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2025-07-15•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan met with banking stakeholders to review the first half of 2025 and set objectives for the rest of the year. Discussions focused on monetary and credit policy, banking system soundness, and inflation control, with instructions to address high non-performing loans, software issues, and foreign exchange operation weaknesses. Credit financial institutions were directed to enhance internal controls, risk management, and non-cash payment infrastructure, especially in remote areas.
SupervisionInterventionsOther
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2025-07-15•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) released the Boletim Susep, showing total sector revenue of BRL 175.88 billion through May 2025, a 0.75% nominal increase from 2024. Property and casualty insurance, excluding VGBL, rose 8.09% to BRL 88.08 billion, while accumulation products saw a decline of 8.33% to BRL 73.86 billion. Technical provisions reached BRL 1.9 trillion, representing 15.85% of Brazil's GDP.
Data & statisticsActivity and performance reporting
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2025-07-15•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 2.9% year-on-year increase in May 2025 cash remittances through banks, totaling USD 2.66 billion. Sea-based overseas Filipinos contributed USD 536 million (up 3.1%) and land-based workers USD 2.12 billion (up 2.8%). January-May cumulative cash remittances rose 3.0% to USD 13.77 billion, with the United States as the top source, followed by Singapore and Saudi Arabia. Personal remittances grew 3.0% year-on-year to USD 2.97 billion in May, reaching USD 15.34 billion for the first five months, despite a 0.6% month-on-month decline seasonally adjusted.
Data & statisticsCross-border payments
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2025-07-15•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) announced updated information on the liquidation of FWU Life Insurance Lux S.A., with an Italian translation available on its website. IVASS advises stakeholders to review these updates and monitor the liquidation and IVASS websites for further developments. Support is offered through a multilingual telephone line and IVASS’s consumer contact centre.
SupervisionOther
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2025-07-15•Vietnam•Vietnam State Securities Commission
Vietnam's Ministry of Finance and the Vietnam State Securities Commission have initiated a consultation on a draft circular detailing rules for securities business services and securities transfer, linked to the Value Added Tax Law. The draft is pursuant to Government Decree No. 181/2025/ND-CP.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-07-15•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore released Consultation Paper P010-2025 proposing changes to the regulatory framework for large exposures for Singapore-incorporated merchant banks and banks. The amendments focus on capital adequacy and risk management.
Policy & regulationRules & requirementsCredit riskLiquidity riskPrudential risks
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2025-07-15•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore released the Financial Sector Development Fund Annual Report 2024/2025, detailing grants to bolster talent development, technology and innovation, and asset class capabilities in the financial sector.
Policy & regulationImplementation, projects & pilotsOther
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2025-07-15•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore released its Annual Report 2024/2025, detailing its activities and achievements for the fiscal year, along with financial statements and a message from Chairman Gan Kim Yong.
Institutional developmentOtherActivity and performance reporting
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2025-07-15•Serbia•National Bank of Serbia
The National Bank of Serbia reported 3,119 counterfeit banknotes detected in the first half of 2025, with euro notes being the most common. Among 966 counterfeit Serbian dinar notes, RSD 2,000 notes were predominant, representing 83.23% of the total. Foreign currency counterfeits included 1,774 euros and 379 US dollars, with euro counterfeits accounting for 86.09% of the total nominal dinar equivalent of all counterfeits.
Data & statisticsCurrency and cash management
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2025-07-15•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia supported an investor seminar at Pannasastra University of Cambodia's Siem Reap Campus, organized by Canadia Securities Co., Ltd. The event aimed to enhance knowledge of the securities sector and encourage active trading, featuring guest speakers from the regulator and the Cambodia Securities Exchange. Approximately 50 participants attended, including professors and students.
Financial literacy & educationFinancial literacy and education
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2025-07-15•United Kingdom•Bank of England
The Bank of England has finalized changes to its approach for setting minimum requirements for own funds and eligible liabilities (MREL) and preferred resolution strategies, effective 1 January 2026. Key updates include an increased indicative total assets range for strategy-setting and clarified requirements for internal MREL instruments. The Prudential Regulation Authority has initiated consultations on MREL reporting amendments, with legislative changes expected to align with the revised framework by 2026.
Policy & regulationRules & requirementsRecovery and resolution
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2025-07-15•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency (Hanfa) appointed Martina Verić to its Board, succeeding Tomislav Ridzak, who stepped down at his request. Verić, formerly Head of Hanfa’s Funds and Investment Firms Supervision Division, has been involved in regulatory initiatives related to pension and investment funds, investment services, and crypto-markets.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-15•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) is consulting on changes to the UK recovery and resolution framework for PRA-authorised banks and building societies. Key proposals include raising the threshold for periodic resolvability reporting to firms with retail deposits of at least GBP 100 billion and reducing the minimum recovery-plan review frequency for Small Domestic Deposit Takers to biennially. Estimated annualised savings from these changes range from GBP 8.2 million to GBP 12.3 million across the industry.
Policy & regulationRules & requirementsRecovery and resolution
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2025-07-15•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has issued a consultation on proposed changes to minimum requirement for own funds and eligible liabilities (MREL) reporting, aiming to align submissions with the Bank of England's revised MREL approach and eliminate redundant data requests. The changes include amendments to MREL templates and reporting instructions, with an estimated net benefit to firms of GBP 1.1 million. The revised policy is expected to take effect on 1 January 2027.
Policy & regulationRules & requirementsRegulatory reporting
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2025-07-15•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has issued a consultation on revising the UK Pillar 3 disclosure regime for PRA-authorised banks, building societies, and investment firms. Proposed changes include standardising public disclosures on resources supporting resolvability, introducing new MREL disclosure templates, and adding qualitative disclosures for firms with capital distribution constraints. The PRA estimates the annualised industry cost of these proposals at GBP 1,440,000 over 10 years, with negligible costs for other changes.
Policy & regulationRules & requirementsRegulatory reporting
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2025-07-15•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has issued a consultation on proposed amendments to its near-final Basel 3.1 market risk rules, focusing on the Fundamental Review of the Trading Book (FRTB). Key proposals include delaying the FRTB internal model approach to 1 January 2028, while implementing other FRTB and Basel 3.1 reforms from 1 January 2027. The consultation also suggests operational simplifications for collective investment undertakings and changes to reporting requirements.
Policy & regulationRules & requirementsCapital adequacyPrudential risks
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2025-07-15•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) reported to the Chancellor on regulatory approval speeds, achieving 99.7% application determinations within statutory deadlines for 2024/25. The PRA set internal targets to further accelerate outcomes, including a three-month target for complete insurance firm applications and enhanced quarterly reporting from 2026. Proposed reforms aim to reduce senior manager roles requiring approval, targeting 50% of Senior Managers Regime applications within 45 days.
Policy & regulationImplementation, projects & pilotsLicensing framework and process
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2025-07-15•United Kingdom•Prudential Regulation Authority
The Financial Conduct Authority and Prudential Regulation Authority support HM Treasury's plans to expand the UK captive insurance market with a proportionate authorisation and supervisory regime. This will facilitate captives within protected cell companies, offering an affordable option for smaller businesses. Stakeholder expert groups will guide policy development, focusing on streamlining authorisation, international benchmarking, and defining prudential standards.
Policy & regulationReform agendas & prioritiesOther
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2025-07-15•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) will not proceed with the modification by consent process for including certain non-UK covered bonds as Level 2A high-quality liquid assets under the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook. This decision follows a policy update from His Majesty’s Treasury considering an Overseas Prudential Requirements Regime for non-UK covered bonds. The PRA will work with HMT to ensure a smooth transition to future liquidity treatment changes.
Policy & regulationRules & requirementsPrudential risks
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2025-07-15•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo reported its June 2025 balance sheet, showing total assets at EUR 1.79 billion, a slight decrease from the previous month. Deposits at the central bank rose to EUR 1.51 billion, with significant contributions from the Republic of Kosovo budget and the Kosovo Privatization Agency. International reserve assets increased to EUR 1.41 billion, primarily due to higher deposits and investments in securities.
Data & statisticsBalance of payments and other external statistics
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2025-07-15•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC is consulting on a regulatory sandbox for foreign tourists to convert digital assets into Thai baht via licensed operators, using e-money services. Compliance with SEC and Bank of Thailand regulations, including KYC and AML, is required, and connectivity with e-money operators is mandated. The sandbox, limited to 18 months with possible extension, excludes direct digital asset payments to merchants.
Policy & regulationImplementation, projects & pilotsFintech and insurtechRegulatory sandbox
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2025-07-15•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission announced that JCK International Public Company Limited will hold electronic bondholders’ meetings on 18 July 2025 to seek approval for changes to six bond series, including maturity extensions and revised repayment terms. Proposals involve extending maturities, rescheduling principal repayments, and modifying collateral provisions. The SEC urges bondholders to review the proposals and consult representatives before voting.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-07-15•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has instructed East Coast Furnitech Public Company Limited (ECF) to clarify its decision to change the exercise price of ECF-W5 warrants from THB 0.55 to THB 5 per share, potentially impacting warrant holders' benefits. ECF must provide this clarification to the SEC and disclose it publicly via the Stock Exchange of Thailand’s SETLink system. The SEC stresses that warrant adjustments should not reduce previously stipulated benefits and requires ECF to substantiate its consultation with the Department of Business Development regarding this adjustment.
SupervisionInterventionsDisclosures
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2025-07-15•United Kingdom•Bank of England
The Bank of England announced a policy package addressing prudential, market risk, and resolution frameworks, including a Prudential Regulation Authority (PRA) consultation on UK Basel 3.1 market risk implementation adjustments. Key proposals include deferring the new internal model approach for market risk to 2028, raising MREL thresholds, and updating resolution reporting requirements. The package aims to ease burdens for smaller firms while maintaining Basel 3.1 timelines.
Policy & regulationRules & requirementsCapital adequacyPrudential risks
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2025-07-15•United Kingdom•Bank of England
The Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority have launched consultations on reforms to the Senior Managers and Certification Regime (SM&CR) to enhance effectiveness and reduce burdens on firms. Proposed changes include removing the Certification Regime, increasing flexibility in senior manager approvals, and reducing certification roles by 15%. The reforms align with the government's legislative consultation on SM&CR.
Policy & regulationRules & requirementsCorporate governance
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2025-07-15•United Kingdom•HM Treasury
UK HM Treasury released the Digitisation Taskforce's final report, accepting recommendations to modernise the UK shareholding framework by phasing out paper share certificates and transitioning to an intermediated holding model. The government plans to legislate the end of paper shares by 2027 and improve the intermediated system for effective rights exercise by beneficial owners. An industry Chair will lead a Technical Group to develop an implementation plan, with criteria set for full migration to intermediation.
Policy & regulationImplementation, projects & pilotsSecurities offerings and listings
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2025-07-15•Russia•Central Bank of Russia
The Central Bank of Russia announced a phased rollout of digital ruble services, mandating major banks to offer digital ruble accounts and transactions starting 1 September 2026, with full compliance by September 2028. Retailers with prior-year revenue above RUB 120 million must accept digital ruble payments from 2026, with staggered obligations for smaller entities. The law also introduces a universal QR code for non-card payments, requiring all banks to support it by 1 September 2026.
Policy & regulationRules & requirementsCBDC
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2025-07-15•Russia•Central Bank of Russia
The Central Bank of Russia announced a new guarantee system for type 3 individual investment accounts (IIAs), offering compensation if the asset holder becomes bankrupt. The State Duma passed the law, renaming the Federal Public-State Foundation for the Protection of Investors’ and Shareholders’ Rights as the Individual Investment Account Guarantee Fund to manage the scheme. Compensation is capped at RUB 1.4 million, with specific terms for fund participation and management.
Policy & regulationRules & requirementsOther
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2025-07-15•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee held a hearing to assess the Dodd-Frank Act's impact 15 years post-enactment, featuring Chairman French Hill's remarks. Hill criticized the Act for imposing burdens on community financial institutions, expanding regulatory overreach, and contributing to a decline in U.S. initial public offerings. He advocated for bipartisan reforms to address these issues and reduce market uncertainty.
Policy & regulationReform agendas & prioritiesRegulatory burden
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2025-07-15•United Kingdom•HM Treasury
HM Treasury and the Financial Services Skills Commission (FSSC) are collaborating on an industry skills compact for the UK financial services sector, addressing skills gaps from AI and emerging technologies. Supported by the City of London Corporation and TheCityUK, a steering group chaired by FSSC Chair Mark Hoban, with HM Treasury and other government departments, will lead the initiative. The compact aims for completion within 12 months, with regular progress reviews.
Policy & regulationCooperationCapacity building
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2025-07-15•United Kingdom•HM Treasury
HM Treasury has unveiled its Financial Services Growth and Competitiveness sector plan, introducing the 'Leeds Reforms' to attract investment, boost retail market participation, and reduce regulatory burdens. Key measures include an industry-led advertising campaign, reforms to Individual Savings Accounts, and a new concierge service for market entry. The plan supports Bank of England reforms to raise the MREL threshold and introduces Basel 3.1 from January 2027, alongside housing-related measures like simplified mortgage lending rules and a permanent Mortgage Guarantee Scheme.
Policy & regulationReform agendas & prioritiesRegulatory burden
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2025-07-15•United Kingdom•HM Treasury
HM Treasury unveiled the "Leeds Reforms," the most significant UK financial regulation changes in a decade, aimed at reducing regulatory burdens and increasing mortgage access for first-time buyers. Key measures include adjustments to the loan-to-income limit on mortgage lending, expected to create up to 36,000 additional first-time buyer mortgages in the first year. Nationwide will lower salary requirements for its "Helping Hand" mortgage, potentially supporting 10,000 more first-time buyers annually.
Policy & regulationReform agendas & prioritiesRegulatory burden
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2025-07-15•United Kingdom•HM Treasury
HM Treasury issued its first remit letter to the Bank of England’s Financial Market Infrastructure Committee, advising alignment with government economic priorities while fostering innovation in central counterparties and central securities depositories. The letter emphasizes the systemic importance of UK financial market infrastructures and calls for proportionate regulation, international leadership, and market participant engagement. The Bank's response outlines ongoing measures, including finalizing Fundamental Rules for FMIs and consulting on a CCP rulebook, with further consultations planned for 2025 on systemic payment stablecoins and post-trade risk reduction services.
Policy & regulationGuidance & interpretationMarket infrastructure
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2025-07-15•Global•Egmont Group
The Egmont Group's 2025 Plenary in Luxembourg endorsed elevating Financial Intelligence Unit (FIU) autonomy to core requirements, approved enhancements to the Egmont Secure Web for anti-money laundering and counter-terrorism financing analysis, and adopted a new funding approach for the Egmont Centre of FIU Excellence and Leadership. Membership increased to 181 with new FIUs from Mozambique, The Gambia, Equatorial Guinea, and Sierra Leone, and Daniel Thelesklaf was selected as Vice-Chair for a two-year term.
Policy & regulationInternational standards & recommendations
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2025-07-15•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is considering a proposal to streamline branch application processes for FDIC-supervised banks, shifting routine cases to automatic approvals and removing public comment steps. The proposal aims to reduce the burden of processing over 650 applications annually, while maintaining oversight in exceptional cases. Exemptions for minor branch relocations are also included.
Policy & regulationRules & requirementsRegulatory burden
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2025-07-15•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) Board is considering a request for information to gather stakeholder feedback on industrial loan companies (ILCs) to inform its review process for ILC applications. Acting Chairman Travis Hill noted the FDIC aims to develop a policy statement clarifying the interpretation of statutory factors for ILC applications, amid ongoing interest from diverse institutions.
Policy & regulationGuidance & interpretationLicensing framework and process
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2025-07-15•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) proposes a standalone Office of Supervisory Appeals for handling appeals of material supervisory determinations, replacing the current system with senior FDIC officials. The new office would recruit external reviewing officials for time-limited terms, ensuring independence and scalability, with at least one panel member having direct supervisory experience. The FDIC seeks comments on this proposal.
Institutional developmentMandate & organizational structureSupervision process and methodologies
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2025-07-15•Egypt•Egypt Financial Regulatory Authority
At the Education Investment Summit, Egypt Financial Regulatory Authority's deputy chair, Islam Azzam, outlined financing and de-risking strategies for education investments via insurance and capital markets. He highlighted government insurance for students, specialised insurance products, and future cash flow securitisations valued at EGP 2bn. Azzam also noted financial leasing and consumer finance options for educational infrastructure and student expenses.
Policy & regulationRules & requirementsSME financing
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2025-07-15•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation issued supplemental instructions for the June 30, 2025, Call Report, confirming no new data items for FFIEC 031, 041, or 051 forms this quarter. Institutions must submit data electronically by July 30, 2025, with exceptions for those with multiple foreign offices. The FFIEC plans to implement multifactor authentication for the Central Data Repository application in the third and fourth quarters of 2025.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-07-15•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) proposed amendments to regulatory thresholds to account for inflation, affecting requirements like annual independent audits. The proposal includes an indexing methodology for automatic updates every two years and additional adjustments if inflation exceeds 8% in any intervening year. This marks the first phase of a broader effort to reassess thresholds across FDIC regulations.
Policy & regulationRules & requirementsRegulatory reporting
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2025-07-15•United States•Federal Deposit Insurance Corporation
The FDIC proposed amendments to streamline rules for insured state nonmember banks establishing or relocating branches, including expedited processing and revised public notice procedures. Key changes involve eliminating certain filing requirements, shortening timelines, and removing public comment mandates. The proposal introduces a "de minimis change in address" exclusion and aligns the "remote service unit" definition with the Office of the Comptroller of the Currency.
Policy & regulationRules & requirementsLicensing framework and process
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2025-07-15•United States•Federal Deposit Insurance Corporation
The FDIC is consulting on amending its Guidelines for Appeals of Material Supervisory Determinations, proposing an independent Office of Supervisory Appeals to replace the Supervision Appeals Review Committee. This Office, staffed by officials with supervisory experience, would serve as the final review level for FDIC-supervised institutions and operate independently from FDIC divisions. Hiring is planned soon, with the Office expected to be operational upon finalizing the revised Guidelines.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-07-15•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) has issued a request for information to gather comments on its evaluation approach for statutory factors related to filings by industrial banks, industrial loan companies, and their parent companies. The feedback will guide the FDIC in assessing these factors on a case-by-case basis, considering the business plans of industrial banks and the diversity of companies seeking to establish them.
Policy & regulationGuidance & interpretationLicensing and supervisory fees
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2025-07-15•Chile•Central Bank of Chile
The Central Bank of Chile's second quarter 2025 Bank Credit Survey shows stable credit standards across household and corporate segments, with some easing in consumer credit. Demand for housing loans strengthened, while consumer credit and SME demand remained subdued. The survey, conducted from 23 June to 2 July 2025, also noted more favorable conditions for consumer credit and unchanged mortgage lending standards.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-15•United States•Federal Deposit Insurance Corporation
The FDIC Board approved a request for information on the review process for filings by industrial banks and loan companies, while withdrawing a 2024 proposed rule on parent company requirements. The RFI aims to refine FDIC evaluations of statutory factors, considering the unique aspects of industrial bank business plans. The FDIC will not finalize the withdrawn proposal and may address changes through separate regulatory actions.
Policy & regulationGuidance & interpretationLicensing framework and process
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2025-07-15•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) Board approved a proposed rulemaking to streamline the application process for establishing and relocating domestic branches and offices. The proposal targets insured state non-member banks and insured branches of foreign banks, introducing expedited processing and removing certain filing and public notice requirements to reduce regulatory burden.
Policy & regulationRules & requirementsLicensing framework and process
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2025-07-15•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) are consulting on proposals to establish an independent dispute resolution service with binding authority for investment-related complaints, likely involving the Ombudsman for Banking Services and Investments (OBSI). The proposals include a CSA oversight model for OBSI, governance and independence safeguards, and enhanced reporting requirements. The framework would apply to OBSI's investment mandate, with external decision makers appointed for reviews involving compensation recommendations of CAD 75,000 or more.
Policy & regulationRules & requirementsComplaints and dispute resolution
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2025-07-15•United States•Federal Reserve Board
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman spoke at the Financial Inclusion Conference, emphasizing innovation's role in expanding financial access. She highlighted banks' use of alternative data to reach underserved populations and addressed a recent interagency request on check and payments fraud. The agenda included discussions on evolving financial products, mission-driven organizations, and cross-border payment innovations.
Policy & regulationOtherFinancial inclusion
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2025-07-15•United States•Federal Reserve Board
Federal Reserve Board Governor Michael S. Barr emphasized at the Financial Inclusion Conference the importance of safe, affordable bank accounts and faster payments for financial inclusion. He noted the lowest unbanked rate since 2009 but identified barriers like account costs and fees, highlighting initiatives such as the Bank On certification and FedNow Service. Barr also discussed alternative financial data's role in expanding credit access and improving underwriting decisions.
Policy & regulationGuidance & interpretationFinancial inclusion
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2025-07-15•United States•Federal Reserve Board
The Federal Reserve Board terminated its cease and desist order against Industry Bancshares, Inc. of Industry, Texas, effective July 10, 2025. The order was initially issued on November 13, 2024.
EnforcementInvestigations & enforcement actionsOther
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2025-07-15•United States•U.S. Securities & Exchange Commission
U.S. Securities and Exchange Commission Chairman Paul S. Atkins accepted the resignation of Erica Williams as Chair and Board member of the Public Company Accounting Oversight Board. Williams will remain in her position until July 22.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-15•United States•Office of the Comptroller of the Currency
Jonathan V. Gould has been sworn in as the 32nd Comptroller of the Currency, succeeding Rodney E. Hood. Gould, confirmed by the U.S. Senate on July 10, 2025, previously served as Senior Deputy Comptroller and Chief Counsel at the Office of the Comptroller of the Currency and was a partner at Jones Day. His priorities include enhancing bank supervision, embracing innovation, and promoting fair access to financial services.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-15•China•China Securities Regulatory Commission
China Securities Regulatory Commission Chair Wu Qing and Laos Securities Commission Secretary-General Phengsy Phengmuong met in Beijing to discuss capital market development and enhance bilateral regulatory cooperation.
Policy & regulationCooperationCross-border cooperation
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2025-07-15•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued Interpretative Criterion No. 96, clarifying conditions for legal entities operating as PSAVs to evidence compliance with the minimum net worth requirement (PNM) for registration. PSAVs must have fully paid-in share capital registered in the Public Registry of Commerce, with irrevocable contributions capitalised before registration. Entities registered under General Resolution No. 994 have until 30 November 2025 to meet the clarified PNM requirements.
Policy & regulationGuidance & interpretationCapital adequacy
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2025-07-15•Argentina•Argentina Securities Commission (CNV)
Argentina Securities Commission (CNV) President Roberto E. Silva concluded the Corporate Governance Forum 2025, emphasizing efforts to innovate and modernize Argentina's capital markets. Over the past 18 months, CNV has introduced pioneering rules on Automatic Public Offering, PSAV regulation, and tokenization. The forum was organized by IAE Business School with participation from BYMA and CNV staff.
Policy & regulationRules & requirementsCorporate governance
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2025-07-15•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration has issued interim measures for supervising local asset management companies to standardize practices and tighten risk management. The measures define business scope, set conduct expectations, and impose risk controls, including investment exposure limits and liquidity requirements. Provincial authorities will oversee supervision and risk disposal, with the National Financial Regulatory Administration enhancing coordination and guidance.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-07-15•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
Thomas Hirschi will leave the Swiss Financial Market Supervisory Authority (FINMA) on 31 August 2025, stepping down as Head of the Banks division. Hirschi, who joined FINMA's Executive Board in 2020, played a key role in processing licence applications, overseeing bank supervision, and managing the Credit Suisse crisis.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-15•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance announced that "M&L ASOCIADOS SEGUROS Y GESTORIA DEL AUTOMOTOR EN GRAL" is not authorized to operate as an insurance producer adviser or institorio agent. This notice serves as a consumer protection measure for potential insureds in San Miguel de Tucumán, Tucumán Province.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-15•India•Securities & Exchange Board of India
The Securities and Exchange Board of India, in collaboration with the National Institute of Securities Market, launched the National Financial Literacy Quiz 2025 to enhance financial literacy among students. The quiz saw 477,489 registrations, with regional rounds already held in Kolkata and Bengaluru. Upcoming rounds are scheduled across various zones, culminating in a national round at the NISM campus in November 2025.
Financial literacy & educationFinancial literacy and education
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2025-07-15•South Korea•Bank of Korea
The Bank of Korea published its Loan Officer Survey on Financial Institution Lending, detailing lending trends for Q2 2025 and projections for Q3 2025.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-15•Taiwan•Central Bank of Taiwan
The Central Bank of the Republic of China (Taiwan) released its June 2025 overview of renminbi (RMB) business, noting 65 domestic and 56 offshore banking units engaged in RMB activities. Total RMB deposits increased to RMB 119.27 billion, while loans decreased to RMB 19.19 billion. Remittances for May reached RMB 185.33 billion, with the Taipei Branch of the Bank of China managing RMB 460 billion in settlements for June.
Data & statisticsFinancial and market indicators
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2025-07-15•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Supervisory Commission reported that domestic banks' loans to small and medium-sized enterprises (SMEs) reached TWD 10,467 billion at end-May 2025, a TWD 2.8 billion increase from April. SME loans accounted for 64.66% of total enterprise lending and 68.37% of private enterprise lending, with the average non-performing loan ratio at 0.21%, down 0.03 percentage points. The Commission encourages banks to expand SME lending with appropriate risk controls.
Data & statisticsFinancial and market indicators
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2025-07-15•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission plans to amend Article 5 to redefine insurers’ “substantive operating revenue” for supervisory fee calculations, aligning with IFRS 17 to be implemented in 2026. The new definition will include various revenue streams and specific adjustments, excluding certain liabilities and expenses. The amendment follows industry consultations and will be open for public comment.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-07-15•India•Insurance Regulatory and Development Authority of India
The Insurance Regulatory and Development Authority of India approved rural, social sector, and motor third party obligations for 2025-26 and 2026-27, advanced the Indian Risk Based Capital framework with updated guidance for the second quantitative impact study, granted first-stage approval for M/s Kiwi General Insurance Ltd's registration, endorsed business facilitation modifications, and established panels for enforcement and equity share transfer matters.
Policy & regulationRules & requirementsOther
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2025-07-15•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) released two annexes to its 2021 Opinion on risk-mitigation techniques to harmonize supervisory practices across Europe. The annexes address the prudential treatment of mass-lapse reinsurance and contractual termination clauses, focusing on Solvency Capital Requirement (SCR) relief, measurement periods, and risk transfer effectiveness. EIOPA will oversee the application of these guidelines through a forthcoming peer review.
Policy & regulationGuidance & interpretation
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2025-07-15•Europe•European Insurance and Occupational Pensions Authority
The European Supervisory Authorities, including the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority, released a guide on oversight under the Digital Operational Resilience Act. It outlines the framework for overseeing critical ICT third-party service providers, detailing governance, oversight processes, and tools for Joint Examination Teams. It is advisory and does not replace EU legal requirements, aiming to assist financial entities and providers in preparing for oversight implementation.
Policy & regulationGuidance & interpretationOperational risk and resilienceOutsourcing and third-party risk management
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2025-07-15•Bahamas•Central Bank of the Bahamas
The Central Bank of the Bahamas released its July 2025 schedule for secondary market prices of Bahamas Registered Stock (BRS), detailing bid and ask prices and yields. The list includes fixed and floating rate BRS with maturities from July 2025 to October 2054, providing issue and maturity dates, nominal value, coupon or APR, and yield for each ISIN. Floating rate securities reset semi-annually based on the prevailing six-month market rate, with prices excluding accrued interest.
Data & statisticsFinancial and market indicators
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2025-07-15•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE announced outcomes from the Financial Stability Council's first 2025 Board meeting, including a Technical Advisory Committee and three working groups. These groups will focus on digital innovation, non-bank financial intermediation, and data development, aiming to monitor market developments, assess systemic risks, and enhance data management. The meeting included senior representatives from key financial and regulatory bodies in the UAE.
Policy & regulationImplementation, projects & pilotsFinancial stability and systemic riskMarket development
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2025-07-15•Caribbean•Eastern Caribbean Central Bank
Antigua and Barbuda’s Prime Minister, Gaston A. Browne, will assume the chairmanship of the Eastern Caribbean Central Bank Monetary Council on 17 July, succeeding Cora Richardson-Hodge. The Monetary Council, ECCB's highest decision-making body, rotates its chair annually among finance ministers of its eight member governments.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-14•South Africa•National Treasury (South Africa)
South Africa's National Treasury released remarks by Director-General Dr. Duncan Pieterse at the G20 Finance and Central Bank Deputies meeting, highlighting global economic uncertainty and G20 Presidency priorities like debt sustainability and multilateral development banks. The agenda includes updates from the Council of Europe Development Bank, a World Bank simulation on pandemic response financing, and progress on sovereign debt restructuring. The meeting aims to draft a communiqué to support Finance Ministers and Central Bank Governors under South Africa’s G20 Presidency.
Policy & regulationReform agendas & prioritiesOther
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2025-07-14•Australia•Australian Securities & Investments Commission
ASIC has initiated Federal Court proceedings to disqualify David John Catsoulis from managing corporations, citing his alleged mismanagement of Warwick Gold Holdings Pty Ltd and Impact Gold Ltd. Under Catsoulis's leadership from 2021 to 2024, the companies engaged in disadvantageous agreements leading to their collapse in 2024. ASIC seeks a disqualification order under section 206D of the Corporations Act, allowing for a maximum disqualification of 20 years. The first case management hearing is scheduled for 23 July 2025.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-07-14•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has initiated a consultation on minor updates to the Private Health Insurance (Health Benefits Fund Enforcement) Rules 2015 to ensure their currency and continued applicability. Stakeholders are invited to provide feedback on the proposed changes, with relevant documents available on APRA's website.
Policy & regulationRules & requirementsPrudential risksRegulatory burden
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2025-07-14•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has initiated a consultation on minor updates to the Private Health Insurance (Health Benefits Fund Enforcement) Rules 2015 to maintain their currency and enforceability. Stakeholders are invited to provide feedback, with details available on APRA's website.
Policy & regulationRules & requirementsPrudential risksRegulatory burden
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2025-07-14•Ghana•Ministry of Finance (Ghana)
Ghana’s Ministry of Finance has inaugurated a seven-member Board for the Financial Intelligence Centre, appointing Mike Kofi Afflu as Chairperson and Albert Kwadwo Twum Boafo as Chief Executive. The Board, comprising representatives from key government departments, is tasked with combating money laundering, terrorism financing, and other financial crimes.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-14•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority has initiated a review of access to financial advice, examining consumer sources and the challenges under the 2021 financial advice regime. The review aims to inform regulatory focus and may lead to new guidance, monitoring changes, or initiatives to enhance consumer awareness.
Policy & regulationReform agendas & prioritiesConsumer and investor protection
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2025-07-14•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) has launched a consultation on the draft "Suitability Policy Rule Wta 2026" to replace the current rule for assessing policymakers at audit firms under the Audit Firms Supervision Act. The proposal seeks to extend suitability assessments to large non-public interest entity audit firms and align the framework with the joint AFM/De Nederlandsche Bank "Suitability Policy Rule 2012". The final policy will be published after reviewing consultation feedback.
Policy & regulationRules & requirementsOther
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2025-07-14•Mauritius•Mauritius International Financial Centre
The Mauritius International Financial Centre has published a Highlights Strategy Report outlining its Financial Services Sector Strategy for 2025–2030, endorsed by the Cabinet. The strategy focuses on enhancing the centre's attractiveness and competitiveness through five strategic pillars: ease of doing business, product diversification, visibility enhancement, market diversification, and addressing skills shortages.
Policy & regulationReform agendas & prioritiesOther
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2025-07-14•Lebanon•Central Bank of Lebanon
The Central Bank of Lebanon issued Basic Circular 170, prohibiting banks and financial entities from engaging with unlicensed entities under foreign sanctions. This includes financial and commercial dealings, with examples like Al-Qard Al-Hasan Association and others on international sanctions lists. Non-compliance may result in legal action, including licence suspension or asset freezing.
Policy & regulationRules & requirementsOther
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2025-07-14•Indonesia•Bank Indonesia
Bank of Indonesia reported that Indonesia's external debt reached USD 435.6 billion in May 2025, with annual growth slowing to 6.8% from 8.2% in April. Government external debt rose to USD 209.6 billion, while private external debt declined by 0.9% year on year. The external debt-to-GDP ratio stood at 30.6%, with long-term maturities comprising 84.6% of total debt.
Data & statisticsBalance of payments and other external statistics
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2025-07-14•China•Central Bank of the Republic of China
The Central Bank of the Republic of China reported a CNY 22.83tn increase in aggregate social financing for the first half of 2025, up CNY 4.74tn from the previous year. RMB loans to the real economy rose by CNY 12.74tn, while foreign-currency loans decreased by CNY 63.8bn on a RMB-converted basis. The statistics reflect expanded data collection since January 2023, incorporating non-deposit-taking banking institutions.
Data & statisticsMonetary data
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2025-07-14•Ireland•Department of Finance (Ireland)
Ireland's Department of Finance has launched a public consultation on transposing the EU’s Insurance Recovery and Resolution Directive (IRRD) into national law, focusing on Member State discretions. Effective from January 2025, the IRRD aims to establish a harmonised recovery and resolution framework for insurance and reinsurance undertakings in the EU, ensuring financial stability and protection of policyholders. Ireland can choose between ex-ante, ex-post, or hybrid funding approaches for resolution costs.
Policy & regulationRules & requirementsRecovery and resolution
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2025-07-14•China•Central Bank of the Republic of China
The Central Bank of the Republic of China reported total social financing outstanding at CNY 430.22 trillion as of June 2025, marking an 8.9% year-on-year increase. Renminbi loans to the real economy, the largest component, rose 7% to CNY 265.22 trillion, while government bond financing surged 21.3% to CNY 88.74 trillion. The report also highlights adjustments in the statistical scope from January 2023, including certain non-deposit-taking financial institutions.
Data & statisticsMonetary data
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2025-07-14•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance Regulator (ASF) hosted a session at the 3rd International Conference on European Union Insurance Law, featuring research presentations by NOVA University Lisbon students. Topics included money laundering prevention, insurance protection gaps for natural catastrophes, discrimination in insurance contracts, and recourse rights in motor liability insurance. ASF board member Paula Vaz Freire delivered the opening remarks.
ResearchClimate risk and sustainable finance
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2025-07-14•United Kingdom•Financial Conduct Authority
The UK Financial Conduct Authority and the Financial Ombudsman Service have launched a joint consultation to modernize the financial redress system, aiming to prevent complaint overload and expedite consumer compensation. Key proposals include improved coordination on regulatory interpretation, a lead complaint process for novel issues, and clearer guidance for firms on issue escalation. Additionally, the Financial Ombudsman will adjust interest rates on some awards and plans to consult on varying case fees for firms.
Policy & regulationReform agendas & prioritiesComplaints and dispute resolution
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2025-07-14•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) is consulting on draft amendments to the Securities and Futures (Financial Resources) Rules to align capital requirements for licensed corporations with international standards, especially for over-the-counter derivatives. Proposals include reduced capital requirements for inter-dealer brokers, simplified transfer pricing, and exemptions for centrally-cleared repurchase transactions. Additional measures aim to facilitate trading in Mainland China, emerging markets, and digital asset futures.
Policy & regulationRules & requirementsCapital adequacyPrudential risks
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2025-07-14•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported a monthly increase in foreign assets of HKD 9.5 billion, bringing the total to HKD 3,596.2 billion as of end-June 2025, under the IMF’s Special Data Dissemination Standard. The Monetary Base was HKD 2,120.2 billion, with claims on the private sector at HKD 349.4 billion and foreign liabilities at HKD 31.0 billion. The HKMA issues four Exchange Fund data press releases monthly, with the next on 31 July 2025.
Data & statisticsMonetary data
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2025-07-14•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported on a public education event by the Hong Kong Mortgage Corporation Limited (HKMC) to promote the "HKMC Retire 3" suite and retirement planning. The event highlighted the Reverse Mortgage Programme, Policy Reverse Mortgage Programme, and HKMC Annuity Plan, attracting around 300 participants. HKMC plans to enhance elderly financial education with over 150 seminars in 2025, supporting the Government's silver economy.
Financial literacy & educationFinancial literacy and education
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2025-07-14•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a scam alert about fraudulent websites and internet banking login screens linked to China Construction Bank (Asia) Corporation Limited. The HKMA stressed that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-07-14•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan has accredited a representative office of Citibank AS to explore the financial market and expand cooperation with local entities. Citibank AS is a subsidiary of Citibank (USA) in Türkiye, with Citibank providing banking and asset management services globally.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-14•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) revoked Bandid Champakhaem's non-life insurance broker licence for failing to arrange insurance or remit premiums from Khon Kaen University students. The revocation bars him from acting as an insurance agent or broker for five years. The OIC is collaborating with industry associations to prevent premium misappropriation by intermediaries, proposing direct premium payments to insurers and stringent cash handling controls.
EnforcementInvestigations & enforcement actionsOther
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2025-07-14•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission held its second "OIC Meets CEO 2025" meeting with insurance executives, focusing on prudential supervision, financial reporting, data use, fraud risk, and intermediary oversight. Discussions included adjustments to risk-based capital requirements, ESG policy standards, and enhancements to the Early Warning System. The OIC aims to deepen data use through the Health Link platform and modernize intermediary supervision with e-Licensing and electronic payment channels.
SupervisionSupervision approach, priorities & toolkitOther
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2025-07-14•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan engaged with Standard & Poor’s analysts to discuss Tajikistan’s sovereign credit rating. Chairman Firdavs Tolibzoda highlighted recent banking and macroeconomic developments, including banking-sector conditions, monetary policy, inflation control, financial stability, and international reserves management. The central bank emphasized considering regional factors, GDP growth, and ongoing reforms in the forthcoming rating.
Policy & regulationInternational standards & recommendationsCredit ratings
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2025-07-14•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) updated its Manual of Accounting Practices and Procedures, adding a section on accounting for securitization operations involving Letras de Risco de Seguro (LRS). This mandates separate accounting for each operation by special purpose insurance companies, in line with National Council of Private Insurance Resolution No. 453/2022. The manual applies to all SUSEP-supervised entities and is currently in effect.
Policy & regulationRules & requirementsAccounting and financial reporting
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2025-07-14•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities and Commodities Authority reported record first-half milestones and outlined strategic initiatives to accelerate financial market development. Key decisions include strengthening corporate governance, promoting market innovation, and developing human capital. The SCA aims to align regulatory frameworks with global best practices to enhance competitiveness and attract investment.
Policy & regulationReform agendas & prioritiesMarket developmentCorporate governance
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2025-07-14•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines updated its list of cancelled and replaced Bangko Sentral Registration Documents (BSRDs) for non-resident investments in resident firms, effective Q1 2025. Authorized Agent Banks and their foreign exchange subsidiaries must not honor these BSRDs for foreign exchange transactions related to capital repatriation or earnings remittance. This update aligns with Section 38 of the amended Manual of Regulations on Foreign Exchange Transactions.
Policy & regulationGuidance & interpretationLicence withdrawal
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2025-07-14•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand will open the second phase of applications for the Exchange Settlement Account System (ESAS) in September 2025, allowing broader access to include payment service providers, overseas deposit takers, and operators of designated financial market infrastructures. This follows the expansion of ESAS access criteria in March 2025, enabling more non-bank entities to apply.
Policy & regulationImplementation, projects & pilotsLicensing framework and process
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2025-07-14•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand's analysis highlights how an ageing population may reshape the financial system, affecting savings, borrowing, and investment behaviors, with implications for interest rates, asset prices, and financial product demand. The Bank anticipates increased savings and asset values, reduced mortgage demand, a shift towards lower-risk investments, and potential impacts on monetary and fiscal policy.
ResearchEconomic data and developments
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2025-07-14•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) reviewed 254 independent audit reports on closed pension entities, finding most compliant with rules. Of the reports, 74.02% had no reservations, 1.97% received qualified opinions, and one entity failed legal requirements. PREVIC will notify councils of entities using uncertified professionals and use findings to refine regulations and support monitoring.
SupervisionReviews, inspections & stress testsAuditing
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2025-07-14•Germany•BaFin
Germany's Federal Financial Supervisory Authority (BaFin) issued a circular detailing governance and business organisation requirements for Solvency II insurance undertakings under the German Insurance Supervision Act and EU regulations. Effective 14 October 2025, it applies to direct and reinsurance undertakings, including certain holding companies, and incorporates EIOPA guidelines. It outlines expectations on risk-based implementation, governance, risk management, and outsourcing, while repealing BaFin Circular 02/2017 (VA).
Policy & regulationGuidance & interpretation
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2025-07-14•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority (Finantsinspektsioon) withdrew Sortter OÜ’s credit intermediary licence at the firm's request, noting the business never commenced operations or signed consumer credit contracts. The licence was initially issued on 11 October 2024 and withdrawn on 11 July. Finantsinspektsioon reports seven licensed credit intermediaries currently operate in Estonia.
SupervisionAuthorisations & approvalsLicence withdrawal