The Bank of Italy has announced a call for papers for a workshop on "Corporate Credit Analysis: Advances in Methodologies and the Use of AI," focusing on developments in corporate credit risk analysis and AI applications. The event, organized by the Financial Risk Management Directorate, will be held at the Palermo branch on 6 June 2025, with both in-person and online participation options.
Latvia's Ministry of Finance and Latvijas Banka have submitted legislation to the Cabinet to implement the EU Digital Operational Resilience Regulation (DORA) and the Artificial Intelligence Act in the financial market. The draft establishes Latvijas Banka as the compliance authority, covering financial entities and digital service providers. It aims to mitigate risks from digital technologies, including ICT disruptions and cyberattacks, and outlines supervision and sanctions for non-compliance.
The European Banking Authority's Q4 2024 Risk Dashboard shows a stable EU/EEA banking sector with solid profitability, despite a slight decline in net interest margin. Key metrics include a return on equity of 10.5%, a return on assets of 0.73%, and a fully loaded common equity tier 1 ratio of 16.0%. Liquidity coverage and net stable funding ratios remained robust at 163.4% and 127.1%, respectively.
The European Banking Authority (EBA) has introduced climate risk indicators for the EU/EEA banking sector, derived from banks’ Pillar 3 ESG disclosures, alongside an interactive dashboard for centralized metric access. This tool marks the initial phase of a broader ESG risk monitoring framework, focusing on climate risk. Indicators reveal significant exposure to high climate change-contributing sectors and varying physical risk exposure, with plans for regular updates.
The Croatian National Bank hosted the 9th Great Student Debate with the Croatian Debate Society, discussing the role of financial influencers in aiding young people's financial decisions. The debate concluded with a majority of students agreeing that finfluencer content should not be used for financial decision-making, emphasizing the need for expert consultation and financial literacy in education.
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) reported pension fund assets rose to EUR 19.3 billion by end-2024, a 2.1% increase from the previous year. Contributions surged 47.6% to EUR 684.2 million, while benefits paid decreased 1.4% to EUR 952.9 million. Portfolio composition shifted slightly, with increased exposure to investment funds and decreased allocations to equities, private bonds, and real estate.
The Bank of the Lao conducted its annual meeting to review 2024 supervisory work and set the 2025 agenda for non-bank financial institutions. Key focuses include enhancing monitoring under CAMEL standards, improving legal compliance, and addressing institutions with weak financial conditions amid rising non-performing loans. The meeting also reviewed progress from 2023 and discussed challenges faced in 2024.
Peru's Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) has proposed a draft amendment requiring Traffic Accident Funds Associations (AFOCAT) to obtain prior SBS authorisation for bylaw changes. This aims to align legal conditions with the applicable framework and enhance supervisory oversight.
The Zimbabwe Insurance and Pensions Commission (IPEC) held a Board and Management Integrity Sensitisation and Integrity Pledge Signing Ceremony in Harare, facilitated by the Zimbabwe Anti-Corruption Commission (ZACC), to enhance ethical governance in the insurance and pensions sector. ZACC Chairperson Michael Reza identified common fraud channels and emphasized collaboration with IPEC and the Zimbabwe Insurance Crimes Bureau to combat fraud. Reza also urged active board support for integrity committees.
The Hong Kong Securities and Futures Commission has suspended Wong Ming Chung, also known as Franky Wong, for 16 months following his criminal conviction for providing unlicensed investment advice via a Telegram group. Despite being licensed for dealing in and advising on securities, Wong operated the group outside his accredited firm's scope. He was fined HKD 10,000 and ordered to pay investigation costs after pleading guilty.
The Hong Kong Securities and Futures Commission issued guidance for licensed corporations offering IPO subscription and financing services to enhance risk management and mitigate financial risks. The guidance addresses deficiencies found in a review, such as imprudent practices and over-leveraging risks, and includes measures like minimum upfront deposits and financial assessments. Compliance with FINI investor identification requirements is also emphasized.
The Hong Kong Securities and Futures Commission announced the adjournment of its false trading case against Mr Lin Tai Fung and Mr Or Chun Nin to 15 May 2025. The defendants are charged with conspiracy to commit false trading in Pa Shun International Holdings Limited shares, with Lin also facing a charge of failing to disclose his interest in the shares. Bail conditions include cash bail of HKD 20,000 and a surety of HKD 50,000.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has authorised KMF Microfinance Organisation JSC to convert into a bank. Additionally, KMF – Demeu Corporate Fund is permitted to obtain bank holding company status and establish a subsidiary of the new bank.
The Agency for Regulation and Development of the Financial Market of Kazakhstan has authorized JSC “KMF Microfinance Organisation” to reorganize into a second-tier bank, aligning with the President’s directive to boost banking sector competition. KMF, the largest microfinance entity in Kazakhstan, reported significant asset and loan portfolio growth, potentially positioning it among the country's larger banks. Post-conversion, KMF aims to expand SME and consumer lending, enhance banking services, and prioritize fintech solutions.
The Reserve Bank of India clarified the 2021 Directions on financial statement presentation and disclosures, addressing banks' queries on note disclosures and balance sheet instructions. Key updates include classifying lien-marked margin money deposits under Schedule 3, disclosing advances with government guarantees, and repo transaction reporting in market and face value terms. These apply to all commercial and cooperative banks for financial statements from the financial year ending 31 March 2025.
The Reserve Bank of India issued guidance for Regional Rural Banks on accounting and capital treatment of pension liabilities from the scheme effective 1 November 1993. RRBs may amortise the pension revision expenditure over up to five years, starting financial year 2024-25, with at least 20% expensed annually. Unamortised pension expenditure will not be deducted from Tier 1 Capital, and disclosures must include accounting policy and net profit implications.
The Hong Kong Monetary Authority (HKMA) issued a public alert regarding fraudulent websites and internet banking login screens associated with Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded links for transactions or request sensitive information. Affected customers are advised to contact the bank and report to the Police.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to Fubon Bank (Hong Kong) Limited. The HKMA reminded customers that banks will not request sensitive information via SMS, email, or embedded hyperlinks. Affected individuals should contact the bank and report to the Hong Kong Police Force.
The Hong Kong Monetary Authority issued an alert regarding fraudulent websites and internet banking login screens linked to Chong Hing Bank Limited. It 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 may have interacted with these fraudulent sites are advised to contact Chong Hing Bank and report to the Hong Kong Police Force.
The Hong Kong Monetary Authority (HKMA) issued a public alert regarding fraudulent websites and internet banking login screens reported by The Bank of East Asia, Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information by phone, email, or SMS. It advised affected individuals to contact the bank and report to the Hong Kong Police Force.
The Bank for International Settlements released a working paper indicating that the decline in long-term interest rates in advanced economies is largely linked to US Federal Open Market Committee (FOMC) policy announcements. Nearly 70% of the cumulative decline in long-term yields from the early 1990s to 2023 occurred during FOMC announcement windows, with significant US-to-foreign spillovers. These declines are primarily attributed to "purified" monetary policy shocks affecting real and expected short-rate channels.
The Thailand Office of Insurance Commission (OIC) emphasized the urgent need for national adaptation and insurance's role in managing climate-related losses. The briefing outlines Thailand's major disaster risks over the next 20 years and proposes a Green Transition & Adaptation Fund (GTAF) to support adaptation efforts. The OIC also highlighted initiatives to strengthen regulation, align with International Association of Insurance Supervisors (IAIS) priorities, and enhance natural catastrophe coverage.
At a European Parliament hearing, European Central Bank President Christine Lagarde discussed the euro area outlook, noting a 25 basis point cut in key interest rates and a data-dependent policy approach. ECB projections indicate GDP growth of 0.9% in 2025, rising to 1.3% in 2027, with inflation around the 2% target from early 2026. Lagarde highlighted potential impacts of a US tariff on European imports, which could reduce growth and increase near-term inflation.
The European Central Bank's Economic Bulletin notes the shift in the gap between euro area Harmonised Index of Consumer Prices services inflation and non-energy industrial goods inflation, now positive as NEIG inflation normalised. Historically, services inflation exceeded NEIG inflation, but recent volatility is linked to energy costs and global supply chains. The ECB expects moderating energy prices and supply shocks to slow services inflation, though long-term trends remain uncertain due to factors like trade fragmentation and climate policies.
The National Bank of the Republic of Tajikistan has licensed "Insurance Organisation Bokhtar Insurance" LLC to conduct insurance activities nationwide. The authorization covers both voluntary and compulsory insurance services.
The Brazilian Pension Funds Authority (PREVIC) amended accounting annexes for closed supplementary pension entities to align with CNPC Resolution No. 62/2024, enhancing transparency and oversight of the Shared Administrative Fund. Updates include a new income statement account, "Shared Fund (principal)," with subaccounts for "Promotion" and "Innovation," ensuring separate classification of related expenses. These changes take effect on 24 March, requiring entities to adjust their systems and records.
The Brazilian Pension Funds Authority (PREVIC) outlined its supervisory and legal-risk priorities at Abrapp’s Regional Meeting 2025, focusing on risk-based supervision and social participation for closed supplementary pension funds. Challenges include enhancing participant protection and legal certainty, supported by PREVIC Resolution 23/2023. The agency highlighted its Commission for Monitoring Relevant Actions to track judicial proceedings and its Mediation, Conciliation and Arbitration Chamber for dispute resolution.
The New York State Department of Financial Services reached an agreement with Sigue Corporation and other state regulators to return money to consumers and prohibit Sigue from operating in the United States. The enforcement action addresses the unlawful taking of money from New Yorkers.
The Bank for International Settlements has published a paper introducing “climate-aware investing” as a framework for central bank investors, addressing climate risk management and, where mandates allow, climate impact objectives. It outlines key climate metrics and disclosure initiatives, surveys strategies such as exclusionary screening, thematic investing, labelled bonds, index-based decarbonisation and portfolio alignment techniques, and examines constraints and trade-offs central banks face when integrating climate considerations into investment portfolios.
The Brazil Securities Commission (CVM) has mandated Trustee DTVM Ltda. to initiate a public tender offer after its acquisitions in Ambipar Participações e Empreendimentos S.A. surpassed the one-third share threshold. The CVM found that Trustee, managing investment funds, acted in concert with Ambipar's controlling shareholder, breaching Article 30 of CVM Resolution 85. The offer must include all shares in circulation, with registration filed within 30 days.
The New Zealand Financial Markets Authority has updated its approach to Outcomes-Focused Regulation, emphasizing the alignment of regulatory resources with intended consumer and market outcomes. The revised strategy, following extensive consultation, clarifies outcome statements and aims to target significant risks while reducing unnecessary burdens and allowing flexibility for market participants.
The Digital Dollar Project's whitepaper explores modernizing the US dollar digitally, noting current financial infrastructure limitations amid a digital shift. Despite a White House executive order against federal action on central bank digital currencies, it analyzes technology paths to sustain the dollar's role in digital networks. It recommends developing business cases for digital dollar infrastructure and calls for legislative action to clarify regulations and encourage responsible innovation.
The Malaysia Securities Commission's Annual Report 2024 highlights a record RM4.2 trillion capital market and RM1.1 trillion in fund management assets, with growth in fundraising and trading. The SC is drafting a new five-year capital market masterplan focusing on retirees' financial security and sustainable financing, alongside initiatives to enhance MSME access and improve IPO processes. Priorities include ASEAN Capital Markets Forum initiatives, developing Capital Market Masterplan 4, and reinforcing Islamic finance leadership through Maqasid al-Shariah indicators.
Securities and Exchange Regulator of Cambodia Director General Sou Socheat and officials attended a National Assembly workshop on the Khmer riel, the Bakong system, and KHQR. The event, presided over by First Vice-President Cheam Yeab, marked the 45th anniversary of the riel’s re-circulation, with participation from legislators, ministries, and development partners.
The Guernsey Financial Services Commission amended designation details for Red Box Energy Services PTE Ltd under the UK’s Russia (Sanctions) (EU Exit) Regulations 2019, maintaining asset freeze, transport, and trust services sanctions. Businesses must verify relationships with designated entities, freeze relevant assets, and report findings to the States of Guernsey Policy & Resources Committee. Compliance with reporting obligations and informing the Commission of affected relationships is required.
The Central Bank of the Republic of Kosovo received a positive assessment from an IMF mission on its Stand-By Arrangement and Resilience and Sustainability Facility programme, noting progress in financial reforms, macroprudential policy, crisis management, financial inclusion, and payment systems. The central bank is also undergoing an IMF-led transparency assessment and governance audit, with all structural objectives implemented.
The International Swaps and Derivatives Association (ISDA) CEO, Scott O’Malia, criticized the 2023 draft Basel III endgame package by US regulators for being overly stringent, potentially restricting US banks' trading activities and affecting market liquidity. O’Malia emphasized the need to rectify calibration flaws to maintain a balance in bank capital requirements and ensure effective market functioning and liquidity.
The Swedish Financial Supervisory Authority has introduced a test format for submissions to the DORA information register, allowing reporters to upload files for test reporting. The authority advises using this functionality to identify and correct errors before production reporting begins on 25 March.
The Swedish Financial Supervisory Authority will transition serious ICT-related incident and cyber threat reporting under the Digital Operational Resilience Act (DORA) to a JSON-based solution in Fidac starting 31 March. The new system includes modules for initial, intermediate, and final incident reports, and significant cyber threats, with unique reference codes linking related reports. A test environment is available, but live submissions must be made in Fidac, with the Excel version being phased out.
The State Bank of Vietnam (SBV) briefed the US-ASEAN Business Council on its monetary policy and banking priorities, aiming for at least 8% GDP growth by 2025. Discussions included US firms' contributions, a financial centre, cashless payments, and green finance. SBV plans to improve the business environment for international financial institutions and strengthen the legal framework for non-cash payments and banking digitalisation.
The State Bank of Vietnam, led by Governor Nguyen Thi Hong, reviewed Ben Tre's economic conditions and 2025 growth targets, emphasizing bank-enterprise connectivity to address credit issues. Ben Tre reported 2024 GRDP growth of 5.68% and set an 8% target for 2025, planning to expand organic coconut cultivation, high-tech shrimp farming, and industrial and renewable energy projects. The Governor noted a projected 6.28% GRDP increase in Q1 2025 as a basis for achieving the annual target.
HM Treasury’s Office of Financial Sanctions Implementation (OFSI) fined Herbert Smith Freehills CIS LLP (HSF Moscow) GBP 465,000 for breaching UK financial sanctions on Russia. The penalty concerns six payments totaling GBP 3,932,392.10 to designated persons under asset freeze, including Alfa-Bank JSC, PJSC Sovcombank, and PJSC Sberbank. HSF London disclosed the breaches, resulting in a 50% penalty reduction, with OFSI clarifying no fault with London.
The European Central Bank's Economic Bulletin introduces a new euro area labour demand indicator from corporate earnings call transcripts to nowcast and forecast the job vacancy rate. Findings indicate cooling labour demand since early 2022, with the job vacancy rate projected to decline modestly from 2.5% in early 2025 to 2.4% by the third quarter. Alternative data from Indeed job postings corroborate these forecasts, showing a steady decline in vacancies since late 2023.
The European Central Bank's Economic Bulletin research examines AI's impact on data centre electricity demand and energy markets. It finds limited pressure on natural gas and mineral prices but highlights potential electricity price pressures in countries with supply and interconnection constraints. AI-driven data centres are expected to significantly increase electricity consumption, posing challenges in areas with high data centre concentration and limited interconnection capacity.
The European Central Bank's Economic Bulletin shows renewed tightening in bank credit supply to euro area firms in Q4 2024, despite subdued loan demand. Both the euro area bank lending survey and the survey on the access to finance of enterprises indicate higher credit risks, driven by economic and firm-specific outlooks, are key factors. While interest rates declined, tighter collateral requirements and non-interest financing costs contributed to the tightening, with loan demand weak since end-2022.
The Financial Consumer Agency of Canada announced that 13 federally regulated financial institutions, including Canada's six largest banks, have signed a modernized Commitment on Low-Cost and No-Cost Accounts. The updated commitment aims to offer low-cost accounts priced at no more than CAD 4 per month and expand access to no-cost accounts by December 2025. Eligibility for CAD 0 accounts will include newcomers to Canada in their first year and other selected groups, with institutions required to display account information prominently and train staff. FCAC will oversee compliance.
The Financial Consumer Agency of Canada (FCAC) released findings from a review on electronic alerts by federally regulated small and medium-sized banks (SMSBs) under Canada’s Financial Consumer Protection Framework. Issues like delayed alerts and incomplete information were identified, prompting FCAC to mandate corrective actions from SMSBs. FCAC expects all federally regulated financial institutions, including Canada's largest banks, to address deficiencies highlighted in the report.
Kosovo's Ministry of Finance, Labour and Transfers, with the IMF and Central Bank of Kosovo, completed two IMF programmes: a EUR 100 million Stand-By Arrangement and an EUR 80 million Resilience and Sustainability Facility. These supported macroeconomic stability, reforms, and renewable energy, with Kosovo being the first in the region to benefit from the RSF. The IMF noted high economic growth, low inflation, and a stable financial sector, while the Central Bank ensured financial stability and met key objectives.
The Financial Supervisory Authority of Norway released an inspection report on Romsdalsbanken, highlighting rapid growth in lending, high property-sector exposure, and concentration risk. Key findings include weak credit risk management, governance deficiencies, and inadequate IFRS 9 provisions. The bank has since updated routines and increased provisions, with the authority requesting further documentation for follow-up.
Norway's Financial Supervisory Authority inspection of Eiendomsmegler A AS revealed significant deficiencies in ICT governance, risk management, client money security, and AML frameworks. Issues included inadequate ICT procedures, insufficient fraud risk assessments, weak client money security measures, and gaps in AML risk assessments and procedures. The report highlighted the need for improved governance, documentation, and adherence to regulatory standards.
The Norwegian Financial Supervisory Authority's report on Holberg Fondsforvaltning AS identified deficiencies in the presentation of price information for securities funds in digital marketing. The review found that promotional information overshadowed essential price details, contrary to regulatory expectations. Holberg has since corrected these issues, and the authority has requested the firm to share the report with its auditor and depositary.
Payments Canada released a Payments Academy video on ISO 20022, an international financial messaging standard enhancing payment processing with richer, structured information. The video educates banks, businesses, and customers on the benefits of ISO 20022-enabled payments, highlighting improved efficiency and data quality. Payments Canada also emphasized its leadership in adopting ISO 20022 in Canada and managing usage guidelines in line with global standards.
Governor Gent Sejko of the Bank of Albania discussed innovation's impact on financial services, noting digital payments' growth and initiatives like joining SEPA and implementing open banking under PSD2. Digital payments per capita rose from 2 in 2015 to 23 in 2024, with financial inclusion at 78%. The Bank is preparing for SEPA transactions by October 2025 and has authorised two electronic money institutions for open banking.
The Federal Reserve Board issued a cease and desist order against Frankewing Bancshares, Inc. and imposed a civil money penalty on Bank of Hawaii for flood insurance violations.
The CFTC's Market Participants Division clarified financial reporting for Japanese nonbank swap dealers under the substituted compliance framework. Condition 9 of the compliance order can be met by filing certain schedules of the Annual Business Report, adhering to translation, U.S. dollar conversion, and deadline requirements. This follows a request from the Securities Industry and Financial Markets Association.
The European Central Bank Banking Supervision reported a modest rise in aggregate capital ratios for significant institutions in Q4 2024, with stable asset quality but decreased profitability. The Common Equity Tier 1 ratio increased to 15.86%, while the loan-to-deposit ratio fell to its lowest since 2015. Non-performing loans declined, and funding conditions improved, despite a rise in stage 2 loans.
The Bank of Canada, via Governor Tiff Macklem, emphasized the impact of US tariffs on Canadian exports, investment, and inflation, reaffirming its 2% inflation target. It noted Alberta's vulnerability to energy tariffs and broader regional effects on steel, aluminum, and agriculture. The Bank plans to monitor tariff impacts, enhance models, and expand intelligence gathering, adopting a flexible approach to emerging risks.
The SEC's Division of Corporation Finance clarified that proof-of-work "Protocol Mining" of certain "Covered Crypto Assets" on public networks is not subject to federal securities laws’ offer-and-sale framework. These activities don't require registration under the Securities Act of 1933, as they are payments for validation services, not profits from others' efforts. Determinations are fact-specific and may vary with different compensation structures or pool operator conduct.
U.S. Securities and Exchange Commission Commissioner Caroline A. Crenshaw criticized a staff interpretation on proof-of-work crypto mining, stating it lacks clarity and should not exclude mining from federal securities laws. Crenshaw argued the interpretation assumes miners act solely for rewards without expecting profits from others' efforts and noted it applies only to PoW generally, not specific protocols. She emphasized that a definitive determination requires a Howey analysis and highlighted the recent increase in non-binding guidance and the launch of a Crypto Task Force.
China Securities Regulatory Commission Chair Wu Qing met with Temasek Holdings CEO Dilhan Pillay Sandrasegara in Beijing to discuss macroeconomic and financial conditions, Temasek’s investment in China, and green finance.
Argentina Securities Commission (CNV) director Sonia Salvatierra participated in the IOSCO Retail Investors Committee meeting in Madrid, discussing financial education and retail investor protection. She presented Argentina's proposal for the next C8 plenary session in Buenos Aires and emphasized collaboration with IOSCO. Salvatierra also met with Spain's CNMV to discuss technology, digital transformation, and ESG standards in securities markets.
The Office of the Comptroller of the Currency (OCC) will cease examining reputation risk in its regulated institutions and remove related references from its guidance. This shift aims to focus supervision on risk management, fair customer treatment, and compliance with laws, clarifying that the OCC does not make business decisions for banks. The change does not affect expectations for prudent risk management in other areas.
The Office of the Comptroller of the Currency issued March 2025 enforcement actions, including a new cease and desist order for 42 North Private Bank due to unsafe practices, and prohibitions against former employees of NBT Bank and Citizens Bank for misconduct. Terminated orders include those for ICICI Bank's New York branch and Wells Fargo Bank, N.A. for previous compliance and operational deficiencies.
The National Bank of Moldova reported that new loans in February 2025 totaled MDL 6,327.6 million, a 10.6% increase from January, with 76.5% denominated in Moldovan lei. Loans with terms of two to five years were most popular, and legal entities borrowed MDL 4,114.7 million, up 13.1%. Average interest rates rose to 8.41% for lei loans and 5.69% for foreign currency loans.
At the “Future of Governance” conference, National Bank of Moldova Governor Anca Dragu emphasized the importance of independence, accountability, and transparency in the central bank's governance to ensure credibility and financial stability. Dragu highlighted democratic accountability to support independence and stressed transparency for public trust. She also prioritized capacity building in research and innovation to address emerging risks and modernize the bank.
The National Bank of Moldova reported that new term deposits reached MDL 4,583.4 million in February 2025, a 23.4% increase from January. Domestic-currency deposits rose 46.3% to MDL 3,491.3 million, while foreign-currency deposits decreased 17.8% to MDL 1,092.1 million. The average nominal rate for domestic-currency deposits increased to 4.10%, and the rate for foreign-currency deposits decreased to 1.49%.
The National Bank of Moldova reported that for January–February 2025, cumulative cash receipts at banks exceeded withdrawals by MDL 50.9 million. Total cash receipts increased by 2.0% year on year to MDL 26,824.7 million, while withdrawals rose by 3.4% to MDL 26,773.8 million. Notable changes included a 10.2% rise in cash paid into individuals’ accounts and a 70.0% increase in cash issued as loans to individuals.
At the Bank for International Settlements meeting, Argentina's Central Bank vice president, Vladimir Werning, highlighted the stabilisation programme's gains. The strategy involved cutting interest rates and transferring Central Bank liabilities to the Treasury, leading to rapid disinflation in 2024 and anchored inflation expectations by 2025. The programme's effects include reduced inflation tax, poverty reduction, increased private-sector credit, and higher equity and bond prices, supported by deregulation and fiscal austerity.
The Securities Commission of The Bahamas released its 2025 list of approved accounting firms and accountants authorized to conduct annual routine onsite examinations of Financial and Corporate Service Providers (FCSPs). The list includes BDO Bahamas, Deloitte & Touche Bahamas, EY (Bahamas) Service Ltd., KPMG Bahamas, Baker Tilly, Nexia, ECOVIS Bahamas, and C. A. Horton & Co.
The Spanish Securities Commission (CNMV) has authorized Borges International Group, S.L.U.'s delisting tender offer for Borges Agricultural & Industrial Nuts, S.A., targeting 2,495,655 shares at EUR 3.48 per share. The offer is unconditional, backed by a bank guarantee of EUR 8,684,879.40, and excludes 89.22% of shares held by the bidder and as treasury stock. The shares will be delisted once the transaction is settled.
The U.S. Department of the Treasury released a readout of the Financial Stability Oversight Council meeting, where Treasury Secretary Scott Bessent emphasized enhancing supervisory frameworks and removing reputational risk as a basis for criticism. Discussions included Treasury market resilience, cyber incident impacts, and the homeowners insurance sector's challenges post-natural disasters.
The Bulgaria Financial Supervision Commission made licensing decisions in insurance, investment schemes, REITs, and crowdfunding, including senior appointments and structural changes. Key approvals involved Tanya Teneva at Generali Insurance AD, Gergana Modeva–Ekzarova at Bulgaria Insurance Company AD, and board members at ELANA Agricultural Land Fund REIT. Afranga EOOD's crowdfunding licence was expanded to include payment services, and the Commission requested further information from MarketVision Finance Ltd and Bluesmart Investments AD.
The Angola Capital Markets Commission will host a Capital Markets Conference on 28 March 2025 to celebrate its 20th anniversary, focusing on regulation, innovation, and sustainability. The event will feature discussions on the consolidation of Angola’s capital market, with participation from key domestic and international stakeholders, including Angola’s Secretary of State for Finance and Treasury and representatives from BODIVA and CMVM.
The Croatian National Bank adopted a Decision on consumer lending criteria, introducing macroprudential limits to mitigate risks from strong household lending. Key measures include a debt service to income cap of 45% for housing loans and 40% for non-housing loans, a loan to value cap of 90% for consumer loans secured by immovable property, and maturity limits of 30 years for housing loans. Exemptions allow some loans to exceed these caps, primarily for housing needs, effective from 1 July 2025.
The Central Bank of Nicaragua reported a 3.6% real GDP growth for 2024, with nominal GDP reaching NIO 721,278.3 million (USD 19,694.0 million), an 11.2% increase from 2023. Key sector expansions included construction (18.1%) and hotels and restaurants (10.7%), while fishing and aquaculture contracted by 8.7%. GDP growth was driven by a 13.0 percentage point contribution from domestic demand, despite a 9.4 point subtraction from net external demand.
The Central Bank of Nicaragua reported a 3.7% year-on-year GDP growth for Q4 2024, up from 1.1% in the previous quarter. Growth was driven by construction, hotels and restaurants, and trade, while fishing, electricity, and livestock sectors contracted. Domestic demand strengthened with consumption and fixed investment rising, despite a decline in net external demand due to falling exports and rising imports.
The Hong Kong Insurance Authority reported the conviction of Aurex Insurance Brokers Limited by the Eastern Magistrates’ Courts for failing to submit audited financial statements on time, resulting in a fine of HKD 26,060. The Authority emphasized the importance of these documents in assessing regulatory compliance and noted potential fines for ongoing breaches.
Peru's Superintendency of the Securities Market outlined actions to enhance capital markets' role in corporate financing and expand domestic investment options. Initiatives include developing a sovereign bond ETF with World Bank support and a public-private programme to aid companies in accessing the securities market. Additional measures focus on SME financing with COFIDE's involvement and eliminating tax-driven regulatory arbitrage for consistent market operations.
The Central Bank of Cyprus released its Statistical Bulletin for January 2025, providing comprehensive monthly, quarterly, and annual economic statistics for Cyprus.
The Central Bank of Montenegro launched the WE Finance Code and the second cohort of its Women on Boards programme, supported by the European Bank for Reconstruction and Development and the Frankfurt School of Finance and Management. These initiatives aim to enhance women's access to finance and representation in corporate governance, aligning with the EU gender-balance directive. The WE Finance Code National Coalition is led by Deputy Prime Minister Nik Gjeloshaj and NLB Bank Management Board President Martin Leberle.
The Bank of Greece reported a central government cash balance surplus of EUR 836 million for January to February 2025, compared to EUR 346 million in the same period of 2024. Ordinary budget revenue increased to EUR 11,636 million from EUR 10,696 million, while expenditure rose to EUR 10,781 million from EUR 9,552 million year-on-year.
The Bank of Israel released updated inflation expectations, showing one-year inflation at 2.0% from capital-market breakevens, 2.1% from 12-month forecasts, and 2.3% from banks' internal rates and inflation contracts. Market-based forward measures indicate inflation at 2.2% in the second year, 2.4% in the third year, and 2.2% for years 5–10, with breakeven inflation calculated from the yield gap between unindexed and CPI-indexed government bonds.
The Bank of Israel's 2024 Annual Report assesses the economic impact of Türkiye's export embargo on Israel, concluding that market adjustments and alternative sourcing mitigated effects on Israel's economy despite a significant reduction in bilateral trade. The report highlights that while imports from Türkiye fell sharply, the overall impact on prices was modest due to diversified sourcing, particularly in sectors like cement.
The Hong Kong Insurance Authority published its Annual Report 2023-24, highlighting the implementation of the Risk-based Capital regime and development of the Insurance-linked Securities market. The report addresses external risks such as high interest rates and geopolitical tensions, emphasizing the need for a robust supervisory system. The report is available on the IA website for public feedback.
South Africa's National Credit Regulator (NCR) issued Circular 01 of 2025 detailing National Consumer Tribunal (NCT) judgments on debt counselling violations. The NCT cancelled the registration of CollectNet PDA and fined it ZAR 100,000, while also sanctioning four debt counsellors for false updates on the Debt Help System. Penalties included registration cancellations, fines, suspensions, and requirements for audits and consumer refunds.
The Belgium Financial Services and Markets Authority (FSMA) issued a renewed warning about fraudulent online trading platforms that entice investors with promises of quick earnings, often using fake celebrity endorsements. The FSMA advises consumers to avoid specific platforms, including Gas Folex and Immediate Apex, and provides guidance for victims to cease transactions, report fraud, and remain vigilant against recovery scams.
The Australian Securities & Investments Commission (ASIC) is reviewing the motor vehicle finance sector to improve consumer outcomes, focusing on regional and remote borrowers, including First Nations communities. The review will assess lender, broker, and intermediary conduct, especially regarding defaults, hardship, and disputes. Seven lenders will be examined initially, with more brokers and intermediaries to follow. Enforcement action will target misconduct in used car finance for vulnerable consumers. Existing proceedings involve Money3 Loans Pty Ltd and others. Initial insights will be published in the second half of 2025, followed by a detailed report.
The National Bank of Denmark's Annual Report 2024 shows a profit increase to DKK 17,132 million from DKK 10,575 million in 2023, driven by favorable market trends and positive returns on financial portfolios.
Tanzania's Ministry of Finance, with the Bank of Tanzania and other institutions, conducted financial literacy training in Butiama, stressing family consent before using family property as collateral. BoT's senior legal officer emphasized legal adherence when accepting family assets as security. The training also addressed risks for loan guarantors and encouraged community groups to generate profits to reduce reliance on high-interest loans.
The Central Bank of Peru confirmed that its banknote and coin issuances comply with legal and constitutional mandates, refuting claims of incorrect coat of arms usage. It highlighted Article 83 of Peru’s Constitution, which grants the State exclusive rights to issue currency through the central bank. Law No. 32251 introduces new provisions for the national coat of arms and motto on future currency series.
The Central Reserve Bank of El Salvador continued Global Money Week 2025 with activities to enhance financial education among students, including school visits and a technology-focused outreach initiative. Events featured a financial TikTok contest, with Emerson Cisneros and Josseline Sosa winning first place. Bank staff also conducted educational talks in Chalatenango and Cuscatlán.
The Securities and Exchange Commission of Pakistan released a concept note suggesting amendments to the Non-Banking Financial Companies framework to recognize non-banking microfinance services as a distinct business category. The proposals aim to provide tailored requirements, streamline compliance, and reduce regulatory overlap, addressing ambiguities between digital-only investment finance services and microfinance licenses.
The Securities and Exchange Commission of Pakistan has released a consultation paper on a proposed policy framework for companies issuing ordinary shares with varied rights. The framework aims to enhance corporate governance, shareholder protection, and capital market transparency by addressing share structures with differing voting power, dividend entitlements, and liquidation preferences. It emphasizes market transparency, fair price discovery, and proposes limits to mitigate governance imbalances and minority shareholder influence.
The People's Bank of China outlined its 2025 priorities at the payment and settlement work conference, focusing on risk prevention, supervision enhancement, and high-quality development in the payments sector. Key tasks include improving regulatory effectiveness, balancing costs and benefits to support the real economy, and advancing payment infrastructure compliance and innovation. The 2024 review noted progress in rulemaking, supervisory capability, service quality, and international exchange.
The National Credit Union Administration's latest Quarterly U.S. Map Review shows federally insured credit unions saw median growth in shares and deposits by the end of 2024, with loans outstanding unchanged and delinquency rates rising. National median assets rose by 0.9%, while shares and deposits grew by 0.8%. The median total delinquency rate increased to 69 basis points, and 86% of credit unions reported positive net income, slightly down from 87% the previous year.
The Bank of Italy released a joint letter from the Governors of the Bank of Italy, Bank of Spain, and Bank of France, along with the President of the Deutsche Bundesbank, to the European Commissioner for Financial Services, Maria Luís Albuquerque.
The National Association of Insurance Commissioners (NAIC) will hold its 2025 Spring National Meeting from March 23–26 in Indianapolis, featuring discussions on pre-disaster mitigation, cybersecurity frameworks, and Risk-Based Capital modernization. NAIC President Jon Godfread will deliver a keynote on March 24, highlighting priorities for the year. The agenda includes sessions on consumer protections, the Aggregation Method, and a special session on residual markets after recent natural disasters.
Norway's Ministry of Finance received a report recommending 18 measures to enhance digital payment system contingency, focusing on card and account-based payments during disruptions. Key proposals include strengthening BankAxept's contingency solution and establishing independent arrangements for banks' customer data and critical services. The ministry is evaluating these recommendations, aligning with the Payment Preparedness Committee's proposals and the government's proposal for a new law on digital operational resilience.
Germany's Federal Financial Supervisory Authority (BaFin) issued a collective administrative order standardizing reporting requirements for small insurance undertakings, pension funds, and certain public-law pension institutions. The order mandates quarterly and annual submissions using specific forms, filed electronically via BaFin’s MVP portal. The new regime applies from 31 March 2025, with exemptions for mutuals with capital investments not exceeding EUR 5 million.
The Bank of Portugal reported that the outstanding stock of debt securities issued by resident entities rose to EUR 307.6bn in February 2025, driven by net issuance in general government and the financial sector. Listed shares saw their largest monthly valuation increase since April 2024, totaling EUR 62.9bn. The report also highlighted 81 ESG debt securities valued at EUR 14.2bn and scheduled debt redemptions of EUR 44.7bn over the next 12 months.