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2025-02-11•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported that domestic banks' outstanding loans to small and medium-sized enterprises (SMEs) reached NT$10,338 billion at end-December 2024, an increase of NT$71.2 billion from end-November. SME lending accounted for 64.69% of total enterprise loans and 68.52% of private enterprise loans, with a non-performing loan ratio of 0.23%, down 0.01 percentage points from the previous month.
Data & statisticsFinancial and market indicators
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2025-02-11•Taiwan•Taiwan Financial Services Commission
The Taiwan Financial Services Commission reported that the average non-performing loan (NPL) ratio for Taiwan's 38 domestic banks remained stable at 0.15% in December 2024, with NPL balances decreasing and allowance coverage rising. Total outstanding loans increased by TWD 248 billion to TWD 42.21 trillion, while NPLs fell by TWD 3 billion to TWD 61.4 billion. The commission deemed asset quality manageable and will continue mandating banks to enhance asset quality and financial structure.
Data & statisticsAsset quality
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2025-02-11•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury updated the UK sanctions list under the cyber sanctions regime, adding eight entries subject to an asset freeze. The designations include ZSERVERS, a Russia-based hosting provider, six associated individuals, and its UK front company, XHOST Internet Solutions LP. Firms must freeze assets of designated persons, report frozen assets and suspected breaches, and ensure screening for indirect ownership or control by sanctioned entities.
Policy & regulationRules & requirementsSanctions list updateNew sanctions designations
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2025-02-11•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority's 2024 IORPs in Focus report highlights ongoing consolidation and a shift toward defined contribution schemes in the European occupational retirement market. By end-2023, assets under management rose to EUR 2.72 trillion, with members and beneficiaries reaching 71.6 million. Despite a 1.7% decline in IORPs, multi-employer IORPs increased, while cross-border activity remained limited to eight Member States.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-02-11•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
Trinidad and Tobago's Ministry of Finance launched the Catalytic Fund via the Export-Import Bank, backed by CAF Development Bank, to enhance SME access to lower-cost finance. The fund offers CAF-subsidised pricing, reduced collateral requirements, and tailored loan products, supported by a USD 35 million CAF investment loan. Complementary measures include EXIMBANK’s foreign exchange window, a $500 million Loan-by-Loan Guarantee Scheme, accelerated VAT refunds, and extended tax and National Insurance amnesties.
Policy & regulationImplementation, projects & pilotsSME financing
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2025-02-10•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission completed Module I of its Programa Emergentes, focusing on enhancing marketing and sales capabilities for participating companies. Conducted by Acelera Angola, the module emphasized customer management, product promotion, and investor attraction. Module II, led by Project Envolver, will focus on business analysis skills to develop sustainable business models.
Policy & regulationImplementation, projects & pilotsOther
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2025-02-10•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has cancelled the Australian credit licence of Auckland Finance Pty Ltd, a NSW-based credit provider, due to inactivity in credit activities. The cancellation, effective 31 January 2025, was executed under the National Consumer Credit Protection Act 2009. Auckland Finance, holding ACL number 393572 since 2011, may appeal the decision to the Administrative Review Tribunal.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-02-10•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) raised concerns about advice-related misconduct, especially telemarketers and advisers urging superannuation withdrawals for high-risk investments. Commissioner Alan Kirkland identified this as a 2025 enforcement focus, citing the Shield Master Fund investigation. ASIC's priorities include tackling misconduct in superannuation and property investment schemes, implementing Delivering Better Financial Outcomes reforms, and conducting a thematic review of SMSF advice and stakeholder consultations on regulatory simplification.
EnforcementEnforcement frameworkConsumer and investor protection
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2025-02-10•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority has authorized Erad Partners Capital Company to commence managing investments in the securities business. The license was granted under a CMA resolution dated 25 October 2023, in accordance with the Capital Market Law and its Implementing Regulations.
SupervisionAuthorisations & approvalsLicence approval
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2025-02-10•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released its condensed balance sheet statement as of 31 December 2024.
Data & statisticsFinancial and market indicators
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2025-02-10•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services licence of LRA Corporate Pty Ltd, effective 3 February 2025, under section 915B of the Corporations Act, after the firm ceased operating a financial services business. LRA Corporate, holding licence number 253008 since 2004, was authorised to deal and provide financial product advice to clients. The firm may seek a review of ASIC's decision by the Administrative Review Tribunal.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-02-10•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob), the Bank of Italy, and the Institute for the Supervision of Insurance (IVASS) have signed a memorandum for identifying and supervising financial conglomerates. This updates the 2006 agreement to align with institutional changes, including the Single Supervisory Mechanism, and outlines cooperation for conglomerates with "less significant" credit institutions. It specifies methods for calculating thresholds to assess the significance of insurance and banking sectors within a group.
Policy & regulationCooperationCross-border cooperation
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2025-02-10•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission has introduced the Family Office Licence scheme for high-net-worth single-family and multi-family offices under the Financial Services Act 2007. The scheme requires specific fees, capital requirements, and compliance measures, including asset segregation, risk management, and local presence, with a 10-year tax holiday. Applicants must follow the Financial Services (Family Office) Rules 2020 and demonstrate experience in wealth or investment management.
Policy & regulationRules & requirementsLicensing framework and process
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2025-02-10•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission outlined the Family Office Licence scheme, detailing authorization and operational requirements for single-family and multi-family offices. Licences are issued under the Financial Services Act 2007, with fees and capital requirements specified for each type. The scheme mandates compliance with governance, AML roles, and professional standards, offering a 10-year tax holiday for qualifying offices.
Policy & regulationGuidance & interpretationLicensing framework and process
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2025-02-10•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market directs market participants to its website section for draft regulations, inviting public discussion and stakeholder feedback. Drafts are posted under “Draft regulations and analysis results,” with submissions processed post-deadline before final approval and publication in the “Registers of NSSMC Acts.”
Policy & regulationRules & requirementsRegulatory burden
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2025-02-10•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
MONEYVAL's report urges Guernsey to enhance efforts in investigating, prosecuting, and convicting money laundering offences, despite understanding related risks. It praises the Financial Intelligence Unit's analytical work but notes limited law enforcement use and concerns over suspicious activity reports. It calls for improved supervisory examinations and highlights challenges with complex corporate structures and tax-related money laundering countermeasures.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-02-10•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has licensed Tamkeen Securities (Pvt) Ltd as the first fully digital, online-only securities broker, enabling account opening and trade execution without physical visits or paperwork. This aligns with SECP's strategy to develop digital intermediaries, having licensed digital asset management and life insurance companies, and reviewing a digital-only non-life insurance application. Advantages include reduced costs, broader outreach, and integrated compliance mechanisms.
SupervisionAuthorisations & approvalsLicence approval
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2025-02-10•Lithuania•Bank of Lithuania
The Bank of Lithuania issued guidance to credit institutions on presenting the basic payment account service, emphasizing clarity and accessibility on websites and mobile apps. Institutions must ensure the service is easily comparable with other packages and prominently display statutory compliance under the Republic of Lithuania Law on Payments. The update follows amendments to the Law on Payments effective from 1 January 2025.
Policy & regulationGuidance & interpretationPayments and payment systems
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2025-02-10•United States•Federal Reserve Bank of Minneapolis
The Federal Reserve Bank of Minneapolis appointed Elizabeth Leake as vice president and chief financial officer of its Financial Management Group, effective January 16, 2025. Leake, who joined the Bank in 2013, previously served as interim vice president and CFO. She succeeds Jorge Lomeli, now vice president for the Administrative Services Division.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-10•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) unveiled the 2025 Strategic Plan for its Deputy Superintendency of Cooperatives, aiming to strengthen the savings and credit cooperative sector. The plan focuses on enhanced coordination, prudential supervision, system-wide training, regulatory simplification, and upgraded supervisory tools, including AI for early warnings. This initiative addresses structural weaknesses to improve management and support sustainable growth.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologiesCapacity building
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2025-02-10•United Kingdom•UK Parliament
The UK Parliament's Treasury Committee has requested information from nine banks and building societies, including Barclays, on IT failures over the past two years, following a recent outage at Barclays. The inquiry seeks details on the number and duration of incidents, affected customers, compensation, and reasons for outages. The Committee highlighted the Bank of England's concern that such outages could pose a financial stability risk.
SupervisionRisk monitoring & watch pointsOperational risk and resilience
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2025-02-10•Global•Bank for International Settlements
The Bank for International Settlements released a BIS Bulletin on the economic and inflationary impacts of extreme weather in the Americas, noting droughts have the most persistent macroeconomic effects. While droughts and wildfires temporarily increase food prices, and droughts and storms raise energy prices, these inflation impacts are generally short-lived. It suggests monetary policy should adapt to the shock's nature, tightening if price impacts persist and loosening if physical capital is destroyed and inflation expectations remain stable.
ResearchNature-related risk
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2025-02-10•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland's Survey of Firms’ Inflation Expectations (SoFIE) shows a decline in inflation expectations among US business leaders for Q1 2025. CEOs and top executives now anticipate a 3.2% Consumer Price Index (CPI) inflation over the next 12 months, down from 3.8% in October 2024. The quarterly survey, conducted by the Cleveland Fed’s Center for Inflation Research, gathers insights from firms in the manufacturing and services sectors.
Data & statisticsEconomic data and developments
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2025-02-10•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan and the International Finance Corporation discussed expanding cooperation to enhance Uzbekistan's financial sector. Key topics included banking and non-banking sector development, financial infrastructure, and improving access to financial services for small and medium-sized enterprises. Priorities also involved developing factoring projects and attracting new participants to microfinance and hedging.
Policy & regulationCooperationDomestic cooperation
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2025-02-10•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan and the UK's Ambassador to Uzbekistan, Timothy Smart, discussed banking-sector reforms and potential cooperation with UK financial institutions. Key topics included consumer protection, financial literacy, microfinance development, and support for SMEs. Both parties expressed willingness to collaborate on staff training and enhancing research capacity.
Policy & regulationCooperationDomestic cooperation
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2025-02-10•Europe•European Central Bank
ECB President Christine Lagarde addressed the European Parliament, reaffirming the ECB's policy stance with inflation expected to align with projections and return to the 2% target this year. She noted a 125 basis point rate cut since June, bringing the deposit facility rate to 2.75%, and emphasized data-dependent decision-making. Lagarde highlighted modest 2024 growth, ongoing supply shocks, and the need for EU market integration, payments autonomy, and a digital euro to bolster resilience and innovation.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-02-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines requires all non-bank financial institutions with quasi-banking functions and trust entities to publish their Statement of Condition as of 31 December 2024. This includes a consolidated Statement for parent institutions and subsidiaries, where applicable, in a newspaper of general circulation. Institutions must also submit scanned PDF copies to the central bank within specified timeframes, per regulatory provisions.
SupervisionRegulatory reporting
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2025-02-10•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 19.8% decline in foreign direct investment (FDI) net inflows to USD 901 million in November 2024 compared to the previous year. Despite this, cumulative net FDI inflows from January to November 2024 increased by 4.4% year on year to USD 8.6 billion. The data, compiled under BPM6, highlights declines in nonresidents’ net investments in debt instruments and net equity capital placements, with stable reinvestment of earnings.
Data & statisticsBalance of payments and other external statistics
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2025-02-10•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has instructed individuals to pay a VND 1,000,000 fee for the re-issuance of securities practising certificates, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer or in person, with certificates subject to cancellation if not collected within one year.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-02-10•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) warns of counterfeit surety bond policies marketed in Italy under VISENTA INSURANCE COMPANY LTD. VISENTA FÖRSÄKRINGSAKTIEBOLAG, a Swedish insurer authorized in Italy, clarified it operates only as a captive for the Outokumpu group and does not offer third-party policies. IVASS advises consumers to verify offers against its online lists of authorized insurers and intermediaries.
SupervisionAlertsFraud and scams
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2025-02-10•Italy•Italian Institute for Insurance Supervision (IVASS)
The Bank of Italy, IVASS, and CONSOB signed a memorandum to identify financial conglomerates and coordinate supervision and information exchange, replacing the 2006 agreement. It reflects the Single Supervisory Mechanism, focusing on conglomerates with less significant credit institutions, and specifies calculating quantitative thresholds to assess sector significance.
SupervisionCooperationDomestic cooperation
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2025-02-10•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) will hold a public judgment session on 11 February 2025 regarding alleged audit irregularities by UHY Bendoraytes & Cia. and Flávio Augusto Guedes Viana. The session, related to the audit of Botafogo Institucional's financial statements for the year ended 30 June 2019, will be conducted in person and via videoconference. Reports may be amended following the session.
EnforcementInvestigations & enforcement actionsAuditing
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2025-02-10•Estonia•Central Bank of Estonia
The Central Bank of Estonia will publish first-quarter 2025 statistics on investment and pension funds on 12 May 2025. The release will detail changes in asset volumes and fund transactions, issued independently from economic policy updates.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-02-10•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia (SERC) participated in the inaugural Digital Bond Market Forum in Seoul, updating on Cambodia's efforts to draft regulations for supervising digital asset businesses. Co-organised by Korea’s Ministry of Economy and Finance, Yonsei University, and the Asian Development Bank, the forum addressed regional developments in digital assets and bonds, including trends, challenges, and necessary legal frameworks.
Policy & regulationRules & requirementsFintech and insurtechRegtech and suptech
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2025-02-10•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission sanctioned Mr. Patcharadanai Chanhatthakit for manipulating prices and trading volumes in four securities, resulting in THB 4,614,013 in payments and bans on trading and executive roles. His misleading trading practices in 2023 affected securities like Asia Biomass Public Company Limited and AMR Asia Public Company Limited. The sanction includes civil penalties, compensation, and a 24-month trading ban, with further legal action possible if consent is not given.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-02-10•Europe•European Commission
The European Commission’s DG Environment summarized a study estimating that 26.8% of the equity portfolios of the 10 largest European banks, totaling approximately USD 335 billion (EUR 317 billion), are highly dependent on ecosystem services. UBS Group AG and Deutsche Bank AG have the largest exposures. Researchers recommend enhanced risk management, clearer definitions, improved data, and stress-testing methodologies, while noting the study's limitations and the need for supervisory guidance.
ResearchClimate risk and sustainable finance
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2025-02-10•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria has revised ATM transaction fees in its Guide to Charges, effective March 1, 2025, due to rising costs and the need for improved service efficiency. On-Us withdrawals remain free, while Not-On-Us withdrawals incur fees of NGN 100 per NGN 20,000, with additional surcharges for off-site ATMs. International withdrawals will be charged on a cost-recovery basis.
Policy & regulationRules & requirementsPayments and payment systems
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2025-02-10•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a minority press release with a video from Senator Elizabeth Warren, warning that Elon Musk and Russ Vought aim to dismantle the Consumer Financial Protection Bureau (CFPB). The release alleges Vought has directed the CFPB to halt supervision, investigations, and enforcement actions, impacting oversight of the USD 18 trillion consumer lending market. Senator Warren emphasized that only Congress can dissolve the CFPB and vowed to continue her efforts in Congress and the courts.
Policy & regulationOtherConsumer and investor protection
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2025-02-10•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has issued an alert warning that fraudsters are impersonating the authority to scam consumers via phone and email. These scams involve offers to recover lost investment funds or access alleged bank accounts, using fake email addresses and logos. The authority emphasizes it never contacts consumers for such purposes and advises against sharing personal information or granting remote computer access.
SupervisionAlertsFraud and scams
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2025-02-10•United States•U.S. Financial Services Committee
The U.S. House passed six bipartisan bills from the Financial Services Committee, addressing veterans housing income calculations, IMF-related Treasury actions on China's currency, beneficial ownership reporting delays, and credit union board meeting requirements. Key measures include excluding disability compensation from veterans housing income, opposing renminbi weight increases in the IMF currency basket, extending beneficial ownership reporting deadlines, and adjusting credit union meeting frequencies.
Policy & regulationRules & requirementsOther
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2025-02-10•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority has introduced new rules for insurance and reinsurance companies under the Unified Insurance Law, setting investment ratios, limits, and governance requirements. Key measures include minimum allocations to open-ended equity funds, caps on commodity and real estate fund exposures, and new requirements for unit-linked policies and capital formation contracts. The framework also mandates asset segregation, investment registers, fee caps, and client suitability assessments for these products.
Policy & regulationRules & requirements
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2025-02-10•Norway•Norwegian Finanstilsynet
Norway’s Ministry of Finance is consulting on a draft by the Norwegian Financial Supervisory Authority to align national law with the EU’s Capital Requirements Directive VI (CRD 6). The proposal updates rules for banks and credit institutions, including sustainability risk governance, cross-border activities, and supervisory powers. It also introduces stricter Norwegian rules on suitability assessments and other areas where CRD 6 is minimum-harmonizing.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-02-10•Chile•Central Bank of Chile
The Central Bank of Chile released the Survey of Price Determinants and Expectations, highlighting firms' neutral selling prices and input availability, with cost developments stable compared to the previous quarter. Sales and profit margins showed less deterioration, with the USD exchange rate and input availability pushing selling prices higher. Median inflation expectations for the next 12 and 24 months remain at 4%.
Data & statisticsEconomic data and developments
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2025-02-10•United States•U.S. Department of Justice
Eric Council Jr. pleaded guilty to the unauthorized takeover of the U.S. Securities and Exchange Commission's X account, falsely announcing Bitcoin exchange traded funds' approval and briefly affecting Bitcoin's price. The scheme involved a SIM swap using a fraudulent ID to impersonate a victim and gain control of their phone number. Council faces up to five years in prison, with the FBI and SEC Office of Inspector General investigating.
EnforcementInvestigations & enforcement actionsCyber resilienceFraud and scams
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2025-02-10•Canada•Payments Canada
Payments Canada has amended rules for the Automated Clearing and Settlement System (ACSS) and Lynx to enhance operational clarity and align with existing by-laws. Key changes include new compliance attestations for Direct Clearers, updates to Lynx operational processes, and clarifications on throughput monitoring. The amendments took effect on February 10, 2025.
Policy & regulationRules & requirementsMarket infrastructure
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2025-02-10•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority fined The Securities House Company KWD 10,000 for breaching Module Sixteen of the Executive Bylaws of Law No. 7 of 2010. Violations included failing to reassess client risks, incomplete client information, and non-compliance with verification requirements. The company also improperly relied on a third party for client verification, highlighting inadequate internal policies.
EnforcementInvestigations & enforcement actionsKYC
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2025-02-10•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority's Disciplinary Board fined Burgan Company for Well Drilling KWD 3,000 for late submission of periodic financial statements, violating the Listing Rules. The breach involved missing the 45-day deadline for statements ending 30/06/2024, submitted on 19/08/2024 instead of the required 14/08/2024.
EnforcementInvestigations & enforcement actionsAccounting and financial reporting
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2025-02-10•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority fined Almadar Investment Company KWD 2,000 for breaching disclosure and transparency requirements. The company failed to disclose a first-instance labour court judgment mandating a payment of KWD 432,281.147, violating specific articles of the Executive Bylaws of Law No. 7 of 2010.
EnforcementInvestigations & enforcement actionsDisclosures
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2025-02-10•Kuwait•Kuwait Capital Markets Authority
The Kuwait Capital Markets Authority fined ALAFCO Aviation Lease and Finance Company KWD 1,000 and issued warnings to its current and former board chair for breaching disclosure, transparency, and corporate governance requirements. ALAFCO delayed disclosing material information about a termination contract, violating Article 4-2-1 of Module Ten. The board chairs failed to provide meeting agendas in advance, breaching Articles 2-5 and 3-8 of Module 15.
EnforcementInvestigations & enforcement actionsDisclosuresCorporate governance
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2025-02-10•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission announced a U.S. District Court order against Rashawn Russell for fraudulent solicitation and misappropriation of customer assets for digital asset trading. Russell must pay over USD 1.5 million in restitution and faces permanent injunctions, trading, and registration prohibitions. In a parallel criminal case, Russell pled guilty to wire fraud and was sentenced to over three years in prison.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-02-10•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission's "Dating or Defrauding?" campaign raises awareness about relationship investment scams involving fraudulent trading platforms linked to cryptocurrency, precious metals, or foreign exchange. In collaboration with federal and state agencies, it highlights red flags like requests for cryptocurrency or wire transfers and encourages reporting suspected fraud. The CFTC notes nearly USD 4 billion in reported FBI losses from these scams in 2023.
Financial literacy & educationFraud and scams
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2025-02-10•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission announced a consent order against Randall Crater, mandating over USD 7.6 million in restitution for his digital asset fraud scheme and imposing a permanent trading ban. Crater's scheme involved misleading claims about "My Big Coin," falsely marketed as a gold-backed virtual currency, defrauding at least 28 customers. The order resolves CFTC claims against Crater, with actions pending against other defendants.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-02-10•Russia•Central Bank of Russia
The Central Bank of Russia has set criteria for foreign credit rating agencies (CRAs) to use their ratings in official documents, limiting use to foreign-rated entities and international scale ratings. Requirements include at least five years of market experience, RUB 50 million in capital, and a methodology combining quantitative and qualitative assessments. The criteria also address corporate governance, disclosure, and conflict of interest prevention, totaling 19 criteria.
Policy & regulationRules & requirementsCredit ratings
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2025-02-10•Russia•Central Bank of Russia
The Central Bank of Russia has issued an ordinance, registered by the Russian Ministry of Justice, mandating non-governmental pension funds (NPFs) to identify and manage conflicts of interest. NPFs can allow conflicts only if customers are informed and their rights are not violated. The ordinance, effective 21 February 2025, aligns with standards for securities market participants and management companies.
Policy & regulationRules & requirementsCorporate governance
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2025-02-10•Russia•Central Bank of Russia
The Central Bank of Russia has updated the list of RUONIA panel banks in accordance with the selection procedure effective since August 2021. The revised panel will be used for RUONIA calculation and publication on 11 February for the 10 February 2025 rate.
Monetary policyMonetary policy framework & strategyFinancial benchmarks
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2025-02-10•Global•Financial Action Task Force
The Financial Action Task Force (FATF) will hold its second Plenary under the Mexican presidency in Paris from 19–21 February 2025, focusing on combating illicit finance. Discussions will include a new project on online child sexual exploitation, enhancing financial inclusion via risk-based FATF Standards, and assessing jurisdictions posing financial system risks. Outcomes will be announced on 21 February 2025.
Policy & regulationInternational standards & recommendationsAML and CFT
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2025-02-10•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission issued an exemptive order removing the requirement to report certain personally identifiable information, such as names, addresses, and years of birth, to the Consolidated Audit Trail for natural persons. This measure aims to mitigate security risks from potential data breaches and misuse for impersonation. The SEC asserts that the CAT can still generate reliable anonymized customer IDs without this information.
Policy & regulationRules & requirementsRegulatory reporting
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2025-02-10•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission granted exemptive relief for the Consolidated Audit Trail (CAT), removing the requirement to collect certain customer identifying information. Commissioner Caroline A. Crenshaw criticized this change, arguing it weakens regulatory capabilities in fraud detection and market oversight. The order stops collecting names, addresses, and birth years linked to transformed Social Security or taxpayer identification numbers.
Policy & regulationRules & requirementsRegulatory reporting
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2025-02-10•Australia•Department of Treasury (Australia)
Australia’s Treasury proposed reforms to financial adviser education standards to broaden entry pathways and increase adviser supply. New standards require a bachelor's degree or higher in any discipline, with specified finance-related study and accredited financial advice subjects. Existing advisers must meet the January 2026 deadline for holding an approved degree, while the government collaborates with industry on implementation.
Policy & regulationRules & requirementsLicence approval
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2025-02-10•Moldova•National Bank of Moldova
The National Bank of Moldova, in collaboration with the International Monetary Fund and the World Bank, has initiated a Financial Sector Assessment Program to evaluate Moldova’s financial system. The program will assess banking regulation, conduct stress tests, and examine crisis management and financial access for key sectors. The evaluation aims to inform potential reforms and align with international standards, including Basel III.
Policy & regulationImplementation, projects & pilotsSupervision process and methodologies
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2025-02-10•Global•Bank for International Settlements - Innovation Hub
The Bank for International Settlements Innovation Hub has launched Project Spectrum to use generative AI for categorizing product descriptions and price observations to enhance inflation nowcasting, in collaboration with the European Central Bank and Deutsche Bundesbank. The project utilizes the European Central Bank’s Daily Price Dataset and aims to map data to standardized expenditure categories, with potential applicability beyond Europe.
ResearchArtificial intelligence
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2025-02-10•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury has removed Irina Vladimirovna Chubarova from the UK sanctions list under the Russia sanctions regime, lifting her asset freeze and trust services sanctions. This update follows the Russia (Sanctions) (EU Exit) Regulations 2019, as implemented in the Isle of Man through the Sanctions (Implementation of UK Sanctions) Regulations 2024. Firms must freeze assets and report to the Financial Intelligence Unit unless exemptions apply.
Policy & regulationRules & requirementsSanctions list update
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2025-02-10•United States•The White House
The White House criticized the Consumer Financial Protection Bureau (CFPB) as politicized, asserting its "weaponization" would end under President Trump. The article accused the CFPB of using funds from actions against financial institutions to support advocacy groups, threatening banks over lending to illegal immigrants, and targeting a Chicago small business. It also raised concerns about data security and criticized the CFPB's expanded powers, including regulating checking accounts and managing USD 50 billion in medical debt.
OtherConsumer and investor protection
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2025-02-10•Europe•Single Resolution Board
The Single Resolution Board released an interview with Chair Dominique Laboureix, highlighting resolution planning as a competitive advantage for Europe. Laboureix emphasized the SRB's goal of enhancing financial stability, benefiting both banks and the public.
Policy & regulationGuidance & interpretationRecovery and resolution
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2025-02-10•Europe•Single Resolution Board
The Single Resolution Board confirmed that the Single Resolution Fund (SRF) met its target level of EUR 80 billion, exceeding the 1% threshold of covered deposits in Banking Union Member States as of 31 December 2024. Consequently, banks will not need to contribute to the SRF in 2025 unless circumstances change. The SRB will reassess the target level in early 2026.
Policy & regulationImplementation, projects & pilotsOther
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2025-02-09•Peru•Central Bank of Peru
The Central Bank of Peru reported a 6.1% year-on-year growth in outstanding home-purchase loans in July 2025, the fastest since March 2023, driven by a 7.2% increase in PEN-denominated mortgages. Total mortgage credit rose 0.3% month-on-month, reaching PEN 72,790 million, with dollarization slightly decreasing to 6.5% of loans in USD.
Data & statisticsLending
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2025-02-09•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland released an Economic Commentary introducing a model estimating the medium-run nominal neutral interest rate at 3.7%, suggesting a restrictive monetary policy stance with a 77% probability. The model, developed by Saeed Zaman and Taylor Horn, utilizes a comprehensive structure and additional data sources to improve estimation accuracy.
Research
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2025-02-09•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority (FRA) completed its inaugural "Certified Financial Awareness Trainer" programme for Ministry of Education staff, aiming to enhance financial literacy in non-banking financial services. The initiative, involving 21 teachers, aligns with the FRA's strategy to promote financial inclusion and awareness, particularly among youth, through strategic partnerships and attention to technology-driven risks.
Financial literacy & educationFinancial literacy and education
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2025-02-08•West Africa•Central Bank of West African States
The Central Bank of West African States (BCEAO) inaugurated a new building for its auxiliary agency in Bobo-Dioulasso, Burkina Faso, as part of its network expansion programme. This initiative aims to enhance capacity for currency circulation and support banking network development. The building incorporates modern energy-efficiency standards and reflects Burkina Faso's architectural heritage.
Policy & regulationImplementation, projects & pilotsOther
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2025-02-08•El Salvador•Superintendencia del Sistema Financiero de El Salvador
The Superintendency of the Financial System of El Salvador has initiated an intake period for individuals and entities to apply for inclusion in its Register of Valuation Experts. Applications must comply with the Technical Standards for the Register of Valuation Experts and their Professional Obligations (NRP-27).
SupervisionAuthorisations & approvalsLicence approval
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2025-02-08•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
Brazil's Superintendence of Private Insurance (SUSEP) participated in a seminar on the insurance market's role in Brazil's new Carbon and Climate Change Law. Superintendent Alessandro Octaviani highlighted the potential for insurance-sector investments to expand the carbon market under Law No. 15,042/2024 and the Brazilian Emissions Trading System (SBCE). He emphasized the need for a robust stakeholder-listening process to effectively regulate and operationalize the law.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-02-08•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) revoked Hehe Futures Co., Ltd.'s futures business licence and fined it CNY 6.10 million due to serious internal control failures and regulatory breaches. The firm was found to have submitted false information and failed in subsidiary oversight, leading to a major risk event. Hehe Futures must cease its futures operations, with client funds confirmed safe in segregated accounts.
EnforcementInvestigations & enforcement actionsCompliance
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2025-02-08•China•China Securities Regulatory Commission
China Securities Regulatory Commission Chair Wu Qing emphasized investor rights and high-quality capital market development during a roundtable with investor representatives. Discussions highlighted improving market conditions and confidence, with proposals for tighter gatekeeping for listed companies, targeted support for high-quality listings, and refined quantitative trading regulations. Participants also called for deeper public fund reform and stricter penalties for securities-related misconduct.
Financial literacy & educationConsumer and investor protection
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2025-02-08•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) and the Supervisory Commission of Ganzhou City concluded a disciplinary investigation into Chen Xiaopeng, former director of the CSRC’s Shenzhen Regulatory Bureau, uncovering serious breaches and suspected crimes. Chen was expelled from the Communist Party of China, with entitlements canceled and illegal proceeds confiscated. The investigation revealed acceptance of high-end gifts, improper hospitality, and abuse of regulatory power, leading to the transfer of suspected criminal matters to the procuratorate.
EnforcementInvestigations & enforcement actionsBribery and corruption
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2025-02-08•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) imposed penalties on H&H Futures Co., Ltd., including a CNY 6.10 million fine and revocation of its futures business licence, due to failures in internal management and reporting obligations. The firm must cease new client account openings and wind down its futures business, with takeover teams ensuring client fund safety and operational stability. After winding down, the entity must amend its business registration to remove "futures" from its name.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-02-08•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission issued guidance on concentration risk for insurance groups, establishing a unified framework to manage large exposures across complex structures. The guidance mandates consolidated risk management, end-to-end processes, and annual public disclosures. It emphasizes a principles-based approach with potential for further refinement as industry practices evolve.
Policy & regulationGuidance & interpretationRisk managementPrudential risks
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2025-02-08•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission issued guidance on concentration risk for insurance groups to enhance governance, measurement, and controls. It includes standards on risk management frameworks, policies, procedures, and reporting, drawing on international practices to support prudent operations and prevent systemic risk. The regulator will prioritize effective implementation of these measures.
Policy & regulationGuidance & interpretationRisk managementPrudential risks
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2025-02-07•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission has sworn in new officials following an internal reorganisation aimed at maintaining continuity and adapting to new market requirements. This reorganisation seeks to enhance the Commission's capacity to meet sector needs.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-02-07•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua's January 2025 monetary indicators highlight increases in gross international reserves and net foreign-exchange purchases, with year-on-year growth in all monetary aggregates. Currency in circulation rose 23.5%, while the monetary base contracted month-on-month due to central government operations. Local-currency instruments expanded liquidity by NIO 5,895.3 million, whereas foreign-currency instruments absorbed USD 33.6 million.
Monetary policyMonetary policy assessments & outlooksMonetary data
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2025-02-07•Australia•Australian Securities & Investments Commission
ASIC reported that Vickie Anne Vella appeared in Penrith Local Court charged with using her director position for personal gain at Midcoast Reinforcement Pty Ltd and Coast Reo Pty Ltd. Between August 2016 and April 2018, Vella allegedly transferred AUD 1,565,298 to personal accounts while the companies owed debts. The maximum penalty is 2,000 penalty units or five years imprisonment. The case, prosecuted by the Commonwealth Office of the Director of Public Prosecutions, was adjourned to 11 April 2025.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-02-07•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has initiated two public consultations under the European Market Infrastructure Regulation (EMIR 3) review. These consultations seek input on authorisation processes and model and parameter change approvals for central counterparties. The initiative aims to streamline supervisory procedures to enhance the efficiency and competitiveness of EU clearing services and central counterparties.
Policy & regulationRules & requirementsCCPs
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2025-02-07•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority has released draft rules for public consultation regarding business reports by investment fund management companies. These rules were adopted under Article 88(4) of the Law on Investment Funds.
Policy & regulationRules & requirementsRegulatory reporting
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2025-02-07•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority announced the resumption of trading in GIMV financial instruments on Euronext Brussels. Trading was set to re-open on 07/02/2025 at 14:00 CET, as per Article 78 of the Law of 21 November 2017.
SupervisionAuthorisations & approvalsTrading
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2025-02-07•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg reported that employment in Luxembourg credit institutions totaled 26,148 as of 31 December 2024, a decrease of 98 from the previous quarter and 137 from the previous year.
Data & statisticsActivity and performance reporting
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2025-02-07•Ukraine•National Bank of Ukraine
The National Bank of Ukraine reported that international reserves were USD 43.003 billion as of 1 February 2025, a 1.8% decrease from January but near a record high, covering 5.3 months of future imports. Reserve changes were influenced by foreign exchange market operations, government flows, and valuation effects, with notable net foreign exchange sales and significant EU inflows.
Data & statisticsBalance of payments and other external statistics
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2025-02-07•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) announced that the Full Federal Court upheld its appeal in civil penalty proceedings against Noumi’s former managing director and CEO, Rory Macleod. The court ruled that providing documents to ASIC under a Voluntary Disclosure Agreement does not waive any valid legal professional privilege (LPP) claim, overturning a previous ruling. Mr. Macleod's cross-appeal was dismissed, and proceedings will continue with a liability hearing to be scheduled.
EnforcementInvestigations & enforcement actionsDisclosures
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2025-02-07•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) aims to simplify the EU regulatory framework by reducing duplicative reporting while maintaining financial stability and investor protection. Initiatives include discontinuing specific reporting flows from trading venues under MiFIR, consolidating reference data, and aligning transaction data requirements with regimes like EMIR. ESMA will phase in digital sustainability disclosures and cease voluntary quarterly systematic internaliser calculations from 2025.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-02-07•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has permanently banned former financial adviser Lachlan John King from providing financial services or engaging in credit activities after his fraud conviction for misappropriating AUD 1,797,493.66 from eight clients, including family members. The ban, effective from 5 February 2025, is recorded on ASIC’s banned and disqualified register. ASIC exercised its powers under the Corporations Act and National Consumer Credit Protection Act. Mr. King may seek a review of the decision by the Administrative Review Tribunal.
EnforcementSanctions & designationsFraud and scams
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2025-02-07•Belgium•Belgium Financial Services and Markets Authority
Belgium's Financial Services and Markets Authority suspended trading in GIMV financial instruments on Euronext Brussels at the company's request. The suspension, effective from 7 February 2025 at 09:00 CET, will remain until GIMV issues a press release.
SupervisionInterventionsTrading
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2025-02-07•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority published its first AMLCO newsletter of 2025, highlighting the third edition of AMLCO Day focused on the "AML Package." The newsletter outlines changes in regulatory texts affecting anti-money laundering and counter-terrorist financing obligations, with insights from the National Bank of Belgium and the Belgian Financial Intelligence Processing Unit on the future European Authority for AML/CFT.
Policy & regulationGuidance & interpretationAML and CFT
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2025-02-07•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has begun consulting on new guidance for the buy now pay later (BNPL) sector, which will be subject to new consumer credit laws from June 2025. The guidance clarifies compliance with the National Consumer Credit Protection Act 2009. ASIC's Consultation Paper 382 and draft Regulatory Guide 000 cover low-cost credit contracts, requiring an Australian credit licence and modified responsible lending obligations. This follows ASIC's January 2025 Information Sheet 285 on BNPL credit licensing requirements.
Policy & regulationGuidance & interpretationBNPL
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2025-02-07•Tanzania•Ministry of Finance (Tanzania)
Tanzania's Ministry of Finance partnered with MEFMI to develop training in economics, AI, and the green economy. This initiative aims to enhance expertise amid global economic changes due to technological growth and evolving aid and lending policies. Key figures included Permanent Secretary Dr. Natu El-maamry Mwamba and MEFMI Executive Director Dr. Louis Kasekende.
Institutional developmentCooperation & capacity buildingCapacity buildingArtificial intelligence
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2025-02-07•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has proposed amendments to enhance investor protection in construction projects amid rising developer bankruptcies. The draft requires management companies to disclose insolvency proceedings and prohibits new agreements once proceedings begin, allowing citizens to halt fund transfers without breaching contracts.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-02-07•Latvia•Central Bank of Latvia
The Central Bank of Latvia released its third annual climate-related financial disclosures report for non-monetary policy portfolios, aligning with the Eurosystem's climate disclosure stance and Task Force on Climate-Related Financial Disclosures recommendations. The report highlights the integration of the bank's Sustainability Strategy into investment decisions, including ESG criteria application and a 73% carbon footprint reduction in the developed markets equity portfolio. It also includes Scope 3 GHG emissions for the first time and notes an 11% increase in the emerging markets fixed income portfolio's ESG score.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-02-07•Latvia•Central Bank of Latvia
The Central Bank of Latvia released its third annual climate-related financial disclosures report for non-monetary policy portfolios, detailing 2024 activities. Updates include enhanced integration of the Sustainability Strategy, significant changes to equity and fixed income portfolios, and the addition of Scope 3 emissions data. Notably, the developed markets equity portfolio's carbon footprint decreased by 73% since 2022, and the emerging markets fixed income portfolio's ESG score rose by 11% after adopting a new benchmark in 2024.
Data & statisticsClimate risk and sustainable finance
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2025-02-07•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus has cautioned the public about investing in crypto-assets due to risks like financial losses and fraud. It emphasized that while the EU's Regulation on Markets in Crypto-assets enhances transparency, it does not eliminate all risks, including volatility and speculative trading. The bank reiterated that crypto-assets are unsuitable as foreign reserve assets and confirmed no Cypriot bank invests in them.
SupervisionAlertsConsumer and investor protectionFinancial stability and systemic risk
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2025-02-07•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica has revised the methodology and base year for its Minimum Wages Index (ISM), now reporting index levels by worker occupation and economic activity in the private sector. The updated ISM includes service-sector breakdowns and uses a moving-weight system based on employment data. The reference base is 2022, and while similar wage increases may not significantly alter the index, the update could affect contract indexation.
Data & statisticsEconomic data and developments
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2025-02-07•Pakistan•Securites & Exchange Commission of Pakistan
Effective 3 March 2025, the Securities and Exchange Commission of Pakistan will require newly incorporated unlisted companies to issue shares only in book-entry form under Section 72 of the Companies Act, 2017. Subscribers will digitally execute agreements with the Central Depository for direct share crediting into the Central Depository System (CDS) at incorporation. SECP will facilitate this through API integration, automated processes, and online submissions, while the Central Depository has amended its regulations to support the transition.
Policy & regulationRules & requirementsCorporate governance
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2025-02-07•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) warns about fraudulent real estate schemes targeting individuals, especially seniors, with promises of high returns. These schemes misuse Federal Board of Revenue tax numbers and SECP incorporation certificates to appear credible, operating like Ponzi schemes. The SECP stressed that company registration does not authorize deposit-taking or fraudulent activities and urged the public to report suspicious activities to law enforcement.
SupervisionAlertsFraud and scams
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2025-02-07•Georgia•National Bank of Georgia
The National Bank of Georgia confirmed Natia Turnava as Governor following unanimous Board approval. Turnava, previously First Vice-Governor and Acting Governor, is the first woman to hold this position.
Institutional developmentLeadership change & appointmentsLeadership change and appointments