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2025-03-21•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
SUSEP participated in the II CRSFN and CRSNSP Symposium, discussing administrative sanctions in regulated markets. Superintendent Alessandro Octaviani highlighted SUSEP's modernization of its sanctioning framework to enhance precautionary powers and strategic management, aligning with a competition-oriented policy. Jéssica Bastos addressed implementing Complementary Law 213/2025, aimed at expanding insurance penetration and strengthening consumer security.
Policy & regulationGuidance & interpretationOther
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2025-03-21•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has ordered Albi Corporation Ltd to suspend its public offering of securities intermediation services, citing unauthorized activities. The CVM's Superintendence of Market and Intermediaries Relations (SMI) found that Albi Corporation Ltd was soliciting funds from Brazilian investors without authorization. The suspension was enacted through Declaratory Act CVM 23.178.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-03-21•South Korea•South Korea Financial Services Commission
Starting March 21, 2025, foreign residents in South Korea with registered IDs can use mobile foreigner residence cards to open bank accounts at six domestic banks. Recognized under the revised Immigration Act, the mobile card is valid for retail banking services. Authorities plan to expand its acceptance to other financial institutions.
Policy & regulationRules & requirementsOther
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2025-03-21•Philippines•Philippines Insurance Commission
The Philippines Insurance Commission celebrated its 76th anniversary by signing a Memorandum of Agreement and two Memoranda of Understanding to improve dispute resolution, insurance collaboration, and digitalisation. The agreements involve the Office for Alternative Dispute Resolution, the Philippine Crop Insurance Corporation, and DBP Data Center, Inc. Finance Undersecretary Maria Luwalhati C. Dorotan-Tiuseco highlighted the Commission's focus on innovation and digitalisation.
Policy & regulationCooperationFintech and insurtech
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2025-03-21•Tanzania•Bank of Tanzania
The Bank of Tanzania announced new bid submission requirements for Treasury bond auctions to improve pricing transparency, effective 2 April 2025. Investors must specify the clean price, accrued interest, and resulting settlement price in their bids. Accrued interest details will be provided in the Call for Tender published a week before each auction.
Policy & regulationRules & requirementsRegulatory reporting
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2025-03-21•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario's Q3 2024-25 Sector Outlook Report highlights asset growth in Ontario credit unions, with total assets reaching CAD 98.7 billion, but notes pressure on profit margins due to higher interest paid on deposits. A 1.25% reduction in the Bank of Canada benchmark rate may aid profitability recovery, though a subdued economic outlook could impact near-term asset growth. Additionally, FSRA updated Q2 2024 financial highlights to adjust net interest income and net income for Dividend in Retained Earnings.
ResearchAsset qualityFinancial stability and systemic risk
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2025-03-21•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency stressed financial literacy's role in consumer protection during a lecture by Board President Ante Žigman at the Regional Financial Literacy Conference. Žigman noted progress since Croatia's first financial literacy survey in 2015 and ongoing initiatives like the National Strategy for Financial Literacy 2021–2026, collaborating with the Croatian National Bank and the Ministry of Finance. Hanfa's efforts include educational competitions, awards, and distributing the Desitudo board game to primary schools.
Financial literacy & educationFinancial literacy and education
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2025-03-21•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency's February 2025 statistics show growth in pension and UCITS assets, despite weaker equity market activity. Insurance premiums rose 8.8% year-on-year, driven by non-life business, while the Zagreb Stock Exchange saw a 40.4% decline in turnover. Second pillar mandatory pension funds reported a 0.6% increase in net assets to EUR 24.0bn, with nominal monthly Mirex returns varying across categories.
Data & statistics
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2025-03-21•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission approved revisions to net capital requirements for digital asset custodians to reduce costs and enhance efficiency. Changes include lowering the net capital rate for cold wallets from 2% to 1% and increasing client assets in cold wallets from 90% to 95%. The proposals prohibit outsourcing client asset custody and exempt certain digital tokens from custody-risk requirements.
Policy & regulationRules & requirementsClient asset custody and safekeeping
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2025-03-21•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission filed a criminal complaint against XT.COM for operating a digital asset exchange without a licence, violating the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). The SEC alleges XT.COM facilitated digital asset trading and solicited Thai users, breaching licensing requirements. The SEC warns investors about risks associated with unlicensed exchanges and advises checking licence status through its website and application.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-03-21•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC urges NR Instant Produce Public Company Limited’s NRF254A bondholders to review information and exercise their rights at the upcoming meeting. The meeting will address waivers to prevent default events and consider mortgaging assets for debt restructuring. Bondholders should seek detailed information from the issuer and representative before voting.
Policy & regulationGuidance & interpretationCorporate governance
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2025-03-21•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission filed a criminal complaint against Aux Cayes FinTech Co. Ltd., operator of OKX, and nine individuals for allegedly operating an unlicensed digital asset exchange in Thailand. The SEC's investigation revealed that OKX facilitated digital asset trading without a licence, violating the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). The SEC warns users of unlicensed platforms about potential fraud and money-laundering risks.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-03-21•Canada•Financial Transactions and Reports Analysis Centre of Canada
FINTRAC updated its guidance on ministerial directives and transaction restrictions under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. It outlines countermeasures for transactions involving designated foreign jurisdictions, with directives currently in force for Russia, Iran, and North Korea. FINTRAC will monitor compliance, with penalties for non-compliance including fines and potential imprisonment.
Policy & regulationGuidance & interpretationAML and CFT
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2025-03-21•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has established Regional Branch 13, consolidating provincial branches in Long An, Tien Giang, Ben Tre, and Tra Vinh. Governor Nguyen Thi Hong appointed Pham Minh Tu as director and announced senior appointments for the new unit. The branch will advise on monetary, banking, and foreign exchange activities and manage central banking operations in the region.
Institutional developmentMandate & organizational structureLeadership change and appointments
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2025-03-21•Vietnam•State Bank of Vietnam
The State Bank of Vietnam established Regional Branch 11 in Dak Lak, consolidating branches from five provinces to boost regional economic growth through expanded bank credit. Led by Acting Director Nguyen Kim Cuong, it comprises seven departments and oversees a network of banks with outstanding credit of VND 590.618 trillion as of February 2025. It will support the Governor's monetary policy management and coordinate with provincial authorities to implement 2025 sector priorities and credit programs.
Institutional developmentMandate & organizational structureMandate change
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2025-03-21•Vietnam•State Bank of Vietnam
The State Bank of Vietnam, represented by Standing Deputy Governor Dao Minh Tu, will join a Banking Times workshop in Hanoi to discuss enhancing bank capital support for private sector growth, focusing on easing financing constraints for SMEs. The SBV is addressing obstacles to bank credit access for SMEs through initiatives like the business–bank connectivity programme and urging credit institutions to expand credit and reduce lending rates. The workshop will also highlight structural challenges in the private sector, where only 2% of enterprises are large, impacting financial capacity and competitiveness.
Policy & regulationImplementation, projects & pilotsOther
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2025-03-21•Vietnam•State Bank of Vietnam
At a Regional Branch 13 conference, the State Bank of Vietnam (SBV) emphasized aligning credit expansion with monetary policy and provincial growth goals. Governor Nguyen Thi Hong stressed cost reductions and technology adoption to lower lending rates while maintaining credit supply for key sectors. SBV plans to continue flexible monetary policy, prioritizing increased lending to private and small and medium-sized enterprises to support 2025 growth targets.
SupervisionSupervision approach, priorities & toolkitLending
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2025-03-21•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) engaged with Vinh Long province’s People’s Committee to enhance coordination and address funding constraints, focusing on expanding credit for production, business, and import-export activities. Vinh Long’s total outstanding credit was VND 52.5 trillion, with significant allocations to agriculture and commerce. Discussions addressed local growth challenges, including climate impacts and investment scale, and explored policy solutions for housing and power transmission investments.
Policy & regulationCooperationEconomic data and developments
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2025-03-21•Vietnam•State Bank of Vietnam
Deputy Governor Pham Tien Dung of the State Bank of Vietnam joined a government delegation visiting the UK, Luxembourg, and Germany to explore international financial centre models for Ho Chi Minh City and Da Nang. The central bank is considering legal changes to attract international financial institutions. Discussions with the Bank of England, HSBC, and Standard Chartered advised a phased, strategic approach, learning from China and India.
Policy & regulationReform agendas & prioritiesOther
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2025-03-21•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) outlined measures to support credit access for private firms and SMEs, reporting a 14.7% increase in credit to private enterprises and a 10.7% rise in SME lending by end-2024. SBV emphasized its policy mix, including flexible exchange-rate management and interest-rate adjustments, to enhance private-sector financing. It plans to continue workshops and dialogues to further improve credit access.
Monetary policyMonetary policy assessments & outlooksOther
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2025-03-21•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has reorganized its Region 11 branch, consolidating branches from Gia Lai, Dak Lak, Dak Nong, Lam Dong, and Kon Tum under Decision 311/QD-NHNN. Deputy Governor Doan Thai Son emphasized stabilizing governance, staffing, and IT systems, while instructing credit institutions to enhance credit controls and prioritize lending to key projects and government growth drivers. The branch reported stable VND deposit and lending rates, with outstanding credit estimated at VND 593,759 billion by March 2025, a 1% increase from the previous year.
Institutional developmentMandate & organizational structureOrganizational structure
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2025-03-21•United Kingdom•HM Treasury
HM Treasury's Office of Financial Sanctions Implementation (OFSI) Annual Review for 2023-24 highlights freezing over GBP 25 billion in Russian assets and designating 2,001 individuals and entities under the Russia sanctions regime. The review details OFSI's enhanced compliance and enforcement efforts, including increased resourcing and a significant rise in closed enforcement cases. Further enforcement actions related to Russia's invasion of Ukraine are anticipated in 2025.
EnforcementInvestigations & enforcement actionsSanctions list updateNew sanctions designations
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2025-03-21•Canada•New Brunswick Financial & Consumer Services Commission
The Financial and Consumer Services Commission of New Brunswick issued a warning that Token Tact is not registered to deal or advise in securities in the province. The Commission highlighted deceptive tactics used by Token Tact, similar to those in a recent consumer alert, and urged investors to verify registrations using the National Registration Search tool.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-03-21•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway will assume supervision of compliance with the continuous disclosure regime, oversight of share buybacks and stabilisation, and the role as takeover bid authority from Oslo Børs, effective 1 April 2025. Issuers must submit notifications related to delayed disclosure of inside information to the Authority via Altinn, as the duty to notify Oslo Børs will be repealed. The Authority will also handle breaches of relevant requirements, including those arising before the transition date.
Institutional developmentMandate & organizational structureMandate change
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2025-03-21•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board (CPAB) approved final rule amendments to expand regulatory disclosures, including mandatory reporting of file-specific inspection results to audit committees. Effective January 2023, changes require disclosure of significant enforcement actions and unaddressed recommendations, with individual firm inspection reports for 2025 inspections. CPAB plans to publish the first reports in Q1 2026 and will consult stakeholders on the disclosure changes' effectiveness.
Policy & regulationRules & requirementsDisclosures
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2025-03-21•Russia•Central Bank of Russia
The Central Bank of Russia has extended restrictions on money transfers abroad from 1 April to 30 September 2025. Russian citizens and non-residents from friendly states can transfer up to USD 1 million monthly, while transfers via funds transfer systems are capped at USD 10,000 per month. Non-residents from unfriendly states who do not work in Russia and legal entities from such countries remain banned from transferring funds abroad, except for foreign companies controlled by Russian entities.
Policy & regulationRules & requirementsCross-border payments
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2025-03-21•United States•Federal Reserve Board
Federal Reserve Board staff, in a FEDS Note, analyze the Ideal Point Distance (IPD) measure of geopolitical distance and its impact on geoeconomic fragmentation. The study finds post-2022 fragmentation in goods trade along geopolitical lines, with trade between different blocs significantly lower than within-bloc trade, while portfolio investment results are weaker and more sensitive to geopolitical alignment. The analysis highlights that methodological choices in defining IPD can materially affect conclusions about fragmentation.
ResearchGeopolitical risk
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2025-03-21•United States•Federal Reserve Board
The Federal Reserve Board approved Commonwealth Business Bank's application to open a branch in Fort Lee, New Jersey. An order and statement by Governor Bowman were published alongside the approval.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-21•United States•Federal Reserve Board
The Federal Reserve Board released the Federal Reserve System’s 2024 audited financial statements, with KPMG LLP issuing unqualified opinions and finding no material misstatements. The audit covers the 12 Federal Reserve Banks, the Board, and a related LLC, detailing assets, liabilities, and operations as of December 31, 2024.
Data & statisticsAccounting and financial reportingAuditing
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2025-03-21•Moldova•National Commission for Financial Markets
Moldova’s National Commission for Financial Markets (CNPF) chair, Dumitru Budianschi, emphasized capital market development and regulatory priorities at the “Future of Governance 2025” conference. He highlighted aligning national legislation with EU standards and the ongoing public consultation on a capital market development strategy. Budianschi also stressed enhancing local funding capacity and cross-border collaboration with Romania to support economic growth.
Policy & regulationReform agendas & prioritiesMarket development
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2025-03-21•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission announced a default judgment against Debiex, a digital asset platform, for fraud and misappropriating over USD 2 million in customer funds. The order prohibits Debiex from trading in CFTC-regulated markets, imposes a USD 221,466 civil penalty, and mandates over USD 2.2 million in restitution. Additionally, a separate order requires returning digital assets from relief defendant Zhang Chéng Yáng's wallet to the defrauded customer.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-03-21•Global•International Monetary Fund
An International Monetary Fund technical note found that financial sector cybersecurity preparedness improved only marginally between its 2021 and 2023 surveys. Major gaps persist in cybersecurity strategies, supervision, incident reporting and response, information sharing, testing and financial stability analysis. The note calls for clearer supervisory powers, stronger oversight and institutional arrangements, and more resources and training.
Policy & regulationInternational standards & recommendationsCyber resilienceOperational risk and resilienceFinancial stability and systemic risk
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2025-03-21•United States•U.S. Securities & Exchange Commission
The U.S. SEC's Acting Chairman, Mark T. Uyeda, addressed the Crypto Task Force's inaugural roundtable, focusing on legal challenges in classifying crypto assets under federal securities laws. Uyeda highlighted uncertainty from differing federal court interpretations of the Supreme Court’s investment contract test in SEC v. W.J. Howey Co. He advocated for guidance through rulemaking or explanatory releases instead of enforcement actions, positioning the roundtable as an initial step.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-03-21•United States•U.S. Securities & Exchange Commission
SEC Commissioner Hester M. Peirce announced the launch of the SEC’s Spring Sprint Toward Crypto Clarity series, marking a "restart" of the Commission's approach to crypto regulation. The roundtable aims to address foundational questions on crypto assets, including their classification as securities, potential status changes, and the impact of decentralization. Former SEC Commissioner Troy Paredes moderated the session.
Policy & regulationImplementation, projects & pilots
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2025-03-21•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) imposed strict penalties on Hainan Puli Pharmaceutical Co., Ltd. for material false statements in its 2021 and 2022 reports, leading to compulsory delisting. The Shenzhen Stock Exchange will proceed with terminating the company's share listing. CSRC will collaborate with authorities for comprehensive accountability, including potential criminal proceedings and support for investor redress.
EnforcementInvestigations & enforcement actionsAccounting and financial reportingCorporate governance
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2025-03-21•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC), led by Party Secretary and Chairman Wu Qing, discussed the disciplinary review of Wang Huimin for suspected serious violations. The CSRC endorsed stricter Party governance and anti-corruption measures, emphasizing enhanced political discipline, accountability, and compliance with central rules, alongside efforts to maintain market stability and reform.
Institutional developmentGovernanceOther
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2025-03-21•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) released its 2024 report on capital markets governance, highlighting legislative advancements and 739 enforcement cases with fines totaling CNY 15.342 billion. The report outlines 2025 priorities, focusing on enhancing foundational制度, deepening the stock issuance registration-based system, and maintaining strict enforcement against misconduct. The CSRC aims to strengthen investor protection and prevent systemic风险.
Policy & regulationReform agendas & prioritiesOther
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2025-03-21•Argentina•Argentina Securities Commission (CNV)
Argentina's National Securities Commission (CNV) issued final rules for virtual asset service providers (PSAVs) under General Resolution No. 1058, establishing conduct requirements and service conditions. This framework, implementing Law No. 27,739, designates CNV as the PSAV supervisor. The regulation follows a public consultation and builds on the PSAV registration process initiated before the Financial Action Task Force's visit to Argentina.
Policy & regulationRules & requirementsLicensing framework and process
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2025-03-21•United States•Office of the Comptroller of the Currency
The U.S. Office of the Comptroller of the Currency reported USD 14.8bn in trading revenue for U.S. commercial banks and savings associations in Q4 2024, a 10.6% decrease from the previous quarter but a 26.7% increase year-over-year. Four large banks held 86.5% of total industry notional amounts, with total derivative notionals declining by USD 32.2tn to USD 186.5tn, primarily in interest rate products. Net current credit exposure rose by USD 33bn to USD 270bn.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-21•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission reported on Party secretary and director Li Yunze’s inspection tour of Chongqing and Sichuan, emphasizing finance for "new quality productive forces" and financial risk management. Li urged banking and insurance institutions to enhance technology-led activities, digital enablement, and small enterprise financing. He also called for reforms in small and medium-sized banks, improved governance, and enhanced rural financial services.
SupervisionReviews, inspections & stress testsOther
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2025-03-21•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration has released draft Measures on Petition Work for public consultation, outlining a framework for managing petitions and complaints in accordance with national regulations. The draft includes six chapters detailing principles, submission processes, handling procedures, and accountability measures, emphasizing legal classification, streamlined procedures, and mediation. Feedback will be reviewed for revisions before final implementation.
Policy & regulationRules & requirementsOther
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2025-03-21•Australia•Department of Treasury (Australia)
Australia's Treasury outlined a digital asset reform agenda to extend financial services laws to digital asset platforms and integrate payment stablecoins into the payments licensing framework. The proposed regime targets operators holding digital assets for consumers, with obligations based on the Australian Financial Services Licence regime. Draft legislation is expected in 2025, alongside consultations on implementation and ongoing work with the Reserve Bank of Australia on central bank digital currency feasibility.
Policy & regulationReform agendas & prioritiesFintech and insurtechRegulatory burden
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2025-03-21•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority highlighted supervisory priorities for insurers, focusing on governance, accountability, and operational resilience, during an industry address post-Tropical Cyclone Alfred. Key measures include the Financial Accountability Regime starting March 2025 and Prudential Standard CPS 230 Operational Risk Management in July 2025, with additional focus on affordability, availability pressures, and future guidance on delegated underwriting and climate vulnerability.
SupervisionSupervision approach, priorities & toolkitClimate risk and sustainable finance
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2025-03-21•Luxembourg•Ministry of Finance (Luxembourg)
The Luxembourg Ministry of Finance reported on Vietnam’s Deputy Prime Minister Nguyen Hoa Binh's visit, focusing on enhancing bilateral relations in financial services, investment, trade, and tourism. Meetings involved Luxembourg's Deputy Prime Minister, Economy Minister, and Finance Minister, as well as engagements with key financial institutions. Discussions also addressed Vietnam–EU relations and international issues, including Russia's actions in Ukraine.
OtherCross-border cooperation
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2025-03-21•Moldova•National Bank of Moldova
The National Bank of Moldova released its monthly statistics on non-cash foreign exchange market activity, detailing interventions aligned with its monetary and foreign exchange policy objectives. The report highlights interbank spot sales of EUR 25.5 million and FX swap purchases of USD with a EUR-equivalent volume of EUR 4.532 million, with no forward transactions. Transactions are recorded on the trade date, with EUR and USD equivalents calculated using monthly average exchange rates.
Data & statisticsForeign exchange policy and markets
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2025-03-21•Moldova•National Bank of Moldova
The National Bank of Moldova conducted a monetary policy simulation workshop for students at the Republican Theoretical Lyceum “Aristotel” during Global Money Week 2025, led by Governor Anca Dragu. Participants role-played as decision-makers, using real macroeconomic data to understand the impact of policy interest rates on the economy and financial stability. This event is part of the central bank's financial education initiatives.
Financial literacy & educationFinancial literacy and education
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2025-03-21•Moldova•National Bank of Moldova
The National Bank of Moldova released monthly statistics on the non-cash foreign exchange market, detailing banks' FX purchases and sales against the Moldovan leu, excluding central bank transactions. Interbank purchases totalled EUR 45.9m and sales EUR 23.5m, while intrabank purchases were EUR 365.3m and sales EUR 565.8m, primarily in EUR and USD. SWAP and FORWARD transactions showed no turnover, and data is calculated from banks' regulatory reports for setting the official exchange rate.
Data & statisticsCurrency and cash management
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2025-03-21•Moldova•National Bank of Moldova
The National Bank of Moldova launched “FinanciarELE – the female leadership community” to support women in finance through learning, mentoring, and networking. Attended by over 100 students, the event discussed barriers to women's advancement, including stereotypes, policy constraints, and financial participation gaps. The bank noted disparities in financial transactions and pay, with men having a 7% higher transaction value and a 16% higher average pay than women.
Policy & regulationImplementation, projects & pilotsDiversity and inclusion
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2025-03-21•Moldova•National Bank of Moldova
The National Bank of Moldova conducted a workshop for journalists and students to enhance public communication of monetary policy. Deputy Governor Mihnea Constantinescu emphasized transparency and the media's role in conveying economic information. The event covered the central bank's decision-making process, transmission mechanisms, and the implications of its decisions on inflation and financial stability.
Financial literacy & educationMonetary policy decisions and developments
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2025-03-21•Moldova•National Bank of Moldova
The National Bank of Moldova reported that in February 2025, net foreign-currency supply from individuals covered 85.0% of economic agents’ net demand, up from 81.1% in January. The central bank sold EUR 25.5 million in the local interbank market as both net FX supply from individuals and sales to legal entities decreased. The average exchange rate of the Moldovan leu against the euro rose 0.9% to 19.4600 MDL per EUR.
Data & statisticsBalance of payments and other external statistics
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2025-03-21•Moldova•National Bank of Moldova
The National Bank of Moldova released its monthly dataset on licensed banks' foreign currency assets and liabilities, including open foreign exchange positions and total normative capital. For February 2025, foreign currency assets were MDL 51.78 billion, with liabilities at MDL 51.59 billion, and long open FX positions primarily in EUR and USD. The report highlights open-position ratios and includes balance-sheet items, off-balance-sheet forward positions, and Moldovan leu items indexed to foreign exchange rates.
Data & statisticsBalance of payments and other external statistics
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2025-03-21•Moldova•National Bank of Moldova
The National Bank of Moldova reported February 2025 cash foreign exchange transactions totaling EUR 333.7 million, a decrease of 11.5% from January and 1.9% from February 2024. The euro dominated with EUR 230.5 million in turnover, followed by the US dollar at EUR 63.5 million. Notably, Russian rouble transactions increased by 35.3% month on month from a low base.
Data & statisticsCurrency and cash management
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2025-03-21•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance has revoked ORBIS Compañía Argentina de Seguros S.A.'s authorization to operate following its request for voluntary liquidation. The SSN has immobilized the company's assets to protect policyholders and is evaluating the liquidation request. ORBIS is required to submit quarterly financial statements and has 30 days to file its liquidation balance sheet and management report.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-21•United States•Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network issued an interim final rule under the Corporate Transparency Act, eliminating the requirement for U.S. companies and persons to submit beneficial ownership information (BOI) reports to FinCEN. The rule narrows BOI reporting to foreign entities registered to do business in the U.S., exempting domestic entities and their beneficial owners. FinCEN is accepting comments and plans to finalize the rule this year.
Policy & regulationRules & requirementsBeneficial ownership
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2025-03-21•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay’s Monetary Policy Committee unanimously kept the monetary policy rate at 6.00% on 21 March 2025, citing solid domestic activity, February inflation of 4.3% largely driven by specific price increases including fuels, and inflation expectations remaining around the 3.5% target over the monetary policy horizon. It said it will continue to monitor domestic and external developments closely and take timely measures to ensure compliance with the 3.5% target.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2025-03-21•India•Securities & Exchange Board of India
The Securities and Exchange Board of India (SEBI) mandates SEBI-registered intermediaries to verify advertisers before posting on social media, addressing rising securities market frauds via digital channels. Initially, intermediaries must register with Google and Meta using details from the SEBI SI Portal. SEBI highlights fraud patterns involving misleading trading course promotions and false guarantees on platforms like YouTube and Facebook.
Policy & regulationGuidance & interpretationFraud and scams
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2025-03-21•South Korea•Bank of Korea
The Bank of Korea's preliminary Producer Price Index for February 2025 shows no month-on-month change in overall producer prices, with a 1.5% year-on-year increase. Agricultural, forestry, and marine products rose 0.4% month-on-month, while other sectors remained unchanged.
Data & statisticsEconomic data and developments
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2025-03-21•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury has lifted economic sanctions on Tornado Cash after reviewing legal and policy issues related to financial sanctions in evolving technology and legal contexts. Despite this, Treasury remains concerned about state-sponsored hacking and money laundering involving digital assets benefiting the Democratic People’s Republic of Korea (DPRK) and will continue to enforce DPRK-related sanctions. U.S. persons should exercise caution in transactions that may benefit malicious cyber actors.
EnforcementSanctions & designationsSanctions list update
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2025-03-21•Trinidad & Tobago•Central Bank of Trinidad & Tobago
The Central Bank of Trinidad and Tobago's Governor Alvin Hilaire emphasized climate change as a macro-financial risk, urging central banks to integrate its effects into monetary policy and supervision. The bank has implemented Basel II Pillar 2 requirements for climate considerations in capital assessments and invested USD 42.8 million in sustainable development bonds. The speech advocated for a coordinated Caribbean approach to climate financing and research, with the bank participating in Network for Greening the Financial System workstreams.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-03-21•Barbados•Central Bank of Barbados
The Central Bank of Barbados has announced a call for papers for its 45th Annual Review Seminar, focusing on macroeconomic stability amid emerging risks. The seminar will cover topics such as global spillovers, cyber risk, climate risk, and financial sector development. Selected papers may be included in the Central Bank's Working Papers Series following peer review.
ResearchClimate risk and sustainable finance
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2025-03-20•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro, led by Governor Irena Radovic, visited Banco de España to discuss aligning with European System of Central Banks (ESCB) standards and developing a Strategic Plan for 2025–2028. Banco de España Governor José Luis Escrivá expressed support for CBCG's efforts, highlighting transparency and cooperation. The visit included technical exchanges on ESG standards, financial education, and operational improvements, and participation in a conference on central bank management.
Policy & regulationCooperationCapacity buildingESG
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2025-03-20•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua reported a significant increase in foreign direct investment (FDI) for 2024, with gross inflows reaching USD 3,039.9 million, up 8.6 percent from 2023, and net FDI at USD 1,352.3 million, up 21.4 percent. Key drivers included external disbursements, gross profits, and capital contributions, with industry and financial intermediation as top sectors. Panama and the United States were leading source countries for net FDI.
Data & statisticsBalance of payments and other external statistics
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2025-03-20•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay announced economist Guillermo Tolosa will become the president of its Board of Directors on 24 March. Tolosa, who holds a PhD in Economics from the University of California, has held roles at the International Monetary Fund and various senior positions in academia and advisory.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-20•France•France Autorite des marches financiers
France's Financial Markets Authority (AMF) has launched a fast-track authorisation process for investment funds targeting the defence sector, expediting approvals for funds investing in the defence industrial and technological base. Portfolio management companies will benefit from accelerated application handling and enhanced AMF support. The AMF will engage in European standard-setting to ensure sustainable finance rules do not hinder defence financing.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-20•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) has authorized a public delisting tender offer for Corporación Financiera Alba, S.A., targeting 4.81% of its share capital. The offer price is EUR 84.20 per share, backed by bank guarantees totaling EUR 257.2 million from Banco Bilbao Vizcaya Argentaria, S.A. The offer is unconditional, with shares to be delisted upon transaction settlement.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-20•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission announced that the Commonwealth Director of Public Prosecutions has discontinued charges against Jennifer Joan Hutson, former director of G8 Education Limited, after a further review. The trial was initially set for the District Court of Queensland.
EnforcementInvestigations & enforcement actionsOther
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2025-03-20•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) reported that the Commonwealth Director of Public Prosecutions has dropped charges against David Justin Burke, who was accused in 2018 of providing false or misleading information during ASIC's investigation into G8 Education Limited's 2015 takeover bid for Affinity Education Group Limited.
EnforcementInvestigations & enforcement actionsOther
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2025-03-20•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority (CMA) has initiated a public consultation on a draft Regulatory Framework for Debt Instruments Offering Platforms, aiming to enable capital market institutions to offer debt instruments via securities crowdfunding. The draft outlines regulatory and licensing requirements, including the need for an Arranging licence and treating crowdfunding offers as exempt under existing securities rules. It also proposes safeguarding client funds and allowing firms with a FinTech Experimental Permit to obtain a relevant licence to operate as a capital market institution.
Policy & regulationRules & requirementsCrowdfunding
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2025-03-20•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Market Authority (CMA) approved Sport Clubs Company's application for an initial public offering of 34,320,000 shares, representing 30% of its share capital. The prospectus, to be published before the subscription period, will include essential investment information. The CMA emphasized that approval is not a subscription recommendation and is valid for six months, subject to completion within this timeframe.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-20•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority announced that Two Atoms Capital Company has fulfilled the requirements to commence arranging activities in the securities business under a licence approved on 27 September 2022.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-20•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released its consolidated balance sheet statement as of 28 February 2025.
Data & statisticsBalance of payments and other external statistics
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2025-03-20•Canada•Financial Consumer Agency of Canada
The Financial Consumer Agency of Canada released a supervisory highlight from a review of six small and medium-sized banks, revealing non-compliance with the Bank Act's electronic alert requirements. Issues included delayed alerts, missing content, and inadequate consumer contact information, with banks often requiring online banking registration for alerts. Banks have been notified of specific findings and must implement corrective actions, with FCAC monitoring compliance.
SupervisionReviews, inspections & stress testsConsumer and investor protection
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2025-03-20•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority reported on an awards ceremony for a demo CFD trading competition, part of a financial literacy initiative with FINVEO MN. Students from the “Mirko Vešović” Secondary School of Economics in Podgorica participated, with Milica Perović winning first place. Authority president Željko Drinčić emphasized the importance of these programs in enhancing financial market understanding and practical skills among youth.
Financial literacy & educationFinancial literacy and education
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2025-03-20•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority revoked the investment fund management licence of ATLAS MONT AD Podgorica during its 117th session on 19 March 2025. The decision references Montenegro’s Law on Investment Funds and related supervisory regulations.
EnforcementSanctions & designationsOther
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2025-03-20•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority has issued a public alert regarding a fraudulent website, “hxxps://aiahk88[.]com”, falsely claiming to be associated with AIA International Limited. The site aims to capture customers’ login details, and the matter has been reported to the Hong Kong Police Force. Individuals affected are advised to contact AIA and report to the police.
SupervisionAlertsFraud and scams
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2025-03-20•Greece•Bank of Greece
The Bank of Greece released provisional data showing a 6.6% year-on-year increase in nominal apartment prices in Q4 2024, with an average rise of 8.7% for the year, down from 13.9% in 2023. New apartments saw a 9.1% price increase in Q4, while old apartments rose by 4.9%. Regionally, Q4 price increases were noted in Athens (6.2%), Thessaloniki (8.2%), other cities (4.6%), and other areas of Greece (8.7%).
Data & statisticsFinancial and market indicators
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2025-03-20•Australia•Australian Securities & Investments Commission
ASIC released a transcript of a Q&A with Chair Joe Longo at the Australian Governance Summit, focusing on simplifying regulatory complexity in the Corporations Act. Longo stressed the need to enhance ASIC's technology capabilities and addressed private market growth and public market pressures. He advocated for principles-based regulation while recognizing the need for prescriptive guidance. An expert panel is developing simplification ideas. Longo noted challenges in regulating technology and AI, with international guidance expected by 2026, and announced further assessment of private market regulations.
Policy & regulationImplementation, projects & pilotsCorporate governance
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2025-03-20•France•France Autorite des marches financiers
France's Financial Markets Authority, in collaboration with several organizations, announced Employee Savings Week from 24 to 28 March, highlighting a new study on employee savings and value-sharing. The study reveals positive feedback from employees and firms but underscores the need for more guidance and education due to perceived complexity. The programme includes a Paris conference on 25 March focusing on works councils' roles.
Financial literacy & educationOther
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2025-03-20•Israel•Bank of Israel
The Bank of Israel published its 2024 Statistical Bulletin, detailing major financial aggregates and economic data, including the public’s financial asset portfolio, nonfinancial private sector debt, and foreign exchange activity. The bulletin also provides a visual overview of key aggregates and includes statistical methodology papers.
Data & statisticsEconomic data and developmentsMonetary data
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2025-03-20•Israel•Bank of Israel
The Bank of Israel's review of the fourth quarter of 2024 highlights the shekel's appreciation against the US dollar and euro, with reduced shekel-dollar exchange rate volatility. Institutional investors and nonresidents sold significant amounts of foreign currency, while trading volumes with domestic banks increased slightly, driven by swap activity.
Data & statisticsForeign exchange policy and markets
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2025-03-20•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico's National Banking and Securities Commission (CNBV) reported the end-January 2025 capitalisation index for the commercial banking sector at 19.46%. The Basic Capital Coefficient was 17.61%, and the Core Capital Coefficient was 16.16%.
Data & statisticsCapital adequacy
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2025-03-20•Croatia•Croatian National Bank
The Croatian National Bank and the Institute of Public Finance presented award-winning research at the 64th CNB Economic Workshop, focusing on inflation dynamics and fiscal-monetary policy interactions in Croatia. Ozana Nadoveza's study found minimal direct impact of public sector wage growth on inflation, while Noa Hinger and Lucija Rašić's analysis showed limited influence of Croatian government bond issuance on deposit interest rates versus the European Central Bank's significant effect.
ResearchEconomic data and developments
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2025-03-20•Central African Republic•Securities and Exchange Commission of Central Africa
The Securities and Exchange Commission of Central Africa has issued an open call for tenders to hire a consulting firm to revamp its instruction on issuers’ information documents. This initiative aims to support the expansion of financial products and instruments in Central Africa's financial market.
Institutional developmentProcurementSecurities offerings and listings
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2025-03-20•Central African Republic•Securities and Exchange Commission of Central Africa
The Securities and Exchange Commission of Central Africa issued an open tender to hire a consulting firm for developing and implementing a financial education plan for the financial market.
Institutional developmentProcurementFinancial literacy and education
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2025-03-20•Central African Republic•Securities and Exchange Commission of Central Africa
The Securities and Exchange Commission of Central Africa issued an open tender to hire a consulting firm for developing an accounting framework and prudential rules for Central Africa's financial market participants.
Institutional developmentProcurementAccounting and financial reporting
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2025-03-20•Panama•Panama Superintendencia del Mercado de Valores
Panama’s Superintendency of the Securities Market announced the National Assembly's ratification of Maruquel Murgas de González as Superintendent for the 2025–2030 term. Murgas de González has been with the SMV since 2010, holding senior roles and participating in technical meetings with the Financial Action Task Force evaluators group.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-20•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has updated Regulatory Guide 216 Markets Disciplinary Panel to align with recent decisions and the penalty regime from the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019. The revisions emphasize proportionate penalties that balance deterrence with severity, promote market integrity, and consider the totality of conduct. The guidance also allows for virtual MDP hearings, replacing the January 2021 version.
Policy & regulationGuidance & interpretationMarket abuse
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2025-03-20•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission announced that SPE Capital (GP) Limited has surrendered its Collective Investment Scheme Manager licence. The licence was terminated under section 28(9) of the Financial Services Act, effective 05 August 2024.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-20•Tanzania•Tanzania Insurance Regulatory Authority
Retired Prime Minister Mizengo Pinda, at the Tanzania Insurance Regulatory Authority's booth during VETA's 30th anniversary in Dar es Salaam, encouraged proactive use of insurance services. He emphasized the need for expanded insurance education to enhance public understanding and uptake. TIRA is leveraging the event to provide education and gather feedback, highlighting its collaboration with VETA on awareness initiatives.
Financial literacy & educationFinancial literacy and education
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2025-03-20•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) is participating in the Tanzania Vocational Education and Training Authority exhibition in Dar es Salaam to educate the public on insurance. TIRA aims to explain its regulatory role, promote insurance products, and highlight sector opportunities. The event marks VETA’s 30th anniversary and was inaugurated by Prime Minister Dr Kassim Majaliwa.
Financial literacy & educationFinancial literacy and education
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2025-03-20•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market (NSSMC) supports maintaining exchange mechanisms for timber trading and backs the draft law "On the Timber Market" approved for second reading. NSSMC Chair Ruslan Magomedov emphasized the transparency and international standards compliance of organized commodity exchanges, citing 2024 timber trading volumes of over UAH 31 billion. He also noted collaboration with the National Bank of Ukraine to address currency restrictions and expressed interest in extending the timber trading model to the grain market.
Policy & regulationRules & requirementsMarket development
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2025-03-20•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank's 2024 Annual Report emphasized robust policies amid geopolitical risks, advocating stronger European cooperation and fiscal policies that avoid inflationary pressures. The bank supports simplifying EU financial regulations without deregulation, enhancing anti-money laundering measures, and advancing the pensions transition. It also backs European payment initiatives and the digital euro to reduce reliance on non-European infrastructures.
Policy & regulationReform agendas & prioritiesOther
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2025-03-20•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank President Klaas Knot stressed the need for robust policies to address geopolitical instability, potential global trade wars, and increased European defense spending, highlighting central banks' role in maintaining financial and price stability. Knot also noted unresolved issues like inflation, economic tightness, and sluggish European growth, while discussing simplifying financial-sector rules, anti-money laundering controls, cyberthreat defenses, and the digital euro.
Monetary policyMonetary policy assessments & outlooksEconomic data and developmentsFinancial stability and systemic risk
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2025-03-20•Peru•Central Bank of Peru
The Central Bank of Peru reported a record 12-month trade surplus of USD 24,152 million as of January 2025, with a monthly surplus of USD 1,804 million, up USD 331 million from January 2024. January exports increased by 23.9% year on year to USD 6,693 million, while imports rose 24.5% to USD 4,890 million, driven by higher volumes and prices. Some copper, zinc, and molybdenum export figures were estimated based on Ministry of Energy and Mines data.
Data & statisticsBalance of payments and other external statistics
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2025-03-20•El Salvador•Central Reserve Bank of El Salvador
The Central Reserve Bank of El Salvador conducted financial education activities during Global Money Week 2025, engaging students in San Miguel with interactive sessions on saving, budgeting, and personal finance. The initiative, part of the "My Financial Journey" programme, aims to deliver dynamic financial education across all departments, reaching approximately 1,900 upper-secondary students.
Financial literacy & educationFinancial literacy and education
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2025-03-20•Andorra•Andorran Financial Authority
The Andorran Financial Authority announced that the Andorran Deposit Guarantee Fund has joined the European Forum of Deposit Insurers, a European association of deposit and investment guarantee schemes. EFDI, established in 2002, aims to enhance financial stability and legislative improvements across Europe, with 70 members from 49 jurisdictions.
Policy & regulationCooperationCross-border cooperation
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2025-03-20•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has formed a Sustainable Finance Advisory Group to guide policy reforms for sustainability in capital markets, focusing on climate resilience and gender inclusivity. The group aims to integrate sustainability into markets, promote sustainable investment products, and support sustainability reporting standards. Members include representatives from the Asian Development Bank, International Finance Corporation, and UN Women.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-03-20•China•Central Bank of the Republic of China
The People's Bank of China held its 2025 treasury work conference, reviewing 2024 operations and setting 2025 priorities to modernize the treasury system, ensure operational safety, and enhance service delivery. Key tasks include integrating Party-building with business execution, leveraging technology for operations, and advancing the National Treasury Project. Vice Governor Zou Lan participated in the conference.
Policy & regulationReform agendas & prioritiesOperational excellence
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2025-03-20•China•Central Bank of the Republic of China
The Central Bank of the Republic of China released preliminary end-2024 balance sheet statistics, indicating a 7.5% year-on-year increase in total assets and liabilities for financial institutions, reaching 495.59 trillion and 452.17 trillion, respectively. Owners’ equity in the financial sector rose by 7.7% to 43.42 trillion. Notable growth was observed in the insurance sector, with assets up 19.9% and equity up 21.6%.
Data & statisticsFinancial and market indicators
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2025-03-20•Italy•Bank of Italy
The Bank of Italy announced changes to Italy’s gold market framework under Legislative Decree No. 211, effective 17 January 2025, transferring oversight of Professional Gold Operators (OPO) to the Body of Agents and Brokers (OAM). OAM is now responsible for ensuring OPO compliance with Law No. 7/2000 and must establish a dedicated register by 17 April 2025. These changes align national rules with Regulation (EU) 2018/1672 on cash controls.
Policy & regulationRules & requirementsCurrency and cash management