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2025-03-25•Estonia•Finantsinspektsioon
Finantsinspektsioon, Eesti Pank, and Eesti Väitlusselts hosted a youth debate at the Eesti Pank Museum on the economic impact of tax increases and influencers in financial literacy. Finantsinspektsioon's chair, Kilvar Kessler, highlighted the risks of influencer financial advice, noting it may require licensing. Debaters discussed tax rises' benefits in reducing state debt versus inflation risks, reduced investment, and the need for qualified financial guidance.
Financial literacy & educationFinancial literacy and education
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2025-03-25•Global•Bank for International Settlements - Committee on Payments and Market Infrastructures
The Bank for International Settlements Committee on Payments and Market Infrastructures published a brief on 2023 Red Book statistics highlighting continued growth in cashless and fast payments, particularly in emerging market and developing economies, alongside a further decline in cash in circulation. The analysis shows rising small-value digital transactions, sharp increases in non-bank payment accounts in Mexico and Argentina, and stabilising cash withdrawals, indicating cash remains in use despite ongoing digitalisation.
Research
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2025-03-25•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) unanimously upheld an appeal by Mercado Bitcoin Serviços Digitais Ltda., revoking CVM Deliberation 896, which had suspended the firm's intermediation services for collective investment contracts. This decision, formalized in CVM Deliberation 897, was published in Brazil’s Official Gazette on 31 March. Additional materials, including board member votes and meeting minutes, will be released later.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-25•Seychelles•Central Bank of Seychelles
The Central Bank of Seychelles awarded Vanessa Petrousse the 2025 Guy Morel High Achievement Scholarship for postgraduate studies in Sustainable Finance with Financial Technology at Heriot-Watt University, Dubai. Established in 2018, the programme offers two fully funded scholarships annually, with a noted decline in applications this year. The Central Bank plans to enhance outreach and stakeholder engagement to boost future participation.
Financial literacy & educationOther
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2025-03-25•Slovakia•National Bank of Slovakia
The National Bank of Slovakia’s Bank Board approved supervisory decrees on electronic submissions for banking proceedings under the Single Supervisory Mechanism and regulatory reporting by crypto-asset service providers. It also updated rules and fees for the Slovak Interbank Payment System and maintained the countercyclical capital buffer rate. The decrees and system updates will take effect in mid-2025.
Policy & regulationRules & requirementsMacroprudential policy and toolsRegulatory reporting
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2025-03-25•Estonia•Central Bank of Estonia
The Central Bank of Estonia forecasts GDP growth of 1.5% in 2025, rising to 2.5% in 2026 and 2027, with inflation projected at 6% in 2025 due to higher taxes. Rising exports are expected to support recovery, but high production costs and external risks, such as potential US tariffs on EU exports, pose challenges. The bank warns against using the EU's temporary deficit treatment for defence spending to widen deficits and calls for a sustainable funding solution if elevated defence spending persists.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
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2025-03-25•Malawi•Reserve Bank of Malawi
The Reserve Bank of Malawi announced amendments to Exchange Control Regulations, reducing mandatory foreign currency conversion for exporters and NGOs, and proposing annual renewal for foreign exchange dealer licences. Changes include a new telegraphic transfer verification for import financing and adjustments to conversion ratios for foreign currency accounts. Implementation will follow legislative finalization and publication in the Government Gazette, with stakeholder engagement underway.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2025-03-25•Canada•Ontario Securities Commission
The Ontario Securities Commission (OSC) issued a warning about 19 companies not registered to deal or advise in securities in Ontario, including Cosimo Asset, Exons Group, and SublimeFX. The OSC advises investors to verify registration status to avoid potential risks.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-03-25•Albania•Albania Financial Services Authority
The Albania Financial Services Authority reported a 6.88% increase in gross written premiums to ALL 3,810 million for January–February 2025, with 233,537 insurance contracts written. Non-life insurance accounted for 90.53% of total premiums, while compulsory insurance made up 60.21%. Gross motor claims paid rose 18.42% to ALL 965 million, comprising 76.00% of total claims.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-25•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay has ordered the withdrawal of Negocios Bursátiles Casa de Bolsa SA from the securities market. The measure follows supervisory findings of repeated breaches of rules designed to protect the market and investors.
EnforcementSanctions & designationsLicence withdrawal
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2025-03-25•North Macedonia•Securities and Exchange Commission of the Republic of North Macedonia
The Securities and Exchange Commission of North Macedonia reported that the Financial Stability Committee's 2024 Annual Report concludes the domestic financial system is stable with moderate risks. The report highlights the system's resilience to shocks and improved macroeconomic conditions, while noting external uncertainties like geopolitical tensions. Financial institutions and regulators are advised to maintain vigilant monitoring and coordination to address potential risks.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-03-25•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, in collaboration with UN Women, Cambodia Securities Exchange, and ACLEDA Bank Plc., hosted Cambodia's inaugural Ring the Bell for Gender Equality event. The event, held at ACLEDA Bank's headquarters in Phnom Penh, aimed to promote gender equality and women's empowerment in the financial and corporate sectors.
OtherDiversity and inclusion
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2025-03-25•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission updated details for KHUDAVERDYAN Tigran Oganesovich under the UK’s Russia (Sanctions) (EU Exit) Regulations 2019, maintaining an asset freeze, Trust Services Sanctions, and a travel ban. Businesses must verify relationships, freeze assets, and report to the States of Guernsey Policy & Resources Committee. Compliance with the Sanctions (Bailiwick of Guernsey) Law, 2018, is required, and firms must notify the Commission if an affected relationship is identified.
Policy & regulationGuidance & interpretationSanctions list update
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2025-03-25•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has added four individuals to the UK Global Human Rights Sanctions list, subjecting them to an asset freeze in the Bailiwick of Guernsey. Businesses must immediately freeze any assets related to these individuals and report findings to the States of Guernsey Policy & Resources Committee. Firms are prohibited from providing funds or resources to designated persons unless permitted by a licence.
EnforcementSanctions & designationsNew sanctions designations
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2025-03-25•Global•Islamic Financial Services Board
The Islamic Financial Services Board (IFSB) released an exposure draft Guidance Note on climate-related financial risks for Islamic banking, aligning with Basel Committee principles. The draft aims to assist regulatory and supervisory authorities in managing these risks, considering the unique aspects of Islamic banking.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-03-25•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo, led by Governor Ahmet Ismaili, is advancing digital transformation in financial services, focusing on secure, inclusive access and enhanced data protection. Supported by the Swiss State Secretariat for Economic Affairs and the International Finance Corporation, initiatives include infrastructure improvements, open banking, and an Innovation Hub. The Bank has also integrated key registers into the eKosova platform for streamlined account verification and credit report access.
Policy & regulationImplementation, projects & pilotsFintech and insurtechFinancial inclusion
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2025-03-25•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo concluded its International Money Week 2025, emphasizing financial education and digital-security awareness. It launched the "WE Finance Code" to boost access to finance for women entrepreneurs and opened a research competition for young economists. Activities included awards for pupils, outreach campaigns, and a conference supported by the European Bank for Reconstruction and Development and Frankfurt School of Finance and Management.
Financial literacy & educationFinancial literacy and education
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2025-03-25•Global•ISDA
ISDA CEO Scott O’Malia emphasized the need for a robust, risk-appropriate, and cross-border consistent market risk capital regime as the European Commission reviews the Fundamental Review of the Trading Book (FRTB) under Basel III. The European Commission's consultation, opened on March 24, 2025, seeks feedback on implementing FRTB from 2026, delaying it to 2027, or applying targeted amendments, with ISDA planning to respond to these proposals.
Policy & regulationRules & requirementsCapital adequacyPrudential risks
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2025-03-25•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority and the European Securities and Markets Authority warned against using AI for investment advice, citing consumer protection concerns. A survey showed younger consumers favor AI for long-term savings, despite risks of outdated or incomplete information. Authorities recommend using AI as a complement to regulated advice and caution against sharing personal data with public AI tools.
SupervisionAlertsFintech and insurtech
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2025-03-25•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) outlined measures to boost bank credit in Region 14, including shifting funds to address local shortages and directing banks to expand lending with stable interest rates. As of February 2025, Region 14's outstanding credit was VND 387.35tn, representing 2.46% of total economy-wide credit. The SBV also announced staffing changes, appointing Tran Quoc Ha as acting director and naming four deputy directors for Region 14.
Policy & regulationGuidance & interpretationLendingMonetary policy decisions and developments
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2025-03-25•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority has warned that Romarine AS is illegally offering insurance and insurance intermediation services without a licence or registration in its business register.
SupervisionAlertsLicence approval
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2025-03-25•Iceland•Central Bank of Iceland
The Central Bank of Iceland will release the Financial Stability Committee’s statement and the Financial Stability Report on 26 March 2025, with a webcast press conference featuring key officials to follow.
OtherFinancial stability and systemic risk
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2025-03-25•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority's report on Sparebank 1 Hallingdal Valdres highlights deficiencies in governance, credit risk management, and IFRS 9 compliance. The bank failed to meet the combined capital buffer requirement due to inadequate governance amid high lending growth and negative loan portfolio migration. Issues include weak credit underwriting, insufficient risk reporting, and errors in connected counterparty grouping, with Finanstilsynet calling for strengthened risk monitoring and capital management.
SupervisionReviews, inspections & stress testsCapital adequacyCredit risk
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2025-03-25•Russia•Central Bank of Russia
The Central Bank of Russia's February 2025 update indicates a modest recovery in corporate and mortgage lending, continued contraction in consumer credit, and stronger household deposit inflows. Sector profitability declined significantly, with profits falling to RUB 214 billion from RUB 286 billion in January, due to higher operating expenses and negative foreign-currency revaluation.
Data & statisticsLending
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2025-03-25•Russia•Central Bank of Russia
The Central Bank of Russia announced that Irina Petrova will retire as Head of the North-Western Main Branch on 15 April 2025, with Deputy Pavel Shaptala succeeding her. Petrova has been recognized for her contributions to innovations and the development of the Bank's regional branches.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-25•Russia•Central Bank of Russia
The Central Bank of Russia's National Financial Board reviewed the Bank's key activities for Q4 2024 and assessed the audit firms' independence and quality. The Board approved its 2025 Action Plan and new Regulations, and discussed countering offences, promoting long-term savings, and credit holiday issues.
Policy & regulationRules & requirementsAuditing
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2025-03-25•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) and the Development Bank for Latin America and the Caribbean (CAF) are developing a web platform for Chile’s Open Finance System (OFS), funded by a non-refundable technical cooperation agreement. The platform will provide financial education, data protection information, and technical resources for OFS participants, aligning with the OFS framework under the Fintech Act and General Rule No. 514. The OFS regime will be gradually implemented starting July 2026, with full implementation by July 2029.
Policy & regulationImplementation, projects & pilotsFintech and insurtechFinancial inclusion
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2025-03-25•United States•Federal Reserve Board
The Federal Reserve Board published a FEDS Note proposing an ensemble-averaging approach to estimate "underlying inflation," which remained stable at 2.1% through 2024:Q4. The approach combines seven models, using equal-weighted averages to mitigate instability from time-varying weights. The confidence interval for underlying inflation widened during 2021–2024, with estimates clustering between 2.0% and 2.2% by the end of 2024.
Research
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2025-03-25•Canada•Canadian Investment Regulatory Organization
Timothy Hodgson has resigned as Chair of the Canadian Investment Regulatory Organization (CIRO) to pursue elected office, effective immediately. Miranda Hubbs, an independent board member and Chair of the Governance Committee, will serve as Interim Chair. CIRO's Board will commence the search for a permanent successor, led by an independent director.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-25•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway published a report on Aktiva AS, highlighting material shortcomings in internal quality control and account reconciliations despite improved routines. The report identified deficiencies in balance sheet reconciliations, engagement oversight, anti-money laundering compliance, and fit-and-proper assessments. Follow-up supervision is scheduled for autumn 2025 or 2026 to ensure corrective measures are implemented.
SupervisionReviews, inspections & stress testsAuditing
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2025-03-25•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority has released an Information Security Incident Reporting Guideline for extraprovincial insurance and trust corporations operating in British Columbia. Effective January 1, 2026, the guideline mandates timely reporting of material incidents, including cybersecurity threats, that may impact critical services or sensitive information.
Policy & regulationGuidance & interpretationCyber resilience
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2025-03-25•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority (BCFSA) has issued a new Information Security Guideline for B.C. pension plan administrators and revised guidelines for provincially regulated financial institutions. These guidelines aim to mitigate information security risks and enhance reporting of material security incidents. Effective July 1, 2025, they align with existing standards and introduce a streamlined incident reporting process.
Policy & regulationGuidance & interpretationCyber resilience
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2025-03-25•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission’s Crypto Task Force announced four additional roundtables on crypto asset regulation, focusing on trading, custody, tokenization, and decentralized finance. These sessions will be held between April and June 2025, with public access at SEC headquarters and online.
Policy & regulationImplementation, projects & pilots
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2025-03-25•China•China Banking and Insurance Regulatory Commission
Li Yunze, Director of China's National Financial Regulatory Administration, met with Swiss Re CEO Andreas Berger to discuss the advancement of China's insurance industry and green finance. The meeting also covered Swiss Re's business development in China.
Policy & regulationCooperationCross-border cooperation
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2025-03-25•Argentina•Argentina Superintendency of Insurance
Argentina’s Superintendency of Insurance hosted Colombia’s Financial Superintendent to exchange supervisory approaches and digitalisation strategies. Discussions focused on Argentina's information reporting regime and Monitoring Dashboard, and Colombia's related efforts. Both authorities agreed on removing inefficient regulations and maintaining market communication.
SupervisionCooperationSupervision process and methodologiesDomestic cooperation
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2025-03-25•South Korea•Bank of Korea
The Bank of Korea's March 2025 Consumer Survey reports a decline in the Composite Consumer Sentiment Index to 93.4, a decrease of 1.8 points from February 2025.
Data & statisticsEconomic data and developments
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2025-03-25•United States•The White House
The White House issued an executive order for the Federal Government to transition from paper-based to electronic payments, citing fraud risks and infrastructure costs. Effective 30 September 2025, the Secretary of the Treasury will cease issuing paper checks, with agencies required to adopt electronic funds transfer methods. Treasury will support this transition through centralized payment systems and review exceptions where electronic methods are not feasible.
Policy & regulationRules & requirementsPayments and payment systems
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2025-03-25•United States•The White House
The White House issued an executive order for the Treasury and federal agencies to enhance fraud controls for U.S. General Fund transactions. It mandates updates to verification processes and consolidation of financial systems, with Treasury assessing disbursing authority and agencies submitting compliance plans. Treasury and the Office of Management and Budget will guide data use for fraud prevention and system consolidation.
Policy & regulationRules & requirementsOther
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2025-03-25•United States•The White House
President Donald J. Trump signed an Executive Order directing the Treasury to enhance controls over federal disbursements, focusing on screening for improper payments and fraud, transaction tracking, and payment operations management. The order mandates pre-certification verification for all agency payments, standardization of reporting formats, and consolidation of financial systems. Treasury will centralize payment management, reducing Non-Treasury Disbursing Offices as necessary.
Policy & regulationRules & requirementsOther
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2025-03-25•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported that life insurers' foreign currency denominated products generated new policy premium revenue of approximately NT$32.343 billion as of end-January 2025, marking an 11% year-on-year increase. Investment-linked insurance products contributed NT$5.111 billion, a 90% rise, while traditional insurance products totalled NT$27.232 billion, up 3%.
Data & statisticsFinancial and market indicators
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2025-03-25•United Kingdom•The Pensions Regulator
The Pensions Regulator (TPR) research shows nearly 90% of defined contribution (DC) pension savers are in schemes investing in at least one productive asset class. Larger defined benefit (DB) and DC schemes have greater governance awareness than smaller ones, which often lack knowledge of their asset holdings. TPR is addressing governance issues in small schemes through compliance checks, a Value for Money framework, and proactive supervision, with penalties for non-compliance.
ResearchFinancial and market indicatorsSupervisory data
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2025-03-24•Europe•Committee on Economic and Monetary Affairs
The European Parliament’s Committee on Economic and Monetary Affairs will hold a public hearing with Claudia Buch, Chair of the European Central Bank’s Supervisory Board, on 27 March 2025. Buch will present key messages from the ECB's 2024 supervisory activities report, focusing on banking sector resilience, structural reforms, and potential framework simplifications. An exchange of views with ECON members will follow.
SupervisionReviews, inspections & stress testsSupervision process and methodologies
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2025-03-24•Ghana•Ghana National Insurance Commission
The Ghana National Insurance Commission, led by acting Commissioner Dr. Abiba Zakariah, outlined a three-pillar strategy to enhance the insurance sector at the Insurance Brokers Association of Ghana’s conference. The plan focuses on market sanitization, technological growth, and international positioning, addressing Ghana's low insurance penetration of 1% of GDP. Dr. Zakariah emphasized ethical practices and stakeholder involvement, while IBAG President Shaibu Ali urged insurers to improve integrity, recruitment, and transparency.
Policy & regulationReform agendas & prioritiesMarket development
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2025-03-24•Ghana•Ghana National Insurance Commission
The Ghana National Insurance Commission will host the inaugural Africa Sustainable Insurance Summit in Accra from 2–4 April 2025, in collaboration with the Secretariat of the Nairobi Declaration on Sustainable Insurance. The summit will focus on sustainable insurance practices, featuring discussions on ESG roadmap development, sustainable investments, and underwriting approaches. Keynote speakers include Ghana’s Insurance Commissioner, Dr. Abiba Zakariah, and Minister of Finance, Dr. Cassiel Ato Forson.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-03-24•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay appointed Guillermo Tolosa as board president, focusing on the inflation-targeting regime and using the policy interest rate as the main tool. Tolosa aims for inflation to converge to the 4.5% target and plans to lower it further to align with international standards. He also emphasized a legislative focus on non-financial money transfer firms, stressing transparency, monitoring, and financial education without adding excessive bureaucracy.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-24•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency (SIPEN) joined the 11th Economic and Financial Week 2025, organized by the Central Bank, educating over 2,000 individuals on pensions through talks and an interactive stand. A session titled “Pensions? What do you eat that with?” featured TikTok influencer Steven Brito and ventriloquist-comedian Liondy Ozoria to simplify pension concepts. SIPEN also held educational talks for over 300 students across various regions.
Financial literacy & educationFinancial literacy and education
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2025-03-24•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority has issued a warning about two fraudulent Facebook pages falsely claiming to represent BOC Group Life Assurance Company Limited. BOC Life confirmed no affiliation with these pages, and the matter has been reported to the Hong Kong Police Force for investigation. The IA advises affected individuals to contact BOC Life's customer service and report to the police.
SupervisionAlertsFraud and scams
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2025-03-24•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) won two Full Federal Court appeals against Sunshine Loans, confirming the lender's violation of the National Credit Code by imposing an unlawful fee. The Court dismissed Sunshine Loans' appeal against the liability decision and criticized its conduct. In a separate appeal, ASIC successfully challenged Justice Derrington's recusal from the penalty phase, ruling that the penalty hearing should not be distinct from the liability hearing. The case will return to Justice Derrington for penalty determination.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-03-24•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved WinVeston Capital Company's public offering of the WinVeston Saudi Equity Quant Fund, highlighting compliance with the Capital Market Law and Implementing Regulations. The CMA clarified that this approval is not a subscription recommendation and advised investors to review the fund's terms, strategy, and risks thoroughly.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-24•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved Saudi Industrial Investment Group's request to reduce its capital from SAR 7,548,000,000 to SAR 6,793,200,000, pending the company's extraordinary general assembly approval and regulatory procedures. The reduction will decrease shares from 754,800,000 to 679,320,000. The CMA's approval confirms compliance with Capital Market Law and Implementing Regulations but does not endorse the capital decrease's feasibility.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-24•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Markets Authority approved Edarat Communication and Information Technology Company's plan to double its capital from SAR 25.2 million to SAR 50.4 million by issuing bonus shares. The increase will be funded by transferring SAR 25.2 million from retained earnings, raising outstanding shares from 2,520,000 to 5,040,000. The company must hold an extraordinary general assembly within six months and comply with all regulatory requirements.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-24•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority's March 2025 newsletter highlights market abuse enforcement actions, including court judgments on market manipulation and fines for wash trades. Nilfisk Holding A/S received a DKK 120,000 fine for not publishing a major shareholder notification, while Danske Bank A/S was fined NOK 50 million by the Norwegian Financial Supervisory Authority for market manipulation. The newsletter also notes a European Commission consultation on delegated acts for new EU prospectus types.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-03-24•Montenegro•Central Bank of Montenegro
Montenegro’s Financial Stability Council, led by Central Bank Governor Irena Radović, adopted a Financial Sector Roadmap towards Sustainable Finance to integrate ESG principles and align with global standards. The roadmap aims to enhance institutional capacity, foster cross-sector cooperation, and manage climate-related risks, with oversight from the Central Bank and other financial authorities. Additionally, the Central Bank, with World Bank support, is drafting legal amendments to introduce electronic bills of exchange for payment system modernization.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-03-24•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission held its first Consultative Council meeting for 2025, focusing on developments in Angola's capital markets. Discussions included market performance, the new operational model, regulatory initiatives, and challenges in enhancing investor participation and market liquidity. Chaired by CMC board chair Elmer Serrão, the meeting included stakeholders like collective investment scheme managers and the Angola Debt and Securities Exchange.
Policy & regulationCooperationMarket development
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2025-03-24•Tanzania•Ministry of Finance (Tanzania)
Tanzania's Ministry of Finance warned borrowers to understand loan terms to avoid high interest rates and strict conditions. The financial literacy outreach advised seeking legal or financial advice before signing agreements and cautioned against informal lenders. The Ministry noted ongoing non-compliance by some providers, with government monitoring and potential disciplinary actions under the Financial Sector Development Master Plan.
Financial literacy & educationConsumer and investor protection
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2025-03-24•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority hosted a webinar on its Fintech Regulatory Sandbox, a tool for fostering innovation while ensuring market integrity and investor protection. Discussions emphasized regulatory clarity and collaboration to advance Rwanda's tech-driven financial ecosystem and ambitions for the Kigali International Financial Centre. The sandbox facilitates testing digital solutions, aiding firms like BK Capital and Moneto Ventures in navigating compliance and refining policies.
Policy & regulationGuidance & interpretationFintech and insurtech
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2025-03-24•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE has introduced a new AED100 polymer banknote with advanced anti-counterfeiting measures and new design elements as part of its Third Issuance of the National Currency Project. The note retains the red color of the existing denomination and includes depictions of the Um Al Quwain National Fort, Port of Fujairah, and Etihad Rail network. Enhanced security features include SPARK Flow® DIMENSIONS and KINEGRAM COLORS® technology, with Braille symbols for accessibility.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-03-24•Uruguay•Ministry of Economy & Finance (Uruguay)
Uruguay’s Ministry of Economy and Finance announced the swearing-in of Guillermo Tolosa as the new Chair of the Central Bank of Uruguay (BCU). Tolosa reaffirmed the inflation-targeting regime, aiming for a 4.5% inflation rate with plans to lower it further, while maintaining a freely floating exchange rate. He emphasized the importance of aligning market expectations with the BCU's targets and maintaining financial system confidence.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-24•Ireland•Central Bank of Ireland
The Central Bank of Ireland has released a modernised Consumer Protection Code, requiring financial firms to prioritize customer interests, with a one-year implementation period before public application in March 2026. The updated Code enhances digital service delivery, introduces new mortgage switching disclosures, and strengthens protections against fraud, greenwashing, and for vulnerable customers. It includes comprehensive guidance and tools, with ongoing stakeholder engagement planned to support implementation.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-03-24•Congo•Congo Insurance Regulation and Control Authority
The Congo Insurance Regulation and Control Authority (ARCA) has approved licenses for three non-life insurers, one life insurer, and four brokerage firms, while publishing updated market development indicators. Since the market opened to competition in 2019, gross written premiums have surged by 428% to USD 352.15 million in 2024. ARCA aims to increase insurance premium penetration from 0.46% in 2024 to over 1%.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-24•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan's Appellate Bench resolved 100 appeals from March 2024 to March 2025, with all decisions published online. The appeals addressed issues under various regulations, including the Insurance Ordinance, Securities Act, Companies Ordinance, and Anti-Money Laundering and Countering Financing of Terrorism Regulations. Of these, 94 orders were upheld, six overturned, and 92 new appeals registered.
SupervisionReviews, inspections & stress testsOther
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2025-03-24•Italy•Bank of Italy
The Bank of Italy is part of a Eurosystem pilot project providing researchers access to anonymized confidential financial data from euro-area countries. This initiative aims to enhance independent research and cross-country economic analysis. The pilot will evaluate data access modes, with a review after 18 months to consider a permanent research infrastructure.
Policy & regulationImplementation, projects & pilotsData managementOther
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2025-03-24•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) has released the agenda for its 2025 Spring National Meeting, outlining priorities for its eight standing committees. Key focuses include annuity suitability enforcement, engagement with Congress on Affordable Care Act subsidies, and regulatory standards for pharmaceutical benefit managers. Additional initiatives involve cybersecurity frameworks, updates to insurer investment regulation, and oversight of third-party data and predictive models.
Policy & regulationImplementation, projects & pilotsOther
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2025-03-24•Europe•European Banking Authority
The European Banking Authority (EBA) updated its methodology for assessing non-EU countries' regulatory frameworks for equivalence, aligning with the revised Capital Requirements Regulation and Directive. The two-step questionnaire process is now streamlined and online for secure submissions, supporting the European Commission's equivalence decisions requiring EBA input.
Policy & regulationGuidance & interpretationCross-border payments
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2025-03-24•Lithuania•Bank of Lithuania
The Bank of Lithuania reported a 15.1% quarter-on-quarter decline in the current account surplus to EUR 399.9 million (2.0% of GDP) for Q4 2024. The goods trade deficit widened significantly, the services surplus narrowed, and the financial account showed negative net flows in other and direct investments. The capital account surplus increased due to higher EU structural fund transfers, and the net international investment position was positive at EUR 364.8 million (0.5% of GDP).
Data & statisticsBalance of payments and other external statistics
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2025-03-24•Lithuania•Bank of Lithuania
The Bank of Lithuania's review highlighted strong 2024 growth in the electronic money and payment institution sector, with income rising 25% to EUR 622 million and transactions increasing 33% to EUR 152 billion. Despite meeting own funds requirements, the central bank warned about operating near minimum thresholds. The review noted significant market concentration, with the top ten institutions generating over 60% of income and 66% of transaction volumes.
SupervisionRisk monitoring & watch pointsSupervision process and methodologiesPrudential risks
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2025-03-24•Portugal•Bank of Portugal
The Bank of Portugal's updated Q4 2024 statistics for other financial intermediaries, financial auxiliaries, and captive financial institutions and money lenders (OIFAF) show total assets at EUR 133.2 billion, down EUR 3.8 billion from end-2023. OIFAF accounted for 89% of financial entities and 14% of Portuguese financial-sector assets, with financial auxiliaries holding 76% of OIFAF assets. The asset decline was due to entity dissolution and relocation, full amortisation of securitisation operations, and net amortisations of securitised loans.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-24•Portugal•Bank of Portugal
The Bank of Portugal reported that non-financial sector debt rose by EUR 4.4bn to EUR 818.4bn in January 2025, driven mainly by a EUR 4.0bn increase in public sector debt. The rise in public debt was largely due to non-resident investment in long-term government securities, while private sector debt saw a modest increase of EUR 0.4bn, primarily from household mortgage lending.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-24•Finland•Bank of Finland
BOFIT forecasts Russia's GDP growth slowing to 2% in 2025 and 1% in 2026-2027. Growth is attributed to increased government spending on the Ukraine war, with further spending expected in 2025. The report highlights production capacity limits, labor shortages, inflation, and trade sanctions. BOFIT notes high economic risks for Russia due to the war, despite sufficient resources to sustain current conditions.
ResearchEconomic data and developments
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2025-03-24•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission reprimanded and fined Enlighten Securities Limited HKD 5 million for internal control failures in its securities margin financing business. Deficiencies included inadequate risk controls, poor management of margin calls, and failure to adhere to internal guidelines, attributed to responsible officer Mr. Denny Kua Kong Chak, who was suspended for seven months. The fine was reduced due to ESL's financial position and decision to cease operations.
EnforcementInvestigations & enforcement actionsOperational risk and resilience
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2025-03-24•India•Reserve Bank of India
The Reserve Bank of India has instructed all currency chest holding banks to remain operational on March 31, 2025, treating it as a normal working day. This directive aligns with previous instructions for bank branches handling government transactions to stay open on the public holiday to ensure accounting for FY 2024-25.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-03-24•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens associated with The Bank of East Asia, Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Customers who interacted with these fraudulent sites are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-03-24•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and fake internet banking login screen linked to Bank of China (Hong Kong) Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-03-24•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-03-24•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued an alert regarding fraudulent websites and internet banking login screens associated with Chong Hing Bank Limited. The HKMA emphasized that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-03-24•United Kingdom•UK Parliament
The House of Lords Economic Affairs Committee has launched an inquiry into the UK's preparedness for an ageing society and its economic implications. The inquiry will examine demographic trends, policy adaptations, and behavioural changes needed, considering factors like immigration, workforce productivity, and intergenerational fairness. It aims to address challenges such as labour-force pressures and the efficiency of asset transfers.
Research
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2025-03-24•United Kingdom•UK Parliament
The UK Parliament’s Treasury Committee has launched an inquiry into the National Wealth Fund (NWF) to evaluate its ability to mobilize private investment and stimulate economic growth. The review will assess the NWF's independence, differentiation from the UK Infrastructure Bank, and alignment with strategic objectives like regional growth and climate change. It will also explore the NWF's interaction with the public sector, evaluation criteria, and risks related to value-for-money and loan defaults.
Policy & regulationImplementation, projects & pilotsOther
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2025-03-24•India•Reserve Bank of India
The Reserve Bank of India has updated its Master Directions on Priority Sector Lending (PSL) targets and classification, effective 1 April 2025, superseding the 2020 framework. The Directions outline PSL categories, targets, and sub-targets by bank type, and introduce district-level incentives to address regional disparities. Compliance will be monitored quarterly, with shortfalls impacting allocations to development funds and regulatory approvals.
Policy & regulationRules & requirementsLending
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2025-03-24•United States•Federal Reserve Bank of Atlanta
The Federal Reserve Bank of Atlanta appointed Clint Cary as senior vice president and chief investment officer for the Office of Employee Benefits, effective March 4. Cary will manage the Federal Reserve System's Retirement and Thrift Plan investment portfolios, succeeding Bill Clark, who retires on April 1. Cary brings over 25 years of finance and investment experience, including roles at Willis Towers Watson and Aon Hewitt.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-24•Thailand•Thailand Office of Insurance Commission
Thailand’s Office of Insurance Commission (OIC) discussed copayment criteria in health insurance renewals with the Consumer Council, focusing on fairness and consumer impact. The OIC clarified that copayment is not universal and will enhance public communication while penalizing misleading agents. The criteria aim to manage costs and prevent renewal refusals, with copayment capped at 30-50% of medical expenses, and existing products unchanged.
Policy & regulationGuidance & interpretationOther
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2025-03-24•Europe•European Central Bank
The European Central Bank released a paper on estimating euro area portfolio investment liabilities and income debits by non-resident geographical counterpart. The approach integrates multiple data sources, including IMF surveys and national statistics, to address biases and improve quarterly estimates. Key findings indicate significant holdings by Japan, Switzerland, the U.S., and the U.K., with notable unallocated amounts, particularly in equity.
Data & statistics
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2025-03-24•Europe•European Central Bank
The European Central Bank's working paper reveals that banks with sectoral loan-portfolio specialisation have an informational advantage in predicting corporate defaults. Specialised banks assign higher ex-ante probabilities of default, particularly four quarters before default, and adjust provisions for later-defaulting borrowers. The advantage is more pronounced for smaller firms and when banks lack long-term relationships with the borrowers.
ResearchCredit risk
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2025-03-24•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority released its 2025 work programme, detailing key supervision areas for auditors and sustainability report auditors under Article 79 of the WPG.
SupervisionSupervision approach, priorities & toolkitAuditing
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2025-03-24•Spain•Bank of Spain
The Bank of Spain released a speech by Governor José Luis Escrivá on Spain's economic outlook amid global uncertainty, highlighting downside growth risks and an uncertain inflation outlook. A 10% US import tariff could reduce US GDP by 0.50 percentage points, with smaller impacts on the euro area and Spain, while retaliation would deepen these effects. The speech notes Spain's strong job creation, narrowing unemployment gap, and lower electricity prices due to renewable investments, with inflation projected to ease from 2.9% in 2024 to 1.7% in 2026.
ResearchEconomic data and developments
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2025-03-24•Spain•Bank of Spain
The Bank of Spain reported a 12.1% increase in net ordinary result (RON) and a rise in ordinary return on assets to 7.4% for non-financial corporations in 2024. Gross value added grew by 5.1%, while net turnover fell 1.8%, primarily due to declines in energy and trade sectors. The rise in RON was driven by increased activity and financial income, despite higher staff and financial expenses.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-24•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines issued a memorandum on the computation, billing, and payment of the 2025 Annual Supervision Fee (ASF) for pawnshops and money service businesses (MSBs). Pawnshops will pay PHP 500 per office, while MSBs will pay based on type, with fees ranging from PHP 20,000 to PHP 100,000. Payments are due by 31 May via the BSP New Order of Payment System, and institutions must verify billing notices within five working days.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-03-24•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) released guidelines for computing and collecting the 2025 Annual Supervision Fees (ASF) from banks and non-banks with quasi-banking functions. ASF is based on the prior year’s Average Assessable Assets (AAA) with incentives for early adoption of the Standard Business Loan Application Form. Assessment rates vary by institution type, and billing notices will be issued in April 2025, followed by debits from demand deposit accounts.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-03-24•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities & Commodities Authority recovered AED 4.1 million for investors in 2024 through its dispute-resolution service. The settlements highlight the authority's role in protecting investor rights and ensuring fair outcomes. Investors are encouraged to utilize the SCA's complaint and settlement services.
SupervisionInterventionsConsumer and investor protection
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2025-03-24•Global•Sustainable Banking and Finance Network
The Sustainable Banking and Finance Network announced the Securities and Exchange Commission of Pakistan as its newest member, bringing the network to 97 members across 72 countries. SECP, Pakistan's primary regulator for capital markets and financial sectors, recently launched sustainable finance initiatives, including Green Bonds Guidelines, ESG Disclosure Guidelines, and a Sustainable Finance Advisory Group to guide policy reforms for sustainability in capital markets.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-03-24•India•India International Financial Services Centres Authority
The India International Financial Services Centres Authority has formed a Standing Committee on Insurance to enhance the insurance and reinsurance ecosystem in GIFT-IFSC. It will provide strategic recommendations on regulatory matters, stakeholder engagement, and industry best practices, aiming to benchmark regulations against international standards and attract global investments. Chaired by former Life Insurance Corporation of India chairperson M R Kumar, it includes senior industry executives and experts.
Institutional developmentGovernanceMarket development
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2025-03-24•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission requires individuals listed in an attached schedule to pay a VND 1,000,000 fee for the re-issuance of securities practice certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person. Failure to collect the reissued certificate within one year will result in cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-03-24•Vietnam•Vietnam State Securities Commission
Vietnam’s Ministry of Finance and the Vietnam State Securities Commission have issued a draft decree for public comment, proposing amendments to regulations on administrative penalties in the securities market and the regulatory framework for derivatives. The draft seeks to revise Decree No. 156/2020/ND-CP and Decree No. 158/2020/ND-CP, inviting feedback from domestic and international stakeholders.
Policy & regulationRules & requirementsOther
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2025-03-24•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in an attached notice to pay a VND 1,000,000 fee for the re-issuance of securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer to designated accounts or directly at the Commission. Failure to complete the reissuance process within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-03-24•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission requires individuals listed in an attached notice to pay a VND 1,000,000 fee for re-issuing a securities practising certificate, per Ministry of Finance Circular 25/2022/TT-BTC. Payments can be made via bank transfer or at the Commission's offices, with specific payment references required. Failure to collect the certificate within one year of fee notification may result in cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-03-24•Europe•European Council
The European Council adopted a regulation amending the EU framework for financial benchmarks, focusing on critical or significant benchmarks to reduce administrative burdens for EU companies. The revised regime excludes non-significant benchmark administrators but allows voluntary rule application under certain conditions. It extends ESMA's competence, mandates registration for EU Climate Transition and Paris-Aligned Benchmarks, and introduces exemptions for spot foreign exchange benchmarks.
Policy & regulationRules & requirementsFinancial benchmarksRegulatory burden
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2025-03-24•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) will hold a judgment session on 25 March to address four administrative proceedings involving alleged misconduct by an audit firm and individuals linked to portfolio management, fund administration, and issuer disclosure. Cases include irregularities in auditing Vinci Infra Transmissão financial statements, unlicensed securities portfolio management, fraudulent securities-market operations, and failure to disclose a Material Fact. The session will be at CVM’s headquarters in Rio de Janeiro, with public access and videoconference options.
EnforcementInvestigations & enforcement actionsAuditing
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2025-03-24•Brazil•Brazil Securities Commission (CVM)
Brazil Securities Commission (CVM) has launched the 2025 TOP Teacher Training Program, offering hybrid cohorts for secondary and technical education teachers. The program includes two courses, TOP XXVII and TOP V Personal Financial Planning, each with 50 in-person and 50 online slots. Eligibility requires affiliation with an educational institution and recent teaching experience in capital markets or financial education.
Financial literacy & educationFinancial literacy and education
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2025-03-24•South Korea•South Korea Financial Services Commission
South Korea's Financial Services Commission will fully reinstate stock short selling from March 31, supported by reform measures and a computerized monitoring framework. Institutional and corporate investors must implement systems to prevent naked short selling, with securities companies verifying these controls. Enforcement measures include higher penalties for naked short selling, restrictions on convertible bond acquisitions, and expanded short position disclosure.
Policy & regulationRules & requirementsTrading
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2025-03-24•Serbia•National Bank of Serbia
The National Bank of Serbia reported a record 82.4 million online purchases in 2024, marking a 39.2% increase from 2023. RSD-denominated transactions accounted for 68.5% of purchases, with significant growth in both domestic and foreign online store transactions. The number of domestic online stores rose to 4,726, reflecting a 17.9% year-on-year increase.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-24•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia reported international reserves of USD118.0 billion as of 14 March 2025, sufficient to cover 5.0 months of imports of goods and services and 0.9 times total short-term external debt. The import cover is based on an expanded indicator, while the short-term debt ratio includes data from 4Q 2024, primarily linked to resident banks and multinational corporations.
Data & statisticsBalance of payments and other external statistics