reducing uncertainty. The panel also explored innovative finance instruments, risk management approaches, and governance as risk-mitigation factors.
The Brazilian Superintendence of Private Insurance (SUSEP) participated in CNseg’s event on data protection, outlining its approach to personal data protection and sectoral regulation. Prudential and Reinsurance Supervision Director Carlos Queiroz highlighted SUSEP’s cybersecurity initiatives and operational resilience expectations. The event aimed to enhance cooperation among SUSEP, CNseg, and Brazil’s National Data Protection Authority, promoting regulatory harmonisation and responsible innovation in the insurance market.
The National Bank of the Republic of Tajikistan's TJS 100 commemorative banknote, marking the 25th anniversary of the somoni, won the "Best commemorative banknote in 2025" at the High Security Printing competition. The award, recognizing its artistic design and security innovations, was presented in Kuala Lumpur to Deputy Chairman Sirojiddin Ikromi.
The Superintendency of Banks of the Dominican Republic released its report "Towards an Inclusive and Sustainable Financial System 2025," highlighting progress and barriers in financial inclusion for vulnerable groups. Key findings include gaps in disability access, gender-specific financial products, and migrant onboarding, alongside low digital adoption among older adults. The report also notes limited awareness and implementation of sustainability policies and green products.
The Brazilian Pension Funds Authority (PREVIC) approved amendments to the Sectoral Cooperative Pension Plan, allowing automatic enrolment under CNPC Resolution 63. This marks PREVIC's first approval of automatic enrolment for a participant-funded instituted plan, formalized by Ordinance No. 1,102. The plan, established in 2018, has 1,492 participants and BRL 25.9 million in assets.
The Bank of Portugal's October 2025 data shows a rise in the average rate on new household term deposits to 1.37%, the first increase since December 2023, while the average rate on new housing credit fell to 2.85%, the lowest in three years. New household term deposits increased to EUR 12,645 million, and new lending to households reached EUR 3,623 million, largely from borrowers aged up to 35. For companies, the average rate on new term deposits rose to 1.68%, and new corporate lending increased to EUR 2,540 million with an average interest rate of 3.67%.
The Bank of Portugal released an October 2025 statistical note and launched a BPstat subdomain focused on consumer credit, offering monthly data on personal, auto, and revolving credit. In October, 157,000 new consumer credit contracts were signed, totaling EUR 855 million, with revolving credit being the most expensive at a 17.9% annual percentage rate. The subdomain also provides detailed metrics, including 12-month growth rates and credit distribution, with outstanding consumer credit at EUR 23.7 billion across 6.3 million contracts.
Estonia's Financial Supervision Authority has expanded access to its financial literacy board game, initially available for borrowing online, to regional centres and local institutions due to high demand. The game, designed for primary school children, focuses on saving and spending pocket money and can now be borrowed from various development centres and educational institutions across Estonia.
The Central Bank of the Philippines held a ceremonial lighting of its Christmas display at the BSP head office in Manila, emphasizing public awareness on avoiding scams during the holidays. The event also promoted digital transactions for sending aguinaldo and saving cash gifts in banks or e-wallets.
South African Reserve Bank Deputy Governor Rashad Cassim announced plans to transition from Jibar to ZARONIA, with regulations limiting new Jibar exposures expected by Q2 2026 and Jibar discontinuation set for 31 December 2026. ZARONIA adoption has surged to over ZAR 200 billion, though Jibar exposures remain larger. Proposed amendments to the Financial Sector Regulation Act would empower the Reserve Bank to designate replacement benchmarks and determine adjustment spreads, with consultations planned once draft amendments are published.
The South African Reserve Bank (SARB) confirmed the permanent discontinuation of the Johannesburg Interbank Average Rate (Jibar) after its final publication on 31 December 2026, citing structural weaknesses and market decline. The South African Rand Overnight Index Average (ZARONIA) is designated as the successor rate, with market participants urged to transition and incorporate fallback provisions. The SARB, Market Practitioners Group, and Financial Sector Conduct Authority will guide the transition.
The South Korea Financial Supervisory Service released preliminary Q3 2025 data for 60 securities and three futures trading companies, noting a 12.6% drop in securities companies' net income to KRW2.4923 trillion and a decline in return on equity to 2.6%. Despite increased commission and proprietary trading income, the FSS highlighted concerns over stock market volatility and rising exchange rates, committing to monitor financial stability and enhance capital and liquidity regulations. The authority also aims to support the financial investment industry in ensuring a stable venture capital supply.
The National Bank of Serbia reported November 2025 statistics for its RTGS and dinar clearing systems, processing 17.6 million payments over 19 days without interruption. RTGS handled 94.4% of orders, totaling RSD 16,269.4 billion, while the Clearing system processed 5.6%, totaling RSD 23.9 billion. The Interbank Foreign Exchange and International Foreign Currency Clearing Systems, with 21 participants, achieved EUR 121,682,578.92 in transactions, maintaining 100% availability.
The National Bank of Serbia released November 2025 operational statistics for the NBS IPS system, noting 10,177,590 transactions over 30 days. The system averaged 339,253 payments daily with an execution time of 0.9 seconds and a turnover of RSD 126.4 billion.
The Central Bank of Iceland’s Financial Stability Committee tightened maximum debt service-to-income rules for consumer mortgages so that all housing-acquisition payment obligations, including joint purchase arrangements, are captured in DSTI calculations. It noted that lenders’ exemption authorisation under the DSTI rules was increased in October 2025 from 5% to 10% of issued mortgage loans. The Committee confirmed Arion Bank, Íslandsbanki, and Landsbankinn as systemically important, kept the other systemically important institutions buffer at 3% and the countercyclical buffer at 2.5%, adopted new rules for identifying and overseeing systemically important financial market infrastructure, and established a financial infrastructure incident centre for cyber and operational incidents.
The South Korea Financial Services Commission proposed amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act to establish a regulatory framework for business development companies (BDCs), effective March 17, 2026. Key provisions include investment thresholds, asset allocation requirements, and investor protection measures, alongside changes to rules for publicly offered funds and financial investment businesses. Public comments are invited until January 13, 2026, before legislative review and approval.