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2025-11-01•South Africa•South African Reserve Bank
The South African Reserve Bank's 2025 Financial Stability Review shows the financial system's resilience, with systemic risk indicators at benign levels and a positive outlook through November 2026. Despite easing domestic financial conditions and a rebound in asset markets, vulnerabilities persist due to high public debt and pressures on households and SMEs. The review highlights efforts on countercyclical capital buffers, crisis preparedness, and regulatory updates, including cross-border crypto-asset transactions and Exchange Control Regulations.
Research Financial and market indicators Market risk and volatility
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2025-11-01•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin introduces a framework to assess adverse macro-financial scenarios in EU banking stress tests. Combining historical and model-based metrics, it shows intensified scenarios, with 2023 as the peak in unadjusted measures and 2025 slightly more severe in risk-adjusted methods. The ECB suggests this framework could improve scenario severity definition and communication in future European Banking Authority stress tests.
Policy & regulation Guidance & interpretation Stress testing
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2025-11-01•Europe•European Central Bank
The European Central Bank's Financial Stability Review highlights stablecoins' rapid growth and associated risks, emphasizing the need for close monitoring due to cross-border regulatory arbitrage. The ECB notes stablecoins, mainly used for crypto trading, pose risks like de-pegging, reserve asset fire sales, and shifts from retail bank deposits, with MiCAR addressing some concerns. It calls for additional safeguards for EU market access and global alignment with the G20 crypto-asset roadmap and Financial Stability Board recommendations.
Research Stablecoins
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2025-11-01•Europe•European Central Bank
The European Central Bank's Financial Stability Review examines "rolling recessions" in the euro area, highlighting sectoral downturns that propagate sequentially. The research suggests these recessions obscure vulnerabilities despite low aggregate credit-risk metrics, with risks potentially becoming systemic if sectoral downturns synchronize. It recommends enhancing risk surveillance frameworks with sectoral, regional, and borrower-type analysis.
Research Credit risk Financial stability and systemic risk
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2025-11-01•Europe•European Central Bank
The European Central Bank's Financial Stability Review reveals that euro area investment funds held by households are more resilient to liquidity shocks than those dominated by foreign or institutional investors. Research on the April 2025 market turmoil shows household-held funds had smaller, less procyclical outflows. The ECB suggests prudential measures should consider investor behavior, noting increased household participation could enhance funding stability during stress.
Research Liquidity risk Market risk and volatility
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2025-11-01•Europe•European Central Bank
The European Central Bank's Financial Stability Review highlights that euro area banks' US dollar exposures, driven by wholesale capital markets activities, pose liquidity risks during market disruptions. These exposures are concentrated among global systemically important banks and dominated by derivatives and repo borrowing. The ECB emphasizes maintaining US dollar liquidity buffers to mitigate risks and ensure continued service provision during stress periods.
Research Liquidity risk Market risk and volatility
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2025-11-01•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,153 explores the "cost-of-carry channel" in monetary policy, where interest rate changes affect firms' inventory costs and pricing. The research indicates higher inventory costs lead firms to reduce prices, impacting inflation dynamics. The findings suggest abundant inventories improve the central bank's ability to stabilize inflation with a more favorable sacrifice ratio.
Research
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2025-11-01•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,154 examines dealer-client trading relationships in the over-the-counter foreign exchange derivatives market, highlighting persistent relationships and increased trading costs for clients heavily reliant on Credit Suisse during its March 2023 distress. Clients with greater exposure to Credit Suisse faced a 16 basis point increase in spreads, with a 24 basis point differential at their main non-Credit Suisse dealer. The paper is research in progress and does not reflect official Bank of England policy.
Research Trading
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2025-11-01•Russia•Central Bank of Russia
The Central Bank of Russia reported that its Coin Week campaign in October 2025 returned over 56 million coins valued at approximately RUB 245 million to circulation, marking the best result since 2023. Across five Coin Week events, over 215 million coins worth nearly RUB 956 million have been returned. Some banks and retailers continue to accept coins for exchange or account crediting post-event.
Policy & regulation Implementation, projects & pilots Currency and cash management
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2025-11-01•Russia•Central Bank of Russia
The Central Bank of Russia's 2025 H1 review highlights increased use of credit history bureaus (CHBs), with a 9% rise in credit report requests by individuals and a one-third increase by banks and microfinance organisations. Demand for CHB services surged, particularly in online microloans, with credit scoring services nearly doubling. The central bank estimates each RUB 1 spent on credit reports could reduce overdue loan amounts by over RUB 280, marking a 25% improvement.
Data & statistics Credit ratings
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2025-11-01•Russia•Central Bank of Russia
The Central Bank of Russia has advised banks to enhance customer identification controls to mitigate the risk of accounts and payment cards being misused by "droppers." The guidance emphasizes verifying client documents, ensuring card activation by the true holder, and strengthening controls at high-risk locations, potentially using photo and video recording for verification.
Policy & regulation Guidance & interpretation KYC
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2025-11-01•Global•IOSCO
IOSCO and the BIS CPMI released a Level 3 peer benchmarking assessment on implementing Principles for Financial Market Infrastructures (PFMI) concerning general business risk. The report, surveying 34 FMIs across 27 jurisdictions, identifies six serious issues, including inadequate liquid net assets funded by equity and insufficient recovery and wind-down planning, with significant cross-FMI differences in controls and scenario analysis.
Policy & regulation Peer reviews and country evaluations Prudential risks
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2025-11-01•Global•IOSCO
IOSCO has issued a consultation report proposing non-binding recommendations for secondary markets disclosure. The proposal aims to modernize and consolidate previous guidance, focusing on materiality, fair presentation, and consistency across disclosure channels. It includes guidelines on reporting timelines, cross-listing disclosure expectations, and accountability measures, targeting listed entities with public reporting obligations.
Policy & regulation Guidance & interpretation Disclosures
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2025-11-01•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria issued draft guidelines for CBN-licensed financial institutions to combat Authorised Push Payment fraud, requiring board-level governance, a biennial APP fraud policy review, and compliance-led implementation. Institutions must establish an Early Warning System, provide 24/7 reporting channels, and ensure customer reimbursement within 48 hours post-investigation. The guidelines also include joint investigation protocols for multi-institution cases, quarterly regulatory returns, and sanctions for non-compliance.
Policy & regulation Rules & requirements Fraud and scams
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2025-11-01•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board (CPAB) reminded auditors of the requirements under Canadian Securities Regulators National Instrument 52-108 regarding access to significant component auditor working papers. CPAB emphasized the need for reporting issuers to provide written notice allowing CPAB access to audit evidence, highlighting the consequences of non-compliance, including future audit ineligibility.
Policy & regulation Guidance & interpretation Auditing
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2025-11-01•Vietnam•State Bank of Vietnam
Governor Nguyễn Thị Hồng of the State Bank of Vietnam visited the UK to discuss international financial centres in Ho Chi Minh City and Da Nang, focusing on banking licensing and AML/CFT. The visit led to a Vietnam–UK joint statement upgrading relations to a comprehensive strategic partnership, emphasizing economic and financial collaboration, including a "Vietnam–UK Green Finance Partnership." The Governor urged institutions like Standard Chartered to engage in the initiative, noting strengthened cooperation with UK authorities in banking supervision and AML/CFT.
Policy & regulation Rules & requirements Other
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2025-11-01•Peru•Central Bank of Peru
The Central Bank of Peru reported that 12-month inflation expectations for December 2025 declined to 2.13%, staying within the target range, with 2026 and 2027 expectations also remaining within target. For 2026, forecasts were revised down to a range of 2.10% to 2.20%, and for 2027, expectations were between 2.20% and 2.30%.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
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2025-11-01•Australia•Department of Treasury (Australia)
Australia's Department of the Treasury released a position paper and draft legislative instruments on the Scams Prevention Framework (SPF) for banks, telecom providers, and digital platforms. Proposals include sector codes, minimum obligations, and using the Australian Financial Complaints Authority for dispute resolution. The draft covers deposit-taking institutions, telecom carriers, and digital platforms, with ASIC, the Australian Communications and Media Authority, and the Australian Competition and Consumer Commission as regulators.
Policy & regulation Rules & requirements Fraud and scams
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2025-10-31•Venezuela•Ministry of Economy & Finance (Venezuela)
Venezuela’s Superintendence of Savings Banks (Sudeca) held its first congress on preventing money laundering and terrorist financing, emphasizing asset protection and sector integrity. Superintendent Joel González highlighted supervisory actions, including 244 inspections and 902 training activities in September 2025. Discussions addressed AML/CFT rule implementation, national risk assessment, and technology-driven risks in digital payments.
Supervision Supervision approach, priorities & toolkit AML and CFT Supervision process and methodologies
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2025-10-31•Pakistan•State Bank of Pakistan
The State Bank of Pakistan has appointed Muhammad Amin Khan Lodhi as Deputy Governor for a five-year term, effective 30 October 2025. Lodhi previously served as Executive Director of the Monetary Policy and Research Group, contributing to key initiatives such as the market-based exchange rate regime and the SBP Vision 2028 strategic plan.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-10-31•Panama•Superintendencia de Bancos de Panama
The Superintendency of Banks of Panama hosted an advanced course on "Consolidated Supervision and Risk Integration" for experienced banking supervisors, featuring experts from the Federal Reserve. Held from 27 to 30 October, the program included lectures, discussions, and case analyses to enhance understanding of risk management in complex banking institutions. Participants from various countries attended, with opening remarks by Roxana Castillo, SBP’s Director of Supervision of Financial Intermediaries and Trust Companies.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies Risk management
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2025-10-31•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission (SEC) granted temporary exemptive relief from certain compliance dates for Regulation NMS amendments, including minimum pricing increments and access fee caps. Compliance with specific rules is deferred to November 2026 and February 2026, due to ongoing litigation and concerns about market participants' readiness. The order also delays the requirement for exchanges to update rules reflecting the round lot definition until 30 days post-appropriations lapse.
Policy & regulation Rules & requirements Regulatory reporting
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2025-10-31•Italy•Bank of Italy
The Bank of Italy concluded its six-month FinTech Milano Hub programme, supporting 11 projects focused on instant and digital payments innovation. The initiative underscored the need for a systemic approach to payment solutions and collaboration among market participants to advance open banking and finance. It also highlighted potential regulatory adjustments, such as tax rules, to accommodate payments-led innovation.
Policy & regulation Implementation, projects & pilots Payments and payment systems Open banking and finance
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2025-10-31•Bolivia•Central Bank of Bolivia
The Central Bank of Bolivia refuted media claims of conducting financial operations with international banks, attributing such reports to politically motivated narratives. It highlighted a meeting under Supreme Decree No 5475, where officials detailed operations, including a rebound in Net International Reserves and efficient asset management. The bank remains committed to transparency and adherence to its constitutional mandate.
Policy & regulation Guidance & interpretation Other
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2025-10-31•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) released its final quarterly liquidity assessment for bonds under MiFID II, identifying 1,195 bonds as liquid. This assessment will be discontinued as new transparency requirements take effect from 2 March 2026. Interim transparency measures for these bonds will apply from 17 November to 1 March 2026.
Policy & regulation Implementation, projects & pilots Liquidity risk Prudential risks
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2025-10-31•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission (CMC) participated in the Angola PMEs Annual Summit 2025, emphasizing the role of capital markets in diversifying funding sources for small and medium-sized enterprises (SMEs) in Angola. António Van-Dúnem from CMC highlighted the importance of capital markets in SME growth during a panel on SME financing.
Policy & regulation Other Market development
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2025-10-31•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro will provide a EUR 2,000 savings deposit for babies born between 31 October and 6 November as part of its "Savings Week" campaign, in collaboration with commercial banks. The deposit, contributed equally by the central bank and the commercial bank, will be held for one year before withdrawal or reinvestment. The initiative also includes financial literacy activities, with nearly 2,800 children participating to date.
Policy & regulation Implementation, projects & pilots Financial literacy and education
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2025-10-31•Panama•Panama Superintendencia del Mercado de Valores
Panama’s Superintendency of the Securities Market appointed Rafael Moscarella as the new liquidator for PLUS CAPITAL MARKET, INC., replacing the previous liquidator in the ongoing forced liquidation process. This appointment was made via Resolution SMV-384-25 of 24 September 2025.
Supervision Authorisations & approvals Recovery and resolution
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2025-10-31•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission, Bank of Spain, and Ministry of Economy, Trade and Enterprise are collaborating with the private sector to enhance the securitisation market for SME financing. This initiative includes developing a European securitisation platform with France, Germany, Italy, and Luxembourg, and forming a high-level working group on SME financing. The effort aligns with EU goals to deepen capital markets integration and improve cross-border securitisation.
Policy & regulation Implementation, projects & pilots Market development
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2025-10-31•Italy•Bank of Italy
The Bank of Italy announced the eighth edition of Financial Education Month, running from 1 to 30 November, to enhance economic and financial literacy nationwide. Organized by the National Committee for Financial Education, the initiative includes free seminars, workshops, webinars, and educational games. The Bank of Italy will host events across the country, detailed on its “Economics for Everyone” website.
Financial literacy & education Financial literacy and education
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2025-10-31•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued a revised External Regulatory Circular DEFI-360, Subject 3, detailing temporary liquidity support under the Financial Stability Department manual. This update fully replaces the previous DEFI-360 circular from March 2025 and is directed at various financial sector entities, including banks and public financial institutions.
Policy & regulation Rules & requirements Liquidity risk
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2025-10-31•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced that the Federal Court has extended freezing orders on the assets of Gregory Raymond Cotton and First Mutual Private Equity Pty Ltd. ASIC alleges approximately AUD 131 million was raised from 400 investors for ASX-listed shares, but funds were instead spent on gambling and investor payments, with only AUD 7 million in assets identified. The case returns to court on 2 December 2025 for a hearing on ASIC's application to appoint receivers.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-10-31•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) introduced regulations to enhance capital, liquidity, and funding resilience in Islamic banking, aligning with Basel III and Islamic Financial Services Board standards. Islamic commercial banks (BUS) and Sharia business units (UUS) must maintain a minimum Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) of 100%, with BUS also required to maintain a minimum leverage ratio of 3%. Reporting and public disclosure will be phased in from 2026 to 2028, with non-compliance potentially resulting in sanctions.
Policy & regulation Rules & requirements Capital adequacy Prudential risks
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2025-10-31•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission announced that charges against Dean Scook, a former officer of Rock Mining Australia Limited, have been discontinued. The Office of the Director of Public Prosecutions filed a Notice of Discontinuance, citing a review under the Prosecution Policy of the Commonwealth as the basis for not proceeding with the charges.
Enforcement Investigations & enforcement actions Other
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2025-10-31•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has cancelled the Australian credit licence of GS-APAC Pty Ltd following a Compensation Scheme of Last Resort payout for an unpaid Australian Financial Complaints Authority (AFCA) determination. The scheme, operational since April 2024, covered AUD 51,998.15 and mandates licence cancellation upon such payouts. GS-APAC must remain an AFCA member until October 2026 to allow further complaints.
Enforcement Investigations & enforcement actions Consumer and investor protection
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2025-10-31•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has cancelled Arrumar Private Pty Ltd's financial services licence, effective 23 October 2025, due to non-compliance with licence conditions and financial laws. Arrumar failed to join an external dispute resolution scheme and did not submit accurate financial statements for the year ending 30 June 2024. The cancellation was executed under section 915C(1) of the Corporations Act, and Arrumar can seek a review by the Administrative Review Tribunal.
Enforcement Sanctions & designations Accounting and financial reporting Compliance
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2025-10-31•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market adopted rule-making and licensing decisions, including approving a draft procedure for managers' transaction disclosures and updating its 2025 rule-making plan. It confirmed compliance of LLC AMC STRONG CAPITAL and PJSC ALTERA FINANCE with Cabinet of Ministers Resolution No. 76, approved updates to NovaPay Credit LLC bond prospectuses, and registered issuances for several investment vehicles. Additionally, it supported draft measures on OECD anti-corruption guidelines and EU-aligned personal sanctions, updating the asset-blocking sanctions list.
Policy & regulation Rules & requirements Licence approval
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2025-10-31•Uruguay•Ministry of Economy & Finance (Uruguay)
Uruguay's Ministry of Economy and Finance, represented by subsecretary Martín Vallcorba, highlighted progress in financial inclusion and fintech ecosystem development at Fintech Summit Uruguay 2025. Achievements include expanded access to financial services, modernized payment systems, and increased electronic payment adoption, driven by tax incentives. Future priorities focus on fintech growth, financial education, consumer protection, and cybersecurity.
Policy & regulation Reform agendas & priorities Financial inclusion
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2025-10-31•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets fined Forvis Mazars Accountants N.V. EUR 446,000 for failing to prevent exam fraud within the firm. Nearly 100 professionals were involved in misconduct from 2020 to 2023, with deficiencies in policies and safeguards identified. The case was settled after Forvis Mazars accepted the fine, with mitigating factors considered by the AFM.
Enforcement Investigations & enforcement actions Auditing
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2025-10-31•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets released a speech by Jan Berndsen, Head of Account Supervision and Assessments, highlighting that financial risks often change form and remain hidden. Berndsen emphasized that calm market periods can obscure vulnerabilities, urging regulators and market participants to proactively identify and address risks.
Supervision Risk monitoring & watch points Risk analysis and outlook
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2025-10-31•Uruguay•Central Bank of Uruguay
Central Bank of Uruguay President Guillermo Tolosa advocated reducing dollarisation of savings and boosting confidence in the Uruguayan peso to enhance domestic purchasing power and the economy. He noted that pricing imported goods in US dollars shifts foreign-exchange risk into sales risk and that saving in US dollars results in a loss of purchasing power and hinders local credit and investment. Tolosa described fears of abrupt devaluations as unjustified in the current macroeconomic context.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
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2025-10-31•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released its Quarterly Financial Accounts edition, detailing aggregated financial assets and liabilities by sector for the quarter ending June 2025. The report includes data on various sectors such as non-financial corporations, monetary financial institutions, and households. It is available in both Greek and English.
Data & statistics Financial and market indicators Supervisory data
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2025-10-31•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus has set the reference interest rate at 11.84% under Article 314A of Cyprus’ Criminal Code Law. This rate determines when interest-related financial benefits in lending arrangements may constitute a criminal offence, with penalties including up to five years imprisonment, a fine of up to EUR 30,000, or both.
Policy & regulation Implementation, projects & pilots Financial benchmarks
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2025-10-31•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus reported September 2025 statistics showing modest increases in deposit rates and declines in consumer and housing loan rates, with net new lending rising to EUR 447.9 million. Household deposit rates increased to 1.10%, while consumer loan rates fell to 6.46% and housing loan rates to 3.63%. Compared to the euro area, Cyprus loan rates on existing loans were close to the median, but fixed-term deposit rates were lower.
Data & statistics Monetary data
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2025-10-31•Ecuador•Superintendencia de Bancos de Ecuador
Superintendent Roberto Romero von Buchwald of Ecuador's Superintendency of Banks addressed the VII Banking Security Days, emphasizing enhanced supervision and user protection to boost financial security and customer confidence. He covered coverage, liquidity, delinquency, solvency, actions against unauthorized entities, and integrating SupTech for stability. Hosted by the Association of Private Banks of Ecuador, the event featured 25 speakers on cyber-physical security, fraud prevention, and AI-driven threats.
Supervision Supervision approach, priorities & toolkit Cyber resilience Supervision process and methodologies
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2025-10-31•Ireland•Central Bank of Ireland
The Central Bank of Ireland's seventh annual Private Motor Insurance Report highlights increased average premiums and rising claims costs in 2024. Damage claims significantly impacted overall claims outlays, reducing profitability to 4% of total income, down from 8% in 2023. The report noted a 9% increase in average written premiums per policy and a 3% rise in expected claims costs, with damage claims accounting for 54% of settled claim costs.
Data & statistics Financial and market indicators Supervisory data
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2025-10-31•Indonesia•OJK
Indonesia’s Financial Services Authority (OJK) stressed stronger consumer protection amid digitalization, focusing on financial literacy to combat scams. OJK halted over 1,800 illegal financial entities and highlighted the Indonesia Anti-Scam Centre's efforts against fraud. Additionally, OJK is advancing policy on crypto assets, refining trading regulations, and enhancing cybersecurity guidelines.
Policy & regulation Reform agendas & priorities Consumer and investor protection Fintech and insurtech
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2025-10-31•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) released Report 819 on its oversight of financial reporting and audit for the year ending 30 June 2025. The report highlights surveillance findings, enforcement actions, and compliance measures, including changes by 18 entities and disciplinary actions against auditors. ASIC plans to expand its 2025–26 surveillance program with increased audit file reviews and a focus on sustainability reports.
Supervision Reviews, inspections & stress tests Auditing Accounting and financial reporting
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2025-10-31•Georgia•National Bank of Georgia
The National Bank of Georgia's World Savings Day campaign, via its Finedu platform, focused on student financial literacy and marked the 30th anniversary of the Georgian lari. It included game-based lessons by bank employees, involving over 5,700 students, with participation from the First Vice Governor and Board members. The campaign also featured a pilot program with "Finedu Ambassadors" and outreach to regional schools.
Financial literacy & education Financial literacy and education
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2025-10-31•Georgia•National Bank of Georgia
The National Bank of Georgia, in collaboration with several supervisory bodies, has launched the "Best Annual Report and Transparency Award" (BARTA) 2025 competition to enhance corporate reporting and transparency in Georgia. Supported by the World Bank and the Business Association of Georgia, the initiative includes 10 prize categories, with winners announced in February 2026.
Policy & regulation Implementation, projects & pilots Accounting and financial reporting
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2025-10-31•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia reported a stable banking system in Q2 2025, with improved solvency and a capital adequacy ratio of 19.6%. Liquidity was satisfactory, and asset quality improved as the non-performing loan ratio fell to 2.4%. The Council also adopted a Sustainability Framework to enhance sustainable practices in its operations.
Supervision Risk monitoring & watch points Risk analysis and outlook Supervisory data
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2025-10-31•Georgia•Insurance State Supervision Service of Georgia
The Insurance State Supervision Service of Georgia, with the National Bank of Georgia and others, launched the 2025 Best Annual Report and Transparency Award (BARTA) competition. Supported by the World Bank and Georgian Business Association, it is open to first-category companies and public interest entities, with winners announced in February 2026 across 10 categories. Established in 2019, BARTA aims to enhance financial inclusion and accountability under a European Union and World Bank initiative.
Other Accounting and financial reporting
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2025-10-31•United States•National Credit Union Administration
The National Credit Union Administration issued a consent-based Order of Prohibition in October 2025, permanently barring Shwe Siedschlag, a former employee of Affinity Plus Federal Credit Union, from participating in any federally insured depository institution. This action resolves the NCUA Board’s claims against her. The NCUA also issues other administrative orders under Section 206 of the Federal Credit Union Act.
Enforcement Sanctions & designations
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2025-10-31•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) held an awareness session for the Special Investment Facilitation Council on company incorporation and ease of doing business. The session highlighted SECP's digital incorporation via the eZfile portal and recent initiatives to simplify registration. Discussions also covered collaboration and future coordination between SECP and SIFC to enhance business entry processes.
Policy & regulation Guidance & interpretation Financial literacy and education
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2025-10-31•China•Central Bank of the Republic of China
The Central Bank of the Republic of China reported September bond, money, commercial bills, and equity market statistics, with total bond issuance at CNY 8.1 trillion and an outstanding custody balance of CNY 193.1 trillion. Foreign institutions held CNY 3.8 trillion, or 2.0%, mainly in government bonds, negotiable certificates of deposit, and policy bank bonds. Interbank lending turnover was CNY 9.3 trillion, and bond repo turnover was CNY 159.0 trillion, with average interbank lending and pledged repo rates at 1.45% and 1.46%.
Data & statistics Financial and market indicators Supervisory data
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2025-10-31•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners announced the departure of CEO Gary Anderson, effective 29 October 2025, and appointed Jeff Johnston, Chief Regulatory Affairs Officer, as interim CEO. Johnston has over 25 years of experience with the NAIC.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-10-31•Europe•European Banking Authority
The European Banking Authority (EBA) released its second report benchmarking national loan enforcement and insolvency frameworks across EU Member States, highlighting significant disparities in recovery outcomes. Based on over 1.4 million loans, it identifies legal frameworks and judicial capacity as key factors influencing recovery rates and times. The report notes stable gross recovery rates but declining net recovery rates and increased recovery times, with features like out-of-court enforcement and SME restructuring options linked to better outcomes.
Research Recovery and resolution
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2025-10-31•Norway•Department of Finance (Norway)
Norway's Department of Finance has designated DNB Bank ASA, Kommunalbanken AS, Nordea Eiendomskreditt AS, Sparebank 1 Sør-Norge ASA, and Sparebanken Norge as systemically important financial institutions, imposing buffer requirements. DNB Bank ASA must maintain a 2% buffer, while the others must meet a 1% requirement, with Sparebanken Norge's requirement effective from 31 March 2027. The decision follows Finanstilsynet's advice and approval by the Standing Committee of the EFTA States.
Policy & regulation Rules & requirements Financial stability and systemic risk Macroprudential policy and tools
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2025-10-31•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) marked World Savings Day by educating around 1,000 Portuguese students on saving. These sessions, part of the Ministry of Education's initiative, emphasized long-term saving strategies, risk understanding, diversification, and credible information sources, with collaboration from financial supervisors and higher-education students and faculty.
Financial literacy & education Financial literacy and education
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2025-10-31•Netherlands•Ministry of Finance (Netherlands)
The Netherlands Ministry of Finance proposes tightening Buy Now, Pay Later (BNPL) regulations to enhance consumer protection by implementing the European Consumer Credit Directive II (CCDII). BNPL providers would need an Autoriteit Financiële Markten (AFM) licence and conduct creditworthiness assessments. The proposal includes banning BNPL for those under 18, enforcing stricter advertising rules, and imposing additional requirements on foreign providers.
Policy & regulation Rules & requirements BNPL
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2025-10-31•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong has appointed Ms Sabrina Ho Shuk-ying as Chairman of the Process Review Panel for the Insurance Authority (PRP-IA) for a two-year term starting 1 November 2025. New members include Ms Charity Au Chi-san, Ms Zabrina Lau Shing-yan, and Mr Patrick Siu Tsz-him, while several members have been reappointed. Established in 2019, the PRP-IA reviews the Insurance Authority's internal procedures and operational guidelines.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-10-31•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong announced appointments to the Payment Systems and Stored Value Facilities Appeals Tribunal and the Process Review Committee, overseeing Hong Kong Monetary Authority decisions. Mr Richard Khaw Wei-kiang was appointed Chairman of the Appeals Tribunal, and Mr Jack Chan Hoi was reappointed Chairman of the Process Review Committee. These bodies enhance accountability through independent review of HKMA decisions.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-10-31•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong's Financial Services and the Treasury Bureau announced new appointments to the Process Review Panel for the Mandatory Provident Fund Schemes Authority, with Mr Johnny Ip Chun-yuen as chairman and three new members. The panel reviews and advises on the internal procedures of the MPFA, with appointments effective November 1, 2025, for a two-year term. The Bureau also acknowledged the contributions of the outgoing chairman and members.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-10-31•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong's Financial Services and the Treasury Bureau announced the appointment of Mr. Douglas Lam Tak-yip, SC as chairperson and six panel members to the Stablecoin Review Tribunal under the Stablecoins Ordinance. The Tribunal, established to review decisions by the Hong Kong Monetary Authority, will serve a three-year term from November 1, 2025, to October 31, 2028.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-10-31•New Zealand•Department of Internal Affairs
New Zealand’s Department of Internal Affairs accepted an enforceable undertaking from Lexington Trust Services Limited for serious breaches of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The Auckland company failed to maintain a compliant AML/CFT programme and did not report suspicious activities. Lexington must cease AML/CFT activities without departmental consent. The Department emphasized that enforceable undertakings ensure compliance without court action and clarified that Lexington is not accused of money laundering or terrorism financing.
Enforcement Investigations & enforcement actions AML and CFT Compliance
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2025-10-31•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission seeks disqualification orders against three former directors of China Longevity Group Company Limited for alleged financial misstatements. The investigation found significant overstatements of cash and cash equivalents in 2011 and 2012, affecting annual and interim reports. The court granted leave for service out of jurisdiction, with judicial assistance sought in the Mainland.
Enforcement Investigations & enforcement actions Accounting and financial reporting
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2025-10-31•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance proposed a draft bill introducing permanent tax and pay measures, including personal income tax rate reductions and targeted relief for families, young workers, and regional residents. Costing EUR 1.76bn in the first year and averaging EUR 2.5bn annually from 2027, these measures aim to increase net income for over four million taxpayers from January 2026. Key changes include reduced tax rates for various income brackets, regional tax adjustments, and incentives for investment in defence manufacturing.
Policy & regulation Rules & requirements
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2025-10-31•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Hardeep Minhas, proposing a CAD 3,000 penalty for allegedly offering an insurance rebate as an incentive. Minhas is accused of violating Ontario’s Insurance Act and its regulations. A hearing before the Financial Services Tribunal has been requested by Minhas.
Enforcement Investigations & enforcement actions Consumer and investor protection
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2025-10-31•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) plans to consult on amendments to CPS 230 Operational Risk Management by the end of 2025. These changes aim to address challenges with non-traditional service providers (NTSPs) like stock exchanges and payment schemes. The amendments will clarify expectations for contract uplift and service level monitoring, while other CPS 230 risk obligations remain unchanged. APRA intends to finalize these changes by 1 July 2026, following an accelerated consultation process.
Policy & regulation Rules & requirements Operational risk and resilience
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2025-10-31•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Financial Intelligence Unit (UIF) issued an alert on rising money laundering linked to environmental crimes like illegal mining, logging, and wildlife trafficking. Over the past decade, UIF received over 5,700 suspicious transaction reports related to illegal mining, totaling USD 22.8 billion. The UIF urged entities to enhance controls and report transactions, highlighting detection typologies and warning signs like excessive cash use for real estate and vehicle purchases.
Supervision Alerts AML and CFT
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2025-10-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority's September 2025 residential mortgage survey indicates a 1.1% decrease in applications to 8,316, but a 9.4% increase in approvals to HKD 31.4 billion. Loans drawn down rose 9.7% to HKD 20.9 billion, with a decline in HIBOR-referenced loans from 94.4% to 92.6%. Outstanding mortgage loans increased 0.2% to HKD 1,891.4 billion, with a delinquency ratio of 0.13%.
Data & statistics Financial and market indicators Supervisory data
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2025-10-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert warning the public about phishing SMS messages falsely claiming to be from the HKMA regarding insurance service activation. The HKMA emphasized it does not contact individuals about personal financial matters and has reported the case to the Hong Kong Police Force. Suspected victims are advised to contact the Police or the Commercial Crime Bureau for investigation.
Supervision Alerts Fraud and scams
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2025-10-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and Hong Kong Cyberport co-hosted a Generative AI Symposium, concluding the first GenA.I. Sandbox cohort and launching the second. The HKMA report highlighted GenA.I.'s banking potential and introduced a pilot chatbot. The symposium, with over 500 attendees, also launched Project Noor, a collaboration with the Bank for International Settlements Innovation Hub for an explainable AI toolkit.
Policy & regulation Implementation, projects & pilots Artificial intelligence Fintech and insurtech
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2025-10-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported total Exchange Fund assets rose to HKD 4,152.2 billion as of 30 September 2025, with Hong Kong dollar assets up by HKD 97.2 billion and foreign currency assets down by HKD 15.2 billion. The Monetary Base increased by HKD 6.0 billion to HKD 2,020.2 billion, while Backing Assets rose by HKD 7.0 billion to HKD 2,218.2 billion, raising the Backing Ratio to 109.80%. The HKMA emphasized its commitment to transparency through regular monthly press releases on Exchange Fund data.
Data & statistics Balance of payments and other external statistics
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2025-10-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority released analytical data on foreign currency reserves and liquidity for September 2025, adhering to the IMF's Special Data Dissemination Standard. It also announced the 2026 release schedule for monthly data publications. Additionally, the HKMA confirmed its monthly issuance of four Exchange Fund data press releases, including three SDDS monetary data releases.
Data & statistics Balance of payments and other external statistics
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2025-10-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported a 1.3% increase in total deposits and a 0.7% rise in total loans and advances for September 2025. The Hong Kong dollar loan-to-deposit ratio decreased to 73.6% from 74.6% in August, with notable increases in renminbi deposits and remittances. The HKMA also released the 2026 schedule for monetary statistics, highlighting the volatility of monthly data.
Data & statistics Monetary data
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2025-10-31•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported a decrease in residential mortgage loans (RMLs) in negative equity to 31,449 cases at end-September 2025, down from 37,806 at end-June. The delinquency ratio for these loans remained low at 0.24%. The aggregate value of negative equity RMLs fell to HKD 156.8 billion, with most cases linked to bank staff housing loans or those under the mortgage insurance programme.
Data & statistics Asset quality
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2025-10-31•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) has suspended trading of Impresa - SGPS, SA shares under Articles 214 and 213/2/b) of the Securities Code. This action is pending the disclosure of relevant information.
Supervision Interventions Disclosures Trading
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2025-10-31•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has de-registered Quartz Consultancy Limited under the Designated Businesses (Registration & Oversight) Act 2015. This action was taken in accordance with section 12(1)(a) of the Act, effective 31 October 2025.
Supervision Authorisations & approvals AML and CFT Whistleblowing
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2025-10-31•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission's Secretary-General, Chuchart Pramoolpol, addressed the Thailand Reinsurance Conference 2025, emphasizing efforts to bolster insurance solvency and market resilience against climate-related risks. Initiatives include expanding catastrophe risk assessments, enhancing the Risk-Based Capital framework, strengthening insurers' risk management standards, and promoting governance for proactive risk management.
Policy & regulation Reform agendas & priorities Other
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2025-10-31•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
The Central Bank of Bosnia and Herzegovina celebrated World Savings Day by engaging over 400 students in financial literacy activities and reporting on household savings trends. As of September 2025, household deposits reached KM 18.88 billion, an 11.5% year-on-year increase, with KM-denominated deposits rising 16.8%. Transaction accounts saw the most significant growth, contributing to the overall increase.
Financial literacy & education Financial literacy and education
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2025-10-31•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has re-documented the banking licence of Closed Joint-Stock Company International Bank of Tajikistan for operations in national and foreign currency, invalidating the previous licence from March 2016.
Supervision Authorisations & approvals Licensing framework and process
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2025-10-31•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has issued commemorative TJS 100 banknotes to celebrate the 25th anniversary of the somoni, effective 30 October 2025. These banknotes, featuring cultural and historical designs, will circulate alongside existing TJS 100 notes as legal tender.
Monetary policy Other
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2025-10-31•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan and the Eurasian Group Secretariat held a seminar to prepare Tajikistan's experts and financial sector for the Eurasian Group's third mutual evaluation. The event aimed to improve anti-money laundering, counter-terrorist financing, and counter-proliferation systems, with participation from state authorities and international experts. Key topics included updated Financial Action Task Force recommendations, evaluation methodologies, and enhancing interagency cooperation.
Policy & regulation Cooperation AML and CFT
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2025-10-31•Spain•Bank of Spain
The Bank of Spain reported that Spain's net lending position decreased to 4.1% of GDP (EUR 67.6 billion) over the 12 months to August 2025, down from 4.4% a year earlier. The current account surplus narrowed to 2.9% of GDP, while the capital account surplus was 1.2% of GDP. A larger tourism surplus partially offset weaker non-tourism goods and services, with the financial account balance excluding the Bank of Spain falling to 2.4% of GDP.
Data & statistics Balance of payments and other external statistics
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2025-10-31•Spain•Bank of Spain
The Bank of Spain, alongside Spain’s Ministry of Economy, Trade and Business and the National Securities Market Commission, is collaborating with the private sector to enhance the securitisation market for SME financing. A high-level task force will assess SME financing access and propose a European securitisation platform. The Bank of Spain also supports broader use of independent ratings and complementary initiatives to the European Commission’s securitisation framework revision.
Policy & regulation Cooperation Securitization Market development
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2025-10-31•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten, with Nyenrode Business University, released its Financial Sector Strategic Review report, assessing risks and opportunities for the monetary union's financial sector. It outlines four strategic pathways: Business as Usual, Digital Financial Infrastructure, Green Finance and ESG Leadership, and Regional Wealth and Pension Innovation. Stakeholders preferred hybrid approaches combining stability with digital or green initiatives.
Policy & regulation Reform agendas & priorities Climate risk and sustainable finance
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2025-10-31•Portugal•Bank of Portugal
The Bank of Portugal released updated September 2025 statistics on interest rates and volumes for new bank deposits and loans to households and companies. The average rate on new household time deposits held steady at 1.34%, while the average rate on new housing loans fell to 2.84%. New lending to households totaled EUR 3,409 million, with EUR 2,926 million in new contracts, and new lending to companies increased to EUR 2,210 million with an average rate of 3.59%.
Data & statistics Financial and market indicators Monetary data
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2025-10-31•Europe•European Central Bank
The European Central Bank's Economic Bulletin notes slight improvements in euro area business conditions, with modest growth and challenges in manufacturing due to tariffs and competitiveness issues. Consumer spending remains weak, with cautious consumers and flat demand for passenger cars amid regulatory uncertainty. Employment is slightly declining, and wage growth is moderating, while investment in digital infrastructure and AI is strong despite geopolitical and policy uncertainties.
Data & statistics Market development
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2025-10-31•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore and the Singapore Police Force are addressing the Prince Holding Group case through the Anti-Money Laundering Case Coordination and Collaboration Network. Led by the Commercial Affairs Department and MAS, the network involves sector supervisors and law enforcement. Financial institutions have filed suspicious transaction reports and implemented risk mitigation measures, including account closures, since 2022.
Supervision Cooperation AML and CFT Cross-border cooperation
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2025-10-31•Europe•European Central Bank
The European Central Bank's September 2025 Eurosystem Survey reported largely unchanged credit terms in euro-denominated securities financing and OTC derivatives markets from June to August 2025, with minor tightening for banks, dealers, and non-financial corporations. Balance sheet availability and counterparty financial strength were key tightening factors, while market liquidity and competition eased price terms. For Q4 2025, respondents anticipate stable credit terms with slight price easing for most counterparties, excluding banks and hedge funds.
Data & statistics Market risk and volatility Prudential risks
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2025-10-31•Europe•European Central Bank
The European Central Bank's September 2025 Survey showed largely unchanged credit terms from June to August 2025. Non-price terms tightened slightly for banks, dealers, and non-financial corporations, while price terms eased for hedge funds and other financial entities. Demand for secured funding increased, except for asset-backed securities and high-quality non-financial corporate bonds, with no expected changes in overall credit terms for the fourth quarter of 2025.
Data & statistics Credit risk
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2025-10-31•Europe•European Central Bank
The European Central Bank's Legal Working Paper analyzes the impact of human rights-based climate case law, particularly the European Court of Human Rights’ KlimaSeniorinnen ruling, on EU institutions and the financial system. It discusses the ECtHR's recognition of climate protection rights under Article 8 of the European Convention on Human Rights and its implications for litigation and transition risks, as well as international advisory opinions reinforcing state climate obligations and their potential effects on corporate and financial institution claims.
Research Climate risk and sustainable finance
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2025-10-31•Serbia•National Bank of Serbia
The National Bank of Serbia will launch the Central Registry of Electronic Bills of Exchange (CReM) on 1 December 2025, facilitating electronic processing alongside paper versions. The Executive Board and Governor have set detailed rules for the Register of Bills of Exchange and Authorizations, and amended decisions on enforced collection and service fees. Banks must offer electronic bills to legal entities and entrepreneurs by December 2025, extending to citizens by November 2026.
Policy & regulation Implementation, projects & pilots Payments and payment systems
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2025-10-31•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) launched a public consultation to modernize the regulatory framework for real estate investment funds (FIIs) and announced cooperation agreements with the European Economic Area and the Astana Financial Services Authority. The CVM highlighted enforcement actions, including fines totaling BRL 26 million for fraudulent activities, and approved Brazilian index listings on Chinese exchanges under the Brazil–China ETF Connect programme.
Policy & regulation Rules & requirements Other
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2025-10-31•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia's Policy Document on Management of Customer Information requires financial service providers to report significant breaches to the central bank and notify affected customers. This aligns with amendments to the Personal Data Protection Act 2010, mandating breach notifications to the Personal Data Protection Commissioner. The policy includes templates for reporting and disclosure applications and is effective immediately.
Policy & regulation Rules & requirements Data protection
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2025-10-31•Albania•Albania Financial Services Authority
The Albania Financial Services Authority released the agenda for its Board meeting on 31 October 2025, covering bond issuance documentation, insurance company governance, and outsourcing arrangements. The agenda includes updates on the authority's budget execution and AML/CFT supervisory activities, alongside decisions on audit firm approvals, corporate name changes, and board appointments.
Supervision Authorisations & approvals Auditing
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2025-10-31•Albania•Albania Financial Services Authority
The Albania Financial Services Authority issued decisions impacting capital markets, insurance, and investment management, including bond registrations for First Investment Bank Albania and Credins Bank. It approved audit firms for 2025 insurance financial statements, authorised Sigal Uniqa Group Austria name changes, and amended SiCRED’s statute. It also cleared governance appointments, delegated IT and marketing functions, and authorised insurance agency activities.
Supervision Authorisations & approvals Securities offerings and listings
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2025-10-31•Canada•Ontario Securities Commission
The Ontario Securities Commission's Capital Markets Tribunal approved a settlement with Jessica Tam over an insider trading scheme involving Score Media & Gaming Inc. Tam admitted to insider trading, receiving a two-year market ban and disgorging CAD 120,000 in profits. She also received cooperation credit and agreed to testify in future proceedings.
Enforcement Investigations & enforcement actions Market abuse
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2025-10-31•Zambia•Bank of Zambia
The Bank of Zambia, as liquidator of Ecsponent Financial Services Limited trading as MyBucks, issued a notice for depositors and creditors to collect statements and file claims by 10 December 2025. Lusaka customers can access statements until this date, while those outside Lusaka can collect theirs from 10 November 2025 per a regional schedule. Unclaimed funds or property within 60 days of statement availability will be managed under Section 128(6) of the Banking and Financial Services Act, 2017.
Policy & regulation Guidance & interpretation Recovery and resolution