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  • 2025-02-13United StatesNew York State Department of Financial Services

    New York State Department of Financial Services cites $645 million returned to consumers and $418 million in penalties in FY2026 budget testimony

    The New York State Department of Financial Services (DFS) oversees over 3,000 financial institutions with nearly USD 10 trillion in assets. Since 2021, DFS enacted 54 regulation changes, 98 guidances, and 117 enforcement actions, collecting over USD 418 million in penalties. It addressed 157,000 consumer complaints, returning USD 645 million to consumers and healthcare providers.

    SupervisionSupervision approach, priorities & toolkitOther
  • 2025-02-13BrazilBrazil Securities Commission (CVM)

    Brazil Securities Commission releases ninth Agribusiness Bulletin reporting 315% growth in FIAGRO net assets since 2022

    The Brazil Securities Commission (CVM) released the ninth edition of its CVM Agribusiness Bulletin, highlighting significant growth in the Investment Fund in Agro-Industrial Chains (FIAGRO) and Agribusiness Receivables Certificates (CRA) segments. FIAGRO net assets surged 315% from December 2022 to December 2024, while CRA net assets increased by 60%. The bulletin also notes CVM Resolution 214, establishing the regulatory framework for FIAGRO, emphasizing conduct, transparency, and governance.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-02-13BrazilBrazil Securities Commission (CVM)

    Brazil Securities Commission sets 17–23 March dates for Global Money Week 2025 focused on digital finance and finfluencers

    The Brazil Securities Commission (CVM) announced Global Money Week 2025, coordinated by CVM in Brazil, will occur from 17 to 23 March under the theme “Think before you follow, your financial future thanks you for reflecting.” The programme will focus on digital finance, consumer interaction with online services, and challenges posed by investment influencers and artificial intelligence, especially for young people. Discussions will address the impact of emotions and behavioural biases on financial decisions.

    Financial literacy & educationFinancial literacy and education
  • 2025-02-13EstoniaCentral Bank of Estonia

    Central Bank of Estonia publishes balance of payments flash estimate and schedules Q4 2024 release for 12 March 2025

    The Central Bank of Estonia released its monthly flash estimate of the balance of payments for the penultimate month, noting that the fourth quarter 2024 balance of payments will be published on 12 March 2025. The monthly estimate, based on a smaller database and partly subjective, will be adjusted upon the quarterly release.

    Data & statisticsBalance of payments and other external statistics
  • 2025-02-13SingaporeMonetary Authority of Singapore

    Monetary Authority of Singapore’s Equities Market Review Group submits tax incentive proposals to strengthen Singapore’s equities market

    The Monetary Authority of Singapore's Equities Market Review Group proposes tax incentives to boost Singapore's equities market by encouraging more listings and investments. The measures aim to help local enterprises access growth capital, attract regional companies for listing, and improve market competitiveness by streamlining IPO processes. A detailed update on these measures is expected on 21 February 2025, with additional long-term initiatives planned for later in the year.

    Policy & regulationRules & requirementsMarket development
  • 2025-02-13South KoreaSouth Korea Financial Services Commission

    South Korea Financial Services Commission sets phased roadmap to allow corporate virtual asset transactions and tighten token listing practices

    The South Korea Financial Services Commission (FSC) has approved a phased roadmap allowing corporate entities to transact in virtual assets, reversing a previous prohibition. It includes real-name verified accounts for corporate entities to sell virtual assets and a pilot for professional investor corporations to open accounts for investment. The FSC will establish a taskforce to develop internal control standards and guidelines for virtual asset transactions.

    Policy & regulationImplementation, projects & pilotsFintech and insurtechSecurities offerings and listings
  • 2025-02-13AzerbaijanCentral Bank of the Republic of Azerbaijan

    Central Bank of the Republic of Azerbaijan approves new rules on banks’ operational risk management aligned with Basel guidance

    The Central Bank of the Republic of Azerbaijan has approved a new Rule on managing operational risks in banks, aligning with Basel Committee recommendations. The rule mandates banks to enhance their operational risk management systems, including risk identification, assessment, monitoring, and reporting. Implementation aims to expand incident data, refine loss measurement, and support advanced approaches to operational risk capital requirements.

    Policy & regulationRules & requirementsOperational risk and resilience
  • 2025-02-13PolandCentral Bank of Poland

    Central Bank of Poland releases December 2024 balance of payments showing PLN 3.4bn current account deficit

    The Central Bank of Poland reported a current account deficit of PLN 3.4bn for December 2024, up from PLN 0.4bn in December 2023. The deficit was driven by trade in goods and primary income, despite surpluses in services and secondary income. Goods exports decreased by 1.7% to PLN 105.5bn, while imports increased by 2.4% to PLN 115.1bn, with the decline in exports mainly due to reduced sales of transport means.

    Data & statisticsBalance of payments and other external statistics
  • 2025-02-13MalaysiaBank Negara Malaysia

    Bank Negara Malaysia launches consultation on Malaysia’s second National Strategy for Financial Literacy for 2026 to 2030

    Bank Negara Malaysia has released a discussion paper outlining the proposed features of Malaysia’s second National Strategy for Financial Literacy for 2026–2030. The strategy aims to enhance financial capabilities and resilience, focusing on vulnerable segments and aligning with broader development goals. It emphasizes inclusive and innovative financial education through a coordinated national approach.

    Policy & regulationReform agendas & prioritiesFinancial literacy and education
  • 2025-02-13GuernseyGuernsey Financial Services Commission

    Guernsey Financial Services Commission issues thematic reviews on client money arrangements in the investment and fiduciary sectors

    The Guernsey Financial Services Commission released reports on client money arrangements in the investment and fiduciary sectors, finding firms generally maintain robust controls for segregation and reconciliation. Most licensees hold client money with Approved Banks, though accessing these banks may incur costs and time. The reports encourage firms to review and update their policies using the provided areas to consider and self-assurance questionnaires.

    Policy & regulationGuidance & interpretationClient asset custody and safekeeping
  • 2025-02-13CanadaFinancial Services Regulatory Authority of Ontario

    Financial Services Regulatory Authority of Ontario imposes CAD 100,000 penalty and compliance order on Ulrich Fabrice Avognon

    The Financial Services Regulatory Authority of Ontario imposed a CAD 100,000 penalty and issued a compliance order against Ulrich Fabrice Avognon. He sought payment for goods or services related to an insurance claim that were not provided or substantially deficient, violating section 6(1) of the Unfair or Deceptive Acts or Practices Rule and the Insurance Act. The order followed Avognon's withdrawal of his hearing request before the Financial Services Tribunal.

    EnforcementInvestigations & enforcement actionsConsumer and investor protection
  • 2025-02-13CanadaOntario Securities Commission

    Ontario Securities Commission charges Sergiy Kaspirovych for allegedly submitting forged criminal record checks in a registration application

    The Ontario Securities Commission (OSC) charged Sergiy Kaspirovych with making a false statement under the Securities Act (Ontario) by allegedly submitting forged criminal record checks to register as a scholarship plan dealing representative. The OSC's investigation, supported by Toronto Police and the Royal Canadian Mounted Police, found the conduct occurred between March 16 and April 1, 2023. Kaspirovych is set to appear in court on February 27, 2025.

    EnforcementInvestigations & enforcement actionsFraud and scams
  • 2025-02-13ThailandThailand Securities & Exchange Commission

    Thailand Securities & Exchange Commission urges NRF254A bondholders to review proposed term changes ahead of 18 February vote

    The Thailand Securities & Exchange Commission has notified NRF254A bondholders to review information and exercise their rights at an electronic meeting on 18 February 2025. The meeting will address proposed changes to the bond's terms, including extending maturity to 2027, adjusting interest rates, and revising repayment schedules. Bondholders will also consider waivers related to debt restructuring, with the bondholders’ representative required to evaluate the implications.

    Policy & regulationGuidance & interpretationCorporate governance
  • 2025-02-13NigeriaCentral Bank of Nigeria

    Central Bank of Nigeria publishes January 2025 business expectations survey showing broad optimism and naira appreciation expectations

    The Central Bank of Nigeria's January 2025 Business Expectations Survey shows optimism among firms about the macroeconomy and operations, driven by positive exchange rate outlooks and anticipated business activity improvements. The macroeconomic confidence index rose from 18.9 in January to 43.3 over six months, with industry showing the highest optimism. Despite positive expectations, challenges like high interest rates, insecurity, and insufficient power supply persist, impacting financial conditions and credit access.

    Data & statisticsEconomic data and developments
  • 2025-02-13NigeriaCentral Bank of Nigeria

    Central Bank of Nigeria releases January 2025 Household Expectations Survey showing easing pessimism but weak big-ticket purchase appetite

    The Central Bank of Nigeria's January 2025 Household Expectations Survey shows persistent consumer pessimism with a Consumer Confidence Index of -23.5, though sentiment may improve in six months. Economic Condition, Family Financial Situation, and Family Income sub-indices remain negative, with expected price increases, especially for rents and housing- and vehicle-related purchases. Despite high prices, planned spending focuses on essentials, with limited interest in big-ticket items. Respondents associate inflation with a weaker economy and prefer lower interest rates.

    Data & statisticsEconomic data and developments
  • 2025-02-13NigeriaCentral Bank of Nigeria

    Central Bank of Nigeria publishes January 2025 inflation expectations survey with 81.5% of respondents rating current inflation as high

    The Central Bank of Nigeria's January 2025 Inflation Expectations Survey indicates that 81.5% of respondents perceive inflation as high, with large businesses showing the highest concern. Key inflation drivers include energy costs, exchange rates, transportation, and interest rates. A majority of respondents prefer a reduction in interest rates, and 90.6% view the central bank's communication as transparent.

    Data & statisticsEconomic data and developments
  • 2025-02-13United KingdomHM Treasury

    The United Kingdom's HM Treasury and the Bank of England update their financial relationship memorandum and reaffirm the Bank’s capital framework

    HM Treasury and the Bank of England updated their Memorandum of Understanding on financial relations, affirming the 2018 capital framework's effectiveness. The MoU maintains the Bank's capital and income-sharing framework, detailing parameters for loss-absorbing capital and balance sheet operations principles. Both institutions will review these arrangements during the Bank's balance sheet transition and periodically review the capital framework and Bank of England Levy.

    Policy & regulationRules & requirements
  • 2025-02-13United KingdomHM Treasury

    HM Treasury and European Commission publish joint statement from third EU-UK Financial Regulatory Forum with coordination focus on T+1 settlement by 11 October 2027

    HM Treasury and the European Commission issued a joint statement after the third Joint EU-UK Financial Regulatory Forum, emphasizing cooperation to enhance financial stability, market integrity, and investor protection. Discussions covered Basel III implementation, cryptoasset regulation, and sustainable finance, focusing on international coordination and reducing reporting burdens. Both parties agreed to ongoing engagement, including T+1 settlement cycles and industry taskforce collaboration.

    Policy & regulationCooperationCross-border cooperation
  • 2025-02-13CanadaFinancial Transactions and Reports Analysis Centre of Canada

    Financial Transactions and Reports Analysis Centre of Canada imposes CAD 66,000 penalty on Argosy Securities Inc. for AML compliance regime failures

    The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) fined Argosy Securities Inc. CAD 66,000 for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate compliance policies, risk assessments, and procedural reviews. The penalty was paid in full, concluding the proceedings.

    EnforcementInvestigations & enforcement actionsAML and CFT
  • 2025-02-13United StatesU.S. Senate Committee on Banking, Housing and Urban Affairs

    U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member demands Treasury answers on DOGE access to sensitive payment systems

    The U.S. Senate Committee on Banking, Housing and Urban Affairs released a letter from Ranking Member Elizabeth Warren and others, questioning Treasury Secretary Scott Bessent about alleged misrepresentations regarding Department of Government Efficiency (DOGE) personnel's access to Treasury payment systems. The letter highlights inconsistencies between Treasury's public statements and court documents, including claims of system coding modifications and unusual access arrangements. Lawmakers demand transparency on system access and activities.

    Other
  • 2025-02-13United StatesU.S. Senate Committee on Banking, Housing and Urban Affairs

    U.S. Senate Committee on Banking, Housing and Urban Affairs convenes major consumer banks to discuss debanking and regulatory reforms

    The U.S. Senate Committee on Banking, Housing and Urban Affairs, led by Chairman Tim Scott, held a roundtable with Senate Banking Republicans and major consumer banks to discuss debanking and regulatory issues. Scott emphasized that law-abiding citizens and federally legal businesses should have access to financial services, criticizing regulatory overreach on Basel III and debanking. The committee reiterated its focus on debanking, highlighting past hearings and Federal Reserve Chair Jerome Powell's commitment to address it.

    Policy & regulationCooperationOther
  • 2025-02-13United StatesU.S. Senate Committee on Banking, Housing and Urban Affairs

    U.S. Senate Committee on Banking, Housing and Urban Affairs leaders introduce Congressional Review Act resolutions to overturn the CFPB overdraft fee cap rule

    Senate Banking Committee Chairman Tim Scott and House Financial Services Committee Chairman French Hill introduced resolutions under the Congressional Review Act to overturn the Consumer Financial Protection Bureau's rule capping overdraft fees. Supported by Republican co-sponsors and industry bodies, the resolutions argue the rule limits access to overdraft services and question the CFPB's legal authority. The CFPB finalized the rule on December 12, 2024.

    Policy & regulationRules & requirementsConsumer and investor protection
  • 2025-02-13SwedenFinansinspektionen

    Sweden's Finansinspektionen launches three measures to identify total defence-critical financial firms and sector vulnerabilities

    Sweden's Finansinspektionen has outlined its 2025 priorities for financial-sector preparedness, focusing on identifying critical institutions and services, mapping critical infrastructure, and analyzing sector dependencies. The authority will collaborate with the Swedish Armed Forces, the Riksbank, and the Swedish National Debt Office on total defence planning for 2025–2030.

    SupervisionSupervision approach, priorities & toolkitOperational risk and resilience
  • 2025-02-13SwedenFinansinspektionen

    Swedish Financial Supervisory Authority confirms how it will apply the CRR exemption for specialised debt restructurers

    The Swedish Financial Supervisory Authority (FI) clarified its application of Article 36(5) of the EU Capital Requirements Regulation for "specialised debt restructurers" after the European Banking Authority rejected two interpretative questions. FI requires conditions to be met throughout the preceding financial year and up to notification, interpreting "demand deposits" as including those without contractual maturity. FI does not see a need for a formal legal position statement now.

    Policy & regulationGuidance & interpretationCapital adequacy
  • 2025-02-13United StatesU.S. Financial Services Committee

    U.S. Financial Services Committee’s Digital Assets Subcommittee holds first hearing and seeks public feedback on stablecoins discussion draft

    The U.S. Financial Services Committee's Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held its first hearing to review bills and discussion drafts on digital assets, focusing on regulatory gaps and the need for congressional action. Criticism targeted the Securities and Exchange Commission's oversight approach, with calls for a federal framework for stablecoins to support broader use cases. The Committee is seeking public input on a stablecoins discussion draft.

    Policy & regulationReform agendas & priorities
  • 2025-02-13United StatesU.S. Financial Services Committee

    U.S. House Financial Services Committee leaders introduce CRA resolutions to overturn CFPB overdraft fee cap rule

    U.S. House Financial Services Committee Chairman French Hill and Senate Banking Committee Chairman Tim Scott introduced resolutions to overturn the Consumer Financial Protection Bureau's rule capping overdraft fees at banks and credit unions. Critics label the rule as government price control and claim it restricts access to overdraft services. Several banking associations support the resolutions, arguing the rule reduces consumer options and exceeds the CFPB's statutory authority.

    Policy & regulationRules & requirementsConsumer and investor protection
  • 2025-02-13United StatesU.S. Department of Justice

    U.S. Department of Justice reports guilty plea in USD 62.8 million CrowdStreet real estate crowdfunding wire fraud case

    Elchonon “Elie” Schwartz pleaded guilty to wire fraud, misappropriating approximately USD 62.8 million raised from investors through the CrowdStreet Marketplace for two real estate projects. Despite promises to segregate funds for specific properties, Schwartz diverted the money to personal accounts and unrelated investments, leading to the bankruptcy of the entities involved. The FBI and U.S. Securities and Exchange Commission investigated, with sentencing set for May 19, carrying a maximum penalty of 20 years’ imprisonment.

    EnforcementInvestigations & enforcement actionsCrowdfundingFraud and scams
  • 2025-02-13MoldovaNational Commission for Financial Markets

    Moldova's National Commission for Financial Markets approves APA-CANAL STRAȘENI MDL 951,778 share issuance and updates the securities issuers register

    Moldova's National Commission for Financial Markets approved capital-market and consumer-protection decisions, including registering a new share issue for APA-CANAL STRAȘENI and removing certain issuances from the securities issuers register. The Commission refused a corporate separation for STEJAUR and dismissed DIRECT LEASING's request to overturn a prior consumer-protection decision. Additionally, the Commission participated in a bilateral screening process related to European integration.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-02-13KuwaitKuwait Capital Markets Authority

    Kuwait Capital Markets Authority refers alleged MENA Real Estate share manipulation and unlicensed stock tipping to the Attorney General

    The Kuwait Capital Markets Authority reported alleged criminal offences in MENA Real Estate Company share trading to the Attorney General. Eight individuals are accused of manipulating MENA's share price through pre-arranged trades, and a ninth allegedly disseminated unlicensed trading recommendations via Telegram and WhatsApp, breaching Kuwait’s Capital Markets Law, executive bylaws, and the Anti-Cyber and Information Technology Crimes Law.

    EnforcementInvestigations & enforcement actionsMarket abuse
  • 2025-02-13KuwaitKuwait Capital Markets Authority

    Kuwait Capital Markets Authority refers alleged Mena Real Estate share manipulation and unlicensed social media recommendations to the Prosecutor General

    The Kuwait Capital Markets Authority reported alleged trading offences involving Mena Real Estate Company shares to the Prosecutor General. Eight defendants are accused of executing coordinated trades to artificially inflate share prices, while a ninth allegedly disseminated unauthorized trading recommendations on Telegram and WhatsApp. The activities reportedly occurred between June and November 2024, with a focus on September 2024.

    EnforcementInvestigations & enforcement actionsMarket abuse
  • 2025-02-13CanadaBritish Columbia Financial Services Authority

    British Columbia Financial Services Authority suspends Tao Guo’s managing broker licence leaving Menethil Properties unauthorized to operate

    The British Columbia Financial Services Authority (BCFSA) suspended the licence of Tao (Terry) Guo, managing broker of Menethil Properties Ltd., due to his abandonment of duties. Menethil cannot operate without a licensed managing broker, as required by the Real Estate Services Act, while BCFSA investigates its accounting and payment practices. Tenants are advised to continue paying rent as per their agreements.

    SupervisionAuthorisations & approvalsLicence withdrawal
  • 2025-02-13CanadaBritish Columbia Financial Services Authority

    British Columbia Financial Services Authority suspends managing broker Tao Guo’s licence leaving Menethil Properties unauthorized to operate

    The British Columbia Financial Services Authority (BCFSA) suspended Tao (Terry) Guo's licence, managing broker at Menethil Properties Ltd., after he abandoned his duties, leaving the firm unauthorized to operate. The investigation revealed Guo moved overseas, delegating responsibilities to unlicensed director Yu (David) Song, violating the Real Estate Services Act. Song's previous managing broker licence was cancelled in September 2023 due to professional misconduct and a CAD 25,000 penalty.

    SupervisionAuthorisations & approvalsLicence withdrawal
  • 2025-02-13MaltaMalta Financial Services Authority

    Malta Financial Services Authority introduces special limited partnership funds and extends the notified professional investor fund framework to self-managed funds

    The Malta Financial Services Authority (MFSA) announced regulatory initiatives expanding options for non-retail collective investment schemes under the Investment Services Act. The MFSA introduced the Special Limited Partnership Fund (SLPF) as an alternative to the limited partnership framework, and extended the Notified Professional Investor Fund (NPIF) framework to include self-managed NPIFs.

    Policy & regulationRules & requirementsOther
  • 2025-02-13United StatesOffice of the Comptroller of the Currency

    Office of the Comptroller of the Currency releases baseline and severely adverse scenarios for 2025 Dodd-Frank Act stress tests

    The Office of the Comptroller of the Currency (OCC) has issued the 2025 economic and financial market scenarios for company-run Dodd-Frank Act stress tests. These scenarios, including baseline and severely adverse conditions, are used to assess covered institutions' risk profiles and capital adequacy. The requirement stems from Section 165(i)(2) of the Dodd-Frank Act, as amended, and applies to certain financial companies.

    Policy & regulationImplementation, projects & pilotsStress testing
  • 2025-02-13ChinaChina Banking and Insurance Regulatory Commission

    China Banking and Insurance Regulatory Commission head Li Yunze meets Bank of England’s Sam Woods to deepen UK China supervisory cooperation

    Li Yunze, Director of the China Banking and Insurance Regulatory Commission, met with Sam Woods, Deputy Governor of the Bank of England, to discuss outcomes from the UK-China Economic and Financial Dialogue. The meeting focused on enhancing bilateral financial regulatory cooperation.

    Policy & regulationCooperationCross-border cooperation
  • 2025-02-13LuxembourgMinistry of Finance (Luxembourg)

    Luxembourg Ministry of Finance backs EuropAI–Cloud Community Europe Luxembourg MoU to establish an AI Europe chapter at WAICF 2025

    Luxembourg’s Finance Minister Gilles Roth participated in the World Artificial Intelligence Cannes Festival 2025, promoting "human-scale" AI and positioning Luxembourg as a hub for innovative finance firms. A memorandum of understanding was signed to transform Cloud Community Europe – Luxembourg into a chapter of AI Europe. Roth also visited innovation hubs and advocated for balanced AI regulation at a University Côte d’Azur conference.

    Policy & regulationCooperationArtificial intelligence
  • 2025-02-13SwitzerlandSwiss Financial Market Supervisory Authority (FINMA)

    Swiss Financial Market Supervisory Authority outlines Switzerland’s alignment with the EU’s 15th Russia sanctions package and new ban on enforcing certain Russian court judgments

    The Swiss Financial Market Supervisory Authority (FINMA) updated Switzerland's Russia-related sanctions, aligning with the EU's 15th sanctions package and amending the Ordinance on Measures connected with the Situation in Ukraine. Key changes include prohibiting recognition of certain Russian court judgments and extending exemptions for Swiss investment withdrawal from Russia. Additionally, 54 individuals and 30 entities were added to the sanctions list, requiring financial intermediaries to freeze assets and report to SECO.

    Policy & regulationRules & requirementsSanctions list update
  • 2025-02-13GlobalFinancial Action Task Force

    Financial Action Task Force President announces forthcoming comprehensive terrorist financing analysis and urges wider financial intelligence sharing

    The FATF President urged jurisdictions at the No Money for Terror conference to enhance financial intelligence use and exchange to combat terrorist financing. The speech highlighted deficiencies in FATF evaluations, noting less than a third of countries adequately address terrorist financing. It emphasized information sharing, citing successful terror plot disruptions, and ongoing work on emerging abuse channels and private sector cooperation.

    Policy & regulationGuidance & interpretationAML and CFT
  • 2025-02-13TaiwanCentral Bank of Taiwan

    Central Bank of Taiwan approves January foreign exchange business expansions for banks and securities firms

    In January 2025, the Central Bank of Taiwan approved foreign exchange business authorizations, including new foreign-currency issuance and structured product activities. E.Sun Commercial Bank, CTBC Bank, Yuanta Securities, and SinoPac Securities received specific approvals for various foreign currency-related financial products and services. The central bank reported 3,459 authorized banks as of end-January 2025, comprising 3,419 domestic banks, three Mainland banks, and 37 foreign banks.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-02-13EuropeCommittee on Economic and Monetary Affairs

    European Parliament's Committee on Economic and Monetary Affairs to hold scrutiny debate on Solvency II and IRRD delegated acts

    The European Parliament's Committee on Economic and Monetary Affairs will hold a scrutiny debate on 19 February 2025 regarding delegated acts and implementing measures related to the Solvency II review and the Insurance Recovery and Resolution Directive (IRRD). These directives, effective from 28 January 2025, will be applicable from 30 January 2027, and the debate aims to oversee the European Commission and EIOPA's ongoing work.

    Policy & regulationCooperationPrudential risksRecovery and resolution
  • 2025-02-13TaiwanTaiwan Financial Services Commission

    Taiwan Financial Services Commission publishes December 2024 statistics on credit cards, cash cards and electronic payment institutions

    The Taiwan Financial Services Commission released end-December 2024 statistics for credit card, cash card, and electronic payment sectors, alongside cashless payment indicators. Key figures include 58.58 million effective credit cards with a revolving credit balance of NT$116.3 billion and 188.81 million stored value cards with NT$15.07 billion in stored value balances. Non-cash payment transactions in 2024 totaled 8.307 billion, valued at NT$8.3 trillion.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-02-13United KingdomThe Pensions Regulator

    UK's The Pensions Regulator announces chair Sarah Smart will step down in July 2025

    The Pensions Regulator announced that Sarah Smart will step down as Chair in July 2025, with the Department for Work and Pensions overseeing the appointment of her successor. Under Smart's leadership, TPR has focused on outcomes, implementing automatic enrolment, authorising master trusts, and setting clearer funding expectations through the defined benefit Funding Code. Transition arrangements will be managed over the next six months.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-02-13United Arab EmiratesDubai Virtual Assets Regulatory Authority

    Dubai Virtual Assets Regulatory Authority issues consumer alert on memecoin subscription advertising

    Dubai Virtual Assets Regulatory Authority warned about memecoin risks, citing their speculative nature and market manipulation susceptibility. Memecoins often lack intrinsic value and may be swayed by social media or misleading promotions, with unrealistic return claims suggesting fraud. VARA stressed compliance with regulations for virtual asset issuance and marketing, warning that unauthorized activities could face enforcement and platform access might be restricted without notice.

    SupervisionAlertsFraud and scams
  • 2025-02-12LuxembourgCentral Bank of Luxembourg

    Central Bank of Luxembourg research finds CBDC could capture 5% to 92% of payment value depending on wallet top-up design

    The Central Bank of Luxembourg's Cahier d’études No. 193 evaluates potential consumer adoption of a central bank digital currency (CBDC) in Luxembourg, highlighting that adoption hinges on merchant acceptance and operational features like top-up mechanisms. Using data from the Eurosystem’s SPACE survey, the study simulates scenarios, showing significant variation in CBDC usage based on cost and wallet limits. Future research will explore CBDC demand in other euro area countries and as a store of value.

    ResearchCBDC
  • 2025-02-12BulgariaBulgaria Financial Supervision Commission

    Bulgaria Financial Supervision Commission approves Premier Fund REIT prospectus for up to 1,000,000 publicly offered warrants

    The Bulgaria Financial Supervision Commission approved Premier Fund REIT's IPO prospectus and made governance changes. It approved new board members for Balkan Property Instruments REIT and amended BPD Industrial Real Estate Fund EADREIT's statute. The FSC scheduled aptitude exams, notified EU and EEA authorities about GRECO BULGARIA EOOD's insurance mediation plans, and requested more information for pending authorisations.

    SupervisionAuthorisations & approvalsSecurities offerings and listings
  • 2025-02-12AngolaAngola Capital Markets Commission

    Angola Capital Markets Commission holds market hearing on draft revision of securities and derivatives fees

    The Angola Capital Markets Commission conducted a virtual market hearing to solicit feedback on a draft revision of Presidential Decree No. 209/22 concerning fees in the securities and derivatives market. The hearing aimed to foster dialogue and consensus, with market participants offering views and amendment suggestions for the Commission's review.

    Policy & regulationGuidance & interpretationRegulatory burden
  • 2025-02-12Saudi ArabiaSaudi Arabia Capital Markets Authority

    Saudi Arabia Capital Markets Authority approves public offering of SEDCO Capital Global Monthly Distributions Fund

    The Saudi Arabia Capital Markets Authority approved the public offer by Saudi Economic and Development Securities Company for the SEDCO Capital Global Monthly Distributions Fund. The CMA emphasized that its approval is not a subscription recommendation but confirms compliance with legal requirements under the Capital Market Law and its Implementing Regulations. Investors should review the fund's terms, investment strategy, and risk factors thoroughly.

    SupervisionAuthorisations & approvalsSecurities offerings and listings
  • 2025-02-12AngolaAngola Insurance Authority (ARSEG)

    Angola Insurance Authority holds working meeting with Financial Intelligence Unit on national and sectoral risk assessments

    The Angola Insurance Authority (ARSEG) held a meeting with Angola’s Financial Intelligence Unit (UIF) to review the national risk assessment process. The discussion emphasized the importance of ARSEG completing its sectoral risk assessment for the insurance and pension funds sectors promptly.

    SupervisionCooperationCross-border cooperation
  • 2025-02-12UruguayCentral Bank of Uruguay

    Central Bank of Uruguay obtains ISO 37001:2016 anti-bribery management system certification

    The Central Bank of Uruguay has been certified under the ISO 37001:2016 Anti-bribery Management Systems standard by LSQA, marking it as the first public body to achieve this. This reflects the bank's system to prevent, detect, and manage bribery risks across processes, including corporate governance and financial stability. The bank also highlighted its confidential reporting channel for suspected bribery or corruption.

    Institutional developmentGovernanceBribery and corruption
  • 2025-02-12EuropeEuropean Securities and Markets Authority

    European Securities and Markets Authority appoints Birgit Puck as Chair of the Markets Standing Committee

    The European Securities and Markets Authority (ESMA) has appointed Birgit Puck from Austria’s Financial Market Authority as Chair of its Markets Standing Committee. The election took place at ESMA’s Board of Supervisors meeting on 11 February 2025.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-02-12Hong KongHong Kong Mandatory Provident Fund Schemes Authority

    Hong Kong Mandatory Provident Fund Schemes Authority reprimands and disqualifies YAN Yuen Yee Angel for two months as an MPF intermediary

    The Hong Kong Mandatory Provident Fund Schemes Authority has reprimanded and disqualified YAN Yuen Yee Angel as a Mandatory Provident Fund intermediary for two months due to unauthorized distribution of marketing materials. YAN, formerly with Manulife (International) Limited, breached internal policies and conduct requirements under the Mandatory Provident Fund Schemes Ordinance. The decision considered the breach's nature, seriousness, and impact, alongside YAN's clean record.

    EnforcementSanctions & designations
  • 2025-02-12AustraliaAustralian Securities & Investments Commission

    Australian Securities & Investments Commission issues February 2025 financial advice update covering adviser qualification guidance, IDR reporting scrutiny and AI governance gaps

    ASIC's February 2025 Financial advice update covers adviser standards, complaints, breach reporting, tech governance risks, and supervisory activities. It offers guidance on adviser qualifications and the experienced provider pathway. Findings from its first industry-wide dispute resolution data show reporting gaps, with plans to publish firm-level complaints data in 2025. A review of AI adoption by licensees reveals complexity and governance concerns. The update includes outcomes from the Financial Services and Credit Panel, superannuation fund advice surveillance, and insights from the reportable situations regime.

    Policy & regulationGuidance & interpretationRegulatory reportingSupervisory data
  • 2025-02-12RwandaRwanda Capital Markets Authority

    Rwanda Capital Markets Authority trains licensed intermediaries on AML CFT and CPF compliance

    The Rwanda Capital Markets Authority held a training for licensed market players to enhance compliance with Anti-Money Laundering (AML) requirements, facilitated by the Financial Intelligence Centre. CEO Thapelo Tsheole emphasized adhering to global AML, Counter-Terrorist Financing, and Counter-Proliferation Financing standards. The session covered risk-based approaches, beneficial ownership transparency, due diligence, internal controls, and targeted financial sanctions.

    SupervisionInterventionsAML and CFTSupervision process and methodologies
  • 2025-02-12United Arab EmiratesCentral Bank of the UAE

    Central Bank of the UAE signs agreement with Abu Dhabi Securities Exchange to route AED cash settlements and margin flows through the CBUAE network

    The Central Bank of the UAE and Abu Dhabi Securities Exchange have agreed to process AED cash settlements for ADX-listed financial instruments via the Central Bank Money network. This includes trades in shares, bonds, and exchange-traded funds, as well as margin call and collateral transactions, aligning with IOSCO standards for central counterparty clearing and central securities depository services. The automated direct debit mechanism aims to expedite settlement and mitigate settlement risk, supporting ADX’s Core Platform Upgrade.

    Policy & regulationCooperationMarket infrastructure
  • 2025-02-12NigeriaMinistry of Finance (Nigeria)

    Nigeria's Ministry of Finance briefs Senate committee on capital market growth and backs Investment and Securities Bill

    Nigeria's Ministry of Finance highlighted the capital market's role in achieving a USD 1 trillion economy, noting a 37% stock market rise in 2023 and a 1.5% increase in early 2024. Finance Minister Wale Edun reported pension fund assets at NGN 20.5 trillion and 2024 revenue collections exceeding targets by 120%. The Investment and Securities Bill is identified as crucial for ongoing regulatory reform.

    Policy & regulationReform agendas & priorities
  • 2025-02-12NetherlandsDutch Authority for the Financial Markets

    Dutch Authority for the Financial Markets launches mandatory Market Monitor 2025 survey for 6,100 advisers and intermediaries and removes option to estimate turnover for 2025 supervision fees

    The Dutch Authority for the Financial Markets (AFM) has launched the 2025 Market Monitor for advisers and intermediaries, a mandatory digital questionnaire for over 6,100 firms. The AFM aims to enhance its understanding of market developments and risks, with a focus on business operations as a supervisory priority. The questionnaire will also determine the 2025 supervision cost contribution based on actual turnover from licensed activities.

    SupervisionRegulatory reportingSupervision process and methodologies
  • 2025-02-12PakistanSecurites & Exchange Commission of Pakistan

    Securities and Exchange Commission of Pakistan unveils motor insurance repository and other digital tools at InsureImpact Conference

    The Securities and Exchange Commission of Pakistan hosted the InsureImpact Conference 2025 in Karachi, launching digital initiatives for the insurance sector, including a motor insurance repository and an SMS-based policy finder. Discussions covered disaster and agriculture insurance, health insurance gaps, and digitalisation, with calls for prioritising agricultural insurance and a sustainable health insurance framework. SECP also emphasized stakeholder engagement and amendments to Pakistan’s insurance laws.

    Policy & regulationImplementation, projects & pilotsMarket development
  • 2025-02-12GeorgiaNational Bank of Georgia

    National Bank of Georgia issues a microbank license to JSC Crystal

    The National Bank of Georgia has granted a microbank license to JSC "Crystal," allowing it to expand its services and introduce new financial products. Crystal's inclusion in the real-time gross settlement system is anticipated to enhance its competitive position. The development is expected to increase competition and diversify Georgia's banking sector.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-02-12GeorgiaNational Bank of Georgia

    National Bank of Georgia reports IMF congratulations to Natia Turnava on her appointment as governor

    The National Bank of Georgia announced that Natia Turnava has been appointed as Governor, following nomination by the NBG Board and approval by the Georgian Parliament. The IMF Executive Director sent a congratulatory letter, expressing intent to continue collaboration with the central bank.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-02-12ItalyBank of Italy

    Bank of Italy opens call for papers for September 2025 Economics of Payments conference in Rome with 20 April deadline

    The Bank of Italy has issued a call for papers for its Conference on the Economics of Payments, set for 18-19 September 2025 in Rome. The event will focus on the functioning, evolution, and regulation of retail and wholesale payment systems, with a scientific committee featuring experts from major international financial institutions.

    ResearchPayments and payment systems
  • 2025-02-12ItalyBank of Italy

    Bank of Italy-backed CIPA working group publishes report on quantum technologies in the banking sector

    The Bank of Italy published a report on the CIPA website titled “Quantum technologies in the banking sector,” analyzing quantum technologies' opportunities and risks in finance. The CIPA working group, including ABI Lab and various banks, aims to support strategic initiatives. The report covers quantum mechanics, technology applications, ecosystem mapping, safety strategies, and potential banking impacts.

    ResearchQuantum computing
  • 2025-02-12LuxembourgLuxembourg Commission de Surveillance du Secteur Financier

    Luxembourg Commission de Surveillance du Secteur Financier publishes simplified procedure for creating new fund share classes without prospectus updates

    The Luxembourg CSSF introduced a simplified procedure for creating new share classes without a prospectus update for UCITS, UCI Part II, SIFs, and SICARs, applicable when characteristics are defined in the current prospectus. Submissions must adhere to the CSSF's form and include relevant information in a standardised table.

    Policy & regulationRules & requirementsSecurities offerings and listings
  • 2025-02-12LuxembourgLuxembourg Commission de Surveillance du Secteur Financier

    Luxembourg Commission de Surveillance du Secteur Financier clarifies that CSRD sustainability assurance fees are excluded from the 70% non-audit services fee cap for public-interest entities

    The Luxembourg Commission de Surveillance du Secteur Financier issued guidance on the EU "Fee Cap" for non-audit services when auditors perform assurance on sustainability reporting, pending Luxembourg's adoption of national CSRD provisions. Under Regulation (EU) No 537/2014, non-audit service fees are capped at 70% of average statutory audit fees over three years, with CSRD assurance engagements excluded. Other sustainability-related services remain non-audit services and count towards the cap if allowed under independence rules.

    Policy & regulationGuidance & interpretationAuditing
  • 2025-02-12EuropeEuropean Banking Authority

    European Banking Authority publishes final draft standards for Pillar 3 data hub submissions by large and other institutions

    The European Banking Authority (EBA) released final draft Implementing Technical Standards for a centralized Pillar 3 data hub, facilitating prudential disclosures via a single access point on its website, as required by the Capital Requirements Regulation and Directive Banking Package. The standards outline IT solutions, submission processes, and data formats for institutions, with a transition period for disclosures from June to December 2025. A consultation for small and non-complex institutions is planned for early 2025.

    Policy & regulationRules & requirementsRegulatory reporting
  • 2025-02-12SwedenRiksbank

    Sweden's Riksbank publishes an Economic Review issue on the evolution of inflation targeting

    Sweden's Riksbank published the first 2025 issue of its Economic Review, featuring three articles on the evolution of inflation targeting. The issue includes a synthesis of a Riksbank-hosted conference on inflation targeting, Mervyn King's analysis of institutional foundations, and a review by Magnus Jonsson and Anders Vredin on the expanded toolkit and analytical demands post-2008.

    Research
  • 2025-02-12SwedenRiksbank

    Sweden's Riksbank examines the Green Asset Ratio and finds taxonomy-aligned assets remain a small share of large banks’ balance sheets

    Sweden's Riksbank released an Economic Commentary evaluating the EU's Green Asset Ratio (GAR) and the need for transparent metrics to assess banks' climate-related progress. Current GAR disclosures show that only a small portion of banks' balance sheets are green, with major Swedish banks reporting a GAR of 1.9% at the end of 2023. The Commentary anticipates GAR growth as sustainability reporting and energy performance data improve.

    ResearchClimate risk and sustainable finance
  • 2025-02-12SwedenRiksbank

    Sweden's Riksbank signals tentative policy stance after a full percentage point of rate cuts and sets out RIX and TARGET payments direction

    Riksbank Deputy Governor Aino Bunge discussed Sweden's monetary policy, noting inflation near the 2% target but cautioning about January's unexpected rise. She highlighted the need for economic rebound amid foreign uncertainties and detailed upgrades to the RIX system for instant payments and broader connectivity. Bunge also addressed challenges in the payments market, including fraud and reliance on digital infrastructure, and emphasized the Riksbank's extended mandate to enhance payment systems.

    Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developmentsPayments and payment systems
  • 2025-02-12KazakhstanAgency 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 refuses to approve two securities market senior appointments

    The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has declined to approve Rasul Ilshadovich Gafurov and Zaurech Salmenovna Zhumabekova for senior positions in the securities market. This decision was made under protocols No. 219/РЦБ/Т and No. 220/РЦБ/Т dated 11 February 2025.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-02-12KazakhstanAgency 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 Piotr Janusz Kaczmarek as an independent director of Bereke Bank

    The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Piotr Janusz Kaczmarek as a board member and independent director of Bereke Bank JSC, a subsidiary of Lesha Bank LLC.

    SupervisionAuthorisations & approvalsLicence approval
  • 2025-02-12FranceBank of France

    Bank of France publishes a 20-year review of the Groupe de Place Robustesse and sets priorities for operational crisis preparedness

    The Bank of France's report reviews 20 years of the Groupe de Place Robustesse (GPR), highlighting its role in operational crisis management. It emphasizes a robust crisis-management framework, tested through annual exercises, including the April 2024 G7 exercise with 23 financial authorities. It outlines a forward programme to enhance cross-sector coordination, international collaboration, and risk exploration.

    Policy & regulationImplementation, projects & pilotsOperational risk and resilience
  • 2025-02-12FranceBank of France

    Bank of France reviews 20 years of the Groupe de Place Robustesse and reports a 10.8% rise in 2024 over-indebtedness filings

    The Bank of France's 2024 assessment reports a 10.8% increase in household over-indebtedness filings, partly due to inflation's impact on financially fragile households, with total debt reaching EUR 4.5 billion. The report also marks 20 years of the Groupe de Place Robustesse, highlighting its crisis-management role and a large-scale exercise under G7 auspices, with future plans for enhanced international collaboration and risk scenario exploration.

    Data & statisticsConsumer and investor protection
  • 2025-02-12FranceBank of France

    Bank of France receives Label GEEIS AI trophy recognising its inclusive and ethical AI approach

    The Bank of France received the Label GEEIS AI Gender Equality European & International Standard trophy at the Artificial Intelligence Summit, highlighting its commitment to responsible and inclusive AI. First Deputy Governor Denis Beau accepted the award, emphasizing the bank's "trust by design" AI approach. A subsequent roundtable at the Innovation Lab discussed promoting inclusive AI in technological innovation.

    OtherArtificial intelligence
  • 2025-02-12AustriaAustria Financial Market Authority

    Austria Financial Market Authority managing director Birgit Puck elected chair of ESMA Markets Standing Committee

    The Austria Financial Market Authority announced that Birgit Puck, Managing Director of its Securities Supervision Department, has been appointed Chair of the European Securities and Markets Authority’s Markets Standing Committee. Her term runs until 31 December 2026, succeeding Rodrigo Buenaventura. The committee addresses regulatory aspects of securities markets, market infrastructures, and co-operation on market abuse investigations.

    Institutional developmentLeadership change & appointmentsLeadership change and appointments
  • 2025-02-12FinlandMinistry of Finance (Finland)

    Finland's Ministry of Finance announces Minister Wille Rydman will attend No Money for Terror conference in Munich

    Finland's Ministry of Finance announced that Minister Wille Rydman will attend the No Money for Terror conference in Munich on 13 February, focusing on enhancing measures against terrorism financing. The conference, initiated in 2018 by France, seeks to bolster international cooperation and develop coordinated solutions to this threat.

    Policy & regulationCooperationAML and CFTCross-border cooperation
  • 2025-02-12Hong KongHong Kong Monetary Authority

    Hong Kong Monetary Authority warns public about fraudulent websites and social media accounts linked to Chong Hing Bank

    The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and social media accounts linked to Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.

    SupervisionAlertsFraud and scams
  • 2025-02-12United KingdomUK Parliament

    UK Parliament's Foreign Affairs Committee launches call for evidence on parliamentary scrutiny of the UK's sanctions strategy

    The UK Parliament’s Foreign Affairs Committee is seeking evidence on the UK’s sanctions strategy, focusing on parliamentary scrutiny and potential increased oversight of sanctions policy. The inquiry will explore balancing increased parliamentary involvement with the need for expediency and ensuring sanctions align with foreign policy goals. Evidence is requested on scrutiny scope, timing, and comparisons with international oversight models.

    Policy & regulationReform agendas & prioritiesForeign exchange policy and markets
  • 2025-02-12United KingdomUK Parliament

    UK Parliament's Public Accounts Committee calls on HMRC to set a tax evasion strategy and tighten anti-fraud controls

    The UK Parliament's Public Accounts Committee criticizes HMRC for underestimating tax evasion costs and lacking a clear strategy to combat it. It calls for a stronger cross-government approach, highlighting ineffective collaboration between HMRC, Companies House, and the Insolvency Service, and inadequate use of powers under the Economic Crime and Corporate Transparency Act 2023. The report notes declining prosecution outcomes and urges faster implementation of company registration reforms.

    Policy & regulationReform agendas & prioritiesTax transparency and information exchange
  • 2025-02-12United StatesFederal Reserve Bank of Cleveland

    Federal Reserve Bank of Cleveland launches charting tool for near-real-time SORCE data on Fourth District business conditions

    The Federal Reserve Bank of Cleveland has introduced a public charting tool with near-real-time indicators of business conditions in the Fourth District, derived from its Survey of Regional Conditions and Expectations (SORCE). The SORCE indexes, informing the Cleveland Fed’s Beige Book and monetary policy, include data on demand, prices, costs, employment, wages, capital expenditures, and expectations. Data are collected every six weeks and published about three weeks later.

    Data & statisticsEconomic data and developments
  • 2025-02-12EuropeEuropean Central Bank

    European Central Bank working paper finds monetary tightening reduces investment more at high labour-share firms via borrowing constraints

    The European Central Bank released a working paper by Lea Steininger and Anna Matzner analyzing how monetary policy shocks affect firms differently based on their labour share. The study finds that monetary tightening disproportionately impacts fixed-capital investment in labour-intensive firms due to external financing constraints, rather than factors like firm age or size. Based on data from over 1.3 million firms, the findings suggest bank lending as a key transmission mechanism.

    Research
  • 2025-02-12EuropeEuropean Central Bank

    European Central Bank reiterates climate and nature risk integration and signals penalty-backed supervision after banks’ end-2024 deadline

    ECB Executive Board member Frank Elderson discussed integrating climate and nature-related risks into monetary policy and banking supervision, emphasizing binding compliance measures. The ECB will suspend corporate bond purchases in early 2025, with future purchases favoring better-performing issuers. Banks must manage climate risks by end-2024, facing penalties for non-compliance, and stress-testing frameworks must use scientifically aligned scenarios.

    SupervisionInterventionsClimate risk and sustainable finance
  • 2025-02-12TajikistanNational Bank of the Republic of Tajikistan

    National Bank of the Republic of Tajikistan reports 2024 inflation of 3.6% and lowers refinancing rate to 9.0%

    The National Bank of the Republic of Tajikistan reported a year-end inflation rate of 3.6% for 2024, with a refinancing rate cut to 9.0% per annum. The banking system saw TJS 47.5bn in assets and TJS 24.6bn in lending, with a capital adequacy ratio of 21.8%. Foreign capital inflows into the banking sector increased by 88.7% to USD 4.2bn.

    Monetary policyPolicy rate decisionsOther
  • 2025-02-12SpainBank of Spain

    Bank of Spain holds listening sessions with academics to update five-year research priorities

    The Bank of Spain is holding three listening sessions with over 30 academics and economics experts to update its analytical and research priorities for the next five years. Governor José Luis Escrivá and Deputy Governor Soledad Núñez participated in the first session. This initiative aims to address issues impacting the economic welfare of Spanish society.

    Policy & regulationReform agendas & prioritiesOther
  • 2025-02-12VietnamVietnam State Securities Commission

    Vietnam State Securities Commission publishes list of public companies as of 31 December 2024 excluding securities firms and fund managers

    The Vietnam State Securities Commission released its list of public companies as of 31 December 2024, excluding securities and fund management companies. The list differentiates between companies listed or registered for trading on the UPCoM market and those registered with the Commission but not yet listed or registered for UPCoM trading.

    Data & statisticsSanctions list update
  • 2025-02-12RomaniaRomanian Financial Supervisory Authority

    Romanian Financial Supervisory Authority reports Parliament adoption of issuer law amendments cutting pre-emption periods to 14 days

    The Romanian Financial Supervisory Authority announced that the Chamber of Deputies adopted a bill amending the capital markets framework to expedite capital raising and enhance investor protection. Key changes include reducing the pre-emption rights period for share capital increases from 30 to 14 days, setting deadlines for transmitting resolutions to the Trade Register and Official Gazette, and extending quarterly financial reporting deadlines. The bill, aligned with EU transposition and Romania's national capital market strategy, will be sent to the President for promulgation.

    Policy & regulationRules & requirementsSecurities offerings and listings
  • 2025-02-12RomaniaRomanian Financial Supervisory Authority

    Romanian Financial Supervisory Authority amends pension fund authorisation rules and approves Anteco delisting and BRD pension contract changes

    The Romanian Financial Supervisory Authority adopted measures impacting non-bank financial markets, including amendments to the authorisation framework for private and voluntary pension funds. It approved the withdrawal of Anteco S.A. Ploiești shares from trading and endorsed changes to BRD pension fund administration contracts. The amendments will be published in Romania’s Official Gazette.

    Policy & regulationRules & requirementsLicence withdrawal
  • 2025-02-12ItalyItalian Institute for Insurance Supervision (IVASS)

    Italian Institute for Insurance Supervision warns of counterfeit Athora Belgium surety policies and draft contracts circulating in Italy

    The Italian Institute for Insurance Supervision (IVASS) issued a warning regarding counterfeit surety bond insurance policies falsely attributed to Athora Belgium NV/SA, which the insurer has disowned. Athora Belgium, previously authorised to operate in Italy, renounced its non-life authorisation on 28 January 2025. IVASS advises customers to verify the legitimacy of insurers and intermediaries through its published registers and warning lists.

    SupervisionAlertsFraud and scams
  • 2025-02-12BrazilBrazil Securities Commission (CVM)

    Brazil Securities Commission rejects settlement proposal by Petrobras executive directors in Premium I and II refinery project case

    The Brazil Securities Commission (CVM) Board rejected a settlement proposal in Administrative Sanctioning Proceeding 19957.009503/2018-15 involving former Petrobras executives. The Federal Specialized Prosecutor’s Office identified a legal impediment, and the Commitments Committee recommended rejection due to the seriousness of the alleged conduct. The proceeding investigates potential breaches of duty of diligence related to the 2013 approval of refinery projects despite economic infeasibility concerns, possibly infringing Article 153 of Law 6,404.

    EnforcementInvestigations & enforcement actionsOther
  • 2025-02-12British Virgin IslandsBritish Virgin Islands Financial Services Commission

    British Virgin Islands Financial Services Commission warns NICKY FX INVESTMENT is unlicensed and circulating a forged investment business licence

    The British Virgin Islands Financial Services Commission (FSC) issued a warning that NICKY FX INVESTMENT is not licensed or regulated by the FSC and is circulating a forged investment business licence. The entity falsely claims to be authorised to conduct investment business in the British Virgin Islands. The FSC advises the public to avoid dealings with NICKY FX INVESTMENT and report any suspicious activities.

    SupervisionAlertsUnlicensed or unauthorized activity
  • 2025-02-12GermanyGerman Bundesbank

    German Bundesbank reports December 2024 current account surplus of EUR 24.0bn and provisional 2024 surplus of EUR 248.7bn

    The German Bundesbank reported a current account surplus of EUR 24.0bn for December 2024, driven by a rise in invisible transactions despite a decline in the goods trade surplus. The financial account showed net capital exports of EUR 30.6bn in securities and EUR 26.3bn in direct investment, with net capital imports of EUR 4.2bn in other investments. Preliminary data for 2024 indicates a current account surplus of EUR 248.7bn and net capital exports of EUR 270.6bn.

    Data & statisticsBalance of payments and other external statistics
  • 2025-02-12GermanyGerman Bundesbank

    German Bundesbank reports EUR 7.6bn net redemptions of debt securities in Germany in December 2024

    The German Bundesbank's December 2024 statistics show a decline in bond issuance and net repayments, with domestic debt securities issuance dropping to EUR 81.5bn from EUR 108.2bn in November. Domestic credit institutions and the public sector significantly reduced capital market debt, while domestic corporates issued bonds net of EUR 21.9bn. Domestic non-banks were net buyers of debt securities, whereas foreign investors sold German debt securities net, and the Bundesbank's bond holdings decreased due to maturities.

    Data & statisticsFinancial and market indicatorsSupervisory data
  • 2025-02-12SingaporeMonetary Authority of Singapore

    Monetary Authority of Singapore and Association of Banks in Singapore to establish single entity to consolidate governance of national payment schemes

    The Monetary Authority of Singapore and the Association of Banks in Singapore plan to establish a new entity to consolidate the administration and governance of national payment schemes, working on the national payments strategy. This entity will unify governance currently spread across several bodies but won't be regulated or involved in daily operations. Details on its name, governance structure, and board composition will be disclosed later this year.

    Policy & regulationImplementation, projects & pilotsPayments and payment systems
  • 2025-02-12HaitiBank of the Republic of Haiti

    Bank of the Republic of Haiti updates on seven projects funded under its Fund for Research and Development totaling HTG 102,808,624.25

    The Bank of the Republic of Haiti reported on the implementation status of the second cohort of projects funded by the BRH Fund for Research and Development, totaling HTG 102,808,624.25. The update details project durations, host institutions, start dates, disbursements, and progress metrics, with disbursement rates between 34% and 100% and execution rates from 30% to 75%.

    Policy & regulationImplementation, projects & pilotsOther