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2025-11-05•United States•National Futures Association
The National Futures Association (NFA) has permanently barred VBI Company, a former member, from reapplying for membership or principal status, and imposed a six-month ban on Peter Mark Vanden Berge, a former associated person. This enforcement action follows a complaint alleging violations of NFA Compliance Rules 2-10(a) and 2-9(a) related to pre-trade communications and supervision, which VBI and Vanden Berge settled without admitting or denying the allegations.
Enforcement Investigations & enforcement actions Compliance
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2025-11-05•Finland•Bank of Finland
The Bank of Finland and the Finnish Financial Supervisory Authority are hosting a seminar in Helsinki on 5–6 November 2025 to explore AI's impact on the financial sector and supervision. Discussions will focus on practical AI applications, challenges, and opportunities, emphasizing automation, skill shifts, and investment in technology and workforce development. The seminar highlights AI use cases in forecasting, risk management, and service development, stressing the importance of trust and cybersecurity.
Policy & regulation Cooperation Artificial intelligence
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2025-11-05•Belize•Central Bank of Belize
The Central Bank of Belize has expanded exchange control authority for authorised dealers, allowing domestic banks to approve foreign currency transactions up to BZ$100,000 for eight additional purposes without prior approval. These purposes include advertisements, consultancy, freight charges, insurance, and more. Transactions exceeding this threshold still require Central Bank approval.
Policy & regulation Rules & requirements Cross-border payments
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2025-11-05•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission published a speech by Dr. Kelvin Wong, titled “Transforming Global Challenges into Asian Growth Opportunities,” delivered at the 2025 Global Financial Leaders’ Investment Summit.
Policy & regulation Other
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2025-11-05•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission has permanently banned Cheung Ngai Yi, a former Hang Seng Bank account manager, following his criminal conviction for stealing client assets. Cheung was sentenced to 30 months in prison for misappropriating HKD 1,530,500 through unauthorised ATM withdrawals and other fraudulent activities. The SFC highlighted the breach of trust and premeditated nature of his misconduct in determining the sanction.
Enforcement Sanctions & designations
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2025-11-05•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission concluded the Global Financial Leaders’ Investment Summit, featuring the “Conversations with Global Investors” forum. Co-organised with the Hong Kong Monetary Authority and the Hong Kong Academy of Finance, the event gathered around 300 leaders to discuss investment opportunities, geo-economic fragmentation, and the impact of AI and digital innovation on investment practices. The summit attracted over 100 top executives from various financial sectors.
Other Market development
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2025-11-05•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance outlined plans to attract foreign capital by accelerating strategic partnerships and supporting cross-border mergers and acquisitions. Minister Kyriakos Pierrakakis highlighted upcoming legislation to identify and value state-linked assets and unclaimed inheritances. He emphasized Greece's investment-friendly environment and the role of energy and infrastructure in future investment prospects.
Policy & regulation Reform agendas & priorities Other
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2025-11-05•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) has dissolved the savings and credit cooperative Grupo Confía, a Level 01 cooperative, with deposits insured by the Cooperative Deposit Insurance Fund (FSDC) up to S/ 5,000 per depositor. Some member-depositors may have outstanding obligations, delaying the publication of eligible depositor lists for FSDC repayments. The dissolution is governed by Law No 30822, SBS Resolution No 5061-2008, and SBS Resolution No 03762-2025.
Supervision Interventions Liquidity risk Prudential risks
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2025-11-05•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority concluded the Global Financial Leaders’ Investment Summit, featuring the “Conversations with Global Investors” forum. The event gathered around 300 leaders to discuss geo-economic fragmentation, asset management dynamics, and the impact of AI and digital innovation on investment practices. Notable speakers included SFC Chairman Kelvin Wong, Hong Kong SAR Financial Secretary Paul Chan, and HKMA Chief Executive Eddie Yue.
Other Fintech and insurtech Artificial intelligence
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2025-11-05•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails linked to The Bank of East Asia, Shanghai Commercial Bank, and Chong Hing Bank. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force's Crime Wing Information Centre.
Supervision Alerts Fraud and scams
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2025-11-05•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) has lifted the trading suspension of Impresa - SGPS, SA shares. This decision was based on Articles 214 and 213(2)(b) of the Securities Code following the disclosure of relevant market information.
Supervision Authorisations & approvals Other
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2025-11-05•Philippines•Department of Finance (Philippines)
The Philippines Department of Finance is finalising a memorandum circular to regulate lending and financing companies by capping interest rates and fees on unsecured general-purpose loans up to PHP 20,000. The proposed caps include a maximum nominal interest rate of 6% per month and an effective interest rate of 10% per month, with penalties for noncompliance ranging from fines to permit revocation. This initiative, supervised by Finance Secretary Ralph G. Recto, aims to curb abusive practices and is empowered by Republic Act No. 11765.
Policy & regulation Rules & requirements Lending
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2025-11-05•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority announced updates to Iran-related sanctions, as published by the Isle of Man Treasury, Customs and Immigration Division. Regulated entities are directed to the Isle of Man Government news releases and the Treasury Division’s Sanctions and Export Control webpage for details. Subscription options for ongoing notifications include an RSS feed and email alerts from the UK Treasury’s Office of Financial Sanctions Implementation.
Policy & regulation Guidance & interpretation Sanctions list update
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2025-11-05•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency announced the Mazhilis approved draft laws to update banking frameworks and amend financial market regulations. The new law aims to enhance financial stability, corporate governance, supervision, and treatment of insolvent banks. It seeks alignment with international standards by introducing proportional regulation, supporting Islamic banking, and regulating digital financial assets.
Policy & regulation Rules & requirements Other
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2025-11-05•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan hosted a delegation from the Swiss National Bank (SNB) led by Chairman Martin Schlegel to discuss cooperation on financial stability, monetary policy, and analytical capabilities. Schlegel also delivered a lecture on the SNB’s mandates and central bank digital currency (CBDC) policy, followed by discussions on its impact on the Swiss banking system and financial stability.
Policy & regulation Cooperation Cross-border cooperation
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2025-11-05•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) issued a warning against Fast Track Global Trade, which is not authorised to provide financial services in South Africa. The platform is reported to offer unrealistic investment returns and charge high fees, prompting the FSCA to advise the public to verify FSCA authorisation and be wary of common investment scams.
Supervision Alerts Fraud and scams Unlicensed or unauthorized activity
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2025-11-05•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) issued a warning against Mr Daniel Karabo Tshabalala, who is soliciting funds for investment purposes without authorization. The FSCA advises caution, highlighting red flags such as unrealistic returns and social media-based offers, and urges verification of a provider's authorization status and FSP number.
Supervision Alerts Unlicensed or unauthorized activity Fraud and scams
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2025-11-05•South Africa•South Africa Financial Sector Conduct Authority
The South Africa Financial Sector Conduct Authority (FSCA) warned against Mr. Joash Naidoo for allegedly soliciting investment funds without authorization. Naidoo claims to offer copy trading and forex signals, falsely associating with TD Markets (Pty) Ltd. The FSCA advises verifying the authorization status of financial service providers, especially for unsolicited offers or those made via social media.
Supervision Alerts Unlicensed or unauthorized activity
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2025-11-05•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) will conduct a virtual public hearing to discuss draft regulations for mutualistic property protection operations under Complementary Law No. 213. This initiative follows extensive studies and consultations, aligning with SUSEP's strategy to enhance the National Policy for Access to Insurance.
Policy & regulation Rules & requirements Other
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2025-11-05•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) issued CNSP Resolution No. 484/2025, updating rules for universal life insurance to enhance flexibility and align with Brazil's market conditions. This replaces Resolution No. 344/2016 and clarifies that universal life insurance is not a pension or investment product, impacting tax treatment. The resolution follows extensive consultations and aligns with SUSEP’s 2023/2024 Regulatory Plan.
Policy & regulation Rules & requirements Other
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2025-11-05•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) issued CNSP Resolution No. 485/2025, setting environmental, social, and climate-related guidelines for rural insurance. Part of SUSEP's "Insurance and Ecological Transformation" initiative, it aligns with the Federal Government's Ecological Transformation Plan and rural credit regulations. It mandates compliance with ESG rules for rural insurance eligibility and takes effect 180 days post-publication.
Policy & regulation Rules & requirements Climate risk and sustainable finance
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2025-11-05•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has initiated Public Consultation No. 09/2025 on a draft resolution to enhance DOCS Mercado, the document system for market participants. The proposal aims to replace existing rules, expand platform functionality, and include non-supervised parties, allowing two-way communication and file uploads. Changes will maintain compatibility with current channels, with electronic petitioning as the official submission route for non-response documents.
Policy & regulation Rules & requirements Regulatory burden
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2025-11-05•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
Brazil's Superintendence of Private Insurance (SUSEP) amended the Open Insurance System (OPIN) framework, reducing the minimum participation period for voluntary firms from 12 months to 30 days, with immediate exit allowed if no active customer consents exist. The update includes a new OPIN Monitoring Manual and sets content requirements for key customer and operational documentation. These changes align with Open Finance rules by the Central Bank of Brazil and respond to market demands.
Policy & regulation Rules & requirements Open banking and finance
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2025-11-05•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has initiated a public consultation on a draft resolution to update Circular SUSEP No. 621/2021, aligning it with Law No. 15.040/2024. The proposal outlines new rules for property and casualty insurance contracts, including standardized documentation, Portuguese-language drafting, and consumer-friendly language. It specifies conditions for contract formation, amendment, and renewal, emphasizing clarity and favorable interpretation for the insured.
Policy & regulation Rules & requirements Other
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2025-11-05•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan concluded a meeting with the IMF on the third review of Tajikistan’s Policy Coordination Instrument, noting implementation is on track with reform targets largely met. The central bank highlighted ongoing reforms contributing to stable economic growth and controlled inflation, while emphasizing sensitivity to key trading partners' economic stability. The programme focuses on fiscal sustainability, monetary and credit policy, exchange rate policy, and financial sector policy to support sustainable and inclusive growth.
Policy & regulation Cooperation Other
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2025-11-05•Spain•Bank of Spain
The Polytechnic University of Valencia awarded its Technology Transfer prize to Neurocash, a cash-development technology using neuroscientific methods, developed by the Bank of Spain and the Leni Institute. Bank of Spain representatives collected the award at the IV UPV Research Awards ceremony.
Other Fintech and insurtech
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2025-11-05•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand's Financial Stability Report highlights global and domestic risks but concludes banks are well-positioned due to strong lending standards and capital buffers. It notes vulnerabilities from global trade fragmentation, elevated equity valuations, and government debt, while domestically, sectors like retail and hospitality face challenges; the Reserve Bank is evaluating feedback on capital settings with a decision expected in December.
Supervision Risk monitoring & watch points Financial stability and systemic risk Macroprudential policy and tools Stress testing
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2025-11-05•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) highlighted Brazil's pension agenda at the PRI in Person conference, emphasizing inclusive provision aligned with sustainable finance. Minister of Social Security Wolney Queiroz announced updated investment guidelines for closed pension entities, expanding investments in green debentures, carbon credits, and sustainable Fiagros. He also noted the scale of Brazil's social protection system and emergency measures during climate disasters.
Policy & regulation Rules & requirements Climate risk and sustainable finance
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2025-11-05•Germany•BaFin
Germany's BaFin joined an international operation against three suspected fraud and money-laundering networks exploiting payment service providers. Led by the Koblenz Cybercrime Unit and Federal Criminal Police, it involved nine countries, 18 arrests, and halted fraudulent activity since 2021. The networks allegedly caused damages over EUR 300 million.
Enforcement Investigations & enforcement actions Fraud and scams AML and CFT
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2025-11-05•South Africa•South African Reserve Bank
The South African Reserve Bank has sanctioned Ezaga Remit (Pty) Limited, an Authorised Dealer in foreign exchange with limited authority, for inadequate staff training controls. This action addresses non-compliance with the Financial Intelligence Centre Act 38 of 2001, specifically section 43, concerning anti-money laundering and counter-terrorism financing measures. The sanction is a caution against repeating the conduct.
Enforcement Investigations & enforcement actions Foreign exchange policy and markets
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2025-11-05•South Africa•South African Reserve Bank
The South African Reserve Bank's Working Paper analyzes foreign capital flows' impact on South Africa's economy. It finds limited aggregate effects of foreign direct investment (FDI) and foreign portfolio investment (FPI) but identifies significant long-run sectoral benefits, particularly from debt instruments. The paper advises considering sectoral impacts and the roles of debt and equity in shaping capital flow management policies.
Research Cross-border payments
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2025-11-05•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 7.3% year-on-year increase in domestic liquidity (M3) to approximately PHP 18.9 trillion in September, up from 6.6% in August. This growth was driven by a 10.3% rise in claims on the domestic sector and a 10.0% increase in net claims on the central government. Net foreign assets in peso terms grew 3.3% year on year, with banks' holdings of foreign currency-denominated debt instruments contributing.
Data & statistics Monetary data
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2025-11-05•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 10.5% year-on-year growth in outstanding loans from universal and commercial banks in September, down from 11.2% in August. Loans to residents increased by 10.9%, while loans to non-residents decreased by 2.9%. Business credit expanded by 9.1%, with notable growth in sectors such as real estate, electricity, and transportation.
Data & statistics Financial and market indicators Monetary data
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2025-11-05•British Virgin Islands•British Virgin Islands Financial Services Commission
The British Virgin Islands Financial Services Commission has issued guidance on terrorist financing red flags to enhance compliance with anti-money laundering and counter-terrorism financing frameworks. The guidance, based on the 2025 Terrorist Financing Risk Assessment, outlines indicators such as obscure beneficial ownership and misuse of legal arrangements, and recommends measures like strengthened due diligence and sanctions screening.
Policy & regulation Guidance & interpretation AML and CFT
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2025-11-05•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore released its Financial Stability Review 2025, assessing risks and vulnerabilities from local and global economic developments. The review aims to enhance understanding of these factors' implications for Singapore's financial system stability among market participants, analysts, and the public.
Research Financial stability and systemic risk
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2025-11-05•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has released an exposure draft memorandum for public comment, proposing revisions to amendment applications via the eAMEND portal. Key changes include new documentary and payment steps, a graduated penalty regime for late submissions, and distinctions between "Simple Processing" and "Regular Processing" aligned with the Ease of Doing Business and Efficient Government Service Delivery Act of 2018. The draft also outlines requirements for corporate name consistency and document submission timelines, with penalties for non-compliance.
Policy & regulation Rules & requirements Regulatory reporting
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2025-11-05•Europe•European Central Bank
The European Central Bank's Working Paper No 3143 examines the impact of geopolitical risk from Russia's invasion of Ukraine on euro area banks' credit supply and firms' real outcomes. The study finds that banks with higher exposure to geopolitical risk reduced lending by 9.2%, affecting firms' borrowing, investment, and employment. Larger banks and those with smaller capital buffers experienced more significant lending contractions, particularly in sectors reliant on Russian-aligned countries.
Research Geopolitical risk
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2025-11-05•Europe•European Central Bank
The European Central Bank (ECB) has updated its wage tracker, incorporating collective bargaining agreements up to October 2025 and extending projections to September 2026. The data indicates easing wage growth, with the headline tracker showing 4.7% growth in 2024 and 3.2% in 2025, and a further decline to 2.2% by Q3 2026. The ECB notes that the tracker is subject to revisions and should not be interpreted as a forecast.
Data & statistics Economic data and developments
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2025-11-05•Europe•European Central Bank
The European Central Bank's working paper shows bilateral tariff increases from 2016 to 2023 boost greenfield FDI, especially in textiles and electronics, but deter manufacturing projects. Medium-intensity tariff increases correlate with a 6% rise in total projects, while high-intensity increases lead to a 24% rise overall but a 21% decline in manufacturing projects. The findings suggest tariffs are unreliable for attracting foreign manufacturing investment.
Research Cross-border payments Market development
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2025-11-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has enhanced its jurisprudence search tool, allowing for more precise searches of Collegiate votes from adjudicatory sessions up to May 2025. The tool, based on the Indexer and Digital Evidence Processor (IPED), offers a downloadable repository of 2.2 GB, updated semiannually. Users must meet technical requirements, including Windows 11 and a 64-bit Java installation.
Data & statistics Other
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2025-11-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Deliberation CVM 904 ordering Sigma Soluções Digitais e Treinamentos Ltda. and its representative, Marcus Vinicius Lopes Melo, to cease offering unregistered investment contracts in Brazil. These contracts, linked to cryptoasset activities, are deemed collective investment contracts under Article 2(IX) of Law 6,385, requiring CVM registration. Non-compliance may incur a daily fine of BRL 100,000, and investors are encouraged to report any proposals received from the firm.
Enforcement Investigations & enforcement actions Unlicensed or unauthorized activity
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2025-11-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) approved a settlement with Rafael Sirotsky Russowsky, vice-president of finance at Companhia Brasileira de Distribuição, over delayed disclosure of a material fact. Russowsky agreed to pay BRL 470,000 to resolve the administrative sanctions proceeding related to atypical market movements in December 2023. The settlement was endorsed by the CVM Board after the Term of Commitment Committee's recommendation.
Enforcement Investigations & enforcement actions Market abuse
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2025-11-05•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) renewed cooperation agreements with the Inter-American Development Bank (IDB) and the Brazilian Development Association (ABDE) to support the Financial Innovation Laboratory (LAB). The IDB agreement includes a new work plan and project portfolio updates, while the ABDE agreement focuses on knowledge dissemination and innovative financial solutions. Both agreements aim to enhance capital market consolidation and integration with Development Finance Institutions.
Policy & regulation Cooperation Domestic cooperation
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2025-11-05•Canada•Ontario Securities Commission
The Ontario Securities Commission's Investment Management Division Annual Summary Report for fiscal 2024–2025 highlights key activities, including stable prospectus reviews, increased exemptive relief applications, and final rules modernizing the investment fund prospectus filing model. It also covers proposals to review distributor and chargeback models, ongoing modernization of continuous disclosure documents, consultations on a new investment fund product structure, and the development of the Investment Fund Survey.
Supervision Reviews, inspections & stress tests
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2025-11-05•Global•Network for Greening the Financial System
The Network for Greening the Financial System (NGFS) issued a declaration at COP30 in Belém, emphasizing that delays in climate action heighten macroeconomic and financial risks, potentially doubling transition costs to 1.3% of global GDP by 2030. The declaration urges financial institutions to integrate climate risks into strategies using scenario analysis and climate disclosure standards, with a virtual launch event scheduled for 12 November.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance
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2025-11-05•Russia•Central Bank of Russia
The Central Bank of Russia released its October 2025 monitoring results for maximum interest rates on Russian ruble household deposits from the 10 largest credit institutions. The average maximum rate was 15.46% in the first 10 days, 15.45% in the second, and 15.37% in the third. Rates by maturity were 14.72% for up to 90 days, 14.83% for 91 to 180 days, 14.42% for 181 days to one year, and 12.55% for over one year.
Data & statistics Financial and market indicators
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2025-11-05•Uganda•Uganda Insurance Regulatory Authority
The Uganda Insurance Regulatory Authority issued a directive mandating insurers to refund unutilised premiums when loan facilities and their insurance covers are restructured or terminated. Insurers must disclose refund terms at the point of sale and process refunds within 30 days of loan status changes, unless otherwise agreed. Non-compliance may result in regulatory action under the Insurance Act.
Policy & regulation Rules & requirements Consumer and investor protection
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2025-11-05•Kyrgyzstan•National Bank of the Kyrgyz Republic
The National Bank of the Kyrgyz Republic fined a payment organization KGS 55,000 for breaching Kyrgyz Republic legislation and the bank's regulatory legal acts.
Enforcement Investigations & enforcement actions Other
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2025-11-05•United Kingdom•HM Treasury
HM Treasury released a draft statutory instrument for technical comment to reform the UK EMIR intragroup exemption regime for over-the-counter derivatives. The draft proposes replacing the Temporary Intragroup Exemption Regime with a permanent framework, broadening access to exemptions and streamlining the process. It introduces a notification model for exemptions and aligns with the Prudential Regulation Authority’s Basel 3.1 approach to Credit Valuation Adjustment capital exemptions.
Policy & regulation Rules & requirements Other
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2025-11-05•Global•Network for Greening the Financial System
The Network for Greening the Financial System released its Declaration on the Economic Cost of Climate Inaction at COP30 in Belém, Brazil. The declaration emphasizes increasing macroeconomic and financial risks from delayed climate action and reaffirms support for a transition to a low-carbon economy.
Policy & regulation Guidance & interpretation Climate risk and sustainable finance Financial stability and systemic risk
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2025-11-05•United Kingdom•HM Treasury
HM Treasury has tasked the Financial Services Skills Commission with researching the skills implications of artificial intelligence and other disruptive technologies for UK financial services. The initiative will assess the impact on business practices, workforce needs, and productivity over the next decade, with support from key industry stakeholders. A final report is expected by mid-2027, with potential for earlier updates.
Research Artificial intelligence
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2025-11-05•United Kingdom•HM Treasury
HM Treasury's Financial Inclusion Strategy aims to improve access to banking, savings, credit, and financial education for vulnerable groups. It includes a pilot with Shelter and major banks to help homeless individuals open bank accounts and initiatives to address credit record issues for domestic abuse victims. The government also supports 350 new banking hubs, with the 200th hub expected by 2025.
Policy & regulation Reform agendas & priorities Financial inclusion
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2025-11-05•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) urged Canadians to engage in financial planning and use credible research amid rising hybrid and self-directed investing. CSA research shows investors less likely to consult advisors often engage in higher-risk activities, like frequent trading and crypto investing. The CSA emphasized verifying registration, understanding risk tolerance, recognizing fraud signs, and consulting registered advisors for comprehensive planning.
Financial literacy & education Financial literacy and education
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2025-11-05•United States•Federal Reserve Board
The Federal Reserve Board finalized revisions to its supervisory rating framework for large bank holding companies, aligning it more closely with other systems and refining the criteria for a "well managed" designation. The revised framework, similar to the July proposal, assesses capital, liquidity, and governance, with specific conditions for deficient ratings. Similar changes apply to the Board's supervisory framework for insurers.
Policy & regulation Rules & requirements Supervision process and methodologies
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2025-11-05•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority met with a Citibank delegation to discuss capital market developments and potential cooperation. Chair Mohamed Farid announced upcoming regulatory decisions on securities borrowing, lending for short selling, and a market-maker framework to enhance liquidity and efficiency by year-end 2025. The meeting also addressed digital transformation impacts, including increased investor registration and trading volumes, with Citibank expressing interest in supporting these reforms.
Policy & regulation Rules & requirements Market development Domestic cooperation
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2025-11-05•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets urged households to consider voluntary home insurance, as only 2–3% of homes are insured. The explainer differentiates between bank-required insurance for mortgaged properties and comprehensive voluntary policies covering contents, liability, and accidents. It outlines common risks and notes pricing depends on factors like insured sum and selected risks, with an indicative tariff of 0.1–0.4% of the insured amount.
Financial literacy & education Other
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2025-11-05•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets has launched an ex officio investigation into Double Case SRL's cryptocurrency launch to assess its legal classification. The authority reiterated that virtual asset services are prohibited under Law 308/2017, and financial institutions cannot process transactions to foreign crypto providers exceeding MDL 50,000 monthly. Citizens are urged to use only locally authorised service providers.
Enforcement Investigations & enforcement actions CBDC
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2025-11-05•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority fined an audit firm NOK 50,000 for significant shortcomings in auditing an investment firm, including breaches of statutory duties and standards. Issues included incorrect financial statement acceptance, inadequate procedures, and insufficient documentation. The penalty was reduced from NOK 100,000 after reviewing additional documentation and the firm's financial capacity.
Enforcement Investigations & enforcement actions Auditing
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2025-11-05•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released a report on a new audit firm, highlighting gross breaches of the Auditor Act in two acceptance assessments due to inadequate documentation. One case involved reliance on insufficient evidence from an email and board decisions without verifying remedial measures, violating ISA 220. The authority concluded these actions demonstrated a lack of role understanding and good auditing practice.
Supervision Reviews, inspections & stress tests Auditing
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2025-11-05•Romania•National Bank of Romania
The National Bank of Romania has issued an alert regarding a fake document circulating online, falsely attributed to the bank. The document, which misuses the bank's logo and staff names, was not issued or approved by the bank. The central bank has notified authorities to investigate and warned the public against acting on or distributing the document, as it may constitute criminal forgery.
Supervision Alerts Fraud and scams
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2025-11-05•China•China Banking and Insurance Regulatory Commission
Zhou Liang, deputy head of China's National Financial Regulatory Administration, attended the Fourth International Financial Leaders Investment Summit in Hong Kong from 3 to 5 November 2025. He held meetings with key Hong Kong financial officials and conducted research visits to Chinese-funded institutions in the region.
Policy & regulation Cooperation Cross-border cooperation
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2025-11-05•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration now allows provincial financial regulatory bureaus to delegate certain licensing and reporting tasks to sub-bureaus. This may include changes to bank branch names, insurance company premises, and reporting on personnel appointments for financial institutions. The administration will oversee implementation to ensure service quality and standardisation.
Policy & regulation Rules & requirements Licensing framework and process
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2025-11-05•Nepal•Central Bank of Nepal
The Central Bank of Nepal appointed Mr. Guru Prasad Paudel as its new Spokesperson. Paudel, an Executive Director (Special Class), has extensive experience across various departments, including Financial Institutions Regulation, Payment Systems, Foreign Exchange Management, and Bank Supervision.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-11-05•Argentina•Argentina Securities Commission (CNV)
Argentina Securities Commission President Roberto E. Silva presented the country's regulatory framework for tokenisation and Virtual Asset Service Providers at Ripple Swell 2025 in New York. Silva highlighted its role in modernizing the capital markets regulatory regime and supporting market growth. The event included discussions on institutional custody, stablecoins, and cross-border payments, with participants from over 40 countries.
Policy & regulation Implementation, projects & pilots Blockchain and distributed ledger technology Tokenization
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2025-11-05•Vietnam•State Bank of Vietnam
The State Bank of Vietnam approved a Banking Sector Data Strategy through 2030 (Decision No. 3580/QD-NHNN) to enhance digital transformation and supervision. It aligns with Vietnam’s national data strategy, focusing on transparent, citizen- and business-centric data use, interoperability, and a "collect once, use many times" approach. It addresses information security, cybersecurity, and personal data protection, aiming to strengthen legal frameworks, develop data infrastructure, and improve data connectivity and capabilities.
Policy & regulation Reform agendas & priorities Data management
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2025-11-05•South Korea•Bank of Korea
The Bank of Korea released its "Official Foreign Reserves (October 2025)" report, detailing the latest foreign reserves statistics for October 2025. Detailed figures are available in the accompanying attachment.
Data & statistics Balance of payments and other external statistics
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2025-11-05•Argentina•Central Bank of Argentina
The Central Bank of Argentina has initiated a public consultation to revise the methodology for calculating the Reference Exchange Rate (TCR), transitioning to a volume-weighted average of executed transactions. The proposed changes aim to enhance precision, representativeness, and transparency, with automated mechanisms to exclude outliers and reduce operational errors. The revised TCR is expected to improve pricing inputs for financial contracts and official statistics.
Policy & regulation Rules & requirements Foreign exchange policy and markets
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2025-11-05•Mongolia•Central Bank of Mongolia
The Governor of the Central Bank of Mongolia aims to boost foreign exchange reserves to USD 5.5bn, enhance revenue from state-owned mining, and reform banking for diversified ownership and governance. Initiatives include the Gold-3 programme, supply chain collaboration, and banking reforms with a 20% ownership cap and foreign investment attraction. Inflation is expected to hit target by early 2026, with 2025 economic growth forecast at 6%, focusing on cross-border payments, sustainable finance, and financial infrastructure improvements.
Policy & regulation Reform agendas & priorities Market development Corporate governance
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2025-11-05•Moldova•National Bank of Moldova
The National Bank of Moldova's Governor, Anca Dragu, met with Germany’s Ambassador to discuss Moldova’s macroeconomic situation and monetary policy, highlighting a recent disinflation trend. The meeting emphasized structural reforms, financial sector governance, and the National Bank's role in Moldova's EU integration. Progress in modernizing financial infrastructure, including the MIA instant payments system and accession to the Single Euro Payments Area, was noted.
Monetary policy Monetary policy assessments & outlooks Financial stability and systemic risk Domestic cooperation
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2025-11-04•Bahamas•Bahamas Securities Commission
The Securities Commission of The Bahamas addressed media reports concerning a letter from the Joint Official Liquidators of Mdollaz Ltd, stating it may mislead Pinnacle Franchise Brands investors regarding their rights and Pinnacle's obligations. The Commission is actively pursuing Pinnacle to ensure compliance with the Securities Industry Act 2024 and the Securities Industry (Business Capital) Rules 2021.
Supervision Alerts Securities offerings and listings
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2025-11-04•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission made supervisory and authorization decisions, including governance appointments and expanded activities for Focal Point Investments AD. It identified eplanetbrokers.com and zforex.com as unauthorized investment service providers in Bulgaria. The Commission adjusted compliance dates for Joint Committee guidance and terminated proceedings for Phoenix Insurance Company EAD's cross-border services into Romania.
Supervision Authorisations & approvals Licence approval
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2025-11-04•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued Bulletin 39 of 2025, certifying per-gram prices for gold, silver, and platinum for November 2025, applicable to mineral exploitation revenues and royalties. The certification follows Article 152 of Law 488 of 1998, Article 16 of Law 141 of 1994, and Resolution 001188 of 2024. The LBMA Gold and Silver Prices are used as reference benchmarks for royalty settlements.
Policy & regulation Rules & requirements Financial benchmarks
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2025-11-04•Montenegro•Insurance Supervision Agency of Montenegro
The Insurance Supervision Agency of Montenegro has released the application form for the professional exam for insurance mediation or representation activities. Details regarding the exam schedule will be announced on the Agency's website, along with the necessary preparatory literature.
Supervision Authorisations & approvals Licence approval
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2025-11-04•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority signed a memorandum with the Securities Market Agency of Slovenia to enhance collaboration in capital markets. The agreement emphasizes supervisory cooperation, information exchange, and harmonization with EU standards. It aims to facilitate the registration and operation of Slovenian investment funds in Montenegro, promoting a more integrated financial market.
Policy & regulation Cooperation Cross-border cooperation
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2025-11-04•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg reported that the aggregate balance sheet total for Luxembourg credit institutions reached EUR 980,784 million at the end of September 2025, marking a 1.24% increase from the previous month and a 2.02% rise year-on-year. Growth was driven by higher claims on banks and deposit-taking institutions, alongside increased liabilities to other sectors. Resident non-bank sector deposits grew by 1.81% monthly and 6.68% annually, with significant contributions from other financial intermediaries.
Data & statistics Balance of payments and other external statistics
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2025-11-04•Israel•Bank of Israel
The Bank of Israel's quarterly review for Q3 2025 highlights the shekel's appreciation against major currencies, attributed to a Gaza ceasefire reducing Israel's risk premium. The shekel gained 2.0% against the USD, with realised and implied shekel–dollar volatility decreasing, while market activity showed varied shifts among institutional investors, nonresidents, and the business sector.
Data & statistics Foreign exchange policy and markets
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2025-11-04•Kosovo•Central Bank of the Republic of Kosovo
Governor Ahmet Ismaili of the Central Bank of the Republic of Kosovo met with an IMF mission to discuss macroeconomic and financial developments before the next IMF Article IV consultation. Topics included economic growth, inflation, financial sector stability, and ongoing IMF technical assistance, especially the Financial Sector Stability Review. The IMF mission will hold thematic meetings in Kosovo from 3 to 7 November.
Policy & regulation Cooperation Other
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2025-11-04•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) has approved amendments to the Issuers Regulation, aligning with changes in Italy’s Capital Markets Law. These amendments, following a two-stage market consultation, clarify procedures for board candidate lists and address minority board seat allocations under Article 147-ter.1(3)(b). The provisions take effect the day after publication in the Official Gazette.
Policy & regulation Rules & requirements Corporate governance
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2025-11-04•Italy•Bank of Italy
Bruna Szego, Chair of the European Anti-Money Laundering Authority (AMLA), visited Rome to enhance cooperation with Italy's authorities against money laundering and terrorist financing. AMLA, operational since July 2025 and based in Frankfurt, is finalizing the anti-money laundering rulebook and promoting supervisory convergence. From 2028, AMLA will directly supervise 40 banking and financial intermediaries based on risk exposure and cross-border operations.
Supervision Cooperation AML and CFT Cross-border cooperation
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2025-11-04•Australia•Australian Securities & Investments Commission
David Fairfull, former CEO of AI marketing company Metigy, pleaded guilty to making false statements and misusing his director position, violating the Corporations Act 2001. Charges involve misleading investors during capital raises and misusing company funds for personal real estate. The case, prosecuted by the Commonwealth Director of Public Prosecutions, is set for a first case management date in the Federal Court of Australia on 17 November 2025.
Enforcement Investigations & enforcement actions
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2025-11-04•Australia•Australian Securities & Investments Commission
ASIC has cancelled Ricard Securities Pty Ltd’s financial services licence for non-payment of levies and failure to meet audit and reporting obligations. Ricard can provide limited services until 24 December 2025 to wind up or transfer unregistered investment schemes. Ricard may seek a review by the Administrative Appeals Tribunal.
Enforcement Investigations & enforcement actions Other
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2025-11-04•Mozambique•Ministry of Finance (Mozambique)
Mozambique's Ministry of Finance held a public consultation in Maputo on establishing the Mozambique Development Bank (BDM) to bolster the financial system and support economic growth. Finance Minister Carla Loveira emphasized the bank's role in mobilizing capital for key sectors and expanding credit access, particularly for micro, small, and medium-sized enterprises. The initiative aligns with the National Development Strategy 2025–2044 and aims to diversify funding sources and reduce foreign-exchange risk.
Policy & regulation Reform agendas & priorities Market development
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2025-11-04•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved draft decisions to implement the Law of Ukraine On Rating, detailing procedures for authorising rating agencies and conducting rating activities. Investors were cautioned against dubious projects Bulenox and Taxtrade, while key appointments were made at AVI INVESTMENT AMC LLC and AMC MODERN FINANCIAL INSTRUMENTS LLC. The Commission also registered initial share issues for several entities, including JSC ZNVCIF OSNOVA CAPITAL.
Policy & regulation Rules & requirements Licence approval
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2025-11-04•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) reported a significant rise in XBRL financial statement submissions in 2025, due to reinstated reporting obligations post-wartime relief and simplified processes. Amendments to Law No. 2115-IX restored these obligations from 28 August 2025, with catch-up submissions in two stages. The NSSMC streamlined reporting by mandating XBRL as the sole format and provided free software and webinars to assist market participants.
Policy & regulation Rules & requirements Regulatory reporting
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2025-11-04•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market conducted an online training session for employees on ethical conduct, emphasizing integrity as a core value. Organized by the Corruption Prevention Department, the session covered ethical decision-making, handling conflicts of interest, and the impact of internal culture on public trust.
Institutional development Cooperation & capacity building Corporate governance
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2025-11-04•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) assessed criminal conduct risks in securities offerings under the Netherlands’ prospectus exemption, as the threshold is set to increase to EUR 12 million in June 2026. The AFM highlights substantial misuse risks, urging investors and gatekeepers to remain vigilant. It plans to enhance proactive, data-driven supervision while maintaining notification and information document requirements.
Supervision Risk monitoring & watch points Crowdfunding
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2025-11-04•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority has approved Marble Design Company's capital increase from SAR 60 million to SAR 75 million through the issuance of bonus shares. This will involve issuing one bonus share for every four existing shares, funded by transferring SAR 15 million from retained earnings. An extraordinary general assembly must be held within six months, and the company must comply with all regulatory requirements.
Supervision Authorisations & approvals Licence approval
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2025-11-04•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved Al Hassan Ghazi Ibrahim Shaker Company's request to increase its share capital from SAR 555.0 million to SAR 677.1 million through a bonus share issue. The increase will be funded by transferring SAR 122.1 million from retained earnings, raising shares from 55.5 million to 67.71 million. An extraordinary general assembly must be held within six months, and the company must comply with all regulatory requirements.
Supervision Authorisations & approvals Licence approval
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2025-11-04•Latvia•Central Bank of Latvia
The Central Bank of Latvia has expanded its Instant Verification Service (IVS) to the Eurosystem level, enabling banks and fintechs across Europe to conduct Verification of Payee checks in compliance with new EU instant payment requirements. Since October 2025, euro area payment service providers must verify the payee’s name against the IBAN before credit transfers. IVS aligns with the European Payments Council VoP Scheme and Regulation (EU) 2024/886, offering three configuration models for integration.
Policy & regulation Implementation, projects & pilots Payments and payment systems
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2025-11-04•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released its October 2025 Statistical Bulletin, offering updated data on the Cypriot economy. The bulletin, issued quarterly, includes a comprehensive range of monthly, quarterly, and annual statistics.
Data & statistics Economic data and developments Financial and market indicators
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2025-11-04•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released the Governor's reports presented at The Economist’s 21st Annual Cyprus Summit on 4 November 2025.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
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2025-11-04•Indonesia•OJK
Indonesia’s Financial Services Authority (OJK) hosted the Governansi Insight Forum in Padang, emphasizing governance and integrity for economic growth. OJK Board member Sophia Wattimena detailed the anti-fraud strategy under OJK Regulation Number 12 of 2024, requiring financial institutions to implement measures across four pillars: Assess, Prevent, Detect, and Respond. The forum showcased supervisory technology tools like OSIDA and SIPELAKU for early fraud detection, with regional collaboration to combat fraud and corruption.
Policy & regulation Implementation, projects & pilots Corporate governance
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2025-11-04•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has approved new procedures for a book building mechanism for IPOs, enhancing the Public Offering Regulations, 2017. This model allows securities brokers, banks, development finance institutions, and mutual funds to participate directly, replacing the traditional Book Runner approach. It integrates the Pakistan Stock Exchange's platform with National Clearing Company of Pakistan Limited for margin money management.
Policy & regulation Rules & requirements Market development
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2025-11-04•Georgia•National Bank of Georgia
The National Bank of Georgia announced enhanced financial cooperation with China, focusing on interbank collaboration, payment system alignment, and investment initiatives. Governor Natia Turnava highlighted a memorandum of understanding between the central banks of Georgia and China, facilitating Georgian banks' participation in China's Cross-Border Interbank Payment System. Additional cooperation areas include the Belt and Road Initiative and the Middle Corridor, with further memorandums signed.
Policy & regulation Cooperation Cross-border cooperation
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2025-11-04•Indonesia•Bank Indonesia
Bank of Indonesia highlighted rapid digital payment growth at the Indonesia Digital Economy and Finance Festival and Indonesia Fintech Summit & Expo 2025, announcing initiatives like the QRIS TAP feature for transportation and a QRIS Cross-Border sandbox with South Korea. Nearly 60 million QRIS users were reported, with digital payment transactions reaching 12.99 billion in Q3 2025, a 38.08% year-on-year increase. The event emphasized governance, consumer protection, security, and digital literacy as crucial alongside innovation.
Policy & regulation Implementation, projects & pilots Fintech and insurtech Payments and payment systems
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2025-11-04•Indonesia•Bank Indonesia
At the FEKDI x IFSE 2025 event, Bank of Indonesia emphasized digital transformation and payment digitalisation as economic growth drivers, announcing the KATALIS P2DD programme to boost local-government digital literacy. The central bank prioritized digital payment acceleration, focusing on acceptance, innovation, and infrastructure stability. QRIS TAP, initially for transport, will expand to retail, while consumer protection was highlighted through the Joint Movement for Consumer Protection, GEBER-PK.
Policy & regulation Implementation, projects & pilots Fintech and insurtech Financial inclusion
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2025-11-04•Indonesia•Bank Indonesia
Bank of Indonesia highlighted "frugal" digital innovation as key for inclusive and sustainable digital transformation at FEKDI x IFSE 2025. Governor Perry Warjiyo emphasized payment system innovation as central to the Indonesia Payment System Blueprint 2030, focusing on efficiency, inclusivity, and risk management. The event also showcased competition outcomes, including increased participation in the QRIS Jelajah Budaya Indonesia 2025 and the BI–OJK Hackathon 2025.
Policy & regulation Implementation, projects & pilots Fintech and insurtech Financial inclusion
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2025-11-04•China•Central Bank of the Republic of China
At the Fourth International Financial Leaders Investment Summit and Hong Kong FinTech Week 2025, People’s Bank of China Vice Governor Lu Lei announced plans to enhance connectivity between mainland China and Hong Kong financial markets, including strengthening Hong Kong’s offshore renminbi market. The central bank aims to leverage fintech innovation for efficient cross-border payment services and explore central bank digital currency arrangements, with further cooperation with fintech stakeholders to support the digital economy's development.
Policy & regulation Reform agendas & priorities Cross-border cooperation Payments and payment systems
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2025-11-04•Europe•European Banking Authority
The European Banking Authority updated its Mapping Tool, Signposting Tool, and Reporting Time Traveller platform to align with recent amendments to the Pillar 3 disclosure and supervisory reporting frameworks, including CRR3 changes and Reporting framework v4.0. These updates aim to enhance efficiency and reduce compliance costs by reflecting industry feedback and technical standards changes. The Reporting Time Traveller will receive ongoing updates as new regulatory frameworks emerge.
Policy & regulation Implementation, projects & pilots Regulatory reporting Supervisory data
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2025-11-04•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority (BMA) issued a five-year prohibition order against Mr. Peter Pitonák under the Investment Funds Act 2006, barring him from roles related to any authorised investment fund. The BMA determined Pitonák lacked necessary probity and competence, allowing Stonebridge Capital Hedge Fund Limited to contravene the Act, leading to its court-ordered winding up. The order's publication follows the expiration of the appeal period.
Enforcement Investigations & enforcement actions Fitness and propriety