Liechtenstein's government has appointed Jean-Philippe Moser from Zug, Switzerland, to the Liechtenstein Financial Market Authority Supervisory Board for a five-year term starting 1 May 2025.
The European Central Bank (ECB) released an updated guide for national authorities on consulting the ECB regarding draft legislative provisions within its competence. The guide details the consultation process, scope, and consequences of non-compliance, emphasizing the need for consultation even in marginal cases. It also covers procedural aspects, transparency, and potential legal repercussions for failing to consult.
Governor Jasmina Selimovic of the Central Bank of Bosnia and Herzegovina attended a regional governors meeting in Osijek, discussing inflation dynamics and payment system modernisation. She highlighted factors contributing to inflation, such as rising electricity and transport costs, and emphasized the benefits of instant payments and the ongoing demand for cash. Discussions also included central bank digital currency initiatives and potential cooperation with the European Central Bank.
The Bank of Spain's Deputy Governor Soledad Núñez highlighted strong 2024 profitability and low non-performing loans in the Spanish banking sector, alongside modest lending recovery. Key challenges include digital transformation, sustainability transition, and geopolitical uncertainty. The speech emphasized supervisory focus on operational risks, DORA regulation implementation, and integrating geopolitical risk into various banking operations.
The Bank of Spain outlined its 2025 conduct supervision priorities at its third annual Conduct Supervision Forum, emphasizing customer protection and appropriate treatment as core expectations. The Bank is transforming its supervision approach to focus on preventive measures, sector-wide risk identification, and innovative tools. Key focus areas include responsible lending compliance, cross-selling practices, and conduct governance.
The Bank of Spain launched the "Close to you" campaign at the Banco de España Metro station in Madrid to enhance transparency by explaining its functions. This two-year agreement with Metro de Madrid will use physical and digital formats, a dedicated website, and social media. Governor José Luis Escrivá and Deputy Governor Soledad Núñez presented the launch, with further campaigns planned, including participation in Open Administration Week.
The South African Reserve Bank mandates settlement system participants to migrate low-value cross-border electronic funds transfers within the Common Monetary Area from the SADC real-time gross settlement system to the Transactions Cleared on an Immediate Basis retail payment scheme by 1 April 2027. This applies to transfers not exceeding ZAR 5 million and aims for efficient, transparent, and cost-effective processing. Non-compliance may result in penalties under the National Payment System Act.
The South African Reserve Bank has issued a discussion paper for public comment on identifying and designating systemically important market infrastructures, exchanges, and payment systems under the Financial Sector Regulation Act 9 of 2017. It proposes a combined quantitative and qualitative assessment framework using indicators like size, interconnectedness, substitutability, and complexity, aligned with international guidance. The paper details the statutory designation process, including notifying the Financial Stability Oversight Committee and publishing designations or revocations on the SARB’s website.
The Central Bank of Sint Maarten & Curacao confirmed the successful transition of the digital payment system to the Caribbean guilder (XCG) on April 1, 2025. The new currency is now fully operational for digital transactions, with all commercial banks reconnected to the payment systems.
The Brazilian Pension Funds Authority (PREVIC) detailed its role within the federal Integrity, Transparency and Access to Information System (SITAI), emphasizing its function as a Sectoral Integrity Unit. PREVIC's Integrity Programme, operational since 2018, focuses on combating corruption and misconduct, with enhanced initiatives following its integration into SITAI. Established by Decree 11,529/2023, the system standardizes integrity and transparency efforts across federal bodies.
The Brazil Securities Commission (CVM) released a March 2025 roundup detailing new regulations, supervisory guidance, and enforcement actions. Key updates include a new rule under Law 14.711, changes to CVM Resolution 193 for voluntary adoption of CBPS 01 and 02, and enforcement actions with fines exceeding BRL 1 billion. The report highlights completion of over 80% of the 2023–2024 Sustainable Finance Action Plan targets and a joint update with ANBIMA on their cooperation regime.
The Brazil Securities Commission (CVM) fined Olga Maria Barbosa Saraiva BRL 340,000 for breaching Article 115(1) of Law 6,404 by voting to approve her own accounts as a shareholder. A separate case against Marcos Jorge was terminated without a decision on the merits due to his lack of passive standing.
The Monetary Authority of Singapore (MAS) released an overview of enforcement actions from January to March 2025, including civil penalties for false and unauthorised trading. Notable actions involved a SGD 350,000 penalty on Mr Gui Boon Sui for false trading and unauthorised account use, and penalties on several individuals for abetting false trading. Additionally, MAS issued a six-year prohibition order to Mr Lim Kok Tiong Danny after his conviction for forgery and cheating.
As of 1 April 2025, the Ontario Securities Commission has delegated more registration-related powers to the Canadian Investment Regulatory Organization (CIRO), making it responsible for registering investment dealers, mutual fund dealers, futures commission merchants, and related individuals. This aims to streamline the registration process and reduce regulatory burdens in Ontario, with the OSC maintaining oversight through a risk-based framework. The move aligns with the Capital Markets Modernization Taskforce's recommendations.
The Ontario Securities Commission and other Canadian Securities Administrators have delegated certain registration functions to the Canadian Investment Regulatory Organization (CIRO) to streamline processes for investment dealers, mutual fund dealers, and futures commission merchants. Effective April 1, 2025, this applies across multiple provinces and territories, with Québec's order expected by July 1, 2025. CSA members will focus on enhanced oversight of CIRO and regulatory policy development.
The Albania Financial Services Authority announced a new 12-month "Green Card" motor insurance policy for Albanian citizens traveling to North Macedonia, priced at EUR 50. This initiative aligns with CEFTA recommendations to facilitate cross-border travel for Albanian-registered vehicles. The policy, available at all insurance companies' sales points, offers international third-party liability coverage.
The Central Bank of Paraguay published a readout of a discussion with World Bank Group President Ajay Banga that portrayed Paraguay as having strong macroeconomic fundamentals and potential to attract more private investment. Speakers said that sustaining that trajectory will require stronger regulation, better infrastructure and further productivity-focused reforms to support growth and quality job creation.
The Philippine SEC has signed a data sharing agreement with the Procurement Service of the Department of Budget and Management to access beneficial ownership information on SEC-registered corporations, aiding in combating illicit financial flows in public procurement. Supported by the UN Office on Drugs and Crime, this agreement enhances real-time risk assessments and due diligence. The SEC has similar arrangements with 21 other agencies, aligning with Financial Action Task Force recommendations after the Philippines' exit from the FATF grey list.
IOSCO published a thematic review on the implementation of its 2013 market surveillance recommendations, highlighting gaps in automated surveillance governance, cross-venue data consolidation, and algorithmic trading preparedness. Based on 35 self-assessments, it notes that while most jurisdictions have implemented Recommendations 1–7, issues persist in cross-border surveillance and data access. IOSCO advises jurisdictions to address these concerns and mentions its ongoing artificial intelligence workstream initiated in April 2024.
The International Organization of Securities Commissions (IOSCO) reviewed the implementation of Principles 6 and 7 of its Objectives and Principles of Securities Regulation, noting high compliance but gaps in emerging markets. Based on self-assessments from 55 regulators, issues included unclear systemic risk responsibilities, lack of formal processes, and information-sharing weaknesses. IOSCO provided jurisdiction-specific recommendations and support for legislative reforms and capacity building.
The European Payments Council has issued user guidelines for the EPC Directory Service Web Graphical User Interface, detailing usage instructions for scheme participants and technical providers. Access to the interface requires completion of VOP scheme adherence and EDS onboarding, with login via SWIFT’s user management platform.
The European Payments Council has launched an API Reference Toolbox (ART) test and self-certification platform for its Verification Of Payee (VOP) scheme, operated by StreamMind, to help Payment Service Providers meet the Instant Payment Regulation's IBAN-name check requirement. ART aims to reduce interoperability risks among VOP participants and will be introduced in stages, starting with a pilot. The scheme is expected to be implemented by thousands of PSPs in Europe by the October 2025 deadline.
European Central Bank President Christine Lagarde emphasized AI's transformative economic potential and urged Europe to avoid delays in digital adoption. She highlighted productivity and labor markets as key impact areas, stressing the need to remove barriers to AI innovation and prepare for its distributional, climate, and social effects. Lagarde also noted the importance of improving institutional quality and infrastructure to support AI investment and warned of increased energy demands from data centers.
The European Central Bank released the disaggregated financial statement of the Eurosystem as of 28 February 2025, detailing assets and liabilities by national central bank and the ECB. Total assets and liabilities were EUR 6,319,531 million, with securities of euro area residents in euro at EUR 4,459,234 million and banknotes in circulation at EUR 1,568,486 million. Liabilities to euro area credit institutions related to monetary policy operations were EUR 2,979,195 million, primarily from the deposit facility and current accounts.
The State Bank of Vietnam (SBV) held a supervisory session with SBV Region 12, emphasizing uninterrupted capital transactions and payment services after a regional restructuring. Region 12, now the third-largest in lending and funding, reported deposits over VND 1,000 trillion and outstanding credit exceeding VND 1,100 trillion as of March 2025. The SBV focused on compliance with interest-rate rules, debt rescheduling, and cost-cutting directives, while addressing cash logistics challenges and encouraging digital cash-management proposals.
The State Bank of Vietnam (SBV) is working with Deposit Insurance of Vietnam (DIV) to draft an amended Deposit Insurance Law for the National Assembly in 2025. SBV has tasked DIV with enhancing inspection and supervision, particularly for the People’s Credit Fund system, and updating its coordination with SBV’s regional branches. Additionally, SBV seeks a digital transformation programme and IT upgrades for DIV, while supporting DIV's inclusion in the World Bank’s banking sector strengthening project.
The State Bank of Vietnam (SBV) held a conference in Region 12 to promote bank credit for regional economic growth and outlined near-term monetary policy priorities. SBV emphasized maintaining stable deposit rates to support lending-rate stability, with average lending rates down 0.4% as of March 20, 2025, and system-wide credit growth at 2%. The SBV announced Ta Thanh Long as Director of Region 12 and Nguyen Dinh Thanh's secondment to the special control board at SCB.
The Financial Supervisory Authority of Norway (Finanstilsynet) has taken over supervisory responsibilities from Oslo Børs for issuers' disclosure obligations, share buybacks, stabilisation, and takeover bids as of 1 April 2025. The Market Abuse Regulation requirements remain unchanged, but issuers must now submit notifications of delayed disclosure to Finanstilsynet via Altinn. Finanstilsynet has updated its website with guidance and practical instructions for these processes.
Payments Canada has appointed two new members, Raveen Sangha and Tracy Lagasse, and three returning members to its Stakeholder Advisory Council, effective April 1, 2025. The appointments were approved by the Payments Canada Board of Directors in consultation with the Minister of Finance.
Norway's Financial Supervisory Authority fined Algorithmic Trading Group Netherlands Management B.V. NOK 3.5 million for breaching Regulation (EU) No 236/2012 on short selling and credit default swaps. The firm made uncovered short sales of EAM Solar AS shares in November 2024 and failed to report net short positions. The authority deemed the actions grossly negligent, estimating profits from the trades at NOK 2,844,159.
The Central Bank of Russia has deregistered Microcredit Company UMNYE NALICHNYE LLC due to repeated violations of federal laws and regulations. The company was found to have breached financial consumer protection requirements, submitted inaccurate reports, and understated debt service-to-income ratios, facilitating loans to heavily indebted individuals.
The Polish Financial Supervision Commission released the CSIRT KNF 2024 Annual Report, highlighting over 51,000 detected phishing domains, with nearly 46,000 related to fraudulent investment offers. The report details cyber-attack trends, operational outcomes, and provides recommendations for financial institutions and clients.
The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have delegated certain registration functions to CIRO across multiple provinces and territories, effective 1 April 2025, to harmonize the registration process for investment and mutual fund dealers. Québec plans to publish its delegation order later in April 2025, effective 1 July 2025, while other provinces are expected to follow. Post-delegation, CSA members will enhance oversight of CIRO and focus on regulatory policy development and exemptive relief applications.
The Canadian Public Accountability Board (CPAB) released its 2024 report, noting a decrease in significant inspection findings to 24% from 34% in 2023, focusing on quality management and regulatory intervention. Largest firms had a 12% findings rate, while non-annually inspected firms remained high at 57%. CPAB announced amendments to its Rules for interim enforcement actions and secured approvals for enhanced transparency measures, including mandatory disclosure of significant findings to audit committees and public inspection reports, effective for inspections after March 24, 2025.
The Canadian Public Accountability Board (CPAB) released its 2024 Annual Inspections Report, noting a decline in significant inspection findings and introducing new transparency measures. The report highlights a 24% findings rate across 131 audit files, with enforcement actions against firms showing high findings rates. Amended disclosure rules effective March 24, 2025, mandate communication of significant findings to audit committees and allow public inspection reports for each firm.
The Canadian Public Accountability Board (CPAB) released its 2024 annual report, noting a decrease in inspection findings and securing rule changes for better public disclosures. Improvements are attributed to less significant findings at some firms and strong quality management systems, though concerns remain over firms with high inspection results. CPAB's 2025–2027 strategic plan aims to strengthen investor protection, audit consistency, and address emerging issues like artificial intelligence and fraud.
Chile’s Financial Market Commission confirmed the systemic status of six banks and set their additional core equity requirements, with Banco de Crédito e Inversiones’ requirement reduced. The requirements, unchanged for five banks, range from 1.0 to 1.5 percent. This assessment, supported by the Central Bank of Chile, is based on a systemic importance index.
The Central Bank of Sri Lanka will establish a new Market Operations Department on 2 April 2025 by merging the Domestic Operations Department and the Domestic Foreign Exchange Market Division. Existing regulations and instructions from both departments will remain in effect unless contextually inappropriate. The Bank has informed counterparties and public-sector entities of updated communication arrangements.
The Federal Reserve Board issued a consent prohibition order against Nicolás Pérez Alvarado, a former Banco Popular de Puerto Rico employee, for embezzling bank funds. Additionally, the Board terminated a cease and desist order against Allegiant United Holdings, LLC, Nano Financial Holdings, Inc., and Nano Banc, originally dated January 18, 2022.
The Ontario Securities Commission has delegated additional registration-related powers to the Canadian Investment Regulatory Organization (CIRO) as of 1 April 2025. CIRO now handles registration for investment dealers, mutual fund dealers, and futures commission merchants, aiming to streamline Ontario’s registration framework. The OSC will continue risk-based oversight of CIRO’s performance.
Securities regulators in several Canadian provinces and territories have authorized the Canadian Investment Regulatory Organization (CIRO) to perform registration functions for member firms and individuals, effective 1 April 2025. This applies to investment dealers, mutual fund dealers, and in Ontario, futures commission merchants. Quebec and other provinces plan to issue similar orders later, with Quebec's expected by 1 July 2025.
The British Columbia Financial Services Authority released its 2025/26 Regulatory Roadmap, outlining regulatory priorities for the next three fiscal years. The roadmap aims to enhance transparency and assist regulated entities in preparing for future consultations and regulatory initiatives. It aligns with the BCFSA's Service Plan, emphasizing a risk-based, proportional approach to regulation and public protection.
The U.S. Securities and Exchange Commission (SEC) filed a complaint against Randall “Randy” Miller, Chad Miller, and Jeffrey De Laveaga for allegedly defrauding investors in two municipal bond offerings totaling USD 284 million for a sports park in Mesa, Arizona. The SEC claims the defendants misled investors with falsified revenue projections, leading to bond defaults. The SEC seeks injunctions, disgorgement, and civil penalties, with parallel criminal charges announced by the U.S. Attorney’s Office for the Southern District of New York.
The Office of the Comptroller of the Currency (OCC) released Community Reinvestment Act (CRA) performance evaluations for 18 institutions, all rated "outstanding" or "satisfactory." Eight institutions, including First Pioneer National Bank and Fulton Bank, received "outstanding" ratings. The OCC emphasized CRA evaluations assess how institutions meet community credit needs while maintaining safe operations.
The Office of the Comptroller of the Currency (OCC) marked April as National Financial Literacy Month, urging national banks and federal savings associations to enhance financial literacy and health. The OCC emphasized the importance of high-quality education, resource support, and strategies to help consumers make informed financial decisions and avoid fraud. It also provided banks with resources like fact sheets, directories, and fraud prevention materials.
The Malta Financial Services Authority hosted a workshop on an OECD assessment of 18 financial literacy initiatives in Malta under an EU Technical Support Instrument project. The assessment focused on financial fraud, scams, and digital learning, targeting children and young people. Stakeholders supported expanding the Financial Capability Strategy to include digital financial products and retirement savings, suggesting broader outreach through social partners.
The China Banking and Insurance Regulatory Commission, with the Ministry of Science and Technology and the National Development and Reform Commission, issued a plan for high-quality science and technology finance development in banking and insurance. It outlines 20 measures to enhance service mechanisms, product offerings, specialist capabilities, and risk controls to boost financial support for technological innovation. Key initiatives include refining governance for tech finance, expanding unsecured lending to tech firms, and improving risk-sharing in insurance, alongside pilots for equity investment and M&A loans.
Li Yunze, Party Secretary and Director of the China Banking and Insurance Regulatory Commission, met with Starr Group Chairman Jeffrey W Greenberg to discuss China's economic and financial conditions and the insurance sector's development.
The Swiss Financial Market Supervisory Authority (FINMA) announced that Birgit Rutishauser will step down as Deputy CEO and Head of the Insurance division on 30 April 2025. Rutishauser, who joined FINMA in 2016, played a key role in implementing revisions to the Insurance Supervision Act and Ordinance.
The United States Financial Crimes Enforcement Network (FinCEN) issued an advisory to aid financial institutions in identifying and reporting suspicious activities related to ISIS financing. The guidance details ISIS's fundraising methods, typologies, and red flags, aligning with national anti-money laundering and counter-terrorism priorities. It targets sectors such as depository institutions, money services businesses, and securities firms.
The Swiss Financial Market Supervisory Authority (FINMA) announced a restructuring effective 1 April 2025, creating a new Integrated Risk Expertise function and merging the Markets and Asset Management divisions. These changes aim to enhance supervision and expand on-site reviews. Additionally, Executive Board member and Deputy CEO Birgit Rutishauser will depart, with Vera Carspecken assuming interim leadership of the Insurance division from 1 May 2025.
The Luxembourg Commissariat aux Assurances released Information Note 25/5 addressing the concept of "co-courtage" (co-brokerage).
The Central Bank of Trinidad and Tobago announced April as Financial Literacy Month, emphasizing financial education and public engagement. It will provide digital resources and practical tips via social media and its website, highlighting financial literacy as essential for informed decision-making and fraud prevention.
The Angola Capital Markets Commission joined a financial education event at the Instituto Superior Politécnico Metropolitano de Angola, emphasizing its commitment to financial literacy through its Financial Education Programme. Márcia Domingos highlighted capital markets' role in Angola's economic development, with contributions from Afrigroup Angola CEO Ana Cristina Costa and a roundtable on financial education challenges.
Angola’s Coordination Committee for the National Financial Inclusion Strategy has launched a public consultation on the draft strategy, available until 30 April 2025. It aims to enhance banking penetration and financial inclusion for individuals and SMEs, focusing on savings, economic financing, and expanding financial and digital services. The World Bank provided technical support, with input from public and private sectors, financial institutions, and social partners.
The Angola Insurance Authority (ARSEG) has launched a public consultation on the proposed National Financial Inclusion Strategy (ENIF), aimed at increasing banking penetration and access to financial products for individuals and SMEs. The draft strategy, supported by the World Bank, focuses on savings, economic financing, and expanding financial and digital services.
South Africa's National Credit Regulator issued a guideline clarifying credit providers' obligations to inform consumers of reasons for credit refusal or lower limits, effective immediately. Providers must give written reasons, including credit bureau contact details if based on adverse reports, ensuring compliance with the National Credit Act and non-discriminatory practices. The guideline allows the Tribunal to limit obligations for frivolous or vexatious requests.
The Central Bank of Luxembourg reported that the aggregate balance sheet total of Luxembourg credit institutions reached EUR 980,840 million as of 28 February 2025, marking a 4.37% year-on-year increase. The monthly rise was driven by higher claims on banks and deposit-taking institutions, with notable increases in interbank balances and loans to non-bank customers. Lending to non-financial corporations decreased by 16.34%, while mortgage lending to households and lending to other financial intermediaries rose by 0.62% and 17.16%.
The Angola Capital Markets Commission participated in the IOSCO Committee 8 plenary meeting in Madrid, focusing on retail investor protection and financial education. The Angolan delegation, led by Executive Administrator Vasco Januário, presented on investor education initiatives. The meeting agenda included the OECD Global Money Week 2025 launch, IOSCO Board outcomes, and updates on investor education and protection.
The Bank of Israel reported a 2024 profit of NIS 8.2 billion under International Financial Reporting Standards, driven by NIS 49.8 billion in investment income from foreign exchange reserves, offset by NIS 26.4 billion in domestic interest expenses and NIS 13.7 billion in exchange rate differential losses. Despite unrealized gains of NIS 12.4 billion, the adjusted net loss under the Bank of Israel Law was NIS 4.2 billion, raising the accumulated deficit to NIS -118.1 billion.
The Australian Securities & Investments Commission (ASIC) reminded small businesses about Australia's new mandatory sustainability reporting requirements, effective 1 January 2025 for large businesses and financial institutions. Small businesses operating as companies may face obligations from 2028 if they meet specific financial thresholds. They might still receive data requests from larger entities for supply-chain reporting, with ASIC advising clarification on required records or the use of estimates.
ASIC's Regulatory Guide 280 on sustainability reporting details requirements under Chapter 2M of the Corporations Act 2001. It outlines reporting criteria, content requirements, and disclosure of sustainability-related financial information. Incorporating feedback from Consultation Paper 380, it adds sections on climate scenario analysis and scope 3 emissions, with guidance for directors and reporting thresholds. A phased supervision approach begins for financial years starting on or after 1 January 2025.
The Spanish Securities Commission (CNMV) is recruiting 36 new permanent positions, focusing on both generalist supervisory roles and specialist technology-related profiles. This initiative continues CNMV's strategy to integrate technology expertise into its workforce, renewing about a quarter of its staff. The recruitment includes roles in data analysis, cybersecurity, and technology risk supervision.
The State Audit Office issued an unqualified opinion on the Croatian National Bank's (CNB) 2023 compliance audit, confirming adherence to applicable laws, regulations, and internal bylaws. The audit evaluated the CNB's administrative operations, procurement, property management, financial reporting, and investments in fixed assets.
The Reserve Bank of New Zealand informed Parliament's Finance and Expenditure Committee about initiatives to enhance banking competition and confirmed an evidence-based review of the deposit takers capital regime. The bank will proceed with a 1% increase in the Prudential Capital Buffer by 1 July 2025, and reiterated a gradual transition to higher capital requirements by 2028, with current bank capital levels averaging above 16%.
The Reserve Bank of New Zealand has approved revised access criteria for the Exchange Settlement Account System (ESAS), expanding eligibility in two phases to include licensed non-bank deposit takers and potentially other entities like payment service providers and overseas deposit takers. The changes follow a multi-year review and public consultations, with the bank planning to publish related submissions and criteria soon.
The Danish Financial Supervisory Authority has partnered with the Danish Gambling Authority, Consumer Ombudsman, and Danish Tax Agency to expedite information exchange on suspected unlawful activities by "finfluencers." This collaboration aims to enhance cross-authority intervention against illegal conduct and bolster online consumer protection. The initiative responds to increased breaches linked to finfluencers promoting quick gains and potentially misleading investment tips.
The Belgium Financial Services and Markets Authority has suspended trading in Ekopak’s financial instruments on Euronext Brussels at the company's request. The suspension, effective from 31 March 2025 at 10:05 CET, will remain until a press release is published.
The Dominican Republic’s Pensions Superintendency (SIPEN) honored Persia Álvarez, the first pensions superintendent, for International Women’s Day, highlighting her role in establishing SIPEN and the pension system under Law 87-01. Álvarez discussed initial challenges like securing premises and developing a regulatory framework, noted the system's positive evolution in coverage and efficiency, and identified ongoing challenges in extending coverage to informal-sector workers.
On International Women’s Day, the Pensions Superintendency (SIPEN) highlighted Persia Álvarez, the Dominican Republic's first pensions superintendent, for her contributions to the pension system. Álvarez was recognized for establishing SIPEN and developing the regulatory framework for pension fund administrators, focusing on investment and risk management. The feature included a recognition event and an interview discussing progress and challenges in pension coverage and efficiency.
The Australian Securities & Investments Commission (ASIC) released Report 806 on superannuation death benefit claims handling, identifying excessive delays and poor service. Covering 10 trustees over two years, the review found 78% of claims had delays due to trustee-controlled processing issues. ASIC issued 34 recommendations for trustees, including faster responses, improved monitoring, streamlined processes, and better support for First Nations and vulnerable claimants. ASIC will monitor progress and noted recent civil penalty actions against AustralianSuper and United Super Pty Ltd for delayed claims processing.
The Reserve Bank of Australia (RBA) and the Australian Securities and Investments Commission (ASIC) have issued a joint letter to ASX after the CHESS settlement failure on 20 December 2024, expressing serious concerns over ASX's operational risk management. The RBA downgraded ASX Clear Pty Limited and ASX Settlement Pty Ltd's compliance with the "Operational Risk" standard to not observed, prompting an out-of-cycle reassessment. ASIC requires ASX to engage an expert for a technical review of CHESS under section 823BB(4) of the Corporations Act 2001 to enhance platform stability. The regulators demand immediate remediation and warn of potential further actions, including new financial market infrastructure powers and rulemaking under the Competition in Clearing and Settlement reforms.
France's Autorité des marchés financiers has released the 2025 declaration form for asset management companies' contributions to the AMF.
France's Financial Markets Authority (AMF) released the 2025 contribution declaration form for investment service providers authorized for third-party portfolio management, as per the Monetary and Financial Code.
France's Financial Markets Authority released forms and declaration requirements for contributions owed by European management companies managing French-law UCITS and AIFs. This follows Articles L. 621-5-3 II 4° f) and D. 621-29 6° of the French Monetary and Financial Code.
De Nederlandsche Bank (DNB) prohibited Stichting Pensioenfonds Trespa from executing a collective value transfer due to an imbalanced consideration of pension members' interests. The initial plan favored older members with a 13.52% one-off indexation and a 0.56% annual indexation, leaving younger members with no benefit. A revised transfer proposal was later submitted and not prohibited by DNB in February 2025, allowing Trespa to proceed.
De Nederlandsche Bank's study, "Resilience in Turbulent Times," examines geopolitical risks' impact on banks, insurers, and pension funds, stressing European cooperation and stronger cyber resilience. It highlights incorporating geopolitical risks into risk management via stress tests and scenario analyses, assessing vulnerabilities in critical third-party dependencies, and references the European Digital Operational Resilience Act to enhance resilience.
The Dutch Authority for the Financial Markets announced that the Netherlands Accountants Chamber dismissed a disciplinary complaint by Momentum Capital against AFM supervisors Ton Meershoek and Marcus van Gestel. The chamber found no evidence that the supervisors knowingly took misleading or materially incorrect positions, affirming their adherence to the Dutch Code of Ethics for Accountants. The complaint was not meant to revisit Momentum Capital's previous unsuccessful litigation against the AFM.
The Central Bank of Peru reported a 3.2% year-on-year increase in agricultural activity for January 2025, driven by higher potato output and strong export volumes of mangoes and grapes. Export-oriented agriculture grew 10.3%, aided by favorable weather and increased asparagus harvests, though offset by lower blueberry production. Crop production rose 3.1%, livestock increased 3.5%, and poultry meat production grew 4.7% due to higher chick placements.
The People's Bank of China held its 2025 research work conference, reviewing 2024 achievements and setting the agenda for 2025. The focus is on supporting the "financial powerhouse" objective, the "five major articles" priorities, and regional financial reform. The 2025 agenda emphasizes the "five must coordinate" approach, enhancing research capabilities, and integrating system-wide resources to bolster policy support.
The Bank of Italy released its Annual Accounts for 2024, including annexes and documentation for the shareholders' ordinary meeting.
In March 2025, the National Credit Union Administration issued four consent orders and two prohibition notices, barring six former credit union employees from involvement with any federally insured depository institution. Affected individuals include former employees from Barton Plan Employees Federal Credit Union, HealthPlus Federal Credit Union, Park Side Financial Credit Union, Hanscom Federal Credit Union, and Navy Federal Credit Union. These actions are part of the NCUA's enforcement under Section 206 of the Federal Credit Union Act.
The Luxembourg Financial Sector Supervisory Commission reported a 0.47% increase in total net assets of Luxembourg undertakings for collective investment (UCIs) to EUR 5,957.264bn as of 28 February 2025. This growth was driven by net capital investments of EUR 34.145bn, partially offset by a negative market impact of EUR 6.198bn. The official list saw 15 new registrations and 12 deregistrations.
The Bank of Lithuania reported a fourth-quarter 2024 services trade surplus of EUR 2.1 billion, or 10.5% of GDP, with exports at EUR 6.0 billion and imports at EUR 3.9 billion. Year-on-year, services exports grew by 1.4% and imports by 7.7%, with construction services showing the fastest growth. Revisions were made to data from the first to third quarters of 2024.
The Bank of Lithuania reported a 4.8% year-on-year decline in foreign direct investment (FDI) inflows for Q4 2024, totaling EUR 921.6 million, while cumulative FDI rose 7.6% to EUR 38.2 billion. The decrease was primarily due to a 73.5% drop in equity instrument investments, despite a 19.9% increase in reinvested earnings. Lithuania's direct investment abroad reached EUR 83 million, with cumulative investments abroad at EUR 11.9 billion, mainly in EU Member States.
The National Bank of Ukraine has revised the list of currencies for official hryvnia exchange rates, effective 31 March 2025, moving 11 currencies to daily rate setting and removing 15 currencies. This update, driven by increased automation, eliminates the monthly rate setting list and aims to reduce operational constraints and risks. No changes were made to the lists of currencies and investment metals for official exchange rates.
The National Bank of Ukraine's Q4 2024 Non-Bank Financial Sector Review reports a 6.8% increase in assets among non-bank financial service providers, driven by finance companies, insurers, and pawnshops, while credit unions' assets declined. Insurance market concentration rose, with the top ten non-life insurers holding 71% of premiums. New reporting requirements for finance companies and pawnshops will begin in July 2025, transitioning from quarterly to monthly reporting.
The Bank of Portugal will maintain the countercyclical capital buffer rate at 0% until 1 April 2025, increasing it to 0.75% from 1 January 2026. This decision, affecting credit institutions and investment firms in Portugal, follows consultation with the National Council of Financial Supervisors. The buffer rate is reviewed quarterly, with details published on the Bank's website.
AUSTRAC announced changes to Australia's AML/CTF tipping off offence, now based on whether a disclosure could prejudice an investigation. Penalties include up to AUD 39,000 or two years' imprisonment. This is part of broader reforms expanding the regime to include 100,000 new businesses next year, with most obligations starting in 2026.
The Australian Financial Complaints Authority (AFCA) noted cost pressures on the Compensation Scheme of Last Resort (CSLR) are linked to flawed business models, with conflicted advice and inappropriate use of self-managed super funds (SMSFs) as key issues. In 2024, one in five complaints involved advisers failing to act in clients' best interests, with recurring issues including incentive-driven product recommendations, misuse of SMSFs, cold-calling tactics, and diversification failures.
The Hong Kong Securities and Futures Commission has updated the grant scheme for open-ended fund companies (OFCs) and real estate investment trusts (REITs), extending it to 2027 with revised eligibility conditions. From 11 April 2025, the scheme will cover 70% of eligible expenses for OFCs and REITs, with grants capped at HKD 300,000 for public OFCs, HKD 150,000 for private OFCs, and HKD 5 million for REITs. Since its launch in May 2021, the scheme has supported 430 OFCs and one REIT, contributing to an 81% increase in registered OFCs by February 2025.
The Hong Kong Securities and Futures Commission announced new appointments and reappointments across nine committees, effective 1 April 2025. Key appointments include Prof Chan Chun Kwong and Dr Cheng Wui Wing Andy to the Academic and Accreditation Advisory Committee, and Keith Pogson to the Nominations Committee. Several outgoing members were also listed, including Dr Chan Fung Cheung Wilson and Prof Chan Wing Ho Alex.
The Bank of France marked the tenth anniversary of the Observatory for Banking Inclusion, emphasizing measures to ensure access to essential banking services and protect financially vulnerable customers. Key findings include a 42% decline in overindebtedness filings over the past decade and a 32% reduction in banking fees for vulnerable customers between 2018 and 2023. The event highlighted initiatives like the "Offre Clientèle Fragile," microcredit expansion, and the establishment of Departmental Councils for Financial Inclusion.
The Agency for Regulation and Development of the Financial Market of Kazakhstan has drafted laws to establish a legal framework for credit rating agencies and amend existing legislation. These drafts aim to support Kazakhstan’s financial sector development through 2030 by creating conditions for local rating agencies and defining their regulation and supervision. The proposals include requirements for conflict of interest management, information disclosure, and corporate governance.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Kim Kisik as a Management Board member and Deputy Chair, and Kim Song Hyun as Chair of the Management Board and Board of Directors at a second-tier bank.
The Agency for Regulation and Development of the Financial Market of Kazakhstan, the National Bank of Kazakhstan, and the Central Bank of the UAE signed a trilateral memorandum to enhance cooperation in financial market development, financial technologies, digital financial services, and Islamic banking. The agreement supports Principle 25 of the Basel Committee on Banking Supervision, aiming to improve cross-border bank supervision and interaction.
The Agency for Regulation and Development of the Financial Market of Kazakhstan reported its 2024 supervision results for microfinance entities, detailing 26 planned inspections, 12 unplanned inspections, and 595 documentary checks. The agency imposed 97 enforcement measures, 36 warnings, and 687 fines totaling KZT 228 million, and terminated or suspended 103 licences. The microfinance market consists of 910 entities, including pawnshops, microfinance organisations, and credit partnerships.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan issued a licence for actuarial activity under Order No. B-76, signed by Deputy Chair Almas Bakytbekuly Beibitbekov on 31 March 2025.
The Austria Financial Market Authority has released a revised cross-sector Guide for Managing Sustainability Risks, enhancing guidance on environmental, social, and governance (ESG) risks. Key updates include coverage of natural and biodiversity risks, transition planning, and expanded discussions on climate adaptation and greenwashing risks. The guide, available only in German, aims to align firms with evolving regulatory developments and supervisory expectations.
The Australian Prudential Regulation Authority released the February 2025 edition of its Monthly Authorised Deposit-taking Institution Statistics, accessible on APRA's website.