The People's Bank of China and Bank Indonesia have renewed their bilateral local currency swap agreement for CNY 400 billion (IDR 878 trillion) for five years, with potential extension by mutual consent. This agreement aims to enhance monetary and financial cooperation, support bilateral trade and investment, and maintain financial market stability.
The Bank of Italy has warned of fraud attempts using its name and logo, involving requests for money under false pretenses. Scams include payments for releasing invested funds or kidnapped journalists, falsely promising reimbursement by the bank. The Bank of Italy emphasized it is not involved and urged victims to report incidents to judicial authorities.
Norway's Ministry of Finance proposed a bill to implement EU rules on securitisation and cross-border payments within the EEA. It amends the Financial Institutions Act for synthetic securitisation and non-performing loans, seeks parliamentary consent for EEA Committee decisions, and proposes implementing Regulation (EU) 2021/1230 on cross-border payment cost disclosures, aligning the Financial Institutions Act with the EU Capital Requirements Directive (CRD5).
The National Bank of Ukraine reported a decrease in the non-performing loan (NPL) ratio to 30.3% as of 1 January 2025, a 7.1 percentage point drop from the previous year, due to improved lending conditions and NPL write-offs. The retail NPL ratio fell to 15.5%, while the corporate NPL ratio decreased to 39%. The overall NPL ratio for the banking system dropped below 20% for the first time since October 2022, with Ukrainian private banks at 12.6%, foreign-owned banks at 10.9%, and state-owned banks at 43%.
The Bank of the Lao PDR and the Ministry of Finance held a bilateral meeting to enhance coordination on the 2025 budget and monetary plans. Key discussions included consolidating state budget funds via a Treasury Single Account, managing foreign currency reserves, and addressing import valuation issues. Both parties committed to advancing the agreed actions into practical implementation.
The Central Bank of Colombia issued External Circular Letter DSP-0033, which includes a questionnaire to assess compliance with regulations for the National Interbank Electronic Clearing System and the clearing and settlement of cheques and other payment instruments.
Peru's Superintendency of Banking, Insurance and Private Pension Funds proposes amendments requiring financial entities to publish audited financial statements and reports online. This applies to institutions like Banco de la Nación and electronic money issuers, with specific deadlines for publication and board approvals. The draft also outlines minimum content requirements for annual reports of financial entities and private pension fund administrators.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has revoked Lombard SFP LLP's licence for microfinance activities due to repeated non-compliance with regulatory instructions. The firm must re-register without references to microcredit lending or choose to reorganise or liquidate within 30 days. Clients remain liable for any breaches under existing microcredit agreements.
The Agency for Regulation and Development of the Financial Market of Kazakhstan reported on its Mortgage Loan Refinancing Programme, refuting social media claims of fund misappropriation. Since 2015, the programme has supported 48,400 borrowers with KZT 318.2bn in refinancing, converting foreign-currency loans and aiding socially vulnerable groups. The Agency emphasized legislative amendments to protect borrowers and warned of potential legal action against false information dissemination.
The Agency for Regulation and Development of the Financial Market of Kazakhstan reported a 19.7% increase in banking sector assets in 2024, reaching KZT 61.6 trillion, driven by a 20.0% growth in the loan portfolio. Business lending rose 16.3% to KZT 13.1 trillion, while household lending increased 23.9% to KZT 20.7 trillion. The sector's capital adequacy ratios were 20.4% (k1) and 22.0% (k2), with a net profit of KZT 2.6 trillion and ROE at 32.5%.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported robust growth in the insurance sector for 2024, with assets rising 25.3% to KZT 3.1 trillion and net profit at KZT 216.2 billion. Securities accounted for 76% of assets, while liabilities increased 37% to KZT 2.2 trillion due to higher insurance reserves. Total premiums reached KZT 1.5 trillion, driven by significant increases in voluntary personal and property insurance.
The Agency for Regulation and Development of the Financial Market of Kazakhstan reported a 23% increase in equity market capitalisation on the Kazakhstan Stock Exchange (KASE) to KZT 32.9 trillion in 2024, with the KASE Index rising 33.2% to 5,578.10 points. Despite a 10.6% decline in equity trading volume, corporate bond trading volume surged 98.7% to KZT 4.3 trillion. Outstanding government debt on KASE grew 13.2% to KZT 27.0 trillion, while assets under management in unit investment funds increased 22.2% to KZT 351.7 billion.
The Agency for Regulation and Development of the Financial Market of Kazakhstan reported a significant increase in consumer protection and supervisory activities for 2024, reviewing 115,445 appeals, up 86% from 2023. The agency issued 100 supervisory measures, 62 orders, 8 warnings, and 114 penalties totaling KZT 199.1m, mainly targeting microfinance organisations, banks, and collection agencies. The state mortgage refinancing programme refinanced 32.7 thousand loans and converted 15.7 thousand foreign-currency mortgages, with continued support planned through 2025.
The Bank of France, CMA France, and SIAGI highlighted rising demand for cash management tools among very small enterprises (TPEs) during a joint colloquium. A survey of 1,300 TPE leaders revealed significant gaps in financial education and management, with 50% expressing concern over their financial situation. The Bank of France emphasized the importance of financial education and tools like the OPALE diagnostic tool to improve TPE financial management and coordination among support actors.
The Czech National Bank (CNB) has warned of rising cases of unauthorised entities taking public deposits and plans to tighten its sanctioning policy to protect public funds. Only authorised banks and entities may take deposits, with deposit insurance provided by the Deposit Insurance Fund. The CNB has imposed fines totaling tens of millions of CZK this year but finds current penalties inadequate for deterrence.
The National Bank of Bulgaria's Governing Council amended Ordinance No. 41, altering the framework for calculating annual contributions from third-country credit institution branches to the Bank Restructuring Fund. The deputy governor responsible for the "Banking" directorate will now prepare proposals on contribution amounts and notify branches accordingly.
The Hong Kong Monetary Authority (HKMA) alerted about fraudulent websites and internet banking login screens linked to The Hongkong and Shanghai Banking Corporation Limited. The HKMA stressed that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who have shared personal information or conducted transactions on these fraudulent sites should contact the bank and report to the Police.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Fubon Bank (Hong Kong) Limited. The HKMA emphasized that banks will not request sensitive information through SMS, email, or embedded hyperlinks. Individuals who have shared personal information or conducted transactions on these sites should contact Fubon Bank and report to the Hong Kong Police.
The Reserve Bank of India issued the Master Direction on access criteria for the Negotiated Dealing System – Order Matching (NDS-OM), allowing non-bank brokers registered with the Securities and Exchange Board of India to provide retail clients access. Effective immediately, the Directions replace the October 2024 criteria and introduce the "Stock Broker Connect" mechanism for eligible investors with demat accounts. Direct and indirect access options remain available, with specific requirements for each type.
The European Central Bank's latest Eurosystem financial statement reveals a weekly asset decrease of EUR 22.7 billion, primarily due to reduced securities for monetary policy and lower main refinancing operations lending. Securities holdings of euro area residents fell by EUR 12.5 billion, while monetary policy-related liabilities rose by EUR 29.3 billion, driven by a significant increase in the deposit facility.
Mexico’s National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) reported a 2.8% decline in consumer complaints in Nayarit for 2024, totaling 3,522 cases and representing 1.4% of national complaints. MXN 15.1 million was recovered for users, a 20.9% decrease from the previous year. Credit cards, special credit reports, and savings accounts were the most complained-about products, with banks accounting for 56.7% of complaints.
The Brazilian Superintendence of Private Insurance (SUSEP) reported a 12.2% year-on-year revenue increase for the insurance, private pension, and capitalisation sector, reaching BRL 435.56 billion in 2024. Personal insurance grew significantly, with Vida Gerador de Benefício Livre (VGBL) up 16.3% from 2023, while non-life insurance growth was slowed by motor insurance. The sector returned BRL 241.42 billion to society through claims and benefits, a 6.8% increase from the previous year.
The Liechtenstein Financial Market Authority announced that IMP AG's asset management company licence expired on 6 February 2025 after the firm voluntarily waived it. This action, under Article 30(1)(a) of the Insurance Supervision Act (VVG), means IMP AG is no longer authorised to provide or broker services under Article 3 of the VVG.
The South African Reserve Bank reported an increase in gross reserves to USD65,876 million and an international liquidity position of USD61,328 million as of 31 January 2025. Gold reserves rose by USD769 million, while foreign exchange reserves decreased by USD351 million. The rise in reserves was attributed to a higher US dollar gold price and valuation adjustments, offset by foreign exchange payments, including a partial IMF loan repayment.
The South African Reserve Bank's statement of assets and liabilities as of 31 January 2025 reported total assets and liabilities of ZAR 1.28 trillion, a decrease of ZAR 248.77 million from December 2024. Gold and foreign assets remained the largest balance sheet component, with gold holdings increasing to ZAR 210.80 billion. Notable changes included a decrease in SDR holdings and foreign exchange reserves, while banks’ deposits and the gold and foreign exchange contingency reserve increased.
The Central Bank of the Philippines reported a decline in gross international reserves to USD 103.0 billion at end-January 2025 from USD 106.3 billion at end-2024, serving as an adequate external liquidity buffer. The decrease was mainly due to the central bank's net foreign exchange operations and the national government's drawdown of deposits to pay foreign currency debt obligations. Net international reserves fell by USD 3.2 billion to USD 103.0 billion.
The Vietnam State Securities Commission has introduced a new rulebook for electronic reporting and information disclosure by foreign investors in Vietnam's securities market, effective immediately. This framework, established under Decision No. 74/QĐ-UBCK, replaces the previous regime outlined in Decision No. 896/QĐ-UBCK from August 2016.
The Vietnam State Securities Commission's 2025 reform plan focuses on simplifying procedures, enhancing digital government, and improving public finance management. Key initiatives include online payments, digitising outputs, streamlining functions, and advancing IT systems. The plan also emphasizes regulatory review, decentralisation, and efficient resource allocation.
The Central Bank of Brunei Darussalam and Universiti Brunei Darussalam have signed a memorandum of understanding to formalize cooperation in research, publications, capacity building, data exchange, and event organization. The agreement, signed on 4 February 2025, marks the beginning of a strategic partnership aligned with Brunei Darussalam’s Wawasan 2035 goals.
The Slovenia Securities Market Agency has announced training programmes for the professional knowledge test required for a stockbroker licence. The sessions cover order execution, investment advice, and management of clients’ financial instruments.
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation on three websites and initiated measures to block them in Italy. The total number of sites subject to cessation orders since November 2023 has reached 199. IVASS advises consumers to verify the legitimacy of insurance offers, especially short-term motor third-party liability policies, by consulting its registers.
The National Bank of Serbia released January 2025 operational statistics for the IPS NBS system, which processed 7,538,690 transactions with an average execution time of 1.2 seconds. The system's turnover reached RSD 89.9 billion, with average daily payments of 243,184 and a daily value of RSD 2,900.4 million.
The National Bank of Serbia released January 2025 statistics for its RTGS, Clearing, and Foreign Exchange Clearing Systems, detailing payment volumes, turnover values, and system availability. The RTGS and Clearing systems processed 16.2 million payments with turnovers of RSD 20,701.9bn and RSD 28.9bn, respectively, achieving 100% availability. The foreign exchange systems processed EUR 107.9 million in transactions, also maintaining full availability.
The Securities and Exchange Regulator of Cambodia participated in an Asia Green Transformation Consortium meeting to discuss the consortium's 2025 terms of reference and work plan. The session included representatives from the ASEAN Capital Markets Forum and its working groups, coordinated by Sustainable Finance Institute Asia.
The Central Bank of Poland reported Poland's official reserve assets at EUR 217.1bn (USD 225.4bn) as of January 2025, marking an increase of EUR 2.9bn from December 2024. The bank prioritises safety and liquidity in reserve management, with investments primarily in Treasury securities and securities from international institutions and government agencies.
The Securities and Exchange Regulator of Cambodia met with UN Women Cambodia to discuss enhancing cooperation to boost women's participation in the financial system. The talks emphasized strengthening women's leadership and investment in the securities sector as crucial for broader economic inclusion in Cambodia.
The Guernsey Financial Services Commission has issued a consultation paper proposing mandatory periodic financial crime returns for accountants, lawyers, and estate agents classified as prescribed businesses. This aims to align these sectors with others already subject to such requirements, following amendments to the Criminal Justice (Proceeds of Crime) Law.
The Central Bank of Montenegro hosted a round table on integrating ESG principles into credit institutions' strategies, with participation from banks, government, and academia. Vice-Governor Nikola Fabris highlighted efforts to enhance resilience to climate and ESG risks, including strategic policies and a Sustainable Finance Roadmap. The Association of Montenegrin Banks emphasized digitization and automation with a focus on sustainability, while the Ministry of Energy detailed the certification process for building energy characteristics.
Seychelles’ Ministry of Finance, National Planning and Trade has launched its second National Risk Assessment for Money Laundering and Terrorist Financing, emphasizing emerging risks like virtual assets and environmental crimes. Covering January 2019 to June 2022, it aims to enhance the national AML/CFT framework with recommendations on compliance, capacity building, and collaboration. Preparatory work for these recommendations is set through January 2027, ahead of the third round of Mutual Evaluation.
The Financial Services Regulatory Authority of Ontario has revoked the insurance agent licence of Nakhwattie (Debbie) Somai due to repeated failures to provide requested information and a breach of a licensing condition. Somai did not request a hearing or contest the proposal, violating sections 442.3(3) and 443(1) of Ontario’s Insurance Act.
The World Savings and Retail Banking Institute hosted Finland’s Someron Savings Bank to discuss EU advocacy, sustainable finance, ESG risks, and digitalisation. ESBG Managing Director Peter Simon emphasized savings banks' principles and advocacy, while Ines Scacchi and Diederik Bruggink highlighted priorities in sustainable finance, ESG risks, and payments innovation, including the digital euro and instant payments.
The World Savings and Retail Banking Institute reported that ESBG and CaixaBank participated in the European Commission's event on simplification, advocating for streamlined sustainability reporting due to rising compliance costs and legal uncertainties. ESBG raised concerns about the Corporate Sustainability Due Diligence Directive, emphasizing challenges in monitoring value chains and potential civil liability. The Commission acknowledged the need to review DNSH criteria and GAR calculation bias, and supported halting sector-specific CSRD standards preparation by EFRAG.
The European Association of CCP Clearing Houses (EACH) responded to the European Securities and Markets Authority's consultation on draft regulatory technical standards under EMIR Articles 49 and 49a. EACH supports the EMIR 3 objective of streamlined approval processes but argues the draft standards would unnecessarily classify routine adjustments as significant, complicating model improvements. EACH suggests raising quantitative thresholds and revising documentation requirements to prevent delays and excessive governance.
Senators Elizabeth Warren, Ron Wyden, and other Senate Democrats have requested an independent investigation into Treasury Secretary Scott Bessent's alleged granting of federal payment system access to Elon Musk and DOGE affiliates. The inquiry seeks to determine if any laws or policies were breached, particularly regarding conflicts of interest and handling sensitive information. Concerns include potential misuse of access to freeze U.S. Agency for International Development payments and the involvement of Tesla and SpaceX, which have received significant government funding.
Chairman Tim Scott of the U.S. Senate Committee on Banking, Housing and Urban Affairs met with Bill Pulte, nominee for Director of the Federal Housing Finance Agency. Discussions focused on the agency's oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System, with priorities on depoliticizing the FHFA, enhancing housing affordability, safeguarding taxpayers, and promoting competitive markets.
U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Tim Scott congratulated Rodney Hood on his selection as Acting Comptroller of the Currency by President Trump. Scott emphasized Hood's focus on expanding financial access and inclusion, and expects the Office of the Comptroller of the Currency to maintain its supervisory role in ensuring the safety and soundness of the U.S. banking system.
The Swedish Financial Supervisory Authority has issued guidance warning against transferring shares and securities into an investment savings account (ISK) via stock exchange trades, as this may constitute market manipulation. Transfers should be conducted through the investor's bank to avoid misleading market signals and prohibited self-trading. Investors are advised to seek bank assistance for such transactions.
The Norwegian Financial Supervisory Authority published an inspection report on Revisjon 1 AS, highlighting serious deficiencies in the auditor's acceptance assessments for new audit engagements, including a gross breach of requirements in one case. The report identified inadequate documentation and routine misalignments in acceptance work for multiple entities. The firm has been asked to address these breaches and reported steps to enhance procedures.
The Norwegian Financial Supervisory Authority (Finanstilsynet) published an inspection report on Figuras AS, identifying non-compliance with laws and auditing standards in audit engagement acceptance, performance, and resignation timing. Key issues included an undocumented independence assessment, inadequate fraud risk assessment, and delayed resignation. Figuras AS has outlined revised routines to prevent recurrence, which Finanstilsynet acknowledged.
The International Monetary Fund estimates that a 60 percent digital money-driven reduction in cross-border payment costs could save USD 510 billion and increase flows by USD 5.8 trillion. The largest relative gains would accrue to remittances and countries dependent on high-cost corridors. The short-term scenario is subject to substantial data limitations.
The Central Bank of Sri Lanka issued Payment and Settlement Systems Circular No. 02 of 2025, mandating new transaction value limits and fee caps for the Common Electronic Fund Transfer Switch (CEFTS). Standard CEFTS transfers are capped at LKR 5 million, with higher limits for specific LankaPay Online Payment Platform (LPOPP) transactions, such as LKR 20 billion for Sri Lanka Customs payments. Fee caps are LKR 25 for most digital transactions, with specific caps for other types.
The Federal Deposit Insurance Corporation's Acting Chairman Travis Hill advocated for more flexible Customer Identification Program requirements in bank-fintech partnerships, suggesting banks collect only the last four digits of a customer's Social Security number. Hill supports aligning these requirements with modern onboarding processes and is open to collaborating with other federal regulators on modernization efforts.
Moldova's Ministry of Finance has released a draft law for public consultation to approve the National Strategy for Capital Market Development for 2025–2030, prepared by the National Commission for Financial Markets. The strategy aims to enhance the capital market by improving financing access, broadening the investor base, modernizing infrastructure, and aligning with EU standards. It also assesses current market conditions and identifies regulatory gaps to diversify funding sources and enhance investor protection.
Moldova's National Commission for Financial Markets (CNPF) joined the EU accession bilateral screening for Chapter 9 Financial Services, briefing European Commission experts on Moldova's regulatory framework and alignment priorities. The meeting included key Moldovan financial institutions and presentations on investment firms, market instruments, and consumer protection. CNPF is expected to harmonize about 170 EU acts related to capital markets, consumer protection, and sustainable finance.
The Commodity Futures Trading Commission (CFTC) will host a CEO Forum with firms like Circle and Coinbase to discuss its digital asset markets pilot program focused on tokenized non-cash collateral, such as stablecoins. This aligns with Acting Chairman Caroline D. Pham’s proposal for a regulatory sandbox to enhance clarity in digital asset markets. The program builds on previous CFTC pilot experiences and recommendations to expand non-cash collateral use via distributed ledger technology.
The European Central Bank's working paper models the effects of a EUR 100 per tonne increase in EU carbon pricing and a Carbon Border Adjustment Mechanism (CBAM). The study finds renewable energy investment mitigates electricity price hikes and reduces emissions with minimal GDP impact. Without renewable expansion, EU GDP could fall by 1.41% short-term and 0.41% medium-term, with CBAM slightly worsening outcomes due to higher imported input costs.
The European Central Bank's Economic Bulletin highlights uncertainty in estimating the euro area's natural rate of interest (r*), emphasizing these estimates should not dictate policy rates. Updated models indicate a modest post-pandemic increase in r*, with real r* ranging from -0.5% to 1% and nominal r* from 1.75% to 3%, depending on the model. The ECB stresses that policy decisions are based on a comprehensive assessment of inflation outlook and monetary policy transmission.
The Central Bank of Russia has approved an advisory standard to enhance the security of QR code transactions for payments and funds transfers. The standard identifies potential threats by QR code type and outlines protection measures, including for ATM cash deposits and withdrawals.
The European Central Bank released consolidated banking data for the EU as of September 2024, showing a 5.01% increase in total assets to EUR 33.12 trillion and a rise in the non-performing loans ratio to 1.96%. The dataset, covering 344 banking groups and 2,349 stand-alone institutions, includes indicators on profitability, balance sheet composition, and capital adequacy. It also features limited revisions to prior data.
The China Securities Regulatory Commission (CSRC) outlined priorities to leverage capital markets for technology, green, inclusive, pension, and digital finance, emphasizing risk monitoring and enforcement. Key initiatives include enhanced support for tech firm financing, unified green bond standards, and expanded investment options for long-term funds. The plan also stresses improved cross-agency coordination and dynamic policy evaluation for effective implementation.
The China Securities Regulatory Commission issued implementation opinions with 18 policy measures to boost capital markets' support for science and technology finance, green finance, inclusive finance, pension finance, and digital finance. These measures aim to enhance capital markets' role in the real economy, focusing on technological innovation, advanced manufacturing, and green low-carbon development. The CSRC stressed policy coordination, risk prevention, and high-quality development, with a Q&A from spokesperson Zhou Xiaozhou accompanying the release.
The China Securities Regulatory Commission has implemented a framework to align capital markets with the "financial Five Key Articles": technology, green, inclusive, pension, and digital finance. It includes 18 measures to enhance funding and risk-bearing capacity, with specific initiatives for each category. Implementation involves a CSRC work plan, coordination with other departments, governance, compliance, risk management mechanisms, and stronger enforcement against illegal conduct.
The U.S. SEC granted a temporary exemption from Exchange Act Rule 13f-2 and Form SHO reporting for institutional investment managers meeting specified thresholds, delaying initial filings to February 2026. The SEC cited the need for more time to implement technical updates, resolve operational questions, and complete system testing. Abusive naked short selling remains unlawful despite the exemption.
The Malta Financial Services Authority (MFSA) attended a Madrid business meeting to boost Malta–Spain collaboration in financial services. The MFSA held bilateral meetings with Banco de España and Spain’s Directorate-General for Insurance and Pension Funds to discuss supervisory practices and regulatory reforms. MFSA officials highlighted Malta's regulatory framework and supervisory approach, emphasizing the balance between regulation and innovation.
China's National Financial Regulatory Administration has launched a pilot programme allowing insurance funds to invest in gold, aiming to broaden investment channels and optimize asset allocation. The notice outlines the scope, permitted methods, and management arrangements for gold investments, involving 10 pilot insurance companies. It also establishes reporting mechanisms and supervisory requirements, with the authority to monitor progress and enhance supervision.
The National Bank of Moldova presented the country's progress in financial services during EU accession talks in Brussels, focusing on reforms and alignment with EU standards in banking, insurance, and financial market infrastructure. Discussions highlighted the post-2018 banking legislative overhaul, legal harmonisation efforts since 2012, and insurance sector alignment with Solvency II and EU motor insurance rules.
The National Bank of Moldova reported a decline in Moldova’s official reserve assets to EUR 5,164.12 million as of 31 January 2025, down from EUR 5,247.45 million at the end of December 2024. The decrease was primarily due to net outflows related to licensed banks’ foreign currency reserves, external public debt service payments, and foreign exchange interventions, partially offset by exchange rate gains and income from reserve management.
The U.S. Department of the Treasury announced Secretary Scott Bessent's plan to appoint Rodney E. Hood as Deputy Comptroller and First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC), where he will also serve as Acting Comptroller. The First Deputy Comptroller assumes the Comptroller's duties during a vacancy, as per 12 U.S.C. § 4. Hood has experience on the National Credit Union Administration Board and in senior roles in retail finance and community development.
The Central Bank of Trinidad and Tobago, in collaboration with the Ministry of Digital Transformation, sent a delegation to India to explore the Unified Payments Infrastructure (UPI) fast payments solution. The delegation engaged with the Reserve Bank of India and other financial entities to understand UPI operations and implementation experiences.
Albania's Ministry of Finance, led by Finance Minister Petrit Malaj, announced plans to enhance agricultural financing through a new "innovative banking instrument" covering 70% of eligible loan principals. Supported by a EUR 250 million fund, the initiative offers soft loans with interest rates up to 3.5% to improve lending terms and reduce collateral requirements. The scheme targets sectors like production infrastructure, agri-processing, fisheries, and agrotourism, with planned budget spending of ALL 14.6 billion for agriculture by 2025.
The European Securities and Markets Authority hosted a conference in Paris to discuss the EU’s Savings and Investments Union (SIU), featuring speeches by key figures including Commissioner Maria Luís Albuquerque and ESMA Chair Verena Ross. Panels addressed making the SIU a reality, bridging the funding gap, and fostering retail investment culture. The event aimed to shape ESMA's priorities and support a collective vision for the SIU.
The Green and Sustainable Finance Cross-Agency Steering Group, including the Hong Kong Mandatory Provident Fund Schemes Authority, outlined 2025 priorities to bolster sustainable finance in Hong Kong. Initiatives include aligning sustainability disclosures with International Financial Reporting Standards, enhancing transition finance infrastructure, and expanding data and technology support. Plans also involve publishing a Hong Kong Green Fintech Map and improving public utility data tools in 2025.
The Hong Kong Insurance Authority's Green and Sustainable Finance Cross-Agency Steering Group outlined three 2025 priorities to bolster sustainable finance: establishing a sustainability disclosure ecosystem, enhancing Hong Kong's role in sustainable and transition finance, and leveraging data and technology for improved reporting and financing. Key initiatives include supporting ISSB Standards implementation, expanding the Hong Kong Taxonomy, and developing a Green Fintech Map.
Sierra Leone’s Ministry of Finance reported on a meeting between WAMA Director General Boima Kamara and Minister Sheku Ahmed Fantamadi Bangura, discussing the delayed ECOWAS single currency (ECO) and challenges in meeting convergence criteria. Kamara emphasized strengthening WAMA's capacity, while Bangura suggested revising the criteria to align with member economies and focusing on capital markets, banking regulation, and regional integration.
Governor Ahmet Ismaili of the Central Bank of the Republic of Kosovo participated in a high-level conference in Tirana on reforming Albania’s pension system. He emphasized the central bank's regulatory approach to the pension sector, focusing on investment security and contributor protection. Ismaili also discussed potential reforms, including digitalization, product expansion, and financial education, supported by prudent policies.
The Angola Capital Markets Commission approved the registration of the Special Open-End Securities Investment Fund BFA Rendimento Flex, promoted by BFA Gestão de Activos. The fund aims to offer a diversified portfolio, facilitating access to Angola’s capital markets and supporting financial inclusion.
The Australian Securities & Investments Commission announced that criminal charges against former directors of Capital Mining Limited were discontinued in the District Court of Western Australia. Peter James Dykes, Peter Alan Torney, and Anthony John Dunlop faced charges of dishonestly using their positions as directors. The prosecutions were halted on 1 November 2024 under section 87 of the Criminal Procedure Act 2004 (WA). Although the Commonwealth Director of Public Prosecutions plans to file an ex officio indictment in New South Wales, no proceedings have been filed, and the cases remain under review by the CDPP.
The Bank of Israel reported that foreign exchange reserves reached USD 216,059 million at the end of January 2025, an increase of USD 1,486 million from the previous month, with a reserves-to-GDP ratio of 41.4%. The rise was primarily due to a revaluation gain of USD 2,214 million, partially offset by government foreign exchange activities amounting to USD 713 million.
The Italian Securities Commission (Consob) released a Consob Notebook on "Greenwashing and consumer protection for a sustainable economy," detailing EU and Italian legislative measures to promote sustainable investments. It defines greenwashing, its impact on investment decisions, and potential investor remedies, noting the complexity of the current regulatory framework. The analysis was conducted by Consob with the University of Bologna and the University of Naples Federico II.
The Bank of Israel, in collaboration with the Ministry of Finance, Israel Securities Authority, and Tel Aviv Stock Exchange, is soliciting proposals to evaluate the development of a domestic repo market backed by Israeli government bonds. The initiative seeks feedback on barriers, framework needs, collateral suitability, liquidity impacts, transaction preferences, and market models, with responses due by March 13, 2025.
The Angola Capital Markets Commission has approved the registration of Eaglestone Acções I, an open-ended special securities investment fund. The fund aims to offer a diversified portfolio, including equities and bonds, to support investment democratisation and financial inclusion in Angola.
The National Bank of Denmark's annual report reveals a decline in central government debt to DKK 217 billion, or 7.4% of GDP, in 2024, with low interest costs and a maintained AAA credit rating. The report also notes a negative yield spread to Germany and details issuance activities, including new 2-year bonds, to support market liquidity and manage interest rate and market risk.
The Rwanda Capital Markets Authority hosted a webinar with key investment firms to educate investors on collective investment schemes (CIS) and highlight growth in Rwanda’s CIS market. By December 2024, the two licensed CIS, RNIT Iterambere Fund and BKC Aguka Fund, managed assets worth RWF 67.49 billion with 34,465 unit holders. Discussions included market development, new schemes, and technology investments, with RNIT Iterambere Fund planning more schemes and the Rwanda Stock Exchange encouraging BK Capital to list for increased visibility.
The Mauritius Financial Services Commission announced that Alphatick Ltd has surrendered its Global Business Licence and Investment Dealer Licence, effective 13 December 2024. The termination complies with sections 28(5) and 28(9) of the Financial Services Act.
The Ukraine National Commission on Securities and Stock Market, led by Chairman Ruslan Magomedov, outlined its vision for regulating Ukraine's virtual asset market, emphasizing investor protection. Draft law 10225 is being finalized with the National Bank of Ukraine and other bodies, drawing on MISA while adapting to local conditions. Magomedov clarified that tax rate decisions are the purview of the Verkhovna Rada and the Ministry of Finance, and invited dialogue with the crypto community on regulatory approaches.
Olaf Sleijpen of De Nederlandsche Bank noted at a CPMI-CGFS workshop that payment system modernization is improving cross-border payments but introducing financial stability risks. Developments include fast payment systems, distributed ledger technology, central bank digital currencies, and increased cloud computing and AI use. Benefits like instant payments and lower costs are noted, but risks such as faster capital flows, operational dependencies, and reduced monetary policy effectiveness were emphasized, with calls for enhanced monitoring, data sharing, and international regulatory cooperation.
The Dutch Authority for the Financial Markets (AFM) advocates for a prevention-focused financial wellbeing policy through a "Periodic Financial Maintenance" initiative, offering households accessible financial health checks. The AFM highlights digital tools and upcoming European regulations for consumer financial data access and emphasizes collaboration with budget coaches, financial advisers, and employers. The AFM plans to explore scaling opportunities and conduct behavioural science experiments in 2025 to enhance the initiative's impact.
The Moroccan Insurance Authority (ACAPS) and the High Commission for Planning have signed a cooperation agreement to enhance data sharing, expertise exchange, and strategic analysis. The agreement aims to improve data integration for analyzing Morocco's economic and social dynamics, focusing on accessibility, transparency, and reliability of statistics. Both institutions will establish mechanisms for effective implementation and explore further collaboration.
The Securities and Exchange Commission of Pakistan (SECP) consulted stakeholders on proposed amendments to the Non-Banking Finance Companies and Notified Entities Regulations, 2008, focusing on cost rationalization for retail investors. Key changes include replacing the total expense ratio capping with a management fee capping, disallowing indirect expense reimbursements, and enhancing Shariah compliance. The session also addressed establishing a Market Development Fund and developing a digital strategy for the mutual fund industry.
The Georgian Parliament has approved four new members to the National Bank of Georgia Board, nominated by the President: Vakhtang Burkiashvili, Levan Dzneladze, Nino Jeladze, and Otar Shamugia. The appointees, with backgrounds in finance and banking, include three former NBG leaders and one from the Ministry of Agriculture. Board members serve seven-year terms, bringing the total to nine members.
Latvia's Ministry of Finance and the Bank of Latvia have submitted a draft law to implement the EU Digital Operational Resilience Act (DORA) and the EU Artificial Intelligence Act in the financial sector. The proposal outlines requirements for mitigating digital technology risks and ensuring secure AI use, extending DORA's scope to digital service providers. The Bank of Latvia is designated as the supervisory authority for compliance and monitoring, with mechanisms and sanctions detailed for breaches.
The Bank of Italy released four new economic research Working Papers, covering topics such as artificial intelligence in relationship lending, business loan characteristics and inflation shock transmission in the euro area, and the inventory–business cycle nexus. Additionally, issue No. 77 of its economic research newsletter was published.
The Bank of Italy released a report examining fraudulent transactions in Italy related to digital retail payment instruments such as credit transfers, cards, and e-money, using data from payment service providers.
The Bank of Italy is hosting a "Diversity and Inclusion" webinar as part of its international technical cooperation efforts. Participation is by invitation only for central banks from selected new EU Member States, EU candidates, potential candidates, countries under the EU neighbourhood policy, and other emerging economies.
The National Association of Insurance Commissioners issued guidance for homeowners on mitigating winter-related damage risks to roofs, interiors, and plumbing. The advisory includes practical steps such as trimming branches, inspecting roofs, clearing gutters, and protecting pipes, alongside a reminder to review insurance coverage for winter weather losses.
The European Banking Authority (EBA) released a report on short to medium-term objectives for its IRRBB Heatmap, offering observations and recommendations without new requirements. Key areas include NMD behavioural assumptions, supervisory tools for NMD modelling, and guidance for NII outliers under the SOT. The EBA will continue collaborating with stakeholders on long-term objectives, including monitoring the five-year cap on NMD repricing maturity and CSRBB.
The European Banking Authority (EBA) released a peer review on supervisory convergence and effectiveness in addressing tax integrity and dividend arbitrage trading schemes, finding most supervisors adequately applied assessed benchmarks. The review, sampling six national authorities, evaluated the integration of tax integrity into AML/CFT supervision and related risk assessments. The EBA also outlined follow-up measures to enhance supervisory consistency and limit exposure to illegal tax schemes across the EU.
The Bank of the Lao reported that Deputy Governor Sulisak Thamnouvong hosted Tae Sik Yoon from South Korea’s Ministry of Economy and Finance to discuss expanding Lao–Korean cooperation in finance and banking within the ASEAN+3 framework. The discussions aimed at enhancing regional financial stability and preparedness for economic uncertainties. The Deputy Governor acknowledged South Korea's support and expressed a desire to deepen bilateral financial cooperation.
The Financial Conduct Authority reported a 97.5% increase in amended or withdrawn financial promotions in 2024, totaling 19,766 interventions, due to intensified action against misleading and illegal promotions. Key concerns included cryptoasset, debt solutions, and claims management company promotions, with 9,197 CMC promotions withdrawn following action against 46 firms. The FCA emphasized the need for social media platforms to prevent illegal promotions and highlighted targeted actions against "finfluencers," resulting in 20 interviews under caution.
Sweden's Riksbank published a Staff Memo analyzing private equity's impact on financial stability, finding limited risks despite high leverage and opacity. The study highlights that Swedish banks' exposure to private equity has decreased, with private credit funds filling the gap, potentially increasing rollover risk. Institutional investors dominate the sector, with significant commitments, while growing retail access could pose future risks due to valuation opacity and withdrawal pressures.