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2025-08-21•Costa Rica•Central Bank of Costa Rica
The Ministry of Finance and the Central Bank of Costa Rica reviewed the 2025 Financing Plan, adjusting the funding split between domestic and external sources amid pending legislative approval of budget support loans and eurobonds. The Ministry plans CRC 3.2 trillion in domestic placements and CRC 300 billion externally, with CRC 1.25 trillion remaining to be funded. The BCCR aims for CRC 484.260 billion in net market funding, continuing auctions of short-term and longer-term bonds to improve debt maturity profiles.
Policy & regulationImplementation, projects & pilotsOther
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2025-08-21•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) has signed memorandums of understanding with various regulatory bodies to enable electronic data sharing through its eZfile portal under the Pakistan Regulatory Modernization Initiative. This integration aims to reduce manual submissions and expedite service access, aligning with SECP's digital transformation and the government's ease-of-doing-business agenda.
Policy & regulationCooperationRegulatory reporting
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2025-08-21•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan released its Insurance Industry Statistics 2024, noting significant growth in industry assets and gross premiums, particularly in the takaful segment. Total industry assets rose to PKR 3,554 billion, with gross premiums increasing by 7% to PKR 677 billion. The report highlights a 25% rise in private sector life premiums and a threefold increase in digital channel premiums, alongside future priorities like a five-year development plan and adoption of international standards.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-08-21•Algeria•Algeria Market Authority (COSOB)
Algeria Market Authority (COSOB) said Groupe Biopharm Spa will pay its 2024 dividend on 31 August 2025. The dividend is set at DZD 160 per share.
Other
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2025-08-21•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) has adopted initiatives to enhance life insurers' capacity to meet policyholder claims by updating economic scenario modelling, expanding principle-based reserving to fixed annuities, and adding reinsurance disclosure requirements. The new Generator of Economic Scenarios (GOES) will be used for reserve and capital calculations, reflecting recent interest rate changes. Actuarial Guideline 55 mandates additional disclosures on certain reinsurance contracts to ensure adequate reserves.
Policy & regulationRules & requirementsPrudential risksAccounting and financial reporting
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2025-08-21•Germany•BaFin
Germany's Federal Financial Supervisory Authority (BaFin) issued guidance on implementing the EU Digital Operational Resilience Act (DORA) simplified requirements for ICT and third-party risk management. The notice targets BaFin-supervised institutions not subject to the Capital Requirements Regulation, small occupational pension institutions, investment firms, and insurance holdings. BaFin provides comparisons between BAIT, VAIT, and DORA, and outlines documentation requirements under Article 16 DORA.
Policy & regulationGuidance & interpretationOperational risk and resilience
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2025-08-21•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) amended the General Regulation and Accounting Manual for Savings and Credit Cooperatives (Coopac). The amendments introduce new capital strengthening sources, specific asset revaluation treatments, and adjusted provisioning timelines, aligning prudential and accounting requirements with cooperative operations while ensuring solvency and member protection.
Policy & regulationRules & requirementsCapital adequacyAccounting and financial reporting
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2025-08-21•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert due to fraudulent websites, fake internet banking login screens, and phishing emails affecting banks like The Bank of East Asia and Shanghai Commercial Bank. The HKMA stressed that banks won't send SMS or emails with embedded links 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.
SupervisionAlertsFraud and scams
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2025-08-21•Germany•BaFin
BaFin issued a supervisory notice with implementation guidance on DORA’s simplified ICT risk management framework (Article 16) and ICT third‑party risk management (Articles 28–30). It targets non‑CRR institutions transitioning from BAIT from 2027, as well as small occupational pension institutions, small investment firms and insurance holdings already applying Article 16. The notice compares BAIT and VAIT with DORA, outlining material simplifications, minimum contractual clauses and documentation requirements. It does not apply to entities previously subject to ZAIT or KAIT.
Policy & regulationGuidance & interpretationOperational risk and resilience
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2025-08-21•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan reported on the 12th International Forum of Insurance Guarantee Schemes, highlighting that the Insurance Payments Guarantee Fund JSC is chairing IFIGS for the first time. Chair Madina Abylkassymova emphasized Kazakhstan's alignment with international insurance practices. The forum discussed regulatory changes, insurance product improvements, and digital technology deployment, focusing on developing a catastrophe insurance model.
Policy & regulationCooperationOther
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2025-08-21•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency has launched an online course, "Insurance organizations and pension funds: financing and investing," for actuaries. It covers state regulation, financial reporting, risk-based capital requirements, and actuaries' roles in prudential regulation. This is part of ten courses to enhance actuarial skills in Kazakhstan.
Policy & regulationImplementation, projects & pilotsOther
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2025-08-21•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan issued guidance on the role and responsibilities of co-borrowers in credit agreements. Co-borrowers share joint liability with borrowers, and their income is considered in loan approvals, exposing them to full repayment obligations if the borrower defaults. The guidance advises careful review of contract terms and assessment of repayment capacity.
Policy & regulationGuidance & interpretationLendingPrudential risks
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2025-08-21•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority announced updates to sanctions information across four regimes: Cyber, Global Irregular Migration and Trafficking in Persons, Democratic Republic of the Congo, and Russia. Firms are directed to the Isle of Man Government news releases and the Treasury’s Sanctions and Export Control webpage for details. Subscription options for monitoring include an RSS feed and the UK Treasury’s email alert system.
Policy & regulationGuidance & interpretationSanctions list update
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2025-08-21•United States•Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston released a working paper analyzing financial stability risks from technology-focused third-party service providers, highlighting vulnerabilities from operational outages and cyberattacks. The paper reviews regulatory responses in the US, UK, and EU, noting differences in oversight and resilience measures. A workshop on this topic will be held by the Boston, Chicago, and Dallas Federal Reserve Banks on October 16, 2025.
ResearchOutsourcing and third-party risk managementCyber resilience
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2025-08-21•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) attended the Estadão Summit ESG 2025 in São Paulo, where Director Jéssica Bastos emphasized Brazil's opportunity to advance the ESG agenda. Bastos discussed political backlash against ESG and governance dismantling, highlighting alignment between government, regulators, and the market. The event also addressed energy transition, social responsibility, corporate diversity, sustainability reporting, and compliance.
Policy & regulationCooperationESG
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2025-08-21•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has expanded its insurance and pension education initiatives to enhance public understanding and support financial citizenship. Efforts include a sector dialogue on insurance and pension education, a 2024 technical cooperation agreement for teacher courses, and participation in the "Na Ponta do Lápis" programme for student financial literacy. SUSEP also promotes consumer awareness through the "Meu Futuro Seguro" programme, offering accessible information on its platforms.
Financial literacy & educationFinancial literacy and education
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2025-08-21•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan hosted the 42nd meeting of the Coordinating Council on professional training for central bank staff, reviewing the 2024 training programme and approving the 2026 work plan. Participants included representatives from several regional central banks. The Council emphasized enhancing staff expertise and fostering cooperation among central banks.
Institutional developmentCooperation & capacity buildingOther
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2025-08-21•South Africa•South African Reserve Bank
The South African Reserve Bank's working paper uses a dynamic stochastic general equilibrium model to assess climate change shocks on South Africa's macroeconomic stability and monetary policy. It shows climate variability can significantly impact inflation expectations and economic output, suggesting monetary policies should incorporate climate risks. This preliminary research, part of the South African Reserve Bank Working Paper Series, aims to provoke discussion.
ResearchClimate risk and sustainable finance
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2025-08-21•South Africa•South African Reserve Bank
The South African Reserve Bank (SARB) has applied to the High Court to liquidate Ditsobotla Primary Savings and Credit Co-operative Bank Limited (DCB) after determining resolution efforts were insufficient. Assessments showed DCB's financial position was worse than reported, with assets below liabilities and significant compliance failures. The Corporation for Deposit Insurance will reimburse qualifying depositors up to ZAR 100,000, with claims above this addressed in the liquidation process.
SupervisionInterventionsRecovery and resolutionPrudential risks
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2025-08-21•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Dominican Republic Superintendency of Banks released its annual results, highlighting the expansion of risk-based supervision and technology-enabled monitoring. Key developments include 31 inspections, thematic reviews, and the implementation of automated monitoring systems. The report also noted a solvency ratio of 18.4% and a delinquency rate below 2% as of June 2025.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-08-21•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation on three websites, blocked by Italian internet service providers. Since November 2023, IVASS has issued cessation orders for 271 websites. The orders are detailed in IVASS's consumer protection section, advising verification of insurance legitimacy through IVASS lists and the Register of Insurance Intermediaries.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-08-21•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) ordered BBN Finance S/A and partner Oscar Gibson Sobrinho to cease offering securities portfolio management services in Brazil without authorization. The services were promoted on www.monet.com.br, and non-compliance may result in a daily fine of BRL 100,000. The CVM may pursue liability for prior violations and encourages investors to report any proposals from the firm.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-08-21•Malaysia•Malaysia Securities Commission
The Malaysia Securities Commission’s Audit Oversight Board published its Annual Inspection Report 2024, highlighting improved audit quality with enforcement cases dropping to 8% from 16% in 2023. The report assessed 40 partners and 40 audit engagements across 13 firms, noting efforts to address resource adequacy and high staff turnover. It urges consistent audit quality, enhanced quality management systems, and stronger oversight of auditor resignations.
SupervisionReviews, inspections & stress testsAuditing
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2025-08-21•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission has placed Carehealth Plus Systems International, Inc. under liquidation and appointed Atty. Erwin C. Onglengco as liquidator, following Executive Order No. 192 (2015). A Notice of Stay Order remains effective until the liquidation concludes or further notice. Future announcements will be available on the Commission's website.
EnforcementInvestigations & enforcement actionsLiquidity risk
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2025-08-21•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued an Iran sanctions notice designating five individuals and entities under the UK’s Iran (Sanctions) Regulations 2023, requiring an asset freeze. Firms must identify and report any relationships with the designated parties and ensure compliance with the Sanctions (Bailiwick of Guernsey) Law, 2018. Notifications and reports under Handbook Rule 12.37 are expected for affected relationships.
EnforcementSanctions & designationsNew sanctions designations
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2025-08-21•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay has raised the limit for resident FX forward positions, giving banks more room to offer currency hedging to companies and individuals. The cap now uses three times average daily volume instead of two times, subject to the lower of that amount or 80% of the previous month's effective capital converted into USD. The measure is part of a wider push to deepen Paraguay's financial and derivatives markets.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2025-08-21•Zambia•Bank of Zambia
The Bank of Zambia and the National Advisory Board for Impact Investment are seeking a management team for the Small Business Growth Initiative (SBGI) pilot. This initiative supports micro, small, and medium enterprises with a credit guarantee scheme, technical assistance, and a Learning Lab. The SBGI Manager will manage capital deployment, oversee loan portfolios, and lead stakeholder engagement.
Policy & regulationImplementation, projects & pilotsSME financing
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2025-08-21•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority issued a public warning regarding Virtu Markets Ltd, stating it is not affiliated with any entity licensed or regulated by the FSA. Investors are urged to conduct due diligence before engaging with the website virtu.markets, as the FSA will not be liable for any consequences.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-08-21•Malaysia (Labuan)•Labuan Financial Services Authority
The Labuan Financial Services Authority renewed its Corruption-Free Pledge with the Malaysian Anti-Corruption Commission, extending it to new management and staff. The renewal included an Integrity Forum and existing anti-corruption measures, such as a Code of Business Conduct and Ethics. Plans were also announced to pursue ISO 37001:2025 Anti-Bribery Management System certification by 2026 under its Organisational Anti-Corruption Plan 2024–2026.
Institutional developmentCooperation & capacity buildingBribery and corruption
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2025-08-21•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has expanded its "Campaign on Campus" financial literacy initiative to universities across five regions, following a successful pilot in Bangkok. The program, targeting university students, includes investment simulation games, scam-awareness activities, and a TikTok contest, with scholarships totaling THB 37,000. The first 2025 event was held at the College of Asian Scholars in Khon Kaen Province, engaging over 180 students.
Financial literacy & educationFinancial literacy and education
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2025-08-21•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has asked public prosecutors to file a civil lawsuit against 13 individuals for manipulating the prices of Max Metal Corporation Co., Ltd., Electronics Industry Public Company Limited, News Network Corporation Public Company Limited, and NEWS Warrants Series 5. The SEC seeks civil penalties totaling THB 202,022,012 plus interest after the individuals refused to comply with previously imposed sanctions. The case has also been reported to the Anti-Money Laundering Office for further consideration.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-08-21•Rwanda•National Bank of Rwanda
The National Bank of Rwanda's Financial Stability Committee reported that Rwanda's financial system remains stable and resilient, with strong capitalisation and liquidity despite rising vulnerabilities. As of June 2025, banks and microfinance institutions exceeded regulatory capital and liquidity requirements, while financial sector assets grew 22.6% year-on-year. The committee noted increased digital activity and flagged rising fraud incidents, emphasizing ongoing efforts in risk management and policy implementation to maintain stability.
SupervisionRisk monitoring & watch pointsCapital adequacyLiquidity riskFinancial stability and systemic risk
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2025-08-21•Russia•Central Bank of Russia
Starting 1 September 2025, the Central Bank of Russia requires banks to use nine indicators to detect potentially fraudulent ATM withdrawals. If any indicator is met, banks must notify the customer and limit withdrawals to RUB 50,000 per day for 48 hours, with larger amounts available at bank offices. Indicators include atypical withdrawal behavior, changes in phone activity, and recent large transactions or account changes.
Policy & regulationRules & requirementsFraud and scams
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2025-08-21•Canada•Payments Canada
Payments Canada released The Real-Time Rail Participation Guide for Payment Service Providers, detailing membership and participation in the Real-Time Rail (RTR) system. The guide outlines technical, operational, and business requirements for PSPs, emphasizing RTR's 24/7/365 real-time clearing and settlement capabilities. RTR aims to eliminate credit risk and support real-time cash and liquidity management across various business models.
Policy & regulationGuidance & interpretationPayments and payment systems
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2025-08-21•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority has launched its annual research competition to foster innovation in the non-banking financial sector and capital market. The competition features two award tracks: the Dr Ahmed Saad Award for applied research on the Egyptian capital market and the Dr Ashraf El‑Sharqawy Award for comparative studies on non-banking finance laws. Prizes range from EGP 25,000 to EGP 100,000.
ResearchOther
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2025-08-21•Chile•Chile Financial Market Commission
The Chile Financial Market Commission warned that North Trust Company, Northern Trust SpA, and Northern Trust Company are not authorized to provide financial services in Chile. The CMF emphasized it has no supervisory authority over these entities and advised investors to verify firm registration and management details on its website. The Commission also directed the public to its Fraud Alerts Page for further verification and alerts.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-08-21•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission appointed Judge Margaret “Meg” Ryan as Director of the Division of Enforcement, effective 2 September 2025. Acting Director Sam Waldon will resume his role as Chief Counsel for the Division. Ryan is a senior judge at the United States Court of Appeals for the Armed Forces and lectures at Harvard University Law School.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-08-21•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) issued August 2025 enforcement actions, including a formal agreement with First National Bank & Trust Company for unsafe practices and eight prohibition orders against former bank employees for misconduct causing financial losses. The actions addressed embezzlement, fraudulent transactions, and misappropriation of funds. Additionally, the OCC terminated a previous cease-and-desist order against Anchorage Digital Bank related to compliance program deficiencies.
EnforcementInvestigations & enforcement actionsAML and CFTCompliance
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2025-08-21•Argentina•Argentina Securities Commission (CNV)
Argentina Securities Commission (CNV) President Roberto E. Silva discussed the regulatory framework for virtual asset service providers and tokenisation at the Buenos Aires City Bar Association. Silva highlighted the CNV's expansion of tokenisation regulation through General Resolution No. 1081, describing it as part of an innovative regime. The event included a session on the legal framework for digital securities representation via distributed ledger technology.
Policy & regulationGuidance & interpretationTokenization
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2025-08-21•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance revoked ORBIS Compañía Argentina de Seguros S.A.'s authorization to operate following its voluntary dissolution and liquidation notice. The Superintendency's request to be appointed as liquidator was rejected by the National Commercial Court, and the appeal is pending.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-08-21•Argentina•Argentina Superintendency of Insurance
Argentina's Superintendency of Insurance issued Resolution RESOL-2025-452-APN-SSN#MEC, prohibiting Gustavo Oscar Palopoli from holding positions in management or oversight of insurance and reinsurance entities. The decision aims to ensure transparency and proper market functioning.
SupervisionInterventionsFitness and propriety
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2025-08-21•India•Securities & Exchange Board of India
The Securities and Exchange Board of India has extended the deadline for investors to submit claims against Karvy Stock Broking Limited, declared a defaulter by the National Stock Exchange. The new deadline is 31 December 2025, following an initial deadline of 2 June 2025.
Policy & regulationRules & requirementsOther
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2025-08-21•South Korea•Bank of Korea
The Bank of Korea's preliminary Producer Price Index for July 2025 indicates a 0.4% rise in producer prices from June and a 0.5% increase year on year. Agricultural, forestry, and marine products saw a 5.6% month-on-month rise, while manufacturing products increased by 0.2%. Electric power, gas, water, and waste decreased by 1.1%, and services rose by 0.4%.
Data & statisticsEconomic data and developments
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2025-08-21•Moldova•National Bank of Moldova
The National Bank of Moldova released July 2025 statistics on the domestic cash foreign exchange market, reporting a total turnover of EUR 516.4 million. Euro transactions dominated at 72.7% of turnover, with a 19.3% increase from the previous month. Compared to July 2024, turnover rose by 3.0%.
Data & statisticsCurrency and cash management
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2025-08-21•Moldova•National Bank of Moldova
The National Bank of Moldova released its July 2025 data on licensed banks' foreign-currency assets and liabilities, with total foreign-currency assets at MDL 51.06 billion and liabilities at MDL 50.89 billion. The report details on-balance-sheet and off-balance-sheet items, with long positions totaling MDL 356.54 million and short positions at MDL -183.20 million.
Data & statisticsCurrency and cash management
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2025-08-21•Moldova•National Bank of Moldova
The National Bank of Moldova reported that in July 2025, net foreign currency supply from individuals covered 79.9% of companies’ net foreign currency demand, up from 78.1% in June. The BNM intervened in the interbank market with net sales of EUR 64.0 million. The leu's average exchange rate against the euro increased from 19.6668 in June to 19.7842 in July.
Data & statisticsBalance of payments and other external statistics
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2025-08-20•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission attended a National Bank of Angola conference in Luanda, focusing on the legal and regulatory regime for non-bank financial institutions. The event aimed to enhance knowledge on licensing and registration procedures, promoting financial inclusion and transparency. Key discussions involved authorisation processes and supervisory mechanisms, with contributions from national and international stakeholders.
Policy & regulationCooperationOther
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2025-08-20•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico’s National Banking and Securities Commission (CNBV) reported an aggregate capital adequacy index (ICAP) of 32.41% for broker-dealers as of June 2025. All broker-dealers were classified in Early Warning Category I, indicating compliance with the minimum capital requirement and sufficient capitalisation to absorb unexpected losses.
SupervisionRisk monitoring & watch pointsCapital adequacy
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2025-08-20•Poland•Polish Financial Supervision Commission (KNF)
The Polish Financial Supervision Commission's National Working Group for Benchmark Reform is consulting on draft recommendations for using the POLSTR reference index and the POLSTR Compound Indices Family benchmarks in floating-rate debt securities issuances.
Policy & regulationGuidance & interpretationFinancial benchmarks
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2025-08-20•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority completed the compulsory acquisition of all shares of Mubarrad Holding Company. No Mubarrad shareholders participated in the offer during the share pooling period, while Aayan Leasing and Investment Company and its group hold 59.96% of Mubarrad’s shares.
Policy & regulationImplementation, projects & pilotsSecurities offerings and listings
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2025-08-20•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has intensified its surveillance on large proprietary companies' non-lodgement of financial reports after widespread non-compliance post-2022. ASIC found 755 of 1,166 companies failed to lodge reports in FY23 or FY24. The focus is on companies with AUD 50 million revenue, AUD 25 million assets, or 100 employees. Surveillance aims for completion by Q1 2026, using enforcement tools to address non-lodgement, urging proactive management of reporting obligations.
SupervisionReviews, inspections & stress testsAccounting and financial reporting
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2025-08-20•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets has suspended trading in NX Filtration N.V. due to an awaiting press release. The suspension, effective from 13:30 on 20 August 2025, will remain until further notice and was not requested by a market operator or investment firm.
SupervisionInterventionsTrading
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2025-08-20•Peru•Central Bank of Peru
The Central Bank of Peru reported a 17.6% increase in Peru's terms of trade in June 2025 compared to June 2024, driven by higher export prices and lower import prices. Export prices rose 12.7% year on year, notably in gold, copper, and coffee, while import prices fell 4.1% due to declines in oil and industrial inputs. The terms of trade index reached 161.3 in June, up from 158.9 in May and 137.2 a year earlier.
Data & statisticsBalance of payments and other external statistics
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2025-08-20•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has approved the Capital Market Development Fund (CMDF) to support capital market initiatives and enhance financial literacy. The fund, managed by the Institute of Financial Markets of Pakistan, will receive PKR 30 million in seed capital and 1% of annual revenue from key market institutions. A steering committee will oversee governance and strategic direction.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-08-20•Ukraine•National Bank of Ukraine
The National Bank of Ukraine released the Financial Stability Council's opinion on reducing state ownership in the banking sector through sales of shares in Sens Bank JSC and UKRGASBANK JSC. The Council concluded that these sales, if conducted under Ukraine's Law on the Specifics of Selling State-Owned Shares in the Authorized Capital of Banks, would not negatively impact financial stability. The assessment follows discussions on divestment risks and strategic objectives to enhance bank share value.
Policy & regulationGuidance & interpretationFinancial stability and systemic risk
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2025-08-20•Portugal•Bank of Portugal
The Bank of Portugal released updated securities statistics for July 2025, highlighting a rise in resident-issued listed equities and outstanding debt securities. Outstanding debt securities reached EUR 320.5 billion, with net issuance primarily from the financial sector and general government. ESG-labelled debt securities decreased to EUR 13.7 billion due to net redemptions.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-08-20•Bolivia•Financial System Supervisory Authority of Bolivia
The Financial System Supervisory Authority of Bolivia reported a record increase of 1.6 million bank accounts over the past year, with 97.1% of municipalities now having at least one financial service point. Public deposits rose to BOB 223.936bn, and the credit portfolio reached BOB 226.737bn, contributing to system profits of BOB 1.431bn. ASFI highlighted that financial institutions have capitalised at least 50% of profits, maintaining a capital adequacy ratio of 14.6% against a 10% minimum.
Data & statisticsFinancial inclusion
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2025-08-20•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) warns of impersonation scams with fraudsters posing as SFC senior executives and stock commentators. These scams use phishing emails and counterfeit documents to target licensed corporations, their staff, and investors, risking financial losses. The SFC advises avoiding unsolicited communications and reporting suspicious activities to the SFC or Police.
SupervisionAlertsFraud and scams
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2025-08-20•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendence of Banking, Insurance and Pension Fund Administrators released a "Finanzas para ti" podcast episode with Magno Condori, Head of Information Systems and Technology Risks, focusing on cybersecurity. The episode outlines key steps for protecting personal data and savings from digital fraud.
Financial literacy & educationCyber resilience
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2025-08-20•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert regarding fraudulent websites, fake internet banking login screens, and phishing emails involving six banks, including The Bank of East Asia and HSBC. The alert emphasizes that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS.
SupervisionAlertsFraud and scams
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2025-08-20•Bulgaria•National Bank of Bulgaria
The Bulgarian National Bank refuted claims by the political party We Continue the Change that it cannot protect Bulgaria’s banking system from individuals sanctioned under the Magnitsky regime, labeling the claims as political pressure. The bank emphasized that disclosing banking secrecy outside legal procedures would breach the law and highlighted a legal vacuum regarding third-country sanctions. It affirmed its commitment to the current legal framework, noting that any new responsibilities must align with European System of Central Banks regulations.
Policy & regulationGuidance & interpretationOther
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2025-08-20•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan denied consent for Gulmira Zhumadil's appointment as head of the management body in the securities market, as per protocol No. 263/RCB/T.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-08-20•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan granted JSC Altyn Adam Associates licence No. 3.4.6 to conduct banking operations in foreign currency, following Deputy Chair order No. B-202.
SupervisionAuthorisations & approvalsLicence approval
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2025-08-20•United States•Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston summarized President Susan M. Collins’ visit to Maine, where she engaged with local leaders on economic conditions and innovations. Key discussions included workforce participation barriers, such as child care access and labor shortages, and technology-driven rural health care expansion. Collins also addressed housing affordability and highlighted local initiatives in diagnostics and entrepreneurship.
OtherEconomic data and developments
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2025-08-20•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) hosted an Intensive Bootcamp as part of the OIC InsurTech Award 2025, selecting 10 finalist teams from over 400 applicants. The bootcamp aimed to enhance participants' skills in prototype development and market strategies, with finalists divided into student and general public tracks. The final competition will occur on 25 August 2025, chaired by OIC Secretary-General Chuchart Pramulpol.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
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2025-08-20•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) released its June 2025 bulletin, reporting a 1.67% nominal revenue decrease to BRL 206.06 billion for the first half of 2025, while claims and payouts rose 9.96% to BRL 131.31 billion. Damage and personal insurance generated BRL 106.91 billion, with motor insurance leading at BRL 28.92 billion. Accumulation products saw a 13.93% nominal decline in contributions to BRL 82.26 billion.
Data & statisticsActivity and performance reporting
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2025-08-20•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) issued Resolution No. 55/2025, setting reference contractual conditions for rural insurance plans eligible for federal subsidies under the Rural Insurance Premium Subsidy Programme. Effective 1 September 2025, the resolution aims to streamline SUSEP’s product review process, reduce information asymmetries, and improve policy clarity. It is the first rule aligned with Law 15.040, effective 10 December 2025.
Policy & regulationRules & requirementsOther
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2025-08-20•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines announced the revocation of RGC Employees Savings and Loan Association, Inc.'s licence to operate as a non-stock savings and loan association. This decision was made under Monetary Board Resolution No. 574, in accordance with Section 22 of Republic Act No. 8367.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-08-20•Brazil•Brazilian Pension Funds Authority (PREVIC)
At a public hearing, PREVIC director-superintendent Ricardo Pena addressed the 2024 deficit in Previ-BB’s Plan 1, emphasizing the long-term nature of pension investments and Brazil's closed pension fund system's high solvency. He detailed PREVIC's supervisory approach, highlighting continuous oversight and a supervisory escalation framework, attributing the deficit to economic fluctuations. Pena also outlined plans to expand pension coverage, integrate ESG criteria, and refine supervision through segmentation.
SupervisionSupervision approach, priorities & toolkitPrudential risksSupervision process and methodologies
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2025-08-20•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Superintendency of Banks of the Dominican Republic issued Circular CSB-REG-202500014 mandating financial entities to allow product cancellation through the same channels used for sign-up, including remote options, within seven business days. Firms must halt new charges upon receiving a cancellation request and inform customers of outstanding balances. Non-compliance may result in sanctions under Law No. 183-02 and the Monetary Board’s regulations.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-08-20•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) warned consumers against entities falsely claiming BSP affiliation. The bank stressed that BSP personnel do not offer loans, solicit funds, or request sensitive financial information, and it does not maintain deposit accounts for individuals. Consumers should verify BSP connection claims and report suspected fraud directly to the BSP.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-08-20•Philippines•Central Bank of the Philippines
The Bangko Sentral ng Pilipinas (BSP) issued a warning advising consumers to avoid dealings with entities falsely claiming affiliation with the BSP. The advisory clarifies that the BSP does not provide loans, solicit donations, or manage individual deposit accounts. The public is urged to verify claims and report fraudulent activities to the BSP.
SupervisionAlertsFraud and scams
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2025-08-20•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines welcomed Rating and Investment Information, Inc.'s affirmation of the Philippines' “A-” investment-grade sovereign rating with a “stable” outlook, supported by growth, low inflation, and a strong external position. R&I noted 5.7% growth in 2024 and a six-year low inflation rate of 0.9% in July 2025, with limited impact from US tariffs. The stability of the banking sector and alignment with other credit rating actions were highlighted.
ResearchCredit ratings
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2025-08-20•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a VND 1,000,000 fee for securities practitioner certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the certificate collection within one year of the fee notice will result in cancellation of the certificate.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-08-20•Malawi•Reserve Bank of Malawi
The Reserve Bank of Malawi has published a list of financial institutions licensed and registered to operate in Malawi as of 30 June 2025. The notice advises customers to transact only with listed entities and requires these institutions to display their licence or registration certificate prominently. The register includes a wide range of financial entities, from banks and microfinance institutions to insurance companies and pension entities.
Policy & regulationGuidance & interpretationLicence approval
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2025-08-20•Malawi•Reserve Bank of Malawi
The Reserve Bank of Malawi has implemented the Foreign Exchange (Repatriation of Export Proceeds) Directive, 2025, mandating exporters to repatriate proceeds within 120 days of exportation. Non-compliance may result in penalties of 150% of the export value, deregistration, and potential fines or imprisonment. Exporters unable to meet the deadline must apply for an extension through their authorised dealer bank.
Policy & regulationRules & requirementsCross-border payments
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2025-08-20•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) fined three individuals BRL 2.3 million each for front running trades on B3 involving BB Gestão de Recursos DTVM S.A. The CVM also proposed fines in a separate case concerning alleged fraudulent operations in a private equity fund, but proceedings were suspended following a review request. Additionally, the CVM acquitted BDO RCS Auditores Independentes SS in an audit case related to financial statements.
EnforcementSanctions & designationsAuditing
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2025-08-20•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a sanctions notice designating eight individuals and entities under the UK's Russia (Sanctions) (EU Exit) Regulations 2019, subjecting them to asset freezes and trust services sanctions in Guernsey. Firms must freeze assets related to these designated persons and report findings to the States of Guernsey Policy & Resources Committee. Additionally, firms must avoid providing funds or resources to these individuals unless permitted by a derogation or licence.
EnforcementSanctions & designationsNew sanctions designations
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2025-08-20•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) released its second annual report on private residential mortgage lending, noting a slight decline in activity in 2024 despite its continued importance for borrowers facing affordability challenges. Lower interest rates led to increased traditional mortgage options and a modest rise in overall mortgage activity in Ontario. The report aims to guide FSRA's supervision priorities, focusing on private mortgages amid rising delinquency rates.
SupervisionRisk monitoring & watch pointsLending
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2025-08-20•Global•World Federation of Exchanges
The World Federation of Exchanges (WFE) released an Exchange Manifesto emphasizing exchanges' and clearing houses' roles in economic growth, financial inclusion, and stability, urging government and regulatory support. It outlines ten core contributions, including promoting financial security, supporting corporate prosperity, and attracting international investment, while warning against the decline of public markets.
Policy & regulationReform agendas & prioritiesMarket development
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2025-08-20•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, advocates for Federal Reserve reforms in a Wall Street Journal op-ed, emphasizing transparency, ethics, and oversight. She proposes an independent inspector general, stronger ethics rules, and changes to regional Reserve Banks' governance. Warren also criticizes the Federal Reserve's role in subsidizing Wall Street and urges legislative action this fall.
Policy & regulationReform agendas & prioritiesCorporate governance
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2025-08-20•Iceland•Central Bank of Iceland
The Central Bank of Iceland will release the Monetary Policy Committee statement on 20 August 2025 at 08:30, followed by the Monetary Bulletin at 08:35, with a press conference at 09:30 to discuss both.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-08-20•Iceland•Central Bank of Iceland
The Central Bank of Iceland's Monetary Policy Committee unanimously decided to maintain the key interest rate at 7.50%, citing robust economic activity and inflation expectations above target. Future rate cuts will depend on inflation aligning closer to the 2.5% target, with near-term policy guided by developments in economic activity, inflation, and expectations.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-08-20•Iceland•Central Bank of Iceland
The Central Bank of Iceland's Monetary Bulletin 2025/3 maintains the interest rate at 7.5% and revises GDP growth for 2025 to 2.3%, up from 1%, due to stronger domestic demand and base effects. Inflation is expected to remain above target through 2026, with key uncertainties including trade tensions and geopolitical conflicts impacting the economic outlook.
Monetary policyPolicy rate decisionsMonetary policy decisions and developmentsMonetary policy operations
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2025-08-20•Iceland•Central Bank of Iceland
The Central Bank of Iceland released a discussion report evaluating pension funds' market activities and suggesting amendments to the Pension Fund Act and other regulations, focusing on financial stability, supervision, and systemic risks.
Policy & regulationReform agendas & priorities
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2025-08-20•United States•Federal Reserve Board
Federal Reserve Board Governor Christopher J. Waller emphasized the private sector's role in payments innovation, highlighting advancements in instant payments, digital wallets, stablecoins, and AI. He noted stablecoins' potential to enhance the dollar's international role and improve payments, advocating for a U.S. regulatory framework following the GENIUS Act. Waller also discussed AI's role in fraud detection and the Federal Reserve's research into tokenization and smart contracts.
Policy & regulationGuidance & interpretation
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2025-08-20•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway's quarterly review highlights a mixed use of flexibility quotas under the Lending Regulations in Q2 2025. Deviations in new residential mortgages outside Oslo increased slightly, while those in Oslo remained unchanged. Deviations for consumer loans decreased, but rose slightly for loans secured on non-housing collateral.
SupervisionRisk monitoring & watch pointsLending
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2025-08-20•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) selected seven projects for joint studies from nine proposals submitted earlier this year. The studies will explore credit information regimes, gender discrimination in credit markets, and the resilience of Chile’s interbank network. Research must adhere to CMF conditions, including participation by at least one internal researcher, with no payments to external researchers.
Policy & regulationImplementation, projects & pilotsCredit riskFinancial stability and systemic risk
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2025-08-20•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) has initiated a consultation on Regulatory File proposals detailing supervisory reporting requirements under General Rule No. 526 for General Fund Managers and other portfolio managers. The proposals include new reporting templates covering business volume, customer numbers, equity requirements, and crypto risk-weighted assets. Implementation of General Rule No. 526 has been postponed to 1 July 2026 to allow firms time for necessary adjustments.
Policy & regulationRules & requirementsRegulatory reporting
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2025-08-20•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka issued new directions under the Microfinance Act requiring Licensed Microfinance Companies (LMFCs) to establish a structured credit risk management framework. This includes board-approved strategies, governance structures, and specific prudential limits on credit exposures, with prohibitions on accommodations to certain related parties. The previous regulatory framework for accommodations is revoked effective 1 January 2026, with a transition period until 1 July 2026 for compliance.
Policy & regulationRules & requirementsCredit risk
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2025-08-20•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway's report on Folkeinvest AS highlighted deficiencies in quality assurance of issuer budgets and risk descriptions, failing investor protection standards under the Securities Trading Act. It criticized overly optimistic revenue projections and insufficiently documented subscription price bases. Folkeinvest has since improved budget quality assurance, valuation controls, and risk information accessibility.
SupervisionReviews, inspections & stress testsCorporate governance
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2025-08-20•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority's inspection report on Stavanger Asset Management AS and its agent Noon Invest AS found deficiencies in their digital investment advice process, including non-compliance with suitability requirements and inadequate cost disclosures. It highlighted misleading client communications and insufficient documentation of investment-related interactions. The Authority has requested the firm to forward the report to its auditor.
SupervisionReviews, inspections & stress testsClient asset custody and safekeepingSupervision process and methodologies
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2025-08-20•Global•Financial Action Task Force
FATF President Elisa de Anda Madrazo addressed the UN Security Council, emphasizing the need to enhance global counter-terrorist financing (CFT) efforts, particularly in digital transformation and virtual assets. The FATF's June 2025 update highlights misuse of financial systems and social media for terrorist financing, with increased virtual asset use and lone actor threats. Key priorities include strengthening CFT standards, closing loopholes, and expanding outreach to non-traditional stakeholders.
Policy & regulationReform agendas & prioritiesAML and CFT
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2025-08-20•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's Banking Times hosted a roundtable in Hanoi on AI in banking policy communication and product development amid digital transformation. Participants emphasized ethical AI principles, governance, and collaboration among banks, fintechs, and regulators. The findings aim to guide effective, safe, and sustainable AI applications in banking.
Policy & regulationCooperationArtificial intelligence
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2025-08-20•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde published its quarterly data on the Cape Verdean banking system's key financial and prudential indicators as of June 2025. The information is available in an Excel file, detailing the balance sheet, income statement, and financial stability indicators.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-08-20•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) approved General Resolution No. 1080, updating assets for liquid counterpart and Guarantee Fund III requirements, and amending capital requirements for markets and clearing houses. The resolution prioritizes liquidity, adds new instruments, formalizes recognized assets, and sets solvency and liquidity guidelines for registered agents. It aligns capital compliance for Global Investment Advisory Agents with other categories under the existing framework.
Policy & regulationRules & requirementsCapital adequacyLiquidity risk
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2025-08-20•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1081, expanding its tokenization regime to include shares, corporate bonds, and CEDEARs. The resolution allows Virtual Asset Service Providers and Comprehensive Clearing and Settlement Agents to participate in the digital representation process. A one-year regulatory sandbox will test the framework, with potential adjustments by CNV post-evaluation.
Policy & regulationRules & requirementsTokenization
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2025-08-20•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission has launched a public consultation on draft Measures for commercial bank M&A loans, replacing the 2015 guidelines. The proposal expands eligible transactions, introduces differentiated bank qualification requirements, and adjusts loan terms, emphasizing repayment-capacity assessment. The draft extends M&A loan applicability to minority-stake acquisitions and relaxes conditions by increasing financing caps and loan tenors.
Policy & regulationRules & requirementsLending
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2025-08-20•Qatar•Qatar Financial Centre
The Qatar Financial Centre (QFC) reported a 64% year-on-year increase in firm registrations in H1 2025, reaching 3,300 firms, driven by reforms such as a simplified incorporation process and reduced licensing fees. Corporate and Investment Banks contributed to a 19% increase in assets under management. QFC also highlighted partnerships and initiatives, including the Innovation Dome and the launch of the QFC Metaverse.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-08-20•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
Switzerland's State Secretariat for Economic Affairs (SECO) updated the SESAM sanctions database and amended the list of sanctioned entities under the Ordinance on Measures against Libya. This follows a decision by the United Nations sanctions committee to change its listings, with the update directly applicable in Switzerland.
EnforcementSanctions & designationsSanctions list update