Thornton Associates Limited has surrendered its licence under Section 7 of the Financial Services Act 2008 and its registration under Section 25 of the Insurance Act 2008, as announced by the Isle of Man Financial Services Authority. This change took effect on 7 May 2025.
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye amended its circular on compulsory motor third-party liability insurance premiums, increasing the monthly maximum premium caps by 3% for June 2025. Taxis, minibuses, and buses will see an additional 2% increase. The changes take effect on 1 June 2025.
The Reserve Bank of India has removed the short-term investment and concentration limits for Foreign Portfolio Investors (FPIs) investing in corporate debt securities via the General Route. An updated Master Direction has been issued, and banks must inform their constituents of these changes. The directions are under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.
The Middle East and North Africa Financial Action Task Force concluded its 40th Plenary Meeting in Amman, adopting country follow-up reports, a regional assessment methodology for money laundering and terrorist financing risks, and progressing on typologies and guidance for anti-money laundering and counter-terrorism financing. The Plenary also addressed self-reports from countries with security constraints, expert qualification for evaluations, and developing an e-learning platform.
The Middle East and North Africa Financial Action Task Force (MENAFATF) concluded its 40th Plenary in Amman, adopting member-country follow-up reports and discussing updates on anti-money laundering and counter-terrorism financing frameworks. The Plenary also addressed self-reports from countries with security constraints, expert qualification for evaluations, typologies work, and approved a regional risk assessment methodology.
The Liechtenstein Financial Market Authority announced the schedule for the autumn 2025 trustee examination and the additional examination for a limited trustee licence. Written exams are set for 22-26 September, with oral exams on 27-28 October.
The European Central Bank's Working Paper Series No 3053 examines the impact of rising bank lending rates on euro area household borrowing risk, using updated microsimulation data. Findings show increased debt servicing challenges, particularly in adjustable-rate mortgages, with financially distressed borrowers rising from 3.2% to 5.4% between 2022 Q2 and 2023 Q2. Despite these pressures, over 90% of loans are backed by real estate assets exceeding the debt, offering collateral buffers.
The European Central Bank's analysis highlights foreign workers' significant impact on labour force dynamics and economic growth in the euro area's largest countries. Comprising 9% of the labour force in 2022, they accounted for half of the labour force growth over the past three years, contributing substantially to real GDP. The study notes varying contributions, with foreign workers offsetting workforce declines in Germany and significantly aiding Spain, while Italy saw higher national participation.
The Bank of Spain will reciprocate Norway's systemic risk buffer (SyRB) measure, requiring Banco Santander, S.A. to meet a 4.5% SyRB for exposures in Norway from 1 September 2025. This follows the European Systemic Risk Board's recommendation and applies to all exposures, exempting those below NOK 5 billion (EUR 424 million). The measure has been approved by Spain’s macroprudential authority and communicated to the European Systemic Risk Board and the European Central Bank.
The South African Reserve Bank reported an increase in its official gold and foreign exchange reserves as of 30 April 2025, with gross reserves at USD 67,585 million and the international liquidity position at USD 64,318 million. Gold reserves rose to USD 13,192 million, while SDR holdings increased to USD 6,436 million. The changes were influenced by a higher US dollar gold price, valuation adjustments, and liquidity management activities.
The South African Reserve Bank reported total assets and liabilities of ZAR 1.31 trillion as of 30 April 2025, an increase of ZAR 17.54 billion from March. Total gold and foreign assets rose by ZAR 15.94 billion, driven by higher gold and Special Drawing Rights holdings, despite a decrease in foreign exchange reserves. Liabilities saw an increase in notes and coin circulation and the contingency reserve account, while bank deposits decreased.
The Central Bank of the Philippines has prohibited Oriental Tamaraw Rural Bank of Naujan, Inc. from operating under Section 30 of Republic Act No. 7653. The Philippine Deposit Insurance Corporation has been appointed as receiver to manage the bank's takeover and liquidation per Section 12(a) of Republic Act No. 3591.
The Central Bank of the Philippines announced that BDO Network Bank, Inc. upgraded its banking licence from a rural bank to a thrift bank, commencing operations under new trade names on 5 May 2025. The Monetary Board approved the upgrade through Resolution No. 128, and the Securities and Exchange Commission amended the Articles of Incorporation and By-Laws. The Bangko Sentral Governor issued the Certificate of Authority to Operate as a thrift bank on 5 February 2025.
The Vietnam State Securities Commission has instructed individuals listed in an attached notice to pay a VND 1,000,000 fee for the issuance of a securities practice certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person. Failure to complete the procedure within one year will result in certificate cancellation.
The Brazil Securities Commission (CVM) launched the EVOLUA pilot programme with the Getulio Vargas Foundation (FGV) and the Brazilian Financial and Capital Markets Association (ANBIMA) to enhance research and debate on capital markets. The programme aims to inform CVM's strategic decisions and increase engagement between young researchers, capital markets, and the regulator. FGV, supported by ANBIMA, will manage operations, while CVM's Advisory on Economic Analysis, Risk Management, and Integrity leads the pilot.
The Philippines Insurance Commission was commended by the National Anti-Money Laundering / Counter-Terrorism Financing / Counter-Proliferation Financing Coordinating Committee for aiding the country's removal from the Financial Action Task Force "grey list." The recognition highlights the Commission's key reforms in anti-money laundering and counter-terrorism financing. President Ferdinand R. Marcos Jr. and Insurance Commissioner Reynaldo A. Regalado emphasized sustaining progress and vigilance to prevent misuse of regulated entities.
The Securities Commission Malaysia has issued an alert about a scam impersonating the SC to demand payments, including "guarantee deposits" up to MYR 500,000. Scammers falsely claim individuals are under investigation for market offences and pressure them to pay to avoid legal action. The SC emphasized it does not solicit money for investigations and urged the public to verify offers through its Investment Checker and report suspicious requests.
The Securities and Exchange Regulator of Cambodia led a delegation to Bangkok to study digital economy development and digital asset business supervision in the capital market. The delegation, including Cambodia’s Ministry of Economy and Finance, engaged with Thai officials to discuss regulatory frameworks, trends, and supervisory challenges.
The Croatian Financial Services Supervisory Agency (Hanfa) warned about media reports and issuer statements on bonds marketed as Qelo and Koykan by enasolAuto d.o.o. and PlanetsGroup d.o.o., cautioning they may mislead investors about safety and returns. Hanfa plans supervisory action after discovering issuers failed to notify it of using a prospectus exemption for bonds valued up to EUR 3,000,000. The agency highlighted concerns over media content suggesting guaranteed profitability and equating these bonds with government bonds, potentially misleading investors about regulatory oversight.
The Prudential Regulation Authority (PRA) has issued Consultation Paper 11/25 proposing the deletion of Supervisory Statement 20/15, which outlines expectations for building societies' treasury and lending activities. The PRA argues that the statement is inconsistent with its broader policy approach and may create a level-playing-field issue, as it imposes prescriptive expectations not applicable to banks. The proposal aims to provide building societies with greater flexibility in financial risk management while maintaining supervision through existing requirements and tools.
The Moroccan Capital Market Authority has approved the prospectus for a TotalEnergies share issuance, which is exclusively offered to the group's employees.
The European Association of CCP Clearing Houses published an interview with Corentine Poilvet-Clédiere, CEO of LCH SA, discussing the future of central counterparty clearing. She emphasized the importance of CCPs being multi-asset, diversified, and well-capitalized to manage technological changes and risks like cyber-attacks. LCH SA is set to launch a digital asset clearing service in May 2025.
The International Swaps and Derivatives Association (ISDA) has proposed establishing a new governance committee for the credit default swap (CDS) Determinations Committees to enhance their structure and integrity. The committee, comprising 15 to 20 senior CDS market participants, would gather market feedback and adopt rule changes, excluding involvement in credit event determinations to maintain decision-making and rule-setting separation.
TD Securities has integrated ISDA Create across its global client trading and regulatory agreements, digitizing negotiation and execution workflows. The platform, powered by CreateiQ and S&P Global Market Intelligence, now includes CiQ Extract for offline negotiation and supports over 2,000 structured data points.
Finansinspektionen has released updated JSON schema files for DORA incident reporting, incorporating minor technical and wording adjustments. Changes include a hyphen addition to email validation patterns and corrections to response options in the "Reputational Impact" field.
Sweden's Finansinspektionen (FI) has added 50 firms to its warning list for operating without necessary authorisation and being linked to fraudulent loan and investment offers. FI highlighted a pattern of scams involving fake loans where consumers are asked to pay fees upfront. Consumers are advised to verify firms against FI’s warning list and company register, and to consult IOSCO’s I-scan database for global warnings.
Payments Canada concluded the 2025 Payments Canada SUMMIT, highlighting the ongoing development of The Real-Time Rail, set for completion in Q3 2025. The event featured discussions on artificial intelligence, cybersecurity, and real-time payments, with industry announcements including Dream Payments' launch of Interac e-Transfer payouts and Shakepay Inc.'s membership in Payments Canada.
The Financial Supervisory Authority of Norway found material and pervasive errors in Observe Medical ASA's 2023 annual and first-half 2024 interim financial statements, particularly regarding the Convatec transaction and impairment testing. The authority ordered corrections in line with IAS 8, including adjustments for startup costs and goodwill impairment. Observe Medical has agreed to implement these corrections in its 2024 annual report.
The State Bank of Vietnam reported on Prime Minister Pham Minh Chính’s session with the Policy Advisory Council to finalize a draft National Assembly resolution to accelerate private sector development. Key proposals include streamlined bankruptcy procedures, improved land access, expanded SME Development Fund activities, and tax incentives for start-ups. The draft will undergo expedited approval, with stakeholder feedback before submission to the National Assembly.
Thailand's Ministry of Finance has opened applications for the position of Governor of the Bank of Thailand following approval by the selection committee at its second meeting for 2025.
The Financial Stability Board's Regional Consultative Group for Europe convened in Wroclaw to discuss global financial vulnerabilities, cross-border payments, non-bank financial intermediation, and tokenisation. Members reviewed the G20 Roadmap on cross-border payments and assessed potential financial stability risks. A roundtable focused on the implications of tokenisation, with insights from industry, academia, and central banking.
U.S. SEC Chairman Paul S. Atkins outlined priorities at the agency's first town hall, focusing on clearer digital asset regulation and improving internal operations. The SEC will address digital assets through a coherent framework, with Commissioner Hester Peirce leading the Crypto Task Force. Additionally, the SEC plans to review its technology infrastructure and contractual obligations, noting a 15% decrease in headcount since the fiscal year's start.
SEC Commissioner Hester M. Peirce announced a revised approach to crypto regulation, considering an exemptive order for tokenizing traditional securities via distributed ledger technology. The exemption offers conditional relief from registration requirements, addressing fraud protections, user disclosures, and smart contract risks. Peirce emphasized its developmental status, encouraged feedback, and highlighted cross-border cooperation and supervisory coordination.
The U.S. SEC settled its enforcement action against Ripple Labs over XRP sales, allowing Ripple to reclaim over USD 75 million in escrow and seeking to vacate a court injunction. SEC Commissioner Caroline A. Crenshaw dissented, arguing the settlement undermines key relief and signals a shift from crypto registration enforcement. The case began with a 2020 lawsuit alleging Ripple's unregistered securities offerings, with a court ruling that institutional sales violated the Securities Act of 1933.
The Office of the Comptroller of the Currency (OCC) adopted an interim final rule amending its 2024 rule on business combinations and rescinded its 2024 policy statement on Bank Merger Act applications. This rule restores a streamlined application process and expedited review for Bank Merger Act filings, aiming to reduce burden and uncertainty for well-managed and well-capitalized banks. The OCC is seeking comments on the interim final rule.
Acting Comptroller of the Currency Rodney E. Hood outlined the Office of the Comptroller of the Currency's priorities at the Building Societies Annual Conference in Birmingham, England. Key focuses include reducing regulatory burden, enhancing financial inclusion, and supporting innovation in financial technology and digital assets. Hood emphasized the role of banks in expanding economic opportunity and fostering trust in communities.
China’s National Bureau of Statistics reviewed the China Banking and Insurance Regulatory Commission's practices, highlighting deficiencies in implementation, governance, and data quality. The inspection revealed inadequate adherence to major decisions, insufficient accountability, and data inaccuracies. Recommendations include developing a statistical indicator system, enhancing accountability, and improving data quality, with the Commission committing to remediation.
Luxembourg's Finance Minister Gilles Roth visited London to strengthen bilateral cooperation in financial services and support open markets and multilateralism. Roth met with UK Treasury Secretary Emma Reynolds and key UK financial sector firms, emphasizing Luxembourg's role as the UK's largest EU export market for financial services and noting that 17% of assets in Luxembourg funds originate from UK promoters.
The National Bank of Kazakhstan will issue a KZT 1,000 commemorative banknote on May 9, 2025, marking the 80th anniversary of the Great Victory. Limited to 5 million copies, the banknote is legal tender across Kazakhstan. It features the Memorial of Glory and advanced security elements, including a micro-optical strip with a three-dimensional effect.
The Bank of Korea released its "Official Foreign Reserves (April 2025)" report, detailing the latest statistics on official foreign reserves.
The National Bank of Denmark's updated climate indicators show a significant reduction in carbon intensity for Danish insurance, pension companies, and investment funds, with emissions halving from 2020 to 2024. Danish portfolios now have a weighted average carbon intensity of about 10 tonnes per DKK 1 million of revenue, compared to 20 tonnes in the euro area. This reduction reflects decreased holdings in high-emitting companies and aligns with broader euro area trends, potentially mitigating transition risks associated with climate regulation.
The National Bank of Denmark analyzed the Danish krone secured money market, emphasizing repo agreements' role in liquidity management and monetary policy transmission. Based on transaction data from the nine largest banks, the study reports an average daily turnover of DKK 42 billion, with mortgage bonds as predominant collateral. It highlights structural risks, such as a concentrated banking network and extensive position rolling, with significant interbank activity cleared through a central counterparty.
The Taiwan Financial Services Commission reported that the average non-performing loan ratio for 38 domestic banks remained stable at 0.16% as of March 2025. Total outstanding loans increased by TWD 472 billion, while non-performing loan balances decreased slightly. The FSC assessed asset quality as manageable and will continue to mandate improvements in asset quality and financial structure.
The Palestine Monetary Authority reported on the MENAFATF meetings, highlighting Palestine's commitment to FATF standards and progress in anti-money laundering and counter-terrorist financing. Key developments include submitting a national strategy to the Prime Minister and MENAFATF's adoption of the technical compliance report. MENAFATF acknowledged Palestine's progress and agreed to coordinate the mutual evaluation process, including an on-site visit when feasible.
The Eastern Caribbean Central Bank launched the ECCU First Step Savings Account to enhance financial inclusion and ease account opening across the Eastern Caribbean Currency Union. Developed with the ECCU Bankers Association and the Ease of Account Working Group, the account offers a uniform experience with no monthly fees and no minimum deposit requirement.
The Bank of Cape Verde released a report on Cabo Verde’s microfinance sector, detailing its 2023 activity and results. The report examines sector characteristics, performance metrics, customer profiles, and identified risks, alongside regulatory and supervisory measures.
Bank of Cape Verde's Governor Óscar Santos and Auditor General Ana Semedo attended the 50th Summit of Central Banks of Francophone Countries in Brussels, focusing on cybersecurity. The summit facilitated knowledge-sharing on cyber threat mitigation and technological innovation. Key topics included generative AI for cybersecurity, Zero Trust strategy, secure cloud migration, and Belgium's cybersecurity inspection methodology.
The Central Bank of Luxembourg released Cahier d’études No. 198, presenting a simplified model for CO2 emissions and carbon intensity evolution, aligned with the European System of Central Banks' climate research focus. Extending the Solow growth model with "green" capital, it suggests technological progress as key to reducing carbon intensity. Increasing green capital investment to 5% of global GDP by 2050 could lower emissions to 13 billion tonnes, aligning with International Energy Agency targets.
The Bulgaria Financial Supervision Commission approved prospectuses for three secured bond issues and Glenmoor Capital REIT's IPO, entering the issuers into its register. It also made decisions on insurance broker registration, exemptions from investment intermediary licensing, and cross-border crowdfunding notifications. Additionally, the Commission opted not to comply with two European Banking Authority guidelines on restrictive measures.
The Central Bank of Nicaragua's March 2025 report highlights growth in public deposits and the credit portfolio, with liquidity, profitability, and capital ratios robust. Credit growth decelerated partly due to FAMA's transition to a microfinance institution. Public deposits increased by 9.8% year on year, while the credit portfolio grew by 17.1%, with a performing loans ratio of 95.2% and a past-due loan ratio of 1.4%.
Panama's Financial Coordination Council launched the Panama Financial Innovation Hub (Finhub) to enhance financial inclusion and system stability. Supported by Panamanian financial authorities and the Inter-American Development Bank, Finhub facilitates dialogue between regulators and innovators, focusing on women's participation and underserved groups. It includes a public interface for fintech entrepreneurs and a private layer for inter-agency coordination.
The Superintendency of Banks of Panama, with the Panamanian Banking Association and the Inter-American Development Bank Group, has introduced updated Integrity Guidelines for the banking sector. These guidelines aim to enhance Panama's banking integrity framework by integrating international best practices tailored to local conditions. The update involved input from regulators, banks, and technical specialists.
The Bank of Israel reported that foreign exchange reserves rose to USD 222,035 million at the end of April 2025, representing 41.1% of GDP, with a revaluation contributing USD 4,842 million and government foreign exchange activities offsetting USD 1,644 million. Total reserves included USD 217,489 million excluding the International Monetary Fund and USD 4,546 million held at the IMF.
Ukraine's international reserves hit USD 46,683.1 million as of 1 May 2025, a 10.2% rise in April due to major inflows from international partners and minimal net foreign exchange sales by the National Bank of Ukraine. Key contributions included USD 4,861.6 million from the European Union and G7 under the Ukraine Facility and ERA initiative, and USD 1,294.0 million from the World Bank. Reserves now cover 5.6 months of future imports.
ESMA has advised the European Commission to simplify listing requirements and enhance EU companies' access to public capital markets under the Listing Act. The advice informs delegated acts under the Market Abuse Regulation (MAR) and the Markets in Financial Instruments Directive (MiFID), addressing public disclosure, cross-border trading venues, and SME growth market registration. ESMA will continue to support the Listing Act's implementation.
The British Virgin Islands Ministry of Finance, led by Premier Dr. Natalio Wheatley, refuted claims that the Riley Right campaign undermines efforts against illicit finance, asserting it complements reforms aligned with international standards. The campaign aims to raise local awareness of money laundering risks, as required by the Financial Action Task Force. The Government also emphasized its commitment to beneficial ownership transparency, including migrating information to the VIRRGIN corporate registry and developing a "legitimate interest" access policy.
The Reserve Bank of New Zealand's May 2025 Financial Stability Report highlights increased risks to the financial system due to global volatility, though New Zealand's financial institutions remain robust. The report notes geopolitical tensions, subdued domestic economic activity, and ongoing implementation of the Deposit Takers Act 2023, with the Depositor Compensation Scheme set to commence on 1 July 2025.
The Reserve Bank of New Zealand announced a new Executive Leadership Team structure effective 12 May 2025, featuring four Assistant Governor roles to enhance senior accountability. Key appointments include Karen Silk as Assistant Governor Money Group and John McDermott as Assistant Governor Operations, while consultations on further organizational changes are ongoing.
ASIC has imposed additional conditions on Macquarie Bank's financial services licence due to compliance failures in futures dealing and OTC derivatives reporting, some undetected for up to a decade. Macquarie must create a remediation plan, appoint an independent expert, and assess remediation effectiveness. This follows nine market conduct issues, including misreporting over 375,000 OTC transactions. Macquarie has cooperated and agreed to the conditions.
Angola's Ministry of Finance reported Recredit recovered AOA 108.35bn from Banco de Poupança e Crédito's non-performing loans by end-2024, 38% of the AOA 288.87bn investment. Recredit's 2024 results showed a net profit of AOA 48.52bn and a 17% return on equity, focusing on maximising recoveries and converting real estate into liquidity. For 2025, Recredit aims to recover AOA 30bn, having recovered AOA 10.7bn by March, with 139 cases in litigation.
At the Prime Minister’s AGORA 2 forum, Congo Insurance Regulation and Control Authority Director General Alain Kaninda affirmed the insurance sector's commitment to supporting the formalization of small and micro-entrepreneurs.
The Securities and Exchange Commission of Pakistan held an emergency meeting to address regional geopolitical tensions, emphasizing the continuation of capital market operations and stability. Capital Market Infrastructure Institutions, including the Pakistan Stock Exchange, were advised to enhance security protocols and operational continuity measures. SECP will monitor developments and provide updates, urging market participants to maintain normal operations.
Davit Onoprishvili, head of Georgia's Insurance State Supervision Service, attended the IAIS Implementation and Evaluation Committee meeting in Basel, discussing global supervisory standards, solvency-based supervision, financial inclusion, and capacity-building. He also met with Slovenian and Croatian counterparts to enhance cooperation and support Georgia's regulatory standards.
The Algeria Market Authority held a study day with Constantine 03 University on financing the economy outside traditional channels, focusing on stock market funding, financial education and the redirection of savings into productive investment. The event also included workshops on business planning and the equity market, and ended with a cooperation agreement on research, student training and support for university-led entrepreneurship.
The National Bank of the Republic of North Macedonia has effectively managed economic shocks, resulting in lower inflation, a stable exchange rate, and a sound financial system, according to the IMF's Article IV mission. The IMF advises maintaining prudent monetary policy until inflation declines sustainably and supports macroprudential measures to enhance banking resilience. It also emphasizes the importance of central bank independence.
The People’s Bank of China and the China Securities Regulatory Commission announced measures to support science and technology innovation bonds, aiming to expand bond-market financing. The framework allows flexible terms, encourages longer maturities, and includes simplified issuance processes and innovative credit rating approaches. It also integrates these bonds into financial institutions' evaluations and encourages local authorities to provide additional support.
The People's Bank of China held a system-wide meeting to expedite financial policy implementation after the Communist Party of China Politburo meeting. The central bank emphasized a "moderately loose" monetary policy, advocating full use of existing measures and stronger deployment of incremental policies. Enhanced coordination across the bank's system and collaboration among departments and provincial branches were highlighted to support economic recovery and high-quality growth.
The People's Bank of China has increased the quota of its technology innovation and technical upgrading relending facility by CNY 300 billion, bringing the total to CNY 800 billion. This move supports the expanded implementation of the "Two New" policy and aims to accelerate lending growth in relevant sectors. The facility will now consolidate support under a single overall quota, eliminating separate buckets for specific loan types.
The People's Bank of China has combined the quotas of two capital market support tools into a flexible CNY 800 billion limit. These tools include a swap facility for securities, fund, and insurance companies, and a relending facility for share buybacks and shareholding increases. The change aims to enhance usability and flexibility for various institutions.
The Central Bank of the Republic of China will issue a two-coin gold and silver commemorative set on 1 June 2025 to mark the 100th anniversary of the Southwestern University of Finance and Economics. The set includes an 8 gram gold coin (CNY 100) and a 30 gram silver coin (CNY 10), both with 99.9% fineness and limited mintage. Production is by Shenyang Mint Co., Ltd. and Shenzhen Guobao Mint Co., Ltd., with China Gold Coin Group Co., Ltd. as the distributor.
The Bermuda Ministry of Finance reported on the inaugural Community Day of the Digital Finance Forum, highlighting the government's initiative to accept digital dollars for dues and taxes. Over 250 attendees participated, receiving USDC 100 for transactions via Coinbase Commerce, and the event featured fintech training programs. The forum continues with panels and workshops until 9 May.
The European Banking Authority released updated final draft implementing technical standards on resolution planning reporting to harmonise EU requirements and reduce compliance costs. The revisions streamline data points, improve usability, and incorporate a modular approach based on entity size and complexity. The standards will repeal the Commission’s Implementing Regulation (EU) 2018/1624 and include EBA-developed IT solutions.
The Portuguese Insurance Regulator (ASF) released its Financial Stability Report for the Insurance Sector and Pension Funds, providing an updated assessment of the performance and influences affecting Portugal's insurance and pension funds sectors. The report references data from the third quarter of 2024 and includes end-2024 sector information where available.
The Bank of the Lao PDR, led by Acting Governor Vatthana Dalaloy, attended the 58th Asian Development Bank Board of Governors Annual Meeting and the 28th ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting in Milan. Discussions covered digital finance, financial stability, sustainable investment, and regional cooperation. ADB President Masato Kanda announced increased aid for developing countries to address climate and poverty challenges.
The Financial Conduct Authority (FCA) has appointed David Geale as permanent executive director for payments and digital finance and managing director of the Payment Systems Regulator (PSR). Geale will oversee the National Payments Vision, open banking, digital finance, and the supervision of payments and cryptoasset firms. Emad Aladhal and Andrea Bowe have also been named permanent directors of retail banking and the specialist directorate, respectively.
Bruna Szego, Chair of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), outlined AMLA's strategic priorities at the European Anti-Financial Crime Summit in Dublin. Priorities include establishing operational foundations, enhancing supervisory and financial intelligence unit coordination, and promoting cross-sector cooperation. Szego emphasized addressing diverging national practices and technological changes, focusing on raising awareness among newly obliged non-financial entities.
Bolivia's Ministry of Finance approved Supreme Decree No. 5384, establishing a regulatory framework for Financial Technology Companies (fintechs) under the Financial System Supervision Authority (ASFI). Fintechs must obtain an incorporation permit and operating licence from ASFI, covering activities like blockchain solutions and payment systems. This framework aims to formalize over 40 firms in Bolivia, requiring compliance with security standards for user protection.
Bolivia's Ministry of Economy and Public Finance has introduced a regulatory framework for fintechs, mandating authorisation and supervision by the Financial System Supervision Authority (ASFI). It applies to private, public, and mixed-ownership entities, covering payment platforms and digital assets, with firms required to meet security standards. Fintechs must obtain ASFI permits and may need to enter a controlled testing environment for certain activities.
The Hong Kong Monetary Authority (HKMA) issued a public alert regarding fraudulent websites linked to Octopus Cards Limited, a stored value facility licensee. The HKMA advised individuals who interacted with these sites to contact the relevant licensee and report to the Police or the Anti-Deception Coordination Centre.
The Hong Kong Monetary Authority (HKMA) issued a public alert following Chong Hing Bank Limited's report of a fraudulent website and internet banking login screen. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to Shanghai Commercial Bank Limited. The HKMA reminded the public that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Police.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen reported by The Bank of East Asia, Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS. Customers who interacted with the fraudulent site should contact the bank and report to the Police.
The Bank of Ghana plans to revise its 2018 Cyber and Information Security Directive to address emerging risks like artificial intelligence and data privacy, and to expand the Financial Industry Command Security Operations Centre (FICSOC) beyond banks. Designated as the Sectoral Computer Emergency Response Team lead for the financial industry, the expansion aims to enhance threat monitoring and response across all regulated financial institutions amid rising cyber fraud losses.
Qatar Central Bank Governor H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani met with Starwood Capital Group Chairman Barry Sternlicht at the 2025 Milken Institute Global Conference to discuss global finance and investment developments.
The Federal Reserve Bank of Boston's research note highlights a rapid increase in large banks' loan commitments to private equity and private credit funds, growing from USD 10bn in 2013 to USD 300bn in 2023. These connections, representing 14% of large banks' total loan commitments to non-bank financial institutions (NBFIs), necessitate ongoing risk assessment. The study, based on data from 31 banks, notes that five management companies receive about one-third of these commitments, though risk concentration may vary due to specific terms and collateral.
The Arab Monetary Fund convened the 44th meeting of the Arab Committee on Banking Supervision via videoconference on 7–8 May 2025, with participation from Arab central banks, monetary authorities, and international observers. Director General Dr. Fahad M. Alturki emphasized efforts to enhance regulatory frameworks and align with global standards.
The European Central Bank (ECB) has contributed to the European Commission's consultation on the market risk prudential framework, opposing delays to the Fundamental Review of the Trading Book (FRTB) under the Capital Requirements Regulation (CRR) beyond 2026. ECB staff suggest making the FRTB standardised approach a supervisory requirement while delaying the internal models approach by one year. They recommend an ascending scalar for transitional capital calibration and call for supervisory safeguards if temporary flexibility is introduced.
The Central Bank of Bosnia and Herzegovina (CBBH) briefed the Parliamentary Assembly’s Joint Commission on legal and financial risks related to the “Viaduct versus Bosnia and Herzegovina” arbitration, including a court judgment threatening CBBH assets. The CBBH challenged the judgment and decided not to transfer BAM 244.3 million in profits to the Ministry of Finance and Treasury while asset risks persist. The Joint Commission supported the CBBH's stance and urged further investigation.
The Central Bank of the Philippines issued a circular detailing approvals for 24 new banking offices and 86 office openings in Q4 2024. Notable approvals include branch expansions for Bank of Commerce, Philippine Trust Company, and Security Bank. BDO Unibank and BDO Network Bank led the office openings with 12 regular branches and 24 branch-lite units, respectively.
The Brazilian Pension Funds Authority (PREVIC) reminded Entidades Fechadas de Previdência Complementar (EFPC) of the 12 May deadline for the Pension Supervision and Control Fee (Tafic) payment for the second four-month period of 2025. The fee is based on the "recursos garantidores" value from the March 2025 accounting trial balance. Late payments will incur interest and penalties as per PREVIC Resolution 23/2023.
The India International Financial Services Centres Authority issued a warning to Neo Asset Management Private Limited (IFSC Branch) for non-compliance with the IFSCA (Fund Management) Regulations, 2022. Violations pertain to Regulation 7(4) and Regulation 10(1), with potential for stringent action upon repeat offenses. The order is available on the IFSCA website.
The Dominican Republic Superintendency of Banks hosted its annual conference on financial services user protection, focusing on market conduct and risk-based supervision. Keynote speaker Sergio de Mesquita from the World Bank emphasized collaboration between firms and supervisors in consumer protection. The event included discussions on regional market conduct trends and challenges, with contributions from the Central Bank, domestic regulators, and fintech representatives.
The Italian Institute for Insurance Supervision (IVASS) issued a warning to insurance intermediaries about a scam involving fraudulent emails impersonating the authority. The scam involves messages requesting registration in a fake New RUI portal, urging intermediaries to report such communications and remove any unauthorized website registrations. IVASS advises using official channels for communication and reporting.
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation by three websites and initiated their blocking in Italy. This action is part of IVASS' ongoing efforts to combat unauthorized insurance activities, with 238 websites blocked since November 2023. IVASS advises consumers to verify the legitimacy of insurance offers and intermediaries through its official registers.
The Vietnam State Securities Commission has amended foreign investment obligations in the securities market, per a Ministry of Finance circular. Key changes include stricter cash flow management for certain foreign investors and a shift to electronic reporting via the State Securities Commission’s Foreign Investment Management System. The amendments require foreign investors and organisations issuing depository receipts overseas to manage transactions through an indirect investment capital account at an authorised custodial bank.
The Central Bank of Timor-Leste reported the Petroleum Fund's investment position as of 31 March 2025, with total assets of USD 18.25 billion. The assets include USD 12.98 billion in global fixed income, USD 4.70 billion in global equities, and USD 570 million in private debt.
The European Council's Coreper approved a negotiating mandate to shorten the settlement cycle for transactions in transferable securities on EU trading venues from T+2 to T+1. The Council's position exempts securities financing transactions from this requirement due to their non-standardised nature. Trialogue negotiations with the European Parliament will follow to finalize the common position.
The Central Bank of Seychelles has launched the second cohort of its Youth for Youth Financial Education Ambassadors programme, selecting 12 participants aged 16 to 25 for the 2025 edition. The initiative focuses on peer-to-peer financial education, covering Seychelles’ financial system and soft skills development, supported by the National Financial Education Secretariat. Participants will engage in community-based financial literacy projects and activities with Central Bank staff until May 2026.
The Brazil Securities Commission (CVM) ordered CFI Financial Group Holding Ltd and CFI International Ltd to halt public offerings of securities intermediation services targeting Brazilian residents. CVM's investigation revealed the companies were soliciting Brazilian clients via their websites without proper authorization.
The Brazil Securities Commission (CVM) and the Association of Capital Markets Investors (AMEC) will host an event on 28 May 2025 in Rio de Janeiro focused on "Perspectives of Stewardship in Brazil." It will discuss the evolution of stewardship, including the UK and Brazilian Stewardship Codes, and explore practical benefits and challenges in corporate governance. Key participants include CVM President João Pedro Nascimento and AMEC President Fábio Coelho.