Regxplora • Regulatory and Central Bank Updates • Page 478

2025-02-28ChileChile Financial Market Commission

Chile's Financial Market Commission opens call for papers for 100 Years of Banking Supervision conference

Chile's Financial Market Commission (CMF) invites submissions for its annual conference, “100 Years of Banking Supervision,” on June 26–27, 2025, at the University of Chile. The event will feature research presentations and discussions on financial system stability and banking supervision challenges. Selected papers will be peer-reviewed and discussed, but no financial support will be provided to researchers.

ResearchOther

2025-02-28RussiaCentral Bank of Russia

Central Bank of Russia reports 2024 microloan surge and sets out 2025 caps on microloan charges and concurrent expensive loans

The Central Bank of Russia's review shows a 50% growth in microloans in 2024, driven by MFOs linked to large marketplaces and banking-related groups. Measures to curb household over-indebtedness will be introduced from 2025, including reducing the cap on total interest and fees from 130% to 100% of the principal and limiting concurrent expensive microloans. The report highlights that 22% of MFO customers hold three or more microloans, representing nearly half of the consumer portfolio by outstanding balance.

Policy & regulationRules & requirementsLendingAsset quality

2025-02-28RussiaCentral Bank of Russia

Central Bank of Russia sets weekend trading parameters and requires Saturday and Sunday trades to be treated as an extension of Monday trading

The Central Bank of Russia has instructed exchanges to treat weekend trading as additional to Monday sessions, without providing clearing and settlement services on weekends. Exchanges are to set a price corridor with a 3% cap and floor relative to Friday prices and admit highly liquid shares to mitigate volatility. The central bank will monitor trading activity, pricing quality, and instrument range to evaluate potential scaling and further restrictions.

Policy & regulationGuidance & interpretationTrading

2025-02-28RussiaCentral Bank of Russia

Central Bank of Russia details new escrow account regime for single-family home construction effective 1 March 2025

The Central Bank of Russia has outlined a new federal-law-based procedure for using escrow accounts in single-family housing construction, effective 1 March 2025. This regime ensures contractors receive funds only after property title registration, with protections similar to those for multifamily building buyers. Escrow accounts must be with banks holding adequate credit ratings, and funds are insured up to RUB 10 million, supporting the Family Mortgage programme.

Policy & regulationRules & requirementsOther

2025-02-28CanadaCanadian Investment Regulatory Organization

Canadian Investment Regulatory Organization warns Canadians about account intrusion scams and issues a cybersecurity checklist

The Canadian Investment Regulatory Organization (CIRO) issued an investor alert during Fraud Prevention Month about "account intrusion" scams, where criminals access online investment accounts to trade or withdraw funds. These scams often start with emails or messages posing as urgent password updates from legitimate organizations. CIRO's campaign includes educational materials and advises investors to verify communications, enable multi-factor authentication, and report fraud to the Canadian Anti-Fraud Centre.

SupervisionAlertsFraud and scams

2025-02-28United StatesFederal Reserve Board

Federal Reserve Board to launch the 2025 Survey of Consumer Finances with results planned for late 2026

The Federal Reserve Board will commence its triennial Survey of Consumer Finances (SCF) in March 2025, gathering data on US household balance sheets, borrowing, and economic perceptions. Conducted by NORC at the University of Chicago, the survey will cover 119 geographic areas with results anticipated in late 2026. Responses will remain confidential, with personal information used solely for survey purposes.

Data & statisticsEconomic data and developments

2025-02-28United StatesFederal Reserve Board

Federal Reserve Board research finds the post-pandemic rise in credit card delinquencies largely tracks pre-pandemic drivers

The Federal Reserve Board's FEDS Note analyzes US credit card delinquency rates, finding post-pandemic increases align with pre-COVID-19 patterns, driven by riskier borrower credit availability and higher real revolving credit balances. The model, based on 2000–2019 data, predicts a 120 basis point rise in delinquencies from 2023:Q1 to 2024:Q3, close to the observed 125 basis points. It highlights potential pandemic-era credit score migration and cautions about unmeasured factors affecting outcomes.

ResearchCredit risk

2025-02-28United StatesFederal Reserve Board

Federal Reserve Board research introduces a Partner Similarity Index and finds China’s exports increasingly aligned with advanced-economy trade baskets

The Federal Reserve Board's FEDS Note examines China's trade evolution, noting a shift towards exporting sophisticated products akin to advanced economies. It introduces a "Partner Similarity Index" (PSI) to measure export-import alignment, showing increased export similarity with the euro area and Japan, while Chinese import similarity with the euro area declined. The note also observes a divergence between potential complementarity and actual trade outcomes post-2017, suggesting trade tensions may have influenced patterns.

Research

2025-02-28United StatesFederal Reserve Board

United States Federal Reserve Board research finds trade disruptions raise inflation with intermediate goods shocks more persistent

The U.S. Federal Reserve Board's FEDS Note finds that trade disruptions increasing trade costs lead to higher consumer price inflation, with intermediate goods disruptions causing more persistent inflation. A 10 percentage point rise in trade costs for intermediate goods raises CPI inflation by 0.3 percentage points in the first year, while final goods trade costs increase CPI inflation by 0.5 percentage points but with a shorter effect. U.S.–China trade tensions could elevate U.S. inflation by 0.5 percentage points, driven by intermediate input disruptions and slower GDP growth.

ResearchCross-border payments

2025-02-28GlobalFinancial Stability Board

Financial Stability Board calls for papers on how extreme weather events affect the financial system for CEBRA 2025

The Financial Stability Board is soliciting academic papers for a session on "The Impact of Extreme Weather Events on the Financial System" at the 2025 CEBRA Annual Meeting. The call emphasizes uncertainties in assessing future impacts due to timing, magnitude, non-linearity, and spillovers, and seeks submissions on financial-system effects, focusing on cross-border and cross-sectoral transmission channels.

ResearchClimate risk and sustainable finance

2025-02-28Bosnia and HerzegovinaRepublic of Srpska Securities Commission

Securities Commission of the Federation of Bosnia and Herzegovina initiates cooperation to amend public funds investment rules for municipal securities

The Securities Commission of the Federation of Bosnia and Herzegovina is working with the Federation of Municipalities and Cities to amend the Law on Investment of Public Funds, allowing local governments to invest surplus funds in securities from other municipalities and cities. The initiative also aims to enhance transparency and professionalize public funds management through systematic licensing of investment managers, ensuring legal compliance, reducing mismanagement risk, and protecting public funds.

Policy & regulationCooperationDomestic cooperation

2025-02-28United Arab EmiratesDubai Financial Services Authority

Dubai Financial Services Authority and UK Financial Conduct Authority publish GFIN report on consumer-facing AI in financial services

The Dubai Financial Services Authority and the UK Financial Conduct Authority published a Global Financial Innovation Network report on consumer-facing AI and machine learning in financial services. Based on discussions with over 40 regulators and stakeholders, it addresses supervisory considerations like transparency, governance, data privacy, and AI risks, while noting benefits such as improved financial inclusion. It suggests further cross-border collaboration, including a potential global AI sandbox and a formalised GFIN AI working group.

Policy & regulationImplementation, projects & pilotsArtificial intelligence

2025-02-28ChinaChina Securities Regulatory Commission

China Securities Regulatory Commission reports completing 424 National People’s Congress and CPPCC proposals and incorporating recommendations into capital market reforms

The China Securities Regulatory Commission (CSRC) processed 424 proposals from China's 2024 "Two Sessions," translating recommendations into capital market policies. Submissions emphasized supporting the real economy, enhancing market stability, and addressing illegal conduct. The CSRC highlighted senior-level oversight and comprehensive frameworks to prevent financial fraud and plans to refine proposal handling mechanisms in line with risk prevention and high-quality development goals.

Policy & regulationImplementation, projects & pilotsOther

2025-02-28ChinaChina Securities Regulatory Commission

China Securities Regulatory Commission alleges major financial fraud at Oriental Group and signals potential mandatory delisting

The China Securities Regulatory Commission (CSRC) released an update on its investigation into Oriental Group, revealing serious falsification in the company's 2020–2023 financial disclosures, potentially leading to compulsory delisting. The CSRC is expediting the investigation and will enforce coordinated administrative, civil, and criminal accountability for investor harm. The regulator emphasized strict adherence to the delisting regime for companies with major violations.

EnforcementInvestigations & enforcement actionsAccounting and financial reportingFraud and scams

2025-02-28United StatesU.S. Securities & Exchange Commission

U.S. Securities and Exchange Commission Commissioner Crenshaw backs enforcement staff and says SEC actions are the Commissioners’ responsibility

U.S. Securities and Exchange Commission Commissioner Caroline A. Crenshaw defended SEC enforcement staff, stating that responsibility for SEC actions lies with the presidentially appointed Commissioners. She referenced Commissioner Hester Peirce’s remarks that staff executed the Commission’s directives in an enforcement matter.

EnforcementEnforcement frameworkOther

2025-02-28ArgentinaArgentina Securities Commission (CNV)

Argentina Securities Commission chair outlines final VASP rulemaking and tokenization regime work at Fintech México Festival 2025

Argentina Securities Commission (CNV) chair Roberto E. Silva discussed the CNV's approach to tokenization and Virtual Asset Service Providers (PSAV) at the Fintech México Festival 2025. Silva noted Argentina lacks a dedicated crypto law, with the CNV regulating PSAV under Law No. 27,739, except when virtual assets qualify as negotiable securities. Efforts are ongoing to finalize PSAV rules and introduce a tokenization regime within the existing framework.

Policy & regulationGuidance & interpretationFintech and insurtechTokenization

2025-02-28ChinaChina Banking and Insurance Regulatory Commission

China Banking and Insurance Regulatory Commission former Fujian official Chen Yu placed under disciplinary review and supervisory investigation

Chen Yu, former head of the Changle regulatory group of the Fujian office of the China Banking and Insurance Regulatory Commission, is under investigation for suspected serious violations of discipline and law. The investigation is being conducted by the Discipline Inspection Commission of the Fujian Regulatory Bureau and Fuzhou’s discipline and supervision authorities.

EnforcementInvestigations & enforcement actionsBribery and corruption

2025-02-28AustraliaAustralian Prudential Regulation Authority

Australian Prudential Regulation Authority publishes December 2024 quarter aggregate insurance performance statistics

The Australian Prudential Regulation Authority published its quarterly industry aggregate insurance statistical reports for December 2024, detailing general, life, and private health insurance performance and statistics.

Data & statisticsFinancial and market indicatorsSupervisory data

2025-02-28AustraliaAustralian Prudential Regulation Authority

Australian Prudential Regulation Authority releases January 2025 Monthly Authorised Deposit-taking Institution Statistics

The Australian Prudential Regulation Authority released its Monthly Authorised Deposit-taking Institution Statistics for January 2025, accessible on the APRA website.

Data & statisticsSupervisory data

2025-02-28MoldovaNational Bank of Moldova

National Bank of Moldova updates the bank recovery and resolution law to standardise legislative cross-references

The National Bank of Moldova updated the law on bank recovery and resolution to standardize references to other legal acts, aligning with Law No. 314/2024. The amendments change citation formats to "Law No. X/YYYY," effective from 28 February 2025. This affects references to several laws, including Law No. 139/2012 and Civil Code No. 1107/2002.

Policy & regulationRules & requirementsRecovery and resolution

2025-02-28MacaoMonetary Authority of Macao

Monetary Authority of Macao reports 2024 Financial Reserve investment income of MOP30.95 billion and 5.3% annual return

The Monetary Authority of Macao reported a 2024 investment income of MOP30.95 billion for the Macao SAR Financial Reserve, with a 5.3% annual return, bringing total capital to MOP616.21 billion. This performance was due to diversified asset allocation amid easing inflation and policy rate cuts, focusing on high-quality, stable-return assets. For 2025, it plans to manage the reserve with a focus on downside risk control and secure, liquid investments amid ongoing market uncertainties.

Data & statisticsFinancial and market indicatorsMonetary data

2025-02-28BurundiBank of the Republic of Burundi

Bank of the Republic of Burundi calls on local authorities and police to intensify monitoring of community financial groups amid illegal deposit-taking

The Bank of the Republic of Burundi and the Ministry of the Interior convened officials to enhance supervision of community financial groups amid rising illicit practices. The central bank highlighted violations like unauthorized deposit-taking and excessive credit extension, reiterating legal limits and potential penalties, including licence withdrawal. Discussions also covered unrecognized Ponzi schemes and cryptocurrencies, with calls for practical monitoring tools and potential registration guarantees.

SupervisionCooperationUnlicensed or unauthorized activity

2025-02-28IndiaInsurance Regulatory and Development Authority of India

Insurance Regulatory and Development Authority of India permits insurers to hedge equity portfolios using exchange-traded stock and index futures and options

The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines permitting insurers to use equity derivatives for hedging equity portfolios to manage market volatility. Insurers can engage in stock and index futures and options, subject to exposure limits, but OTC equity derivatives are prohibited. Insurers must have Board-approved hedging policies, risk management procedures, and submit quarterly reports to IRDAI.

Policy & regulationGuidance & interpretationRisk managementMarket risk and volatility

2025-02-28United StatesU.S. Department of the Treasury

U.S. Department of the Treasury co-convenes 21st Counter ISIS Finance Group meeting spotlighting terrorist use of virtual asset service providers

The U.S. Department of the Treasury released a joint statement from the Counter ISIS Finance Group co-leads after their 21st meeting, emphasizing priorities to disrupt ISIS financing and address risks with virtual assets. The statement calls for enhanced cross-border coordination and collaboration with the private sector to detect and disrupt terrorist financial networks. Participants highlighted the use of cash couriers, hawalas, and virtual asset service providers, urging improved information-sharing and strengthened AML/CFT measures in line with Financial Action Task Force standards.

Policy & regulationCooperationOther

2025-02-28BarbadosCentral Bank of Barbados

Central Bank of Barbados reports IMF mission confirms end-December EFF targets were met and reforms are advancing

The Central Bank of Barbados reported on the IMF's mission to assess Barbados' economic performance and prepare for the final review of the Extended Fund Facility and Resilience and Sustainability Facility programs. The IMF noted strong fiscal performance, with a primary balance of 5.3% of GDP and progress on structural reforms, including customs administration and public-private partnership frameworks. Barbados remains on track to meet its fiscal target of 3.8% of GDP for FY2024/25.

Policy & regulationPeer reviews and country evaluationsEconomic data and developments

2025-02-28CaribbeanEastern Caribbean Central Bank

Eastern Caribbean Central Bank to host 9th Growth and Resilience Dialogue on 10–11 April 2025

The Eastern Caribbean Central Bank (ECCB) will host the 9th annual Growth and Resilience Dialogue on 10-11 April 2025 in Basseterre, St. Kitts, focusing on sustainable tourism, sports investments, data innovation, and electric vehicle adoption in the Organisation of Eastern Caribbean States. Speakers include ECCB Governor Timothy N.J. Antoine and World Bank lead economist Nataliya Mylenko. The public can register for free virtual access, with the event held in partnership with the OECS Commission, the World Bank, and The University of the West Indies.

Policy & regulationOtherClimate risk and sustainable finance

2025-02-27LuxembourgCentral Bank of Luxembourg

Central Bank of Luxembourg reports sharp fall in consumer confidence in February 2025

The Central Bank of Luxembourg reported a significant decline in the consumer confidence indicator to -12 in February 2025 from -8 in January. This drop was primarily due to worsening expectations for the general economic situation and past household finances, while future financial expectations and major purchase intentions saw slight declines.

Data & statisticsEconomic data and developments

2025-02-27United StatesFederal Reserve Board

Federal Reserve Board publishes research using transaction-level import data to map how supply chains are organized across sectors

The Federal Reserve Board released a research paper analyzing US importing firms' supply chain organization using transaction-level import data and the sellers per shipment (SPS) metric. The study links high SPS with spot-market purchasing and low SPS with long-term supplier relationships, highlighting sector-level variations. It confirms that shipping characteristics align with the sourcing model from Heise et al. (2021), validating SPS as an organizing metric.

ResearchOther

2025-02-27South AfricaNational Treasury (South Africa)

National Treasury (South Africa) publishes G20 finance chiefs chair’s summary after no communique agreed

National Treasury (South Africa) released the Chair’s Summary of the G20 Finance Ministers and Central Bank Governors meeting in Cape Town, highlighting discussions on global economic outlook, financial architecture, and sustainable finance. Key topics included macroeconomic policy challenges, strengthening multilateral development banks, IMF quota realignment, and financial sector reforms. The summary noted progress on international taxation and outlined next steps, including upcoming meetings and deliverables under the Joint Finance and Health Task Force.

Policy & regulationCooperationClimate risk and sustainable finance

2025-02-27ColombiaCentral Bank of Colombia

Central Bank of Colombia requires foreign exchange market intermediaries to provide exchange declarations and external credit reports on request

The Central Bank of Colombia issued a circular requiring foreign exchange intermediaries to provide specific documentation to customers upon request, including foreign exchange declarations and external credit reports confirmed by Banco de la República. The circular targets Banco de la República’s offices, intermediaries, and individuals involved in foreign exchange and international investment operations.

Policy & regulationRules & requirementsForeign exchange policy and markets

2025-02-27CyprusCentral Bank of Cyprus

Central Bank of Cyprus extends reduced lawyers’ fee application deadline to 31 December 2025 for resolution and securities lawsuits

The Central Bank of Cyprus has extended the deadline to 31 December 2025 for individuals and entities involved in lawsuits related to the resolution and securities issues of Bank of Cyprus and Laiki Bank to apply for reduced lawyers’ fees. Eligibility criteria and application details are outlined in previous announcements from July 2023.

Policy & regulationRules & requirementsRecovery and resolution

2025-02-27CyprusCentral Bank of Cyprus

Central Bank of Cyprus releases January 2025 MFI deposits and loans statistics showing net declines in both

The Central Bank of Cyprus reported a net decrease in Monetary Financial Institutions deposits by EUR 111.3m and loans by EUR 45.6m for January 2025. The annual growth rate of total deposits rose to 6.9%, with deposits outstanding at EUR 55.7bn, while the annual growth rate of total loans increased to 3.2%, with loans outstanding at EUR 25.4bn. Notably, loans to Cyprus residents increased by EUR 52.6m, driven by a rise in lending to non-financial corporations.

Data & statisticsMonetary data

2025-02-27United Arab EmiratesDubai Financial Services Authority

Dubai Financial Services Authority reports 31% increase in 2024 authorisations adding 135 firms and taking regulated entities above 900

The Dubai Financial Services Authority reported a 31% increase in authorised firms in 2024, bringing the total to over 900 in the Dubai International Financial Centre. It authorised 135 new entities, approved 946 individuals, and registered 17 Designated Non-Financial Business or Professional corporate services providers. The DFSA also enhanced market engagement with 23 outreach sessions and four roundtables.

SupervisionAuthorisations & approvalsLicence approval

2025-02-27GreeceBank of Greece

Bank of Greece reports faster annual credit growth and a January drop in private sector deposits

The Bank of Greece reported that annual growth in total credit to the domestic economy increased to 7.1% in January 2025, while total deposits growth eased to 4.3%. Despite a monthly net outflow of EUR 1.671 billion, private sector credit accelerated to 10.0% year on year. Corporate credit saw a monthly net outflow of EUR 1.424 billion, with annual growth rising to 15.9%.

Data & statisticsMonetary data

2025-02-27KosovoCentral Bank of the Republic of Kosovo

Central Bank of the Republic of Kosovo discusses SEPA pre-application and payments modernisation with GIZ Kosovo

Governor Ahmet Ismaili of the Central Bank of Kosovo met with David Oberhuber of GIZ Kosovo to discuss financial sector developments and central bank reforms. Topics included SEPA membership pre-application, payment system modernization, and cooperation with German authorities on international reserves management. They also explored projects on digitizing payments, automated cash management, and enhancing financial inclusion and education.

Policy & regulationCooperationDomestic cooperation

2025-02-27AustraliaAustralian Securities & Investments Commission

Australian Securities & Investments Commission suspends Vestiuum CSF Pty Ltd’s AFS licence until 19 August 2025

The Australian Securities & Investments Commission (ASIC) has suspended the Australian financial services licence of Vestiuum CSF Pty Ltd until 19 August 2025, following its cessation of operations in December 2021. The suspension allows Vestiuum time to relaunch its business. Licensed since January 2019, Vestiuum was authorized to provide general product advice and crowd-funding services. It may seek a review of ASIC's decision by the Administrative Review Tribunal.

SupervisionAuthorisations & approvalsLicence withdrawal

2025-02-27AustraliaAustralian Securities & Investments Commission

Australian Securities & Investments Commission sets out 2025 work program at Senate estimates including CEO transition and markets discussion paper

ASIC outlined its 2025 work program at the Senate Economics Legislation Committee hearing, noting senior executive changes, market work, simplification efforts, and enforcement priorities. Scott Gregson will become CEO on 17 March, with Amy Nichol as General Counsel. ASIC released a discussion paper on market regulation, seeking feedback. Enforcement actions rose by over 20%, focusing on consumer protection and insider trading.

Policy & regulationReform agendas & prioritiesOther

2025-02-27AustraliaAustralian Securities & Investments Commission

Australian Securities & Investments Commission obtains interim Federal Court asset freeze on adviser Ferras Merhi pending 4 April hearing

The Australian Securities & Investments Commission (ASIC) has obtained interim Federal Court orders to freeze assets of Melbourne-based financial adviser Ferras Merhi amid an investigation into his involvement with managed investment schemes, including the Shield Master Fund. Mr. Merhi controls Venture Egg Financial Services Pty Ltd and United Financial Advice Pty Ltd and is an authorised representative of Interprac Financial Planning Pty Ltd, with both entities holding Australian Financial Services Licences. The freezing orders are effective until a final court hearing on 4 April 2025.

EnforcementInvestigations & enforcement actions

2025-02-27AustraliaAustralian Securities & Investments Commission

Australian Securities & Investments Commission obtains Federal Court interim asset freeze over assets of former Aus Super Compare and Atlas Marketing director Osama Saad

The Australian Securities & Investments Commission (ASIC) has obtained interim Federal Court orders to freeze assets of Osama Saad, former director of Aus Super Compare Pty Ltd and Atlas Marketing Pty Ltd, amid an ongoing investigation into managed investment schemes, including the Shield Master Fund. The orders are effective until 4 April 2025, with a final hearing on the same date to determine their continuation.

EnforcementInvestigations & enforcement actions

2025-02-27RwandaRwanda Capital Markets Authority

Rwanda Capital Markets Authority CEO outlines revamped collective investment schemes to widen fintech access to private capital

Rwanda Capital Markets Authority CEO Thapelo Tsheole emphasized the capital market's role in closing fintech funding gaps at the Inclusive FinTech Forum, linking private investment to a secure regulatory environment. Tsheole highlighted the need for stronger local networks and fintech solutions to mobilize funds, alongside market reforms like revamped collective investment schemes. The Authority plans to advance regulatory frameworks and engage stakeholders to build the capital market.

Policy & regulationReform agendas & prioritiesFintech and insurtechMarket development

2025-02-27TanzaniaTanzania Insurance Regulatory Authority

Tanzania Insurance Regulatory Authority urges Kigoma officials to strengthen insurance education to support universal health insurance

The Tanzania Insurance Regulatory Authority (TIRA) is urging public officials in Kigoma to enhance insurance education and promotion to support universal health insurance implementation. Commissioner Dr. Baghayo Saqware emphasized the importance of insurance awareness and called for officials to act as "insurance ambassadors" to improve accessibility and enrolment.

Financial literacy & educationFinancial literacy and education

2025-02-27UkraineUkraine National Commission on Securities and Stock Market

Ukraine National Commission on Securities and Stock Market outlines phased plan for Freedom Finance Ukraine clients including unified database, audit and sanctions screening

The Ukraine National Commission on Securities and Stock Market met with Freedom Finance Ukraine LLC clients to discuss legal and supervisory processes, including inspections and sanctions. The Commission addressed OZDP holdings and restructuring issues and highlighted a document for creating a client asset database. Upcoming steps involve approving an audit document and a list of clients exempt from sanctions, followed by procedures for fund and securities distribution.

Policy & regulationImplementation, projects & pilotsSupervision process and methodologies

2025-02-27United Arab EmiratesCentral Bank of the UAE

Central Bank of the UAE announces readiness to activate Jaywan as the UAE’s first domestic card scheme

Al Etihad Payments, a Central Bank of the UAE subsidiary, announced the UAE's financial infrastructure is ready to activate Jaywan, the first domestic card scheme, for local and global use. Jaywan cards will be mono-badge for the UAE and GCC, and co-badge with international schemes for broader acceptance, processed via UAESWITCH to reduce costs. Agreements with Discover, Mastercard, Visa, UnionPay, and Samsung Gulf Electronics support international use, with plans for Google Pay, Apple Pay, and bilateral agreements with India by mid-2025.

Policy & regulationImplementation, projects & pilotsPayments and payment systems

2025-02-27UkraineUkraine National Commission on Securities and Stock Market

Ukraine National Commission on Securities and Stock Market clarifies internal audit requirements for joint-stock companies

Ukraine’s National Commission on Securities and Stock Market clarified the application of Article 109 of the Law "On Joint Stock Companies," focusing on internal audits. The guidance mandates when companies must establish an internal audit service, outlines audit expectations, and specifies the reporting format for public disclosure. The clarification is now in effect.

Policy & regulationGuidance & interpretationAuditing

2025-02-27AngolaAngola Insurance Authority (ARSEG)

Angola Insurance Authority publishes complaints report for second half of 2024

The Angola Insurance Authority (ARSEG) released its complaints report for the second half of the 2024 financial year.

Data & statisticsComplaints and dispute resolution

2025-02-27NetherlandsDutch Authority for the Financial Markets

Dutch Authority for the Financial Markets publishes stakeholder research pointing to demand for more tailored and less legalistic supervision

The Dutch Authority for the Financial Markets (AFM) found strong support for its supervisory role but needs more tailored engagement and clearer expectations. The study emphasized market integrity, consumer protection, and priorities like the Digital Operational Resilience Act and sustainability. The AFM is addressing these by enhancing expectation management, improving communication, and redesigning interactions with financial service providers.

SupervisionSupervision approach, priorities & toolkitOther

2025-02-27EcuadorSuperintendencia de Bancos de Ecuador

Ecuador's Superintendency of Banks outlines strategic agenda and warns against eight unauthorised entities

Ecuador's Superintendency of Banks, led by Superintendent Roberto Romero von Buchwald, emphasized financial stability, inclusion, and supervisory efficiency. The regulator warned against eight unauthorized entities and engaged stakeholders on cybersecurity and financing access. Meetings with compliance officers focused on anti-money laundering strategies and international standards adherence.

SupervisionSupervision approach, priorities & toolkitSupervision process and methodologiesAML and CFT

2025-02-27IrelandCentral Bank of Ireland

Central Bank of Ireland fines Cantor Fitzgerald Ireland Limited EUR 452,790 for Market Abuse Regulation STOR reporting failures

The Central Bank of Ireland fined Cantor Fitzgerald Ireland Limited EUR 452,790 for breaching Article 16(2) of the EU Market Abuse Regulation due to failures in reporting suspicious transactions from March 2017 to June 2023. The investigation revealed inadequate surveillance and reporting systems, including an ineffective STOR committee and incomplete documentation. Cantor has since remediated these issues, and the Central Bank concluded the enforcement action, urging firms to review their STOR reporting practices.

EnforcementInvestigations & enforcement actionsMarket abuse

2025-02-27Costa RicaCentral Bank of Costa Rica

Central Bank of Costa Rica tightens identity verification to curb misuse of the Tarjeta de Ciudadano de Oro on public transport

The Central Bank of Costa Rica announced stricter controls on the Tarjeta de Ciudadano de Oro (TCO) to ensure the senior fare discount is used only by eligible adults aged 65 and over. The TCO, a debit card for older adults in public transport, has been misused, prompting measures such as identity verification by drivers. Misuse of the TCO increases costs for other passengers under the current fare-setting scheme.

Policy & regulationGuidance & interpretationOther

2025-02-27PakistanSecurites & Exchange Commission of Pakistan

Securities and Exchange Commission of Pakistan holds online consultations on proposed research analyst rule changes and corporate briefing sessions

The Securities and Exchange Commission of Pakistan held online consultations to review the Research Analyst Regulations and improve Corporate Briefing Sessions (CBS). Proposed amendments aim to align with international standards, clarify ambiguities, and enhance research report objectivity. Feedback from these sessions will inform further refinement of both the regulations and the CBS framework.

Policy & regulationRules & requirementsCorporate governance

2025-02-27AlgeriaAlgeria Market Authority (COSOB)

Algeria Market Authority holds Oran event on alternative finance and grants Yinvesti crowdfunding platform approval

The Algeria Market Authority held an information day in Oran on corporate financing through capital markets, private equity and crowdfunding. At the event, it granted approval to the Yinvesti platform, creating a crowdfunding funding route for emerging companies, small businesses and project sponsors. COSOB also used the event to underline the need to diversify business financing sources and to highlight 2024 market results.

SupervisionAuthorisations & approvalsCrowdfunding

2025-02-27AlgeriaAlgeria Market Authority (COSOB)

Algeria Market Authority presents stock market private equity and crowdfunding financing options at Oran information day

The Algeria Market Authority participated in an Oran information day on financing the national economy and used the event to present alternative financing channels. Its officials explained stock market financing, listing requirements and crowdfunding, while a separate presentation covered private equity as a funding tool for small and medium-sized enterprises.

Financial literacy & educationCrowdfundingMarket development

2025-02-27MonacoMinistry of Finance & Economy (Monaco)

Monaco’s Coordination and Monitoring Committee takes stock of post grey list progress and prepares its first Financial Action Task Force follow up report

Monaco's Coordination and Monitoring Committee reviewed progress on its national strategy against money laundering and related issues following its placement on the Financial Action Task Force (FATF) grey list. Chaired by Isabelle Berro-Amadeï, the committee confirmed Monaco is preparing its first follow-up report for the FATF. The progress will be discussed with the FATF International Cooperation Review Group.

Policy & regulationImplementation, projects & pilotsAML and CFT

2025-02-27GeorgiaInsurance State Supervision Service of Georgia

Insurance State Supervision Service of Georgia participates in CESEE insurance supervisors meeting and will host the next session

The Insurance State Supervision Service of Georgia participated in the 23rd CESEE meeting in Hungary, discussing insurance oversight priorities such as ORSA, IFRS 17 challenges, and crypto asset investment risks. The Georgian delegation, led by Davit Onoprishvili, engaged in bilateral meetings with regional counterparts to explore regulatory cooperation. Georgia will host the 24th CESEE meeting, involving 20 countries.

SupervisionCooperationCross-border cooperation

2025-02-27ItalyBank of Italy

Bank of Italy publishes Chiara Scotti speech on threat-led penetration testing from TIBER-IT to DORA TLPT rules

The Bank of Italy shared introductory remarks by Deputy Director General Chiara Scotti at a conference on threat-led penetration testing, highlighting the shift from TIBER-IT to TLPT under the DORA Regulation. The event in Rome included discussions with Consob and Ivass on the evolution of TIBER-IT and the new regulatory context. The Bank also provided the speech text and conference programme in PDF and ePub formats.

Policy & regulationGuidance & interpretationCyber resilience

2025-02-27ItalyBank of Italy

Bank of Italy gives parliamentary evidence on proposals to tighten banks’ obligation to contract and rules on exiting current account relationships

Ida Mercanti, Deputy Head of the Bank of Italy’s Banking and Financial Supervision Department, addressed the Chamber of Deputies’ VI (Finance) Committee regarding proposed legislative changes. The bills aim to introduce a new Article 1857-bis in the Civil Code and amend Article 33 of the Consumer Code concerning banks' contractual obligations and withdrawal from current account relationships.

Policy & regulationRules & requirementsOther

2025-02-27ItalyBank of Italy

Bank of Italy publishes Q4 2024 housing market survey showing firmer price pressures and record-high sales activity

The Bank of Italy's Q4 2024 Housing Market Survey shows rising house prices due to tighter market conditions and increased transactions compared to 2023. Stronger demand, improved credit access, and limited supply drive these trends, while rental market assessments hit record highs due to robust demand and scarce supply. Expectations for price increases have strengthened for the current quarter and over a two-year horizon.

ResearchOther

2025-02-27United StatesNational Credit Union Administration

National Credit Union Administration reports the Share Insurance Fund earned USD 78.6 million in Q4 2024 with a 1.30% equity ratio

The National Credit Union Administration Board reported the National Credit Union Share Insurance Fund's Q4 2024 performance, noting a net income of USD 78.6 million and an equity ratio of 1.30%. Assets increased by USD 924.6 million due to reduced unrealized losses and higher interest revenue. The fund incurred USD 2.03 million in losses from three federally insured credit union failures.

Data & statisticsActivity and performance reporting

2025-02-27ItalyBank of Italy

Bank of Italy housing market survey signals strengthening upward pressure on prices and rents in 2024 Q4

The Bank of Italy's Italian Housing Market Survey for Q4 2024 shows strengthened signs of rising house prices amid stable assessments. The survey highlights buoyant market conditions, with increased transactions, low discounts on asking prices, and short market times, driven by recovering demand and weak supply. Improved credit access and a preference for short-term rentals are also influencing rent increases and sales dynamics.

Data & statistics

2025-02-27LuxembourgLuxembourg Commission de Surveillance du Secteur Financier

Luxembourg Commission de Surveillance du Secteur Financier reports UCI net assets rose 1.88% to EUR 5,929.317bn at end-January 2025

The Luxembourg Commission de Surveillance du Secteur Financier reported that net assets of Luxembourg UCIs, specialised investment funds, and SICARs rose to EUR 5,929.317bn as of 31 January 2025, marking an 11.32% increase over the past year. The monthly asset increase of EUR 109.229bn was driven by positive net capital investment and financial market effects. The number of UCIs decreased to 3,128, with notable inflows into US and Eastern European equities and global money market bonds.

Data & statisticsFinancial and market indicators

2025-02-27EuropeEuropean Banking Authority

European Banking Authority accepts European Commission amendments to MiCAR technical standards for asset-referenced token authorisations while urging Level 1 changes

The European Banking Authority (EBA) published an Opinion on the European Commission's proposed amendments to the EBA's draft Regulatory Technical Standards under the Markets in Crypto-Assets Regulation (MiCAR). While accepting the changes, the EBA urged the Commission to amend MiCAR’s Level 1 text to include requirements for a market abuse policy, independent third-party audits of distributed ledger technology, and a comprehensive concept of good repute. The EBA's next step is to invite the Commission to consider these amendments at the next available opportunity.

Policy & regulationGuidance & interpretationStablecoins

2025-02-27LithuaniaBank of Lithuania

Bank of Lithuania publishes January 2025 MFI balance-sheet and interest-rate data with household deposits down EUR 630.8 million and household loan rates falling to 5.57%

The Bank of Lithuania reported a contraction in household deposits and growth in lending to households and non-financial corporations for January 2025. Household deposits decreased by EUR 630.8 million, while loans to households and non-financial corporations increased by EUR 185.2 million. Interest rates on new household deposits and loans declined, whereas rates on new loans to non-financial corporations rose.

Data & statisticsFinancial and market indicatorsMonetary data

2025-02-27UkraineNational Bank of Ukraine

National Bank of Ukraine reports Supreme Court ruling confirms PrivatBank nationalization cannot be reversed

The National Bank of Ukraine announced the Supreme Court dismissed Igor Kolomoisky's appeal, affirming the closure of proceedings challenging PrivatBank's state resolution. This ruling confirms the bank's nationalization is irreversible and validates actions under Law of Ukraine No. 590-IX. The decision follows legal affirmations regarding PrivatBank's insolvency and state recapitalization exceeding UAH 155 billion.

Policy & regulationGuidance & interpretationOther

2025-02-27UkraineNational Bank of Ukraine

Supreme Court upholds National Bank of Ukraine decision to revoke FINOD LLC licenses and remove it from the state register

The National Bank of Ukraine (NBU) announced that the Supreme Court upheld the NBU's decision to revoke FINOD LLC's licenses and remove it from the State Register of Financial Institutions, confirming the legality of these actions. The court found FINOD LLC failed to meet document submission requirements under NBU Board Resolution No. 177, hindering the NBU's ability to assess compliance with Ukrainian law. The ruling is final and highlights the NBU's authority to enforce compliance and mitigate risks in the non-bank financial sector.

EnforcementInvestigations & enforcement actionsLicensing and supervisory fees

2025-02-27PortugalBank of Portugal

Bank of Portugal publishes January 2025 bank lending and deposit statistics showing accelerating mortgage growth and slowing household deposit growth

The Bank of Portugal reported housing loans to individuals grew 4.1% year on year through January 2025, continuing a 13-month acceleration trend, while household deposit growth slowed to 6.8%. Total lending to individuals increased 4.7% year on year, with consumer credit growth at 7.3%. Lending to non-financial companies rose 1.3% year on year, with positive growth for micro and large firms but declines for small and medium-sized enterprises.

Data & statisticsFinancial and market indicatorsSupervisory data

2025-02-27AustraliaAustralian Transaction Reports and Analysis Centre (AUSTRAC)

Australian Transaction Reports and Analysis Centre financial intelligence supports arrest in 40 kg meth and cocaine import case

AUSTRAC reported its intelligence led to the arrest of a Singaporean national charged with importing 40 kg of methamphetamine and cocaine found in abandoned luggage in Sydney. The suspect was detained by the Australian Federal Police in Adelaide while attempting to board a flight to Malaysia. AUSTRAC highlighted its role in combining financial data with other tools to produce targeted intelligence for law enforcement, aiding investigations into serious crimes.

EnforcementInvestigations & enforcement actionsAML and CFT

2025-02-27LaosBank of the Lao

Bank of the Lao PDR issues rules on foreign currency deposit accounts and domestic FX transfers effective 5 April 2025

The Bank of the Lao PDR issued an agreement effective 5 April 2025, detailing requirements for domestic foreign currency transfers via commercial banks. The rules mandate supporting documents for transfers meeting specified value thresholds to regularize settlements and enhance monitoring of currency flows. The agreement does not limit holding foreign currency in cash or deposit accounts and encourages greater use of the Lao kip.

Policy & regulationRules & requirementsOther

2025-02-27SwedenRiksbank

Sweden's Riksbank staff memo finds large Swedish banks’ cross-border payment fees above G20 1% and 3% cost targets

Sweden's Riksbank memo states that cross-border card payments, credit transfers, and remittances by major Swedish banks fail to meet G20 cost targets due to foreign exchange charges and high fixed fees. It suggests increased competition and clearer fee disclosures to reduce costs, noting some challenger banks and non-bank payment institutions offer services closer to G20 targets.

ResearchCross-border payments

2025-02-27SloveniaSlovenia Insurance Supervision Agency

Slovenia Insurance Supervision Agency reports 2024 premiums down 12.8% and claims down 38.3% after supplementary health insurance abolition

The Slovenia Insurance Supervision Agency reported a significant decline in gross written premiums and claims paid by Slovenian insurers in 2024, mainly due to the abolition of supplementary health insurance and fewer natural catastrophes. Total gross written premiums fell by 12.8% to EUR 2.430 billion, while gross claims paid decreased by 38.3% to EUR 1.392 billion. Health insurance saw the largest drop, while motor insurance and unit-linked life insurance experienced increases in premiums and claims.

SupervisionRisk monitoring & watch pointsFinancial and market indicatorsSupervisory data

2025-02-27SloveniaSlovenia Insurance Supervision Agency

Slovenia Insurance Supervision Agency reports 2024 guaranteed pension subfund returns of 2.4% to 6.2% and notes the 2025 minimum guaranteed return of 1.26%

The Slovenia Insurance Supervision Agency reported that insurers and pension companies achieved annual returns of 2.4% to 6.2% in 2024, surpassing the statutory minimum guaranteed return of 1.05%. The minimum guaranteed return for 2025 is set at 1.26%, applicable to subfunds for the oldest pension fund members, based on 40% of the average yield on Slovenian government securities. Insurers and pension companies may set higher guaranteed returns, from 40% to 60% of the yield average.

SupervisionRisk monitoring & watch pointsOther

2025-02-27KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan launches SME survey to identify barriers to obtaining credit

The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has initiated a survey targeting small and medium-sized enterprises to identify challenges in obtaining loans. The survey aims to gather insights on lending experiences to enhance financing conditions and credit availability for businesses.

Policy & regulationImplementation, projects & pilotsLendingSupervision process and methodologies

2025-02-27KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan clarifies loan payment deferral procedures and protections for military service members

Kazakhstan's Financial Market Agency issued guidance on loan restructuring, clarifying deferrals as postponements, not forgiveness. Banks assess requests individually, considering factors like incapacity or income reduction, with automatic deferrals for military service starting in 2024. Prompt requests may improve approval chances, and unresolved issues can be escalated to the ombudsman.

Policy & regulationGuidance & interpretationLending

2025-02-27KazakhstanAgency for Regulation and Development of the Financial Market of the Republic of Kazakhstan

Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approves Kasen Usenovich Pernebayev as a senior executive at Halyk Finance

The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Kasen Usenovich Pernebayev for a senior executive role at JSC "Subsidiary organisation of Halyk Bank of Kazakhstan 'Halyk Finance'" in the securities market.

SupervisionAuthorisations & approvalsLicence approval

2025-02-27Hong KongHong Kong Securities & Futures Commission

Hong Kong Securities and Futures Commission commences insider dealing prosecution against Wong Pak Ming linked to Transmit Entertainment shares

The Hong Kong Securities and Futures Commission has initiated criminal proceedings against businessman Wong Pak Ming for alleged insider dealing in Transmit Entertainment Limited shares. Wong, the former chairman and controlling shareholder, is accused of advising or procuring another to trade shares while possessing inside information. The case is adjourned to 27 March 2025, with Wong granted bail of HKD 200,000 under specific conditions.

EnforcementInvestigations & enforcement actionsMarket abuse

2025-02-27AustraliaAustralian Prudential Regulation Authority

Australian Prudential Regulation Authority releases December 2024 quarter superannuation statistics showing assets at AUD 4.2 trillion

The Australian Prudential Regulation Authority (APRA) reported that total superannuation assets reached AUD 4,166.9 billion in December 2024, marking a 2.1% quarterly and 11.5% annual increase. APRA-regulated funds were AUD 2,916.6 billion, up 14.0% year on year. Self-managed super fund assets rose to AUD 1,017.8 billion (+6.1%), exempt public sector scheme assets to AUD 175.2 billion (+7.0%), and life office statutory fund assets to AUD 57.3 billion (+1.2%). Total contributions increased 14.8% to AUD 198.1 billion, with employer contributions at AUD 144.0 billion (+10.8%) and member contributions at AUD 54.1 billion (+26.7%). Benefit payments rose 12.0% to AUD 124.4 billion, driven by lump sums of AUD 68.2 billion (+7.8%) and pension payments of AUD 56.2 billion (+17.5%). Net contribution flows for entities with more than six members were AUD 68.2 billion (+17.5%).

Data & statisticsFinancial and market indicatorsSupervisory data

2025-02-27AustraliaAustralian Prudential Regulation Authority

Australian Prudential Regulation Authority to consult on lowering capital requirements for annuity products by changing illiquidity premium calculations

The Australian Prudential Regulation Authority (APRA) will initiate a public consultation on capital settings for annuity products to enhance retirement product availability. The consultation will propose changes to the 'illiquidity premium' calculation in LPS 112 Capital Adequacy, potentially reducing capital requirements for annuity products with specific risk controls. APRA plans to release the proposal in the second quarter of 2025 for industry and stakeholder feedback.

Policy & regulationRules & requirementsCapital adequacy

2025-02-27AustraliaAustralian Prudential Regulation Authority

Australian Prudential Regulation Authority consults on HELP debt treatment in mortgage serviceability and debt-to-income reporting

APRA's 2025 focus includes updating mortgage lending guidance for ADIs concerning HELP obligations, potentially excluding HELP repayments from serviceability assessments and debt-to-income reporting. Macroprudential settings are under review, with a 3% mortgage serviceability buffer and a 1% countercyclical capital buffer. APRA will scrutinize superannuation fund expenditure and recent enforcement actions. Key initiatives include extending the Financial Accountability Regime to insurance and superannuation entities, implementing CPS 230 operational risk management, and conducting a system-wide stress test. A discussion paper on updating governance prudential standards will be released soon.

Policy & regulationGuidance & interpretationFinancial stability and systemic riskPrudential risks

2025-02-27CyprusCyprus Securities and Exchange Commission

Cyprus Securities and Exchange Commission announces dissolution and voluntary liquidation of AIFLNP RFUND AIFLNP V.C.I.C. LTD following total redemption of units

The Cyprus Securities and Exchange Commission announced the dissolution and liquidation of AIFLNP RFUND AIFLNP V.C.I.C. LTD following the total redemption of its units. This action complies with Article 132(1)(d) of the Alternative Investment Funds Law of 2018 and was voluntarily communicated to CySEC by the fund under Article 63(8).

SupervisionAuthorisations & approvalsLicence withdrawal

2025-02-27CyprusCyprus Securities and Exchange Commission

Cyprus Securities and Exchange Commission issues practical guide on sanctions screening systems following 2024 thematic inspections

Cyprus Securities and Exchange Commission (CySEC) released a guide on enhancing sanctions screening systems, detailing supervisory expectations and findings from recent inspections. The review, conducted from April to November 2024, assessed compliance with UN, EU, U.S., and UK sanctions lists across various regulated entities. The guide emphasizes the need for improved testing, tuning, and optimization of screening systems, as well as robust internal policies and controls.

Policy & regulationGuidance & interpretationSanctions list update

2025-02-27GlobalInternational Association of Insurance Supervisors

International Association of Insurance Supervisors rolls out 2025-2029 strategic plan with expanded stakeholder engagement and new Insurance Capital Standard Q&A tool

The International Association of Insurance Supervisors outlined its 2025-2029 Strategic Plan, emphasizing stakeholder engagement and effective supervisory practices. It introduced a member-only Insurance Capital Standard Q&A tool for technical clarification post-ICS adoption. The plan includes expanded financial stability work through the Global Monitoring Exercise and collaboration with the G20 on natural catastrophe insurance protection gaps.

Policy & regulationImplementation, projects & pilotsOther