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2025-11-19•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica announced a comprehensive revision of the national accounts, becoming the first to adopt the 2025 System of National Accounts. The update rebases macroeconomic statistics from 2017 to 2022, incorporating new data sources and improved methods, resulting in a 2.5% increase in nominal GDP for 2022. The revision highlights increased foreign value-added share and shifts in trade balance, with publication scheduled in stages starting 24 November 2025.
Data & statistics Economic data and developments
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2025-11-19•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) urged Congress to extend the Affordable Care Act’s enhanced premium tax credits, warning of market disruptions and potential premium increases. NAIC noted that without an extension, premiums could more than double, with insurer exits and enrollment drops. Additionally, NAIC called for clarification of the Centers for Medicare & Medicaid Services' authority to collaborate with states on mid-year rate adjustments.
Policy & regulation Reform agendas & priorities Other
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2025-11-19•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners reported on the EU-U.S. Insurance Dialogue Project Public Stakeholder Session, focusing on transatlantic cooperation in financial oversight, natural catastrophe risk mitigation, and AI supervisory approaches. U.S. state regulators emphasized enhancing data and financial oversight to address coverage gaps. The session highlighted the NAIC’s 2024 National Climate Resilience Strategy, including flood insurance, risk mitigation, and long-term solvency testing initiatives.
Policy & regulation Cooperation Cross-border cooperation
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2025-11-19•Norway•Department of Finance (Norway)
Norway’s Ministry of Finance has completed the written input phase for its evaluation of the provision governing monetary policy and published all submissions. Contributions were received from labour and professional organisations, business and municipal-sector groups, real-estate bodies, and individual economists and academics.
Policy & regulation Other Monetary policy decisions and developments
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2025-11-19•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority issued a stakeholder letter on its proposed Payment Services Act (PSA), set to replace the Money Service Business Act 2016 with a tiered, risk-based licensing regime for Digital Facility, Payment Handling, and Payment Technology Providers. The PSA will align with the Digital Assets Business Act 2018 to reduce regulatory duplication, offering stablecoin issuers licensing options. The Authority will develop Codes of Practice, Rules, and Guidance Notes to support licensing and compliance, with further details forthcoming.
Policy & regulation Rules & requirements Payments and payment systems
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2025-11-19•Latvia•Ministry of Finance (Latvia)
Latvia's Cabinet approved draft amendments by the Ministry of Finance and Latvijas Banka to implement Directive (EU) 2024/1619 (CRD6), updating the supervisory framework for credit institutions and investment brokerage firms. The amendments introduce new requirements for board members, a periodic payment measure for breaches, and clarify supervisory powers, aligning national rules with EU standards. Additionally, changes to the conflict-of-interest regime may reduce the restriction period for public officials under certain conditions.
Policy & regulation Rules & requirements Capital adequacy Supervision process and methodologies
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2025-11-19•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority issued a stakeholder letter on its proposed Payment Services Act, confirming a tiered, risk-based licensing framework for Digital Facility, Payment Handling and Payment Technology Providers, and outlining an AI Payments Hub mandate. The Authority will maintain a functional perimeter aligned with the Digital Assets Business Act 2018, allow stablecoin issuers to choose between regimes, refine provider definitions, and introduce a Class PG wholesale licence and a Class R licence for reciprocity-based cross-border operations. It will now develop supporting regulatory instruments, including Codes of Practice, Rules and Guidance Notes.
Policy & regulation Reform agendas & priorities Payments and payment systems
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2025-11-19•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) has released Consultation Paper CP25/31 outlining a proposed framework for a UK equity consolidated tape, operated by an authorised provider consolidating and distributing equity market data. It covers shares, exchange-traded funds, and similar instruments, focusing on post-trade data and pre-trade best bid and offer from lit UK venues. The FCA does not propose mandatory tape consumption or free data availability after 15 minutes, aiming for the tape to be operational in 2027.
Policy & regulation Rules & requirements Market infrastructure
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2025-11-19•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) reviewed the data quality of prudential regulatory reporting by investment firms under the Investment Firms Prudential Regime (IFPR) and MIFIDPRU sourcebook, finding 60% passed all tests, 30% had non-systematic misreporting, and 10% failed due to recurring errors. No new reporting requirements are being introduced. Key improvement areas include inconsistencies in reporting and classification issues, with plans to notify firms of data quality failures and explore enhanced validation measures.
Supervision Reviews, inspections & stress tests Regulatory reporting
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2025-11-19•Australia•Australian Financial Complaints Authority
The Australian Financial Complaints Authority (AFCA) has released updated guidance on handling complaints related to family violence and financial abuse of older people, aiming to enhance clarity and support early resolution. These revised approaches, applicable across all product areas, include case studies and examples, and replace previous guidelines on joint accounts, family violence, and financial elder abuse.
Policy & regulation Guidance & interpretation Complaints and dispute resolution
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2025-11-19•T?rkiye•Capital Markets Board of Türkiye
The Capital Markets Board of Türkiye has implemented new regulations overhauling its organizational structure and internal procedures, replacing the 1982 framework. Key changes include reorganizing service units, establishing a Financial Technologies Department for crypto asset oversight, and provisions for opening domestic and international representative offices. These reforms aim to enhance operational efficiency and align with current capital market developments.
Institutional development Mandate & organizational structure Organizational structure
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2025-11-19•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong's Financial Services and the Treasury Bureau and China's Shenzhen Municipal Financial Regulatory Bureau announced an Action Plan to establish a Hong Kong-Shenzhen Global Fintech Hub from 2025 to 2027. The plan includes initiatives for fintech collaboration, such as facilitating Shenzhen financial institutions' entry into Hong Kong, promoting offshore RMB sustainable bond issuance, and advancing e-CNY applications. Coordination will aim to create over 20 financial application scenarios via a cross-boundary data validation platform by 2027.
Policy & regulation Implementation, projects & pilots Fintech and insurtech
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2025-11-19•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) arrested three individuals in the West Midlands for suspected unauthorised debt activities targeting vulnerable individuals facing repossession. Supported by the National Crime Agency, the FCA conducted searches and released the individuals on conditional bail. The FCA emphasized that conducting regulated activities without authorisation is an offence under the Financial Services and Markets Act 2000.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-11-19•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) proposes changes to the UK MiFID transaction reporting regime to reduce firms' reporting burden and improve data quality, aiming for net annual savings of over £100m. Key measures include removing foreign exchange derivatives from reporting, eliminating requirements for instruments traded only on EU venues, and shortening the lookback period for correcting errors. The FCA plans to work with the Bank of England and HM Treasury to streamline and reduce duplication across reporting datasets.
Policy & regulation Rules & requirements Regulatory reporting
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2025-11-19•United States•Office of Financial Research
The United States Office of Financial Research published its 2025 Annual Report to Congress, analyzing threats to U.S. financial stability and summarizing mission progress. The report, mandated by the Dodd-Frank Act, includes key findings from the OFR's research and analysis for the fiscal year ending 30 September 2025.
Research Financial stability and systemic risk
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2025-11-19•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario is seeking four senior mortgage industry professionals for its Mortgage Brokering Technical Advisory Committee, starting January 2026. The committee advises on market conditions, rule development, and operational policies. Current members with expiring terms may also apply.
Policy & regulation Cooperation Hiring and recruitment
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2025-11-19•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance amended the My Home II housing loan programme to widen eligibility and extend deadlines, funded by the Recovery and Resilience Facility. Maximum income thresholds increased, while the minimum remains EUR 10,000, with deadlines for enrolment and loan contracting extended to May and August 2026, respectively. The programme aims to reach 20,000 beneficiaries, with a EUR 2 billion budget and over 11,000 participants already housed.
Policy & regulation Rules & requirements Other
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2025-11-19•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance announced Euronext's acquisition of the Athens Stock Exchange, marking a significant investment in national market infrastructure. Minister Kyriakos Pierrakakis noted that 74.2% of shareholders accepted the proposal, aligning with the EU's Savings and Investments Union policy to enhance capital access and liquidity. This acquisition is pivotal for upgrading the Greek economy, occurring a decade after the stock exchange's closure.
Policy & regulation Other Market development
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2025-11-19•Austria•Austria Financial Market Authority
At FMA Fintech Day 2025, the Austria Financial Market Authority emphasized regulation and supervisory clarity as key to responsible financial innovation, focusing on the EU Markets in Crypto-Assets Regulation (MiCAR). The FMA highlighted its guidance for crypto-asset service providers in Austria, stressing the need for genuine local presence and robust governance. It noted uneven MiCAR implementation across Europe and called for harmonized application in a joint paper with French and Italian authorities.
Policy & regulation Guidance & interpretation
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2025-11-19•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a scam alert about fraudulent websites, phishing emails, and fake internet banking screens linked to six banks, including The Bank of East Asia and HSBC. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information. 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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2025-11-19•Uganda•Ministry of Finance (Uganda)
Uganda's Ministry of Finance reaffirmed its financial inclusion agenda at the 3rd Annual Microfinance and Savings Groups Conference 2025, emphasizing the Emyooga Programme's expansion to support SMEs. The ministry highlighted reforms under the National Payment Systems Act to enhance digital innovation and reduce transaction risks and costs. Mobile money usage is at 66%, with adult financial inclusion reaching 81%, supported by over UGX 11 trillion in government investments over the past decade.
Policy & regulation Reform agendas & priorities Financial inclusion
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2025-11-19•Latin America•Financial Action Task Force of Latin America (GAFILAT)
GAFILAT conducted a regional exercise in Lima, Peru, to enhance capabilities in detecting illicit cross-border cash movements. The initiative included a visit to Jorge Chávez International Airport and training on international standards and the TTD-SISTRAC Network. Guatemala and Chile demonstrated SISTRAC usage, while Panama, Costa Rica, and Peru shared border control cases, identifying strengths and areas for improvement.
Policy & regulation Implementation, projects & pilots Cross-border payments
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2025-11-19•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) will award two students for outstanding theses on finance and capital markets for the 2025–2026 academic year. This initiative is part of CySEC’s efforts to promote financial education and strengthen ties between academia and the financial sector.
Financial literacy & education Financial literacy and education
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2025-11-19•Global•Bank for International Settlements
The Basel Committee on Banking Supervision prioritized full Basel III implementation and approved principles for managing third-party risk. It will expedite a review of prudential standards for banks' cryptoasset exposures and consult on making Pillar 3 disclosure data machine-readable. The Committee approved assessment reports on the UK's Net Stable Funding Ratio and large exposures framework, and discussed risks related to synthetic risk transfers, AI, digital fraud, and extreme weather impacts on banks.
Policy & regulation International standards & recommendations Prudential risks Outsourcing and third-party risk management
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2025-11-19•Ghana•Bank of Ghana
The Bank of Ghana outlined its strategic vision for the eCedi at the CEDI@60 International Currency Conference, positioning it as a central-bank-issued digital currency to complement the existing payments ecosystem. The eCedi aims to enhance payment efficiency, financial inclusion, and security, while supporting fintech innovation and improving monetary policy transmission. Challenges include digital literacy, cybersecurity, and data protection, with mitigants like literacy programs and robust security standards.
Policy & regulation Reform agendas & priorities CBDC
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2025-11-19•Qatar•Qatar Central Bank
Qatar Central Bank Governor H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani participated in a panel on cross-border payments at the 2025 Middle East and Africa Innovation Summit in Riyadh, discussing technological innovation challenges and opportunities with other central bank leaders.
Policy & regulation Cooperation Cross-border payments
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2025-11-19•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) hosted the "InsureFluencer" forum to promote insurance literacy and consumer protection through influencer-led storytelling. Topics included retirement planning, health and property insurance, and digital-era insurance needs, while promoting tools like the "OIC Around-Roo" platform and OIC Connect app. The OIC highlighted its API-based OIC Gateway for real-time insurance data connection in compliance with Thailand’s Personal Data Protection Act.
Financial literacy & education Other
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2025-11-19•Mexico•CONDUSEF
Mexico's National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) reported that 12 financial institutions registered in the Financial Services Providers System (SIPRES) were impersonated in October 2025. The impersonation involved unauthorized use of trade names, logos, and other identifiers to defraud individuals seeking financial services. CONDUSEF advised users to verify institutions through SIPRES.
Supervision Alerts Fraud and scams
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2025-11-19•Brazil•National Treasury (Brazil)
Brazil’s National Treasury and B3 announced five finalists for the second edition of TD Impacta, committing over BRL 4.5 million to pilot projects in financial education and innovative uses of TD Garantia. The programme, targeting mature businesses, offers non-reimbursable funding for proofs of concept, with potential collaborations with B3 for successful projects. Finalists include Me Poupe!, Teachy, Emy Education, Matific, and Emana Pay.
Policy & regulation Implementation, projects & pilots Financial literacy and education
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2025-11-19•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warns against Mr. Thashen Pillay and Forex Ghost Trader, soliciting unauthorized investments via Telegram. The FSCA noted unrealistic promised returns of 10% to 15% per month and advised verifying financial service providers' authorization through FSCA channels. The regulator also cautioned against red flags like social media offers, upfront payments, and urgent pressure.
Supervision Alerts Unlicensed or unauthorized activity Fraud and scams
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2025-11-19•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned against NSBG J523 Investors for unauthorized fund solicitation via WhatsApp. Consumers should avoid this group due to inaccessible investment links and poor communication. The FSCA advises engaging only with authorized financial service providers and warns against unsolicited offers, unrealistic returns, and upfront fees.
Supervision Alerts Unlicensed or unauthorized activity Fraud and scams
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2025-11-19•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned about impersonators of Prescient Investment Management soliciting unauthorized investments on WhatsApp. Prescient confirmed no association with the group. The FSCA advised caution against unsolicited social media offers, highlighting red flags like unrealistic returns and upfront payment demands. The public should verify provider authorization and report suspicious activities to the FSCA.
Supervision Alerts Fraud and scams
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2025-11-19•Jordan•Jordan Securities Commission
The Jordan Securities Commission issued a circular detailing requirements for financial services companies to renew licenses for 2026, including updating company data, extending bank guarantee validity, and paying 2026 fees.
Policy & regulation Rules & requirements
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2025-11-19•Kenya•Kenya Capital Markets Authority
Kenya’s Capital Markets Authority fined three former Chase Bank officials a combined KES 11 million and imposed disqualifications of two to 10 years over breaches linked to the bank’s 2015 medium term note issuance. The findings covered misleading financial statements, deficient disclosures, conflicts of interest and an improper bonus payment.
Enforcement Sanctions & designations Corporate governance Disclosures Compliance
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2025-11-19•Kenya•Kenya Capital Markets Authority
The Kenya Capital Markets Authority fined EY KES 10 million over disclosure failures connected with Uchumi Supermarkets Ltd.’s 2014 rights issue. EY must conduct three years of supervised remedial training, while the authority recommended professional disciplinary action against the firm and two engagement partners.
Enforcement Sanctions & designations Auditing Accounting and financial reporting
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2025-11-19•Andorra•Ministry of Finance (Andorra)
Andorra's Ministry of Finance announced the Council of Ministers' approval of a draft bill amending the Law on the recovery and resolution of banking entities and investment firms, aligning with EU standards. The reform ensures resolution costs fall on shareholders and creditors, not taxpayers, and updates definitions, financial instrument treatment, and enhances powers for the National Resolution Authority. The amendments were developed with input from the National Resolution Authority, Andorra Financial Authority, and the financial sector.
Policy & regulation Rules & requirements Recovery and resolution
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2025-11-19•Andorra•Ministry of Finance (Andorra)
Andorra's Ministry of Finance has approved amendments to the regulation for payment service providers to enhance payments between Andorra and EU countries, aligning with EU standards from the 2011 Monetary Agreement. The reform updates the 2018 framework to facilitate euro credit transfers and direct debits within the Single Euro Payments Area, and mandates clear information on fees and currency conversion options.
Policy & regulation Rules & requirements Cross-border payments
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2025-11-19•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) issued Ordinance PREVIC No. 1071/2025, amending accounting annexes to PREVIC Resolution 23/2023, effective January 2026, to enhance transparency in asset reporting and equity event reflection. Updates to Annexes I, II, and III aim to align with other regulators' guidance and current accounting practices, addressing sector demands for detailed information and comparability. Ordinance PREVIC No. 258/2025 will be revoked as of January 2026.
Policy & regulation Rules & requirements Accounting and financial reporting
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2025-11-19•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) clarified that the closed supplementary pension system is unaffected by the Central Bank's liquidation of Banco Master, as it holds no investments in the bank. PREVIC confirmed pension assets are secure and benefit payments continue as usual, with any Banco Master investments linked to public-sector pension arrangements overseen by the Ministry of Social Security. PREVIC's supervision follows CNPC/MPS resolutions and National Monetary Council guidelines.
Policy & regulation Guidance & interpretation Liquidity risk
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2025-11-19•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority (FMA) issued a revised educational sheet clarifying insider trading prohibitions when trading in a listed issuer with non-public information about another issuer, emphasizing such cases are rare and fact-specific. The update, replacing an August 2025 report, highlights factors for assessing materiality, distinguishes civil and criminal knowledge thresholds, and suggests risk mitigants like pause-and-assess processes and robust record keeping.
Policy & regulation Guidance & interpretation Market abuse
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2025-11-19•Portugal•Bank of Portugal
The Bank of Portugal reported a EUR 6.7 billion external surplus for the first nine months of 2025, a decrease of EUR 1.5 billion from the same period in 2024. Portugal's net international investment position improved to -52.7% of GDP by end-September 2025, aided by a EUR 6.9 billion financial account surplus and valuation gains on financial assets. The goods deficit widened by EUR 3.6 billion due to increased imports and decreased exports, while the services surplus rose by EUR 1.5 billion, driven by tourism.
Data & statistics Balance of payments and other external statistics
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2025-11-19•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority has issued a revised educational information sheet clarifying how insider trading prohibitions may apply when non-public information about one listed issuer could impact another's securities. This update, replacing an August report, incorporates industry feedback and offers risk mitigation strategies while avoiding the term "shadow insider trading."
Policy & regulation Guidance & interpretation Market abuse
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2025-11-19•Estonia•Finantsinspektsioon
The Estonian Financial Supervision Authority concluded misdemeanour proceedings against four Polish issuers registered in Estonia, including ATLANTIS SE and INVESTMENT FRIENDS SE, for alleged breaches of the Securities Markets Act. The proceedings were terminated due to auditor delays and the issuers' first-time violations, with all required reports now submitted in compliance with the European Single Electronic Format.
Enforcement Investigations & enforcement actions Accounting and financial reporting
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2025-11-19•South Korea•South Korea Financial Supervisory Service
The South Korea Financial Supervisory Service reported preliminary earnings for 53 insurers from January to September 2025, showing a 15.2% year-on-year decline in aggregate net income to KRW11.2911 trillion due to weaker insurance income despite higher investment gains. Life insurers' net income fell 8.3% to KRW4.8301 trillion, while nonlife insurers saw a 19.6% decline to KRW6.4610 trillion. The FSS will monitor insurers' financial conditions amid increased market uncertainty.
Supervision Risk monitoring & watch points Financial and market indicators Supervisory data
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2025-11-19•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation by three websites, with internet providers in Italy working to obscure access. This action raises the total number of blocked sites to 312 since November 2023. IVASS advises consumers to verify the authorization of insurers and intermediaries, especially for short-duration motor third party liability policies.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-11-19•Oman•Central Bank of Oman
The Central Bank of Oman approved the fee structure for the "Maal" national consumer debit and prepaid card, featuring zero-fee card issuance and capped merchant service fees to reduce payment acceptance costs by up to 50%. The pilot soft-launch is set for 20 November 2025, with banks and payment service providers exempt from card issuance fees and OmanNet infrastructure charges initially. Merchant Service Fee caps vary, offering preferential rates for SMEs and exemptions for charitable organizations.
Policy & regulation Rules & requirements Licensing framework and process
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2025-11-19•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore has introduced measures to boost the competitiveness of Singapore's equities market, including a proposed dual listing bridge between Singapore Exchange and Nasdaq, and a S$30 million "Value Unlock" programme. Additional initiatives involve trading and market structure enhancements, such as reducing board lot sizes and introducing incentives for market making. MAS will also place S$2.85 billion with six asset managers under the Equity Market Development Programme, bringing total allocations to S$3.95 billion.
Policy & regulation Implementation, projects & pilots Market development
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2025-11-19•South Korea•South Korea Financial Services Commission
South Korea's Financial Services Commission designated Korea Investment & Securities, Mirae Asset Securities, and Kiwoom Securities as comprehensive financial investment business entities (CFIBEs) and introduced capital market rule changes to boost venture capital supply. CFIBEs must allocate 25% of capital raised to venture capital, with expanded prime brokerage scope and stricter criteria. Effective November 2025, changes include phased real estate asset management cap reductions and eased foreign currency securities requirements.
Policy & regulation Rules & requirements Licence approval
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2025-11-19•Europe•European Central Bank
The European Central Bank reported a euro area current account surplus of EUR 23 billion in September 2025, up from EUR 22 billion in August. Over the 12 months to September 2025, the surplus decreased to EUR 306 billion (2.0% of GDP) from EUR 414 billion (2.7%) the previous year, primarily due to a shift in primary income from a surplus to a deficit. The Eurosystem's reserve assets increased to EUR 1,622.2 billion, driven by higher gold prices despite negative exchange rate impacts.
Data & statistics Balance of payments and other external statistics
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2025-11-19•Europe•European Central Bank
The European Central Bank (ECB) appointed Patrick Amis, Korbinian Ibel, and Thijs van Woerden as Directors General for Horizontal Line Supervision, Systemic and International Banks, and Universal and Diversified Institutions, respectively, effective 1 March 2026. These appointments reallocate current directors across key areas of ECB Banking Supervision. Recruitment is underway for a new Director General for Specialised and Less Significant Institutions.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-11-19•Europe•European Council
The European Council announced a provisional agreement on an EU directive to harmonise insolvency law across member states. It aims to improve creditor recoveries and facilitate cross-border investing by standardising rules on avoidance actions, access to bank account and beneficial ownership registers, and introducing pre-pack proceedings. It also aligns directors' duty to file for insolvency and mandates creditor committees under certain conditions, with member states required to publish insolvency-law factsheets on the EU e-Justice Portal.
Policy & regulation Rules & requirements Recovery and resolution
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2025-11-19•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin re-ran the 2025 EU-wide stress test using the BEAST framework, showing banks' balance sheet adjustments modestly improve capital ratios but trigger credit supply contractions. Allowing banks to deleverage without real economy feedback increases CET1 ratios but worsens GDP by 2 percentage points when feedback is considered. Releasing macroprudential buffers mitigates GDP impact and reduces MDA breaches, despite a slight decrease in aggregate CET1 ratios.
Research Stress testing
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2025-11-19•Estonia•Central Bank of Estonia
The Central Bank of Estonia will release its fourth-quarter 2025 interest rate statistics on 18 February 2026. The publication will cover changes in interest rates on new loans, leases, and deposits from banks, creditors, and savings and loan associations, and will be issued separately from economic policy releases.
Data & statistics Financial and market indicators
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2025-11-19•Europe•European Central Bank
The European Central Bank's 2025 Macroprudential stress test extension report (MaSTER) shows euro area banks are resilient under standard adverse scenarios but vulnerable in additional risk channels, advising caution with capital buffers. A prolonged recession would lead banks to reduce lending, slightly improving capital ratios but worsening the downturn through a credit squeeze. Climate risk scenarios indicate increased credit risk losses, especially from energy-intensive sectors, though overall net capital depletion remains below 2023 stress test outcomes.
Supervision Reviews, inspections & stress tests Stress testing
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2025-11-19•Europe•European Central Bank
The European Central Bank extended the 2025 EU-wide banking stress test with a climate risk analysis for non-financial corporations, incorporating transition and acute physical risks. Climate-related losses can moderately impact banks' capital ratios, significantly affecting high energy-intensive sectors, reducing system-level Common Equity Tier 1 ratios by 74 basis points. Acute physical risk from floods could further deplete CET1 ratios by 77 basis points, highlighting different vulnerabilities than the standard EU-wide assessment.
Research Climate risk and sustainable finance
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2025-11-19•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a notice correcting the UK sanctions list entry for Chosun Expo, still designated under the Cyber (Sanctions) (EU Exit) Regulations 2020. Businesses must freeze related funds or assets and report to the States of Guernsey Policy and Resources Committee, complying with section 14 reporting obligations under the Sanctions Law. Affected relationships require a report to the Commission per Handbook Rule 12.37, detailing relevant parties and transaction specifics.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-11-19•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a sanctions notice designating six persons and entities under the UK Cyber (Sanctions) (EU Exit) Regulations 2020, effective in Guernsey. Businesses must freeze relevant assets and refrain from providing funds to these designated parties unless permitted by a licence. Any findings must be reported to the Policy & Resources Committee and the Commission in accordance with local regulations.
Enforcement Sanctions & designations New sanctions designations
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2025-11-19•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission will host a Digital Forum roundtable on 1 December under its Digital Finance Initiative, focusing on "Artificial Intelligence in Finance: Innovation, Oversight and Opportunity." The event aims to facilitate dialogue with firms considering AI adoption and explore technology use to meet regulatory expectations. It follows an internal review highlighting interest in AI solutions for efficiency, risk management, and client service improvement.
Policy & regulation Implementation, projects & pilots Artificial intelligence
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2025-11-19•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has issued a sanctions notice designating Aeza Group LLC under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, now applicable in Guernsey. Businesses must freeze relevant assets and report associations with the designated entity to the States of Guernsey Policy & Resources Committee. Compliance with reporting obligations under the Sanctions Law and notification to the Commission is required, including detailed reporting of affected relationships.
Enforcement Sanctions & designations New sanctions designations
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2025-11-19•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia, co-chair of the Joint Committee on Climate Change SME Focus Group, hosted the inaugural SFG Climate Conference for SMEs in Kuala Lumpur, focusing on climate-related risks and sustainability tools. The event connected over 400 participants with solution providers and highlighted resources like the ESG Jumpstart Portal and JC3 Climate Data Catalogue. Assistant Governor Madelena Mohamed emphasized the importance of ESG standards in supply chains and urged financial institutions to support SMEs.
Policy & regulation Implementation, projects & pilots Climate risk and sustainable finance
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2025-11-19•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) accepted a Term of Commitment settlement from Gabriel Magalhães da Rocha Guimarães, investor relations director of Zamp S.A., involving a BRL 400,000 payment. This follows an investigation into the alleged failure to disclose a material fact related to a Starbucks brand acquisition proposal amid unusual trading activity in Zamp shares. The settlement was recommended by the Term of Commitment Committee and deemed legally permissible by the Federal Specialized Prosecutor’s Office at the CVM.
Enforcement Investigations & enforcement actions Market abuse
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2025-11-19•Canada•Ontario Securities Commission
The Ontario Securities Commission (OSC) launched a Research Grant Competition to explore Ontario’s capital markets competitiveness, offering USD 30,000 grants for up to five proposals. Eligible participants include researchers affiliated with Canadian academic institutions. Topics of interest include comparative competitiveness across jurisdictions, factors affecting Canadian junior markets, and the impact of expanding retail access to private markets.
Research Market development
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2025-11-19•Global•Network for Greening the Financial System
The Network for Greening the Financial System and the Coalition of Finance Ministers for Climate Action have launched a joint dialogue platform to enhance knowledge sharing on the macroeconomic impacts of climate change and the transition to a low-carbon economy. Announced at COP30, this initiative will facilitate exchanges among senior fiscal and monetary officials to support coherent macroeconomic planning while respecting central banks' mandates and independence.
Policy & regulation Cooperation Climate risk and sustainable finance
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2025-11-19•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services announced its December 2025 schedule, featuring five hearings and two markups. Key hearings include oversight of prudential regulators, AI innovation in financial services, and U.S. bank capital framework. Markups are scheduled for December 16 and 17 at the Rayburn House Office Building.
Policy & regulation Other Prudential risks Monetary policy decisions and developments
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2025-11-19•United States•U.S. Financial Services Committee
The U.S. House Committee on Financial Services held a hearing to assess the federal deposit insurance framework, focusing on costs, behavioral impacts of expanded coverage, and FDIC data adequacy. Concerns included FDIC call report data limitations, implementation costs, and moral hazard, with criticism of proposals to spread costs over ten years potentially weakening the Deposit Insurance Fund. Witnesses emphasized the need for more granular data before major reforms and warned of significant technology upgrade expenses for community banks.
Policy & regulation Reform agendas & priorities
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2025-11-19•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined an exchange bureau in Bishkek KGS 55,000 for breaching Kyrgyz legislation and regulatory acts. Additionally, a Kyrgyz citizen was fined KGS 17,500 for unlicensed cash foreign currency exchange operations in Bishkek.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-11-19•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic's Osh regional office fined an exchange bureau KGS 55,000 for violating Kyrgyz legislation and National Bank regulations. Additionally, two Kyrgyz citizens were fined KGS 17,500 each for unlicensed cash foreign-currency exchange operations in Osh.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-11-19•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined two payment organizations in Bishkek a total of KGS 220,000 for breaching national legislation and the bank's regulatory legal acts.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-11-19•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic is consulting on a draft Board resolution to amend regulations for microfinance organisations, including those using Islamic financing principles, and the regulation of guarantee funds. The draft also updates reporting forms for microfinance organisations.
Policy & regulation Rules & requirements Regulatory reporting
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2025-11-19•Global•International Monetary Fund
The International Monetary Fund released a Fintech Note with a framework for central banks to evaluate issuing tokenized reserves on DLT for specific institutions. It discusses policy objectives, governance models, and monetary policy considerations, highlighting four operating models for single-ledger architectures and their trade-offs. It also examines alternatives like RTGS links and privately issued tokenized money, emphasizing interoperability and economic equivalence between tokenized and traditional reserves.
Policy & regulation Guidance & interpretation Tokenization
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2025-11-19•Russia•Ministry of Finance (Russia)
Russia’s Ministry of Finance reported that the Eurasian Economic Commission Council advanced strategic work on the Eurasian Economic Union, approving key macroeconomic policy guidelines for 2026–2027 and progressing implementation of the “Eurasian Economic Path” declaration. For the common financial market, the Council adopted recommendations to harmonise securities market concepts and broker requirements, align rules for admitting insurance organisations, and backed a draft Supreme Eurasian Economic Council regulation introducing a multi-level approach to regulatory harmonisation.
Policy & regulation Rules & requirements Other
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2025-11-19•Namibia•Bank of Namibia
The Bank of Namibia announced the departure of Dr Johannes !Gawaxab, its sixth Governor, effective 31 December 2025. Dr !Gawaxab, who served since June 2020, is credited with strengthening the macroeconomic framework amid the COVID-19 pandemic and global economic challenges.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-11-19•Europe•European Banking Federation
The European Banking Federation and 15 European cross-industry associations issued a joint letter to the European Data Protection Board (EDPB) about its upcoming stakeholder event on anonymisation and pseudonymisation, following the Court of Justice of the European Union ruling in case C-413/23. The letter supports the EDPB's initiative to clarify the judgment's implementation and advocates for a participatory event format to enhance practical guidance development.
Policy & regulation Guidance & interpretation Data protection
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2025-11-19•Iceland•Central Bank of Iceland
The Central Bank of Iceland's Monetary Policy Committee reduced policy rates by 0.25 percentage points, setting the key interest rate on seven-day term deposits at 7.25%, amid weaker domestic activity and an easing labour market. The Monetary Bulletin projects GDP growth of 0.9% for 2025 and 1.6% for 2026, with inflation expected to fall to 3.5% by mid-2026 and align with the target in early 2027, despite uncertainties from US tariffs, export shocks, and mortgage market turbulence.
Monetary policy Policy rate decisions Monetary policy decisions and developments
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2025-11-19•Iceland•Central Bank of Iceland
The Central Bank of Iceland's Monetary Policy Committee unanimously cut interest rates by 0.25 percentage points, setting the key rate on seven-day term deposits at 7.25%, amid stable inflation and slowing domestic demand. The Bank's forecast suggests a closing output gap and slower GDP growth due to export-sector shocks and mortgage market turmoil, with inflation expected to ease faster despite ongoing pay rises and above-target inflation expectations.
Monetary policy Policy rate decisions Monetary policy decisions and developments
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2025-11-19•Iceland•Central Bank of Iceland
The Central Bank of Iceland will release the Monetary Policy Committee statement and Monetary Bulletin on its website, followed by a press conference featuring key officials to discuss the publications.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
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2025-11-19•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has upheld the trading halt on Intellego Technologies AB shares, initially imposed by Nasdaq on 18 November 2025. The authority is in discussions with Nasdaq regarding resumption conditions but finds insufficient market information to restart trading.
Supervision Interventions Trading
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2025-11-19•Global•Network for Greening the Financial System
The Network for Greening the Financial System released the 2025 Guide on Climate Scenario Analysis for central banks and supervisors, updating the 2020 edition. The guide reflects advancements in climate scenario design, data, and modeling, and incorporates best practices.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance
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2025-11-19•United States•Federal Reserve Board
Federal Reserve Board Governor Stephen I. Miran highlighted that banking regulation is affecting the Federal Reserve's balance sheet size by increasing banks' demand for reserves, potentially limiting the FOMC's policy autonomy. He outlined five regulatory principles, including cost-benefit assessment and transparency, and supported tailored requirements for different bank types. Miran also discussed leverage reform, advocating for excluding Treasurys and reserves from the leverage ratio denominator to aid Treasury market intermediation and reduce stress-driven interventions.
Policy & regulation Reform agendas & priorities Regulatory burden
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2025-11-19•Albania•Bank of Albania
The Bank of Albania’s Supervisory Council approved the Medium-Term Development Strategy for 2026–2028 and the 2026 budget, aligning resources with institutional objectives. The strategy addresses environmental challenges, internal cooperation, resource efficiency, and transparency, covering core functions like monetary policy and banking supervision. Budgets consider international and domestic financial conditions, aiming to enhance monetary policy, professional capacity, and public communication.
Institutional development Governance Other
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2025-11-19•Egypt•Egypt Financial Regulatory Authority
At the Malta Financial Services Authority conference, Egypt Financial Regulatory Authority's chair, Mohamed Farid, outlined a framework for capital market growth emphasizing innovation, integration, and sustainability. He highlighted Egypt's adaptive supervisory approach, transitioning to digital processes and fintech regulation to enhance investor protection and transparency. Farid also stressed the importance of ESG considerations, human capacity investment, and international cooperation to address financial fragmentation and technological disruption.
Policy & regulation Reform agendas & priorities Market development Financial stability and systemic risk Domestic cooperation
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2025-11-19•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority (BCFSA) has initiated a public consultation on Prospera Credit Union and Sunshine Coast Credit Union's applications to transition to federal regulation for amalgamation with Coast Capital Savings Federal Credit Union. This requires consent from the Superintendent of Financial Institutions and the Credit Union Deposit Insurance Corporation of British Columbia. The transition aims to enable operations across Canada following member approval.
Policy & regulation Implementation, projects & pilots Licence approval
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2025-11-19•Canada•Bank of Canada
The Bank of Canada published remarks by Deputy Governor Nicolas Vincent on Canada's systemic productivity weakness, affecting wage growth, competitiveness, and inflation. Vincent noted Canada's productivity growth has lagged behind other G7 economies, especially the U.S., since 2000, with low business investment as a key factor. He outlined priorities for improvement, including reducing regulatory complexity, enhancing competition, and investing in human capital, while the Bank focuses on maintaining inflation near 2%.
Monetary policy Monetary policy assessments & outlooks
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2025-11-19•Europe•European Central Bank - Banking Supervision
The European Central Bank's Executive Board has appointed Patrick Amis, Korbinian Ibel, and Thijs van Woerden to new Director General roles within ECB Banking Supervision, effective 1 March 2026. These appointments involve a rotation of current directors, with Ibel replacing Ramón Quintana, who will retire in February 2026. The ECB has also initiated recruitment for a new Director General for Specialised and Less Significant Institutions.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-11-19•China•China Securities Regulatory Commission
The China Securities Regulatory Commission and the Ministry of Finance are expanding the list of mainland accounting firms authorized to audit H-share companies, adding two firms to the current 10. Selection criteria include revenue thresholds, governance, Hong Kong presence, audit digitalization, and liability risk capacity. Successful applicants will undergo ongoing assessments and may begin H-share audits once the expanded list is announced.
Policy & regulation Rules & requirements Auditing
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2025-11-19•Malta•Malta Financial Services Authority
The Malta Financial Services Authority hosted an international conference on sustainable financial growth, regulatory innovation, and international collaboration before the IOSCO meetings. Discussions covered forward-looking policies, capital market integration, and technology-driven supervision to boost financial resilience. Key topics included geopolitical risks, crypto-asset regulation, AI and quantum computing impacts, and cross-border payment systems.
Policy & regulation Cooperation Climate risk and sustainable finance
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2025-11-19•Global•Financial Stability Board
The Financial Stability Board approved its 2026 work programme, focusing on modernising regulation, stablecoins, and nonbank financial intermediation (NBFI). Key initiatives include improving cross-border payments, addressing vulnerabilities in AI-related securities, and enhancing transparency in private credit. The programme also targets stablecoin regulation, NBFI leverage, and crisis preparedness, with a strategic review led by Randal Quarles.
Policy & regulation Reform agendas & priorities Financial stability and systemic risk Stablecoins
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2025-11-19•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub published a report reviewing the G20 TechSprint from 2020 to 2025, highlighting its evolution and impact on innovation and central bank collaboration, supported by feedback from participants.
Research Fintech and insurtech
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2025-11-19•Argentina•Argentina Securities Commission (CNV)
CNV president Roberto E. Silva highlighted regulatory advancements in tokenisation and supervision of virtual asset service providers at a panel by the Enterprise Ethereum Alliance and EY. Silva detailed the evolution from no crypto regulation to a framework under Anti-Money Laundering Law No. 27.739 and the establishment of a tokenisation regime, emphasizing collaboration with the Central Bank of Argentina and the Financial Intelligence Unit.
Policy & regulation Rules & requirements Fintech and insurtech Blockchain and distributed ledger technology
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2025-11-19•Argentina•Argentina Securities Commission (CNV)
Argentina Securities Commission (CNV) President Roberto E. Silva highlighted CNV's regulatory role over Virtual Asset Service Providers (PSAVs) and announced a new tokenization regime at Arbitrum Bridge LATAM. Silva linked CNV's mandate to Law No. 27.739, emphasizing moving institutional-grade assets on-chain. The CNV's participation aligns with efforts to establish a clearer regulatory framework for PSAVs and digital assets in Argentina.
Policy & regulation Reform agendas & priorities Fintech and insurtech Tokenization
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2025-11-19•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority (FMA) released a revised educational sheet on insider trading under the Financial Markets Conduct Act 2013. It clarifies that non-public information about issuer A can impact issuer B's price if deemed material. The sheet emphasizes risk management practices like pause-and-assess processes, information barriers, and robust record-keeping.
Policy & regulation Guidance & interpretation Market abuse
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2025-11-19•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Federal Council has appointed Katia Villard to the Swiss Financial Market Supervisory Authority (FINMA) Board of Directors, effective 1 January 2026, succeeding Ursula Cassani Bossy. Villard, a professor of criminal law with expertise in commercial criminal law and financial market law, will serve through 2027. FINMA's Board, its strategic management body, will consist of eight members, including Chair Marlene Amstad and Vice-Chair Martin Suter.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-11-19•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance issued Resolution No. 629/2025, prohibiting Galeno Aseguradora de Riesgos del Trabajo S.A. from disposing of its investments and imposing a general asset injunction, excluding bank current accounts, to maintain solvency and protect policyholders. This action follows a deficit reported in Galeno ART's financial statements as of 30 September 2025. The insurer must submit a remediation plan within 15 days.
Supervision Interventions Capital adequacy Supervision process and methodologies
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2025-11-19•India•Securities & Exchange Board of India
The Securities and Exchange Board of India (SEBI) has issued a warning regarding unregistered Online Bond Platform Providers (OBPPs) operated by certain fintech companies and stock brokers. These platforms lack regulatory oversight and may violate the Companies Act, 2013, and the SEBI Act, 1992. SEBI advises investors to transact only with registered entities and urges market participants to ensure compliance before offering OBPP-like services.
Supervision Alerts Unlicensed or unauthorized activity
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2025-11-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has appointed Tran Trung Dung as Chair of the Members’ Council of the Vietnam Asset Management Company (VAMC) for a five-year term. Deputy Governor Nguyen Ngoc Canh emphasized the need for VAMC to modernize operations and ensure compliance with legal standards.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-11-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam and the National Payment Corporation of Vietnam held a workshop on QR-code payments, announcing nationwide availability under the unified VietQR standard. Deputy Governor Pham Tien Dung highlighted the transition of 28 banks and payment intermediaries from 'QR Transfer' to 'QR Pay'. Despite growth in non-cash and QR-code payments, challenges remain in merchant reliance on personal QR codes, limited interoperability, and low cross-border usage, with plans to expand acceptance networks and cross-border links.
Policy & regulation Implementation, projects & pilots Payments and payment systems
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2025-11-19•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs advanced President Trump's nominees for senior roles at the Department of Housing and Urban Development, the Department of the Treasury, and the Federal Deposit Insurance Corporation, including Joseph Gormley for Ginnie Mae, Francis Cassidy for HUD, Paul Hollis for the U.S. Mint, and Travis Hill for the FDIC Board. Chairman Tim Scott emphasized their roles in housing finance, financial stability, and currency integrity, with nominations now moving to the Senate floor.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-11-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam appointed Cao Van Binh as General Director of the National Credit Information Center of Vietnam (CIC), effective 19 November 2025. This appointment aims to enhance CIC's governance and operations amid the SBV's digital transformation strategy. The SBV emphasized the importance of strengthening CIC's organizational structure and IT staffing.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-11-19•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has launched a patriotic emulation campaign for 2025–2030, urging the banking system to align with core mandates and priority tasks. The campaign focuses on digital transformation, green transition, and international economic integration, emphasizing a strengthened legal framework and proactive monetary policy. Credit institutions are encouraged to enhance financial capacity, invest in IT and modern payment infrastructure, and direct credit to priority sectors.
Policy & regulation Reform agendas & priorities Other
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2025-11-19•South Korea•Bank of Korea
The Bank of Korea released its International Investment Position report for Q3 2025, detailing Korea's net international investment position, external assets, and external debt.
Data & statistics Balance of payments and other external statistics