-
2025-01-31•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) clarified that reports of a merger between two large telecom companies being delayed due to SECP procedures are incorrect. The SECP stated that no such transaction has been reported for approval and emphasized its role in sanctioning schemes only for small-sized and public sector companies. It affirmed that it provides timely feedback on petitions filed for sanction by relevant courts.
Policy & regulationGuidance & interpretationOther
-
2025-01-31•United States•National Credit Union Administration
The National Credit Union Administration issued a prohibition notice for January 2025, permanently barring Shana M. Ware, a former Genisys Credit Union employee, from participating in any federally insured depository institution. The Order of Prohibition prevents employment in such institutions and may be accompanied by other administrative orders under Section 206 of the Federal Credit Union Act.
EnforcementSanctions & designationsOther
-
2025-01-31•Italy•Bank of Italy
The Bank of Italy released a research note on the German and Italian government bond markets, analyzing market liquidity and the roles of banks and non-banks. The study reviews sectoral holdings, trading activity, and participant resilience in repo and futures markets to enhance understanding of bond market dynamics and liquidity.
ResearchMarket development
-
2025-01-31•Portugal•Bank of Portugal
The Bank of Portugal's 2024 statistical note shows an increase in total assets and liabilities of resident banks to EUR 481.2bn, driven by a larger debt securities portfolio and higher deposits. Loans and debt securities comprised 61% and 31% of total assets, respectively, with notable increases in non-resident government and corporate debt holdings. On the liability side, deposits rose by EUR 14.2bn, while funding from the Bank of Portugal decreased by EUR 2.9bn.
Data & statisticsBalance of payments and other external statistics
-
2025-01-31•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) secured a confiscation order of GBP 586,711.01 against Mohammed Zina, a convicted insider dealer, under the Proceeds of Crime Act 2002. The court assessed his criminal benefit at GBP 1,091,424.72, including insider trading and fraud. If unpaid within three months, Zina faces an additional five years’ imprisonment, with the FCA intending to enforce the order against any available assets.
EnforcementInvestigations & enforcement actionsMarket abuse
-
2025-01-31•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Regulatory Circular DOAM-148, revising liquidity regulation procedures per Subject 10 of the Department of Operations and Market Analysis Manual. These changes, under the Board of Directors’ External Resolution No. 3, will be effective from 1 August 2025. The update is directed to relevant financial authorities and entities, including the Financial Superintendence of Colombia and the Colombia Stock Exchange.
Policy & regulationRules & requirementsLiquidity risk
-
2025-01-31•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued an external regulatory circular updating the procedure for its Temporary Expansion Operation with promissory notes, effective 1 August 2025. The amendments, under External Resolution No. 3, will modify sections of External Regulatory Circular CRE DOI-413 and are directed at the central bank's offices and various financial authorities and market participants.
Policy & regulationRules & requirements
-
2025-01-31•Finland•Bank of Finland
The Bank of Finland's long-term forecast warns that population ageing and low productivity growth will weaken Finland’s economic growth and fiscal sustainability. In the baseline scenario for 2024–2075, GDP growth peaks at 1.8% annually in the 2030s, slowing to just over 0.5% from the 2050s. The forecast outlines three scenarios, with variations in human capital, fixed capital, and immigration impacting GDP growth trajectories.
ResearchEconomic data and developments
-
2025-01-31•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Financial Market Agency has restricted complex financial instruments, including depositary receipts, to qualified investors. Retail investors can access these by meeting criteria like education, certifications, experience, asset thresholds, or trading history. Legal entities are exempt from these conditions.
Policy & regulationRules & requirementsSecurities offerings and listings
-
2025-01-31•Peru•Superintendencia de Banca, Seguros y AFP del Peru
The Superintendency of Banking, Insurance and Private Pension Funds of Peru has appointed Oscar Basso Winffel as Deputy Superintendent for Risks. Basso Winffel brings over 35 years of experience, including roles at the International Monetary Fund and Banco de la Nación.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
-
2025-01-31•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has updated its APRA Connect Taxonomy Artefacts webpage with new draft superannuation artefacts, accessible on the APRA website.
Policy & regulationGuidance & interpretationRegulatory reporting
-
2025-01-31•Australia•Australian Prudential Regulation Authority
The Federal Court of Australia dismissed BUSS (Queensland) Pty Ltd's judicial review against APRA's decision to impose additional licence conditions. These address prudential concerns about BUSSQ's processes and fund management amid misconduct allegations. BUSSQ must engage an independent expert to review and publish findings. APRA will expedite implementing these conditions.
SupervisionInterventionsFitness and propriety
-
2025-01-31•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority published its Monthly Authorised Deposit-taking Institution Statistics for December 2024, accessible on APRA's website.
Data & statisticsSupervisory data
-
2025-01-31•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission has issued a consultation paper proposing annual ICT oversight fees for entities under the EU Digital Operational Resilience Act (DORA), ranging from EUR 3,000 to EUR 20,000 based on size. Additionally, entities subject to threat-led penetration testing would incur a EUR 50,000 assessment fee. The proposals apply to various CySEC-authorised entities, including investment firms and crypto-asset service providers.
Policy & regulationRules & requirementsCyber resilience
-
2025-01-31•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) issued a warning about several websites not linked to any authorised entity under Article 5 of Law 87(I)/2017. CySEC advises investors to verify firm licenses on its website before engaging in investment activities.
SupervisionAlertsUnlicensed or unauthorized activity
-
2025-01-31•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has de-registered Montgomery & Company Limited under the Designated Businesses (Registration & Oversight) Act 2015, effective 31 January 2025, pursuant to section 12(1)(a) of the Act.
SupervisionAuthorisations & approvalsAML and CFTWhistleblowing
-
2025-01-31•United Kingdom•UK Parliament
The UK House of Lords debated multinational corporations shifting profits to low-tax jurisdictions. The Treasury outlined its approach to addressing base erosion and profit shifting (BEPS). Lord Sikka highlighted USD 1.4 trillion in profits shifted annually, resulting in USD 348 billion in lost tax revenue. The government aims to maintain a competitive tax system while ensuring businesses pay their fair share and addressing international tax system unfairness.
Policy & regulationReform agendas & prioritiesTax transparency and information exchange
-
2025-01-31•Europe•European Central Bank
The European Central Bank's research shows subdued business momentum in the euro area, with flat or declining manufacturing output and resilient services growth. Manufacturing faces challenges from high energy and labor costs, regulatory hurdles, and import competition, while services benefit from consumer spending and demand for efficiency-focused business services. The employment outlook remains weak, with moderate price rises and expected wage growth moderation from 4.3% in 2024 to 3.6% in 2025.
ResearchEconomic data and developments
-
2025-01-31•Europe•European Central Bank
The European Central Bank's Working Paper No 3015 introduces new supply indices to assess euro area conditions post-COVID-19 and Ukraine invasion. The indices reveal prolonged supply tightness, varying across industries and countries, highlighting transport as a major factor. The paper notes persistent tightness in the automobile sector and renewed transport pressures in early 2024, with indices leading inflation and labor cost measures during supply-driven episodes.
Research
-
2025-01-31•Europe•European Central Bank
The European Central Bank's Working Paper finds that EU Structural, Cohesion, and Pre-accession Funds boost economic growth only in countries with strong institutions, indicated by low corruption and effective governance. Covering 27 EU countries and the UK from 1989–2020, the study shows positive growth in well-governed nations, while weaker institutions correlate with negative or non-positive effects. Larger allocations to countries with weaker institutions, as seen in Next Generation EU and the Recovery and Resilience Facility, may pose efficiency risks unless accompanied by structural reforms.
ResearchEconomic data and developments
-
2025-01-31•Europe•European Central Bank
The European Central Bank's Governing Council has shortlisted motifs for future euro banknotes under two themes: “European culture: shared cultural spaces” and “Rivers and birds: resilience in diversity.” Informed by advisory groups and public surveys, this shortlist will guide the redesign stage, with a design contest and public preference survey planned for 2025 and 2026. Final design decisions are anticipated in 2026, with new banknotes entering circulation thereafter.
Policy & regulationImplementation, projects & pilotsOther
-
2025-01-31•Europe•European Central Bank
The European Central Bank's Motifs Advisory Group report outlines shortlisted stories and motifs for future euro banknotes under "European culture" and "Rivers and birds." It proposes four storylines for a design contest, including motifs like "Shared cultural spaces" and "Women as protagonists in European culture." Initial reputational-risk checks have been conducted, with further assessments needed before the design competition, and the ECB Governing Council will decide on the final designs in 2026.
Policy & regulationImplementation, projects & pilotsOther
-
2025-01-31•Europe•European Central Bank
The European Central Bank and the European Systemic Risk Board released a joint report on implementing "positive neutral" approaches to the countercyclical capital buffer (CCyB) in the European Economic Area, with 17 countries adopting this strategy. The report highlights the approach's role in building releasable capital buffers early to enhance resilience and facilitate buffer release during stress. It also addresses challenges like overlaps with other tools and the need for clearer EU legislation on macroprudential frameworks.
Policy & regulationGuidance & interpretationCapital adequacyMacroprudential policy and tools
-
2025-01-31•Europe•European Central Bank
The European Central Bank (ECB) released a package of Governing Council decisions on market operations, payments, macroprudential policy, and banking supervision. Key measures include a harmonised framework for national central banks' statistical in-house credit assessment systems, a standard methodology for sanctions on reserve reporting errors, and updates to align with the Digital Operational Resilience Act. Additionally, the ECB imposed a EUR 10.4 million penalty on BNP Paribas Fortis SA/NV for misreporting risk-weighted assets.
Policy & regulationRules & requirementsRegulatory reporting
-
2025-01-31•Europe•European Central Bank
ECB President Christine Lagarde stated that a digital euro would complement cash, enhance retail payment resilience, and reduce reliance on non-European providers. The ECB's 2024 study shows a shift from cash to electronic payments, dominated by international card schemes. The digital euro's legal tender status aims to expand opportunities for payment service providers and lower costs, with the ECB supporting legislative discussions and innovation partnerships.
Policy & regulationGuidance & interpretationCBDC
-
2025-01-31•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan convened a roundtable with commercial banks to assess systemic risks impacting financial stability, including recent macroprudential policy changes. Discussions covered internal and external risks, key vulnerabilities, and survey findings on systemic risks. Participants agreed to regular discussions and a framework for ongoing dialogue on macroprudential policy and risk management.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskMacroprudential policy and tools
-
2025-01-31•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission hosted a study visit for Srinakharinwirot University students to enhance understanding of the insurance system and regulatory roles. The program included insights into the OIC's functions, the sector's international transformation via the Center of InsurTech, career pathways for actuaries, and insurance dispute resolution. Students also toured Thailand's first Virtual Insurance Museum.
Financial literacy & educationOther
-
2025-01-31•Mexico•CONDUSEF
Mexico's National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) reported 10,214 consumer complaints in Nuevo León for 2024, a 1.6% increase from 2023, with MXN 97.9 million recovered, up 47.7%. Credit cards, debit cards, and personal loans were the most complained-about products, while multiple banking accounted for 66.5% of complaints. CONDUSEF emphasized its free online complaint channels and procedures, requiring no intermediaries.
Data & statisticsComplaints and dispute resolution
-
2025-01-31•Spain•Bank of Spain
The Bank of Spain's advance monthly balance of payments estimates for November 2024 show a decrease in Spain's external net lending to EUR 2.5bn from EUR 4.6bn a year earlier. The current account surplus was EUR 1.3bn, with tourism contributing a EUR 3.7bn surplus. Over the past twelve months, the current account surplus reached EUR 49.4bn, significantly influenced by Next Generation EU-related flows.
Data & statisticsBalance of payments and other external statistics
-
2025-01-31•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines (BSP) has instructed BSP-supervised financial institutions to promote the First Philippine Polymer (FPP) Banknote Series by displaying BSP-provided information materials across various channels. The FPP series, launched on 19 December 2024, includes PHP 1,000, PHP 500, PHP 100, and PHP 50 polymer banknotes, co-circulating with paper versions. Institutions must feature these materials on websites, ATM screens, branches, offices, and social media until 30 April 2026.
Policy & regulationGuidance & interpretationCurrency and cash management
-
2025-01-31•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) launched the "Oriente-se" awareness campaign to promote integrity and prevent disciplinary issues. The campaign includes a portal with virtual cards on conduct topics, such as telework responsibilities, aligned with PREVIC's Management and Performance Programme. This initiative supports PREVIC's Integrity Programme, aimed at preventing and addressing ethical misconduct and corruption.
Policy & regulationGuidance & interpretationOther
-
2025-01-31•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines' Q4 2024 Senior Bank Loan Officers’ Survey showed most banks maintained lending standards for enterprise and household loans, though the diffusion index indicated net tightening for business loans. Loan demand was largely unchanged, with a net increase for enterprise loans due to inventory financing needs and economic optimism. For Q1 2025, lending standards are expected to remain steady, with net tightening for household loans and increased demand for both enterprise and household credit.
Data & statistics
-
2025-01-31•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 39.2% increase in registered inward foreign investments through authorized agent banks in 2024, totaling USD17,932.40 million, with net inflows of USD2,103.34 million reversing the previous year's net outflows. Inflows were primarily in peso-denominated government and PSE-listed securities, while the UK, Singapore, the US, Luxembourg, and Hong Kong accounted for 86.3% of these inflows. Gross outflows rose 20.5% to USD15,829.06 million, mainly due to capital repatriation, with the US as the primary destination.
Data & statisticsBalance of payments and other external statistics
-
2025-01-31•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines' preliminary Q3 2024 data shows a 6.1% quarter-on-quarter increase in domestic claims to PHP 9,872.6 billion and a 1.7% rise in net foreign assets to PHP 486.5 billion. Growth in domestic claims was driven by increased holdings in bank-issued debt securities, equity shares, and government-issued debt securities. Year-on-year, domestic claims grew by 12.0%, net foreign assets by 31.1%, and other liabilities by 12.7%, with significant contributions from shares and equity issuances.
Data & statisticsFinancial and market indicatorsSupervisory data
-
2025-01-31•Global•Bank for International Settlements - Committee on Payments and Market Infrastructures
The Bank for International Settlements’ Committee on Payments and Market Infrastructures has published a brief on how central banks and payment system operators extend or align real-time gross settlement operating hours, including moves toward 24/7 operations, to reduce cross-border settlement delays. Drawing on experience from 14 jurisdictions and a 2023 survey of 69 systems, it notes that seven RTGS systems already operate 24/7 and 18 plan to extend hours within five years, and sets out key operational, technical, liquidity, resilience and staffing considerations.
Policy & regulationGuidance & interpretationPayments and payment systems
-
2025-01-31•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation via two websites and instructed their blocking in Italy. This action brings the total number of blocked sites to 196 since November 2023. IVASS advises consumers to verify the authorization of insurers and intermediaries before paying premiums, especially for temporary motor third-party liability policies.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
-
2025-01-31•Serbia•National Bank of Serbia
The National Bank of Serbia noted Fitch's affirmation of Serbia's BB+ credit rating with a positive outlook, citing sound fiscal governance and strong growth prospects. Fitch projects GDP growth to rise from 3.9% in 2024 to 4.4% in 2026, supported by investment and the "Leap into the Future – Serbia Expo 2027" programme. Public debt is expected to fall below 45% of GDP by 2027, with inflation remaining within the central bank's target range.
ResearchCredit ratings
-
2025-01-31•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan will conduct a mobile public reception in the Tartar district on 5 February to enhance consumer and investor rights protection. Representatives will address citizens' financial service inquiries and provide support. The event will cover multiple administrative districts, with attendance requests accepted via the central bank's hotline and WhatsApp channel.
Policy & regulationImplementation, projects & pilotsConsumer and investor protection
-
2025-01-31•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia released a revised Policy Document on Electronic Money, aligning it with the Financial Services and Islamic Financial Services (Limited Purpose Electronic Money) (Exemption) Orders 2024. The revisions exclude limited purpose electronic money issuers from the policy's scope, effective 31 January 2025. A feedback statement and updated FAQs were also published to aid interpretation and implementation.
Policy & regulationRules & requirementsPayments and payment systems
-
2025-01-31•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia disclosed its international reserves and foreign currency liquidity in the IMF Special Data Dissemination Standard format, showing usable reserves as of December 2024. Official reserve assets were USD116,223.0 million, with short-term outflows of USD10,599.1 million and net short forward positions of USD29,229.5 million. The report excludes projected inflows from interest income and loan drawdowns, estimated at USD2,490.9 million.
Data & statisticsBalance of payments and other external statistics
-
2025-01-31•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC filed a criminal complaint against New Seataoo Corporation for allegedly soliciting investments without a licence, citing violations of the Securities Regulation Code. The SEC found the Seataoo Group offered unregistered securities via a dropshipping platform, promising profits and commissions. This action follows previous SEC orders revoking their registration and denying their appeal.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
-
2025-01-31•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission extended Eternal Energy Public Company Limited's deadlines to submit rectified financial statements for 2023 and Q3 2024 to 28 February 2025 and 10 March 2025, respectively. This follows SEC concerns about asset impairment assumptions affecting Cannabiz way Co., Ltd and CBD Bioscience Co., Ltd, requiring audited statements. Eternal Energy appointed an independent advisor to adjust cash flow projections, necessitating additional audit time.
SupervisionAuthorisations & approvalsAccounting and financial reporting
-
2025-01-31•Europe•European Commission
The European Commission has extended the equivalence regime for UK central counterparties (CCPs) by three years, until 30 June 2028, to maintain EU financial stability and continuity for market participants. This extension allows time for implementing the European Market Infrastructure Regulation (EMIR 3), which aims to enhance the competitiveness of EU clearing markets and reduce reliance on UK CCPs. The decision will be published in the Official Journal of the EU and take effect from 1 July 2025.
Policy & regulationRules & requirementsCCPs
-
2025-01-31•United Kingdom•HM Treasury
His Majesty’s Treasury and Japan’s Financial Services Agency issued a joint statement from the third UK-Japan Financial Regulatory Forum, highlighting cooperation in sustainable finance, asset management, capital markets, digital finance, and international financial stability. Discussions included transition finance, ESG ratings, the IFRS Foundation's role, and updates on cryptoasset regulation. The forum also addressed bank regulation, Basel III implementation, and non-bank financial intermediation.
Policy & regulationCooperationClimate risk and sustainable finance
-
2025-01-31•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has finalized a memorandum of understanding with the Single Resolution Board, the European Central Bank, and the Swedish National Debt Office. This agreement aims to enhance cooperation on supervision and bank resolution under Article 32(2) of the EU regulation establishing the Single Resolution Mechanism.
Policy & regulationCooperationCross-border cooperation
-
2025-01-31•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority released supervisory reviews highlighting deficiencies in anti-money laundering risk management among securities firms, banks, and life insurance companies. The reviews found generic risk assessments and inadequate transaction monitoring, particularly when third parties are involved. The authority may pursue further supervision or investigations to address these issues.
SupervisionReviews, inspections & stress testsAML and CFT
-
2025-01-31•Canada•New Brunswick Financial & Consumer Services Commission
The Financial and Consumer Services Commission of New Brunswick issued a notice for Unclaimed Property Day, urging residents to use FundsFinderNB.ca to locate over CAD 33 million in unclaimed assets. To date, 463 individuals have reclaimed more than CAD 2.1 million. Businesses must annually attempt to contact owners of unclaimed funds and report through the portal if unclaimed for over three years, or ten years for credit union accounts.
Financial literacy & educationOther
-
2025-01-31•Finland•Finanssivalvonta
The Finnish Financial Supervisory Authority (FIN-FSA) penalized Pekka Jalovaara, Jarmo Halonen, and Ahti Paananen for failing to timely notify transactions under the EU Market Abuse Regulation. The penalties, totaling EUR 18,000, were based on reporting delays of two to eight months related to their roles at BBS-Bioactive Bone Substitutes Plc. The decisions are not yet legally binding as they can be appealed to the Helsinki Administrative Court.
EnforcementSanctions & designationsMarket abuse
-
2025-01-31•United States•U.S. Department of Justice
The U.S. Department of Justice indicted and arrested John Harold Rogers, a former Senior Adviser at the Federal Reserve Board, for allegedly conspiring to steal trade secrets for China and making false statements. Rogers is accused of sharing confidential Federal Reserve information with PRC contacts and receiving USD 450,000 as a part-time professor in China. The investigation is led by the FBI's Washington Field Office and the Federal Reserve Board Office of Inspector General.
EnforcementInvestigations & enforcement actions
-
2025-01-31•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) published a list of administrative enforcement actions from December 2024, including 16 orders and one adjudicated decision. Actions comprised six prohibition orders, four deposit insurance terminations, and various combined and consent orders. No administrative hearings are scheduled for February 2025.
EnforcementInvestigations & enforcement actions
-
2025-01-31•Chile•Chile Financial Market Commission
The Chile Financial Market Commission's December 2024 report shows a 0.78% annual increase in total bank loans, with mixed credit risk indicators and a 5.82% year-on-year rise in bank profits to CLP 398,128 million (USD 401 million). Supervised cooperatives saw a 7.78% loan growth, driven by a 6.19% increase in the consumer portfolio, with all credit risk indices rising and profits up 9.1% year on year to CLP 10,266 million (USD 10 million).
SupervisionRisk monitoring & watch pointsLendingAsset quality
-
2025-01-31•Chile•Chile Financial Market Commission
Chile’s Financial Market Commission sanctioned three individuals for violating the Securities Market Act by failing to report trades and conducting transactions during the 30-day blackout period before financial statement disclosures. Eugenio Tagle Rojas was fined UF 150, Carlos Rabat Vilaplana UF 300, and Matías Chadwick Lira received a censure. Tagle and Chadwick used the Compensated Cooperation System benefits under Article 58 of Decree Law No. 3,538.
EnforcementInvestigations & enforcement actionsMarket abuse
-
2025-01-31•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka has issued instructions for a new automated foreign exchange Net Open Position reporting interface, effective 3 February 2025. Licensed Commercial Banks and the National Savings Bank must submit daily NOPs through this interface, with Chief Compliance Officers ensuring accuracy and timely submission. The existing daily NOP submission mechanism will be discontinued, and banks must complete necessary system modifications before the cutover.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
-
2025-01-31•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) released its Annual Compliance Report, highlighting technology-related risks and the integration of its compliance team structure. Key areas include cybersecurity, with increased incident reports involving third-party providers, and the onboarding of Crypto Asset Trading Platforms, urging a risk-based compliance approach. The report also stresses robust controls for algorithmic trading and clear policies for social media use by Approved Persons.
Policy & regulationGuidance & interpretationSupervisory dataRegulatory reporting
-
2025-01-31•Europe•European Central Bank
The European Central Bank reported a weekly balance sheet total of EUR 6,393.7bn, a decrease of EUR 14.4bn due to transactions. Key changes included a EUR 14.1bn drop in securities held for monetary policy purposes and a shift of EUR 126.7bn from the deposit facility to current accounts by euro area credit institutions. Additionally, liabilities to euro area credit institutions fell by EUR 75.4bn, while general government deposits rose by EUR 32.3bn.
Data & statisticsBalance of payments and other external statistics
-
2025-01-31•United States•Federal Reserve Board
The Federal Reserve Board published a FEDS Note analyzing Financial Accounts data, highlighting credit unions' expanded role in household credit over three decades, especially in mortgages and consumer credit. Credit union loan holdings rose from 2 percent to 6 percent of nominal GDP from 1990:Q1 to 2024:Q3, while US banks' holdings fell from 48 percent to 40 percent. The note also documents changes in balance-sheet composition, with consumer credit and one-to-four family mortgages comprising 84 percent of credit union lending as of 2024:Q3.
ResearchLending
-
2025-01-31•United States•Commodity Futures Trading Commission
The CFTC's Divisions of Market Oversight and Clearing and Risk issued a supplemental no-action position on swap data reporting for KalshiEX LLC and Kalshi Klear LLC. This modifies CFTC Letter No. 24-15 by removing a third-party clearing restriction and extending coverage to fully collateralized variable payout contracts. The Divisions will not recommend enforcement actions against KalshiEX, Kalshi Klear, or their participants for certain non-compliance, subject to the letter's terms.
Policy & regulationGuidance & interpretationRegulatory reporting
-
2025-01-31•United States•Federal Reserve Board
The Federal Reserve Board released a research paper analyzing large US banks' commercial and industrial loan exposures at the county level to assess climate-related physical risks. The study uses a new dataset combining FR Y-14Q regulatory data with borrower microdata to map exposures based on facility locations. Findings reveal banks' lending is geographically concentrated, highlighting areas with high exposures and significant historical physical risk.
ResearchClimate risk and sustainable finance
-
2025-01-31•United States•Federal Reserve Board
The Federal Reserve Board released research on how expected inflation changes affect corporate credit spreads and equity returns, using inflation swap prices. The study shows asset price sensitivity to inflation expectations varies over time, influenced by investor perceptions of inflation relative to economic growth. In "good inflation" periods, expected inflation compresses credit spreads and boosts equity valuations, while in "bad inflation" periods, these effects may weaken or reverse.
ResearchMarket risk and volatility
-
2025-01-31•United States•Federal Reserve Board
The Federal Reserve Board released research analyzing equity market reactions to macroeconomic news and their impact on the real economy. It introduces an activity news index and a price news index, which together account for 34% of the variation in quarterly stock price returns. Positive macroeconomic surprises correlate with increased revenues, profitability, financing, and investment, contributing to U.S. economic expansion.
Research
-
2025-01-31•United States•Federal Reserve Board
The Federal Reserve Board's paper proposes two methods to address outlier-driven distortions in linear state-space filtering and forecasting. The supervised missing data substitution (MD) method improves Huber-based filters by setting observations to missing when exceeding a threshold. The unsupervised method, missing data substitution via exogenous randomization (RMDX), averages targets over series with induced missing-data subsets. Monte Carlo simulations show both methods enhance robust filtering, especially when combined, with promising results in forecasting inflation trends.
ResearchOther
-
2025-01-31•United States•Federal Reserve Board
The Federal Reserve Board, in collaboration with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, will hold a virtual public outreach meeting on March 6, 2025, as part of the Economic Growth and Regulatory Paperwork Reduction Act review. The meeting will gather public input on regulations in areas such as applications, reporting, and consumer protection. Further public meetings are planned for 2025.
Policy & regulationImplementation, projects & pilotsRegulatory burden
-
2025-01-31•Russia•Central Bank of Russia
The Central Bank of Russia reported significant growth in the Faster Payments System (SBP) in 2024, with transactions doubling to over 13.4 billion, valued at RUB 69.5 trillion. Average daily transactions increased to 45 million by Q4 2024, with payments for goods and services comprising a quarter of all transactions. By early 2025, about 2.2 million trade and service companies accepted SBP payments, and transfers from legal entities to individuals surpassed 200 million payments worth over RUB 1 trillion.
Data & statisticsActivity and performance reporting
-
2025-01-31•Russia•Central Bank of Russia
The Central Bank of Russia has extended its suspension of publishing data on foreign payment services providers until 31 December 2025. The procedure for maintaining the list continues under Bank of Russia Ordinance No. 5429-U. The initial suspension decision was announced on 18 April 2024.
Policy & regulationRules & requirementsRegulatory reporting
-
2025-01-31•United States•Office of the Comptroller of the Currency
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency will hold a second virtual public outreach meeting on March 6, 2025, as part of the Economic Growth and Regulatory Paperwork Reduction Act review. The meeting will gather stakeholder input on six regulation categories, including Consumer Protection and Money Laundering, to identify outdated requirements. Additional public meetings are planned for 2025.
Policy & regulationRules & requirementsRegulatory burden
-
2025-01-31•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) promotes Earned Income Tax Credit (EITC) Awareness Day on January 31, urging banks and federal savings associations to enhance customer understanding of the credit and its eligibility. The EITC offers a refundable tax credit for low- to moderate-income households, with potential refunds up to USD 7,830 for families with children. The OCC encourages financial institutions to disseminate EITC information, promote low-cost refund deposit products, and support IRS Volunteer Income Tax Assistance programs.
Financial literacy & educationFinancial literacy and education
-
2025-01-31•Moldova•National Bank of Moldova
The National Bank of Moldova reported an improvement in the national economy's net financial worth to -MDL 90.9 billion at end-September 2024, up from -MDL 96.4 billion at end-2023, due to faster asset growth (+7.3%) compared to liabilities (+5.9%). Households remained net creditors with MDL 226.9 billion, while nonfinancial corporations were the largest net debtors at -MDL 269.4 billion. Total debt reached MDL 604.0 billion, with a debt-to-GDP ratio of 190.7%, slightly lower than end-2023.
Data & statisticsBalance of payments and other external statistics
-
2025-01-31•Moldova•National Bank of Moldova
The National Bank of Moldova has launched an "experimental statistics" section, releasing its first dataset on Moldova's financial accounts for Q3 2024. The data reveals a net financing need of MDL 12,699 million, or 4.0% of GDP, driven by increased household sector needs. The experimental data, differing from official statistics, will be refined based on user feedback before integration into official statistics.
Data & statisticsEconomic data and developmentsFinancial and market indicators
-
2025-01-31•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) announced that the Federal Court of Australia dismissed BUSS (Queensland) Pty Ltd's application to overturn APRA's decision to impose additional licence conditions addressing prudential concerns. These conditions require BUSSQ to engage an independent expert to review its fitness and propriety processes and fund expenditure management, with findings to be published.
SupervisionAuthorisations & approvalsFitness and propriety
-
2025-01-31•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has updated its APRA Connect Taxonomy Artefacts webpage to include additional draft superannuation artefacts, accessible on the APRA website.
Policy & regulationGuidance & interpretationRegulatory reporting
-
2025-01-31•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority released its Monthly Authorised Deposit-taking Institution Statistics for December 2024, accessible on the APRA website.
Data & statisticsSupervisory data
-
2025-01-31•India•Securities & Exchange Board of India
The Securities and Exchange Board of India has extended the suspension of trading in certain commodity derivative contracts until 31 March 2025. Affected contracts include paddy (non-basmati), wheat, chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil, and moong. The suspension was initially imposed on 19 December 2021 and has been extended multiple times.
SupervisionInterventionsTrading
-
2025-01-31•Denmark•National Bank of Denmark
The National Bank of Denmark reported that Danish insurance and pension companies achieved a return of DKK 344 billion in 2024, nearly recovering the loss from 2022. Gains were primarily driven by US stock market investments, particularly in technology shares like NVIDIA, Apple, and Amazon. US investments, comprising about a quarter of total pension investments, significantly influence Danish pension returns and government revenues via the pension return tax.
Data & statisticsFinancial and market indicatorsActivity and performance reporting
-
2025-01-31•United States•The White House
The White House issued an executive order requiring executive departments and agencies to repeal at least 10 existing regulations for each new one proposed, unless prohibited by law. It establishes a regulatory budgeting framework to offset new regulatory costs by eliminating costs from prior regulations, with guidance from the Office of Management and Budget (OMB). It also revokes the November 2023 version of OMB Circular A-4, reinstating the September 2003 version, and reinstates the April 2018 Treasury-OMB memorandum on tax regulation review.
Policy & regulationRules & requirementsOther
-
2025-01-31•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic, backed by the Monetary Board, plans to implement an instant payments system for fast retail transfers. Operating continuously, it will enable rapid account credits and multiple payment options, aiming to reduce cash use and support financial inclusion. The announcement followed the bank's first Instant Payments Forum, featuring insights from Brazil's Pix and Colombia's Bre-B systems.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
-
2025-01-31•Europe•European Systemic Risk Board
The European Central Bank and the European Systemic Risk Board released a joint report on the "positive neutral" approach to setting the countercyclical capital buffer (CCyB) early in the financial cycle. The report outlines motivations for adoption, common design features, and challenges, including legal uncertainties and the need for clearer objectives to avoid overlaps with other tools. It suggests clarifying the European macroprudential framework to enhance CCyB flexibility and reduce reliance on the credit-to-GDP gap.
Policy & regulationCooperationCapital adequacyMacroprudential policy and tools
-
2025-01-31•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority's January 2025 Insurance Risk Dashboard reports stable medium-level risks in the European insurance sector, with vulnerabilities linked to market volatility and real estate price shifts. Macroeconomic risks remain stable, while market risks are high, and liquidity and funding risks are rising. The 12-month outlook highlights increasing ESG-related risks and a rise in digitalisation and cyber risk trends.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskPrudential risks
-
2025-01-31•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
The Ministry of Finance (Trinidad & Tobago) has extended the Tax Amnesty and National Insurance Scheme Amnesty to 31 March 2025, giving taxpayers more time to address liabilities. The extension aims to facilitate compliance with procurement regulations, particularly for SMEs, and anticipates increased compliance once the Trinidad and Tobago Revenue Authority becomes fully operational in 2025. The tax amnesty has generated 2.38 billion TTD in revenue as of 27 January 2025.
Policy & regulationRules & requirementsOther
-
2025-01-31•Barbados•Central Bank of Barbados
The Central Bank of Barbados has issued a request for proposals for a national Instant Payments System as part of its Barbados Payments System Modernisation Project. The system aims to facilitate real-time payments across banking providers, enhancing cash flow for individuals and businesses. The initiative follows collaboration with the World Bank and includes a public education campaign to promote adoption.
Institutional developmentProcurementPayments and payment systems
-
2025-01-31•Barbados•Central Bank of Barbados
The Central Bank of Barbados' 2025 economic outlook forecasts a 3% annual average real GDP growth, driven by investments in tourism, infrastructure, and renewable energy. Inflation is expected to slow to 1.5%-2.5% in 2025 and 2026, with financial soundness indicators strong. The outlook highlights risks from global economic conditions, trade disruptions, and climate-related challenges, while public finances aim for fiscal targets and a debt-to-GDP ratio reduction to 60% by FY2035/36.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
-
2025-01-31•Barbados•Central Bank of Barbados
The Central Bank of Barbados has issued a request for proposals for an Instant Payments System as part of the Payments System Modernisation Project. The procurement process will follow international competitive standards under the bank's Procurement Policy Guidelines.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
-
2025-01-30•Saudi Arabia•Saudi Arabian Monetary Authority
The Financial Stability Board’s Regional Consultative Group for the Middle East and North Africa, co-chaired by the Saudi Arabian Monetary Authority and the Central Bank of Egypt, convened in Sharm El Sheikh, Egypt. The meeting updated non-FSB members on the FSB work programme and G20 deliverables, incorporating regional perspectives. Discussions covered global and regional vulnerabilities, cross-border payments, non-bank financial intermediation, and implementing FSB’s crypto-asset recommendations.
Policy & regulationCooperationCross-border cooperationFinancial stability and systemic risk
-
2025-01-30•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority fined Arabia Insurance Cooperative Co. SAR 10,000 for breaching the Rules on the Offer of Securities and Continuing Obligations by disclosing inaccurate information in a market announcement. The breach pertains to paragraph (a) of Article 78 and involves the company's interim financial results announcement on the Saudi Stock Exchange (Tadawul) for the period ending 30/06/2024.
EnforcementInvestigations & enforcement actionsDisclosures
-
2025-01-30•Montenegro•Montenegro Capital Market Authority
Sara Pejovic from the Montenegro Capital Market Authority participated in the IOSCO–IFRS Foundation Capacity Building Program on Sustainable Finance in Budapest. The program addressed corporate issuer sustainability disclosure requirements, IFRS sustainability standards, ethical frameworks, and international sustainability assurance standards. Pejovic contributed to discussions on disclosure standards and transparency.
Institutional developmentCooperation & capacity buildingClimate risk and sustainable finance
-
2025-01-30•Australia•Australian Securities & Investments Commission
ASIC's Q2 FY25 update on enforcement actions (1 October - 31 December 2024) highlighted disqualifying four directors, charging one with misleading statements, sentencing another for false statements, and prosecuting 58 individuals for 107 corporate collapse offences. Key issues included record-keeping, tax lodgment, debt payment, and aiding liquidators. Ian Thomas Griggs was disqualified for two years over four hospitality company failures. ASIC imposed AUD 342,400 in fines and AUD 6,692 in costs, stressing ROCAPs and company records' importance.
EnforcementInvestigations & enforcement actionsCorporate governance
-
2025-01-30•Bolivia•Central Bank of Bolivia
The Central Bank of Bolivia clarified that recent deliveries of monetary material in January 2025 consist of legal-tender coins, not banknotes, countering misleading claims about currency shortages. The coin acquisition followed an international public tender from 2023, in accordance with Law No. 1670 and Supreme Decree No. 0181, and is part of a regular process to replace deteriorated currency and incorporate technological updates.
Policy & regulationGuidance & interpretationCurrency and cash management
-
2025-01-30•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission conducted a financial education session at the Luanda Commercial Secondary Institute on "Fundamentals of the Capital Market and Investment Opportunities" for secondary school students. The session, held on 28 January 2025, was led by António Van-Dúnem from the Commission’s Department of Studies, Strategy, Development and Communication, and attended by approximately 80 students.
Financial literacy & educationFinancial literacy and education
-
2025-01-30•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) urged superannuation trustees to improve their practices against scams and fraud. ASIC Commissioner Simone Constant's letter highlights the lack of an organisation-wide scams strategy among 15 reviewed trustees and underscores trustees' duty to protect members' savings. This is part of ASIC's broader effort to combat investment scams, following reviews of anti-scam practices at major banks.
Policy & regulationGuidance & interpretationFraud and scams
-
2025-01-30•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) held the Second Meeting of its Fourth Staff Council in Dar es Salaam, emphasizing professionalism, accountability, and transparency to advance the insurance sector. Insurance Commissioner Dr. Baghayo Saqware highlighted customer service standards and internal cooperation as key to organizational efficiency. The meeting includes budget discussions and training sessions to enhance staff skills and capacity.
Institutional developmentGovernanceOther
-
2025-01-30•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine's National Securities and Stock Market Commission (NSSMC) and the National Energy and Utilities Regulatory Commission (NEURC) participated in an Energy Community workshop on standardising energy products and contracts. The NSSMC emphasized standardisation as a means to enhance market safety and liquidity. This aligns with a prior cooperation agreement to bolster institutional coordination in Ukraine's energy market regulation.
Policy & regulationCooperationCross-border cooperation
-
2025-01-30•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank fined de Volksbank N.V. EUR 15 million for non-compliance with the Financial Supervision Act, citing structural shortcomings in risk management and governance from July 2018 to October 2023. Deficiencies included inadequate management of credit, counterparty, capital, and operational risks. The fine reflects the seriousness and duration of breaches, the bank's size, and delays in remediation despite supervisory pressure.
EnforcementInvestigations & enforcement actionsPrudential risks
-
2025-01-30•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank reported that Dutch household savings reached a record EUR 600.5 billion by the end of 2024, with a EUR 24.2 billion increase in deposits compared to 2023. Savings accounts rose to EUR 487.1 billion, while payment account balances decreased by EUR 4.0 billion. Rising wages and precautionary saving amid inflation were cited as potential factors, alongside increased debt repayment by households.
Data & statisticsFinancial and market indicatorsSupervisory data
-
2025-01-30•Netherlands•De Nederlandsche Bank
De Nederlandsche Bank fined de Volksbank EUR 20 million for breaches of Dutch regulations on sound business operations and anti-money laundering controls. A EUR 15 million fine was issued for prolonged non-compliance with the Financial Supervision Act, and a EUR 5 million fine for inadequate customer monitoring under the Anti-Money Laundering and Anti-Terrorist Financing Act.
EnforcementInvestigations & enforcement actionsAML and CFT
-
2025-01-30•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets reviewed auditors' work on fraud risks in statutory financial statement audits, finding deficiencies in two-thirds of the 32 audits examined. The review highlighted insufficient audit evidence and inadequately tailored procedures for fraud risks, with incorrect or incomplete fraud paragraphs in 10 audit reports. The AFM urges audit firms to develop improvement plans and address behavioural factors affecting professional scepticism, emphasizing ongoing supervision of auditors' roles in fraud risk identification.
SupervisionReviews, inspections & stress testsAuditing
-
2025-01-30•El Salvador•Central Reserve Bank of El Salvador
The Central Reserve Bank of El Salvador released additional results from the Seventh Population Census and Sixth Housing Census, highlighting demographic and economic shifts over 17 years. Key findings include a decline in fertility rates, changes in emigration patterns, increased remittances, and improvements in education and employment indicators. The results are accessible via the Bank's statistical geoportal.
Data & statisticsEconomic data and developments
-
2025-01-30•Algeria•Algeria Market Authority (COSOB)
At the Algeria Fintech and E-commerce Summit, the Algeria Market Authority said its recent regulatory frameworks are designed to support fintech activity in the capital markets. Its president highlighted scope for trading platforms under Instruction 24-10 and encouraged firms to use Framework 23-01 to develop crowdfunding platforms.
Policy & regulationGuidance & interpretationFintech and insurtechMarket development
-
2025-01-30•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has issued draft amendments to the Real Estate Investment Trust (REIT) Regulations, 2022, for public consultation. The amendments aim to simplify REIT scheme establishment, enhance governance, ensure consistency across structures, promote earlier listing, and strengthen management and trustee roles. The proposals also address regulatory arbitrage and improve adherence to the Shariah governance framework.
Policy & regulationRules & requirementsSecurities offerings and listings
-
2025-01-30•Georgia•National Bank of Georgia
The National Bank of Georgia (NBG) reported a meeting between Acting Governor Natia Turnava and the International Monetary Fund (IMF) mission to discuss Georgia's economic and financial developments. The NBG highlighted sustained inflation below target and adherence to international sanctions. Discussions included potential collaboration areas, notably technical assistance.
Policy & regulationCooperationCross-border cooperation
-
2025-01-30•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia has signed an annex to its memorandum with the Consumers Organisation of Macedonia to enhance consumer protection for users of banks and savings houses. The agreement includes experience exchange, expert support, and amicable dispute resolution for widespread consumer harm. The central bank also continues its consumer protection efforts through inspections and amendments to the Law on Banks.
Policy & regulationCooperationConsumer and investor protection
-
2025-01-30•Italy•Bank of Italy
The Bank of Italy has partnered with the Italian Econometric Association to fund scholarships for women in economics and finance. The initiative will support ten female master's or PhD students, or junior researchers, to attend SIdE’s summer schools and postgraduate courses.
Financial literacy & educationDiversity and inclusion