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2025-04-09•Global•International Financial Reporting Standards Foundation
The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures signed a Memorandum of Understanding to enhance collaboration on nature-related financial disclosures. The agreement supports the ISSB's Biodiversity, Ecosystems and Ecosystem Services research project and aims to improve SASB Standards. Future standard setting will follow the IFRS Foundation's due process, including public consultation.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-04-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has revoked Lombard Astana Gold LLP's licence for microfinance activities due to inactivity for six months. Borrowers must still fulfill their obligations under existing microcredit agreements despite the licence revocation.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-04-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan and the Central Bank of Azerbaijan held a bilateral meeting in Baku to discuss financial stability, regulation, and strategic priorities. They agreed to sign a memorandum of understanding to enhance cooperation. Discussions included Kazakhstan's risk-based supervision, recent banking legislation changes, and supervisory digitisation initiatives.
Policy & regulationCooperationCross-border cooperation
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2025-04-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency announced Mazhilis' second-reading approval of a draft law to enhance the financial market and consumer protection. Key measures include easing foreign bank entry, streamlining senior role approvals, and tightening unsecured consumer lending controls. The amendments also address fraud prevention, expand the National Bank's Anti-fraud Centre, and introduce various financial market and consumer protection provisions.
Policy & regulationRules & requirementsLicensing framework and process
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2025-04-09•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan declined to approve Kymbat Nakyzbekovna Ualihanova as deputy chief accountant and Gani Kaipbergenovich Muratbayev as deputy chair of the management board in the banking sector. This decision was based on protocols No. 22/БВУ/Т and No. 23/БВУ/Т dated 31 March 2025.
SupervisionAuthorisations & approvalsHiring and recruitment
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2025-04-09•Finland•Ministry of Finance (Finland)
Finland's Ministry of Finance previewed the informal EU finance ministers' meeting in Warsaw on 11–12 April, focusing on financial market competitiveness, security and defence financing, and geopolitical challenges. Central bank governors, including Finland's Olli Rehn, will participate in the financial markets discussion. The Eurogroup will address economic developments and euro area policy coordination.
Policy & regulationCooperationGeopolitical risk
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2025-04-09•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Institute for Monetary and Financial Research released a report on Generative AI in financial services, highlighting its steady adoption among financial institutions in Hong Kong. The report identifies key constraints such as model accuracy, data privacy, and resource limitations, while noting that technological advancements and regulatory engagement may facilitate broader adoption.
ResearchArtificial intelligence
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2025-04-09•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria's Governing Council approved revised designs for the Bulgarian national side of euro coins, with the only change being the issue year "2026". The designs, prepared by Mint EAD, comply with Council Regulation (EU) No 729/2014 and include mandatory elements like the 12 EU stars and the country name in Cyrillic. Optional elements feature Cyrillic denomination wording and motifs from current Bulgarian coins.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-09•Ghana•Bank of Ghana
Bank of Ghana Governor Dr. Johnson P. Asiama announced a 100 basis point increase in the policy rate to 28.0% to support disinflation, urging banks to adjust lending rates prudently. He noted concerns over elevated inflation expectations, core inflation, and credit risk, with a non-performing loan ratio of 22.57%. The Governor emphasized the need for recapitalization strategies, enhanced cybersecurity, AML compliance, and sector engagement on trade finance and cross-border payments.
Monetary policyPolicy rate decisionsMonetary policy decisions and developmentsFinancial stability and systemic risk
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2025-04-09•Türkiye•Insurance and Private Pension Regulation and Supervision Agency of Türkiye
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye has suspended AcnTurk Sigorta AŞ’s authority to issue and renew insurance contracts across all branches. This action, under Article 20 of Insurance Law No. 5684, will persist until the company demonstrates the cash transfer of the required capital to its accounts.
SupervisionInterventionsLicence withdrawal
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2025-04-09•Qatar•Qatar Central Bank
Qatar Central Bank Governor H.E. Sheikh Bandar bin Saoud Al Thani met with Steven Mnuchin, Founder of Liberty Capital, to discuss key global financial and investment developments.
Other
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2025-04-09•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission launched its 2025 Songkran travel safety and insurance promotion campaign to enhance access to motor and travel accident insurance, focusing on family and older-person protection. The initiative includes two microinsurance policies priced at THB 10, offering death cover up to THB 100,000 and home safety cover up to THB 30,000. The campaign also features health and financial planning advice and road safety support during the "seven dangerous days" period.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-09•Middle East•Arab Monetary Fund
The Arab Monetary Fund signed a Memorandum of Understanding with Somalia to restructure its over 40-year debt, aiming to alleviate financial burdens and support economic reform and sustainable development as part of the AMF's new strategy for Arab countries.
Policy & regulationImplementation, projects & pilots
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2025-04-09•San Marino•Central Bank of San Marino
The Central Bank of San Marino's Quarterly Information Bulletin reports improved banking system indicators as of 31 December 2024, with increased system funding and strengthened asset quality. Total funding rose by EUR 139 million to EUR 6.493 billion, and non-performing exposures decreased significantly. The bulletin also details new regulations on SEPA payments and investment services, effective in late 2024 and early 2025, respectively.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-04-09•San Marino•Central Bank of San Marino
The Central Bank of the Republic of San Marino clarified that Dr. Gian Luca Belluzzi declined the role of President of the CBSM Board of Auditors, with Pier Angela Gasperoni continuing in the position. The bank refuted claims of instability in San Marino’s banking institutions, highlighting resilience confirmed by international bodies and credit rating agencies, and noted ongoing technical strengthening over the past three years.
Policy & regulationGuidance & interpretationAuditing
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2025-04-09•Europe•European Central Bank
The European Central Bank's Working Paper finds that legal reforms enhancing central bank independence correlate with reduced excess money growth and improved credibility, with full effects manifesting after ten years. A one-percentage-point increase in the independence index leads to a 21% reduction in excess money growth and a 13% credibility boost, especially in democracies and high public debt environments. The impact is less significant in inflation-targeting and fixed-exchange-rate regimes.
ResearchOther
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2025-04-09•Europe•European Central Bank
The European Central Bank released the fourth progress report on the digital euro Rulebook Development Group's efforts to draft a digital euro scheme rulebook. The report details updates to rulebook sections based on over 2,000 comments, progress in workstreams with market participants, and developments in brand rules, risk management, and implementation specifications. The draft rulebook aims to remain adaptable to future legislative outcomes, with a potential issuance decision pending legislative adoption.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-04-09•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan participated in the 14th Annual Investment Meeting Congress in the UAE, where Deputy Chair Gulbahor Naziri highlighted Tajikistan's financial system and investment opportunities, particularly in green finance. Discussions included attracting financing for the Rogun hydropower plant and strengthening economic ties with the UAE.
Other
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2025-04-09•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) has mandated registration for associations involved in property and personal risk protection activities under Complementary Law No. 213/2025. Associations must amend their bylaws and register with SUSEP within 180 days or cease operations, facing potential sanctions. Registration will be conducted via a new system on SUSEP’s website, with further procedural details to be announced.
Policy & regulationRules & requirementsLicensing framework and process
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2025-04-09•Spain•Bank of Spain
Bank of Spain Governor José Luis Escrivá, in an interview on TVE’s La Hora de la 1, addressed the potential economic impacts of international uncertainty.
Monetary policyMonetary policy assessments & outlooksGeopolitical risk
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2025-04-09•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Curaçao and Sint Maarten has launched an APR Calculator on its website to help consumers estimate borrowing costs and compare loans. It calculates APR by considering loan amount, repayment details, and up-front charges, with a maximum APR cap of 27% for CBCS-licensed credit providers. Consumers are urged to report offers exceeding this cap and borrow only from supervised institutions.
Financial literacy & educationConsumer and investor protection
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2025-04-09•Armenia•Ministry of Finance (Armenia)
Armenia's Finance Minister Vahe Hovhannisyan attended the 14th Annual Global Investment Conference in Abu Dhabi, discussing bilateral cooperation with the Abu Dhabi Stock Exchange. Talks focused on expanding financial markets and promoting new investment, with emphasis on Armenia's economic reforms and the Armenian Stock Exchange's role in the "Tabadul" digital exchange hub.
Policy & regulationCooperationOther
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2025-04-09•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Superintendency of Banks of the Dominican Republic issued a circular requiring fiduciary service providers to ensure comprehensive and timely information access for all trust parties. It applies to fiduciary firms linked to financial intermediation entities and banks, mandating disclosure of trust deeds, settlor and beneficiary identities, and trust terms. Fiduciaries must designate trained staff to address client inquiries and ensure real-estate trust promoters provide prospective buyers with pertinent information.
Policy & regulationRules & requirementsFiduciary duty
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2025-04-09•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission plans to develop a legal framework and pilot market for crypto assets, as discussed by Deputy Minister of Finance Do Thanh Trung. The Ministry of Finance is coordinating with other ministries to assess market conditions and international regulatory experiences, recommending government recognition of crypto assets' potential. A draft Government resolution is being prepared, with inputs from relevant ministries and legal appraisal from the Ministry of Justice.
Policy & regulationImplementation, projects & pilotsFintech and insurtechTokenization
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2025-04-09•United Arab Emirates•National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC)
The United Arab Emirates' anti-money laundering committee convened the first retreat of all Financial Action Task Force Global Network Secretariats. Participants shared best practices and addressed challenges in supporting member countries through the upcoming round of mutual evaluations.
Policy & regulationCooperationAML and CFTCross-border cooperation
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2025-04-09•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation and blocking of insurance intermediation through four unauthorized websites, with internet service providers in Italy facilitating the shutdown. Since November 2023, IVASS has issued cessation orders for 229 sites, advising consumers to verify the legitimacy of insurance offers online and consult IVASS registers for authorized insurers and intermediaries.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-04-09•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) Board accepted a settlement proposal from Carlos Alberto Bezerra de Moura, investor relations director of Raízen S.A., closing Administrative Sanctioning Proceeding PAS 19957.008609/2024-31. The settlement, involving a payment of BRL 330,000, follows a revised offer after initial rejection by the Commitment Term Committee. The proceeding addressed alleged misleading information in a market announcement, potentially breaching CVM Resolution 80.
EnforcementInvestigations & enforcement actionsOther
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2025-04-09•South Korea•South Korea Financial Services Commission
South Korea's Financial Services Commission has unveiled reforms to enhance the corporate financing role of comprehensive financial investment business entities (CFIBEs). Measures include expanding CFIBEs' corporate credit, revamping the Investment Management Account regime, and imposing a 25% venture capital funding requirement. The reforms tighten real estate concentration limits, introduce risk controls, and incentivize overseas expansion, with implementation expected through regulatory amendments and a legislative bill later this year.
Policy & regulationRules & requirementsCorporate governance
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2025-04-09•Kazakhstan•Astana Financial Services Authority
The Astana Financial Services Authority (AFSA) issued a public alert regarding "MBus Exchange" for unauthorized use of the AFSA logo and misleading claims of regulation. AFSA confirmed that "MBus Exchange" is not licensed and its activities may constitute potential criminal offences under Kazakhstan's Criminal Code. The public is advised to verify firms through AFSA’s Public Register and avoid engaging with the entity.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-04-09•Malaysia•Malaysia Securities Commission
Malaysia's Federal Court upheld the Malaysia Securities Commission's civil insider trading action against Dato’ Sreesanthan Eliathamby, confirming that insider trading provisions require knowledge of non-public information. The court ordered Eliathamby to pay MYR 3,239,402, including costs, penalties, and a ten-year director disqualification.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-04-09•Papua New Guinea•Bank of Papua New Guinea
The Bank of Papua New Guinea unveiled a new executive structure as part of its Vision 2050 roadmap, appointing key leaders across monetary policy, financial operations, and other functions, with plans to recruit additional senior roles to enhance financial system stability and development.
Institutional developmentLeadership change & appointmentsOrganizational structure
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2025-04-09•Bahrain•Central Bank of Bahrain
The Central Bank of Bahrain and SWIFT hosted Bahrain’s annual SWIFT national user group meeting in Manama, focusing on cross-border payments and messaging standards. Over 60 representatives from licensed financial institutions discussed SWIFT updates, including the Global Payment Innovation and Pre-Val service, as well as ISO 20022 certification requirements and G20 objectives.
Policy & regulationCooperationCross-border payments
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2025-04-09•Bahrain•Central Bank of Bahrain
The Central Bank of Bahrain has granted BPay Global B.S.C.(c), part of the Binance Group, a Payment Service Provider licence. This licence allows BPay Global to offer fiat services, including top-ups, withdrawals, and custody, to Binance customers worldwide.
SupervisionAuthorisations & approvalsLicence approval
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2025-04-09•Mozambique•Bank of Mozambique
The Bank of Mozambique introduced a temporary regime for the repatriation and conversion of export proceeds, setting a mandatory conversion rate of 50% for 18 months under Notice 5/GBM/2024. The revised framework also addresses the re-export of petroleum products due to current import conditions, affecting re-exporters and intermediary banks. Additionally, an exceptional regime for minimum regulatory provisions was established.
Policy & regulationRules & requirementsOther
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2025-04-09•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has revoked Mortgage Smart Inc.'s mortgage brokerage licence and imposed penalties totaling CAD 50,000 on Ranjit Dhillon and Kamal Dhillon. Mortgage Smart was found unsuitable for licensing due to failures in ensuring mortgage suitability, inadequate risk disclosure, and providing false information. The penalties followed settlements with the involved parties.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-04-09•Mozambique•Bank of Mozambique
The Bank of Mozambique has tightened foreign-exchange rules for petroleum product re-exports, requiring proceeds to be repatriated and converted into domestic currency within 30 days. Additionally, a temporary prudential regime alters minimum regulatory provisioning percentages for overdue credit, applicable to all supervised credit institutions for 12 months. Both measures are effective immediately, with breaches punishable under existing law.
Policy & regulationRules & requirementsOther
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2025-04-09•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has raised concerns about illiquid and structured financing portfolios, urging banks to ensure regulatory capital approaches reflect transaction substance and collateral liquidity. The PRA warns against imprudent collateral recognition in securities financing transactions (SFTs) under UK regulations, which could lead to undercapitalisation. Firms must align with Basel 3.1 changes, ensuring appropriate capitalisation and demonstrating secondary market liquidity and robust collateral valuation methods.
SupervisionRisk monitoring & watch pointsPrudential risksSupervision process and methodologies
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2025-04-09•Global•Taskforce on Nature-related Financial Disclosures
The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures (TNFD) have signed a memorandum of understanding to integrate TNFD’s recommendations into the International Sustainability Standards Board’s (ISSB) work. The collaboration will involve sharing research to inform the ISSB’s Biodiversity, Ecosystems and Ecosystem Services (BEES) project and enhance SASB Standards. Any resulting ISSB standards will undergo the IFRS Foundation’s due process, including public consultation.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-04-09•Global•World Savings and Retail Banking Institute
The World Savings and Retail Banking Institute highlighted ESBG President Nicolas Namias's Brussels meetings to advocate for the Keep It Simple roadmap, aiming for a streamlined EU regulatory framework. Discussions with European Commissioner Maria Luís Albuquerque and MEP Fernando Navarrete addressed regulatory alignment, digital finance, and the Digital Euro. The roadmap covers seven areas, including prudential requirements, digital finance, and sustainable finance, reflecting the sector's extensive customer base and branch network.
Policy & regulationReform agendas & prioritiesRegulatory burden
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2025-04-09•Kosovo•Central Bank of the Republic of Kosovo
Governor Ahmet Ismaili of the Central Bank of the Republic of Kosovo is visiting the United Arab Emirates, participating in the AIM 2025 International Investment Congress. He discussed Kosovo's macroeconomic developments and central bank priorities, including financial-sector resilience and EU legal alignment. Meetings with UAE officials focused on cooperation in financial supervision, consumer protection, and payments modernization.
Policy & regulationCooperationCross-border cooperation
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2025-04-09•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has revised rules for securities companies, classifying net capital bonds (NC bonds) as high-risk or complex products. Firms must adhere to communication and investor service requirements, including risk warnings and a knowledge test before initial investment. The amendments are effective from 16 April 2025.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-04-09•Malta•Central Bank of Malta
The Central Bank of Malta collaborated with the Malta Bankers’ Association to organize a European Money Week event aimed at enhancing financial literacy. The initiative expanded its focus from younger audiences to include older adults.
Financial literacy & educationFinancial literacy and education
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2025-04-09•Malta•Central Bank of Malta
The Central Bank of Malta revised its directives on payment services and payment and securities settlement systems, mandating that major-incident reports be submitted to the Malta Financial Services Authority. This update aligns with the introduction of the Digital Operational Resilience Act (DORA).
Policy & regulationRules & requirementsPayments and payment systemsMarket infrastructure
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2025-04-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria released provisional balance of payments statistics for 2024, highlighting a current account surplus of USD 17.22 billion, up from USD 6.42 billion in 2023. The overall balance of payments showed a surplus of USD 6.83 billion, with external reserves rising to USD 40.19 billion by end-December 2024. Key factors included increased gas and non-oil exports, reduced fuel import demand due to the Dangote Refinery, and exchange rate unification impacting trade dynamics.
Data & statisticsBalance of payments and other external statistics
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2025-04-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria reported a Q4 2024 current account surplus of USD 3.80bn, down 34.26% from Q3 2024 but slightly above Q4 2023. The decline was due to a reduced goods surplus and increased net out-payments for services and primary income. The financial account showed a balance of USD 7.82bn, with portfolio investment inflows rising 192.5% to USD 5.61bn, while external reserves increased to USD 40.19bn.
Data & statisticsBalance of payments and other external statistics
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2025-04-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's March 2025 Business Expectations Survey indicates increased optimism among firms, with the confidence index rising from 31.7 to 48.3 over six months. Positive outlooks were noted across agriculture, industry, and services, with agriculture showing the highest confidence and capacity utilisation. Key constraints identified include high interest rates, insecurity, and high taxes.
Data & statisticsEconomic data and developments
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2025-04-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's March 2025 Household Expectations Survey indicates reduced consumer pessimism, driven by optimism in expected family income and macroeconomic conditions. Confidence indices are projected to rise steadily through September 2025. While current sentiment on prices remains negative, there is a noted moderation, with item-level indices highest for telecommunications, house purchases, and vehicle purchases.
Data & statisticsEconomic data and developments
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2025-04-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's Q1 2025 Credit Conditions Survey shows increased credit availability for unsecured and corporate lending, with a decline in secured household lending. Demand rose for secured and corporate credit but fell for unsecured lending, driven by inventory finance. Credit scoring criteria tightened, loan approvals increased for secured and corporate lending, and lending spreads widened, except for Other Financial Corporations.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-04-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's March 2025 Inflation Expectations Survey indicates a shift in sentiment, with more respondents perceiving inflation as slowing, particularly among businesses. Key drivers of inflation perceptions include energy and transportation costs, exchange rates, and interest rates. The survey also reveals that 69.7% of respondents favor interest rate cuts, and 90.2% view CBN communications as transparent.
Data & statisticsEconomic data and developments
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2025-04-09•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's March 2025 Purchasing Managers’ Index (PMI) indicates economic expansion with a composite PMI of 52.3, marking growth across industry, services, and agriculture. Notably, 24 of 36 subsectors reported growth, with forestry leading and nonmetallic mineral products declining the most. Input price indices surpassed output price indices, highlighting cost pressures, particularly in the industry sector.
Data & statisticsEconomic data and developments
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2025-04-09•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs confirmed Paul Atkins as the new Chairman of the Securities and Exchange Commission. Chairman Tim Scott anticipates Atkins will focus on reversing "Biden-era policies," enhancing capital formation, expanding retail investor opportunities, and clarifying digital asset regulations.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-09•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced that the U.S. House of Representatives passed Chairman Tim Scott’s Congressional Review Act resolution to disapprove the Consumer Financial Protection Bureau’s final rule on overdraft fees, sending it to President Trump for signature. Supported by major banking trade groups, the resolution aims to overturn the CFPB’s rule finalized in December 2024. If signed by the President, the rule would be nullified.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-04-09•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has revised its reporting instructions for serious ICT-related incidents and significant cyber threats under the DORA Regulation, transitioning submissions in Fidac from Excel to JSON format as of 31 March. Firms with pending final reports in Excel must complete them by 30 April, after which all new reports must be submitted in JSON.
Policy & regulationGuidance & interpretationCyber resilience
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2025-04-09•United States•U.S. Financial Services Committee
The U.S. Financial Services Committee announced the House passed resolutions to overturn CFPB rules on overdraft lending and defining "larger participants" in digital payment markets. S.J. Res. 18 disapproves the rule on price caps for overdraft fees at very large financial institutions, while S.J. Res. 28 disapproves the rule expanding CFPB's examination authority over digital payment products. S.J. Res. 18 is being sent to the President's desk.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-04-09•United States•U.S. Financial Services Committee
The U.S. Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence held a hearing on digital asset market structure, addressing legal uncertainties in applying U.S. securities laws and potential legislative changes. Discussions included the inadequacy of current frameworks, the need for clearer rules, and criticism of the SEC's enforcement approach. Witnesses advocated for congressional action to reduce compliance uncertainty and support a more predictable regulatory regime.
Policy & regulationReform agendas & prioritiesFintech and insurtechBlockchain and distributed ledger technology
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2025-04-09•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee's Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held a hearing on digital asset market structure and its implications for U.S. securities law. Subcommittee Chairman Bryan Steil emphasized this as the start of comprehensive legislation efforts, referencing a market structure "blueprint" by Committee Chairman French Hill. The Committee highlighted the U.S. Securities and Exchange Commission's role in overseeing issuers and ensuring adequate disclosure requirements.
Policy & regulationReform agendas & prioritiesFintech and insurtechBlockchain and distributed ledger technology
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2025-04-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reported Deputy Governor Nguyen Ngoc Canh’s participation in ASEAN and ASEAN+3 meetings, focusing on regional macroeconomic risks and strengthening the Chiang Mai Initiative Multilateralisation (CMIM). Revised CMIM Implementation Guidelines were approved, introducing procedures for the Rapid Financing Facility and the use of freely usable currencies. Discussions included weaker growth prospects, geopolitical investment fragmentation, and potential impacts of new US tariffs, with priorities set for regional payments connectivity, financial inclusion, and CMIM readiness.
Policy & regulationRules & requirementsMonetary policy decisions and developments
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2025-04-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has launched an action plan to digitally transform its internal operations, focusing on electronic management and data-driven decision-making. The plan includes deploying modern technology for data consolidation, analysis, and forecasting, and creating a centralised data repository. This initiative aligns with the Government's digital transformation agenda for 2024–2025, with a vision extending to 2030.
Institutional developmentTechnology & data transformationOther
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2025-04-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced its readiness to support the 1 million hectare high-quality, low-emission rice programme in the Mekong Delta, with Agribank prepared to provide VND 30,000 billion in credit. The Ministry of Agriculture and Environment estimates total domestic credit needs at VND 82,989 billion through 2030. A draft framework for linked lending is being finalized, with signing anticipated in April 2025.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-09•Russia•Central Bank of Russia
The Central Bank of Russia released a survey indicating that while most retail investors understand the risk-return trade-off, 42% mistakenly believe the government insures private investments. The survey also highlights informal education sources, with many learning from social media and bloggers. Additionally, the Bank proposed a new investment literacy index, with a baseline of 14.79 out of 25, to guide future investor education initiatives.
Financial literacy & educationFinancial literacy and education
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2025-04-09•United States•Federal Reserve Board
The United States Federal Reserve Board released a FEDS Note introducing a monthly series of real-time estimates of global longer-run real neutral interest rates for 11 advanced economies. These estimates, reflecting the authors' views, are not official Federal Reserve positions and are subject to revisions and methodological changes. The series includes data from 1960 to 2025, with updates posted monthly.
ResearchMonetary data
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2025-04-09•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission's Market Participants Division and Division of Market Oversight issued an interpretative letter under the Commodity Exchange Act. The letter clarifies that Window FX Forwards are to be characterized as "foreign exchange forwards," while Package FX Spot Transactions should not be treated as "foreign exchange swaps" or "swaps."
Policy & regulationGuidance & interpretationForeign exchange policy and markets
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2025-04-09•Jersey•Jersey Financial Services Commission
The Jersey Financial Services Commission (JFSC) has issued a warning about a fraudulent website, jerseyfsc.us, impersonating the regulator. The JFSC clarified that the site and its contact details are not affiliated with the Commission and do not offer scam-loss recovery services. The public is advised to verify regulated status and authenticate JFSC correspondence through official channels.
SupervisionAlertsFraud and scams
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2025-04-09•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission announced Paul Atkins as the new Chairman following Senate confirmation. Acting Chairman Mark T. Uyeda and Commissioners Hester M. Peirce and Caroline A. Crenshaw expressed their support, highlighting Atkins' experience and commitment to the SEC's mission.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-09•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) announced its president, Roberto E. Silva, attended the 49th OECD Corporate Governance Committee meeting in Paris. Discussions focused on adapting corporate governance to jurisdictional specificities, global trends in public capital markets, and the impact of artificial intelligence. The agenda also included preparations for the OECD Corporate Governance Factbook and the Global Corporate Sustainability Report 2025.
Policy & regulationInternational standards & recommendationsCorporate governance
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2025-04-09•Qatar•Qatar Financial Markets Authority
The Qatar Financial Markets Authority issued a Code of Market Conduct to deter fraud, deception, and manipulation in Qatari financial markets, enhancing investor protection and confidence. It elaborates on Article 40 of Law No. 8 of 2012, detailing prohibited misconduct and obligations for participants, including examples of manipulation and clarifications on non-manipulative conduct. This is the Authority's first standalone conduct legislation for ordinary investors and traders.
Policy & regulationRules & requirementsMarket abuse
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2025-04-09•Moldova•National Bank of Moldova
The National Bank of Moldova has maintained the countercyclical capital buffer (CCyB) rate at 0% for credit exposures in the Republic of Moldova, citing no cyclical systemic risks from excessive credit growth. The Q3 2024 private sector credit-to-GDP ratio was 91.7% with a negative credit-to-GDP gap of -3.5%. The CCyB rate is reviewed quarterly.
Policy & regulationRules & requirementsMacroprudential policy and tools
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2025-04-09•Moldova•National Bank of Moldova
The National Bank of Moldova (NBM) reported that Governor Anca Dragu presented certificates to students in the "School of Modern Finance" programme, run with the National Bank of Romania and the Academy of Economic Studies in Bucharest. Participants used their experience to deliver financial education lectures in rural Moldova. Launched in 2023, the programme combines educational activities with cultural visits in Romania.
Financial literacy & educationFinancial literacy and education
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2025-04-09•Moldova•National Bank of Moldova
The National Bank of Moldova (BNM) updated its sanctions register for the insurance market, detailing fines and warnings for breaches of prudential requirements, governance, and internal controls. Notable actions include a MDL 2,015,365.12 fine on INTACT ASIGURĂRI GENERALE SA and licence withdrawals for several brokers in 2024. Despite these sanctions, affected insurers continue to operate normally.
EnforcementInvestigations & enforcement actionsOther
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2025-04-09•Moldova•National Bank of Moldova
The National Bank of Moldova reported a meeting between Governor Anca Dragu and economics educators on Moldova's accession to the Single Euro Payments Area (SEPA). The meeting emphasized SEPA's role in facilitating euro-denominated cross-border transfers and its benefits, including reduced costs and enhanced financial access. Educators were urged to update curricula to cover SEPA, digital banking, and financial education in collaboration with the central bank.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2025-04-09•United States•Financial Crimes Enforcement Network
FinCEN released a Financial Trend Analysis on Bank Secrecy Act reports related to fentanyl-linked illicit finance, noting 1,246 reports involving USD 1.4 billion in suspicious transactions in 2024. The analysis identifies Mexican cartels as key players in fentanyl trafficking, with precursor chemicals from China. FinCEN observed the use of front companies, money mules, and US intermediaries, with laundering methods ranging from basic to complex.
ResearchAML and CFT
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2025-04-09•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance has established the 2025 annual registration and operating fees for Productores Asesores de Seguros (PAS), PAS companies, and Agentes Institorios. Individual PAS must pay ARS 25,000, while PAS companies and Agentes Institorios face surcharges for late payments after 30 April 2025. Payments are processed through the REPAS and eRecauda systems.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-04-09•Switzerland•Federal Department of Finance (Switzerland)
The Federal Department of Finance of Switzerland announced the appointment of Christoph Ammann as the new vice president of the Swiss National Bank (SNB) Bank Council, effective 1 May 2025, succeeding Romeo Lacher. Ammann, a current SNB Bank Council member and former head of Bern's Department of Economy, Energy and Environment, will serve for the remainder of the 2024–2028 term. The Bank Council will not fill the resulting vacancy until 2026.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-09•United States•Financial Crimes Enforcement Network
The United States Financial Crimes Enforcement Network (FinCEN) and the Texas Department of Banking held webinars for money services businesses on the U.S. Southwest Border Geographic Targeting Order (GTO) and Currency Transaction Report (CTR) filing instructions. The sessions addressed risks from Mexico-based cartels and outlined GTO requirements for MSBs in 30 ZIP codes in California and Texas to file CTRs for cash transactions between USD 200 and USD 10,000. Participants were directed to the GTO text and FAQs, including Spanish translations.
Policy & regulationGuidance & interpretationAML and CFTDomestic cooperation
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2025-04-09•India•Securities & Exchange Board of India
The Securities and Exchange Board of India (SEBI) has formed a High-Level Committee to review and enhance its framework on conflicts of interest and disclosures for members and officials. Chaired by Pratyush Sinha, the committee will address policy gaps and propose improvements, including a recusal policy, public disclosure requirements, and digital monitoring. Recommendations are due within three months for SEBI Board consideration.
Policy & regulationReform agendas & prioritiesOther
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2025-04-09•South Korea•Bank of Korea
The Bank of Korea released its "Financial Market Trends in March 2025," offering statistical updates on financial market developments, including bank lending. Detailed figures are available in the accompanying attachments.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-04-09•United States•The White House
The White House issued an executive order for a government-wide review to identify and potentially rescind or modify regulations restricting competition. Agency heads, consulting with the FTC Chairman and Attorney General, will review rules creating monopolies or unnecessary barriers. The FTC Chairman will consolidate agency recommendations for the Office of Management and Budget's consideration in the Unified Regulatory Agenda.
Policy & regulationRules & requirementsRegulatory burden
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2025-04-09•United States•The White House
The White House released a fact sheet on an Executive Order by President Donald J. Trump directing federal agencies to review anti-competitive regulations for potential rescission or modification. Agency heads, in coordination with the FTC Chairman and the Attorney General, must submit lists of such regulations within 70 days. The FTC will also solicit public input on regulations impeding competition, with responses shared with relevant agencies.
Policy & regulationReform agendas & priorities
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2025-04-09•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury announced the elimination of 15 rules and guidance materials across Treasury, including the IRS and the Financial Crimes Enforcement Network, to reduce unnecessary regulatory burdens. This follows recent deregulatory actions by the Office of the Comptroller of the Currency and aims to save businesses significant costs. Treasury plans further deregulatory measures, including relief from IRS rules and a review of banking regulations.
Policy & regulationRules & requirementsRegulatory burden
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2025-04-09•United States•U.S. Department of the Treasury
In remarks to the American Bankers Association, Treasury Secretary Scott Bessent outlined plans to enhance the Treasury's role in bank regulation, emphasizing clear mandates, cost-benefit discipline, and reduced burdens on community banks. The agenda includes tailored requirements for community banks, reviewing prudential standards, reassessing the liquidity framework, advocating for an AML/CFT framework focused on national security, working on deposit insurance reforms, and reviewing regulatory issues related to blockchain and new payment systems.
Policy & regulationReform agendas & prioritiesOther
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2025-04-09•United States•U.S. Department of the Treasury
FinCEN released a Financial Trend Analysis on Bank Secrecy Act data related to fentanyl-linked illicit finance, revealing 1,246 suspicious activity reports totaling USD 1.4 billion in 2024. The analysis highlights Mexico and China as key supply chain players, with Mexican cartels sourcing precursor chemicals from Chinese suppliers. It notes the use of front companies, money mules, and laundering methods, urging financial institutions to review relevant advisories.
ResearchAML and CFT
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2025-04-09•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury issued a financial sanctions notice amending four entries on the UK Consolidated List to include director disqualification sanctions. Mohammed Fawaz Khaled and Aozma Sultana face director disqualification and an asset freeze, while Nazem Ahmad and Mustafa Ayash also face a travel ban. Institutions must freeze matching funds, avoid unauthorized access, and report to the Financial Intelligence Unit, with UK regulations applying if there is a UK connection.
Policy & regulationRules & requirementsSanctions list update
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2025-04-09•Europe•Single Resolution Board
Dominique Laboureix, Chair of the Single Resolution Board, stressed in Eurofi magazine the importance of the minimum requirement for own funds and eligible liabilities (MREL) for bank resolvability and financial stability, warning against reducing targets. He noted MREL as the EU's equivalent to the Financial Stability Board's Total Loss-Absorbing Capacity (TLAC) standard, applicable to all banks designated for resolution and tailored to individual strategies. Laboureix also addressed Basel III's impact on capital requirements and MREL, comparing EU and US crisis management and resolution approaches.
Policy & regulationGuidance & interpretationRecovery and resolution
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2025-04-09•Palestine•Palestine Monetary Authority
PMA Governor Yahya Shunnar attended the 48th Arab Monetary Fund Governors' Council in Kuwait, engaging in bilateral meetings to enhance financial cooperation. The Palestinian delegation, including Finance Minister Omar Al-Bitar, discussed digital transformation, SME support, and development projects with entities like the Arab Fund for Economic and Social Development, the Kuwaiti Fund for Arab Economic Development, and the World Bank Group.
Policy & regulationCooperationDomestic cooperation
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2025-04-09•United Arab Emirates•ADGM Financial Services Regulatory Authority
The ADGM Financial Services Regulatory Authority issued Consultation Paper No. 2 of 2025, suggesting amendments to the prudential framework for Authorised Persons in Categories 3B, 3C, and 4 under the Prudential – Investment, Insurance Intermediation and Banking Rulebook. Proposed changes include revisions to capital requirements for Category 4 firms, adjustments to reporting requirements for Category 3B and 3C firms, and updates to professional indemnity insurance requirements.
Policy & regulationRules & requirementsPrudential risks
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2025-04-09•United Arab Emirates•ADGM Financial Services Regulatory Authority
The ADGM Financial Services Regulatory Authority (FSRA) warned about false claims by Trade World FX, trading as Trade FX, on tradeworldfx.com. The entity falsely claims to offer a trading platform and maintain a branch office in ADGM without FSRA authorization. The FSRA advises investors to verify firm authorisation via the FSRA Public Register and check incorporation claims through the ADGM Registration Authority’s Public Register.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-04-08•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission released its Monthly Capital Markets Report for February 2025, offering a comprehensive analysis of key indicators across all active segments of Angola's capital market. The report aims to assist investors and market professionals.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-04-08•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) reported fourth-quarter 2024 liquidity metrics, with median institution-level daily average Liquidity Coverage Ratio (LCR) at 354% and Net Stable Funding Ratio (NSFR) at 138%. Consolidated LCR and NSFR, including subsidiaries, were 347% and 137%, respectively. All institutions exceeded the 100% minimum liquidity requirement.
Data & statistics
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2025-04-08•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority has launched a public consultation on a draft framework to introduce special purpose acquisition companies (SPACs) on the Nomu Parallel Market. The proposal outlines rules for SPAC registration, share offerings, and acquisition or merger conditions, aiming to boost listings and liquidity. Key provisions include a minimum post-offer capital of SAR 100 million, sponsor ownership requirements, and a 24-month deadline for completing acquisitions or mergers, with potential extensions subject to approval.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-04-08•United Kingdom•Payment Systems Regulator
The UK's Payment Systems Regulator has appointed Claire Simpson as interim Head of Policy, succeeding Kate Fitzgerald. Simpson, previously a senior manager in the PSR’s Policy Department, will oversee policy projects on card fees, payment scams, and payment infrastructure, and will work on aligning efforts with the Financial Conduct Authority.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-08•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand has appointed Deputy Governor Christian Hawkesby as interim Governor for six months starting 8 April, with a possible three-month extension by the Minister of Finance, while recruiting a Governor for a five-year term. The Monetary Policy Committee will include three internal and three external members, with the Chair holding a casting vote during this period.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-08•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro and the World Bank's Country Manager for Bosnia and Herzegovina and Montenegro, Christopher Sheldon, discussed cooperation priorities ahead of the IMF and World Bank Spring Meetings. Key topics included the TIPS Clone project, enhancing cyber security and supervisory capacities, and modernizing payment systems with potential technical support and compliance assessments.
Policy & regulationCooperationCapacity buildingCyber resiliencePayments and payment systems
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2025-04-08•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority announced the resumption of trading in Biosenic financial instruments on Euronext Brussels. Trading was set to resume on 8 April 2025 at 12:30 CET under Article 78 of the Law of 21 November 2017.
SupervisionAuthorisations & approvalsTrading
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2025-04-08•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) issued infringement notices to three financial services licensees—Australian Advice Network Pty Ltd, IA Advice Pty Ltd, and Sherrin Partners Services Pty Ltd—after advisers provided personal advice to retail clients while unregistered. Each paid a penalty of AUD 31,300, though payment does not imply guilt. ASIC emphasized verifying adviser registration status and noted unregistered advice could lead to referral to the Financial Services and Credit Panel or further regulatory action.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-04-08•Europe•European Securities and Markets Authority
The European Securities and Markets Authority has issued a consultation paper on new clearing thresholds under the European Market Infrastructure Regulation (EMIR 3). The proposals aim to recalibrate the clearing obligation by focusing on over-the-counter derivatives activity not cleared at an authorised or recognised central counterparty. The consultation also addresses hedging exemptions for non-financial counterparties and a mechanism for reviewing thresholds.
Policy & regulationRules & requirementsCCPs
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2025-04-08•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority warns of a phishing email from “info@prudential-hk.site” leading to a fake website impersonating Prudential Hong Kong Limited. Prudential confirmed no connection, and the Hong Kong Police are investigating. The Authority advises affected individuals to contact Prudential, report to the Police, and check its Register of Authorized Insurers for verification.
SupervisionAlertsFraud and scams
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2025-04-08•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) has released a "tax matrix" outlining alternative taxation models for virtual assets, as legislative efforts progress on regulating Ukraine's virtual assets market. The matrix illustrates the pros and cons of different models and their impact on the market and tax liabilities. The NSSMC has presented the document to the parliamentary working group and is seeking feedback from the crypto community.
Policy & regulationGuidance & interpretationTax transparency and information exchange
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2025-04-08•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market approved authorisations affecting collective investment products and capital markets participants, including fund securities issuance and firm-specific licensing. Key approvals included draft articles and share issue registrations for joint-stock companies and mutual investment funds. The Commission also decided on licensing, terminating licences for Polohy Registrar LLC and ON-LINE CAPITAL LLC, and appointing an internal auditor at Ukrainian Energy Exchange LLC.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-04-08•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank reported a sharp expansion in Dutch securitisations sold to investors in 2024, with a net increase of EUR 3.1 billion to EUR 29.2 billion. This growth was driven by non-bank market entrants and banks, primarily in buy-to-let mortgages, consumer loans, and car leases. Additionally, outstanding Dutch covered bonds rose by EUR 3.5 billion to EUR 99.1 billion, aligning more closely with the European pattern.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-04-08•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) found loyal customers sometimes pay higher premiums for non-life insurance than newer ones, potentially conflicting with fair treatment standards. A review of 31 insurers revealed higher profit margins for long-term policies, with significant increases in some cases. The AFM plans to engage with insurers on compliance and is consulting with the Dutch Association of Insurers while monitoring margin personalisation developments.
SupervisionRisk monitoring & watch pointsConsumer and investor protection