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  • 2025-07-31United KingdomBank of England

    Bank of England’s Prudential Regulation Authority opens discussion on simplifying IRB mortgage capital modelling for mid-sized lenders

    The Prudential Regulation Authority (PRA) has released a discussion paper seeking industry feedback on simplifying capital requirements for mid-sized firms under the internal ratings based (IRB) approach in the residential mortgage market. It explores using a "foundation IRB approach" for loss given default (LGD) with PRA-prescribed values and considers eligibility criteria and scope. The PRA is also examining potential changes to probability of default (PD) estimation.

    Policy & regulationOtherCapital adequacy
  • 2025-07-31RussiaCentral Bank of Russia

    Central Bank of Russia permits unit investment funds to reclassify from qualified to non-qualified status from March 2026

    The Central Bank of Russia will allow unit investment funds (UIFs) to reclassify from 'qualified' to 'non-qualified' status starting 1 March 2026. This targets funds initially engaged in high-risk strategies, enabling a shift to conservative approaches post-asset commissioning. Management companies must comply with non-qualified investor requirements, including fully paid units and no termination grounds, before submitting revised documents for registration.

    Policy & regulationRules & requirementsOther
  • 2025-07-31United StatesU.S. Financial Services Committee

    U.S. House Committee on Financial Services seeks public input on potential updates to federal consumer financial data privacy rules under the Gramm-Leach-Bliley Act

    The U.S. House Committee on Financial Services seeks public feedback on potential changes to federal consumer financial data privacy law, particularly Title V, Subtitle A of the Gramm-Leach-Bliley Act (GLBA). The inquiry considers amending or replacing GLBA, establishing a federal preemptive standard, and revising key definitions. It also explores operational proposals like consent requirements for data collection and data retention limits.

    Policy & regulationReform agendas & prioritiesData protection
  • 2025-07-31CanadaFinancial Consumer Agency of Canada

    Financial Consumer Agency of Canada publishes thematic review finding small and medium-sized banks falling short of 56-day complaint-handling requirements

    The Financial Consumer Agency of Canada (FCAC) released a supervisory highlight on complaint-handling procedures at small and medium-sized banks under the Financial Consumer Protection Framework. The review identified deficiencies, including failure to treat all consumer dissatisfaction as complaints and inconsistent adherence to the 56-day resolution timeline. Six banks were reviewed, informed of findings, and must take corrective actions, with FCAC monitoring compliance.

    SupervisionReviews, inspections & stress testsComplaints and dispute resolution
  • 2025-07-31CanadaCanadian Securities Administrators

    Canadian Securities Administrators appoint Jason Alcorn as Investor Advisory Panel Chair effective 1 September 2025 and Sophie Jean as Vice-Chair

    The Canadian Securities Administrators announced leadership changes to its Investor Advisory Panel, appointing Jason Alcorn as Chair and Sophie Jean as Vice-Chair. Eric Spink's term as Chair ends on 31 August 2025. The CSA also reappointed four panel members to advise on policy and rule-making initiatives affecting retail investors.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-07-31United StatesFederal Reserve Board

    Federal Reserve Board joins other agencies in allowing banks and credit unions to obtain tax identification numbers from third parties for customer identification

    The Federal Reserve Board, in coordination with other federal agencies and the Financial Crimes Enforcement Network, now allows banks and credit unions to use third-party sources to obtain customers' tax identification numbers. This optional method provides flexibility in verifying customer identities while maintaining risk-based procedures.

    Policy & regulationGuidance & interpretationKYC
  • 2025-07-31United StatesCommodity Futures Trading Commission

    Commodity Futures Trading Commission takes no-action position on missing swap data error correction notifications where affected trades are 5% or less of open swaps

    The Commodity Futures Trading Commission’s Division of Market Oversight has adopted a no-action position for reporting counterparties that do not submit a swap data error correction notification, provided the error affects no more than five percent of their open swaps in the relevant asset class.

    Policy & regulationGuidance & interpretationRegulatory reporting
  • 2025-07-31ChileChile Financial Market Commission

    Chile Financial Market Commission schedules August to September 2025 private-sector workshops to shape capital market modernization policy document

    The Chile Financial Market Commission announced workshops with private-sector representatives for its Capital Market Development Agenda, aiming to produce a Policy Document on Capital Market Modernization by mid-2026. The workshops will address corporate governance, small business financing, savings promotion, and market infrastructure. Over 200 proposals from various stakeholders have been received and will be published on the CMF's website.

    Policy & regulationImplementation, projects & pilotsMarket development
  • 2025-07-31United StatesU.S. Securities & Exchange Commission

    U.S. Securities and Exchange Commission chair launches Project Crypto to develop rule proposals for on-chain crypto markets

    SEC Chair Paul S. Atkins announced "Project Crypto" to modernize securities rules for on-chain financial markets. It involves drafting rules for crypto asset distributions, custody, and trading, aligning with the President’s Working Group on Digital Asset Markets recommendations. The SEC will explore regulatory adaptations for decentralized finance, on-chain software systems, and trading of tokenized securities.

    Policy & regulationRules & requirementsFintech and insurtechBlockchain and distributed ledger technology
  • 2025-07-31ChinaChina Banking and Insurance Regulatory Commission

    China's National Financial Regulatory Administration meets Hong Kong Insurance Authority leadership to discuss insurance market developments and supervisory cooperation

    Li Yunze, Director of China's National Financial Regulatory Administration, met with Hong Kong Insurance Authority leaders to discuss recent developments in the Mainland and Hong Kong insurance markets. The meeting focused on enhancing bilateral regulatory cooperation.

    Policy & regulationCooperationCross-border cooperation
  • 2025-07-31MacaoMonetary Authority of Macao

    Monetary Authority of Macao brings revised insurance intermediation regime into force and launches public register lookup and online reporting platform

    The Monetary Authority of Macao will implement the revised Insurance Intermediation Activity Law on 1 August, enhancing licensing and supervision of insurance intermediaries to better protect clients' rights. Key changes include stricter market entry requirements, a "principal" regime for oversight, and increased sanctions. New tools such as an online enquiry service and electronic reporting platform will support transparency and compliance.

    Policy & regulationRules & requirementsLicensing and supervisory fees
  • 2025-07-31SwitzerlandSwiss Financial Market Supervisory Authority (FINMA)

    Swiss Financial Market Supervisory Authority flags Swiss update to the Syria asset-freezing annex effective 31 July 2025 at 18:00

    The Swiss Financial Market Supervisory Authority (FINMA) announced that Switzerland's Federal Department of Foreign Affairs has amended the annex to the ordinance on asset freezing related to Syria, effective 31 July 2025. Under the Federal Act on the Freezing and Restitution of Illicit Assets of Foreign Politically Exposed Persons, entities in Switzerland must freeze and report relevant assets to the Money Laundering Reporting Office Switzerland (MROS), particularly affecting financial intermediaries.

    Policy & regulationRules & requirementsSanctions list update
  • 2025-07-31ArgentinaArgentina Superintendency of Insurance

    Argentina Superintendency of Insurance employment termination insurance framework reinforced as ARCA exempts payouts from income tax withholding

    Argentina's Superintendency of Insurance announced that the Revenue and Customs Control Agency issued General Resolution 5740/2025, exempting Employment Termination Insurance benefits from income tax withholding. This complements SSN Resolution 347/2025, which established parameters for the coverage, supporting the employment separation regime under Decree 847/2024. Together, these measures aim to consolidate economic protection for workers at termination.

    Policy & regulationRules & requirementsOther
  • 2025-07-31MoldovaNational Bank of Moldova

    National Bank of Moldova launches P2G in MIA Instant Payments to enable fee-free instant payments for over 120 public services

    The National Bank of Moldova and the Government have introduced Person to Government (P2G) functionality in the MIA Instant Payments system, enabling citizens to make instant, secure, fee-free payments for over 120 public services via mobile banking. Integrated into the EVO application and MPay platform, it streamlines payments for education fees, taxes, and more. Since its March 2024 launch, MIA has processed over 9 million transactions, totaling more than MDL 8 billion.

    Policy & regulationImplementation, projects & pilotsPayments and payment systems
  • 2025-07-31United StatesU.S. Department of the Treasury

    U.S. Department of the Treasury presents White House Digital Assets Report roadmap and presses for Senate passage of crypto market structure rules

    The U.S. Department of the Treasury released Treasury Secretary Scott Bessent’s remarks at the White House launch of the Digital Assets Report, a blueprint for federal digital asset policy. The report includes over 100 recommended actions on issues like illicit finance, crypto taxation, stablecoins, and bank regulation modernization. Bessent emphasized the need for Senate action on market structure legislation, referencing the House’s CLARITY Act.

    Policy & regulationGuidance & interpretation
  • 2025-07-31TaiwanTaiwan Financial Services Commission

    Taiwan Financial Services Commission reports TWD 19.4bn pre-tax loss for insurers and 98.4% fall in life insurers’ profit

    The Taiwan Financial Services Commission reported a combined pre-tax loss of TWD 19.4bn for the insurance industry as of June 2025. Life insurers' pre-tax profit dropped 98.4% to TWD 3.5bn, while non-life insurers' profit rose 4.6% to TWD 15.9bn. Owners’ equity for life insurers decreased 16.0% to TWD 2,215.2bn, whereas non-life insurers' equity increased 4.9% to TWD 150.8bn. The Taiwan dollar's 9.63% appreciation against the US dollar since end-2024 contributed to a TWD 13.9bn rise in life insurers' foreign exchange valuation reserve, despite a TWD -522.0bn impact from exchange and hedging volatility.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-07-31TaiwanTaiwan Financial Services Commission

    Taiwan Financial Services Commission reports May 2025 surge in new foreign-currency life insurance premiums

    The Taiwan Financial Services Commission reported that foreign-currency denominated products sold by the life insurance industry generated new-policy premium revenues of NT$151.444 billion as of end-May 2025, marking a 26% increase year on year. Investment-linked insurance products contributed NT$22.26 billion, reflecting a 21% growth, while traditional insurance products accounted for NT$129.184 billion, up 27% from the previous year.

    Data & statisticsFinancial and market indicators
  • 2025-07-31TaiwanTaiwan Financial Services Commission

    Taiwan Financial Services Commission reports Q2 2025 life insurer sales trends for spillover-effect and in-kind benefit insurance

    The Taiwan Financial Services Commission reported Q2 2025 data on life insurers' spillover-effect and in-kind payment insurance products. Spillover-effect insurance saw a 6% decline in new contracts but a 67% increase in first-year premium income. In contrast, in-kind payment insurance experienced a 78% rise in new contracts but a 53% drop in first-year premium income.

    Data & statisticsSales and distribution
  • 2025-07-31TaiwanTaiwan Financial Services Commission

    Taiwan Financial Services Commission opens digital insurer applications and sets a 20 percent innovation requirement

    The Taiwan Financial Services Commission has opened applications for "digital insurers," supported by draft amendments expanding the scope for internet-only insurers. The framework mandates that innovative insurance products account for at least 20% of total premium income or policies sold annually, with specific reporting requirements. The regulations update governance structures, exempt new digital insurers from certain conditions, and emphasize fintech expertise in product review committees.

    Policy & regulationRules & requirementsLicence approval
  • 2025-07-31EuropeEuropean Insurance and Occupational Pensions Authority

    European Insurance and Occupational Pensions Authority reports medium and broadly stable risk levels in July 2025 Insurance Risk Dashboard

    The European Insurance and Occupational Pensions Authority's July 2025 Insurance Risk Dashboard, based on Q1 2025 Solvency II and end-June 2025 market data, assesses the European insurance sector's risks as stable at a medium level but with a negative outlook due to geopolitical tensions and market volatility. Macroeconomic and credit risks are stable, while market risks remain a concern due to fixed income volatility. Liquidity, funding, and insurance-specific risks are stable, but rising ESG, cyber, and digitalisation risks warrant close monitoring.

    SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskPrudential risks
  • 2025-07-31EuropeEuropean Insurance and Occupational Pensions Authority

    European Insurance and Occupational Pensions Authority finds European IORP risks stable at medium levels while market and asset return risks stay high

    The European Insurance and Occupational Pensions Authority (EIOPA) released its July 2025 Risk Dashboard for Institutions for Occupational Retirement Provision (IORPs), indicating stable overall risks at medium levels but highlighting vulnerabilities due to market volatility and geopolitical uncertainty. Market and asset return risks are high, with liquidity risks rising despite comfortable stock-based indicators. The dashboard covers defined contribution and defined benefit schemes in the European Economic Area, using data from 625 IORPs and market information up to June 2025.

    SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskMarket risk and volatilityLiquidity risk
  • 2025-07-31United Arab EmiratesDubai Virtual Assets Regulatory Authority

    Dubai Virtual Assets Regulatory Authority reiterates licensing and No Objection Certificate requirements for virtual asset proprietary trading

    Dubai’s Virtual Assets Regulatory Authority (VARA) reminded Virtual Asset Service Providers (VASPs) and commercial entities of the requirements for Virtual Asset (VA) proprietary trading. Entities must have a valid commercial trade licence with the activity code “VA Proprietary Trading” and a VARA No Objection Certificate (NoC). VARA emphasized the need for an assessment to determine regulatory oversight and maintain a consolidated emirate-level registry of entities engaged in VA activities.

    Policy & regulationGuidance & interpretationLicensing framework and process
  • 2025-07-31United Arab EmiratesDubai Virtual Assets Regulatory Authority

    Dubai Virtual Assets Regulatory Authority reiterates that VA proprietary trading in Dubai requires a No Objection Certificate and the correct trade licence code

    Dubai’s Virtual Assets Regulatory Authority (VARA) reminded Virtual Asset Service Providers (VASPs) of the licensing requirements for conducting Virtual Asset (VA) proprietary trading. Entities must undergo regulatory assessment, obtain a No Objection Certificate (NoC), and hold a valid commercial trade licence with the activity code VA Proprietary Trading. Entities without a valid licence are in breach of VARA Regulations 2023.

    Policy & regulationGuidance & interpretationLicensing framework and process
  • 2025-07-31United Arab EmiratesCentral Bank of the UAE

    Central Bank of the UAE publishes progress report on Digital Dirham CBDC ahead of near-term launch

    The UAE Central Bank's report on the Digital Dirham project details achievements and ongoing R&D as it nears the launch of the central bank digital currency. It outlines design principles, policy frameworks, and references standards from the IMF and BIS. The report highlights collaboration with the financial sector, intended capabilities like offline usability and cross-border transactions, and aligns with the Central Bank’s Financial Infrastructure Transformation programme.

    Policy & regulationImplementation, projects & pilotsCBDC
  • 2025-07-31United Arab EmiratesCentral Bank of the UAE

    Central Bank of the UAE revokes Gomti Exchange’s licence for significant AML/CFT and sanctions compliance failures

    The Central Bank of the UAE has revoked the licence of Gomti Exchange and removed it from the Register due to significant non-compliance with Anti-Money Laundering and Combating the Financing of Terrorism regulations. This enforcement action follows examinations under Article (137) of Decretal Federal Law No. (14) of 2018. The CBUAE emphasized the obligation of exchange houses to adhere to UAE laws and CBUAE standards.

    EnforcementInvestigations & enforcement actionsAML and CFTCompliance
  • 2025-07-30BulgariaBulgaria Financial Supervision Commission

    Bulgaria Financial Supervision Commission approves TBI Bank’s EUR 34 million bond prospectus and licenses Manikyan Capital as a management company

    The Bulgaria Financial Supervision Commission approved TBI Bank EAD's EUR 34 million bond issue prospectus and licensed Manikyan Capital AD as a management company. It also made governance decisions, including board position approvals and refusals for various insurance companies and an investment intermediary. Additionally, the FSC requested more information from Up Trend Ltd. on passporting notification data for services in multiple European countries.

    SupervisionAuthorisations & approvalsSecurities offerings and listings
  • 2025-07-30BoliviaCentral Bank of Bolivia

    Central Bank of Bolivia signs open-ended cooperation memorandum with El Salvador’s National Commission of Digital Assets on cryptoasset development

    The Central Bank of Bolivia and El Salvador’s National Commission of Digital Assets signed a memorandum of understanding to enhance cooperation on cryptoassets and virtual assets. The agreement focuses on technical and regulatory knowledge-sharing, including blockchain intelligence tools and risk analysis. This comes amid a significant increase in Bolivia's virtual-asset usage, rising from 46.5 million USD to 294 million USD within a year.

    Policy & regulationCooperationCross-border cooperationRegtech and suptech
  • 2025-07-30MexicoMinistry of Finance & Public Credit (Mexico)

    Mexico's Ministry of Finance and Public Credit publishes final 2024 performance evaluation of 49 commercial banks with 45 rated satisfactory

    Mexico's Ministry of Finance and Public Credit released the 2024 Performance Evaluation of Multiple Banking Institutions, rating 45 out of 49 banks as “Satisfactory,” with Banco Shinhan de México rated “Not satisfactory.” The evaluation focuses on banks' contributions to productive development and inclusive growth, excluding financial condition assessments. The Strategic Outlook uses these results to propose strategies for enhancing access, efficiency, and depth in Mexico’s financial system.

    SupervisionReviews, inspections & stress testsActivity and performance reporting
  • 2025-07-30Dominican RepublicPensions Superintendency (SIPEN)

    Dominican Republic's Pensions Superintendency highlights that only 2.3 million of 5.4 million affiliates contribute regularly and clarifies heirs’ claims on deceased accounts

    The Dominican Republic's Pensions Superintendency (SIPEN) highlighted issues in the pension system, including irregular contributions and limited member awareness of their pension fund administrator. SIPEN noted a structural gap with only 2.3 million of 5.4 million affiliates contributing regularly and clarified survivor benefits procedures. The briefing reiterated contribution parameters and emphasized the importance of member engagement with account statements and pension simulation tools.

    Financial literacy & educationOther
  • 2025-07-30Dominican RepublicPensions Superintendency (SIPEN)

    Dominican Republic's Pensions Superintendency flags pension system gaps for informal workers and cites 11% historical investment returns

    Francisco A. Torres, superintendent of the Dominican Republic's Pensions Superintendency (SIPEN), highlighted structural challenges in the pension system, emphasizing inclusivity and sustainability amid labor market changes. He noted the system's bias towards dependent employees, disadvantaging informal and self-employed workers, and stressed the importance of stronger retirement savings habits. Torres assured that affiliates' funds are protected and reported a historical return of 11% (5% in real terms), surpassing the regional average.

    Policy & regulationReform agendas & priorities
  • 2025-07-30BermudaBermuda Monetary Authority

    Bermuda Monetary Authority consults on outcomes-based supervisory expectations for responsible AI use in financial services

    The Bermuda Monetary Authority released a discussion paper on responsible AI use in financial services, proposing supervisory expectations and seeking industry feedback. It advocates a principles-based, outcomes-focused approach, integrating AI governance into existing risk frameworks and assigning accountability to boards. Key proposals include risk-proportionate governance, data governance, model validation, transparency, and specific controls for generative and agentic AI.

    Policy & regulationGuidance & interpretationArtificial intelligence
  • 2025-07-30SpainSpanish Securities Commission (CNMV)

    Spanish Securities Commission publishes 2024 investor complaints and enquiries report showing 10,354 enquiries and 80.5% firm rectification rate

    The Spanish Securities Commission (CNMV) reported a slight decrease in investor complaints and enquiries for 2024, with 1,220 files closed and 759 complaints admitted, down 14.3% from 2023. Firms rectified issues in 80.5% of investor-favourable cases, and 87% of outcomes involved favourable reports, concessions, or agreements. Most complaints related to post-sale information, fees, and pre-sale information, with 59.4% linked to collective investment undertakings.

    SupervisionRisk monitoring & watch pointsComplaints and dispute resolution
  • 2025-07-30BoliviaCentral Bank of Bolivia

    Central Bank of Bolivia signs MoU with El Salvador’s National Commission of Digital Assets to cooperate on cryptoasset development and regulation

    The Central Bank of Bolivia and El Salvador’s National Commission of Digital Assets have signed a memorandum to enhance cooperation on digital assets, including cryptoassets for international transactions. The agreement focuses on sharing technical and regulatory expertise, particularly in digital asset traceability and blockchain intelligence tools. This collaboration is linked to a significant increase in Bolivia's virtual asset usage, rising from USD 46.5 million to USD 294 million between June 2024 and June 2025.

    Policy & regulationCooperationFintech and insurtechDomestic cooperation
  • 2025-07-30IsraelBank of Israel

    Bank of Israel Banking Supervision Department submits 2024 household banking fees report showing average monthly costs fell to NIS 25

    The Bank of Israel's Banking Supervision Department reported a modest decline in household banking service costs for 2024, with average monthly fees dropping to NIS 25, largely due to a post-war assistance program. The report also noted increased fee income from large business clients, a NIS 3 billion relief package effective April 2025, and a draft fee reform under public consultation.

    SupervisionRisk monitoring & watch pointsActivity and performance reporting
  • 2025-07-30GlobalBank for International Settlements

    Bank for International Settlements surveys public backstop arrangements for bank resolution and highlights a shift toward loan-based support via industry funds

    The Bank for International Settlements’ Financial Stability Institute released FSI Insights No 67, examining the use of public resources in bank resolution when internal loss-absorbing capacity is insufficient. The report highlights the necessity of public backstops to maintain financial stability, advocating for their integration as last-resort tools with clear governance and conditionality. It notes a trend towards indirect support models, such as loans to deposit insurance funds, and discusses examples like the FDIC's loss-share arrangements and the Swiss treasury's guarantee to UBS.

    ResearchRecovery and resolution
  • 2025-07-30AustraliaAustralian Prudential Regulation Authority

    Australian Prudential Regulation Authority consults on streamlined ADI licensing criteria and tighter decision timelines

    The Australian Prudential Regulation Authority (APRA) proposes revisions to its ADI licensing framework to streamline and expedite the process for new entrants like banks and credit unions. The changes include explicit licensing criteria, a 12-month compliance requirement, and a three-month decision timeline. The review notes the framework's success but seeks improved clarity and efficiency, citing limited use of the Restricted ADI pathway.

    Policy & regulationRules & requirementsLicensing framework and process
  • 2025-07-30AustraliaAustralian Prudential Regulation Authority

    Australian Prudential Regulation Authority consults on a streamlined bank licensing framework with explicit criteria and faster decision timelines

    The Australian Prudential Regulation Authority (APRA) is consulting on changes to its authorised deposit-taking institution licensing framework to simplify and expedite the process, with a 12-month application period and a three-month decision target. Feedback is sought on the Restricted ADI pathway, with submissions due by 31 October 2025.

    Policy & regulationRules & requirementsLicensing framework and process
  • 2025-07-30New ZealandNew Zealand Financial Markets Authority

    New Zealand Financial Markets Authority publishes weather-events claims insights and flags improvements needed in insurers’ major-event claims handling

    The New Zealand Financial Markets Authority (FMA) released its Weather Events Claims Insights report, highlighting improvements and necessary changes in claims handling by seven insurers after the 2023 Auckland Anniversary Weekend Floods and Cyclone Gabrielle. Based on a self-reflection survey, the report will guide supervisory workplans under the Conduct of Financial Institutions regime, focusing on communication, project management, consumer vulnerability, resourcing, complaints handling, and business continuity.

    SupervisionReviews, inspections & stress testsClimate risk and sustainable finance
  • 2025-07-30PeruCentral Bank of Peru

    Central Bank of Peru reports mortgage credit rising 5.8% year on year in June to PEN 72.6bn

    The Central Bank of Peru reported a 5.8% year-on-year increase in the outstanding stock of housing loans, reaching PEN 72,585 million in June 2025. Growth was primarily driven by mortgages in soles, which rose 6.9% year on year. Mortgage credit dollarisation decreased to 6.6% from 7.9% in December 2023.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-07-30AustraliaAustralian Transaction Reports and Analysis Centre (AUSTRAC)

    Australian Transaction Reports and Analysis Centre launches Federal Court civil penalty proceedings against Mounties over alleged systemic AML and CTF non-compliance

    AUSTRAC has initiated Federal Court civil penalty proceedings against Mount Pritchard District and Community Club (Mounties) for alleged serious breaches of Australia's anti-money laundering and counter-terrorism financing (AML/CTF) framework. Allegations include inadequate risk assessment, insufficient staff training, and failure to maintain a compliant AML/CTF program, particularly in outsourced aspects to Betsafe. The Federal Court will decide on the contraventions and potential orders.

    EnforcementInvestigations & enforcement actionsAML and CFT
  • 2025-07-30AlgeriaAlgeria Market Authority (COSOB)

    Algeria Market Authority grants first approval for a risk capital mutual fund in Algeria

    The Algeria Market Authority (COSOB) has granted the first approval for the creation of a Fonds Commun de Placement à Risque (FCPR) in Algeria, authorizing the Afiya Investments fund to be established under the management of investment fund management company Tell Markets.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-07-30AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission consults on updated conflicts of interest guidance for AFS licensees

    ASIC has initiated a consultation on updates to Regulatory Guide 181 for managing conflicts of interest by AFS licensees. The revisions align the 2004 guidance with current legal developments and insights from ASIC's surveillance. The draft outlines the legal framework, conflict types, and the need for tailored arrangements, including obligations under section 912A(1)(aa) of the Corporations Act 2001. Findings on auditors' compliance will be released in 2025.

    Policy & regulationGuidance & interpretationCorporate governance
  • 2025-07-30AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission outlines enforcement surge on high-risk super switching and signals push for managed fund data reform

    In a keynote speech, ASIC Chair Joe Longo announced increased surveillance, consumer messaging, and enforcement to combat misconduct in superannuation switching into high-risk investments. Highlighting a rise in complaints, Longo cited cases involving over AUD 1 billion. Current actions include a consumer awareness campaign and intensified enforcement, with new investigations nearly doubling. ASIC plans to review platform trustee practices and scrutinize advice licensees, while considering law reforms on conflicts of interest and higher standards for gatekeepers.

    EnforcementInvestigations & enforcement actions
  • 2025-07-30AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission permanently bans former credit representative Emmanuel Adu from credit activities

    The Australian Securities & Investments Commission has permanently banned Emmanuel Adu from credit activities after he falsified Australian Federal Police certificates to hide his criminal history in job applications. Convicted on 26 November 2024 for document falsification under the Criminal Code Act 1995, Adu is prohibited from participating in or controlling credit activities, with the ban effective from 1 July 2025 and recorded on ASIC’s banned and disqualified register.

    EnforcementSanctions & designationsUnlicensed or unauthorized activity
  • 2025-07-30AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission bans Ian Wailes Potter for five years over inadequate supervision of a provisional relevant provider

    ASIC has imposed a five-year ban on Ian Wailes Potter from providing financial services or managing a financial services business. This action is due to his role at Superannuation Advice Australia Pty Ltd, where advice was not in clients' best interests, lacked proper inquiries, and included misleading projections. The ban, effective from 25 July 2025, is on ASIC’s Banned and Disqualified Register, with an appeal option.

    EnforcementSanctions & designationsSupervision process and methodologies
  • 2025-07-30BermudaBermuda Monetary Authority

    Bermuda Monetary Authority launches Bermuda Sanctions Alert Subscription Service

    The Bermuda Monetary Authority announced the launch of the Bermuda Sanctions Alert Subscription Service by the Bermuda Financial Sanctions Implementation Unit. This service provides real-time updates on sanctions developments, including those from the United Nations and the United Kingdom, and allows users to customize alert preferences. The Authority encouraged supervised entities to subscribe.

    Policy & regulationImplementation, projects & pilotsSanctions list update
  • 2025-07-30LuxembourgLuxembourg Commission de Surveillance du Secteur Financier

    Luxembourg Commission de Surveillance du Secteur Financier closes anti money laundering and counter terrorist financing investigations at BGL BNP Paribas after charitable foundation fraud

    The Luxembourg Commission de Surveillance du Secteur Financier completed investigations at BGL BNP Paribas regarding anti-money laundering and combatting the financing of terrorism obligations, following a fraud incident involving a Luxembourg charitable foundation. The review assessed the bank's risk-based approach and customer due diligence measures. The CSSF communicated the findings to the bank and considers the supervisory intervention closed.

    SupervisionReviews, inspections & stress testsAML and CFT
  • 2025-07-30PortugalBank of Portugal

    Bank of Portugal starts monthly BPstat reporting on state-guaranteed primary residence mortgages with EUR 2.1bn issued in H1 2025

    The Bank of Portugal is publishing monthly BPstat statistics on the state personal guarantee scheme for owner-occupied housing mortgages. From January to June 2025, 10,700 contracts worth EUR 2.1 billion were signed, representing 20.5% of contracts and 23.5% of total housing credit value. For borrowers aged up to 35, state-guaranteed loans accounted for 37.4% of contracts and 39.8% of the amount contracted.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-07-30PortugalPortuguese Insurance Regulator (ASF)

    Portugal's Insurance and Pension Funds Supervisory Authority publishes 2024 market conduct report detailing 2,860 supervisory actions and new consumer protection rules

    Portugal's Insurance and Pension Funds Supervisory Authority (ASF) released its 2024 Market Conduct Regulation and Supervision Report, detailing regulatory activities, consumer support metrics, and key conduct risks. In 2024, ASF issued 13 regulatory standards, conducted 2,860 supervisory actions, and addressed 2,068 consumer complaints, with claims handling as a major issue. ASF will continue monitoring health insurance conditions and credit protection insurance conduct risks in 2025.

    SupervisionSupervision approach, priorities & toolkitConsumer and investor protection
  • 2025-07-30BotswanaBotswana Non-Bank Financial Institutions Regulatory Authority

    Botswana Non-Bank Financial Institutions Regulatory Authority receives ISO 9001:2015 quality management certification from Botswana Bureau of Standards

    The Botswana Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has been certified to the BOS ISO 9001:2015 Quality Management System standard by the Botswana Bureau of Standards. This follows a two-year internal review and process enhancement under NBFIRA's "Ntlafatso" project, aimed at consistent service delivery and continuous improvement. The milestone was celebrated with participation from Botswana’s Ministry of Finance and NBFIRA’s board leadership.

    Institutional developmentCooperation & capacity buildingOperational excellence
  • 2025-07-30GreeceMinistry of National Economy and Finance (Greece)

    Greece's Ministry of National Economy and Finance adopts joint decision extending tax and social security filing deadlines when authorised accountants are hospitalised, give birth or die

    Greece's Ministry of National Economy and Finance, Ministry of Labour and Social Security, and the Independent Authority for Public Revenue extended deadlines for tax and social security filings due to illness, childbirth-related hospitalisation, or accountant's death. Extensions cover filings due during hospitalisation or up to 30 days after death, with digital or specified submissions. Penalties for late filings from 10 April 2023 are cancelled, and refunds are issued for amounts already paid.

    Policy & regulationRules & requirementsOther
  • 2025-07-30LaosBank of the Lao

    Bank of the Lao hosts AMRO delegation for its 2025 macroeconomic surveillance visit

    The Bank of the Lao hosted a delegation from the ASEAN+3 Macroeconomic Research Office (AMRO) for a briefing on Lao PDR's macroeconomic conditions and AMRO's recent work. Led by Yasuto Watanabe, the delegation met Deputy Governor Sulisak Thanuvong and discussed AMRO's surveillance activities and forward work plan. The Bank of the Lao emphasized AMRO's technical assistance, including staff secondments for capacity building.

    Institutional developmentCooperation & capacity buildingOther
  • 2025-07-30AustraliaAustralian Financial Complaints Authority

    Australian Financial Complaints Authority publishes EDR response guide for travel insurance complaints with compliance expected from 14 August 2025

    The Australian Financial Complaints Authority has released an External Dispute Resolution response guide for travel insurance complaints, urging insurers to use it immediately to enhance response quality and efficiency. Insurers must align responses with the guide for complaints referred back from 14 August 2025, even if disputing AFCA's jurisdiction.

    Policy & regulationGuidance & interpretationComplaints and dispute resolution
  • 2025-07-30United StatesNational Futures Association

    National Futures Association orders introducing broker Traders Edge Inc to withdraw and not reapply for membership over misleading performance and sales practices

    The National Futures Association ordered Traders Edge Inc, an introducing broker, to withdraw from membership following a complaint and settlement offer. Allegations included misleading trading results, inadequate fee disclosure, and failure to supervise operations, violating multiple NFA Compliance Rules.

    EnforcementInvestigations & enforcement actionsConsumer and investor protection
  • 2025-07-30EthiopiaNational Bank of Ethiopia

    National Bank of Ethiopia and Ministry of Agriculture launch 2025–2030 National Agri Finance Implementation Roadmap

    The National Bank of Ethiopia and the Ministry of Agriculture launched the National Agri Finance Implementation Roadmap (NAFIR) for 2025–2030 to enhance agricultural finance. The roadmap includes a National Agri-Finance Accelerator for wholesale finance, a Farmer Access to Streamlined Financial Services framework for expedited loan processes, and an Agri-Finance Centre of Excellence for stakeholder coordination and capacity-building.

    Policy & regulationImplementation, projects & pilotsSME financing
  • 2025-07-30PhilippinesDepartment of Finance (Philippines)

    Philippines' Department of Finance announces Revolut will enter the market by setting up a Manila Global Tech Hub

    The Philippines' Department of Finance announced that Finance Secretary Ralph G. Recto has facilitated Revolut's entry into the Philippine market, with plans to establish a Global Tech Hub in Manila. This move follows investor engagements in London, Davos, and Manila, and marks Revolut's second Asian hub after India. The hub aims to support Revolut's Southeast Asia expansion, leveraging the Philippines' talent pool and consumer demographics.

    Policy & regulationImplementation, projects & pilotsFintech and insurtechMarket development
  • 2025-07-30Latin AmericaFinancial Action Task Force of Latin America (GAFILAT)

    Financial Action Task Force of Latin America holds high-level meeting with El Salvador to coordinate AML/CFT action against transnational crime

    The Financial Action Task Force of Latin America (GAFILAT) held a high-level meeting in San Salvador with El Salvador's President and national authorities to discuss regional anti-money laundering and counter-terrorist financing (AML/CFT) priorities. Part of GAFILAT’s 51st Plenary, the meeting focused on strategies to combat transnational organized crime and enhance detection of illicit financial flows. El Salvador reaffirmed its commitment to strengthening its AML/CFT system and international cooperation.

    Policy & regulationCooperationAML and CFTCross-border cooperation
  • 2025-07-30CyprusCyprus Securities and Exchange Commission

    Cyprus Securities and Exchange Commission launches consultation to end automatic lapse of ASP authorisation on express waiver

    The Cyprus Securities and Exchange Commission (CySEC) is consulting on amending the law for Administrative Service Providers (ASPs) to ensure authorisation ceases only after CySEC issues a withdrawal decision. This change would allow CySEC to review waiver circumstances and require steps for an orderly wind-down, aligning with practices for other supervised entities.

    Policy & regulationRules & requirementsLicence withdrawal
  • 2025-07-30KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reissues Alatau City Garant general insurance licence following name change

    The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reissued the licence of Alatau City Garant Insurance JSC for general insurance activities, following its renaming from Jusan Garant Insurance JSC.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-07-30KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reports June lending growth and deposit dollarisation falling to 21.6%

    The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported continued growth in lending and deposits as of 1 July 2025, with asset quality stable and capital adequacy above statutory norms. Loans to the economy increased by 2.3% in June to KZT 36.3 trillion, while resident deposits rose 1.8% to KZT 42.2 trillion, reducing deposit dollarisation to 21.6%. The banking sector's net profit for the first half of 2025 was KZT 1.4 trillion.

    SupervisionRisk monitoring & watch pointsLendingAsset quality
  • 2025-07-30KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan details new decision-making period and anti-fraud safeguards for unsecured consumer loans

    The Agency for Regulation and Development of the Financial Market of Kazakhstan has enacted amendments to enhance consumer protection for unsecured consumer credit, focusing on online lending and fraud-related losses. Measures include a mandatory "decision-making period" before loan disbursement, in-person application requirements for first-time borrowers, and expanded grounds for debt write-offs on fraudulent loans. Banks are authorized to suspend transactions when fraud indicators are detected.

    Policy & regulationRules & requirementsLicence approval
  • 2025-07-30KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan publishes June 2025 insurance sector statistics showing assets up 10.6% and premiums up 19.5% year to date

    The Agency for Regulation and Development of the Financial Market of Kazakhstan reported a 2.3% increase in insurance and reinsurance assets in June, reaching KZT 3.4 trillion, with a 10.6% rise since early 2025. Insurance premiums totaled KZT 125.5 billion in June and KZT 800.1 billion year to date, a 19.5% increase from 2024. The sector's liabilities rose 1.7% in June to KZT 2.4 trillion, while equity increased 3.8% to KZT 1.0 trillion, driven by higher retained earnings and a net profit of KZT 109.7 billion year to date.

    SupervisionRisk monitoring & watch pointsLiquidity riskPrudential risks
  • 2025-07-30KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reports June gains in KASE market capitalisation to KZT 34.0tn

    The Agency for Regulation and Development of the Financial Market of Kazakhstan reported a 9.5% increase in stock market capitalisation to KZT 34.0tn and an 8.2% rise in the KASE Index to 6,018.56 points in June 2025. Share trading volume grew 13.8% to KZT 27.2bn, while corporate bond trading fell 20.6% to KZT 589.9bn due to lower primary-market activity. Outstanding government debt increased 2.3% to KZT 30.0tn, with government securities trading up 1.7% to KZT 766.1bn.

    Data & statisticsFinancial and market indicatorsMarket development
  • 2025-07-30KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

    Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reports 14,962 June complaints and updates mortgage refinancing programme progress

    The Agency for Regulation and Development of the Financial Market of Kazakhstan reviewed 14,962 borrower complaints in June 2025, a 2.0% increase from May, and applied supervisory measures to financial institutions. Banks accounted for 51.8% of submissions, with microfinance organisations and collection agencies following. The agency also reported progress in its mortgage loan refinancing programme, refinancing 32.9 thousand loans totalling KZT 208.1bn and converting 15.9 thousand foreign-currency loans totalling KZT 114.0bn.

    SupervisionInterventionsLending
  • 2025-07-30Isle of ManIsle of Man Financial Services Authority

    Isle of Man Financial Services Authority alerts firms to updated Isle of Man Treasury information on Russia sanctions general licences and trafficking regime

    The Isle of Man Financial Services Authority announced updated sanctions information from the Isle of Man Treasury, covering Russia-related financial sanctions and the Global Irregular Migration and Trafficking in Persons regime. The update includes references to specific Russia General Licences and directs firms to the Treasury’s Sanctions and Export Control webpage for current notices. Notifications can be received via the Isle of Man sanctions RSS feed and the UK Treasury’s email alert service.

    Policy & regulationGuidance & interpretationSanctions list update
  • 2025-07-30TürkiyeInsurance and Private Pension Regulation and Supervision Agency of Türkiye

    Insurance and Private Pension Regulation and Supervision Agency of Türkiye revises thresholds and notification requirements for unclaimed insurance amounts

    The Insurance and Private Pension Regulation and Supervision Agency of Türkiye has updated the regulation on unclaimed insurance monies, setting new notification requirements. Beneficiaries must be notified via a durable medium for amounts of TRY 100 and above, and by registered mail for amounts of TRY 1,000 and above if unreachable. These thresholds will adjust annually with the consumer price index.

    Policy & regulationRules & requirementsOther
  • 2025-07-30UzbekistanCentral Bank of the Republic of Uzbekistan

    Central Bank of the Republic of Uzbekistan finalises National Charter for the We-Finance Code and secures commitment letters from 17 institutions

    The Central Bank of Uzbekistan created a National Charter to implement the Women’s Entrepreneurship Financial Code, supporting women's entrepreneurship. A coalition, led by the Central Bank, approved commitment letters to enhance women's financial inclusion. Developed with the European Bank for Reconstruction and Development and ConsumerCentriX, the initiative involves 17 financial institutions and includes monitoring and evaluation mechanisms.

    Policy & regulationImplementation, projects & pilotsDiversity and inclusion
  • 2025-07-30TajikistanNational Bank of the Republic of Tajikistan

    National Bank of the Republic of Tajikistan discusses Visa’s rollout of new digital payment services to expand cashless payments

    The National Bank of the Republic of Tajikistan met with Visa International Service Association to discuss enhancing digital financial services and cashless payments. Visa presented a business plan to expand payment services and technologies, including Visa+ transfers, Google Pay, GarminPay, and reduced interchange fees. Central bank chairman Firdavs Tolibzoda expressed support for Visa's initiatives and ongoing collaboration.

    Policy & regulationImplementation, projects & pilotsOther
  • 2025-07-30Bosnia and HerzegovinaCentral Bank of Bosnia and Herzegovina

    Central Bank of Bosnia and Herzegovina publishes June 2025 estimates of 4.24% core inflation and 4.72% services inflation

    The Central Bank of Bosnia and Herzegovina reported annual core inflation at 4.24% and services sector inflation at 4.72% for the first half of 2025. Inflation pressures rose in June, but core inflation changes were less pronounced due to lower weightings. The estimates align closely with the June core inflation nowcast, which was 13 basis points lower.

    Data & statisticsEconomic data and developments
  • 2025-07-30LiberiaCentral Bank of Liberia

    Central Bank of Liberia launches Nimba County financial education program and PAPSS in nationwide rollout

    The Central Bank of Liberia has launched its financial education and literacy program and PAPSS in Nimba County as part of a nationwide rollout. The initiative combines community-based financial planning training with outreach on PAPSS for cross-border payments in local currencies. Twelve local mobilizers were certified in Nimba, with further county sessions planned.

    Financial literacy & educationFinancial literacy and education
  • 2025-07-30SpainBank of Spain

    Bank of Spain keeps four banks on the 2026 O-SII list and cuts Banco Bilbao Vizcaya Argentaria’s buffer to 0.75%

    The Bank of Spain has updated its 2026 Other Systemically Important Institutions (O-SIIs) list, maintaining the 2025 members: Banco Santander, Banco Bilbao Vizcaya Argentaria, CaixaBank, and Banco de Sabadell. The Common Equity Tier 1 (CET1) buffer rates remain unchanged except for Banco Bilbao Vizcaya Argentaria, which decreases from 1.0% to 0.75% due to a lower systemic importance score. This decision has been communicated to relevant authorities, including the European Central Bank and the European Systemic Risk Board.

    Policy & regulationRules & requirementsCapital adequacyFinancial stability and systemic risk
  • 2025-07-30IndiaIndia International Financial Services Centres Authority

    India International Financial Services Centres Authority receives working group report on alternate risk transfer and catastrophe bond issuance in GIFT IFSC

    The India International Financial Services Centres Authority (IFSCA) received a report from its Working Group on Alternate Risk Transfer, assessing the feasibility of issuing insurance-linked securities (ILS) like catastrophe bonds from GIFT IFSC. Recommendations include setting up a Special Purpose Insurer, establishing an issuance framework for ILS, and restricting sales to "Qualified Investors." The report is available on the IFSCA website.

    Policy & regulationGuidance & interpretationClimate risk and sustainable finance
  • 2025-07-30New ZealandReserve Bank of New Zealand

    Reserve Bank of New Zealand publishes financial inclusion indicators highlighting disparities in access to deposit accounts, credit and cash services

    The Reserve Bank of New Zealand released financial inclusion indicators revealing that while 97% of adults in Aotearoa New Zealand have a deposit account, access to financial services varies by age, income, and ethnicity, with notable disparities for Māori and rural residents. Māori-owned businesses received NZD 3.5 billion in lending, accounting for 2% of total business lending.

    Data & statisticsFinancial inclusion
  • 2025-07-30United StatesNew York State Department of Financial Services

    New York State Department of Financial Services joins law enforcement as two men are charged over staged highway crashes and insurance fraud

    The New York State Department of Financial Services, with the NYPD and Queens District Attorney, announced charges against Jaime Huiracocha and Victor Murillo for allegedly staging vehicle collisions to claim insurance payouts. Charges include insurance fraud, conspiracy, and reckless endangerment, with claims exceeding USD 79,000. Both defendants have been arraigned and face potential prison sentences of five to 15 years if convicted.

    EnforcementInvestigations & enforcement actionsFraud and scams
  • 2025-07-30PhilippinesCentral Bank of the Philippines

    Central Bank of the Philippines reports EMEAP Governors unveil Look Back Look Forward report and set three-year priorities

    The Central Bank of the Philippines reported on the 30th Executives’ Meeting of East Asia-Pacific Central Banks Governors’ Meeting in Bangkok, highlighting EMEAP's achievements and future priorities. Key themes for the next three years include geopolitical tensions, inflation dynamics, digitalisation, AI adoption, and climate threats, focusing on enhanced coordination among EMEAP Working Groups. The Monetary Authority of Singapore will host the next meeting in 2026.

    Policy & regulationCooperationCross-border cooperationMonetary policy decisions and developments
  • 2025-07-30New ZealandNew Zealand Financial Markets Authority

    New Zealand Financial Markets Authority publishes Weather Events Claims Insights report highlighting gaps in insurers’ extreme event claims processes

    The New Zealand Financial Markets Authority released a report on insurers' handling of claims after the 2023 Auckland floods and Cyclone Gabrielle, noting improved processes but identifying areas needing enhancement for fair consumer treatment. Based on a survey of seven insurers, the report will guide the FMA's supervision under the Conduct of Financial Institutions regime, focusing on product reviews, complaints awareness, and consumer communication.

    SupervisionReviews, inspections & stress testsClimate risk and sustainable finance
  • 2025-07-30New ZealandNew Zealand Financial Markets Authority

    New Zealand Financial Markets Authority report calls for six improvements to insurers' extreme weather claims processes

    The New Zealand Financial Markets Authority's report on insurers' claims handling after the Auckland Anniversary Weekend Floods and Cyclone Gabrielle identifies areas for improvement despite progress since the Canterbury earthquakes. It highlights six priority areas, including clearer communication, better project management, and enhanced support for vulnerable customers, linking findings to the Conduct of Financial Institutions regime with a focus on product and service reviews in Fair Conduct Programmes.

    SupervisionSupervision approach, priorities & toolkitClaims management
  • 2025-07-30PhilippinesPhilippine Securities and Exchange Commission

    Philippine Securities and Exchange Commission consults on adopting PFRS S1 and S2 sustainability disclosure standards with phased rollout for listed companies and large non-listed entities

    The Philippine Securities and Exchange Commission has released a draft memorandum for public comment, proposing the adoption of Philippine Financial Reporting Standards S1 and S2, and Sustainability Reporting Guidelines for publicly-listed companies and large non-listed entities. It introduces phased mandatory sustainability reporting based on market capitalisation and revenue, with mandatory limited assurance over Scope 1 and 2 greenhouse gas emissions. Transition reliefs and exemptions are outlined, with full compliance required by fiscal year 2028.

    Policy & regulationRules & requirementsClimate risk and sustainable finance
  • 2025-07-30South KoreaSouth Korea Financial Services Commission

    South Korea Financial Services Commission and partners launch joint response team to tackle stock market manipulation

    South Korea's Financial Services Commission, Financial Supervisory Service, and Korea Exchange have launched a joint response team to combat stock market manipulation, enhancing the Korea Exchange's Market Surveillance Committee. The initiative aims to integrate operations, employ AI for improved surveillance, and expedite investigations. Securities and Futures Commission Chair Kwon Dae-young emphasized sanctions exceeding illicit profits and measures to prevent manipulators from trading or holding executive positions.

    Policy & regulationImplementation, projects & pilotsMarket abuse
  • 2025-07-30BrazilBrazil Securities Commission (CVM)

    Brazil Securities Commission publishes Q2 2025 Economic Bulletin showing BRL 378.9bn securities issuance and crowdfunding issuances of BRL 2.2bn

    The Brazil Securities Commission (CVM) reported BRL 378.9bn in securities issuance for Q2 2025, with significant growth in crowdfunding offers. Commercial notes and Credit Rights Investment Funds rose 24% to BRL 95.5bn, while the number of CVM-regulated participants increased 3.3% year on year. The regulated market is estimated at BRL 42.54tn, with investment funds up 11.5% to BRL 10.27tn.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-07-30MalaysiaMalaysia Securities Commission

    Securities Commission Malaysia charges former unit trust consultant for alleged RM20,000 unit trust investment fraud

    Securities Commission Malaysia has charged former unit trust consultant Nadihah binti Nawi with securities fraud at the Kuala Lumpur Sessions Court. She allegedly defrauded two investors of RM20,000 by misrepresenting unit trust investments in Kenanga Investors Berhad. Nadihah, who claimed trial, faces up to 10 years' imprisonment and a minimum fine of RM1 million if convicted.

    EnforcementInvestigations & enforcement actionsFraud and scams
  • 2025-07-30PolandMinistry of Finance (Poland)

    Poland's Ministry of Finance advances draft law giving KNF discretion over fines for late motor claims handling

    Poland's Ministry of Finance and Economy proposed a draft bill to make financial penalties for insurers' late handling of motor insurance claims discretionary, not mandatory. This change, part of the government's deregulation agenda, aims for more efficient and proportionate supervision by the Polish Financial Supervision Authority. The bill, adopted by the Council of Ministers, will take effect 14 days after publication in Poland’s Journal of Laws.

    Policy & regulationRules & requirementsSupervision process and methodologies
  • 2025-07-30AzerbaijanCentral Bank of the Republic of Azerbaijan

    Central Bank of the Republic of Azerbaijan reviews first-half implementation of the Effective Governance and Macroeconomic Indicators work plan

    The Central Bank of the Republic of Azerbaijan's "Effective Governance and Macroeconomic Indicators" working group reviewed its annual activity plan progress in a videoconference on 29 July 2025. Key topics included budget transparency, debt sustainability, state regulation, monetary freedom, the Global Innovation Index, and natural resource management. The group emphasized the need for improved communication of completed work.

    Policy & regulationCooperationOther
  • 2025-07-30AzerbaijanCentral Bank of the Republic of Azerbaijan

    Central Bank of the Republic of Azerbaijan holds first meeting of macroeconomic resilience sub-working group for 2027–2030 strategy

    The Central Bank of the Republic of Azerbaijan held its first meeting of the sub-working group on macroeconomic resilience to aid the 2027–2030 socio-economic development strategy. Discussions emphasized the importance of resilience for growth, shock resistance, and social welfare. Central Bank Chair Taleh Kazimov noted positive outcomes from the 2022–2026 strategy, including inflation control and increased financial sector depth, while stressing the need for enhanced policy frameworks for future resilience.

    Policy & regulationReform agendas & prioritiesMacroprudential policy and tools
  • 2025-07-30MalaysiaBank Negara Malaysia

    Bank Negara Malaysia imposes MYR 2.85 million penalty on Bank Kerjasama Rakyat Malaysia for breaches of RMiT system availability requirements

    Bank Negara Malaysia imposed a MYR 2,850,000 penalty on Bank Kerjasama Rakyat Malaysia Berhad for non-compliance with the Development Financial Institutions Act 2002 and the Risk Management in Technology Policy Document due to multiple unplanned downtimes between June 2023 and December 2024. These outages disrupted critical banking services and exceeded permitted downtime thresholds. BKRM has since enhanced its recovery capabilities and IT infrastructure, while BNM emphasized the importance of high technology resilience in financial institutions.

    EnforcementInvestigations & enforcement actionsOperational risk and resilience
  • 2025-07-30MalaysiaBank Negara Malaysia

    Bank Negara Malaysia imposes MYR 3.445m penalty on Bank Islam Malaysia Berhad for service disruption and sanctions screening breaches

    Bank Negara Malaysia fined Bank Islam Malaysia Berhad MYR 3,445,000 for breaches of the Islamic Financial Services Act 2013 and related policies. The penalties addressed service disruptions and sanctions screening failures. Bank Islam has implemented remedial measures, including IT infrastructure enhancements and improved sanctions screening systems.

    EnforcementInvestigations & enforcement actionsAML and CFTCompliance
  • 2025-07-30MalaysiaBank Negara Malaysia

    Bank Negara Malaysia imposes RM995,000 administrative penalty on Bank Simpanan Nasional for breaching technology resilience availability requirements

    Bank Negara Malaysia imposed a RM995,000 Administrative Monetary Penalty on Bank Simpanan Nasional for breaching the Development Financial Institutions Act 2002 and Risk Management in Technology Policy Document requirements on critical system availability. The violations involved multiple unplanned downtimes affecting e-banking and card systems beyond allowed thresholds. BSN has since improved its IT infrastructure and recovery capabilities.

    EnforcementInvestigations & enforcement actionsOperational risk and resilience
  • 2025-07-30GuernseyGuernsey Financial Services Commission

    Guernsey Financial Services Commission launches Engagement Hub to replace its Consultation Hub

    The Guernsey Financial Services Commission has introduced a new Engagement Hub, replacing the Consultation Hub as the main online platform for regulatory engagement. The Hub will facilitate consultations, publish discussion papers, and provide feedback to the industry, while maintaining access to previous documents on the Commission's website.

    Policy & regulationImplementation, projects & pilotsOther
  • 2025-07-30GuernseyGuernsey Financial Services Commission

    Guernsey Financial Services Commission confirms no plans for mandatory sustainability disclosures and consults on biodiversity risk governance and greenwashing guidance

    The Guernsey Financial Services Commission confirmed no plans to mandate sustainability disclosure standards, allowing voluntary disclosures per ISSB Standards. Respondents supported a proportionate, flexible approach. The paper accompanies consultations on amending the Financial Sector Code of Corporate Governance to address biodiversity risks and clarifying that greenwashing is prohibited under existing licensing criteria.

    Policy & regulationGuidance & interpretationClimate risk and sustainable finance
  • 2025-07-30UkraineMinistry of Finance (Ukraine)

    Ukraine's Ministry of Finance highlights UK High Court judgment upholding PrivatBank claims over nearly USD 2 billion misappropriation

    The Ministry of Finance of Ukraine announced that the High Court of Justice in London upheld PrivatBank's claims against its former owners, Ihor Kolomoisky and Gennady Bogolyubov, for misappropriating nearly USD 2 billion. The court found that funds were diverted through a complex loan recycling scheme. A hearing in October 2025 will determine the repayment amount, expected to exceed USD 2 billion.

    EnforcementInvestigations & enforcement actionsFraud and scams
  • 2025-07-30SeychellesSeychelles Financial Services Authority

    Seychelles Financial Services Authority warns that taurexus.com is not connected to any FSA-licensed or regulated entity

    The Seychelles Financial Services Authority (FSA) issued a scam alert regarding the website www.taurexus.com, which is not linked to any FSA-licensed entity. The FSA advises the public to thoroughly research entities before engaging in financial transactions and reminds that it will not be liable for interactions with the website.

    SupervisionAlertsUnlicensed or unauthorized activityFraud and scams
  • 2025-07-30PhilippinesPhilippine Securities and Exchange Commission

    Philippine Securities and Exchange Commission underscores the role of credible ESG data and transparency in sustainable finance at CRIF Forum 2025

    The Philippine Securities and Exchange Commission stressed the importance of credible data and transparency in sustainable finance during Commissioner Javey Paul D. Francisco's keynote at CRIF Forum 2025. He highlighted the need for businesses to integrate data-driven sustainability strategies, noting that verifiable ESG data is crucial for market credibility. He also referenced the Commission's initiatives, including sustainability reporting guidelines and alignment with global standards, to support this transition.

    Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
  • 2025-07-30United KingdomPrudential Regulation Authority

    Prudential Regulation Authority consults on restating Capital Requirements Regulation definitions in the PRA Rulebook ahead of Basel 3.1

    The Prudential Regulation Authority (PRA) plans to transfer most definitions from the Capital Requirements Regulation (CRR) into the PRA Rulebook Glossary, updating Supervisory Statement 13/13 on market risk. This aims to maintain continuity as HM Treasury revokes CRR provisions, aligning with Basel 3.1 credit risk rules. The changes affect PRA-authorised UK banks, building societies, investment firms, and insurers, with implementation expected on 1 January 2027.

    Policy & regulationRules & requirementsPrudential risks
  • 2025-07-30United StatesU.S. Senate Committee on Banking, Housing and Urban Affairs

    U.S. Senate Committee on Banking, Housing and Urban Affairs Democrats challenge Treasury’s use of human rights sanctions against a Brazilian Supreme Court justice

    The U.S. Senate Committee's minority leadership, led by Elizabeth Warren, criticized the Trump Administration for sanctioning a Brazilian Supreme Court Justice under a U.S. financial sanctions program. They argued this misuses a foreign policy tool and targets a judicial official in a politically sensitive trial. They also warned that related tariffs could raise prices for U.S. consumers on goods like beef and coffee.

    OtherSanctions list update
  • 2025-07-30United StatesU.S. Senate Committee on Banking, Housing and Urban Affairs

    U.S. Senate Committee on Banking, Housing and Urban Affairs highlights ROAD to Housing Act advance and scrutiny of Federal Reserve renovations and crypto market structure draft

    The U.S. Senate Committee on Banking, Housing and Urban Affairs advanced the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025, marking the first bipartisan housing markup in over a decade. Chairman Tim Scott highlighted Federal Reserve renovation overspending and introduced a draft for digital asset market structure legislation to enhance regulatory clarity and support innovation.

    Policy & regulationReform agendas & prioritiesOther