The Saudi Arabia Insurance Authority has launched a sign-language video call service for people with hearing disabilities. Users can access information and guidance and complete insurance transactions through the Authority’s digital platforms.
The New Brunswick Financial & Consumer Services Commission issued a warning that AskToBid, also known as Ask2Bid, is not registered to deal or advise in securities in New Brunswick. The firm is listed as being located in Zurich, Switzerland. Investors are advised to use the National Registration Search tool to verify registration status.
The Central Bank of Iceland's Q1 2025 survey reveals stable short-term inflation expectations but an increase in long-term expectations, with inflation projected to fall to 3.6% in one year and 3.3% in two years. The key interest rate is expected to decline to 7.75% by end-Q1 2025, while 80% of respondents view the monetary stance as too tight, and the króna is anticipated to depreciate against the euro.
Payments Canada's 2025 Q1 update on the Real-Time Rail (RTR) shows the program is over halfway through its technical build, moving towards testing. It highlights advancements in centralized fraud mitigation and outlines the Bank of Canada's registration of payment service providers under the Retail Payment Activities Act. Amendments to the Canadian Payments Act will expand membership eligibility to include PSPs, credit union locals, and certain clearing houses.
The International Monetary Fund assessed how tokenization could reduce financial market costs through automation, faster settlement and lower search frictions. It also warned that tokenized markets could increase shock transmission, operational risk, retail investor harm and market concentration. Regulation may need to adapt, while further research is required to quantify the benefits and risks.
The Central Bank of Iceland's Q1/2025 survey reveals stable short-term inflation expectations, anticipated policy rate declines, and increased long-term inflation expectations, with median inflation projected at 3.6% in one year and 3.3% in two years. The survey also indicates a stable median path for the key interest rate at 7.75% by end-Q1/2025, with expectations of a depreciating króna and mixed views on the housing market turnover and prices.
The Commodity Futures Trading Commission and the Securities and Exchange Commission have extended the compliance date for Form PF amendments from 12 March 2025 to 12 June 2025. Form PF is a confidential reporting form for certain SEC-registered investment advisers to private funds, including those registered with the CFTC. The extension aims to alleviate administrative and technological burdens and provide additional time for system adjustments.
The CFTC announced a default judgment by the U.S. District Court for the Northern District of Illinois against five offshore entities and three individuals for fraud in a global retail binary options scheme. The court ordered USD 112.9 million in restitution and a USD 338.7 million civil penalty, permanently enjoining the defendants from further violations and banning them from CFTC registration and trading. The CFTC noted prior related criminal proceedings, including significant prison sentences and restitution orders.
The Central Bank of Russia revised macroprudential risk-weight add-ons, reducing those for credit card debt during the grace period and linking them to borrowers' debt service-to-income ratio (DSTI). The new add-ons range from 0.2 for DSTI up to 50% to 2.0 for DSTI above 80% or where DSTI is unavailable. This recalibration reflects lower default rates for grace-period balances and aims to maintain the macroprudential capital buffer for unsecured consumer loans.
The Central Bank of Russia reported a 1.2% increase in cash circulation in 2024, totaling RUB 18.7 trillion by January 2025, marking the lowest rise in nine years. Cash demand remained steady with seasonal fluctuations, and there was an increase in small-denomination banknotes due to resumed printing and the introduction of modified RUB 100 notes.
Moldova's Ministry of Finance conducted a two-day exercise to prepare for the bilateral screening of Chapter 9 Financial Services in the EU accession process. The sessions involved key financial authorities and focused on reviewing legislative and institutional frameworks to align with EU financial services legislation. The next step is the bilateral screening meetings with the European Commission on 3–4 February 2025 in Brussels.
The Central Bank of Egypt announced a significant increase in remittances from Egyptians working abroad, with a 65.4% year-on-year rise in November 2024 to USD 2.6 billion. Remittances also increased by 77.0% to USD 13.8 billion from July to November 2024 and grew 47.1% to USD 26.3 billion from January to November 2024.
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have extended the compliance date for amendments to Form PF from 12 March 2025 to 12 June 2025. This extension aims to alleviate administrative and technological burdens, allowing filers more time to prepare for the amended reporting requirements.
Deputy Governor Tatiana Ivanicichina of the National Bank of Moldova emphasized prudent monetary policy for macroeconomic resilience amid security threats, focusing on financial stability and banking safety. She highlighted Moldova's accession to SEPA as crucial for modernizing financial infrastructure and enhancing cross-border transaction efficiency. Ivanicichina also prioritized technological development, digitalization, and collaboration with European institutions to align regulations with EU standards.
The National Bank of Moldova has approved a regulation setting requirements for banks to prevent and combat money laundering and terrorist financing. The regulation was adopted under Decision No. 200 and entered into force on 24 August 2018.
The Qatar Financial Centre (QFC) reported a record expansion in 2024, with 836 new firms joining, marking a 156% increase from 2023, bringing total assets under management to over USD 33 billion. Registrations spanned 90 countries, with technology firms comprising 26% of new entries, driven by QFC's participation in Web Summit Qatar. QFC also issued a Digital Assets Framework and signed 24 memoranda of understanding to enhance business set-up and digital asset regulation.
The Qatar Financial Markets Authority emphasized its commitment to a sustainable financial system at the Sustainability Forum Middle East, highlighting the National Disclosure Framework for Companies as key to mandatory sustainability reporting. Developed with the Qatar Central Bank and the Qatar Financial Centre Regulatory Authority, the framework mandates phased emissions, risks, and opportunities disclosures, with Scope 1 and 2 reporting required by 2027 and 2028, and Scope 3 by 2029. This initiative aligns with Qatar National Vision 2030, integrating environmental, social, and governance standards into capital markets.
Switzerland's Federal Department of Finance announced the Federal Council's decision to remove the EU from the list of jurisdictions covered by Switzerland’s protective measure for its stock exchange infrastructure, effective 1 May 2025. This measure, activated in 2019, is deemed unnecessary following EU legal changes in 2024 that lifted trading restrictions on Swiss equities. Switzerland will continue to seek equivalence recognition and enhanced EU market access for its financial service providers through ongoing regulatory dialogue.
The Bank of the Republic of Burundi is hosting the 9th annual internal audit conference for East African Community central banks in Bujumbura, focusing on harmonising audit approaches and sharing practices. The conference will address new audit standards, the role of data analytics and AI, and progress on past resolutions. Participants include auditors from Burundi, Uganda, Kenya, Tanzania, South Sudan, and the Democratic Republic of the Congo.
The National Bank of Denmark reported a DKK 86bn increase in Danish households' securities holdings in 2024, primarily due to capital gains. By year-end, securities holdings matched deposits at DKK 1,202bn, with American equities contributing significantly to the rise. Conversely, Danish shares saw capital losses, notably DKK 18bn on Novo Nordisk, partially offset by gains on other domestic shares.
The National Bank of Denmark reported that Danish investors made record foreign securities purchases of DKK 321 billion in 2024, increasing their holdings to DKK 5,355 billion. Purchases focused on foreign equities, particularly American, European, and Japanese shares, as well as German and Swedish government bonds. Valuation gains were notably driven by US listed shares, now comprising over a quarter of total foreign holdings.
The Isle of Man Treasury issued General Licence IOM/2025/RUS044 under the Russia sanctions regime, allowing a time-limited wind-down and divestment of positions involving Gazprom Neft and PJSC Surgutneftegas. It permits necessary divestment activities, with notification and record-keeping requirements, but prohibits actions breaching Russia sanctions unless specifically allowed. The licence is effective immediately and expires on 29 July 2025.
The Treasury (Isle of Man) announced that from 31 January 2025, goods imported from the EU to the Isle of Man must have a safety and security declaration, as the waiver will end. For imports via the UK, the declaration is required upon arrival in the UK. Direct imports to the Isle of Man from outside the UK, including the EU, must also have this declaration, with compliance monitored and potential penalties for non-compliance.
The European Insurance and Occupational Pensions Authority (EIOPA) released its fifth annual report on administrative sanctions under the Insurance Distribution Directive (IDD), noting 1,510 sanctions across 20 Member States in 2023. The report highlights an increase in sanctions related to product oversight, governance, and general conduct of business requirements, attributed to heightened supervisory scrutiny. EIOPA emphasizes that the number of sanctions alone does not fully reflect IDD supervision effectiveness, as other measures address broader market failures.
The Central Bank of The Bahamas will issue the Series 2024 CRISP Evolution BSD 1 banknote on 3 February 2025, featuring enhanced security and production elements. The new note, printed on Giesecke + Devrient’s Hybrid Green substrate, offers improved sustainability and durability. It retains the design elements of the Series 2017 version, with updated color tones and security thread width.
The Central Bank of Barbados reported a 4% real GDP growth in 2024, driven by business services, tourism, construction, and retail trade, with inflation easing and improved labor market conditions. Gross international reserves reached a record $3.2 billion, and the fiscal balance shifted to a surplus, reducing the debt-to-GDP ratio to 103%. For 2025, GDP growth is projected at 3% with inflation stabilizing at 2%, while external risks like global slowdown and geopolitical tensions remain concerns.
The Bank of Greece's Q4 2024 survey shows unchanged credit standards for non-financial corporations and households, with increased corporate loan demand and stable household lending. Improved bank liquidity and economic conditions led to lower interest rates and narrower margins on corporate loans, especially long-term ones. For Q1 2025, banks expect stable corporate credit standards and unchanged consumer credit demand, with a rise in housing loan demand.
The Bulgaria Financial Supervision Commission approved prospectuses for Respublika Holding AD's IPO and Development Assets AD's bond issue, registering both securities. The bond issue totals BGN 24 million with a floating rate tied to EURIBOR. Additionally, the FSC approved board appointments for Balkan Consulting Company-IP EAD and ASSET INSURANCE AD, and concluded proceedings for DZI and GROUPAMA insurance entities.
The Saudi Central Bank (SAMA) has approved STC Bank, a licensed digital bank, to begin operations in Saudi Arabia. This aligns with SAMA's strategy to enhance digital transformation and competitiveness in the banking sector, contributing to Saudi Vision 2030 by fostering innovative financial services.
The Central Bank of Nicaragua reported a current account surplus of USD 294.2 million for Q3 2024, with a year-to-date surplus of USD 694.9 million. Gross international reserves increased by USD 151.7 million in the quarter, reaching USD 6,048.6 million, equivalent to 7.6 months of imports. Goods exports rose 2.0% year on year, while imports increased 2.4%, widening the goods trade deficit to USD 2,289.9 million.
The Bank of Israel outlined its 2025 work plan and budget, approved by the Supervisory Council and submitted to the Knesset Finance Committee, focusing on adapting monetary policy, enhancing financial resilience, and promoting digital payments amid economic uncertainties. The budget totals NIS 1,301.4 million, a 4.2% increase from 2024, driven by currency issuance, Citizens of Israel Fund management, and wage and pension obligations.
The Italian Securities Commission (Consob) released its report on 2024 equity market trends, noting uneven performance amid geopolitical tensions and weak euro area growth. Key findings include a significant liquidity disparity between the US and eurozone, with EUR 6.5tn needed to align ratios, and a rising correlation between US equity markets and bitcoin prices. The report highlights ongoing delistings in the eurozone and Italy, and lower institutional investor presence in Italian SMEs, advocating for regulatory simplification and enhanced financial education.
The Central Bank of the UAE reviewed its 2024 achievements, highlighting record assets of AED 896 billion and the issuance of the world's first Open Finance framework and the Middle East's first stablecoin regulation. Key initiatives under its Financial Infrastructure Transformation Programme are 85% complete, including the launch of the "Jaywan" card scheme, the "Aani" Instant Payment Platform, and a cross-border payment using the "Digital Dirham" with China. Ongoing priorities include completing infrastructure initiatives and enhancing cross-border payment projects.
The Ukraine National Commission on Securities and Stock Market confirmed that PFTS Stock Exchange JSC has met a settlement agreement to realign prudential indicators with normative values. This agreement, under the Law of Ukraine on State Regulation of Capital Markets, underscores regulatory enhancements, including the Regulator’s Office and a “temporary manager” mechanism, addressing issues impacting clients of Freedom Finance Ukraine LLC.
De Nederlandsche Bank reported a decline in the Dutch pension sector's average funding ratio in Q4 2024, as liabilities rose more than investments. Total investments increased by EUR 20 billion to EUR 1,686 billion, while liabilities grew by EUR 45 billion to EUR 1,451 billion, partly due to 2025 indexation. Despite the decline, the average funding ratio stayed above the previous year's level, supported by positive returns on variable-yield investments.
The Algeria Market Authority notified Crédit Populaire d'Algérie shareholders that the bank's ordinary and extraordinary general meetings will take place on 24 February 2025 at 9:30 a.m. at Hotel El Aurassi, Salle El Mawaqif, level E, and made available the related communiqué, draft resolutions and a call for minority shareholder board representatives.
Acting Governor Natia Turnava of the National Bank of Georgia attended the Lámfalussy Conference hosted by the Central Bank of Hungary, discussing geopolitical challenges, inflation management, and macroeconomic conditions. The event, marking the Hungarian central bank’s 100th anniversary, featured panel discussions on monetary policy and was opened by European Central Bank President Christine Lagarde and Hungary’s Prime Minister Viktor Orbán.
The National Bank of Georgia reported that its Dispute Resolution Commission resolved 85% of nearly 90 consumer disputes with payment service providers in favor of consumers, resulting in GEL 300,000 in reimbursements. Most complaints involved unauthorized payment transactions. The Commission operates independently under the Georgia-EU Association Agreement.
Ireland's Department of Finance completed a placing of AIB Group plc shares, reducing the State's stake from 17.5% to 12.5%. The sale, priced at EUR 5.60 per share, generated EUR 652.1 million for the Ireland Strategic Investment Fund. A 90-day restriction on further share sales applies post-completion, with a 30-day restriction under the Minister’s trading plan.
The Bank of Italy and Istat's report, “The wealth of Italy’s institutional sectors: 2005-2023”, shows Italian households' net wealth at EUR 11,286 billion by end-2023, a 4.5% nominal rise from 2022 but over 7 percentage points lower in real terms than 2021 due to inflation. Households' financial assets increased 7.1% with more investments in shares and debt securities, while deposits fell 3.2%. Non-financial corporations' net wealth stayed stable, financial corporations' balance sheets shrank by about 3%, and general government net wealth was negative at EUR 1,432 billion.
The National Bank of Ukraine's quarterly Bank Lending Survey shows increased demand for corporate and consumer loans in Q4 2024, with expectations for continued growth over the next year. Banks reported strong demand from large enterprises due to lower interest rates and capital needs, while household demand for consumer credit rose, though mortgage demand is expected to decline in Q1 2025. Lending standards remained largely unchanged, with easing for corporates and SMEs but tightening for foreign-currency loans, and credit, operational, and currency risks moderately increased at the end of 2024.
The Financial Industry Regulatory Authority (FINRA) released its 2025 Regulatory Oversight Report, highlighting compliance gaps and emerging risks across 24 topics. Key areas include cybersecurity, third-party risk, sales practices for complex products, and governance of AI tools. The report also discusses FINRA rules on remote inspections and trade reporting enhancements, with topics to be featured in upcoming compliance resources and events.
The Consumer Financial Protection Bureau reports a decline in renters incurring late fees but an increase in past-due balances and fee amounts from September 2021 to November 2024. Renters paying late fees dropped from 23% in February 2023 to under 14% by November 2024, while the median outstanding balance rose 60% to USD 3,200, and average late fees reached USD 85. Nearly 60% of renters with late fees incur multiple fees annually, with over 20% receiving five or more in the past year.
The Federal Housing Finance Agency reported a 0.3% rise in U.S. house prices for November, with a 4.2% increase from November 2023 to November 2024. October's monthly increase was revised from 0.4% to 0.5%. Price growth is slowing, with the 12-month growth rate 2.7 percentage points lower than the previous year, and regional monthly changes ranging from -0.6% to 0.9%.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved Eldar Sarsenov as chair of the board of directors of JSC Nurbank and Alma Abilzhanova as a member of the management board of JSC ForteBank.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan issued guidance on identifying financial pyramid schemes, highlighting indicators such as upfront contributions and promises of high returns. It differentiates these schemes from legitimate network marketing and warns of potential criminal liability under Article 217 of Kazakhstan’s Criminal Code, including property confiscation and imprisonment.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan appointed Gabit Mukhtarovich Nurkenov as Chairman of the Management Board and a member of the Board of Directors in the banking sector.
The Austrian National Bank's Bank Lending Survey shows weak economic conditions affecting lending, with corporate loan demand declining for over two years and banks tightening lending due to higher risks. While private housing loan demand modestly recovered since early 2024 after European Central Bank rate cuts, it remains subdued. Corporate loan demand is expected to decline further, with banks reporting deteriorating risk assessments and tighter criteria, particularly impacting small and medium-sized enterprises.
The UK Parliament has opened written evidence submissions for the Bank Resolution Recapitalisation Bill, proposing a levy on the banking sector to recover costs of recapitalising failing small banks. The bill mandates the Bank of England to reimburse the Financial Services Compensation Scheme for surplus funds and report to HM Treasury and relevant committees. An amendment limits the new power to smaller banks, with no concerns raised by the Delegated Powers and Regulatory Reform Committee.
The Hong Kong Monetary Authority reported a decline in residential mortgage loans (RMLs) in negative equity to 38,389 cases, with the aggregate value decreasing to HKD 195.1 billion by end-December 2024. The unsecured portion fell to HKD 14.5 billion, while the three-month delinquency ratio slightly increased to 0.15%. The survey, covering 99% of industry mortgage portfolios, highlighted that most cases involved bank staff housing loans or RMLs under the mortgage insurance programme.
The Hong Kong Monetary Authority released the Exchange Fund abridged balance sheet and Currency Board Account for December 2024, reporting total assets of HKD 4,082.4 billion, an increase of HKD 55.7 billion from November. Hong Kong dollar assets rose by HKD 110.7 billion, while foreign currency assets fell by HKD 55.0 billion. The Monetary Base increased to HKD 1,957.6 billion, with the Backing Ratio decreasing to 109.56%.
The Hong Kong Monetary Authority's December 2024 residential mortgage survey revealed a 21.1% drop in mortgage applications to 6,306, despite a 5.4% increase in approvals to HKD 25.5 billion. Loans drawn down rose 24.5% to HKD 13.3 billion, with outstanding mortgage lending stable at HKD 1,870.6 billion. Delinquency indicators remained low, with a mortgage delinquency ratio of 0.11% and a rescheduled loan ratio near 0%.
The Hong Kong Monetary Authority (HKMA) published data on the region's foreign currency reserves and liquidity for December 2024, following the IMF's Special Data Dissemination Standard. The HKMA issues four monthly Exchange Fund data releases, including three for monetary data and one for the Exchange Fund's balance sheet and Currency Board Account.
The European Central Bank's Q4 2024 survey shows tightened credit standards for enterprise and consumer loans, while mortgage standards remained stable with increased housing loan demand. Corporate lending saw the most significant tightening since Q3 2023, driven by higher perceived risks, particularly in Germany and France, with Italy reporting easing. Banks anticipate further tightening in Q1 2025, especially for corporate and consumer loans, amid rising demand for housing loans and consumer credit.
The European Central Bank's second release of quarterly euro area sector accounts for Q3 2024 shows increased net saving and net lending to the rest of the world, alongside reduced household and non-financial corporate debt ratios. Net saving rose to EUR 820 billion, with household net lending at EUR 581 billion and non-financial corporations at EUR 192 billion. The release includes revisions back to Q1 1999 and notes a tentative publication date for Distributional Wealth Accounts on 28 February 2025.
The European Central Bank has created a framework for payment and electronic money institutions to access Eurosystem central bank-operated payment systems under non-discriminatory, risk-based conditions. It prohibits safeguarding accounts for non-bank payment service providers (NB-PSPs) and crypto-asset service providers, and limits NB-PSP account usage for settlement obligations. Compliance requires IT connectivity, cyber resilience, adherence to Directive (EU) 2015/2366, with penalties for breaches and mandatory annual confirmations.
The European Central Bank's Q4 2024 survey shows renewed net tightening of credit standards for enterprise loans (net 7%) and consumer credit (net 6%), while housing loans remained largely unchanged (net 1%). Loan terms eased for housing loans but stayed unchanged for firms and consumer credit, with stricter collateral requirements offsetting rate and margin effects. Access to funding worsened slightly, and new regulatory requirements increased capital and asset requirements, contributing to tightened credit standards, especially for corporate loans, with further tightening expected in 2025.
In 2025, Thailand's Office of Insurance Commission will enhance its youth insurance literacy initiative by launching "Insurefluencer the New GEN," expanding its student network to spread insurance knowledge. The program features boot camps, student-led exploration of insurance types, learning resource creation, and a competition to select national "model schools" with prizes. This builds on past activities involving 1,179 students in insurance tutoring and career guidance.
Banking and retail groups critiqued the European Central Bank's (ECB) digital euro holding limits, endorsing limits to mitigate deposit outflows but criticizing transparency and top-down modelling. The European Banking Federation and others called for a bottom-up impact assessment and clearer assumptions, suggesting specific holding limits and exclusions. Concerns included account structure, user experience, and fixed limits' impact on innovation and privacy.
The Joint Money Laundering Steering Group has proposed revisions to Part I of its Guidance, focusing on due diligence and controls related to local authorities, professional deputies, group company relationships, intermediaries, and outsourcing arrangements. Key changes include new and amended paragraphs addressing these areas.
The South African Reserve Bank reported a 0.6% rise in the composite leading business cycle indicator to 114.7 in November 2024, with notable contributions from new passenger vehicle sales and the RMB/BER Business Confidence Index. The coincident and lagging indicators also increased by 0.6% in October 2024, reaching 96.8 and 109.5, respectively.
The Central Bank of the Philippines issued Circular No. 1209, detailing guidelines for data submission under Section 23 of Republic Act No. 7653, as amended. The circular mandates accurate and timely data submissions from various entities, with non-compliance potentially leading to contempt proceedings and sanctions. It includes a one-year transitory period post-effectivity during which non-compliance will not incur sanctions.
The Consumer Financial Protection Bureau sent a letter to the Massachusetts Legislature supporting bills HD. 3503 and SD. 1878 to prohibit medical creditors and debt collectors from reporting medical debt to consumer reporting agencies and to bar such agencies from including medical debt in consumer reports. The Bureau argued that such state measures are generally not preempted by the Fair Debt Collection Practices Act or the Fair Credit Reporting Act, referenced its 7 January 2025 final rule banning medical bills from most credit reports (currently under legal challenge in Texas), and cited appellate decisions and its own research indicating medical debt is less predictive of credit performance and often unreliable.
The Brazilian Pension Funds Authority (PREVIC) released its 2025 operational plan and 2024 corrective management report, emphasizing updated priorities for preventing and investigating administrative misconduct. The 2025 plan includes revising PREVIC Ordinance 59/2015, enhancing staff awareness, and supporting training for the Permanent Disciplinary Commission. The 2024 report confirms all targets were met, eliminating case backlogs and establishing the Permanent Disciplinary Commission, with no corruption risk identified.
The Central Bank of Iraq's governor, Ali Mohsen Al-Alaq, announced at the Iraq Energy Conference 2025 a forthcoming initiative, backed by the Council of Ministers, to expand financing for industrial projects, including renewables, through cooperation among government banks and the Industrial Bank. This initiative aims to enhance the industrial sector's contribution to Iraq's economy.
The German Bundesbank's latest survey shows banks tightened credit standards in Q4 2024 for corporate, housing, and consumer loans due to lower risk tolerance and higher perceived credit risk, despite increased loan demand. Corporate lending terms became more restrictive, while housing loan conditions eased due to lower interest rates. Banks plan further tightening in Q1 2025, anticipating regulatory impacts from Basel III reforms on risk-weighted assets.
The Central Bank of Estonia reported that bank profitability eased in December 2024 due to falling interest rates, with banks earning EUR 297 million in profit for Q4, boosted by a one-off dividend transaction. Excluding this, profit was EUR 169 million, with a 1.5% return on assets. Leasing activity surged, with EUR 300 million in lease contracts signed, while household deposits rose 12% year-on-year, partly due to early wage and bonus payments before a tax increase.
The Albania Financial Services Authority's CEO, Mimoza Kaçi, met with a World Bank mission team to discuss the Financial Development and Sustainability Program. Discussions included market developments, green finance initiatives, and agricultural insurance cooperation. Progress in aligning with European legislation and supervisory practices was noted, with the World Bank expressing readiness to continue collaboration.
The Securities and Exchange Regulator of Cambodia's Director General, Sou Socheat, attended the 20th anniversary of Japan-ASEAN Financial Technology Assistance in Cambodia. The event, held at the Japanese Ambassador’s residence, focused on enhancing the Japan-Cambodia partnership under the ASEAN+3 Bond Markets Initiative to support Cambodia's economic development.
Bank Negara Malaysia imposed penalties on four financial institutions for non-compliance with data submission requirements under the Financial Services Act 2013 and the Islamic Financial Services Act 2013. Penalties ranged from RM 10,000 to RM 750,000, involving late, incomplete, or inaccurate data submissions. Remedial actions included system enhancements and staff training, ensuring no impact on BNM's aggregate data releases.
Bank Negara Malaysia fined AmBank (M) Berhad MYR 875,000 for non-compliance with a Direction to Financial Institution under the Financial Services Act 2013. The penalty was due to AmBank facilitating foreign currency transactions without prior approval, highlighting gaps in its internal controls. AmBank has since enhanced its foreign exchange policy practices, including staff training and improved information flow.
Bank Negara Malaysia imposed a RM51,000 penalty on Worldwide Superstar Money Changer Sdn. Bhd. for non-compliance with customer due diligence and CCTV requirements under relevant policies. The violations, identified during an on-site examination, included transaction splitting and inadequate CCTV coverage. The firm paid the penalty and surrendered its licence in December 2024.
The Securities and Exchange Commission of North Macedonia signed a Memorandum of Cooperation with the University of American College-Skopje to enhance collaboration in capital market education, research, and innovation. The agreement includes specialised training programmes, joint research projects, and initiatives in financial services innovation, aiming to improve securities regulation knowledge and practical skills for students and professionals in North Macedonia's capital market.
The Philippine Securities and Exchange Commission concluded its two-year nationwide Roadshow on Capital Formation for MSMEs and Startups, raising over PHP 2 billion for small businesses. The initiative, which visited 21 cities and engaged over 63,000 participants, promoted financing options like crowdfunding and IPOs. The SEC aims to exceed its 2024 “888@88” goal, with 361 companies already utilizing crowdfunding and 16 leads for public listing.
The Financial Services Regulatory Authority of Ontario has initiated a public consultation on a proposed rule to enhance consumer protection and regulatory oversight of life and health insurance managing general agents (L&H MGAs). The proposal outlines licensing, compliance, and agent supervision requirements, clarifying the roles of L&H MGAs and insurers. This initiative is part of FSRA's action plan to address harmful practices in the sector.
The Bank of Mozambique issued a circular establishing new required reserve coefficients of 29.00% for national currency and 29.50% for foreign currency reserve bases. This circular, effective from 29 January 2025, repeals Circular No. 02/EMO/2023 and any conflicting provisions.
The Moroccan Capital Market Authority (AMMC) outlined its 2025 priorities under its 2024–2028 strategic plan, focusing on sustainable finance, financial literacy, supervisory efficiency, and organizational performance. Key actions include implementing the Law on Undertakings for Collective Investment in Transferable Securities (UCITS), launching a futures market, and developing a green taxonomy. The AMMC also plans to enhance market conduct through digital inspections and prepare for the 2026 AML/CFT evaluation cycle.
The Bank of England has appointed Andrea Enria to the Prudential Regulation Committee (PRC), responsible for key decisions on Prudential Regulation Authority policy and firm supervision. Enria, a Senior Adviser at the Bank since May, previously chaired the European Central Bank’s Single Supervisory Mechanism and the European Banking Authority. Governor Andrew Bailey made the appointment, which was approved by the Chancellor of the Exchequer.
The Bank of England has opened applications for the Contingent Non-Bank Financial Institution Repo Facility (CNRF), a liquidity backstop for severe gilt market dysfunctions threatening UK financial stability. The CNRF will provide collateralised lending to major gilt holders, such as insurance companies and pension schemes, with eligibility requiring over GBP 2 billion in gilts and an annual fee of GBP 8,000. Activation and pricing are at the Bank's discretion, and firms must complete onboarding to participate.
The U.S. Senate Committee on Banking, Housing and Urban Affairs has formed three Republican-led working groups to address the National Flood Insurance Program, shareholder voting and proxy advisory practices, and federal financial regulatory agency reforms. Led by Senators John Kennedy, Mike Rounds, Bill Hagerty, and Thom Tillis, the groups aim to develop proposals for long-term reauthorization, process reforms, and enhanced regulatory transparency and accountability. No specific timelines or formal processes have been outlined.
HM Treasury issued the Chancellor’s annual remit to the Bank of England’s Financial Policy Committee (FPC), emphasizing macroprudential standards and sustainable growth. The FPC will address systemic vulnerabilities, coordinate with domestic and international bodies, and focus on climate, geopolitical, and technological risks. It plans to adjust bank capital stress test frequency and update the loan-to-income flow limit threshold, with reports on cyber stress tests and AI-related financial stability risks expected in 2025.
HM Treasury announced planned changes to the management of occupational defined benefit pension schemes, allowing more flexible use of surplus assets for investment and additional member benefits. The proposals enable trustees and employers to share scheme surpluses, potentially investing in the employer's business. Currently, 75% of schemes are in surplus, totaling GBP 160 billion, but access is restricted without a pre-2016 resolution.
Norway's Financial Supervisory Authority found errors in Grieg Seafood ASA's 2023 financial reporting related to IAS 37 and IFRS 13. The company amended its disclosures and will include necessary provisions and sensitivity analyses in future reports. Finanstilsynet also asked Grieg Seafood to assess potential disclosure obligations under the EU Market Abuse Regulation and provide a detailed correction explanation in the 2024 annual report.
The Chile Financial Market Commission has suspended public tenders, transactions, and share quotations for funds managed by Sartor AGF, under liquidation, for 30 days or until correct valuation of the funds' equity is achieved. This follows a disclosure by Sartor’s liquidator about potential significant impairments in fund valuations by previous management. The suspension aims to address the lack of accurate and timely information for investors and the market.
The Bank of Namibia announced with the Alliance for Financial Inclusion that it will co-host the 2025 AFI Global Policy Forum in Namibia in September 2025. The event is expected to draw more than 700 delegates for discussions on financial inclusion strategies and to showcase Namibia’s policy innovations and SME financing measures.
The U.S. Securities and Exchange Commission’s Office of Credit Ratings released its annual report on nationally recognized statistical rating organizations (NRSROs), highlighting findings from examinations focused on competition, transparency, and conflicts of interest. The 2024 review assessed firm-specific risks, rating methodologies, surveillance practices, and compliance with federal securities laws. The report aims to enhance compliance and inform Congress and the public.
The Alberta Securities Commission, with the Edmonton Police Foundation and Edmonton Police Service, announced two winning concepts from the ScamShield: Investor Protection Challenge to combat online crypto investment fraud. These tools will undergo stress testing and may be integrated into the Commission's investor protection resources. In 2023, over 60% of the CAD 309 million in reported investment fraud was linked to crypto schemes.
The Alberta Securities Commission has issued a Notice of Hearing against Shahin “Sonny” Mottahed and Colin Garfield Wagner, alleging fraud against Target Capital Inc. (now Westgate Energy Inc.) and its investors. The allegations include diverting nearly CAD 2.3 million to a private venture controlled by Mottahed without board approval and filing false or misleading documents. A hearing date will be set on March 12, 2025.
The Maldives Monetary Authority has onboarded Habib Bank Limited, Commercial Bank of Maldives, and Dhiraagu Fintech Private Limited as new participants in the Favara Instant Payment System. Dhiraagu Fintech is the first non-bank payment service provider to join, allowing customers of all three entities to access Favara's services. With these additions, all banks in the Maldives are now part of the system, facilitating transactions across any account.
The Qatar Financial Markets Authority, in collaboration with the Union of Arab Securities Authorities, has launched a three-day training programme in Doha on "Fixed-Income: Valuation and Risk." The course covers fixed income instruments, pricing principles, and risk metrics, targeting financial professionals seeking to enhance their technical skills. Participants will receive a certificate of participation from QFMA and UASA.
The National Bank of Denmark reported a DKK 12.2bn increase in Danish private housing debt in 2024, surpassing the mid-2022 peak, with DKK 4.1bn in bank debt and DKK 8.1bn in mortgage bank debt. A 1.2 percentage point drop in interest rates on new housing loans influenced mortgage choices, notably increasing the use of F3 loans. Despite a decrease in average interest rates on new loans to under 4% in December, the average rate on total outstanding housing debt rose by 0.1 percentage points due to rate resets on longer-term fixed loans.
The National Bank of Denmark reported a DKK 63 billion increase in Danish private customers' total deposits in 2024, reaching DKK 1,191 billion by December. Growth was nearly evenly split between demand deposits and fixed-term deposits, with pooling schemes contributing DKK 18 billion to the latter. Despite the average deposit per adult being around DKK 245,000, the distribution remains uneven.
The Pensions Regulator (TPR) endorsed UK government proposals to use surpluses in defined benefit (DB) pension schemes for economic growth, noting that about 80% of DB schemes are fully funded. TPR stressed ensuring members receive promised benefits and supported releasing surpluses only when schemes are fully funded with member protections. TPR also released new actuarial estimates on DB scheme assets, liabilities, and surpluses to guide private pension policy.
Dubai International Financial Centre's Innovation Hub, with Julius Baer and Euroclear, released a whitepaper on emerging technologies' impact on inheritance amid a projected USD 1 trillion wealth transfer in the Middle East by 2030. 'Navigating the Future of Inheritance' discusses AI, smart contracts, distributed ledger technology, and tokenisation in asset transfer. Only 24% of high-net-worth individuals have comprehensive estate plans, with UAE high-net-worth assets rising 20% since 2022 to USD 700 billion.
The Central Bank of the Bahamas released a technical assistance report aimed at developing the country's domestic local currency bond market.
The Central Bank of Nicaragua reported a 13.4% increase in gross foreign direct investment (FDI) inflows to USD 2,235.7 million for Q3 2024, with net FDI flows rising 2.7% to USD 1,054.1 million. Growth was driven by higher capital contributions and related-party debt disbursements, with reinvested earnings primarily in industry, financial services, energy and mining, and commerce and services. Major FDI sources included Panama, the United States, and Spain.
The Hong Kong Insurance Authority issued an alert regarding phishing text messages from fraudsters impersonating Manulife (International) Limited to obtain personal or payment information. Manulife confirmed no connection to these messages and advised that it only uses the Registered SMS Sender ID “#Manulife” for communications. Affected individuals are urged to contact Manulife and report to the Hong Kong Police Force.
The Financial Markets Standards Board published its final Standard for Sharing of Standard Settlement Instructions, promoting electronic solutions to standardize and pre-authenticate settlement instructions, reducing settlement fails. Developed with ISITC and using an ISO 20022-based taxonomy, it applies to FMSB member firms and supports industry efforts towards accelerated settlement, referencing the UK and EU's planned T+1 move in 2027.
The Angola Capital Markets Commission has released an operational plan for consultation, detailing priority initiatives for the first 100 days of its new Board of Directors. The plan includes market-development measures, regulatory reviews, strategic partnerships, and supervision initiatives to enhance transparency and market monitoring. Additionally, it focuses on internal organisational improvements to boost operational efficiency.
Bank of Israel Governor Prof. Amir Yaron has formed a search committee, chaired by Deputy Governor Andrew Abir, to find a new Director for the Payment and Settlement Systems Department, as current director Mr. Oded Salomy will depart in May. The committee will manage the application process, conduct interviews, and recommend candidates to the Governor.