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2025-11-25•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation proposed changes to the Community Bank Leverage Ratio framework, reducing the requirement from 9% to 8% and extending the grace period for non-compliance from two to four quarters. The proposal aims to increase adoption among community banks and includes measures to prevent prolonged use of the grace period, with coordination from the Federal Reserve and the Office of the Comptroller of the Currency.
Policy & regulation Rules & requirements Capital adequacy
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2025-11-25•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank published a keynote speech by Olaf Sleijpen outlining a three-part agenda to enhance Europe's productivity through deepening the EU Single Market, establishing a Savings and Investment Union, and modernizing the EU budget. Sleijpen emphasized the need for EUR 800 billion annually for climate, digitalization, defense, and innovation, highlighting a venture capital gap with the United States. He proposed reducing cross-border barriers, enhancing EU-level support, and redirecting the EU budget toward public goods to sustain stability.
Policy & regulation Reform agendas & priorities Economic data and developments Monetary policy decisions and developments
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2025-11-25•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets instructed Aberfeld Asset Management B.V. to address serious compliance shortcomings with investor-protection standards, including suitability and conflicts-of-interest controls. The investigation found structural breaches of the Financial Supervision Act, the Decree on Conduct of Business Supervision of Financial Undertakings, and the MiFID II Delegated Regulation. Aberfeld has committed to strengthening compliance arrangements and implementing the required measures.
Enforcement Investigations & enforcement actions Compliance
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2025-11-25•Latvia•Central Bank of Latvia
The Central Bank of Latvia plans to amend the Deposit Guarantee Law, setting a new target for the Deposit Guarantee Fund (DGF) at 3% of total deposits in Latvian credit institutions and credit unions. This aims to reduce contributions once the target is reached, with a maximum threshold for discontinuing payments. The DGF, currently at 2.46%, is projected to reach the 3% target by 2027, after which annual contributions would decrease significantly.
Policy & regulation Rules & requirements Other
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2025-11-25•West Africa•Central Bank of West African States
The Central Bank of West African States announced the unanimous appointment of Kossi Tenou as President of the Financial Markets Authority of the West African Monetary Union, effective 25 November 2025. Tenou succeeds Badanam Patoki and will serve until 30 April 2027.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-11-25•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission announced the 2025–2030 National Financial Inclusion Policy to expand access to financial products and services. Targets include reaching 83% of the population with at least one financial product by 2030 and ensuring 50% of businesses obtain financing. It emphasizes gender equality, support for vulnerable groups, and aligns with the National Development Plan and Financial Education Strategy.
Policy & regulation Reform agendas & priorities Financial inclusion
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2025-11-25•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS), with the Moroccan Insurance Federation, the International Actuarial Association, and the Moroccan Actuarial Association, announced a training session on actuarial capacity building for French-speaking Africa. Scheduled for 25–26 November 2025 in Casablanca, the initiative aims to enhance actuarial tools, risk management, and technical governance practices, focusing on risk-based supervision, sustainability of pension and insurance schemes, and professional standards to improve technical assessments and policyholder protection.
Policy & regulation Implementation, projects & pilots Risk management Prudential risks
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2025-11-25•Ireland•Central Bank of Ireland
At its Financial System Conference, the Central Bank of Ireland outlined its next regulatory phase, focusing on a clearer domestic framework without lowering standards. Governor Gabriel Makhlouf emphasized a risk-based supervisory approach, transparent authorisation processes, and alignment with EU law, including updates to the anti-money laundering framework. The Bank plans to publish ongoing initiatives and consult on a new Regulatory Impact Assessment Framework in 2026.
Policy & regulation Reform agendas & priorities Regulatory burden
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2025-11-25•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has permanently banned Andrew John Spira, former director of Skyecap Pty Ltd and Pineapple Funding Pty Ltd, from the financial services and credit industries following his fraud conviction. Convicted of obtaining a financial advantage by deception, Spira was sentenced to an 18-month good behaviour order and restitution. ASIC exercised its powers under the Corporations Act and the National Consumer Credit Protection Act for the ban, effective 19 November 2025.
Enforcement Sanctions & designations Fraud and scams
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2025-11-25•Georgia•National Bank of Georgia
The National Bank of Georgia released interactive statistical data on trends in resident commercial banks' loan portfolios and deposits as of October 2025. The data is accessible in the statistics section of its website.
Data & statistics Financial and market indicators Supervisory data
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2025-11-25•Georgia•National Bank of Georgia
The National Bank of Georgia, through its financial education platform Finedu and in collaboration with Tamashobana, has launched "Forward, Forward – Finansobana," an interactive children's theatrical performance on financial literacy. Supported by Liberty Bank, Bank of Georgia, TBC Bank, and Basisbank, the play targets primary school students, introducing concepts like saving and entrepreneurship. Performances are scheduled across multiple cities, with educational materials provided to attendees.
Financial literacy & education Financial literacy and education
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2025-11-25•Georgia•National Bank of Georgia
The National Bank of Georgia has adopted SWIFT’s ISO 20022 payments messaging standard, enhancing Georgian banking's efficiency and interoperability with international systems. This aims to improve transaction analysis, automation, and anti-financial crime controls, while reducing errors and costs. The central bank coordinated the migration, supporting commercial banks in implementing the changes.
Policy & regulation Implementation, projects & pilots Payments and payment systems
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2025-11-25•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica has published new datasets on household distributive national accounts, globalization indicators, and cantonal GDP as part of the 2022 base-year revision. Key findings include significant income inequality, with the top 20% of households accounting for 54.2% of disposable income, and globalization indicators showing direct investment at 6.7% of GDP. Additionally, 58.1% of Costa Rica's GDP was concentrated in 10 cantons.
Data & statistics Economic data and developments
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2025-11-25•Europe•European Banking Authority
The European Banking Authority (EBA) released the final technical package for version 4.2 of its reporting framework, effective December 2025, detailing specifications for EU supervisory reporting and completing the transition to the DPM 2.0 semantic glossary. Updates include Instant Payments reporting under the SEPA Regulation, revised resolution planning reporting, and COREP operational risk requirements aligned with CRR3/CRD6. The EBA may issue a "hotfix" in January 2026 if necessary.
Policy & regulation Rules & requirements Regulatory reporting
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2025-11-25•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority and the Danish Consumer Ombudsman issued new joint guidance on creditworthiness assessments, emphasizing high-level principles and allowing lenders discretion in tailoring assessments to specific loans. The guidance permits adaptation based on loan size, consumer financial situation, use of estimates, and consideration of future income and local knowledge. This replaces the previous guidance from 2021.
Policy & regulation Guidance & interpretation Credit risk
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2025-11-25•Germany•BaFin
Germany's Federal Financial Supervisory Authority (BaFin) is consulting on a draft order to reintroduce position limits for the European Energy Exchange AG’s German Power Future and Option contracts. The proposed limits are 20,926,290 MWh for the spot month and 49,873,450 MWh for other months, based on open interest exceeding 300,000 tradable units. The draft includes calculation inputs and adjustments, with enforceability set for 4 February 2026, subject to potential revocation if new facts arise.
Policy & regulation Rules & requirements Other
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2025-11-25•United States•Federal Housing Finance Agency
The Federal Housing Finance Agency's quarterly House Price Index reported a 2.2% increase in US house prices from Q3 2024 to Q3 2025, with a 0.2% rise from Q2 to Q3 2025. Prices rose in 44 states and the District of Columbia, with Illinois seeing the highest annual increase at 6.9%, while Florida had the largest decline at -2.3%. Among the 100 largest metropolitan areas, Allentown-Bethlehem-Easton, PA-NJ had the highest annual increase at 9.7%, and Cape Coral-Fort Myers, FL saw the largest decrease at -10.8%.
Data & statistics
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2025-11-25•United States•Federal Housing Finance Agency
The Federal Housing Finance Agency announced the 2026 conforming loan limits for Fannie Mae and Freddie Mac, raising the national baseline for one-unit properties to USD 832,750, reflecting a 3.26% increase in U.S. home prices. In high-cost areas, the loan limit ceiling is set at USD 1,249,125, with higher limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. Limits will increase in all but 32 U.S. counties or equivalents.
Policy & regulation Rules & requirements Lending
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2025-11-25•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) has accepted RegTech platform Eunice into its Regulatory Sandbox to test a new approach to cryptoasset disclosures for enhancing UK crypto market transparency. Eunice, collaborating with firms like Coinbase and Kraken, developed standardised disclosure templates for clearer investor information. Testing results will inform the FCA's future cryptoasset disclosure requirements, aligning with its Crypto Roadmap and the goal of finalizing crypto rules by 2026.
Supervision Innovation & testing Disclosures Regulatory sandbox
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2025-11-25•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission released a keynote speech by Ms. Julia Leung, titled “Reshaping Finance: Regulation for Progress in a World of Pivots and Perils,” presented at the Fourth ASEAN+3 Economic Cooperation and Financial Stability Forum.
Policy & regulation Guidance & interpretation Other
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2025-11-25•Zimbabwe•Zimbabwe Insurance and Pensions Commission
The Zimbabwe Insurance and Pensions Commission hosted the 2025 meetings of the Organisation of African Insurance Supervisory Authorities, focusing on supervisory experience and regulatory priorities for insurance market development and cross-border oversight. Mr Issouf Traoré was elected OAISA President, with Dr Abiba Zakariah as Vice President, and Dr Grace Muradzikwa as Southern Africa Regional Representative. The agenda included discussions on agricultural index-based insurance, risk-based supervision, and the African Continental Free Trade Area's impact on regional insurance integration.
Supervision Cooperation Cross-border cooperation Market development
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2025-11-25•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance shared Minister Kyriakos Pierrakakis's remarks on fiscal rebalancing, highlighting primary surpluses, reduced unemployment, and growth surpassing the euro area. Pierrakakis emphasized wage convergence with the EU average, digital reform, and increased investment, projecting investment to rise to 17.7% of GDP by 2026. Discussions with Germany focused on attracting investment and addressing EU challenges, while Greece supports Bulgaria's euro area entry and plans to share digital reform insights with Germany.
Policy & regulation Reform agendas & priorities Economic data and developments
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2025-11-25•Greece•Ministry of National Economy and Finance (Greece)
At the 2nd Thessaloniki Investment Forum, Greece’s Deputy Minister of National Economy and Finance, Giorgos Kotsiras, announced measures to boost growth and return anti-tax-evasion proceeds to households, including a EUR 250 payment to pensioners and a forthcoming rent subsidy. He detailed a tax reform linking rate reductions to family size, exempting large families from taxes up to a significant income threshold, and extending housing supply incentives. Kotsiras also emphasized ongoing tax administration digitization to combat evasion and streamline citizen interactions.
Policy & regulation Rules & requirements
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2025-11-25•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance reported a state budget surplus of EUR 3.037bn for January–October 2025, exceeding the target of EUR 2.649bn, with a primary surplus of EUR 10.248bn against a target of EUR 9.881bn. Both surpluses were lower than the same period in 2024. Net revenues reached EUR 60.921bn, slightly above target, while expenditures were EUR 57.884bn, EUR 321m below target.
Data & statistics Other
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2025-11-25•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance shared remarks by Minister Kyriakos Pierrakakis at a Berlin event, emphasizing tailored public-sector reforms and Greece's post-2019 digital transformation. Pierrakakis noted citizen acceptance is crucial for reform durability and cited Greece's 2.4% growth as a strong economic base. He discussed the EU's Savings and Investment Union as a key opportunity and stressed digitisation aims to enhance state effectiveness, not reduce its size.
Policy & regulation Reform agendas & priorities Other
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2025-11-25•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendence of Banking, Insurance and AFP (SBS) ordered the closure of premises in Tacna where Oscar Capital Inversiones E.I.R.L. and Corporación Savio S.A.C. operated without authorisation, violating Law 26702. The SBS filed a criminal complaint against the companies’ representative for unauthorised financial intermediation and disobedience to authority. The firms allegedly attracted savings through "onerous loan" contracts, offering high-interest "investment plans" and continued operations despite prior warnings.
Supervision Interventions Unlicensed or unauthorized activity
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2025-11-25•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority announced that The Hong Kong Mortgage Corporation Limited completed its largest public benchmark bond offering, issuing multi-currency bonds totaling HK$25.3 billion under its US$30 billion Medium Term Note Programme. The issuance included a HK$10 billion two-year bond, a CNH 5 billion three-year bond, a US$1 billion five-year bond, and a HK$2 billion 30-year social bond. The 30-year HKD social bond is the largest in Hong Kong and the first in Asia Pacific to support the HKMC’s Reverse Mortgage Programme.
Policy & regulation Implementation, projects & pilots Securities offerings and listings
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2025-11-25•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing messages linked to The Bank of East Asia, Shanghai Commercial Bank, Chong Hing Bank, and Bank of China (Hong Kong). The HKMA emphasized that banks will not send messages 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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2025-11-25•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) released an updated Global Monitoring Exercise document, revising the methodology for calculating insurers' systemic footprint. Key changes include adjustments to insurer pool selection criteria, Level 3 assets indicator, and simplification of intra-financial assets and liabilities indicators. The update follows a public consultation and includes a resolution of consultation comments.
Policy & regulation International standards & recommendations Supervisory data
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2025-11-25•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors has initiated a public consultation on draft revised Application Papers on resolution powers and recovery planning, aligning with updated Insurance Core Principles and ComFrame standards. The resolution paper covers insurer resolution objectives, reinsurance considerations, and authority coordination, while the recovery planning paper addresses governance, key recovery plan elements, and supervisors' roles. Some sections are excluded from consultation due to minor changes.
Policy & regulation Guidance & interpretation Recovery and resolution
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2025-11-25•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) released new ancillary risk indicators for its Global Monitoring Exercise, alongside changes to liquidity metrics affecting the Insurance Liquidity Ratio. These indicators aim to enhance monitoring of credit risk, derivatives, and reinsurance exposures in the global insurance sector. The IAIS will continue to assess and refine these indicators.
Policy & regulation International standards & recommendations Credit risk Liquidity risk
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2025-11-25•Latin America•Financial Action Task Force of Latin America (GAFILAT)
GAFILAT conducted a "Pre-evaluation" course in Madrid to prepare Spain for its upcoming FATF Fifth Round mutual evaluation. The training, led by GAFILAT executives, focused on evaluation criteria, methodology, and the 40 FATF Recommendations, aiming to enhance Spain's AML/CFT framework. Spanish authorities reaffirmed their commitment to strengthening their national system.
Institutional development Cooperation & capacity building AML and CFT Supervision process and methodologies
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2025-11-25•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) announced that Forpost Corporate Services Ltd has waived its authorisation to provide administrative services, causing its licence to lapse as of 31 December 2024. The company has been permanently deleted from the register of licensed persons under section 16(2) of the relevant law.
Supervision Authorisations & approvals Licence withdrawal
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2025-11-25•Cyprus•Cyprus Securities and Exchange Commission
Pageserve Limited has waived its authorization to provide administrative services under Cyprus law, leading to the lapse of licence 39/196 as of 7 May 2025. The Cyprus Securities and Exchange Commission has permanently removed the company from the licensed persons’ Register.
Supervision Authorisations & approvals Licence withdrawal
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2025-11-25•Global•Bank for International Settlements
The Bank for International Settlements released a working paper analyzing the institutional drivers of supervisory technology (suptech) adoption by financial authorities. Using 2024 survey data from 112 authorities, the study highlights that combining digital transformation, data governance, and suptech strategies with dedicated organizational capacity enhances tool deployment. A dedicated suptech unit is crucial for increasing application deployment, while public cloud adoption boosts AI tool implementation.
Research Regtech and suptech
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2025-11-25•Global•Bank for International Settlements
The Bank for International Settlements (BIS) has appointed Tommaso Mancini-Griffoli as Head of the BIS Innovation Hub, effective 1 March 2026, for a five-year term. Mancini-Griffoli, currently with the International Monetary Fund, will succeed Cecilia Skingsley and join the BIS Executive Committee. Until his start date, BIS Deputy General Manager Andréa M Maechler will serve as Acting Head of the Innovation Hub.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-11-25•Global•SWIFT
SWIFT completed the global cutover to ISO 20022 for cross-border payments on Nov. 22, ending coexistence with the MT format. ISO 20022 represented 97% of payment instructions after the switch, with a temporary conversion service handling remaining MT traffic.
Policy & regulation Implementation, projects & pilots Cross-border payments Payments and payment systems Blockchain and distributed ledger technology
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2025-11-25•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 issued consumer guidance on preventing personal data loss, which can lead to phishing and unauthorized access to bank accounts. Recommendations include practicing digital hygiene, such as not sharing sensitive information, avoiding suspicious links, and maintaining updated security measures. Further resources are available on Fingramota.kz.
Policy & regulation Guidance & interpretation Cyber resilience Data protection
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2025-11-25•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 Tolymbekov Nurbek Kabylbekuly as Deputy Chair and member of the Management Board of JSC Nurbank.
Supervision Authorisations & approvals Licence approval
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2025-11-25•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) joined Money Expo 2025 Bangkok Year-End to promote insurance as a risk-management tool, emphasizing transparency and access to correct information. The OIC's booth, themed “OIC Sustainable and Transparent Future,” featured expert advisory services, interactive activities, and content with finance influencer "Warm & Pro" on coverage planning and policyholder rights. The OIC also encouraged consumers to review life and property protection, highlighting life insurance for tax deduction benefits.
Financial literacy & education Other
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2025-11-25•Thailand•Thailand Office of Insurance Commission
Thailand's Office of Insurance Commission (OIC) released a first-half 2025 report on the corporate insurance broker sector, highlighting its significant role in life and non-life insurance distribution. The report noted a slight decrease in broker licences and a 0.82% decline in premiums sold via corporate brokers, totaling THB 227,270 million. The OIC advised consumers to verify broker authorisation and recommended electronic premium payments to mitigate fraud risks.
Data & statistics Other
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2025-11-25•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan hosted a delegation from the Central Bank of Armenia for a four-day experience-exchange programme on monetary policy. The programme included sessions on forecasting systems, scenario-based policy analysis, and foreign exchange policy, aiming to foster long-term collaboration and professional networks.
Policy & regulation Cooperation
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2025-11-25•San Marino•Central Bank of San Marino
The Central Bank of the Republic of San Marino has launched a public consultation on a draft regulation proposing amendments across supervisory frameworks for banks, financial companies, investment firms, and other financial entities. Key changes include harmonizing accounting for securities trading portfolios, expanding the Register of Authorized Persons, revising the anti-usury framework, simplifying regulatory reporting, and aligning professionalism requirements for financial intermediaries.
Policy & regulation Rules & requirements Regulatory reporting
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2025-11-25•Spain•Bank of Spain
Bank of Spain Governor José Luis Escrivá proposed simplifying banking regulation and supervision in Europe and Spain to enhance competitiveness without compromising resilience. Key proposals include making supervisory processes more predictable, simplifying capital buffer architecture, and reducing reporting obligations. The Bank aims to streamline mandates and reporting requirements, significantly reducing financial statements and data submissions.
Policy & regulation Reform agendas & priorities Regulatory burden
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2025-11-25•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the opening remarks by Managing Director YM Puan Hajah Rashidah binti Haji Sabtu at the launch of the Sustainable Finance Roadmap.
Policy & regulation Implementation, projects & pilots Climate risk and sustainable finance
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2025-11-25•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the keynote address by YB Dato Dr Manaf at the launch of its Sustainable Finance Roadmap. Dr Manaf serves as Minister of Primary Resources and Tourism and Chairman of the BDCB Board of Directors.
Policy & regulation Implementation, projects & pilots Climate risk and sustainable finance
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2025-11-25•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam has introduced the Brunei Darussalam Sustainable Finance Roadmap to guide the financial sector in adopting sustainable finance practices, including climate adaptation and mitigation. The roadmap supports the nation's sustainability agenda, addresses sustainability-related risks, and emphasizes environmental, social, and governance considerations and the role of Islamic sustainable finance. It also aligns with the bank's regional efforts as Chair of the ASEAN Taxonomy Board.
Policy & regulation Reform agendas & priorities Climate risk and sustainable finance
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2025-11-25•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines clarified requirements for withdrawals over PHP 500,000, emphasizing ease and minimal delays. Under BSP Circular No. 1218, non-cash withdrawals above this threshold need no extra documentation, while cash withdrawals require proof of legitimate purpose. The reform aims to combat illegal cash use and promote traceable payment channels, supported by FAQs and stakeholder briefings.
Policy & regulation Guidance & interpretation Payments and payment systems
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2025-11-25•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines inaugurated its annual Central Banking Symposium in Panglao, Bohol, focusing on "Anchoring Policy in an Era of Shocks" to enhance understanding of macro-financial issues and support evidence-based policymaking. Governor Eli M. Remolona, Jr. emphasized steady economic policy, while former Bank of Thailand Governor Sethaput Suthiwartnarueput highlighted robust central banking. Sessions addressed inflation expectations, financial stability, and the exchange rate's role in monetary policy.
Other Monetary policy decisions and developments
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2025-11-25•South Africa•South African Reserve Bank
The South African Reserve Bank released updated composite business cycle indicators, noting a 1.2% decline in the leading indicator for September 2025, while the coincident indicator rose by 0.1% and the lagging indicator fell by 0.9% in August 2025. The leading indicator's decline was due to fewer residential building plans and slower growth in new vehicle sales, partially offset by higher export commodity prices and increased real M1 money supply. The coincident indicator's rise was attributed to higher industrial production and increased trade sales.
Data & statistics Economic data and developments
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2025-11-25•South Korea•South Korea Financial Supervisory Service
South Korea's Financial Supervisory Service hosted the Busan Financial Hub Convention on International Maritime Finance 2025, focusing on maritime finance trends and Busan's development as a specialized hub. FSS Governor Lee Chanjin emphasized the sector's transition toward carbon neutrality and pledged support for productive finance. The event featured discussions on global maritime financing trends, Arctic shipping routes, and digital transformation's impact on the industry.
Policy & regulation Cooperation Market development
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2025-11-25•Serbia•National Bank of Serbia
The National Bank of Serbia announced it will suspend payment transactions with NIS AD if the company fails to obtain an operating licence by the deadline. This measure aims to protect the stability of the domestic financial system and ensure the smooth functioning of the country's payment system.
Supervision Interventions Licence approval
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2025-11-25•Serbia•National Bank of Serbia
Governor Jorgovanka Tabakovic of the National Bank of Serbia highlighted increased gold reserves at the Executive Forum on Gold Reserves Management, noting a rise to 52.3 tons valued at nearly EUR 6 billion. This marks a significant increase from August 2012, when reserves were 14.8 tons, driven by strategic domestic and international purchases. The forum, organized with the World Gold Council and the Bank for International Settlements, gathered representatives from over 40 countries.
Monetary policy Monetary policy assessments & outlooks
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2025-11-25•Europe•European Central Bank
The European Central Bank released a working paper by Mar Domenech Palacios on how households adjust purchase quality after economic shocks, affecting inflation risk across income groups. Using German supermarket data, the study finds higher-income households trade down during downturns, while lower-income households often cannot, leading to inflation inequality. A 1% demand shift to lower-quality goods raises their relative price by 0.45% on average, exacerbating challenges for those at the "quality lower bound."
Research Consumer and investor protection
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2025-11-25•Europe•European Central Bank
The European Central Bank's Financial Stability Review highlights systemic risks from euro area banks' linkages with the non-bank financial intermediation sector. Key vulnerabilities include banks' reliance on short-term liabilities to NBFIs and the provision of leverage to leveraged NBFIs, which could amplify asset price shocks. The review notes significant data constraints and signals further analysis of ownership connections and leveraged fund risks.
Research Financial stability and systemic risk
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2025-11-25•Europe•European Central Bank
European Central Bank Executive Board member Piero Cipollone outlined the Eurosystem's policy on tokenisation, emphasizing tokenised central bank money as a risk-free settlement anchor for DLT-based wholesale transactions. The 2024 exploratory work involved 64 stakeholders, over 50 experiments, and settled transactions worth EUR 1.6 billion. Future initiatives include the Pontes dual settlement model and Appia's exploration of an integrated European payments and securities ecosystem.
Policy & regulation Implementation, projects & pilots CBDC
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2025-11-25•North Macedonia•Securities and Exchange Commission of the Republic of North Macedonia
The Securities and Exchange Commission of the Republic of North Macedonia announced the ninth edition of Financial Literacy Days, from 25 November to 4 December, to enhance financial education and consumer protection amid digitalisation. The programme is organised by national financial authorities with the financial sector and civil society. Participating institutions will share event details via websites and social media.
Financial literacy & education Financial literacy and education Consumer and investor protection
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2025-11-25•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) convicted Roberto Coutinho Schumann and Marcio Coutinho Schumann for non-equitable practices, imposing fines of BRL 2,127,992.80 and BRL 54,048.02 respectively. Allegations against Cortel Holding S.A. and Priscila Oliveira Gomes were dismissed. The decision, supported by Director Marina Copola and Interim President Otto Lobo, allows for an appeal to the Appeals Council of the National Financial System.
Enforcement Investigations & enforcement actions Market abuse
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2025-11-25•Albania•Albania Financial Services Authority
The Albania Financial Services Authority held a two-day roundtable on the policy impact assessment of covered bonds to align with EU standards. Supported by GIZ under the SANECA II project, the event discussed EU experiences, supervisory models, and reporting requirements. Executive General Director Mimoza Kaçi emphasized challenges like technology, cybersecurity, and the need for enhanced professional capacity and inter-institutional cooperation.
Policy & regulation Cooperation Other
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2025-11-25•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan's working group reviewed the third-quarter implementation of its 2025 activity plan and initiated discussions on the 2026 plan. The videoconference included representatives from various government bodies and covered topics like budget transparency, debt sustainability, and monetary freedom. The group emphasized continuing the 2025 plan and preparing the 2026 plan based on 2025 outcomes.
Policy & regulation Implementation, projects & pilots Other
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2025-11-25•Tonga•National Reserve Bank of Tonga
The National Reserve Bank of Tonga issued a public notice warning against financial scams involving impersonation of banks, government offices, or the NRBT to extract money or personal information. The notice advises vigilance for red flags such as fabricated stories, unofficial contact details, and urgent requests for sensitive information, urging verification through official channels.
Supervision Alerts Fraud and scams
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2025-11-25•Tonga•National Reserve Bank of Tonga
The National Reserve Bank of Tonga successfully appealed against proceedings by the Anti-Corruption Commissioner, with the Court of Appeal dismissing the case related to staff payments for the Bank's anniversary, citing a lack of reasonable cause of action and no evidence of misconduct.
Enforcement Investigations & enforcement actions Bribery and corruption
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2025-11-25•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority rejected the virtual asset service provider application from MP Technology Services Ltd, trading as MoonPay, under the Virtual Asset Service Providers Act 2024. The company was instructed to cease operations immediately or relocate its services outside the jurisdiction, which it has since done successfully.
Supervision Authorisations & approvals Licence approval
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2025-11-25•Russia•Central Bank of Russia
The Central Bank of Russia has cancelled two supervisory letters related to identifying banks' involvement in suspicious transactions, reflecting a shift in supervisory focus. The decision follows a decline in suspicious transactions and improved information sharing via the Know Your Customer platform. The central bank will now emphasize enhancing banks' internal Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) controls.
Supervision Supervision approach, priorities & toolkit AML and CFT
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2025-11-25•Russia•Central Bank of Russia
The Central Bank of Russia released a draft ordinance proposing to lift restrictions on qualified investors investing in cryptocurrency-linked settlement instruments via unit investment funds (UIFs). The draft also revises investment and risk-limiting rules for retail UIFs, allowing broader investment in unlisted securities with adjusted concentration limits.
Policy & regulation Rules & requirements
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2025-11-25•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency released October 2025 statistics, highlighting a rise in mandatory pension fund net assets to EUR 26.1bn and UCITS net assets to EUR 4.0bn. Zagreb Stock Exchange turnover declined to EUR 74.3m, while insurance premiums grew to EUR 1.7bn year-to-date. The report also noted a 0.4% increase in CROBEX and KONČAR d.d. as the most traded stock with EUR 24.7m turnover.
Data & statistics
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2025-11-25•Poland•Central Bank of Poland
The National Bank of Poland reported a PLN 28.2bn increase in the M3 money supply for October 2025, reaching PLN 2,670.9bn. This growth was driven by higher deposits and claims from non-financial corporations and households. Additionally, central government net debt rose by PLN 22.0bn, while non-financial corporate and household sector debts increased by PLN 4.6bn and PLN 4.0bn, respectively.
Data & statistics Monetary data
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2025-11-25•Global•IOSCO
The International Organization of Securities Commissions (IOSCO) released a report on the tokenization of financial assets, highlighting limited commercial adoption of distributed ledger technology (DLT) in capital markets. The report identifies key risks such as legal uncertainties, operational vulnerabilities, and potential spillovers from tokenized money market funds. IOSCO notes that most regulators apply existing securities frameworks to tokenization, with some introducing additional guidance and regulations.
Policy & regulation International standards & recommendations Tokenization
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2025-11-25•Global•IOSCO
The International Organization of Securities Commissions (IOSCO) released a report on the global single-name credit default swaps (CDS) market, highlighting its illiquidity and concentration. The report finds no causation between CDS price moves and the decline in shares of certain global banks during the March 2023 turmoil and notes that US post-trade transparency requirements have not adversely affected liquidity. IOSCO recommends enhancing post-trade transparency for single-name CDS where feasible and addressing suspicious activities through existing securities laws.
Policy & regulation International standards & recommendations Market development
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2025-11-25•Global•SWIFT
SWIFT announced the completion of the global transition to ISO 20022 for cross-border payments, ending the coexistence with the MT message format on 22 November. The next phase will focus on leveraging the enriched data from ISO 20022 through guidance, tools, and analytics.
Policy & regulation Implementation, projects & pilots Cross-border payments
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2025-11-25•Vietnam•Vietnam State Securities Commission
Vietnam's Ministry of Finance and the Vietnam State Securities Commission are seeking feedback on a draft circular to replace the existing framework for securities professional practice. The draft aims to update the Ministry of Finance’s Circular 197/2015/TT-BTC. Feedback is to be submitted to the Vietnam State Securities Commission.
Policy & regulation Rules & requirements Licensing framework and process
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2025-11-25•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission’s Technology and Digital Transformation Department has extended the deadline for vendors to submit quotation dossiers for an IT system procurement package to 27 November 2025. This extension allows bidders additional time to prepare their quotations, with all other details in Official Letter No. 775/CĐS-UD remaining unchanged.
Institutional development Procurement
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2025-11-25•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission issued a warning about suspected impersonation involving Vietcombank Fund Management (VCBF). A fraudulent website and forged documents resembling VCBF's branding have been identified. Investors are advised to verify information and exercise caution before transacting.
Supervision Alerts Fraud and scams
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2025-11-25•United States•U.S. Financial Services Committee
Republican members of the U.S. House Committee on Financial Services, led by Chairman French Hill, urge Federal Reserve Vice Chair for Supervision Michelle Bowman, Comptroller of the Currency Jonathan Gould, and FDIC Acting Chairman Travis Hill to reconsider Enhanced Prudential Standards for banks in categories II, III, and IV. They advocate for requirements tailored to banks' risk profiles and suggest indexing regulatory thresholds to economic growth metrics.
Policy & regulation Reform agendas & priorities Capital adequacy Prudential risks
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2025-11-25•United States•U.S. Financial Services Committee
Republican members of the US House Committee on Financial Services, led by Chairman French Hill, urged the Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation to withdraw four supervisory guidance documents. These include guidance on leveraged lending, model risk management, third-party risk management, and the OCC’s venture funding bulletin. The letter argues these documents impose burdensome requirements that restrict credit access and hinder innovation.
Policy & regulation Guidance & interpretation Regulatory burden
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2025-11-25•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission revoked Coindee Company Limited's licence to operate a digital asset advisory business, effective 27 October 2025, due to governance and operational failures. Coindee ceased operations beyond the SEC Board's specified period, with significant leadership resignations and unresponsiveness to customers. The revocation was recommended by the SEC Board and executed by the Minister of Finance under relevant regulatory provisions.
Enforcement Investigations & enforcement actions Licence withdrawal
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2025-11-25•Sweden•Finansinspektionen
Sweden's Finansinspektionen (FI) reports a decline in fraud amounts via payment services over the past 1.5 years, with SEK 575 million obtained in the first half of 2025, though incidents remain high at nearly 143,000. FI urges banks and payment service providers to prioritize customer protection, noting a significant drop in fraud involving consumer manipulation. FI also references potential EU legislation introducing stricter requirements for payment service providers.
Data & statistics Fraud and scams
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2025-11-25•Hungary•National Bank of Hungary
The National Bank of Hungary's Financial Stability Report shows a well-capitalized, liquid banking system in 2025 H1, with moderate credit risks and low non-performing loans. Rising mortgage market risks from rapid house price growth prompt a macroprudential response, including changes to the systemic risk buffer framework. From January 2026, the MNB will implement two sectoral systemic risk buffers of 1% each for exposures to Hungarian customers backed by domestic residential and commercial real estate.
Policy & regulation Rules & requirements Credit risk Liquidity risk Prudential risks
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2025-11-25•Canada•Financial Consumer Agency of Canada
The Financial Consumer Agency of Canada (FCAC) announced enhancements to its supervision of federally regulated financial institutions, including a new Market Conduct Risk Assessment Model and increased compliance examinations. The FCAC emphasized expectations for third-party distribution, complaint handling, and consumer remediation, noting over CAD 38 million reimbursed to consumers in fiscal year 2024–2025. Additionally, the FCAC is renewing the National Financial Literacy Strategy, with surveys indicating more Canadians seeking financial advice through social media and informal networks.
Supervision Supervision approach, priorities & toolkit Consumer and investor protection
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2025-11-25•Canada•Office of the Superintendent of Financial Institutions
Canada's Office of the Superintendent of Financial Institutions (OSFI) published its Climate Risk Return report, marking a milestone in measuring climate-related financial risks. Major banks and insurers submitted detailed risk exposure data, revealing progress but also gaps in data consistency and granularity. OSFI emphasized integrating climate risk into financial risk management and highlighted ongoing alignment with Canadian and international sustainability standards.
Policy & regulation Implementation, projects & pilots Climate risk and sustainable finance
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2025-11-25•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation finalized a rule modifying the enhanced supplementary leverage ratio (eSLR) standards for US global systemically important banks (GSIBs) and their subsidiaries. The rule sets the bank subsidiary eSLR at 50% of the parent GSIB's method 1 capital surcharge, capped at 1%, and is expected to reduce tier 1 capital by about USD 13 billion. This adjustment aims to maintain the eSLR as a backstop to risk-based capital requirements, enhancing capacity for low-risk activities.
Policy & regulation Rules & requirements Capital adequacy
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2025-11-25•United States•Federal Deposit Insurance Corporation
The FDIC issued a final rule amending inflation-sensitive thresholds, including those for annual audits. It introduces automatic biennial adjustments, effective October 1, providing immediate relief for certain institutions. Those below adjusted thresholds may be exempt from Part 363 requirements at their federal banking agency's discretion.
Policy & regulation Rules & requirements Accounting and financial reporting
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2025-11-25•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) has extended the compliance date for displaying the FDIC official digital sign on digital deposit-taking channels and ATMs from 1 March 2026 to 1 January 2027. This extension applies to all FDIC-insured institutions and aligns with the FDIC's proposal to amend Sections 328.4 and 328.5 to address implementation issues and potential consumer confusion. Other amendments to Part 328, Subpart A remain unaffected and are required by 1 May 2025.
Policy & regulation Rules & requirements Compliance
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2025-11-25•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Federal Reserve Board proposed revising the Community Bank Leverage Ratio (CBLR) framework to enhance adoption and ease regulatory burdens. The proposal lowers the CBLR requirement from 9% to 8% and extends the grace period for non-qualifying banks from two to four quarters, applicable to FDIC-supervised institutions with less than USD 10 billion in assets.
Policy & regulation Rules & requirements Capital adequacy
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2025-11-25•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) introduced an online tool to streamline stakeholder feedback on regulatory policies and rules, centralizing submissions through a single CSA channel. The tool offers a traditional comment letter upload option and a web-based form with an optional Q&A format. The CSA aims to further enhance the online submission experience as part of its broader engagement strategy.
Policy & regulation Implementation, projects & pilots Regulatory burden
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2025-11-25•United States•Federal Reserve Board
The Federal Reserve Board issued a consent prohibition order against Krista Murr, a former Orrstown Bank employee, for misappropriating customer funds.
Enforcement Investigations & enforcement actions
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2025-11-25•United States•Federal Reserve Board
The Federal Reserve Board, FDIC, and Office of the Comptroller of the Currency issued a final rule modifying capital standards to reduce disincentives for large banks engaging in lower-risk activities. The rule adjusts leverage standards as a backstop to risk-based requirements, with a capped enhanced supplementary leverage ratio for depository subsidiaries. Overall capital levels are expected to remain broadly unchanged, with Tier 1 capital requirements for affected bank holding companies reduced by less than two percent.
Policy & regulation Rules & requirements Capital adequacy
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2025-11-25•United States•Federal Reserve Board
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency proposed revisions to the community bank leverage ratio framework to reduce compliance burdens and enhance capital management flexibility. The proposal suggests lowering the required ratio from 9% to 8% and extending the non-compliance grace period from two to four quarters. The framework will maintain capital requirements consistent with safety and soundness, comparable to or exceeding risk-based standards.
Policy & regulation Rules & requirements Capital adequacy
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2025-11-25•United States•Federal Reserve Board
The Federal Reserve Board approved Steel Newco, Inc.'s application to become a bank holding company through a merger with Synovus Financial Corporation and Pinnacle Financial Partners, resulting in the indirect acquisition of Synovus Bank and Pinnacle Bank. Additionally, the Board approved the merger of Pinnacle Bank with Synovus Bank, with Pinnacle Bank as the surviving entity, and authorized it to establish branches at Synovus Bank's locations.
Supervision Authorisations & approvals Licence approval
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2025-11-25•Chile•Central Bank of Chile
The Central Bank of Chile has initiated a public consultation on regulating non-bank financial institutions' access to the Real-Time Gross Settlement system (LBTR) under Law 21.641. The proposal aims to enhance the Chilean payments system's efficiency, security, and resilience by allowing entities like savings and credit cooperatives, securities custodians, and foreign central counterparties to make payments directly through LBTR. Amendments to the Central Bank’s Compendium of Financial Regulations will facilitate these changes.
Policy & regulation Rules & requirements Payments and payment systems
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2025-11-25•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority's Decision No. 267 of 2025 sets controls on insurance company remuneration to marketing entities to prevent excessive costs affecting policyholders. Insurers must provide actuarial studies proving commissions and incentives are fair and submit detailed applications. The decision applies to approved marketing entities and allows the Authority to mandate repricing or contract amendments if customer interests or insurer solvency are compromised.
Policy & regulation Rules & requirements Sales and distribution
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2025-11-25•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority announced updated Egyptian Auditing Standards, the first revision in 17 years, to align with international practices and enhance financial statement transparency. Issued under Prime Ministerial Decision No. 3725 of 2025, the standards aim to bridge gaps with international standards and support audit quality and investor protection.
Policy & regulation Rules & requirements Auditing
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2025-11-25•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority and the Ministry of Youth and Sports announced the Y Champions awards to boost non-banking financial awareness among youth and combat fraud. The initiative promotes educational content on social media and supports safer financial engagement. Additional measures include investment opportunities for youth from age 15, educational content in schools, and developing youth-focused digital platforms.
Financial literacy & education Financial literacy and education
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2025-11-25•Chile•Chile Financial Market Commission
Chile’s Financial Market Commission will require two-factor authentication (2FA) for accessing the "Know Your Debt" website using the Civil Registry-issued Individual Password from 15 December 2025. The 2FA process involves an email-delivered verification code, with a phone number option expected soon. Users unable to complete 2FA can access information in person at CMF Public Service or ChileAtiende offices.
Policy & regulation Implementation, projects & pilots Cyber resilience
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2025-11-25•United States•Office of the Comptroller of the Currency
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency proposed revisions to the community bank leverage ratio (CBLR) framework to reduce regulatory burden and enhance capital management flexibility. The proposal lowers the CBLR requirement to 8% from 9% and extends the compliance grace period to four quarters, maintaining capital requirements consistent with community bank safety and soundness.
Policy & regulation Rules & requirements Capital adequacy Regulatory burden
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2025-11-25•United States•Office of the Comptroller of the Currency
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued a final rule modifying regulatory capital standards to encourage lower-risk activities by large, systemically important banks. The rule caps the enhanced supplementary leverage ratio at 1% for depository institution subsidiaries, with an overall leverage limit of 4%. The agencies anticipate a less than 2% reduction in tier 1 capital requirements for affected bank holding companies.
Policy & regulation Rules & requirements Capital adequacy
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2025-11-25•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) announced its schedule for Community Reinvestment Act (CRA) evaluations for national banks and federal savings associations in the first half of 2026. The OCC invites public comments on the CRA activities of banks slated for evaluation, which will be considered if received before the evaluation's conclusion.
Supervision Reviews, inspections & stress tests Other
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2025-11-25•Romania•National Bank of Romania
The National Bank of Romania released provisional monetary statistics for October 2025, indicating a 0.7% monthly increase in broad money (M3) to RON 758,346.5 million. Non-government credit rose 0.3% to RON 445,566.3 million, while deposits of resident non-government clients increased 0.8% to RON 639,651.2 million. Net foreign assets grew 3.5% month on month, whereas net domestic assets decreased by 2.3%.
Data & statistics Monetary data
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2025-11-25•Global•Financial Stability Board
The Financial Stability Board (FSB) will stop annually identifying global systemically important insurers (G-SIIs), shifting to assessments under the International Association of Insurance Supervisors (IAIS) Holistic Framework. The FSB will receive annual IAIS updates on systemic risk assessments and may publicly express views on insurer importance and necessary supervisory measures. The FSB will continue publishing a list of insurers subject to resolution planning, with consultation guidance on recovery and resolution planning requirements expected in 2026.
Policy & regulation Implementation, projects & pilots Financial stability and systemic risk
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2025-11-25•Global•Financial Stability Board
The Financial Stability Board released a consultation report with draft guidance for national authorities on determining insurers subject to recovery and resolution planning (RRP) requirements. The guidance outlines a criteria-based assessment using six factors, including nature, scale, and interconnectedness, and specifies conditions for RRP application regardless of broader criteria. It also proposes revising the impact test in prior FSB materials from "financial system and the real economy" to "financial system or the real economy."
Policy & regulation Guidance & interpretation Recovery and resolution