The Securities and Exchange Regulator of Cambodia participated in a virtual meeting chaired by the Ministry of Economy and Finance to review a draft Prakas for a code of conduct for valuers and real estate agents. The meeting included representatives from the Real Estate Business and Pawnshop Regulator and other FSA regulators.
The Guernsey Financial Services Commission issued a Russia sanctions notice designating PJSC SURGUTNEFTEGAS and GAZPROM NEFT under the UK's Russia (Sanctions) (EU Exit) Regulations 2019. Firms must freeze any related funds or assets and report findings to the States of Guernsey Policy & Resources Committee. The notice prohibits making funds available to designated parties unless a permitted derogation or licence is in place, requiring firms to notify the Commission and submit a detailed report on affected relationships.
The Guernsey Financial Services Commission issued a Venezuela sanctions notice designating 16 individuals under the Venezuela (Sanctions) (EU Exit) Regulations 2019, subjecting them to an asset freeze in the Bailiwick of Guernsey. Businesses must verify relationships with these individuals, freeze related assets, and report findings to the States of Guernsey Policy & Resources Committee. Firms must also notify the Commission and provide a report under Handbook Rule 12.37 after statutory reporting.
The Financial Services Regulatory Authority of Ontario imposed CAD 20,000 in penalties on Patricia Porretta for unlicensed mortgage dealing and providing false information. The penalties relate to breaches of the Mortgage Brokerages, Lenders and Administrators Act, 2006. Porretta's request for a hearing was dismissed by the Financial Services Tribunal due to non-compliance with its schedule.
The Thailand Securities and Exchange Commission issued an investor notice urging bondholders of six Richy Place 2002 Public Company Limited bond series to review information and exercise their rights at an upcoming e-meeting. Proposals include revising repayment terms, extending maturity by two years, and adjusting interest rates. The SEC mandates a clear analysis from bondholder representatives on the implications of these proposals.
The State Bank of Vietnam branches in Hai Duong and Dak Lak reviewed 2024 banking activities and outlined 2025 work programmes, noting increased deposits and credit with low non-performing loan ratios. In Hai Duong, mobilised funds rose to VND 213.165 trillion and credit to VND 152.383 trillion, while Dak Lak saw funds reach VND 96.537 trillion and loans VND 168.595 trillion. Provincial leaders emphasized continued credit support for priority sectors and digital transformation, commending contributions to social policy credit.
The Global Legal Entity Identifier Foundation and the United Kingdom's Companies House have initiated embedding direct URLs in Legal Entity Identifier records for UK companies to streamline due diligence processes and enhance global discoverability, especially for SMEs.
The New Brunswick Financial & Consumer Services Commission has issued a Notice and Request for Comments on proposed Local Rule 81-512, concerning the rescission of mutual fund security purchases. The document is available on the Securities Division Regulatory Instruments section of its website.
The U.S. House Financial Services Committee has established a Monetary Policy, Treasury Market Resilience, and Economic Prosperity Task Force for the 119th Congress, chaired by Rep. Frank Lucas. It will hold hearings on monetary policy, review the Federal Reserve's role, and assess fiscal and monetary policies' impact on U.S. Treasury debt markets. Members include Reps. Bill Huizenga, Andy Barr, Marlin Stutzman, Scott Fitzgerald, Mike Flood, Monica De La Cruz, and Troy Downing.
U.S. House Financial Services Committee Chairman French Hill announced subcommittee leadership and Republican member assignments for the 119th Congress, covering capital markets, financial institutions, and digital assets. Key appointments include Ann Wagner as Chair of Capital Markets and Andy Barr as Chair of Financial Institutions. The Committee's priorities include regulatory framework development, consumer and investor protection, and agency accountability.
The Central Bank of Iceland released its Monetary Policy Committee report to Parliament, detailing activities from July to December 2024, including three regular meetings, with the latest on 20 November 2024. The report, mandated biannually under the Act on the Central Bank of Iceland, is reviewed by a parliamentary committee.
Finland's Financial Supervisory Authority reported excellent motor liability insurance profitability in 2023, with EUR 754 million in premiums and a EUR 377 million profit, the highest in five years. This was driven by a positive underwriting result of EUR 198 million and an investment result of EUR 179 million, though adjusted underwriting results declined due to increased claims and expenses. Market concentration remained high, with the top four companies holding nearly 90% of premiums.
The Federal Deposit Insurance Corporation published a speech by Chairman Martin J. Gruenberg, reviewing historical banking crises and identifying recurring stress drivers like interest rate risk, uninsured funding, and regulatory shortcomings. Gruenberg linked these crises to policy choices and reforms, highlighting deregulatory measures and inadequate supervision. He noted recent failures like SVB and Signature were partly due to high uninsured deposits and post-2018 regulatory rollbacks, with subsequent measures including a resolution planning rule and proposals for minimum long-term debt requirements.
The Central Bank of Iceland's Monetary Policy Committee has submitted its biannual report to Parliament, detailing its activities from July to December 2024, including three regular meetings, the last of which occurred on 20 November 2024.
The Chile Financial Market Commission (CMF) will publish the certificate for the Conventional Current and Maximum Interest Rates in the Official Gazette on 15 January. As mandated by Law No. 18.010, this information is also available on the CMF's website to ensure transparency and timeliness.
Chile's Financial Market Commission (CMF) filed charges with the Public Prosecutor's Office against individuals for disclosing confidential information from the CMF Investigation Unit's sanctioning procedure concerning the Structured Capital I investment fund. The CMF emphasized that such disclosures are criminal offenses under the CMF Act, punishable by fines and imprisonment. This is the third complaint related to the same procedure, with previous filings in October and December 2024.
The Federal Reserve Board's FEDS Note analyzes the U.S. manufacturing construction boom, noting a surge in planning before construction starts. Using Dodge Data & Analytics microdata, it shows planning peaked around the CHIPS and Science Act and Inflation Reduction Act enactments, with many projects still in planning amid volatility. The note highlights uncertainty about older plans and suggests monitoring planning activity as a leading indicator of nonresidential structures investment.
The Commodity Futures Trading Commission (CFTC) has initiated a review of two sports contracts self-certified by the North American Derivatives Exchange, Inc. (Nadex), operating as Crypto.com. The contracts, which are cash-settled and binary, may involve activities under CFTC Regulation 40.11(a) and section 5c(c)(5)(C) of the Commodity Exchange Act. Nadex has been requested to suspend listing and trading of these contracts during the review.
The Federal Reserve Board and other agencies issued guidance for financial institutions affected by California wildfires and winds. It supports prudent loan modifications without examiner criticism if compliant with U.S. accounting standards and allows expedited requests for temporary facilities. Regulators won't penalize institutions unable to meet reporting requirements due to the disaster and highlight potential Community Reinvestment Act considerations for qualifying activities.
The Financial Stability Board has published a report on how firms’ climate transition planning and transition plans can support financial stability monitoring. The report finds that transition plans can enhance firms’ risk management, inform investment decisions and help authorities monitor climate-related risks, but their current use for financial stability and macroprudential assessments is limited by restricted coverage, inconsistent methodologies, and uneven data and metrics. It calls for broader adoption and further standardisation by international organisations and standard setters to improve their usability for financial authorities.
The Central Bank of Russia reported December 2024 monitoring results of maximum interest rates on ruble deposits from the 10 largest credit institutions by household deposits. The average maximum rates were 22.08% in early December, 22.28% mid-month, and 21.69% at month's end. Rates varied by maturity, with the highest at 21.34% for 181 days to one year.
China Securities Regulatory Commission Chair Wu Qing and UK Financial Conduct Authority Chief Executive Nikhil Rathi met in Beijing to discuss capital market connectivity, sustainable finance, and investor protection.
SEC Chair Gary Gensler, in his final town hall speech, reflected on the SEC's investor protection mission and recent regulatory efforts. Achievements include 2,700 enforcement cases, USD 2.7 billion in public returns, and 46 finalized rules impacting the USD 60 trillion equity and USD 28 trillion Treasury markets. Initiatives highlighted include a one-day settlement cycle, enhanced governance and insider trading controls, cybersecurity and climate risk disclosures, and reforms in money market and private funds sectors.
The SEC settled charges against investment adviser representatives Tamir Shabat, Danny Z. Spiegel, and Joseph J. Orlando, Jr. for acting as unregistered brokers, violating Section 15(a) of the Securities Exchange Act. They agreed to pay nearly USD 540,000 in penalties and suspensions. VCP Financial LLC was censured and fined USD 100,000 for misleading disclaimers and conflict-of-interest issues under Section 206(2) of the Investment Advisers Act.
The U.S. Securities & Exchange Commission charged Navy Capital Green Management, LLC with misrepresenting its anti-money laundering due diligence to private fund investors and related compliance failures, settling for a USD 150,000 civil penalty. The firm falsely claimed voluntary AML compliance and failed to perform due diligence, leading to asset freezes by a foreign court. Navy Capital agreed to a cease-and-desist order, censure, and the penalty without admitting or denying findings.
The U.S. Securities and Exchange Commission announced the retirement of Chief Accountant Paul Munter, effective January 24, 2025. During his tenure, Munter oversaw the SEC's engagement with the Financial Accounting Standards Board and the Public Company Accounting Oversight Board, contributing to key standards updates and publishing 22 statements on various financial reporting topics.
The Office of the Comptroller of the Currency penalized three former Wells Fargo executives for unsafe banking practices related to systemic sales misconduct. Claudia Russ Anderson received a prohibition order and a USD 10 million penalty, while David Julian and Paul McLinko were issued cease-and-desist orders with penalties of USD 7 million and USD 1.5 million, respectively. These actions conclude the OCC's proceedings against 11 individuals, following prior resolutions with eight other former executives.
The Office of the Comptroller of the Currency and other regulators issued a statement on supervisory practices for financial institutions affected by California wildfires and winds. It supports prudent loan adjustments, flexibility on compliance issues, expedited approvals for temporary facilities, and potential Community Reinvestment Act consideration for qualifying activities in disaster areas.
Luxembourg's Ministry of Finance reported that Finance Minister Gilles Roth visited China and Hong Kong to strengthen financial ties and engage with key stakeholders. The mission included meetings with Chinese financial leaders and concluded at the Asian Financial Forum in Hong Kong. The ministry noted that seven of China's largest banks have their European headquarters in Luxembourg.
The Bank of Korea published its Loan Officer Survey detailing financial institution lending trends for Q4 2024 and lending outlook for Q1 2025. Further information is available in the accompanying document.
Luxembourg's Commissariat aux Assurances issued Circular Letter 25/1 on the Digital Operational Resilience Act (DORA), including annexes with incident reporting templates in JSON and Excel formats.
The Council of Europe’s MONEYVAL issued follow-up reports on Estonia and the Slovak Republic, assessing their compliance with FATF recommendations. Estonia showed improvement in implementing financial sanctions related to terrorism, achieving compliance on seven recommendations, while Slovakia made limited progress, remaining partially compliant on key areas. Both countries remain under enhanced follow-up, with further updates expected in 2025.
The Taiwan Financial Services Commission released November 2024 statistics for credit cards, cash cards, and electronic payment institutions, covering issuance, usage, balances, sales, write-offs, and delinquency ratios. Credit cards had 58.62 million effective cards with TWD 385.5 billion in monthly retail sales and a 0.29% delinquency ratio. Cash cards reported TWD 10.5 billion in loan balances with a 1.225% delinquency ratio, while electronic payments saw TWD 6.35 billion in monthly retail sales and TWD 28.79 billion in stored value funds.
Peru's Superintendence of the Securities Market (SMV) launched the 26th edition of its Securities Market Specialization Programme, a free annual educational initiative conducted in person. The programme, organized with the Peruvian University of Applied Sciences, includes 13 courses, workshops, and conferences, and will run until 28 March 2025. This year's cohort consists of 32 participants, including 28 university students and four SMV staff.
The Single Resolution Board (SRB) finalized decisions that no compensation is due to shareholders of Sberbank banka d.d. and Sberbank d.d., as they would have fared worse under normal insolvency proceedings. These decisions are based on independent post-resolution valuations and the SRB's assessment of submissions from a "right to be heard" process. The resolution actions involved transferring all shares to Hrvatska Poštanska Banka d.d. and Nova Ljubljanska Banka d.d.
The Central Bank of Nicaragua's third quarter 2024 report details total external debt at USD 15,729.1 million, with public sector debt at 55.6% and private sector debt at 44.4%. Disbursements reached USD 897.7 million, predominantly from private creditors, while external debt service payments totaled USD 934.2 million. The report also noted average maturity and interest rates for long-term private and public external debt.
France's Autorité des marchés financiers (AMF) released a study on the performance of funds investing in unlisted financial assets, such as private equity and private debt, marketed to non-professional clients. This comprehensive analysis, the first of its kind in France, examines historical performance and various quantitative indicators, excluding real estate funds.
Chile’s Ministry of Finance introduced the first National Financial Inclusion Strategy to enhance access to quality financial and pension products for prioritised groups. Objectives include improving public trust, addressing infrastructure gaps, enhancing consumer protection, and tailoring measures for underserved segments. The Financial Market Commission, Central Bank, and National Consumer Service supported the initiative, launching strategies to engage public, private, and civil-society actors.
The Hong Kong Insurance Authority hosted a panel at the Asian Financial Forum discussing insurance's role in supporting the ageing population and the silver economy. The session addressed demographic trends, current insurance solutions, and challenges from local and cross-border perspectives, emphasizing collaboration in the Greater Bay Area and enhancing insurance literacy and retirement planning.
The Central Bank of Colombia’s Board of Directors released Bulletin 02 of 2025, detailing the Unidad de Valor Real (UVR) values for 16 January to 15 February 2025, pursuant to External Resolution No. 13 of 2000.
The Saudi Central Bank (SAMA) has initiated a trial phase for its e-services portal, eSAMA, offering electronic access to 23 services for individuals, government entities, and businesses. The platform aims to automate service delivery, enhance data protection, and provide a digital alternative to traditional methods. Additional services are expected to be added post-trial.
The Danish Financial Supervisory Authority released a Q&A to assist banks in applying rules for basic payment accounts, focusing on challenges faced by homeless and socially vulnerable individuals. The guidance includes practical examples for customer identification and verification, aiming to enhance financial inclusion. The Q&A was developed with input from organizations supporting these groups and Finans Danmark.
The National Bank of Belgium and the Belgium Financial Services and Markets Authority released their fifth joint report on asset management and non-bank financial intermediation (NBFI), noting limited risks but emphasizing continued monitoring due to international vulnerabilities. NBFI assets are estimated at EUR 172 billion, 29% of GDP, highlighting the small scale of the Belgian NBFI sector compared to global and EU aggregates. Authorities stress the importance of European and international regulatory efforts to manage liquidity, leverage, and interconnectedness risks.
ASIC is consulting on extending conditional relief for business introduction services, expiring 1 April 2025, for managed investment schemes and possibly reinstating relief for securities offers. The current relief, under ASIC Corporations Instrument 2022/805, exempts certain Corporations Act 2001 requirements but not financial services licensing. ASIC seeks input on reinstating Chapter 6D relief for securities and the adequacy of the crowd-sourced funding regime.
The Mauritius Financial Services Commission’s Enforcement Committee has revoked Hub Investments Ltd's Global Business Licence and Investment Dealer Licence due to non-compliance with regulatory requirements. Effective 26 November 2024, the revocation was based on multiple breaches of the Financial Services Act, Financial Intelligence and Anti-Money Laundering Act, and related regulations. Hub Investments is directed to proceed with an orderly dissolution and discharge of liabilities under the Insolvency Act.
The Saudi Central Bank (SAMA) has initiated a trial phase of its e-services portal, eSAMA, offering 23 services to individuals, government entities, and businesses. These services include personal data rights, Regulatory Sandbox applications, Open Banking access requests, and no-objection submissions for senior leadership appointments. SAMA plans to expand the portal with additional services in the future.
The Dutch Authority for the Financial Markets fined flatexDEGIRO Bank AG EUR 85,000 for a 2019 transaction reporting breach by DeGiro B.V., acquired by flatexDEGIRO in 2021. The initial fine of EUR 1,000,000 was reduced by the District Court of Rotterdam on proportionality grounds and further due to court-related delays. The AFM's decision is now final and cannot be appealed.
MONEYVAL's follow-up report shows Estonia improved its implementation of targeted financial sanctions related to terrorism, upgrading compliance with FATF Recommendation 6 to largely compliant. Despite enhancements in its sanctions regime and guidance for virtual asset service providers, Recommendations 7 and 15 remain partially compliant. Estonia is compliant on seven FATF recommendations, largely compliant on nineteen, and partially compliant on fourteen, and remains under enhanced follow-up.
Costa Rica's General Superintendency of Securities has mandated Transcomer Puesto de Bolsa de Comercio S.A. to seek public offering authorization and register its MACAB products in the National Register of Securities and Intermediaries, as they qualify as securities under the Securities Market Regulatory Law. An appeal by Transcomer was rejected by the National Council for Supervision of the Financial System, and a clarification request was deemed inadmissible. Transcomer operates on Bolsa de Comercio, S.A., regulated by the Central Bank.
The Securities and Exchange Commission of Pakistan (SECP) and the Federation of Pakistan Chambers of Commerce and Industry hosted a seminar in Islamabad to promote corporatization and discuss SECP's digitization initiatives. SECP officials detailed the regulator's functions, company incorporation process, and facilitation measures for businesses. The seminar included interactive discussions on SECP's digitization efforts and their impact on business operations and corporate governance.
The People's Bank of China and the State Administration of Foreign Exchange have increased the macroprudential adjustment parameter for cross-border financing from 1.5 to 1.75. This adjustment aims to enhance macroprudential management, expand funding sources, and guide optimization of asset and liability structures for enterprises and financial institutions. The new parameter is effective from 13 January 2025.
The People’s Bank of China, with the Hong Kong Monetary Authority and securities regulators, outlined measures to enhance financial cooperation and support Hong Kong's role as an international financial centre. Initiatives include developing the offshore renminbi market, enhancing market connectivity, and expanding payment settlement systems. Measures involve a CNY 100 billion renminbi trade finance liquidity facility, a CNY 800 billion swap arrangement, and introducing offshore bond repurchase transactions under Bond Connect.
The National Credit Union Administration has appointed Julie Cayse as regional director for its Western Region, effective January 12. She will oversee examination and supervision for all federally insured credit unions in 21 states and territories, including Alaska, California, and Hawaii. Cayse previously served as associate regional director of operations for the Western Region.
The Federal Reserve Bank of New York's December 2024 Survey of Consumer Expectations showed stable short-term inflation expectations, increased medium-term expectations, and decreased long-term expectations. Labor market sentiment softened, with lower perceived job loss probabilities and voluntary separations, but a significant drop in the perceived likelihood of finding a job after a loss. Expected income growth decreased to 2.8%, while spending growth expectations rose to 4.8%, alongside deteriorating credit access and a higher perceived probability of missing debt payments.
The Federal Reserve Bank of New York has appointed Pat Wang as chair and Dr. Rajiv Shah as deputy chair of its Board of Directors. Wang, CEO of Healthfirst, has been a Class C director since January 2023, while Shah, president of The Rockefeller Foundation, joined as a Class C director in January 2024.
The Federal Reserve Bank of New York announced the appointment of Patricia White as a Class C director on its Board of Directors for a three-year term ending December 31, 2027. Class C directors represent public interests. White brings extensive experience in union governance and trustee roles.
The National Association of Insurance Commissioners issued guidance on additional living expenses (ALE) coverage in homeowners policies, highlighting its role in covering temporary costs when a home becomes unlivable due to a covered disaster. ALE reimburses the difference between normal and temporary living expenses, such as hotel or rental costs and meals, and may have dollar or time limits. Policyholders should verify these limits with their insurer and seek assistance from their state department of insurance if needed.
The Bank of Lithuania reported a EUR 5.0 million deficit in Lithuania's balance of payments for November 2024, transitioning from a surplus in October. This change was primarily due to a deficit in the primary income balance and a significant drop in the services surplus. The foreign trade deficit narrowed, while net financial account investment was negative, driven by negative net flows in direct and other investments.
The Bank of Portugal, in collaboration with the Portuguese Securities Market Commission and the Insurance and Pension Funds Supervisory Authority, has launched the sixth edition of Portugal FinLab. Applications are open for projects to be reviewed by the three regulators, with a maximum of five projects selected for analysis and feedback.
Sweden's Riksbank commentary on labour market "matching" notes a decline in efficiency post-2009 crisis and 2020 pandemic, with partial recovery not reaching pre-pandemic levels. This is attributed to shifts in unemployment composition, particularly more foreign-born workers and lower job-finding rates. Despite high unemployment, employment remains robust, with foreign-born employment above pre-pandemic levels, suggesting an overly negative view if focusing solely on unemployment.
The Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking to ban terms in consumer finance contracts that waive legal rights or suppress speech. The proposal targets provisions bypassing federal or state laws, restricting unilateral contract amendments, and codifying bans on "confessions of judgment." It aims to enhance accountability by allowing state Attorneys General to enforce these prohibitions against national banks.
The Consumer Financial Protection Bureau's report reveals widespread use of buy now, pay later (BNPL) loans in 2022, with significant activity among consumers with subprime credit scores. It highlights that 21.2% of consumers financed purchases with BNPL loans, with 63% taking multiple loans simultaneously and 33% borrowing from multiple lenders. BNPL usage is linked to higher balances on other unsecured debts, particularly among younger borrowers aged 18 to 24.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan revoked the licence of FinansInvest Microfinance Organization LLP for systematic non-compliance with regulatory instructions. The firm must re-register, reorganise, or liquidate within 30 days. Clients remain liable for any breaches under existing microcredit agreements.
The Gibraltar Financial Services Commission announced the publication of the Financial Services (Amendment No.2) Act 2024.
The Agency for Regulation and Development of the Financial Market of Kazakhstan has partnered with Almaty Management University to deliver educational programs in finance, IT, and risk management, and to collaborate on research and professional events. The agreement emphasizes involving AlmaU students and faculty in developing digital products for the financial regulator. Several joint projects are already in progress with practical application potential.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has removed four collector agencies from the registry due to inactivity for 12 consecutive months. Under Article 9 of Kazakhstan’s Law on Collection Activity, these agencies must re-register to remove references to "collector agency" from their names and notify relevant creditors and counterparties within specified timeframes.
The Financial Services and the Treasury Bureau of Hong Kong reported on the 18th Asian Financial Forum, highlighting People’s Bank of China Governor Pan Gongsheng's support for Hong Kong as an international financial centre. Priorities include enhancing Hong Kong's capital market, offshore renminbi hub, asset management, and financial stability. The forum features discussions on innovation, digital transformation, generative AI, and sustainable finance.
The Federal Reserve Bank of Richmond announced its 2025 board appointments, naming Lisa M. Hamilton as chair and Halsey M. Cook Jr. as deputy chair. James F. Goodmon Jr. and Leslie D. Hale were designated chairs of the Charlotte and Baltimore boards, respectively. William H. Rogers Jr. was appointed as the Fifth District representative to the Federal Advisory Council.
The Federal Reserve Bank of Minneapolis announced the election of Laura Clark and Andrea Walsh to its board of directors, effective January 1, 2025. Clark, president and CEO of Opportunity Bank, will serve as a Class A director, while Walsh, president and CEO of HealthPartners, will serve as a Class B director. They replace outgoing directors Jeanne Crain and Sarah Walsh.
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) released draft amendments to enhance customer service channels for pension fund administrators (AFPs). The proposal mandates AFPs to adopt technology-driven service models, enabling procedures without branch visits, and requires clear communication about service channels and third-party intermediaries.
Honduras’ Ministry of Finance announced that an independent review by Sustainalytics confirmed the allocation of proceeds from the country's first green, social, and sustainable thematic bond, issued in November 2024 for USD 700 million, was consistent with the bond’s criteria and international guidelines. The review aligned with the Republic of Honduras’ Bond Framework and received support from the World Bank and European Union funding.
The Hong Kong Securities and Futures Commission, in collaboration with the People’s Bank of China and the Hong Kong Monetary Authority, will allow offshore investors to use onshore RMB bonds as margin collateral for eligible derivative transactions cleared at OTC Clearing Hong Kong Limited. This initiative aims to enhance RMB bonds' efficiency as non-cash collateral, reduce liquidity costs, and bolster Hong Kong's position as an offshore RMB hub. Further details are pending regulatory review.
The Portuguese Securities Commission (CMVM) has launched the sixth edition of Portugal FinLab, inviting firms to submit innovation projects for regulatory analysis and feedback. The launch event in Lisbon featured participation from CMVM, the Bank of Portugal, and the Insurance and Pension Funds Supervisory Authority. Selected projects will receive a report with regulatory conclusions and a final meeting for discussion.
The Portuguese Securities Commission (CMVM) released the December 2024 monthly benchmarks for securities investment funds.
The Australian Prudential Regulation Authority (APRA) has licensed Land Bank of Taiwan Co., Ltd to operate in Australia as a foreign authorised deposit-taking institution under the Banking Act 1959. APRA's updated register of authorised deposit-taking institutions is accessible on its website.
The Cyprus Securities and Exchange Commission's 2025 outlook emphasizes implementing the Markets in Crypto-Assets Regulation (MiCA) and the Digital Operational Resilience Act (DORA), alongside digital transformation and sustainable investment disclosures. Effective January 2025, MiCA and DORA aim to enhance crypto-asset service provider authorisation and harmonize cybersecurity requirements. The outlook also notes geopolitical uncertainties and forecasts 2.8% growth and 2% inflation for Cyprus, with anticipated growth in green bonds and ESG equities.
The National Bank of Belgium and the Financial Services and Markets Authority released their fifth joint report on asset management and non-bank financial intermediation, noting limited risks but highlighting vulnerabilities from international events. Non-bank financial intermediation assets are estimated at EUR 172 billion, about 29% of GDP. The report emphasizes ongoing monitoring as the European Savings and Investment Union evolves, with plans to engage in international efforts to refine risk assessments and regulatory frameworks.
The Hong Kong Monetary Authority (HKMA) has issued an alert regarding a fraudulent website and internet banking login screen linked to Nanyang Commercial Bank, Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Customers who interacted with the fraudulent site are advised to contact the bank and report to the Police.
The Hong Kong Monetary Authority and the People’s Bank of China announced measures to enhance financial market connectivity between Hong Kong and the Mainland, including a new RMB Trade Financing Liquidity Facility for Hong Kong banks. Key initiatives involve enhancements to Bond Connect, offshore RMB liquidity tools, and cross-boundary payment arrangements. The measures aim to facilitate RMB funding, expand settlement options, and improve remittance services.
The Hong Kong Monetary Authority (HKMA) issued a public alert regarding a fraudulent website linked to Bank of Communications (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. It advised affected individuals to contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to the Bank of East Asia. The HKMA reminded customers that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
The Hong Kong Monetary Authority (HKMA) has introduced an arrangement for Northbound Bond Connect participants to conduct offshore renminbi (RMB) bond repurchase transactions in Hong Kong using onshore bonds as collateral. It involves 11 designated Primary Liquidity Providers as market makers, with transactions executed bilaterally OTC or via existing platforms. The HKMA will monitor transactions and adjust the arrangement post-launch, with further operational details provided by the Central Moneymarkets Unit (CMU).
The Federal Reserve Bank of San Francisco announced new appointments to its Head Office Board of Directors for 2025, effective 1 January. Pallavi Mehta Wahi, Jeff Newgard, and Jack Sinclair join as new directors, while Russell A. “Chip” Childs is designated as chair and Mehta Wahi as deputy chair. The board consists of nine directors divided equally among Class A, B, and C.
The European Central Bank's Working Paper No 3012 introduces a macro-finance term structure model linking yield curve movements to risk aversion and inflation-consumption correlation. The model, using US data from 1961 to 2019, reveals significant time variation in inflation risk premiums and a shift from supply-shock to demand-shock dominance over the decades. The findings reflect the authors' views, not the ECB's.
The European Central Bank reported a euro area current account surplus of EUR 403 billion (2.7% of GDP) for the year ending Q3 2024, up from EUR 191 billion (1.3% of GDP) the previous year. This increase was driven by a higher goods surplus, particularly in energy products and manufactured goods. The euro area’s net international investment position rose to EUR 1.11 trillion (7.4% of GDP) at the end of Q3 2024.
The European Central Bank released euro area sector accounts for Q3 2024, highlighting stable annual growth of 2.4% in household financial investment and 1.0% in non-financial corporations' financing. Household gross disposable income rose by 4.6%, with consumption growth at 3.2% and a gross saving rate increase to 15.2%. Non-financial corporations saw a less severe contraction in gross operating surplus at -1.1%, with net value added increasing by 2.4% and gross non-financial investment rising by 4.1%.
The Federal Reserve Bank of Kansas City announced director election results and appointments for its Kansas City head office and branches in Denver, Oklahoma City, and Omaha, effective 1 January 2025. Key appointments include John J. Coyne III and Ramin Cherafat as directors, with Patrick A. Dujakovich and Jandel Allen-Davis redesignated as chair and deputy chair. Kevin Classen was appointed as the 2025 representative to the Federal Advisory Council.
The Federal Reserve Bank of Cleveland announced board appointments effective January 1, 2025, for its main office and Cincinnati and Pittsburgh branches. Key appointments include Heidi Gartland as chair and Richard J. Kramer as deputy chair of the Cleveland board, and Jill Meyer and Kathy Wilson Humphrey as branch chairs for Cincinnati and Pittsburgh, respectively. Several directors were appointed or reappointed through December 31, 2027, across the branches.
The Federal Reserve Bank of Atlanta appointed Larry E. Lewis Jr. and Michael D. Ross to the Birmingham Branch board of directors, with Michelle Lewis reappointed. Each will serve a three-year term ending December 31, 2027. Branch directors contribute economic insights to support monetary policy discussions and discount rate recommendations.
The South African Reserve Bank's Working Paper evaluates agency banking's impact on financial inclusion, noting its positive link to increased credit and savings use. Using econometric models and surveys, it identifies demographic and geographic factors affecting demand, with barriers like poverty and low trust in financial institutions. The paper suggests expanding licensed agents and addressing barriers to mainstream banking access.
The India International Financial Services Centres Authority (IFSCA) has warned the public about phishing attempts using fraudulent emails impersonating its senior management. IFSCA emphasized that official communications are only sent from the @ifsca.gov.in domain and advised recipients to verify unexpected emails, particularly those requesting personal or financial information.
The Vietnam State Securities Commission has mandated individuals listed in an annex to pay a VND 1,000,000 fee for the re-issuance of securities practising certificates. Payment can be made via bank transfer or in person, with specific reference details required. Failure to collect the re-issued certificate within one year will result in cancellation.
The Vietnam State Securities Commission has approved the results of the 2024 qualifying examination for securities practitioner certificates in Hanoi. Candidates can access their results online and may request a re-mark within 15 days, with the re-marked score being final.
The Central Bank of the Philippines and the Department of the Interior and Local Government launched Paleng-QR Ph Plus in Sorsogon City to promote QR PH-based digital payments in public markets and local transport. The initiative includes a "Piso Caravan" with the Sorsogon Bankers Association, allowing residents to exchange unfit currency for fit currency or electronic wallet credits.
The New York State Department of Financial Services and the Bank of England have initiated the Transatlantic Regulatory Exchange to exchange staff and share regulatory resources. Starting in February, the program will focus on emerging payments and digital assets, with secondments lasting six months to a year. Participants will return to their home regulator to apply their experience in regulating emerging financial services and technologies.
The Italian Institute for Insurance Supervision (IVASS) warned about counterfeit surety guarantees falsely attributed to CNP Assurances S.A. and CNP Caution S.A., which are not authorised to operate in Italy in class 15 (Surety). IVASS advised verifying surety bond policies through the Register of Insurance Companies and Groups and urged consumers to confirm the legitimacy of insurance offers using authorised company lists and intermediary registers.
The Central Bank of Estonia released its monthly flash estimate of the balance of payments, emphasizing that it is based on a smaller database than quarterly statistics and will be adjusted with more comprehensive data. The fourth quarter 2024 balance of payments is set for publication on 12 March 2025.
The Monetary Authority of Singapore and the Commercial Affairs Department imposed a SGD 350,000 civil penalty on Gui Boon Sui for false trading in Hiap Hoe Limited and Hotel Grand Central Limited shares. Gui admitted to inflating share prices over several years and agreed to the penalty and a two-year ban from company management. The enforcement action followed a joint investigation initiated by a referral from Singapore Exchange Regulation Private Limited.
The Central Bank of the Republic of Azerbaijan will conduct a mobile public reception in the Jalilabad district on 15 January to address financial services inquiries as part of its consumer and investor protection efforts. The event will cover multiple administrative districts, with Central Bank representatives reviewing submissions and providing support.