The Central Bank of Iceland released the minutes from its Monetary Policy Committee meeting on 3-4 February 2025, detailing economic and financial market developments and decisions on monetary policy instruments.
The Norwegian Financial Supervisory Authority (Finanstilsynet) published an inspection report on TP Accounting AS, identifying significant compliance shortcomings in risk management, internal control, and anti-money laundering (AML) procedures. Despite considering revoking the firm's approval, Finanstilsynet expects corrective actions instead. The report highlights deficiencies in enterprise-wide risk assessment, AML guidance, and documentation of accounting engagements, with potential follow-up inspections anticipated.
The Bank of Mauritius issued a warning about "Goodlands Savings and Loans Company," which falsely claims a Mauritius address on its website. The entity is neither licensed nor regulated by the Bank of Mauritius. The public is advised to consult the central bank's online lists of licensed institutions.
The Chile Financial Market Commission sanctioned four banks a total of UF 1,628.7 for non-compliance with Law No. 14,908 on Family Abandonment and Alimony Payments. The banks failed to consult the National Registry of Alimony Payment Debtors and apply necessary controls and withholdings when granting loans. Fines were imposed on Banco Santander-Chile, Banco Consorcio, Banco Itaú, and Banco de Crédito e Inversiones.
The Chile Financial Market Commission fined Scotiabank Chile UF 400 for violating Article 16 of Law No. 18,010 by charging interest in arrears due to operational defects. Article 16 stipulates that interest in arrears cannot be applied jointly with other interest, must only be charged on overdue principal, and cannot be capitalised.
The Central Bank of Russia's February "Monitoring of Businesses" update indicates accelerated economic activity growth, with the Business Climate Index rising to 5.2 points from 3.9 in January. Surveyed companies expressed increased optimism about current conditions and their three-month outlook, while price expectations fell sharply for the first time since early 2024.
The British Columbia Financial Services Authority has revised its Administrative Process for publishing regulatory actions to enhance transparency. Updates include publishing names and identifiers of third-party participants involved in misconduct, with redactions during ongoing investigations or pending hearings. The process also allows for publishing certain undertakings and voluntary compliance agreements under the Financial Institutions Act.
The Malta Financial Services Authority highlighted key discussions from its 2025 Insurance Conference. EIOPA Chairperson Petra Hielkema emphasized the Solvency II review's role in enhancing cross-border supervision and addressing consumer protection disparities in cross-border insurance, which constitutes about 11% of European premia. The conference also covered the Solvency II Review Package's implications and cross-border operational challenges, featuring insights from MFSA leadership.
The Argentina Securities Commission (CNV) has introduced an automatic authorisation procedure for public offerings of units in closed-end mutual funds backed by credit portfolios, aimed at streamlining approvals under CNV’s special regime. This applies to issuances placed exclusively with qualified investors, capped at 7,000,000 UVAs or equivalent in other currencies. Despite the automatic process, funds must adhere to transparency obligations, including filing financial statements and reports on credit collections.
The Australian Prudential Regulation Authority (APRA) imposed additional licence conditions on BUSS (Queensland) Pty Ltd to address prudential concerns regarding compliance with trustees' obligations and director assessments. Despite an available internal review process, BUSSQ sought judicial review, which the Federal Court ruled against, and APRA is now considering BUSSQ's appeal notice.
The Australian Prudential Regulation Authority (APRA) has withdrawn its 2018 cloud outsourcing information paper and ceased COVID-19-related banking data collection to simplify its prudential framework. These changes align with the upcoming implementation of Prudential Standard CPS 230 Operational Risk Management on 1 July 2025, replacing existing standards and providing formal supervisory coverage for cloud service arrangements.
The Taiwan Financial Services Commission released an update on the issuance of securities through private placements by public companies and initial public offerings for 2024.
The Maldives Monetary Authority issued rules and procedures under the Foreign Exchange Act 2024 detailing the handling of law violations and actions against breaches.
The Trinidad and Tobago Securities and Exchange Commission (TTSEC) issued a public notice to assist investors in identifying unregistered individuals or entities. The notice includes a "List of Unregistered Entities" to verify registration status, aligning with TTSEC's investor education mandate.
The Treasury (Isle of Man) announced an amendment to the Global Human Rights sanctions regime, aligning with the UK Sanctions List update. Eden LEVI remains subject to an asset freeze under the Global Human Rights Sanctions Regulations 2020 as applied in the Isle of Man. Relevant parties must freeze assets, refrain from providing funds or resources to designated individuals, and report any frozen assets or suspected breaches to the Financial Intelligence Unit.
De Nederlandsche Bank announced the appointment of Chris Figee to its Supervisory Board for a four-year term starting 1 March, following a nomination by the board and appointment by Dutch Finance Minister Eelco Heinen. Figee, currently CFO at KPN N.V., brings extensive experience from roles at a.s.r. Nederland N.V., Achmea, McKinsey & Company, and AEGON Levensverzekering N.V.
The Montenegro Capital Market Authority has approved the trading of investment units in two foreign mutual funds, "APOLLO STYRIAN GLOBAL EQUITY" and "APOLLO 2 GLOBAL BOND," managed by Security Kapitalanlage AG. These approvals bring the total number of foreign funds from member states in Montenegro's capital market to 13.
The Polish Financial Supervision Commission (KNF) has updated its "Banking sector – ordinary data" release to include data from December 2024.
The European Financial Reporting Advisory Group (EFRAG) announced that 14 entities have joined its Friends of EFRAG – Sustainability Reporting programme to support the development of draft European Sustainability Reporting Standards (ESRS). The new members include Amelkis, VERSO, Zabka Group, and others. EFRAG also highlighted the availability of a separate Friends of EFRAG – Financial Reporting programme.
The European Securities and Markets Authority, with the European Banking Authority and the European Insurance and Occupational Pensions Authority, will implement the Digital Operational Resilience Act (DORA) oversight framework for critical ICT third-party service providers starting in 2025. The process involves criticality assessments and designations, with oversight engagement commencing post-designation. An online workshop is planned for Q2 2025 to explain the preparatory activities and oversight approach.
The European Securities and Markets Authority (ESMA) has released a consultation paper on draft guidelines for supplements adding new securities types to a base prospectus. The guidelines aim to harmonize national authorities' supervision of product supplements, addressing past divergences. ESMA plans to finalize the guidelines by Q4 2025 to enhance certainty for market participants across the EU.
Peru's Superintendencia del Mercado de Valores reported mutual fund assets hit a record USD 13.219 billion as of 31 January 2025, a 47% increase from the previous year. Mutual fund participants rose by 21% to 424,091, and operating mutual funds increased to 226. Additionally, debt market financing saw one registration of debt instruments totaling USD 93.7 million and three primary public offerings totaling USD 56.2 million, with demand 1.6 times the amount offered.
The Central Bank of Cyprus released January 2025 statistics for the Central Information Register (CIR).
The Belgium Financial Services and Markets Authority has suspended trading in Biosenic's financial instruments (ISIN BE0974280126) on Euronext Brussels. The suspension is effective from 18 February 2025 at 9:00 CET and will continue until a press release is issued.
The Australian Securities & Investments Commission (ASIC) has issued Consultation Paper 16 proposing relief under the reportable situations regime for Australian financial services and credit licensees. The proposal exempts certain breaches, like misleading conduct and civil penalty contraventions, if rectified within 30 days, affecting no more than five consumers, and resulting in losses under AUD 500. This relief excludes client money and clearing and settlement rule breaches, with licensees still required to maintain robust incident management systems.
The Mauritius Financial Services Commission has amended its administrative penalties framework, updating the settlement discount schedule and clarifying conditions for discounts and settlement discussions. The changes include a tiered discount system based on the timing of settlement intentions and explicitly categorize financial crime as a serious breach. The amendments take effect on 24 February 2025.
The Ukraine National Commission on Securities and Stock Market has initiated an anonymous survey to assess corruption risks in its activities. The survey targets external stakeholders and aims to identify vulnerable processes to enhance anti-corruption measures.
The Ukraine National Commission on Securities and Stock Market has updated its list of unreliable investment projects, adding six new cases, including Saber Trade Stocks and GTC FX. The list now exceeds 400 scam projects, with guidance provided on identifying unreliable investments. Investors are advised to conduct basic checks and risk assessments before investing.
The Central Bank of Peru reported that Peru's total exports reached USD 75,916 million in 2024, marking a 12.4% nominal increase year on year. This growth was driven by a 4.3% rise in export volumes, notably in fishmeal, gold, and natural gas, and a 7.8% increase in export prices, influenced by higher mining commodity prices and adverse weather affecting agriculture. December 2024 exports amounted to USD 6,986 million, reflecting a 9.2% year-on-year increase due to elevated international metal prices.
The National Bank of Georgia has appointed Beka Dochviri as Executive Director, following his tenure as head of the bank's Legal Department. This update is part of broader leadership changes, including Natia Turnava's appointment as Governor and the addition of four new board members.
Governor Natia Turnava of the National Bank of Georgia attended the IMF conference on geo-economic fragmentation in Amsterdam, engaging with IMF and European officials. Discussions centered on geopolitical shocks, geo-economic challenges, and strategic responses.
The People's Bank of China Governor Pan Gongsheng chaired a meeting with Gulf Cooperation Council central bank governors in Saudi Arabia, focusing on expanding China-GCC cooperation. Key areas include local currency cooperation, financial market investment, payment system interoperability, international financial governance reform, digital currency, and anti-money laundering. Bilateral meetings were also held with Saudi, Azerbaijani, UAE officials, and IMF Managing Director Kristalina Georgieva.
People’s Bank of China Governor Pan Gongsheng stressed the need for faster IMF governance reform, including quota realignment, at a seminar on emerging market economies. He highlighted China's shift to a proactive fiscal policy and moderately loose monetary policy to support recovery, while advocating for enhanced macroprudential policy and tighter financial regulation amid global uncertainties. Gongsheng also called for greater exchange rate flexibility and stronger international macroeconomic policy coordination.
The European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority released a roadmap for designating critical ICT third-party service providers under the Digital Operational Resilience Act, aiming for oversight in 2025. Authorities will submit ICT arrangement registers by April 2025, followed by criticality assessments and notifications by July 2025. A joint DORA oversight function ensures integrated oversight across sectors.
The Bank of Portugal's January 2025 securities statistics show resident debt securities rose to EUR 302.4bn, driven by public debt issuance. At end-2023, 14.5% of Portuguese non-financial corporations’ funding was from debt securities, with long-term instruments reaching EUR 33.1bn by end-2024. Non-residents held 65% of long-term corporate debt securities, while resident financial institutions held 88% of short-term instruments.
Peru's Superintendency of Banking, Insurance and Pension Funds Administrators amended investment regulations for insurance companies, expanding eligible options and aligning with international standards. New instruments include co-investments, private debt funds, and sovereign exchange traded funds, excluding distressed and high yield debt. The limit for investments under notification and authorisation increases to 35% of technical provisions, with a 5% sublimit for private equity and related investments.
The Zimbabwe Insurance and Pensions Commission, with the Parliamentary Portfolio Committee on Budget, Finance, and Investment Promotion, reviewed the proposed Insurance and Pensions Commission Amendment Bill. Key proposals include extending IPEC's oversight to medical aid societies and establishing a Policyholder and Pensions and Provident Fund Members Protection Fund. The bill aims to expand IPEC's functions, introduce new governance structures, and align the regulatory framework with constitutional and international standards.
The Hong Kong Securities and Futures Commission (SFC) issued restriction notices to Money Concepts (Asia) Holdings Limited and Money Concepts Asset Management Limited, citing concerns over their honesty, reliability, and integrity. Issued under section 204 of the Securities and Futures Ordinance, the notices prohibit the firms from conducting licensed regulated activities without prior SFC consent. This action is necessary in the public interest and for investor protection.
The Central Bank of Slovenia released its report on breach reporting under Article 269 of the Banking Act (ZBan-3), noting 33 reports in 2024, with 19 involving potential regulatory breaches. Fourteen cases were managed internally, while five were referred to the European Central Bank. Twelve consumer reports were redirected to other departments, and two reports were deemed deficient.
The Central Bank of Slovenia will maintain the cap on charges for basic payment accounts at EUR 4.90 per month, or EUR 1.47 for those eligible for social assistance. This decision considers inflation, average payment service costs, and the role of these accounts in financial inclusion. Banks must actively communicate the right to a basic payment account and provide written reasons for any refusal under the Payment Services, Electronic Money Issuance Services and Payment Systems Act.
The National Bank of Bulgaria announced that BNB Printing Works AD won first place for "best promotional banknote" at the High Security Printing EMEA forum in Basel, Switzerland. The award-winning banknote, themed "The Butterfly Effect", was produced using advanced printing techniques and security features. Partner company Oberthur Fiduciaire was also recognized for "best new series of banknotes" for "The Art of Butterflies".
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen associated with Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact Chong Hing Bank and report to the Hong Kong Police Force.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding phishing emails linked to Bank of China (Hong Kong) Limited. The HKMA emphasized that banks will not request sensitive information through SMS or email with embedded hyperlinks. Individuals who responded to such emails are advised to contact the bank and report to the Police.
The Hong Kong Monetary Authority (HKMA) has issued an alert regarding a fraudulent website linked to Bank of Communications (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Police.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to China Construction Bank (Asia) Corporation Limited. The HKMA emphasized that banks do not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Customers who interacted with the fraudulent site should contact the bank and report to the Police.
The European Central Bank's Working Paper No 3030 explores the outperformance of low-emission firms, linking it to carbon pricing under the EU Emission Trading System. The study finds a green-minus-brown premium of 2.01% from 2013 to 2022, with procyclical carbon prices affecting brown firms' costs and risk premiums. The paper also examines preference-based explanations, noting that stigma and preference tilts could influence the green premium.
The European Central Bank's Working Paper No 3031 examines how disclosing supervisory Pillar 2 capital requirements affects market efficiency, showing that transparency reduces funding costs and improves differentiation between safer and riskier banks. Using data from Banking Union Significant Institutions, the study estimates an average 11.5% reduction in funding costs for disclosing banks, with the safest quartile benefiting most. It also notes a mispricing pattern under opacity, where higher-risk non-disclosing banks may face lower funding costs, which disclosure helps correct.
ECB Executive Board member Piero Cipollone stressed that the Eurosystem's balance sheet reduction should influence rate cuts as monetary policy eases. The ECB's balance sheet has decreased by over a quarter, mainly due to targeted longer-term refinancing operation repayments, with further reductions expected from non-reinvestment of maturing securities. Cipollone noted that policy rate cuts and quantitative tightening are opposing forces, impacting the yield curve and potentially limiting bank credit supply.
The National Bank of the Republic of Tajikistan warned about rising fraud via online promotions and messaging apps, especially Telegram and WhatsApp. Scammers impersonate commercial staff, offering loan help or claiming urgent banking issues to extract sensitive information. The central bank stresses that legitimate financial entities don't operate on social networks and advises against trusting fake adverts or transferring money to unknown accounts.
The Brazilian Pension Funds Authority (PREVIC) requests Closed Supplementary Pension Entities (EFPCs) managing benefit plans to provide information on participation agreements per Article 157 of PREVIC Resolution 23/2023. EFPCs must notify PREVIC of the operationalisation date and reasons for delays, including issues like lack of eligible employees or operational challenges. Monthly reporting on federative entities with operational participation agreements is also required.
The Brazilian Pension Funds Authority, alongside the Brazilian Federal Revenue Service and the Superintendence of Private Insurance, has standardized fund portability and participant transfers between pension plans. The Joint Normative Instruction outlines procedures and accountability, aligning with Article 22-A of the Brazilian Federal Revenue Service Normative Instruction 2,209/2024 and Law 14,803/2024. It mandates the originating entity to provide data for calculating the accumulation period, applicable to transfers from 1 January 2005.
The Italian Institute for Insurance Supervision (IVASS) warned about counterfeit surety policies marketed in Italy under Bothnia International Insurance Company Ltd, which disowns them. Bothnia, a Finland-based insurer, is authorised in Italy but doesn't issue new surety bonds or provide verification systems. IVASS advises verifying insurance documents through its public registers and warning lists.
The Central Bank of Morocco will launch an interbank derivatives market for foreign exchange swaps and Moroccan Overnight Index Average (MONIA) overnight index swaps on 19 February 2025. This initiative aims to deepen the foreign exchange market and provide a transparent reference for hedging interest-rate and exchange-rate risks. The market was developed with input from banks with market-maker status and the European Bank for Reconstruction and Development.
The Brazil Securities Commission's Superintendence of Institutional Investor Supervision and Superintendence of Market and Intermediary Relations issued a joint circular letter detailing procedures for intermediaries upon detecting irregular securities portfolio administration. The guidance, supplementing CVM Resolution 35, mandates reporting to the relevant superintendence and outlines red flags like unauthorized third-party resource application and unregistered entities offering investment services.
The Brazil Securities Commission (CVM) rejected a settlement proposal from Fábio Aylton de Casal de Rey due to legal impediments and inadequacy, related to alleged conflict-of-interest conduct breaching Brazil’s Corporations Law. Conversely, the CVM approved a settlement with Humberto Pimenta Martins Filho, involving a BRL 126,000 payment, addressing alleged trading violations during a prohibited period under CVM Resolution 44.
The Brazil Securities Commission (CVM) has imposed a 51-month ban on Bruno Guilherme Santana Silva and fined Scallper Brasil Traders Ltda BRL 255,000 for unlicensed securities portfolio management. The unanimous decision, following a case by the Superintendence of Supervision of Institutional Investors, found breaches of Article 23 of Law 6,385 and Article 2 of CVM Resolution 21. The sanctioned party may appeal with suspensive effect.
The Central Bank of Seychelles' 2023 Financial Surveillance Report details performance data for commercial banks, non-bank financial institutions, payment service providers, and bureaux de change. Highlights include a SCR 1,345 million increase in commercial banks' total assets and a SCR 91 million rise in net profit after tax. The report outlines supervisory developments, including amendments to the National Payment System Act 2014 and a new Oversight and Supervision Framework for Financial Market Infrastructures.
The National Bank of Slovakia’s Bank Board approved a report on the 2024 investment policy for its investment reserves and authorized the issuance of three silver collector euro coins titled “Fauna and flora in Slovakia.” The coins, featuring the grey wolf, Eurasian lynx, and brown bear, will each have a denomination of EUR 3.33 and be produced by the Pressburg Mint.
The South Korea Financial Services Commission approved revisions to the Enforcement Decree of the Financial Investment Services and Capital Markets Act, enhancing short sale practices for resumption on March 31, 2025. Changes include a cap on institutional investors' stock repayment periods and new compliance obligations to prevent naked short selling. The Korea Exchange's Naked Short Selling Detecting System is tested, with upgrades at the Korea Securities Depository and Korea Securities Finance Corporation supporting the new framework.
The Central Bank of the Republic of Azerbaijan has commenced the initial assessment of 14 applications for its special regulatory regime, focusing on innovative products in virtual assets, lending, and insurance. This regime allows participants to test financial products under central bank supervision. Successful products are expected to be introduced to the market after meeting the regime's criteria.
The Parliament of Albania has approved Saimir Tola as Chair of the Board of the Albania Financial Services Authority following a majority vote in a plenary session on 17 February 2025.
The Securities and Exchange Regulator of Cambodia hosted representatives from the United Nations Economic and Social Commission for Asia and the Pacific and the Global Green Growth Institute to review ongoing cooperation on the Cambodia Sustainable Bond Accelerator Program. The meeting included a briefing on impact reporting for SERC management and officials.
The Securities and Exchange Regulator of Cambodia presided over the "Intelligent Investment" training programme in Phnom Penh, organized by Acleda Securities Plc. and Western University. The event aimed to educate university students on securities market fundamentals, investment strategies, mutual funds, and trading account processes, with participation from SERC, the Cambodia Securities Exchange, and Banjaran Asset Management.
The Financial Services Regulatory Authority of Ontario has revoked Shah Ata Hussain Faridi’s Mortgage Agent Level 1 licence and refused to issue a Level 2 licence, citing unsuitability. FSRA determined Faridi made false statements in his application and his conduct suggests he would not comply with legal and ethical standards. This decision follows a Financial Services Tribunal directive under Ontario Regulation 409/07.
The Taskforce on Nature-related Financial Disclosures (TNFD) has launched two open-access tools: a Learning Lab for self-guided training and a Trainer Portal for training providers. These tools help market participants implement TNFD recommendations on nature-related issues, featuring modules and curated content from TNFD Knowledge Partners. TNFD's initiatives include a Train-the-Trainer programme and planned training by the Sustainable Stock Exchanges Initiative.
The International Swaps and Derivatives Association (ISDA) urged US regulators to recalibrate the proposed Basel III "endgame" capital rules, highlighting concerns over market liquidity and banks' intermediation capabilities. ISDA's recommendations include recognizing diversification in market risk, adjusting credit valuation and securities financing rules, and addressing the supplementary leverage ratio and G-SIB surcharge, impacting US G-SIB client clearing businesses and upcoming mandatory clearing in the US Treasury market.
State Bank of Vietnam Deputy Governor Dao Minh Tu urged foreign banks in Vietnam to form trade unions and integrate employees into the Vietnam Trade Union framework. Foreign institutions cited challenges like obtaining parent bank approval and differing trade union laws. Tu noted most employees are Vietnamese and suggested using part-time staff for union roles to support labor rights and wage arrangements.
The Swedish Financial Supervisory Authority released consumer-facing data on typical fund charges to enhance price awareness, providing quarterly median fees for popular fund categories as benchmarks. For Q4 2024, median fees were 1.31% for actively managed Sweden equity funds and 0.25% for Sweden index funds, with global counterparts at 1.30% and 0.35%. The authority highlights Sweden's low fund costs in the EU but advises consumers to monitor fees due to their long-term impact.
The Swedish Financial Supervisory Authority is conducting an in-depth analysis on the impact of climate change and extreme weather on Swedish consumers' access to home insurance. Increased weather-related events may elevate insurers' costs, potentially limiting consumers' ability to secure adequate insurance coverage. Households without insurance would face the full financial burden of losses.
The New Brunswick Financial & Consumer Services Commission has issued a notice seeking comments on proposed amendments to Rule INS-001, which governs insurance intermediaries' licensing and obligations.
Norway's Financial Supervisory Authority released an ICT supervisory report on Sparebanken Vest, identifying significant shortcomings in governance and control of ICT systems, including outsourced areas. The report highlighted issues in organisational arrangements, ICT risk framework, and outsourcing oversight, with corrective measures planned for early 2025. The bank committed to enhancing incident reporting and making information security requirements contractually binding for suppliers.
The Canadian Securities Administrators (CSA) launched the CSA Collaboratory to evaluate the market impact and regulatory implications of emerging technologies, starting with a consultation on investment client data portability and electronic Know-Your-Client (e-KYC) solutions. Led by regulators in British Columbia and Alberta, the initiative seeks input on data portability's demand, benefits, and potential regulatory barriers. Eligible businesses may pilot solutions with CSA feedback if progressed.
The Canadian Investment Regulatory Organization (CIRO) is exploring support for open banking adoption by its members, aiming to reduce regulatory burden and duplication. Planned consultations will address accreditation, oversight, and compliance within federal standards. Coordination with stakeholders, including the Canadian Securities Administrators, is anticipated.
The Central Bank of Russia reported over 750 cyber incidents in the financial sector in 2024, highlighting increasingly sophisticated hacking techniques. Attacks primarily targeted information infrastructure through distributed denial-of-service and supplier-focused methods. The bank conducted regular cyber drills with over 290 companies to enhance sector preparedness.
The Central Bank of Russia reported credit institutions blocked 72.17 million attempted thefts in 2024, saving RUB 13.5 trillion, up from 34.77 million attempts and RUB 5.8 trillion in 2023. Despite increased prevention, cyber fraud losses rose to RUB 27.5 billion, a 74% increase from the previous year. Enhanced data exchange on fraudulent transactions and blocking fraud-related phone numbers and websites were among the measures implemented.
The Central Bank of Egypt highlighted its sustainable finance initiatives, focusing on renewable energy, waste recycling, and MSMEs. Egyptian banks developed over 24 products in sectors like energy efficiency and healthcare, with 31 banks offering solutions for sustainable growth and financial inclusion. The sector's alignment with the United Nations Environment Programme Finance Initiative Principles for Responsible Banking reached 75%, and Egypt's rating in the Sustainable Banking and Finance Network was upgraded to Advancing.
The Bank of Thailand's quarterly assessment reports a resilient banking system with strong capital, provisions, and liquidity, alongside improved profitability in 2024. Concerns include SME and household debt serviceability, declining competitiveness in certain businesses, and the effectiveness of the "Khun Soo, Rao Chuay" support program. Loan growth contracted by 0.4% year on year in Q4 2024, with a decline in consumer lending and a decrease in gross non-performing loans to THB 552.1 billion, while household and corporate debt to GDP ratios fell.
The China Banking and Insurance Regulatory Commission stressed boosting banking and insurance support for private enterprises, focusing on stable credit growth and enhanced lending for micro and small firms. It urged developing a targeted bank-enterprise matching platform and using technology to improve inclusive finance. Additionally, it called for the "whitelist" mechanism and diverse financing tools to support real estate financing needs, while promoting equal market access and expanding insurance products.
The Qatar Financial Centre hosted an Asset Management Workshop with K&L Gates, focusing on market developments and operational considerations. Discussions included local and global trends, regulatory frameworks, and the process for establishing funds and fund managers in the QFC. The workshop also addressed global legal developments, including U.S. and EU changes, Qatar's digital asset regulations, and the GCC asset management market.
The Qatar Financial Markets Authority and the Union of Arab Securities Authorities launched a training programme in Doha on Islamic Sukuk and Finance, focusing on Sharia standards, governance, and auditing. Based on standards from the Accounting and Auditing Organization for Islamic Financial Institutions, it targets professionals in Islamic finance and conventional banking. Participants will receive a certificate from QFMA and UASA.
The Bank of Korea reported that total household credit outstanding increased by KRW 13.0 trillion in Q4 2024, reaching KRW 1,927.3 trillion by the end of December. This includes KRW 1,807.0 trillion in household loans and KRW 120.3 trillion in merchandise credits.
The Central Bank of the Dominican Republic's reports for September 2024 and end-2023 indicate no significant short-term macrofinancial risks and adequate financial entity capitalization. Stress tests project a non-performing loan ratio of around 1.5% in 2025, with solvency indicators above the 10% regulatory minimum. The reports highlight 2024 growth in financial intermediaries' assets, credit, and equity, alongside regulatory updates and financial inclusion initiatives.
The Trinidad and Tobago Securities and Exchange Commission issued a warning about new investment scam tactics, urging public vigilance and due diligence. Scammers are using fake social media profiles, promises of high returns, and AI-enabled impersonations to defraud individuals. The TTSEC highlighted tactics such as pressure for quick deposits, withdrawal delays with high fees, and the use of platforms displaying inflated balances.
The European Supervisory Authorities have outlined steps for designating critical ICT third-party service providers under the EU Digital Operational Resilience Act (DORA) by 2025 and initiating oversight engagement. A joint DORA oversight function has been established to manage day-to-day oversight across sectors. Competent Authorities must submit ICT third-party arrangement registers by April 2025, with criticality assessments and notifications completed by July 2025.
The European Insurance and Occupational Pensions Authority (EIOPA) has formed a Consultative Expert Group on Data Use in Insurance to aid its work on data sharing and digitalisation challenges. The group comprises experts from the insurance industry, academia, and stakeholder organisations, including BEUC and Finance Watch. Work is set to commence in March 2025 and conclude within a year.
The Palestine Monetary Authority's Governor, Yahya Shunnar, met with Ahmed Saeed Khalil, Chairman of the Egyptian Anti-Money Laundering and Counter-Terrorist Financing Unit, in Cairo to enhance bilateral cooperation on AML/CFT. Discussions focused on exchanging expertise, improving coordination, and developing mechanisms to combat financial crimes, with participation from senior officials of both institutions.
De Nederlandsche Bank reported Dutch households' portfolio investments in listed shares, investment fund shares, and bonds hit a record EUR 192.4 billion in Q4 2024, driven by valuation gains despite net selling. US shares and equity funds significantly contributed, with US listed shares rising 10% to EUR 17.5 billion. At year-end, households held EUR 64.9 billion in listed shares, EUR 121.7 billion in investment fund shares, and EUR 5.8 billion in bonds, with net disposals totaling EUR 1.6 billion.
Dubai International Financial Centre (DIFC) reported record 2024 revenues of AED 1.78bn (USD 484mn) and operating profit of AED 1.33bn (USD 363mn), marking a 37% and 55% increase year-on-year, respectively. Active companies rose to 6,920, driven by 1,823 new registrations, with technology and innovation as the fastest-growing segment. DIFC highlighted the enactment of a Digital Assets Law and announced the upcoming opening of a new Funds Centre and Dubai AI Week in 2025.
The Eastern Caribbean Central Bank released an Environmental and Social Commitment Plan for the Caribbean Resilient Renewable Energy Infrastructure Investment Facility Project. The plan details the preparation, consultation, disclosure, and implementation of environmental and social documents in line with the Environmental and Social Standards, as well as measures to address related issues.
The Angola Capital Markets Commission has released its 2025 Regulatory Agenda for consultation, outlining planned regulatory interventions in the securities and derivatives markets to enhance transparency and predictability. The agenda details the regulatory priorities and stages, from drafting to publication, aiming to provide early visibility and support stakeholder participation.
The Central Bank of Nicaragua's Foreign Trade Report for Q4 2024 shows total exports at USD 1,831.6 million, a 10.1% increase year-on-year, and imports at USD 2,756.8 million, up 5.3%, resulting in a trade deficit of USD 925.2 million, 3.1% smaller than Q4 2023. For the full year, exports rose 2.3% to USD 7,717.2 million, driven by mining, fishing, and manufacturing, while imports increased 7.8% to USD 10,775.7 million, leading to a trade deficit of USD 3,058.5 million, up 24.6% from 2023.
Sierra Leone's Finance Minister Sheku Fantamadi Bangura was elected Chairman of the West Africa Monetary Zone (WAMZ) Convergence Council. At the 53rd meeting, Bangura highlighted global shocks' impact, Sierra Leone's inflation decline to 13.6%, and growth projections of 3% and 3.3%. He stressed meeting WAMZ convergence targets for the single currency programme and supported ECOWAS economic protocols and regional infrastructure investment.
The Saudi Arabian Monetary Authority (SAMA) has licensed ATAMAD to provide consumer microfinance solutions, increasing the number of such licensed companies to eight and the total number of finance companies licensed by SAMA to 65. SAMA emphasized the importance of engaging only with authorized financial institutions and noted that a list of licensed entities is available on its website.
The Bank of Israel's study on the adoption of a digital shekel reveals strong public interest, with 51.57% of respondents showing high interest, driven by ease of use and central bank backing, but tempered by cybersecurity concerns. Interest varies by demographics, with higher interest among men, older individuals, and those with higher income, while the Haredi community shows lower interest.
The European Securities and Markets Authority (ESMA) has initiated a consultation on guidelines to assess the knowledge and competence of crypto-asset service providers' staff. The guidelines propose minimum requirements for staff knowledge and organisational measures for maintaining competence, aiming to enhance investor protection and trust in crypto-asset markets.
The Hong Kong Mandatory Provident Fund Schemes Authority and the eMPF Platform Company have formed an Expert Group to guide the eMPF Platform's second onboarding phase starting in early March. Operational since June 2024, the platform will see remaining trustees migrate in stages, increasing assets under management and scheme participation. The Expert Group, comprising IT professionals and industry leaders, will regularly assess operations and advise on service delivery.
The British Virgin Islands Ministry of Finance discussed recent regulatory changes at a Hong Kong roundtable, emphasizing competitiveness in Asia-Pacific markets. Key topics included beneficial ownership registers and engagement with international bodies like the Financial Action Task Force and OECD. The Premier highlighted BVI's commitment to international sanctions, reporting standards, and cooperation with law enforcement, while addressing misrepresentation concerns.
The British Virgin Islands Ministry of Finance, via Premier Dr. Natalio D. Wheatley's remarks at a Hong Kong Financial Services Round Table, outlined its strategy for managing regulatory changes while maintaining its financial services model. This includes aligning with international standards, engaging with bodies like the Financial Action Task Force and the OECD, and consulting on beneficial ownership registers. Plans for dialogue with Asia-based stakeholders and cooperation with international law enforcement were also noted.
ASIC issued interim stop orders on Green Planet Recycling Solutions Limited's offer of redeemable preference shares due to inadequate prospectus disclosures and non-compliance with design and distribution obligations. Concerns include insufficient information on financials, business model, fund use, risks, and potentially misleading sustainability claims. The company also failed to prepare a target market determination. The orders prevent offering, issuing, or advising on the securities for 21 days unless revoked earlier.
The Saudi Central Bank (SAMA) announced that the mada national payment system now supports JCB International cardholders in Saudi Arabia, enabling digital payments and ATM cash withdrawals. This initiative aims to facilitate payments for JCB cardholders through local banks and licensed Payment Service Providers, enhancing the acceptance of global payment networks in the Kingdom's digital payments infrastructure.