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2025-05-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) hosted the 2025 “5·15 National Investor Protection Publicity Day” in Beijing, announcing forthcoming investor-protection and market-governance publications. These include joint guidance with the Supreme People’s Court on enforcement, rules on supervision of proceeds by listed companies, and additional investor-protection measures. The CSRC will release its 2024 enforcement overview and coordinate nationwide investor-protection activities with local regulators and judicial bodies.
Policy & regulationGuidance & interpretationConsumer and investor protection
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2025-05-15•China•China Securities Regulatory Commission
The Supreme People's Court and the China Securities Regulatory Commission issued guiding opinions to enhance enforcement for China's capital markets. The document outlines 23 measures focusing on investor protection, market conduct, and coordination between judicial and administrative processes. Key areas include tackling fraudulent issuance, improving civil liability for securities misrepresentation, and promoting prudent operations in financial institutions.
Policy & regulationGuidance & interpretationMarket developmentMarket infrastructure
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2025-05-15•Canada•Alberta Securities Commission
The Alberta Securities Commission issued a Notice of Hearing against GIC Capital Corp., Maljaars Financial Inc., Jeff Barrie Wilkie, and Robert Jacob Maljaars, alleging fraud and non-compliance with an ASC decision. Allegations include misappropriation of at least CAD 2.7 million and USD 1.9 million from investors and continued trading under an Interim Cease Trade Order. The ASC noted assistance from the New Zealand Financial Markets Authority.
EnforcementInvestigations & enforcement actionsFraud and scamsClient asset custody and safekeeping
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2025-05-15•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission's director, Sonia Salvatierra, highlighted CNV's commitment to improvement, innovation, and simplification at the CReCER 2025 conference in Lima. The event focused on transparency, accountability, and the integration of AI and data analytics in financial practices. Salvatierra also met with the International Foundation for Ethics and Audit to discuss aligning CNV regulations with international standards.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-05-15•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission reported Party Secretary and Director Li Yunze's visit to Fujian and Guangxi, focusing on financial support for cross-strait integration and foreign trade. The visit emphasized addressing service bottlenecks, expanding product offerings, and enhancing coordination with local authorities. Key discussions included improving Taiwan-related financial services, supporting foreign trade policies, and strengthening regulatory coordination and risk management for small and medium-sized financial institutions.
SupervisionSupervision approach, priorities & toolkitDomestic cooperation
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2025-05-15•Luxembourg•Ministry of Finance (Luxembourg)
Luxembourg's Finance Minister Gilles Roth led a mission to the UAE to enhance cooperation in fintech, sustainable finance, and investment. The visit included the Dubai FinTech Summit, discussions with UAE leaders, and a memorandum of understanding between ADIA Lab and the Luxembourg Institute of Science and Technology on AI research. The delegation included Luxembourg for Finance and the Luxembourg House of Financial Technology.
Policy & regulationCooperationFintech and insurtechCross-border cooperation
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2025-05-15•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority's annual conference focused on digital transformation in capital markets and Islamic finance's role in sustainable investment. Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani discussed market structure enhancements, including the Qatar Stock Exchange's upgrade to emerging market status and the Qatar Central Securities Depository's establishment. Keynotes from IOSCO and the IFRS Foundation, along with sessions on SME capital market access, market conduct, and investor protection, are featured.
OtherFintech and insurtechMarket development
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2025-05-15•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority has commenced its annual conference, focusing on digital transformation in capital markets and the role of Islamic finance in sustainable investment. The event features discussions on fintech, AI, and machine learning's impact on market efficiency and risk management, with contributions from IOSCO leadership. Sessions also address SME empowerment, market conduct, and investor protection.
OtherFintech and insurtechMarket development
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2025-05-15•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance participated in the IAIS Implementation and Assessment Committee meeting in Basel, Switzerland, as a permanent member since 2018. Superintendent Guillermo Plate represented Argentina and Latin America, reflecting Argentina's recent presidency of the Association of Latin American Insurance Supervisors. The IAC focuses on promoting effective implementation of international standards in emerging markets.
Policy & regulationCooperationCross-border cooperation
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2025-05-15•Moldova•National Bank of Moldova
The National Bank of Moldova warned consumers about fraud schemes via digital channels, urging caution with high-return investments and advising verification on official websites. It highlighted the misuse of reputable names and logos in scams and advised against sharing sensitive data online. It also reiterated the risks of investing in unregulated cryptocurrencies, noting the lack of protection for users' funds in Moldova.
SupervisionAlertsFraud and scams
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2025-05-15•Moldova•National Bank of Moldova
National Bank of Moldova Governor Anca Dragu attended the European Bank for Reconstruction and Development Annual Meeting in London, focusing on financial cooperation and development projects in Moldova. Discussions emphasized banking-sector resilience, with Dragu engaging in bilateral meetings with key international financial representatives.
Policy & regulationCooperationCross-border cooperation
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2025-05-15•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) has initiated a market survey to evaluate the adoption of generative AI by EU insurance firms, focusing on use cases and governance frameworks. The survey aims to gather insights on AI deployment, governance, and risk management to enhance supervision and consumer protection. Responses will be aggregated to provide stakeholders with a comprehensive view of AI's impact in the insurance sector.
SupervisionSupervision approach, priorities & toolkitArtificial intelligence
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2025-05-15•United Arab Emirates•Dubai International Financial Centre
China International Capital Corporation Limited (CICC) has launched its Dubai International Financial Centre (DIFC) branch under a Category 4 licence regulated by the Dubai Financial Services Authority. This expansion is part of CICC's strategy to enhance cross-border capital flows and provide tailored solutions for regional clients. DIFC serves as a hub for Chinese financial institutions, with significant representation from Fortune 500 companies.
SupervisionAuthorisations & approvalsLicence approval
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2025-05-15•Bahamas•Central Bank of the Bahamas
The Central Bank of The Bahamas released a consultation paper proposing a regulatory framework for agency banking, allowing licensed non-bank entities to offer basic banking services for banks and credit unions. The framework outlines eligibility criteria, operational and compliance requirements, and consumer protection measures, with a focus on interoperability with the Central Bank’s Digital Currency, SandDollar.
Policy & regulationRules & requirementsFinancial inclusionMarket development
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2025-05-14•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua reported that tourism accounted for 5.5% of the economy's total value added in 2024, with a 17.6% increase in tourism value added to NIO 35,219.2 million. Domestic tourism consumption rose by 14.7%, driven by a 45.5% increase in national residents' spending, while non-resident consumption declined due to fewer visitor arrivals.
Data & statisticsEconomic data and developments
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2025-05-14•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved Alistithmar for Financial Securities and Brokerage Company's public offer of the Alistithmar Capital Parallel Market Companies Fund (Nomu). The authority clarified that this approval is not a subscription recommendation but confirms compliance with legal requirements. Investors are advised to review the fund's Terms and Conditions and consult the fund manager for clarifications.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-05-14•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo's Governor Ahmet Ismaili met with European Banking Authority Chair José Manuel Campa in Paris to discuss expanding cooperation and aligning Kosovo’s banking framework with EU standards. Topics included financial stability, banking supervision, consumer protection, crypto-assets, digital finance, and cybersecurity. The meeting also addressed Kosovo's banking supervision reforms, payment infrastructure modernization, and progress towards Single Euro Payments Area membership.
Policy & regulationCooperationCross-border cooperation
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2025-05-14•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo, with EU support, completed a project to enhance its anti-counterfeit money framework, aligning with EU standards. The initiative produced a draft law and an operational blueprint, proposing a National Counterfeit Money Centre and other key institutions. The draft law will proceed through Kosovo's legislative process.
Policy & regulationRules & requirementsAML and CFT
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2025-05-14•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic's Governor, Héctor Valdez Albizu, emphasized climate sustainability and financial inclusion for stability at FELABAN’s III Latin American Congress. He highlighted a technical cooperation agreement with the Ministry of Economy and the French Development Agency, funded by EUR 500,000 from the EU, now in its procurement phase. Valdez Albizu also reported strong banking sector indicators and stress test results, and promoted the WE Finance Code initiative for women entrepreneurs.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-05-14•Colombia•Central Bank of Colombia
The Central Bank of Colombia's Board of Directors released Bulletin 17 of 2025, detailing the Unidad de Valor Real (UVR) values effective from 16 May 2025 to 15 June 2025, in accordance with External Resolution 13 of 2000.
Data & statisticsOther
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2025-05-14•Montenegro•Central Bank of Montenegro
Governor Irena Radovic of the Central Bank of Montenegro attended the 34th European Bank for Reconstruction and Development Annual Meeting, discussing with EBRD President Odile Renaud-Basso ways to enhance financial inclusion for women entrepreneurs. Radovic highlighted the gender gap in access to finance as a barrier to growth and presented initiatives like the WE Finance Code and Women on Boards programme to improve access for women-led SMEs. She emphasized digital solutions to expand access and reduce costs, particularly for women in rural and informal sectors.
Policy & regulationCooperationDiversity and inclusionFinancial inclusion
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2025-05-14•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority announced legislative amendments to establish a company re-domiciliation regime, offering a streamlined framework for insurers relocating to Hong Kong. The Companies (Amendment) (No. 2) Bill 2024 targets insurers incorporated outside Hong Kong with significant local operations, emphasizing regional connectivity. The Authority will collaborate with stakeholders to facilitate the re-domiciliation process.
Policy & regulationRules & requirementsLicensing framework and process
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2025-05-14•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) has signed the International Organization of Securities Commissions’ Enhanced Multilateral Memorandum of Understanding (EMMoU), enhancing its cooperation capabilities with other regulators. This agreement allows CNMV to obtain and share audit documents, request assistance with witness statements, and freeze assets. CNMV is the first European Union supervisor to join this enhanced framework.
Policy & regulationCooperationCross-border cooperation
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2025-05-14•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand published a Bulletin article examining barriers Māori face in accessing capital, attributing these gaps to market failures and information asymmetries. The article reviews initiatives to improve access, such as better data collection and tailored bank products, while noting ongoing challenges and potential avenues for easing barriers, including legislative changes and financial system innovation.
ResearchFinancial inclusion
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2025-05-14•Ghana•Ghana National Insurance Commission
The Ghana National Insurance Commission, led by Acting Commissioner Dr Abiba Zakariah, emphasized integrity, hard work, and technological adaptation to new insurance graduates. A joint initiative with Ghana Insurance College will establish campus demonstrative centres at the University of Ghana to provide practical experience in insurance product design.
Policy & regulationImplementation, projects & pilotsOther
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2025-05-14•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency (SIPEN) awarded the "Here We Know Pensions" seal to Unipago for its commitment to pension education. The seal is given to organizations where at least 70% of staff complete SIPEN's basic pension course. Unipago will collaborate with SIPEN to enhance training initiatives using its platforms.
Financial literacy & educationFinancial literacy and education
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2025-05-14•Dominican Republic•Pensions Superintendency (SIPEN)
Superintendent Francisco A. Torres of the Pensions Superintendency (SIPEN) emphasized the need for a minimum pension for all workers based on contribution and payment requirements. He noted labour informality as a key issue, with the average Dominican contributing only 41% of the time, affecting their ability to meet these requirements. The remarks were made at an event celebrating the 24th anniversary of Law 87-01, which also introduced a new master's programme in Security and Social Protection.
Policy & regulationReform agendas & priorities
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2025-05-14•Australia•Australian Securities & Investments Commission
ASIC has sued Macquarie Securities in the New South Wales Supreme Court for allegedly misleading short sale reporting over 14 years. Macquarie reportedly misreported at least 73 million short sales, with discrepancies affecting 321 securities. Allegations include incorrect data for over 633,000 orders. ASIC seeks penalties and an independent review of Macquarie's systems.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-05-14•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine's National Commission on Securities and Stock Market reported that about 70% of measures to return funds and securities to clients of the sanctioned Freedom Finance Ukraine LLC have been implemented, with two-thirds of regulatory changes adopted. The Commission approved a Procedure for Forming a List of Assets of Clients and is building a database of client assets. Next steps include approving the asset list and launching a direct asset return procedure.
Policy & regulationImplementation, projects & pilotsClient asset custody and safekeeping
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2025-05-14•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market submitted proposals to the Verkhovna Rada on draft law No. 10225-d to align Ukraine's virtual asset legislation with international standards. Key proposals include defining the regulator per Markets in Crypto-Assets standards, banning automatic market admission for token issuers without national authorization, and expanding token use in exchange transactions. The Commission clarified it cannot suspend parliamentary consideration of the draft law but remains open to dialogue.
Policy & regulationRules & requirements
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2025-05-14•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) announced that the Islamabad High Court dismissed a writ petition challenging its investigation under the Securities Act, 2015, related to suspected market manipulation. The Court affirmed SECP's authority, stating that judicial intervention would hinder its functions and upheld the legality of notices issued to petitioners. The ruling clarified that SECP's procedural powers can be applied retrospectively and do not infringe constitutional protections against self-incrimination.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-05-14•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority published Regulation No. 24-02 on venture capital collective investment undertakings. The regulation was issued on October 23, 2024, and appeared in the Official Journal on May 7, 2025.
Policy & regulationRules & requirementsOther
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2025-05-14•North Macedonia•National Bank of the Republic of North Macedonia
Governor Anita Angelovska-Bezhoska of the National Bank of the Republic of North Macedonia emphasized macroeconomic stability and reform priorities at the EU–Western Balkans dialogue. She noted inflation's return to near historical averages and increased foreign exchange reserves, stressing the need for structural reforms amid geopolitical tensions. Despite record foreign direct investment and improved financial stability, she highlighted the importance of innovation and stronger institutions to tackle productivity challenges.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-05-14•China•Central Bank of the Republic of China
The People's Bank of China and the European Commission's Directorate-General for Financial Stability held the second China-EU Financial Working Group meeting in Brussels, discussing macroeconomic stability, regulatory topics, and cooperation in sustainable finance. A roundtable on financial digital transformation and fintech innovation was included, with participants agreeing to establish a regular exchange mechanism and deepen cooperation in priority areas. Outcomes will be reported to the China-EU High-Level Economic and Trade Dialogue and both sides' leaders.
Policy & regulationCooperationCross-border cooperation
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2025-05-14•China•Central Bank of the Republic of China
The Central Bank of the Republic of China reported preliminary end-April 2025 data showing total social financing at CNY 424.0 trillion, an 8.7% year-on-year increase. RMB loans, the largest component, accounted for 61.9% of the total, while government bonds increased their share to 20.3%. The data includes contributions from multiple financial bodies and reflects adjustments for non-deposit-taking banking financial institutions added to the statistical coverage from January 2023.
Data & statisticsMonetary data
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2025-05-14•China•Central Bank of the Republic of China
The People's Bank of China and the Central Bank of Brazil discussed enhancing bilateral financial cooperation during a meeting between their governors. At a China–Latin America panda bond seminar, they emphasized the importance of financial collaboration, with China highlighting its financial market opening and Brazil focusing on expanding local-currency use and payment system interoperability.
Policy & regulationCooperationCross-border cooperation
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2025-05-14•China•Central Bank of the Republic of China
The Central Bank of the Republic of China reported a CNY 16.34 trillion increase in total social financing to the real economy for the first four months of 2025, a rise of CNY 3.61 trillion from the same period in 2024. Renminbi loans increased by CNY 9.78 trillion, while foreign-currency loans decreased by CNY 109.8 billion. Adjustments were made to statistical coverage from January 2023, including non-deposit-taking financial institutions.
Data & statisticsMonetary data
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2025-05-14•Indonesia•Bank Indonesia
Bank of Indonesia's April 2025 Retail Sales Survey forecasts a month-on-month contraction in retail sales as demand normalizes post-Ramadan and Eid-ul-Fitr, with the Real Sales Index (RSI) expected at 231.1. Growth is supported by spare parts, automotive fuel, and clothing, while declines are anticipated in communication equipment and food sectors. Respondents predict a 6.9% month-on-month fall, following a March RSI of 248.3 and year-on-year growth of 5.5%.
Data & statisticsEconomic data and developments
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2025-05-14•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York and the Bank for International Settlements published a study on central banks implementing monetary policy in a tokenized financial environment. Project Pine developed a prototype "tokenized toolkit" using programmable smart contracts for policy operations, tested across various scenarios. The study highlights interoperability and data standardization as areas for further research, noting the experimental nature of the work.
ResearchCBDCTokenization
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2025-05-14•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) released a consumer guide for its Life Insurance Policy Locator, a free tool to help beneficiaries find unclaimed life insurance policies and annuity contracts. Users submit requests with details from the death certificate, and participating insurers contact beneficiaries directly if a policy is found. The NAIC clarifies it does not store policy or beneficiary information and that the tool is not for locating benefits for living individuals.
Financial literacy & educationOther
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2025-05-14•Europe•European Banking Authority
The European Banking Authority updated its report on the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) in the EU after the March 2023 banking turmoil. Key clarifications include recognition of inflows from open reverse repos and guidance on operational deposits for LCR, and expectations for indirect client clearing activities for NSFR. The EBA will continue monitoring these aspects and assess potential amendments to liquidity regulatory reporting.
Policy & regulationGuidance & interpretationLiquidity risk
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2025-05-14•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier is conducting a capacity-building session on identifying beneficial ownership and control of legal entities. The session will cover investigative techniques for entities linked to individuals targeted by EU sanctions related to Russia's actions in Ukraine.
Institutional developmentCooperation & capacity buildingBeneficial ownershipAML and CFT
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2025-05-14•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority (BMA) has issued a three-year prohibition order against David Douglas King, former director of Swift Intermediaries Ltd, barring him from senior functions and regulated activities under the Insurance Act 1978. The BMA cited concerns over King's probity, competence, and failure to ensure compliance with statutory obligations. The Insurance Appeal Tribunal upheld the BMA's order, which is now in effect.
EnforcementInvestigations & enforcement actionsFitness and propriety
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2025-05-14•Lithuania•Bank of Lithuania
The Bank of Lithuania reported a current account surplus of EUR 192.7 million for March 2025, up from EUR 2.9 million in February, driven by a stronger services surplus and higher secondary income balance. The services surplus rose by 24.0% to EUR 902.0 million, with service exports growing faster than imports. The financial account showed a positive net flow of EUR 455.1 million, bolstered by direct and portfolio investments and increased official reserve assets.
Data & statisticsBalance of payments and other external statistics
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2025-05-14•Colombia•Superintendencia Financiera de Colombia
The Superintendencia Financiera de Colombia participated in the Factoring Summit in Bogotá, where DIID Director Francisco Duque discussed Colombia’s factoring regulatory framework. Key themes included investor protection, fraud prevention, and market integrity in a digital context. The event was organized by the Colombian Association of Electronic Factoring.
Policy & regulationCooperationOther
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2025-05-14•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission and the Central Bank of Ireland have signed a Memorandum of Understanding on Mutual Recognition of Funds, streamlining distribution of eligible public funds between Hong Kong and Ireland. This framework replaces a 1997 arrangement, allowing cross-border offerings of Hong Kong public collective investment schemes in Ireland and Irish UCITS in Hong Kong under expedited processes. Ireland is now the 11th jurisdiction in the SFC's mutual recognition of funds scheme.
Policy & regulationCooperationCross-border cooperation
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2025-05-14•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority published the Exchange Fund’s key analytical accounts for April 2025, revealing a HKD 30.6 billion decrease in foreign assets to HKD 3,385.3 billion. The Monetary Base was reported at HKD 1,982.8 billion, with claims on the private sector at HKD 358.0 billion and foreign liabilities at HKD 28.5 billion. Upcoming releases include the SDDS Template on International Reserves and Foreign Currency Liquidity and the Exchange Fund Abridged Balance Sheet on 30 May.
Data & statisticsMonetary data
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2025-05-14•Global•Ceres
Ceres analyzed public comments on California's 2023 climate disclosure laws, revealing 59% support and 9% opposition. Key themes include calls for interoperability with major disclosure frameworks, clearer criteria for "doing business in California," and rules on parent-subsidiary reporting. Ceres also submitted a comment letter summarizing input from over 100 practitioners across 70 entities.
ResearchClimate risk and sustainable finance
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2025-05-14•Global•Ceres
Ceres analyzed public comments on California's 2023 climate disclosure laws, revealing 59% support and 9% opposition. Key feedback urged CARB to align with existing frameworks like the International Sustainability Standards Board and the EU's Corporate Sustainability Reporting Directive, clarify criteria for "doing business in California," and adopt consolidated parent-level reporting for cross-border corporate structures.
ResearchClimate risk and sustainable finance
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2025-05-14•Ghana•Bank of Ghana
At the 3i Africa Policy Forum, the Bank of Ghana outlined priorities for fintech, digital assets, and cross-border payment solutions to enhance financial inclusion and intra-African trade. The Governor announced collaborations with the National Bank of Rwanda and the Global Financial Technology Network on a Next-Gen Digital Payment Infrastructure Project. The initiative aims to create scalable pilots for interoperability and a connected African financial ecosystem by 2030.
Policy & regulationReform agendas & prioritiesCross-border cooperationPayments and payment systems
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2025-05-14•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority released its quarterly Funds Bulletin, offering aggregate statistical data on the island's funds sector as of 31 March 2025.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-05-14•Global•Bank for International Settlements
The Federal Reserve Bank of New York and the Bank for International Settlements released a joint study under Project Pine exploring central bank monetary policy operations in a tokenised environment. The study developed a prototype "tokenised toolkit" using programmable smart contracts for policy implementation, tested across various scenarios. The project is experimental, with interoperability and data standardisation identified as areas needing further research.
ResearchTokenizationMarket infrastructure
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2025-05-14•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission inspected a factory and warehouse fire in Lat Krabang, Bangkok, to expedite insurance claims. The facilities, operated by Siam House & Home Co., Ltd. and Hanphonix Enterprises Co., Ltd., had property risk insurance underwritten by Bangkok Insurance Public Company Limited and co-insured by Muang Thai Insurance Public Company Limited and ERGO Insurance (Thailand) Public Company Limited. The Commission urged insurers to accelerate the loss survey for timely compensation.
SupervisionReviews, inspections & stress testsOther
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2025-05-14•United States•Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston published an interview with Kevin Chu, executive director of the Vermont Futures Project, discussing Vermont's economic challenges and the role of the New England Community Development Advisory Council (CDAC). Chu emphasized Vermont's focus on workforce and housing development, climate and green technology, and attracting younger residents. The CDAC advises Boston Fed leaders on community development and supporting regional growth.
OtherEconomic data and developments
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2025-05-14•Global•Sustainable Banking and Finance Network
The Sustainable Banking and Finance Network and the Capacity-building Alliance of Sustainable Investment held a roundtable in Johannesburg to harmonise sustainable finance taxonomies in Africa. Participants emphasized the need for interoperability between taxonomies to facilitate cross-border investments and align with global standards. The event is part of a broader initiative launched at COP29 to advance taxonomy interoperability and comparability.
Policy & regulationCooperationGreen taxonomy
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2025-05-14•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub and the Federal Reserve Bank of New York’s New York Innovation Center published Project Pine, a research study and prototype toolkit showing that central banks could conduct core monetary policy operations in a tokenised wholesale payments and securities environment using smart contracts. Testing across hypothetical stress and policy scenarios indicated that interest on reserves, collateralised facilities, asset swaps and outright purchases and sales could be configured and adjusted in real time, while highlighting data access, privacy, security and operational risk considerations. The project is framed as an early-stage technical experiment, not work to establish or promote a central bank digital currency.
ResearchCBDCTokenization
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2025-05-14•Morocco•Central Bank of Morocco
The Central Bank of Morocco hosted the second Bank Al-Maghrib Prize for Economic and Financial Research ceremony in Rabat. Faïçal Lakhchen received the Prize for Excellence for his work on financial frictions and business cycle dynamics in Morocco, while Imane Bounadi and Oumaima Er-reyyahy were also recognized. Federal Reserve Board member Christopher J. Waller delivered a lecture on academic research's role in public policy development, emphasizing monetary policy.
Other
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2025-05-14•Italy•Italian Institute for Insurance Supervision (IVASS)
IVASS issued a fraud warning about counterfeit surety bond policies falsely attributed to MS Amlin Insurance SE, which the insurer disowned. IVASS advised verifying quotations and contracts against authorised firms via its registers and warning lists. MS Amlin clarified it does not issue surety bond policies in Italy, as reflected in IVASS’s RIGA register.
SupervisionAlertsAML and CFT
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2025-05-14•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) cancelled the public company registration of Uptick Participações S.A. (in liquidation) under Article 21 of Law 6,385, due to the company's extinction. Consequently, its securities are barred from trading on regulated markets. The cancellation does not absolve the company or its stakeholders from liability for previous violations.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-05-14•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) approved three settlements totaling BRL 6,740,625 for cases involving unlicensed securities activity, audit breaches, and governance failings in real estate funds. Laqus Depositária and its CEO will pay BRL 405,000 for unauthorized operations. Moore Metri Auditores settled for BRL 106,500 over audit issues, while Tivio Capital and former directors will pay BRL 6,229,125 for governance violations.
EnforcementInvestigations & enforcement actionsAuditing
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2025-05-14•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has begun the adjudication phase in a sanctions proceeding against Pricewaterhousecoopers Auditores Independentes Ltda. and partner Marcos Paulo Putini for audit irregularities in the Torre Almirante Real Estate Investment Fund's 2019 and 2020 financial statements. Reporting Director Marina Copola voted for conviction, proposing fines of BRL 200,000 and BRL 85,000 for breaches of Brazilian Auditing Standards NBC TA 540 (R1) and NBC TA 540 (R2). The session was paused after Director João Accioly requested more time to review the case.
EnforcementInvestigations & enforcement actionsAuditing
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2025-05-14•Estonia•Central Bank of Estonia
The Central Bank of Estonia's financial stability review highlights that while loan repayment capacity remains generally good, recent crises have impacted households and companies. Geopolitical risks, particularly Russia's war in Ukraine and rising trade tensions, threaten growth and foreign funding access, prompting the maintenance of the countercyclical capital buffer at 1.5%. The review also notes increased reliance on foreign funding and potential vulnerabilities in export-oriented manufacturing and real estate sectors.
Research
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2025-05-14•Estonia•Central Bank of Estonia
The Central Bank of Estonia released its monthly flash estimate of the balance of payments for the previous month and announced the first quarter 2025 balance of payments will be published on 11 June 2025. The monthly estimates are based on limited data and are adjusted once quarterly data, compiled from comprehensive sources, are available.
Data & statisticsBalance of payments and other external statistics
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2025-05-14•Serbia•National Bank of Serbia
The National Bank of Serbia released licensing information for the insurance sector, detailing authorization cases for insurance representation and the schedule for May 2025 professional exams for Authorized Broker and Authorized Insurance Agent titles. The publication includes case numbers and names by activity type and outlines exam sessions from 19-21 May 2025.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-05-14•Canada•Ontario Securities Commission
The Ontario Securities Commission and the Securities and Futures Commission of Hong Kong signed a Memorandum of Understanding to enhance cross-border supervision and market access. Effective May 13, 2025, the MoU aims to strengthen regulatory collaboration and facilitate information exchange. The agreement will allow OSC-registered portfolio managers to provide investment management services for SFC-authorised funds and expand access to Hong Kong markets.
Policy & regulationCooperationCross-border cooperation
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2025-05-14•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has issued a public warning that cryptimize.com is not authorised to offer virtual asset exchange services in Seychelles. The entity failed to submit the necessary application under the Virtual Asset Service Providers Act, 2024. The authority advises investors and the public to conduct thorough research before engaging in transactions.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-05-14•Global•Sustainable Banking and Finance Network
The Sustainable Banking and Finance Network, with the Capacity-building Alliance of Sustainable Investment, hosted a Johannesburg roundtable to enhance harmonisation of sustainable finance taxonomies in Africa. Nearly 20 experts discussed improving interoperability to facilitate cross-border investment and align with global standards. The event is part of a broader initiative to advance taxonomy interoperability, launched at COP29.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-05-14•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo signed a cooperation agreement with Banque de France for reserve management services after discussions at the 2024 IMF and World Bank Annual Meetings. This aligns with Kosovo's goal to diversify investments and includes plans for deeper cooperation in financial stability, supervision, and capacity building. The Central Bank also updated Banque de France on its financial sector priorities, including banking supervision reform and payment infrastructure modernization.
Policy & regulationCooperationDomestic cooperation
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2025-05-14•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo joined the annual Economic and Financial Dialogue with regional partners, organized by the European Commission. Deputy Governor Nesrin Shileku-Shala stressed simplifying regulation and removing barriers to boost regional competitiveness. The central bank welcomed the European Commission's assessment of Kosovo's progress in aligning with EU standards and highlighted the importance of EU support in financial integration and regulatory convergence.
Policy & regulationCooperationCross-border cooperation
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2025-05-14•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has urged bondholders of three Jasmine Technology Solution Public Company Limited bond series to review information and vote on proposed changes to repayment terms at upcoming meetings. Rescheduled due to a lack of quorum, the meetings will address waivers of default events and alterations to repayment schedules. The SEC also mandated the bondholders’ representative to evaluate the implications of the proposals for bondholders.
SupervisionOtherCorporate governance
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2025-05-14•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has imposed civil sanctions on three individuals for manipulating the share price of Readyplanet Public Company Limited. Sanctions include monetary penalties totaling THB 233,113,379, bans on trading securities and derivatives for 8.5 months, and prohibitions on serving as directors or executives for 17 months. If the offenders do not consent, the SEC will pursue legal action to enforce them.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-05-14•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision announced updates to the Supervisory Review and Evaluation Process (SREP) to simplify processes and focus on key risks. The reform introduces a streamlined format for SREP decisions, emphasizing strategic risk drivers and severe findings, while discontinuing separate executive letters. From July 2025, a tiered approach will be adopted, with Joint Supervisory Teams focusing on higher-severity findings and banks managing lower-severity issues through internal governance.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-05-14•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision will enhance its assessment of banks' internal capital adequacy processes (ICAAP) from 2025, integrating it more within the Supervisory Review and Evaluation Process (SREP). Joint Supervisory Teams will use a multi-year strategy to review ICAAP areas, aligning with the ECB’s risk tolerance framework, while assessing capital plans annually. ICAAP will no longer start the calibration of Pillar 2 requirements, but its soundness will still influence capital requirements through the SREP.
SupervisionSupervision approach, priorities & toolkitCapital adequacy
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2025-05-14•Europe•European Central Bank - Banking Supervision
The European Central Bank Banking Supervision outlined enhancements to its supervisory technology infrastructure for the Single Supervisory Mechanism, focusing on digital interactions, faster task processing, and early risk identification. Key platforms include the IMAS portal, CASPER, and STAR, with suptech tools like Heimdall and Athena improving efficiency. Future plans involve integrating data collection channels and developing generative AI projects within the EU AI Act framework.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologiesRegtech and suptech
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2025-05-14•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has adopted new regulations and guidelines for debt collection and amended its framework for non-performing credit agreements, effective 1 July 2025. The debt collection rules, detailed in FFFS 2025:2, establish clearer requirements for firms, including consumer information standards. Amendments in FFFS 2025:3 align non-performing loan management with European Banking Authority guidelines.
Policy & regulationRules & requirementsLending
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2025-05-14•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority revised regulations for currency exchange, electronic money, and payment services to prevent misuse of alternative systems. Key changes include requiring authorisation for currency exchange, removing electronic money exemptions, narrowing payment service exemptions to account information services, and updating capital requirement calculations to use the preceding 12-month period.
Policy & regulationRules & requirementsLicensing framework and process
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2025-05-14•Iceland•Central Bank of Iceland
The Central Bank of Iceland's May 2025 survey of market agents indicates a slight increase in inflation expectations for 2025, with lower expectations for one-year and longer horizons, and a modestly higher near-term policy rate view. Respondents anticipate the króna to depreciate, with the key interest rate at 7.5% by end-Q2 2025, and expect higher tariffs to raise inflation over the next two years despite potential easing from weaker activity.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-05-14•Hungary•National Bank of Hungary
The National Bank of Hungary's 2025 Q1 Lending Survey shows stable corporate credit conditions, with no changes planned for Q2 and Q3. Some banks saw decreased corporate loan demand, especially for HUF and long-term loans, while retail loan demand, particularly for housing, rebounded and is expected to strengthen. Consumer loan conditions remained largely unchanged, with increased demand partly due to interest-free Subsidised Loans for Workers.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-05-14•Hungary•National Bank of Hungary
National Bank of Hungary Governor Mihály Varga announced plans to enhance the Budapest Stock Exchange's (BSE) role in supporting Hungarian businesses through a more developed and transparent capital market. Varga highlighted significant growth in household stock portfolios and market size, alongside a doubling of the BUX index. BSE CEO Tibor Tóth emphasized increasing liquidity to bolster investor confidence and domestic company development.
Policy & regulationReform agendas & prioritiesMarket development
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2025-05-14•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee’s Housing and Insurance Subcommittee held a hearing on innovative housing solutions to boost supply and consumer choice, focusing on affordability for households between subsidy-eligible and market-rate segments. Chair Mike Flood highlighted workforce housing shortages and discussed barriers like federal requirements, zoning policies, and mortgage financing. Legislative proposals included Rep. John Rose’s bill to amend manufactured home construction requirements and a draft bill to empower the Department of Housing and Urban Development on manufacturing standards.
Policy & regulationReform agendas & priorities
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2025-05-14•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee's Financial Institutions Subcommittee held a hearing on improving transparency and efficiency in the bank merger review process. Subcommittee Chair Andy Barr criticized the current framework as slow and costly, advocating for the Bank Failure Prevention Act to expedite reviews and the Promoting New Bank Formation Act to support new banks. Barr also urged a House vote on a resolution to overturn a rescinded merger rule.
Policy & regulationReform agendas & prioritiesMarket development
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2025-05-14•United Kingdom•HM Treasury
HM Treasury has introduced legislation to establish the Private Intermittent Securities and Capital Exchange System (PISCES) Sandbox, facilitating a new market for trading shares in private companies. The legislation extends the Enterprise Management Incentives and Company Share Option Plan frameworks to PISCES, maintaining tax advantages and exempting transactions from Stamp Taxes on Shares. The Financial Conduct Authority will publish rules for PISCES, with trading expected to commence later this year.
Policy & regulationRules & requirementsMarket development
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2025-05-14•Finland•Finanssivalvonta
The Financial Supervisory Authority (FIN-FSA) may access supervised entities' board portals for supervision, contingent on mutual agreement. Entities control portal content and security, with FIN-FSA having view-only rights for specific needs. Portal access doesn't replace regulatory reporting, and materials aren't stored in FIN-FSA systems unless required for supervisory activities.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-05-14•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority (FRA) chaired a meeting of the IOSCO Growth and Emerging Markets Committee (GEMC) Network, focusing on adopting International Sustainability Standards Board (ISSB) disclosure standards in emerging markets. The meeting discussed progress since the network's launch, capacity-building programs, and ISSB's support tools, with contributions from new members and various regulators. Upcoming workshops in Morocco and Montenegro aim to aid roadmap development, with the next GEMC Network meeting in November in Malta.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-05-14•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority will implement Basel III standards for non-bank finance companies and has outlined initiatives including stock exchange listing rules, SPAC regulation, a voluntary carbon market, and gold investment funds. It reports 95% compliance with its minimum paid-up capital requirement for non-bank finance activities and highlights capital market reforms, including flexible SPAC provisions and the listing of the first venture capital SPAC. Additionally, the authority will launch a regulatory sandbox for the non-bank financial sector.
Policy & regulationRules & requirementsCapital adequacyMarket development
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2025-05-14•Russia•Central Bank of Russia
The Central Bank of Russia reported an average maximum interest rate of 19.60% on Russian ruble household deposits for the first 10 days of May 2025, based on data from the ten largest retail deposit institutions. Rates varied by maturity, with 18.42% for deposits up to 90 days and 17.66% for those over one year. The calculation excludes special-category deposits and is derived from publicly available bank data.
Data & statisticsFinancial and market indicators
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2025-05-14•Russia•Central Bank of Russia
The Central Bank of Russia's 2024 Analytical Review of the Credit Information System revealed a significant rise in the use of credit history data, with individual credit report requests up 38% and credit ratings up 22%. Credit history users, including banks and microfinance organisations (MFOs), obtained 29% more reports, driven by increased online microloans and a 40% rise in MFO credit scoring services. The Bank noted that each RUB spent on a credit report could reduce overdue loans by RUB 200.
Data & statisticsFinancial and market indicators
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2025-05-14•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority found Frem Eiendomsmegling AS lacking in ICT compliance, risk assessment, client money handling, and AML controls. The firm failed to ensure timely guarantees under the Home Construction Act and had inadequate crisis preparedness and fraud prevention. Frem Eiendomsmegling has updated its risk assessments and AML procedures, and the Authority requested the firm to inform its auditor.
SupervisionReviews, inspections & stress testsAML and CFT
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2025-05-14•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released a report on Santander Consumer Bank AS, highlighting deficiencies in credit risk management, particularly in vehicle financing. Key issues include inadequate assessment of customers' debt-servicing capacity, unclear policies, and weaknesses in arrears management and complaints handling. The bank plans to address these issues by updating processes and models, with significant changes expected by 2025.
SupervisionReviews, inspections & stress testsCredit riskCorporate governance
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2025-05-14•Vietnam•State Bank of Vietnam
The State Bank of Vietnam and Pakistan's Ambassador to Vietnam, Kohdayar Marri, discussed enhancing bilateral cooperation, focusing on banking technology and central bank engagement. The State Bank of Vietnam expressed readiness to support Pakistan in digital banking, QR code payments, and currency printing technology. The ambassador emphasized Pakistani business interest in Vietnam and sought facilitation in payments, foreign exchange, and investments.
Policy & regulationCooperationCross-border cooperation
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2025-05-14•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) have issued harmonized relief from certain conditions of the listed issuer financing exemption in National Instrument 45-106, allowing listed reporting issuers to raise up to CAD 50 million without a prospectus. The new parameters permit raising the greater of CAD 25 million or 20% of the aggregate market value of listed securities, with a cap of CAD 50 million in a 12-month period. Effective May 15, 2025, this relief addresses previous constraints and has been utilized by over 270 issuers to raise more than CAD 1 billion since November 2022.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-05-14•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) launched a webinar series on finance's future in Canada, focusing on investor protection, market integrity, and regulatory efficiency. The inaugural episode features CIRO CEO Andrew Kriegler and FINTRAC CEO Sarah Paquet discussing challenges related to digital assets, cryptocurrencies, decentralized finance, and generative AI's role in financial intelligence. The series aims to enhance oversight while reducing regulatory burden.
Policy & regulationCooperationAML and CFTRegtech and suptech
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2025-05-14•Chile•Chile Financial Market Commission
The Chile Financial Market Commission will publish the certificate for the Conventional Current and Maximum Interest Rates in the Official Gazette on 15 May 2025, with immediate effect. The certificate is also available in advance on the CMF website, complying with Law No. 18.010's monthly publication requirement.
Policy & regulationRules & requirementsFinancial and market indicators
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2025-05-14•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) warned of a scam involving impersonators offering fraudulent fund recovery services. The CFTC emphasized that its Office of Inspector General does not contact individuals to recover investment scam losses and advised against sharing personal information. Legitimate CFTC communications come from @cftc.gov emails, and victims are urged to report incidents through its online portal.
SupervisionAlertsFraud and scams
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2025-05-14•United States•U.S. Securities & Exchange Commission
The Acting Director of the U.S. SEC’s Division of Examinations outlined staff assessments of firms' enhancements to Regulation S-P. Key areas include a written incident response program, customer notification requirements, and oversight of third-party service providers. The Division plans outreach events and may issue a Risk Alert on sector readiness, with potential thematic examinations in future fiscal years.
SupervisionSupervision approach, priorities & toolkitCyber resilience
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2025-05-14•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission (SEC) disclosed that certain data fields in Form N-PORT reports were unintentionally made public on the EDGAR system due to a software update. The issue, affecting filings from 3 February to 8 May 2025, has been rectified, and the data removed. The SEC Chairman has ordered a comprehensive review of the EDGAR system.
SupervisionRegulatory reporting
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2025-05-14•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority concluded the 50th Annual Meeting of the International Organization of Securities Commissions in Doha, focusing on financial market regulation challenges and opportunities. Key events included the IOSCO Diversity Network and MMoU MG meetings, an OECD-IOSCO roundtable, and strategic discussions led by QFMA CEO Dr. Tamy Bin Ahmad Al-Binali. The Presidents Committee reviewed IOSCO's legacy, policies, and leadership, with public discussions on supervisory technology, AI, and crypto regulation.
Policy & regulationCooperationOther
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2025-05-14•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority concluded the 50th annual meeting of the International Organization of Securities Commissions in Doha, focusing on regulatory challenges, transparency, and financial stability. Discussions included supervisory technology, AI, and crypto regulation, with QFMA highlighting priorities like a FinTech sandbox and tokenization frameworks. Record digital asset trading volumes in 2023 were noted, with some months exceeding USD 10 trillion.
Policy & regulationCooperationFintech and insurtechArtificial intelligence
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2025-05-14•Moldova•National Bank of Moldova
At Junior Achievement Moldova’s anniversary, National Bank of Moldova Governor Anca Dragu emphasized social entrepreneurship and financial education's role in community sustainability. Dragu highlighted economic education as a strategic investment in human capital and reaffirmed the central bank's commitment to expanding financial literacy. The cooperation between the National Bank of Moldova and Junior Achievement Moldova was formalized in 2024 through a financial education partnership agreement.
Financial literacy & educationFinancial literacy and education
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2025-05-14•Moldova•National Bank of Moldova
The National Bank of Moldova's First Deputy Governor, Petru Rotaru, presented measures to maintain inflation control and support macroeconomic stability at the EU Economic and Financial Dialogue in Brussels. He emphasized monetary policy actions for domestic price stability and efforts to enhance financial system resilience and governance. Discussions included Moldova's entry into the Single Euro Payments Area and advancements in instant payments.
Policy & regulationCooperationMonetary policy decisions and developments