Qatar Central Bank Governor H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani met with United States Securities and Exchange Commission Chairman Paul Atkins to discuss mutual interests and explore ways to enhance bilateral cooperation.
The Central Bank of the Republic of Uzbekistan met with Swiss officials to review progress and set priorities under their Bilateral Assistance and Capacity Building Program. Key cooperation areas include monetary policy, macroeconomic statistics, consumer protection, payment systems oversight, and money market development. The central bank also discussed collaboration with other international partners on foreign exchange policy and liquidity forecasting, with Swiss support confirmed for ongoing initiatives.
The Central Bank of the Republic of Uzbekistan and IT Park have launched "AI Connect," a competition to support AI-based startups in Uzbekistan, fostering collaboration between the banking sector and the tech ecosystem. Startups will develop solutions over 10 days and present them on Demo Day, with top teams potentially gaining venture investment, outsourcing opportunities, and commercialization support.
The South Africa Financial Sector Conduct Authority warned about a Telegram group falsely claiming ties with Visio Fund Management Pty Ltd and ex-employee Mr. Tassin Meyer to solicit Bitcoin investments. The FSCA stressed caution against unsolicited offers, especially on social media, and advised verifying financial services providers' authorization. Consumers should report suspicious activities through FSCA channels.
The South Africa Financial Sector Conduct Authority (FSCA) warned about Mr. Sphesihle Cele, aka “Nhlakanipho Zungu”, soliciting investments without authorization, falsely claiming links to TSB Securities (Pty) Ltd and Thebe Investment Corporation (Pty) Ltd. Both companies confirmed no association with Mr. Cele, who has not responded to FSCA inquiries. The FSCA advises the public to verify authorizations and report suspicious activities.
The Jordan Securities Commission aims to issue instructions regulating virtual asset dealings by the end of 2025, focusing on cybersecurity as a key safeguard. The framework will cover licensing for brokerage, trading, custody, and platform operations, with standards for technical readiness, governance, capital, and compliance with anti-money laundering and counter-terrorist financing requirements.
The Liechtenstein Financial Market Authority issued FMA Communication 2025/4, establishing conditions for pension funds to remunerate insurance intermediaries. Remuneration is limited to services benefiting the insured community and excludes activities related to employer obligations.
The Ministry of Finance of Kyrgyzstan announced the launch of the national stablecoin USDKG, pegged to the US dollar and backed by physical gold. The issuance of 50 million USDKG tokens on the TRON network is managed by OJSC “Virtual Assets Issuer,” a state-owned entity. The launch was attended by President Sadyr Japarov and board chair Biybolot Mamytov.
Eurosif reviewed the European Commission’s SFDR, supporting three sustainability-related product categories and clearer ESG compliance expectations. However, Eurosif warned the redesign might still permit greenwashing and reduce investor comparability due to unclear definitions and limited exclusions. It also noted potential operational gaps from excluding portfolio managers and removing certain disclosures.
Vice Governor Marko Vidakovic of the Central Bank of Bosnia and Herzegovina addressed the Central Banking Autumn Meetings in Rio de Janeiro, discussing foreign exchange reserve management within a currency board framework. He emphasized maintaining monetary stability and integrating ESG factors, achieving a coverage ratio of over 109.5% in 2025. The bank transitioned to the ISO 20022 standard for seamless payment processes.
The Brazilian Superintendence of Private Insurance (SUSEP) met with the Ministry of Development, Industry, Trade and Services to discuss enhancing surety bond insurance for infrastructure projects. Topics included reinforcing surety bonds for large-scale projects, implementing a step-in clause for project continuity, and incentivizing market participation to mitigate long-term risks. The meeting also addressed regulatory improvements to align insurance with evolving infrastructure models.
The Central Bank of Aruba's study, "The Potential Impacts of U.S. Tariffs on the Aruban Economy," examines potential U.S. tariffs, highlighting imported inflation and reduced U.S. consumer income as key risks. It models trade-war scenarios, projecting a goods import-price shock of 2.4% to 5.8% and a CPI inflation increase of 0.8% to 2.0% month-over-month in July 2025. Recommendations include enhancing regional trade, diversifying tourism markets, and boosting local production.
The Superintendency of Banks of the Dominican Republic hosted its inaugural Congress on Cybersecurity Supervision, focusing on enhancing monitoring systems and data protection in the financial sector. Key discussions highlighted the importance of continuous testing and analysis for financial resilience against evolving cyber threats, emphasizing interconnected defence structures for coordinated responses. The event noted that the average cost of a bank security breach in 2025 is estimated at USD 6 million per incident.
The South Korea Financial Supervisory Service reviewed the capital adequacy of seven financial conglomerates as of June 2025, reporting an aggregate capital adequacy ratio of 175.2%, up from 174.3% in December 2024 and above the 100% regulatory standard. Integrated equity rose 5.3% to KRW 180.1 trillion, driven by increased retained earnings and equity securities issuances, while requisite capital increased 4.8% to KRW 102.8 trillion due to higher insurance risks. The FSS will continue monitoring trends and advising on risk management and internal controls.
The South Korea Financial Supervisory Service reported preliminary third-quarter 2025 earnings data, showing domestic banks' net income rose to KRW21.1 trillion, a KRW2.3 trillion increase year-on-year. Interest income grew by 0.7% to KRW44.8 trillion, while non-interest income surged 18.5% to KRW6.8 trillion, driven by FX-derivatives income. The authority emphasized the need for banks to enhance loss-absorbing capacity amid rising loan loss expenses and delinquency rates.
The Central Bank of Oman introduced an official symbol for the Omani Rial, endorsed by His Majesty Sultan Haitham bin Tarik, to ensure consistent currency display across various platforms. The symbol aims to enhance global identification of the rial and aligns with Oman Vision 2040's focus on innovation and modernization.
The European Central Bank's Working Paper No 3155 by Michael Koetter and Alexander Popov analyzes the impact of Germany's Green Party electoral success on pollution outcomes from 1990 to 2018. The study finds emissions decline when Green politicians hold influential positions, with significant reductions in pollutants when they lead county elections. However, in state coalitions, the decline is mainly in CO2 emissions, driven by reduced output in carbon-intensive sectors rather than improved emissions efficiency.
The European Central Bank's research shows euro area insurers' balance sheets are less liquid and more market-sensitive, with a strong focus on domestic sovereign bonds. Life insurers have increased alternative asset allocations, while property and casualty insurers sell government bonds to fund large claims after natural disasters. The study suggests deeper market integration through the capital markets union could support more diversified bond portfolios and mitigate amplification effects.
The European Central Bank's blog post highlights how European Structural and Investment (ESI) funds can address the EU's investment gap by mobilising private capital alongside public spending. It estimates a funding gap of over EUR 100 billion per year from 2025 to 2031, despite national fiscal space and EU resources. ESI funds effectively leverage additional resources, with evidence showing each euro of ESI funding generates EUR 1.10 in private investment and EUR 0.10 in business R&D.
The Securities and Exchange Commission of North Macedonia's President, Bujaré Abazi, attended IOSCO events in Malta, discussing market stability and supervisory practices. Abazi met IOSCO Secretary General Rodrigo Buenaventura to explore regulatory cooperation and supervisory technologies in North Macedonia. The conference covered economic risks, digitalisation, AI in supervision, cryptocurrency regulation, and sustainability reporting standards, focusing on financial inclusion and fintech innovation.
The Albania Financial Services Authority released the agenda for its Board meeting on 27 November 2025, addressing the approval of the 2026 budget and the 2026–2028 medium-term budget forecast. It includes supervisory, licensing, and governance decisions impacting insurance, investment, and actuarial activities, such as company expansions, corporate changes, and audit approvals. Additionally, it covers the renewal and withdrawal of licences for various entities and appointments within the insurance sector.
The Central Bank of Montenegro Council adopted ten decisions to ensure effective application of the new Law on Consumer Credits, aligned with the EU directive. Effective 28 November 2025, the law caps interest rates on consumer loans, eliminates certain housing loan fees, and enhances borrower protections. Additionally, the Council's publication, Macroprudential Analysis and Policy, indicates moderate systemic risks and unchanged countercyclical capital buffer rates for H1 2025.
The Seychelles Financial Services Authority (FSA) warned that Aster Dex, a decentralised virtual asset exchange, is not authorised to operate in Seychelles. Aster Dex lacks authorisation under the Virtual Asset Service Providers Act, 2024, and the International Business Companies Act, 2016. Consumers should verify the licensing status of virtual asset service providers and report suspected unauthorised activities.
The Sustainable Banking and Finance Network announced that the Asociación de Bancos Privados de Bolivia has joined as its newest member, increasing the network to 103 institutions across 74 countries, with 27 in Latin America and the Caribbean. ASOBAN, representing Bolivia’s private banking sector, integrates sustainable finance through ESG criteria and financial inclusion initiatives.
The Philippine SEC has assumed the 2026 chairship of the ASEAN Capital Markets Forum, focusing on regional market integration, inclusion, sustainability, and cooperative enforcement. Key priorities include enhancing market integrity, corporate governance, AI adoption, and advancing sustainable finance through initiatives like the Mitigation co-benefit and Adaptation for Resilience Guide and a Capital Market Financial Literacy Toolkit.
The Philippine Securities and Exchange Commission proposed amendments to REIT rules to broaden asset eligibility and provide more flexibility for reinvestment and public ownership compliance. The draft expands the definition of income-generating assets and extends the reinvestment period to two years. It also allows temporary dips in minimum public ownership under specific conditions, subject to approval and disclosure requirements.
The Central Bank of Russia proposed a draft ordinance to reduce the minimum tariff for compulsory insurance of carriers’ third-party liability for passenger damage. Reductions include 30% for intercity and suburban buses, 20% for charter buses, and 10% for regular urban buses, with further cuts for sea, suburban rail, helicopter, trolleybus, water transport, and long-distance rail services. Rates for other transport services remain unchanged.
The Central Bank of Russia released a consultation paper on advancing AI in the financial market, emphasizing a risk-oriented, technologically neutral approach. It highlights the importance of confidence in AI and data accessibility, proposing compliance monitoring with the AI Code of Ethics and exploring platforms for voluntary data exchange. It also suggests developing privacy-enhancing technologies and best practices to foster AI adoption.
The Vietnam State Securities Commission's draft decree details offences and sanctions for crypto activities and the pilot market. It specifies violations in offerings, trading, service obligations, and financial controls, with fines up to VND 200 million for organisations and VND 100 million for individuals. Additional sanctions include licence withdrawal, activity suspension, and mandatory corrections, with enforcement by finance, police, and banking authorities.
The National Bank of the Kyrgyz Republic has released a draft Board resolution for public consultation to amend the regulatory banking reporting framework. The proposal includes expanded disclosures on green banking products and gender-disaggregated information, along with revised reporting timelines.
The National Bank of the Kyrgyz Republic approved Gulzat Askarbekovna Ismanova as the deputy head of the internal audit service at CJSC Joint-Stock Commercial Bank Tolubay.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 41,085 penalty on Pacesetter Marketing Ltd. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessment, and documentation. FINTRAC aims to encourage compliance changes, having issued 23 violation notices totaling over CAD 25 million in 2024–25.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 36,135 penalty on HomeLife New World Realty Inc. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessment failures, and record-keeping deficiencies. The penalty has been paid, and the case is closed.
FINTRAC imposed a CAD 23,100 penalty on 9321-0599 Québec Inc., operating as Les Immeubles Star / Star Realty, for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The brokerage failed to maintain updated compliance policies and assess money laundering risks. FINTRAC emphasizes that penalties encourage compliance, having issued 23 violation notices in 2024–25 totaling over CAD 25 million.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined 1135233 B.C. Ltd., operating as LeHomes Realty Premier, CAD 149,886 for breaches of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included failure to report suspicious transactions, inadequate compliance governance, and insufficient client identification record-keeping. The penalty has been paid, and the case is closed.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 117,975 penalty on Houston & Associates Realty Ltd. for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate AML/ATF policies, risk assessments, compliance training, and record-keeping. FINTRAC emphasized penalties aim to rectify non-compliance, noting over 150 penalties imposed since 2008.
Thailand’s Securities and Exchange Commission (SEC) issued an investor notice urging PPS262A bondholders to review information and exercise voting rights ahead of their meeting on 25 November 2025. The SEC requires the bondholders’ representative to provide a detailed analysis of the proposals' impacts. The meeting will address a default exemption, a two-year bond maturity extension, and early redemption options.
The European Central Bank Banking Supervision's newsletter highlights effective credit risk management from its commercial real estate inspection, focusing on bullet loans and high balloon payments. Key practices include explicit refinancing risk policies, sustainable cash flow testing, and enhanced portfolio monitoring. These practices, while not setting new supervisory expectations, apply beyond commercial real estate to other bullet loan financings.
Deputy Governor Alexander Demarco of the Central Bank of Malta emphasized efficient payment systems at a Malta Financial Services Authority conference, discussing Eurosystem initiatives like TARGET services and TIPS. TIPS has expanded to cross-currency services, with Sweden and Denmark participating, and plans to connect globally. He also highlighted ongoing work on a retail digital euro and exploratory efforts for a wholesale digital euro to enhance European payment infrastructure.
Governor Professor Edward Scicluna of the Central Bank of Malta attended a conference marking the Bank of Albania's 100th anniversary, discussing "The Evolving Challenges of Monetary Policy." Topics included geo-economic fragmentation, trade reconfiguration, and the impact of digital currencies on monetary sovereignty and financial stability. Keynote speakers were Albania’s Prime Minister Edi Rama, IMF Managing Director Kristalina Georgieva, ECB President Christine Lagarde, and Bank of Albania Governor Gent Sejko.
The European Central Bank Banking Supervision published a newsletter on banks' AI use for credit scoring and fraud detection, noting increased use among significant institutions between 2023 and 2024. The analysis identifies common practices, governance responses, and challenges, including difficulties in quantifying financial gains and concerns over third-party dependencies and data privacy. AI remains a supervisory priority, with plans for continued monitoring and industry engagement to address emerging risks.
The European Central Bank Banking Supervision published an interview with European Commissioner Maria Luís Albuquerque, outlining priorities to simplify the EU banking rulebook while maintaining prudential standards and reducing Single Market fragmentation. The interview highlights the postponement of the Fundamental Review of the Trading Book (FRTB) market risk framework to January 2027 and simplification measures, including the February 2025 Omnibus proposal. The Commission plans a 2026 report on the Single Market's banking sector, focusing on competitiveness and integration.
The European Payments Council (EPC) reported the successful implementation of the Verification of Payee (VOP) scheme, enhancing account-to-account payment safety and aiding payment service providers (PSPs) in complying with SEPA and Instant Payments Regulation (IPR) obligations. As of November 2025, 2,785 PSPs joined the scheme, with 2,719 operational and 58 Routing and Verification Mechanisms active across 23 countries. The EPC anticipates participation to exceed 3,000 PSPs by mid-2027.
The Swedish Financial Supervisory Authority conducted an exercise with financial sector participants to enhance the sector's ability to produce and share a common operational picture for Sweden's total defence planning and major societal disruptions. Participants included banks, insurance companies, securities firms, industry associations, and public authorities. The exercise aimed to strengthen collective capacity and improve processes for handling severe disruptions, with lessons learned to inform ongoing development work.
The Swedish Financial Supervisory Authority, with Sweden’s sanctions compliance cooperation council, assessed EU sanctions compliance against Russia, noting suspected circumvention risks despite declining direct exports. The report highlights likely indirect exports through other countries and substantial underreporting of violations. A 2024 review of 19 banks showed a good understanding of sanctions rules but identified areas for improvement in sanctions screening systems.
The National Bank of Rwanda's Financial Stability Committee reported that Rwanda's financial sector remained stable and resilient in Q3 2025, despite trade policy shifts and geopolitical tensions. Key indicators showed capital adequacy ratios of 21.4% for banks and 35.3% for microfinance institutions, with a liquidity coverage ratio of 302.9% for banks. The Committee will monitor global and domestic developments to ensure resilience and payment system continuity.
The Office of the Superintendent of Financial Institutions has initiated a 90-day public consultation on proposed revisions to the Capital Adequacy Requirements Guideline (2027). Key changes include adjustments to standardized credit risk and market risk capital requirements, such as recalibrating risk weights for land acquisition, development, and construction exposures, and updating market risk measures for credit spreads and cash equity positions. The revisions aim to align requirements with underlying risks while reducing regulatory burden.
The Office of the Superintendent of Financial Institutions (OSFI) released the final Minimum Capital Test (MCT) Guideline (2026) for federally regulated property and casualty insurers, including foreign branches in Canada. Key updates include a simplified unexpired coverage formula for insurance risk and clarified capital holding rules for foreign branches, specifically for "funds withheld" reinsurance arrangements. Effective 1 January 2026, the guideline also updates capital confirmation requirements and the MCT regulatory reporting form PC4.
Canada's Office of the Superintendent of Financial Institutions (OSFI) released a report on the first cycle of Climate Risk Returns, highlighting data gaps and inconsistent reporting from major banks and insurers. Updated reporting forms, effective fall 2025, aim to reduce the reporting burden and improve data quality by refining industry classifications and clarifying definitions. Smaller institutions will begin filing in 2026.
The Office of the Superintendent of Financial Institutions has opened a 90-day consultation on draft 2027 Capital Adequacy Requirements for credit risk and released the final 2026 Minimum Capital Test Guideline for insurers. The initiative includes removing 32 documents by December 31, 2025, and updates on the Supervisory Framework and climate-risk regulatory returns. The proposals aim to align credit risk capital requirements with actual risks, while the guideline simplifies coverage formulas and clarifies capital treatment for foreign branches.
Canada’s Office of the Superintendent of Financial Institutions (OSFI) updated bank and insurer capital, supervision, and climate reporting, including a consultation on the 2027 Capital Adequacy Requirements Guideline and the final 2026 Minimum Capital Test Guideline. Key proposals include reduced risk weights for certain real estate and corporate exposures, and simplifications in insurance risk coverage. OSFI also reviewed its Supervisory Framework and shared insights from Climate Risk Returns submissions.
The Central Bank of Afghanistan (Da Afghanistan Bank, DAB) and the Participation Banks Association of Turkey (TKBB) agreed to cooperate on enhancing Afghanistan's electronic payment infrastructure, focusing on technical capacity and training. DAB has fully transitioned to Sharia-compliant banking, with ongoing efforts to expand digital payments. TKBB will send a technical team to assess Afghanistan's electronic payments and support training initiatives.
The Central Bank of Chile commenced its 28th annual conference, focusing on monetary policy, financial markets, and future challenges, as part of its centennial celebrations. Discussions on the first day addressed the US dollar's role as a global safe asset and the impact of international financial shocks on policy. Keynote addresses from New York Fed President John Williams and Harvard Professor Gita Gopinath are scheduled for the second day.
Federal Reserve Board Governor Lisa D. Cook assessed the U.S. financial system as resilient but raised concerns over elevated asset valuations, rapid private credit growth, hedge funds' expanding role in the Treasury market, and generative AI's implications in trading. She emphasized potential risks from opacity and complex intermediation, noting increased asset valuations and the doubling of private credit. Cook also highlighted hedge funds' rising Treasury holdings and AI's potential challenges in trading, stressing the need for ongoing monitoring and governance.
The European Commission proposes enhancing EU supplementary pensions and amending the sustainable financial disclosure framework. Key measures include modernizing the IORP II Directive, revising the PEPP, and streamlining disclosure requirements for financial market participants. The amendments will be negotiated by the European Parliament and the Council.
The European Commission has proposed amendments to the Sustainable Finance Disclosure Regulation (SFDR) to simplify the EU’s transparency framework for financial products with environmental or social aims. The proposal aims to reduce disclosure complexity and costs, address confusion from SFDR's use as a de facto labelling system, and mitigate greenwashing risks, thereby enhancing retail investor participation in EU capital markets.
The Egypt Financial Regulatory Authority led discussions at the IOSCO Growth and Emerging Markets Committee meetings in Malta, focusing on IOSCO’s 2026 work programme and domestic digitalisation and sustainability initiatives. Key topics included fintech legislative frameworks, e-KYC implementation, and integrating ESG considerations into supervisory practices. The authority also emphasized capacity building, technical assistance, and developing sustainable financial products.
Egypt's Financial Regulatory Authority established the Committee for the Protection of Stakeholders and Settlement of Insurance Disputes, detailing its mandate, procedures, and timelines. This replaces the previous framework and applies to disputes involving policyholders, beneficiaries, and insurance professionals in Egypt. It introduces a technical secretariat and sets tiered fees based on dispute value, with conflict-of-interest and confidentiality provisions for committee members.
The Egypt Financial Regulatory Authority's Company Establishment and Licensing Committee approved five entities for non-banking financial activities. These include Co Wealth and Nawy Shares for securities promotion, underwriting, and real estate investment fund management, CI Capital for Fund Management and Venture Capital for venture capital activities, and Thunder Technology Holding for Financial Investments to manage securities portfolios and investment funds.
SEC Commissioner Mark T. Uyeda advocated for including private investments in 401(k) and defined contribution portfolios to enhance diversification, contingent on SEC and U.S. Department of Labor regulatory alignment under ERISA. He highlighted private-market benefits and the need for fiduciary oversight and guardrails, calling for coordinated SEC-DOL efforts and ERISA litigation reforms. No specific SEC rulemaking or timetable was announced.
The U.S. Securities & Exchange Commission's Jamie Selway emphasized the importance of regulatory and investor trust in markets for "trustless" digital assets, linking it to Chairman Atkins' efforts to integrate crypto activities into U.S. capital markets through "Project Crypto." Announced on July 31, this initiative aims to support experimentation under "firm and fair" rules, engaging various market participants to facilitate innovation. Selway highlighted the evolving competitive landscape and ongoing industry engagement as the Division develops advice for the Commission.
The British Columbia Financial Services Authority (BCFSA) suspended the real estate brokerage licences of Jovi Realty and Lighthouse Realty Ltd due to serious misconduct allegations related to trust account management. The brokerages' trust accounts remain frozen, and BCFSA plans to seek a Supreme Court order to appoint a receiver for account reconciliation and fund distribution. Consumers affected may access the Special Compensation Fund, and no wrongdoing by individual agents or property managers has been alleged.
The British Columbia Financial Services Authority (BCFSA) suspended the brokerage licences of Jovi Realty and Lighthouse Realty Ltd. due to serious trust account misconduct allegations. BCFSA imposed restrictions on managing brokers' licences, issued a consumer alert, and advanced funds to assist consumers. The ongoing investigation could lead to penalties under the Real Estate Services Act of up to CAD 250,000 for individuals and CAD 500,000 for corporations.
The Australian Prudential Regulation Authority released its inaugural System Risk Outlook, highlighting elevated overseas risks, domestic housing vulnerabilities, and potential systemic shocks due to increased interconnectedness. The report includes Phase 1 findings from a system risk stress test with major banks and superannuation funds, noting superannuation funds' dual role as stabilisers and potential amplifiers of shocks. Phase 2 will commence soon, with a final report due mid-2026.
The OCC's November 2025 update reported no new actions against national banks or federal savings associations but issued two against institution-affiliated parties. An Order of Prohibition was issued against Amy Jo Reid for misuse of purchasing cards, and a Personal Cease-and-Desist Order against Claudia Russ Anderson for sales practices misconduct. Additionally, the OCC terminated actions against Blue Ridge Bank, N.A. and The First National Bank of St. Ignace for compliance and risk management issues.
The Norwegian Financial Supervisory Authority has withdrawn a firm's approval as an authorised accounting company due to serious breaches in statutory reporting, dealings with the supervisor, accounting engagements, and anti-money laundering obligations. The inspection revealed repeated failures in compliance with the Accounting Act, VAT shortcomings, and deficiencies in client engagements and AML procedures. The decision, effective 15 December 2025, is based on the Accountants Act and can be appealed within three weeks.
FSB Chair Andrew Bailey urged G20 Leaders to modernize financial regulation while maintaining stability, highlighting reform gaps and the growing role of nonbank finance. The FSB will monitor nonbank financial intermediaries, especially in government bond markets and private credit, and push for progress on the G20 Roadmap for Enhancing Cross-Border Payments. The FSB's upcoming work will focus on stablecoins and payment forms, emphasizing robust frameworks for their safe cross-border use.
Argentina Securities Commission's Vice President, Sonia Salvatierra, presented at an Ibero-American Institute of Securities Market seminar on sustainable finance, highlighting CNV's regulatory advances and market initiatives. She emphasized developing frameworks to modernize the capital market and align with international standards. The seminar also covered sustainability disclosure obligations, sovereign green bonds, and ESG integration challenges.
The Argentina Securities Commission issued General Resolution No. 1091, allowing adolescents from age 13 to invest in additional open-end mutual funds beyond money market funds. The rule maintains restrictions against investing in closed-end mutual funds or those for qualified investors. This aligns with previous regulations permitting brokerage sub-accounts for minors.
Luxembourg’s Ministry of Finance outlined measures to boost the financial centre's competitiveness, focusing on tax incentives, digital finance, and legal frameworks. Key initiatives include a corporate tax cut, ETF tax exemptions, and a revised expatriate tax regime. The ministry also emphasized digital finance legislative needs, public-private cybersecurity investments, and potential legislative adaptations for green hydrogen and blue finance.
The Bank for International Settlements Committee on Payments and Market Infrastructures published a brief on payment pre-validation (PPV), highlighting its potential to reduce errors, fraud, and non-compliance while improving efficiency, though adoption in cross-border payments remains limited due to various challenges. The brief emphasizes international standards and collaboration as crucial for broader PPV implementation.
State Bank of Vietnam Deputy Governor Nguyễn Ngọc Cảnh endorsed Ho Chi Minh City Banking University's progress and outlined collaboration areas, including support for strategic plans linked to financial autonomy. HUB met all Ministry of Education and Training standards, maintained a 99% enrolment rate, and has 108 international partners. The Deputy Governor encouraged HUB to leverage its strengths, including establishing member schools, with SBV's Finance and Accounting Department providing support.
The Isle of Man Treasury issued General Licence IOM/2025/RUS049 under its Russia sanctions framework, allowing business with PJSC Rosneft Oil Company’s German subsidiaries, Rosneft Deutschland GmbH and RN Refining & Marketing GmbH. The licence permits payments and transactions involving these subsidiaries, with notification and record-keeping requirements for designated persons and institutions. It does not authorise actions breaching Russia sanctions regulations, except as specifically permitted.
The National Bank of Moldova reported October 2025 lending statistics, with new loans totaling MDL 7,044.4 million, a 2.7% decrease from September. Loans in Moldovan lei comprised 71.1% of the total, with average nominal rates on leu loans decreasing to 9.22% and foreign-currency loans increasing to 5.26%. Loans with maturities of two to five years were prevalent, and household borrowing focused on consumption, while corporate lending was dominated by non-financial companies.
The National Bank of Moldova reported a 1.5% decrease in new term deposits for October 2025, totaling MDL 4,475.9 million, with a shift towards foreign currency deposits. MDL-denominated deposits fell 8.2% to MDL 3,125.2 million, while foreign-currency deposits rose 18.3% to MDL 1,350.7 million. Average nominal rates on new deposits decreased slightly for both MDL and foreign currency, with the largest maturity shares in the 2–5 years and 6–12 months categories.
The National Bank of Moldova reported that from January to October 2025, cumulative cash withdrawals exceeded receipts by MDL 4,210.9 million. Cash receipts increased by 5.6% to MDL 152,594.6 million, driven by consumer goods sales and deposits into individual accounts, while withdrawals rose by 5.1% to MDL 156,805.5 million.
The National Bank of Moldova's Executive Committee has amended regulations for licensing branches of non-bank payment service providers from EU member states. These changes will take effect on 27 December 2025.
The Central Bank of the Bahamas released the BRS IPO calendar for December 2025/2026.
The Central Bank of Barbados released a press explainer titled “Informal Economy: What It Means; Why It Matters,” emphasizing that discussions on the informal economy do not inherently pertain to illegal activities.
Mexico’s Ministry of Finance and Public Credit, through the Financial Intelligence Unit, worked with the US Department of the Treasury to designate 19 targets linked to a transnational criminal organization involved in drug trafficking and money laundering. The operation identified 10 individuals and nine companies using shell companies and digital platforms to obscure financial activities across multiple countries. The UIF will file complaints with the Attorney General’s Office and notify the Federal Fiscal Attorney’s Office of potential tax offences.
The Financial Superintendence of Colombia shared Superintendent César Ferrari's remarks on open finance's role in strengthening the financial system and enhancing competition in Colombia's credit market. He emphasized open finance's potential to increase transparency and access to information, addressing credit-market concentration. Key objectives include empowering consumers, promoting competition, ensuring security and interoperability, and tailoring financial products to consumer needs, with international cooperation highlighted as crucial.
The Angola Capital Markets Commission and the General Tax Administration held a joint technical training on capital markets operations under their cooperation protocol. The session covered fundamentals, market structure, the commission’s regulatory role, and collective investment schemes. This initiative is part of broader efforts for technical development and strategic alignment between the two institutions.
Angola's Capital Markets Commission joined the Angolan Banks Association’s 14th Economy and Finance Forum, where Chair Elmer Serrão highlighted capital markets' role in government reforms and economic diversification. He cited bond issuances, the SME segment of the Angola Debt and Securities Exchange, and venture capital funds as key financing alternatives. The forum aimed to identify constraints and strengthen cooperation between banks, the state, and the productive sector.
The Angola Capital Markets Commission joined Rádio Nacional de Angola’s Azimute programme to discuss the stock market as an alternative financing tool for the Angolan economy. Mário Kadi highlighted progress in capital markets and promoted financial literacy per the Commission’s Strategic Plan. The discussion emphasized the market's role in supporting investor confidence and ensuring fairness and efficiency.
The Central Bank of Montenegro held a Steering Committee meeting for its needs assessment project to align with European System of Central Banks and Eurosystem standards, in preparation for EU accession. Supported by De Nederlandsche Bank, the National Bank of Belgium, and the German Central Bank, the project aims to evaluate current practices and define reform priorities. ESCB experts will provide recommendations to be translated into a reform roadmap.
The Bank of Israel's monthly Index of Economic Activity remained virtually unchanged in October, following a September increase post-military operation against Iran, with declines in various economic sectors offset by tax data and revised GDP figures.
The Dubai Financial Services Authority held its 2025 Annual Outreach session at the Dubai International Financial Centre, discussing supervision priorities and regulatory expectations with over 500 senior executives. Key updates included the need for firms to enhance compliance resourcing, board-level risk management, and AI governance due to increased generative AI usage. The DFSA emphasized improvements in financial crime controls, cyber security, and conflicts management for fund management self-custody arrangements.
The Dominican Republic's Pensions Superintendency (SIPEN) seeks legal reforms to ensure more workers qualify for a guaranteed minimum pension. Superintendent Francisco A. Torres noted most workers contribute in fewer than 40% of periods, and the 9.97% contribution rate is among the region's lowest. SIPEN has launched a mass education plan to address the lack of information on pension contributions.
The Bank of Italy released updated statistics on the balance of payments and international investment position for September 2025, with detailed tables included in an annex.
The European Securities and Markets Authority (ESMA) has completed its annual assessment of Data Reporting Services Providers (DRSPs) and confirmed that supervisory designations set in 2024 will remain unchanged. Ten DRSPs under ESMA supervision exceeded relevant thresholds, while those under national competent authorities did not. ESMA will continue monitoring and engaging with stakeholders to ensure a transparent supervisory process.
Indonesia's Financial Services Authority (OJK) issued Regulation No. 24 of 2025, mandating commercial banks to enhance account management and governance to boost transparency and prevent fraud. Banks must classify accounts as active, inactive, or dormant, with specific criteria for each, and ensure account status is visible across all customer communication channels. The regulation emphasizes consumer protection, data confidentiality, and risk management, requiring banks to implement robust policies and procedures.
The New Zealand Financial Markets Authority issued a revised educational sheet on insider trading prohibitions under the Financial Markets Conduct Act 2013. It clarifies how non-public information about one issuer may affect another's financial products. Replacing the August 2025 report, it emphasizes the "reasonable person" materiality test, outlines risk mitigation strategies, and highlights the rarity of cross-issuer materiality scenarios, especially in sectors with few issuers and correlated prices.
The Rwanda Capital Markets Authority announced a grassroots outreach programme in Gisagara District to promote long-term investments by converting small savings. The initiative includes sessions on capital market operations, investor protections, and practical guidance on opening accounts and selecting investment products. The campaign aims to expand to other districts, enhancing public education and providing on-the-spot services.
The Tanzania Insurance Regulatory Authority held a training for media editors to enhance understanding of insurance issues and encourage reporting on fraud. Insurance Commissioner Dr. Baghayo Saqware emphasized media's role in uncovering fraud and highlighted TIRA's public education and digital initiatives. The session included discussions on TIRA's supervision under the Universal Health Insurance law and a Q&A with officials.
Ukraine's National Commission on Securities and Stock Market (NSSMC) announced initiatives to expand the capital market beyond government bonds, focusing on individual investment accounts to equalize tax treatment between government and corporate securities. The draft law allows Ukrainian citizens to invest in domestic securities for five years with tax-free withdrawals, aiming to channel household savings into corporate placements and support IPOs. Additionally, the NSSMC is developing tools for venture-stage fundraising, including closed securities issues for small businesses.
The Trinidad and Tobago Securities and Exchange Commission reported on its participation in the 2025 Annual Conference of the Caribbean Group of Securities Regulators, where Deputy Chief Executive Officer Lystra Lucillio underscored the need for risk-based, data-driven supervision, enhanced regional collaboration, and investor safeguards amid rapid technological change and growing digital market activity. She highlighted fintech expansion, artificial intelligence adoption, wider investor participation, support for small and medium-sized enterprise listings, digitisation of market infrastructure, ESG integration, and technological capacity-building.
The Saudi Arabian Monetary Authority hosted the Financial Stability Board Plenary Meeting and the Emerging Markets and Developing Economies Forum in Riyadh on 18-19 November 2025. The event, attended by SAMA Governor Ayman M. Al-Sayari, the FSB Chair, and members, served as a platform for international cooperation to enhance financial sector policies and support economic and financial stability.
De Nederlandsche Bank reported Dutch households' portfolio investments in securities exceeded EUR 200 billion for the first time in Q3 2025, reaching EUR 204.7 billion, driven by rising share prices, particularly in technology stocks. ASML became the largest individual shareholding, with its share price increasing by 22% over the quarter. Despite this growth, households maintain significantly larger amounts in savings and payment accounts with Dutch banks.
The Dutch Authority for the Financial Markets has issued guidance for providers to develop more "future-proof" third pillar pension products, emphasizing aligning benefits with customer expectations. The guidance focuses on the accumulation phase, transparency in payout expectations, risk reduction, and the role of employers, while stressing the need for providers to periodically reassess target markets and distribution strategies.
MONEYVAL participated in MENAFATF meetings and a workshop in Bahrain, sharing insights from its new assessment round. It emphasized cooperation with the Financial Action Task Force (FATF) and other regional bodies, and discussed developments related to the Council of Europe Convention on laundering and financing of terrorism, noting Morocco's ratification.