The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has approved Zarina Mukhtarovna Abitayeva as a senior executive in the securities market, consenting to her appointment as a member of an executive body.
The National Bank of Belgium's Financial Market Infrastructures and Payment Services Report 2025 emphasizes supervision of Belgian financial market infrastructures amid geopolitical and technological changes. It highlights the need for robust IT security frameworks and updates on the EU Digital Operational Resilience Act, including a shift to binding requirements for Swift. The NBB supports regulatory simplification in the EU but questions the effectiveness of a single European FMI supervisor in enhancing competitiveness or reducing legal fragmentation.
The Isle of Man Financial Services Authority announced that the Isle of Man High Court has ordered the final closure of the Depositors Compensation Scheme for Kaupthing Singer & Friedlander (Isle of Man) Limited. From 31 July 2025, remaining depositors will forfeit rights to claim any unclaimed dividends or surplus interest. The Authority will complete the closure process on or after this date.
The Federal Reserve Bank of Cleveland released President Hammack’s opening remarks, "Community Development: Paying It Forward," from the Policy Summit on June 26, 2025.
The Federal Reserve Bank of Cleveland's SORCE Insights report reveals that 70% of surveyed companies in its District foresee a negative impact from higher tariffs over the next six months, with 62% planning price increases. Conversely, 77% of respondents report no impact from new immigration policies on hiring or retention.
The Arab Monetary Fund, in collaboration with HEC Paris and the International Monetary Fund, has launched a six-month Executive Education Program on "Tax Policy and Tax System Management" as part of its 2025–2030 strategy to enhance institutional capacity in Arab countries. The program includes self-paced learning, in-person attendance, and virtual interaction, covering global tax policy, digital transformation in tax administration, resource mobilization, reducing tax gaps, and international taxation trends.
The National Bank of the Republic of Tajikistan announced the results of its MF252628 credit auction, allocating TJS 20 million at a weighted average annual interest rate of 8.81%. Total bids reached TJS 35 million, with interest rates ranging from 8.55% to 9.0% per annum.
The South African Reserve Bank released a staff note and statistical tables on South Africa’s 2024 national financial account, highlighting subdued domestic conditions with reduced saving and investment. Real economic growth slowed to 0.5%, and the foreign sector’s net lending position decreased to ZAR 47.7 billion. The general government’s net borrowing requirement narrowed, primarily financed through government bonds and Treasury bills, while financial intermediaries saw a significant rise in net asset acquisition.
The South African Reserve Bank's Quarterly Bulletin now includes new statistical tables for collective investment scheme management companies and revised national government finance and domestic debt securities statistics. Key changes involve reclassification of tax categories and revisions to time series data from April 2019. Experimental tables on rand-denominated debt securities now include unlisted bond issuance data.
The South African Reserve Bank (SARB) has updated its spreadsheet detailing the descriptions and metadata for its Quarterly Bulletin time series. The document includes time-series codes, definitions, frequency, and units of measure for SARB balance-sheet and operational series, as well as Corporation for Public Deposits assets and liabilities. Values are generally expressed in ZAR millions and available at monthly and quarterly frequencies.
The South African Reserve Bank's June 2025 Quarterly Bulletin reports a current account deficit of ZAR 47,991 million for 2024, with merchandise exports and imports totaling ZAR 1,892,677 million and ZAR 1,828,234 million, respectively. The bulletin highlights real GDP growth of 0.1% in Q1 2025, with household consumption rising by 0.4% and gross fixed capital formation declining by 1.7%. Data for the previous four years remain preliminary and subject to revision.
The South African Reserve Bank released the "Tax Chronology of South Africa: 1979–2025", detailing historical and current tax rates, duties, and levies. Available on the Reserve Bank's website, it includes personal and corporate income tax rates, VAT, excise duties, and a time series of national tax revenue. Notable updates include unchanged personal income tax brackets for 2024 and 2025 and a proposed inflationary increase in the general fuel levy from June 2025.
The United Arab Emirates’ national anti-money laundering committee signed an agreement with the Arab Youth Centre to develop young people’s financial security and compliance capabilities across the Arab world. The partnership includes training, secondments, mentorship, career guidance and public awareness initiatives.
The Brazilian Pension Funds Authority (PREVIC) ended its 14-year intervention in Portus – Instituto de Seguridade Social, returning control to participants, beneficiaries, and sponsors. PREVIC will continue oversight through monitoring and special supervisory follow-up until restructuring is complete, stressing informed management and adherence to governance and investment guidelines. The transition follows an agreement with stakeholders and includes provisional authorization of Portus’ statutory body members.
The Superintendence of Banks of the Dominican Republic reported an 8.5% year-on-year increase in MSME lending, reaching DOP 534,988 million as of March 2025. MSME loans rose 13.6% to 557,287, with a weighted average interest rate of 14.3% and a delinquency rate of 1.79%. Foreign currency lending accounted for 28.7% of the MSME portfolio, with growth comparable to local-currency lending.
The Central Bank of Brunei Darussalam released the Residential Property Price Index (RPPI) for Q1 2025, showing a 4.8% decline from Q1 2024 and a 1.9% decrease from Q4 2024. Based on bank-sourced mortgage data, the index recorded 103 transactions, a 29.9% drop from the previous quarter but a 27.2% increase year on year, with detached houses comprising 58.3% of purchases. The median purchase price fell to BND 220,000, with significant declines across all property types.
The New Zealand Financial Markets Authority (FMA) cancelled Filcare Services Limited’s Financial Advice Provider licence at the firm's request after an inquiry revealed breaches in obligations, including inadequate record-keeping, insufficient client understanding, and poor disclosure practices. The inquiry highlighted deficiencies in Filcare's advice processes, particularly in assessing insurance cover levels and replacement advice, and found the firm failed to ensure adviser compliance with their duties.
The European Council and European Parliament agreed to reform the EU’s Crisis Management and Deposit Insurance framework, enhancing bank crisis management and deposit guarantee scheme use. Eurogroup President Paschal Donohoe noted the deal fulfills a 2022 commitment to strengthen the banking union and improve the EU's capacity to manage bank failures, protect depositors, and ensure financial stability. The Eurogroup will consider additional measures to further strengthen the banking union.
The Republic of Serbia Securities Commission attended an event unveiling the Belgrade Stock Exchange's two-year development plan. The event, organized by the Ministry of Finance and the Belgrade Stock Exchange, featured presentations by Assistant Minister of Finance Ognjen Popovic and Belgrade Stock Exchange CEO Lazo Ostojic, highlighting market-relevant steps for implementation.
The Brazil Securities Commission (CVM) has ordered Digital Smart LLC (BULLEX) and Guilherme Leite dos Santos to cease public offerings of securities intermediation services. This action follows an alert from the Superintendence of Market and Intermediary Relations (SMI) regarding unauthorized activities targeting Brazilian clients. The order was formalized through CVM Declaratory Act 23,539.
The Brazil Securities Commission (CVM) hosted the IOSCO Secondary Markets Regulation Committee meeting in Rio de Janeiro, focusing on global capital market structures and financial market infrastructure. CVM's Margareth Noda shared Brazilian supervisory practices amid increasing market internationalisation. The CVM will host another IOSCO meeting in September for the Committee on Emerging Risks.
The Philippines Insurance Commission announced that Insurance Commissioner Reynaldo A. Regalado has been elected Chairperson of the Asian Reinsurance Corporation’s Management Board for 2025-2027. Asian Re’s Shareholders Assembly approved the 2024 financial statements, reporting a combined ratio of 84.9%, a 117.9% increase in net profit to USD 7.01 million, and a solvency ratio of 336%. A.M. Best upgraded Asian Re’s Financial Strength Rating to B++ and its Long-Term Issuer Credit Rating to bbb.
The Guernsey Financial Services Commission sanctioned Channel Island Finance Limited's executive director Scott Greaves Carré and director Jason Paul Cook for breaches of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. Mr Carré received a GBP 21,000 penalty and a seven-year prohibition from supervised roles, while Mr Cook was prohibited for 2 years. Violations included unauthorized funding, misleading statements, and poor conflict management.
The Guernsey Financial Services Commission issued a prohibition order under section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020, banning Jason Paul Cook from holding a supervised role from 25 June 2025 to 25 July 2027.
The Guernsey Financial Services Commission issued a prohibition order against Mr. Scott Greaves Carré under section 33 of The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020. The order prohibits him from holding a supervised role from 25 June 2025 until 25 June 2032.
The Philippine Securities and Exchange Commission will reduce fees for corporate document requests by 50% starting 1 July, as outlined in Memorandum Circular No. 6, Series of 2025. Revised rates include PHP 1,000 for authenticated copies of company filings and PHP 750 for plain copies, with digital copies accessed via eSEARCH also halved. Pricing for the SEC API Marketplace remains unchanged.
The Financial Services Regulatory Authority of Ontario has launched its second annual proceeds from enforcement grant program, directing funds from enforcement actions to financial education and research. Not-for-profit organizations and FSRA proposals are eligible for funding. Updated guidance on the use of enforcement proceeds is available for applicants.
The UN Environment Programme Finance Initiative's Principles for Sustainable Insurance Working Group for Nature released "Rooted in Risk," a guide for assessing nature-related dependencies and risks in insurance underwriting. It helps insurers identify nature-related issues across their value chains and serves as a technical foundation for nature-related assessments. A follow-up document, "Breaking Ground," is anticipated in 2025.
The Prudential Regulation Authority published the Bank of England’s Enforcement Decision Making Committee annual report for 2024-2025, highlighting its role in contested enforcement cases and updated procedures following the Financial Services and Markets Act 2023. No contested cases were concluded, and no statutory notices were issued. The committee met seven times, incurred costs of GBP 22,015.26, and maintained a membership of nine, with recruitment planned ahead of 2026 term expirations.
The Prudential Regulation Authority (PRA) released an annual report from the Cost Benefit Analysis (CBA) Panel, highlighting its advisory role to the PRA and the Bank of England on CBAs for rule changes affecting PRA-regulated firms and financial market infrastructure entities. The report details the Panel's focus on enhancing clarity, transparency, and methodological rigour in CBAs, with feedback incorporated into consultation papers. The PRA will consult the Panel on CBAs where annualised net direct costs exceed ±GBP 10 million, noting Sergio Afonso's appointment as a PRA firm member.
The Prudential Regulation Authority (PRA) released the 2024/25 annual report of its Practitioner Panel, highlighting discussions on Basel 3.1, ICT and cyber risk, climate-related risk management, and the Pillar 2A review. The Panel addressed proportionality in the Senior Managers and Certification Regime and contributed to the PRA's secondary competitiveness and growth objective. Changes in the nominations process were noted, with new member nominations from the Lloyd’s Market Association and the Association for Financial Markets in Europe.
The Prudential Regulation Authority (PRA) released the Insurance Practitioner Panel (IPP) Annual Report 2024/25, detailing the panel's engagement in policy development and regulatory work. Key topics included insurers' contributions to productive investment, feedback on Solvency II reforms, and the Dynamic General Insurance Stress Test for 2026. Governance updates noted Charlotte Jones's appointment as chair and member replacements.
Thailand's SEC announced that the Ministry of Digital Economy and Society will block access to five unauthorized digital asset trading platforms from 28 June 2025, following the SEC's information submission. The action, under the Royal Decree on Measures for the Prevention and Suppression of Technological Crime, aims to protect investors and mitigate money laundering risks. The SEC advised investors to withdraw or transfer assets from Bybit.com, 1000x.live, CoinEx, OKX, and XT.COM before restrictions take effect.
The International Swaps and Derivatives Association (ISDA) will launch the ISDA Notices Hub on July 15, an online platform for instant delivery of termination notices and other communications in over-the-counter derivatives, addressing operational risks from physical delivery requirements. ISDA has initiated a pre-adherence process for a protocol enabling firms to use the hub under existing ISDA Master Agreements, with planned adoption by two-thirds of global primary dealers and 42 buy-side institutions.
Starting 1 July 2025, the Swedish Financial Supervisory Authority (Finansinspektionen, FI) will assess the suitability of agents for foreign payment service providers in Sweden, following amendments to the Payment Services Act and the Electronic Money Act. FI will access criminal and suspected persons registers and share findings with the provider’s home-country authority, which will decide on agent registration. Previously, FI lacked the authority to assess agent management suitability.
The U.S. House Financial Services Committee's Oversight and Investigations Subcommittee is scrutinizing the Consumer Financial Protection Bureau's (CFPB) investigative authority and its "regulation by enforcement" approach under former Director Rohit Chopra. Subcommittee Chair Dan Meuser highlighted concerns over the high costs and reputational risks of Civil Investigative Demands (CIDs) for small firms and criticized Chopra for denying all CID petitions during his tenure.
The New Brunswick Financial and Consumer Services Commission issued a warning that CoinRely is not registered to deal or advise in securities in New Brunswick. The firm operates under the name CoinRely-Online with an unknown address, and its website was registered on May 21, 2025. Investors are advised to verify registration status using the National Registration Search tool.
The European Commission has endorsed a political agreement between the European Parliament and the Council on reforms to the EU's bank crisis management and deposit insurance framework. The reforms aim to enhance the banking union by broadening resolution options for small and medium-sized banks and strengthening depositor protection while considering national banking sector specificities. Technical work continues to finalize details before co-legislators reconvene to endorse the final text.
The Central Bank of Russia's Q1 2025 review indicates a slowdown in microfinance lending due to higher interest rates and macroprudential limits. Loans issued by microfinance organisations decreased to RUB 497 billion, while outstanding loans rose by 10% to RUB 688 billion. Profit fell to RUB 13 billion, with MFOs boosting income from non-core activities and reducing client complaints about coercive tied selling.
The Central Bank of Russia reported modest growth in household mortgage lending in May, with a 0.3% increase, primarily under government-subsidized programs. Consumer lending stabilized, and banking sector profitability rose to RUB 296 billion, despite a 10% year-on-year decline in year-to-date earnings. Corporate and household funds in bank accounts showed varied growth, influenced by tax payments and holiday spending.
The Finnish Financial Supervisory Authority (FIN-FSA) has updated its Regulations and guidelines on financial information reporting and Common European Reporting (COREP) to align with current EU requirements. Amendments include updated regulatory references, revised article numbering, and the addition of the European Banking Authority’s Guidelines GL/2023/08. These changes take effect on 28 June 2025.
The Canadian Securities Administrators (CSA) proposed amendments to National Instrument 31-103 to prohibit chargebacks in distributing securities of investment funds that are reporting issuers, addressing conflicts of interest for dealing representatives paid upfront commissions. The CSA notes limited current usage, with one mutual fund dealer identified as using the model. The amendments are expected to come into force six months after final publication, with potential conforming changes by the Canadian Investment Regulatory Organization.
The Canadian Securities Administrators (CSA) unveiled its 2025-2028 Business Plan, prioritizing enhanced competitiveness of Canadian capital markets and investor protection. It focuses on maintaining a supportive regulatory framework, advancing investor confidence, fostering responsible innovation, and addressing systemic risks. The announcement coincides with the re-appointments of CSA Chair Stan Magidson, Vice-Chair David Cheop, and Grant Vingoe as Chair of the Policy Coordination Committee.
Federal Reserve Governor Michael S. Barr discussed the Federal Reserve System’s community development role in supporting monetary policy and supervision under the Community Reinvestment Act (CRA). He emphasized integrating local economic conditions into policy, promoting credit access for small businesses and low- and moderate-income communities, and noted tariffs' potential impact on inflation and the economy. Barr described community development work as an early warning system for risks like unfair borrower treatment.
The Federal Reserve Board has approved Chang Hwa Commercial Bank, Ltd.'s application to upgrade its Los Angeles branch from a limited state-licensed branch to a full-service branch. The bank is based in Taipei, Taiwan.
Norway's Financial Supervisory Authority's inspection of an audit firm revealed inadequate fraud risk follow-up, leading to insufficient audit evidence for the 2023 audit opinion and tax return. Breaches of the Auditor Act included unsupported conclusions on material costs and inadequate revenue testing. The firm acknowledged deficiencies and submitted an improvement action plan, with potential follow-up by the authority.
The Hellenic Capital Market Commission approved the prospectus for Metlen Energy & Metals PLC's optional and conditional public offer to existing shareholders of Metlen Energy & Metals SA, including the listing of shares on the Athens Stock Exchange. It also approved amendments to the rulebooks of Athens Exchange Clearing House S.A. and Hellenic Central Securities Depository S.A.
The British Columbia Securities Commission alleges Aarif Jamani and three companies engaged in unregistered trading and advising by selling USD 38.1 million of over-the-counter market securities through Canadian accounts. The companies allegedly used accounts at five Canadian investment dealers to sell shares from third parties between 2019 and 2022, with Jamani directing sales and authorizing contraventions of the Securities Act. The allegations remain unproven.
The State Bank of Vietnam has issued an action plan to implement the Government's programme for developing the private economy, as outlined in Government Resolution 138/NQ-CP. The plan emphasizes consistent banking-sector measures, enhanced public communications, and improved policy frameworks. Key initiatives include thematic workshops, early-warning guidance, a dedicated online feedback channel, and efforts to facilitate resource access and promote innovation.
At the AIIB 10th Annual Meeting, State Bank of Vietnam Deputy Governor Nguyễn Ngọc Cảnh emphasized stronger strategic risk management, increased private capital mobilization, and enhanced cross-border connectivity. He highlighted AIIB's growth to 110 members and over USD 60bn in committed financing, addressing challenges like achieving 50% private sector financing by 2030. He discussed ASEAN's connectivity agenda, proposing expanded policy support, regulatory harmonization, and blended-finance solutions to enhance AIIB's impact.
Deputy Governor Nguyen Ngoc Canh outlined Vietnam's ASEAN connectivity priorities at the AIIB's 10th anniversary, emphasizing regional energy integration and partnerships. The speech highlighted the ASEAN Connectivity Strategic Plan 2026–2035, climate resilience in infrastructure, and digital economy expansion. Key domestic milestones include environmental risk management for financial institutions, a USD 15.5bn Just Energy Transition Partnership, and a pilot carbon market launch in 2025.
SEC Commissioner Caroline A. Crenshaw stressed the importance of comprehensive executive compensation disclosure at the SEC’s Executive Compensation Roundtable. She highlighted the need for improved data comparability and invited feedback on enhancing disclosure quality, referencing recent SEC rules and amendments. Crenshaw also noted potential impacts on shareholder engagement due to changes in SEC guidance on Schedule 13D and 13G filings.
U.S. Securities and Exchange Commission Chair Paul S. Atkins initiated a review of the executive compensation disclosure framework, questioning its effectiveness in providing clear, cost-effective information. Atkins highlighted the complexity of current requirements under Item 402 of Regulation S-K, which may necessitate specialized support and challenge investors to interpret. He encouraged further public comments to guide potential amendments.
The U.S. SEC’s Division of Economic and Risk Analysis released reports and datasets on broker-dealers, mergers and acquisitions, and business development companies. The broker-dealer report highlights a 30% decline in numbers since 2010, despite a USD 1.7 trillion asset increase, indicating consolidation. The M&A analysis details deal characteristics, with an average deal value of USD 3.5 billion, while the BDC datasets provide comprehensive financial and non-financial information from SEC filings.
The Australian Prudential Regulation Authority (APRA) released its biennial stakeholder survey results, showing strong support from banks, insurers, and superannuation trustees for APRA's supervision, with 97% acknowledging its benefits. While 93% noted enhanced financial and operational strength and 96% reported improved risk management, only 24% felt regulatory cost considerations were adequate; APRA plans to use this feedback to refine its priorities.
The Australian Prudential Regulation Authority (APRA) has published product-level data on superannuation retirement products to enhance transparency on investment returns, fees, costs, and strategies, covering 600 multi-sector investment options. This initiative aims to support competition and innovation as more Australians approach retirement, with further insights to be included in the 2026 Comprehensive Product Performance Package.
The Argentina Securities Commission (CNV) hosted the International Organization of Securities Commissions (IOSCO) Committee 8 meeting in Buenos Aires, focusing on retail investor financial education and protection. Discussions addressed investment risk prevention, technology challenges, and communication strategies. CNV highlighted its Financial Education Programme and ongoing IOSCO involvement.
China's National Financial Regulatory Administration and the People's Bank of China unveiled a plan for high-quality inclusive finance development in banking and insurance, targeting a comprehensive system within five years. Measures include enhancing rural financial services, improving credit for micro and small enterprises, and strengthening inclusive insurance. The plan emphasizes organizational requirements, focusing on coordination, digital capabilities, and public communication.
China’s National Financial Regulatory Administration and the People’s Bank of China released a five-year plan for high-quality development of inclusive finance in banking and insurance. The plan emphasizes expanding coverage, accessibility, and reducing financing costs, with priorities in enhancing service systems, strengthening credit frameworks, and advancing inclusive insurance. Key actions include expanding unsecured credit, improving credit reporting, and broadening insurance offerings for rural and SME sectors.
The Swiss Financial Market Supervisory Authority (FINMA) alerted about phishing emails falsely claiming to be from FINMA employees or board members. FINMA clarified it does not send such emails or contact private individuals, advising recipients to verify sender addresses ending with @finma.ch. Recipients are urged not to respond to suspicious emails or click on embedded links, and to refer to FINMA's guidance on identity fraud.
The Argentina Superintendency of Insurance has introduced interactive dashboards to enhance accessibility and exploration of insurance market data for the public and market participants. These dashboards provide insights into insurers' financial and operational conditions, along with detailed entity-level data, production rankings, and sector indicators, allowing users to filter and compare results by various criteria.
The Financial Action Task Force (FATF) released its sixth update on virtual assets (VAs) and virtual asset service providers (VASPs), highlighting progress in AML/CFT regulation but noting persistent gaps in licensing and offshore risk mitigation. The report indicates 99 jurisdictions are advancing legislation on the Travel Rule, with Best Practices published to aid supervisory frameworks. Emerging risks include increased stablecoin use in illicit activities and significant thefts linked to North Korean actors.
The Bank of Korea published its June 2025 Business Survey Index and Economic Sentiment Index update, with comprehensive results available in an attachment.
The Bank of Korea published preliminary statistics on South Korea's 2024 international investment position, including regional and currency breakdowns.
The National Bank of Moldova issued a draft decision to amend regulations for licensing payment and electronic money institutions, creating a licensing pathway for EU-licensed non-bank payment service provider branches in Moldova. The amendments align with Law No. 114/2012, requiring specific documentation and compliance for licensing. The changes take effect one month after publication in the Official Gazette of the Republic of Moldova.
The National Bank of Denmark has introduced new statistics on banking and mortgage lending using microdata from its Credit Register, covering debt across loan types reported by major banks and all mortgage credit institutions. The data, dating back to Q1 2020, allows segmentation of loans to non-financial corporations by company size, with small corporations holding DKK 645 billion in debt, predominantly mortgage credit. The series will be updated quarterly, with data published on the 50th banking day post-reference period.
MONEYVAL's follow-up reports on North Macedonia and Romania assessed FATF compliance. North Macedonia progressed in wire transfers and transparency, achieving compliance or near compliance with 31 recommendations. Romania made limited progress, with deficiencies in financial sanctions and virtual assets, remaining compliant or largely compliant with 25 recommendations. Both countries remain under enhanced follow-up.
The Taiwan Financial Services Commission reported a pre-tax loss of TWD 49.5 billion for the insurance sector as of May 2025, due to a decline in life insurers' performance and foreign-exchange impacts. Life insurers faced a pre-tax loss of TWD 61.7 billion, while non-life insurers had a pre-tax profit of TWD 12.2 billion. The Taiwan dollar's appreciation and foreign exchange valuation reserve adjustments led to a TWD 263.8 billion negative impact on reserves, with overseas investments incurring a net loss of TWD 138.4 billion.
TPR CEO Nausicaa Delfas urged asset managers to create new funds to help pension trustees diversify investments amid shifts in the defined contribution (DC) market. Delfas noted changes in the DC system, including increased memberships and assets under management, and fewer non-micro DC and hybrid schemes. TPR also mentioned upcoming policy developments, like a trusteeship strategy and a value for money framework to enhance scheme scrutiny.
The Trinidad and Tobago Securities and Exchange Commission issued Investor Alert No. 3, warning of increasingly sophisticated investment scams and urging caution with unregistered entities under the Securities Act Chapter 83:02. The alert highlights tactics such as fake social media profiles, unrealistic return promises, and the use of AI to impersonate officials, alongside red flags like urgent deposit pressures and demands for withdrawal fees.
Moody’s maintained the Isle of Man's Aa3 stable credit rating, citing low debt, substantial reserves, and a diversified economy. Challenges include workforce skill access, global political uncertainty, and market volatility. Treasury Minister Dr. Alex Allinson emphasized the Island's robust institutional framework, prudent fiscal policy, and the recent 15% global minimum tax for large multinationals.
The Central Bank of the UAE concluded its Climate Forum in Abu Dhabi, emphasizing a shift to practical implementation of climate-related financial strategies. Discussions included integrating climate risks into regulatory frameworks, enhancing financial-system resilience, and promoting sustainable finance, focusing on regional and international cooperation. The UAE Banks Federation pledged over AED 1 trillion to sustainable finance by 2030, and the CBUAE committed to ongoing collaboration with the Network for Greening the Financial System.
The Central Bank of Barbados mandates all commercial banks, the three largest credit unions, the Barbados Stock Exchange, and the Accountant General’s Office to operate on the Instant Payments System (IPS) by March 31, 2026. This ensures a fully interoperable model for instantaneous transactions under the Barbados Payments System Modernisation Project. Future access will extend to non-bank financial entities, including money transfer services and fintechs.
The Central Bank of Barbados mandates all commercial banks, the three largest credit unions, the Barbados Stock Exchange, and the Accountant General’s Office to operate on the Instant Payments System (IPS) by 31 March 2026. This ensures a fully interoperable model for instantaneous transactions across Barbados. The IPS is part of the Barbados Payments System Modernisation Project and will eventually include other Central Bank-licensed non-bank entities.
The Central Bank of Barbados has appointed Montran Corporation to develop the national Instant Payments System (IPS) for 24/7/365 real-time payments as part of the Barbados Payments System Modernisation Project. Initially, the IPS will include six commercial banks, three credit unions, the Barbados Stock Exchange, and the Treasury Department, with plans to expand to other non-bank participants. The Bank is also updating the legal and regulatory framework to enhance consumer protection, fraud control, and data privacy.
The Central Bank of Barbados has contracted Montran Corporation to develop the national Instant Payments System (IPS) under the Barbados Payments System Modernisation Project. The IPS will enable 24/7 real-time transactions for all Barbadians and involve major financial entities, with future access for non-bank financial entities. The Central Bank is also enhancing the legal framework and launching a public education campaign to support IPS adoption and strengthen consumer protection.
The Central Bank of Uruguay, led by Vice President Ana Claudia de los Heros, outlined its five-year priorities focusing on open finance, payments interoperability, and cross-border payments. Key initiatives include fostering local currency credit, enhancing cybersecurity, and promoting financial inclusion. The bank will also develop its 2026–2030 Strategic Plan, reviewing its institutional role as both a catalyst and executor.
The Saudi Arabia Capital Markets Authority has approved Cherry Trading Company's application to register and offer 9,000,000 shares, representing 30% of its share capital, in an initial public offering. The prospectus will include essential investor information and must be published before the subscription period. The approval is valid for six months, contingent on completing the offering and listing within this timeframe.
Mexico's Ministry of Finance addressed US Treasury sanctions on two Mexican banks and a brokerage for alleged money laundering, stating domestic reviews found only administrative issues, resulting in MXN 134 million in fines. The ministry noted the US Treasury's lack of corroborable proof and highlighted electronic transfers involving Chinese companies, with similar transactions identified by over 300 Mexican firms. It affirmed readiness to act if conclusive evidence of illicit conduct emerges.
The European Securities and Markets Authority (ESMA) released a report on the Distributed Ledger Technology (DLT) Pilot Regime, assessing the EU market for authorised DLT infrastructures and recommending enhancements to the European Commission. Key proposals include making the regime permanent and increasing flexibility in regulatory thresholds based on risk profiles. ESMA's recommendations align with the European Commission's broader consultation on the DLT Pilot Regime and the Savings and Investments Union.
Panama's Superintendency of Banks outlined strategic priorities from the Financial Coordination Council's 2025 meeting, focusing on national financial stability. Discussions included preparations for the Fifth Round of Mutual Evaluations and a national strategy in response to Financial Action Task Force changes. Updates covered financial-sector risk analysis, Council statistics, and progress on a single "Know Your Customer" form.
Serbia’s Ministry of Finance introduced "mini bonds" as a new debt instrument to support small and medium-sized enterprises, with UniCredit Bank issuing the first such bond. The initiative is part of broader capital-market development efforts, including the recent issuance of a green corporate bond. The ministry plans to support further initiatives, potentially offering these instruments on the Belgrade Stock Exchange.
The Central Bank of Colombia issued External Operating and Services Circular DTE–203 regarding COP 10,000 banknotes.
The British Virgin Islands Ministry of Finance, led by Honourable Lorna Smith OBE, is diversifying the financial services sector by expanding fintech and digital asset activities. Initiatives include the 2021 Regulatory Sandbox for testing new business models and the first dual licensing application for a Virtual Asset Service Provider. The ministry also aims to enhance regulatory capacity and leverage technologies like RegTech for compliance and financial crime prevention.
The Spanish Securities Commission (CNMV) has approved BME Easy Access, a new listing route simplifying the process by separating initial trading admission from share placement. Companies valued above EUR 500m can use this route, with trading initially restricted to professional investors until the required free float is achieved. If distribution targets are unmet within 18 months, the CNMV may extend deadlines or consider delisting.
The European Securities and Markets Authority (ESMA) released its inaugural central counterparty (CCP) resolution briefing, detailing a methodology for National Resolution Authorities (NRAs) to implement the resolution cash call mechanism in CCP resolution plans. The briefing, developed by ESMA’s CCP Resolution Committee, advises NRAs on data collection, stakeholder impact assessment, and execution process testing.
The Danish Financial Supervisory Authority's semi-annual risk assessment indicates unchanged main risks since December 2024, but notes increased uncertainty due to trade wars and geopolitical tensions. The assessment guides supervisory planning, emphasizing a risk-based approach and prioritizing high-risk areas, sector robustness, and compliance with legal requirements.
The Danish Financial Supervisory Authority's report on six banks' home loan insurance practices states that insurance must be necessary for loan repayment or property value protection, and banks cannot mandate specific insurers. Requirements must be linked to specific risks, and banks must accept adequate existing policies from other providers. The report advises banks to remind borrowers about insurance cancellation post-loan and assess coverage needs if intermediating insurance.
The Central Bank of Bolivia reported record growth in electronic payment use through May 2025, with transactions increasing 89% year-on-year to 605 million. The expansion is attributed to regulatory measures enhancing interoperability and security, including Board Resolution No. 111/2024. Future developments include the integration of stable virtual assets like USDT into the payment system.
The Superintendency of Banks of Panama issued Agreement No. 4-2025, amending transparency guidelines for consumer information on banking products and services. The updates to Articles 6 and 9 of Agreement No. 1-2011 enhance disclosures during special sales or promotional fairs. Banks are required to notify customers at least two months in advance about renewal commission charges on mortgage loans.
Kenneth Molosi has been appointed Chairman of the Bank of Botswana Board from 1 May 2025 to 31 August 2029 by Botswana’s Vice President and Minister of Finance, Ndaba Nkosinathi Gaolathe, under Section 9 of the Bank of Botswana (Amendment) Act, 2022. A Board member since 2021, Molosi has contributed to strategic oversight, Human Resources initiatives, Audit and Risk Committee work, and has been involved in the Bank’s Digitalisation Project and fintech innovation efforts.
The New Zealand Financial Markets Authority's Financial Conduct Report for 2025/26 focuses on reducing compliance burdens, addressing risks in private markets and virtual assets, and enhancing consumer outcomes. Key initiatives include a pilot regulatory sandbox, streamlined licensing, tackling investment scams, and scrutinizing adviser conduct and disclosures, emphasizing remediation and proactive reviews by banks and insurers.
Rwanda Capital Markets Authority, with the Rwanda Stock Exchange and Rwanda National Investment Trust, hosted the inaugural Capital Market Youth Forum 2025 to promote financial literacy among university students. The event concluded the Capital Market University Challenge, awarding shares to five winners, including a top prize of RWF 600,000. Over 2,700 students participated this year, expanding the network to over 10,000 young Rwandans since the programme's inception.
The Ukraine National Commission on Securities and Stock Market updated its list of dubious investment projects, adding BRAINVEST, ONE1PERCENT.CLUB, SpiceProp, and Thaurus Guru as SCAM projects. This update is part of its ongoing investor protection efforts. The full list is available on the NSSMC website under the “Protection of Investors’ Rights” section.
The Dutch Authority for the Financial Markets (AFM) has placed Deloitte, PwC, and EY under heightened supervision following fines by the Public Company Accounting Oversight Board (PCAOB) for exam fraud, with penalties of USD 3 million for Deloitte and PwC, and USD 2.5 million for EY. The firms must investigate root causes and implement corrective measures. The PCAOB's findings revealed widespread cheating over five years, involving professionals at all levels, and highlighted issues like time pressure and inadequate governance.
MONEYVAL's follow-up report on North Macedonia highlights improvements in its anti-money laundering and counter-terrorist financing framework, upgrading three FATF recommendations to "largely compliant." However, the country still faces material shortcomings, with Recommendation 26 on financial sector regulation and supervision remaining "partially compliant." North Macedonia now has 31 of 40 FATF recommendations rated compliant or largely compliant.
The National Bank of Georgia has issued new macroeconomic scenarios to help financial institutions apply International Financial Reporting Standard 9 (IFRS 9) transparently and consistently. These scenarios consider the ongoing Middle East conflict and global tariff policies, with varying assumptions for domestic and external demand. The bank emphasizes these scenarios are not forecasts but aim to enhance comparability of macroeconomic assumptions in assessing expected credit losses.
The National Bank of Georgia released interactive press releases detailing trends in resident commercial banks' loan portfolios and deposits as of May 2025.
The Algeria Market Authority published four implementing instructions for its October 2024 OPCR regulation. They define the content of OPCR approval applications, set registration rules for external valuers and statutory auditors, and address qualified investors.
The Algeria Market Authority has opened a recruitment call for three roles. The vacancies cover payroll administration, graphic design, and website and social media management.