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2025-01-10•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has launched a consultation on the final chapter of its Automobile Insurance Rating and Underwriting Supervision Guidance. It introduces a principles-based approach with two filing streams for insurers and an accreditation concept for streamlined processes. This model aims to enhance oversight, accountability, and transparency in auto insurance rating and underwriting practices, focusing on rating accuracy and consumer protection.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-01-10•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario released its January 2025 Highlights newsletter, summarizing key initiatives and activities from the past month. The update aims to assist stakeholders in reviewing FSRA's recent work.
Other
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2025-01-10•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro and the Bank of Italy signed a Letter of Intent to implement a TIPS clone project, establishing an instant payment system in Montenegro. Supported by the European Central Bank, the project aims to align with European and SEPA standards, facilitating a transition to the SEPA instant scheme and eventual adoption of the original TIPS system post-EU accession. Implementation begins in January 2025, with operations expected by June 2026, including QR code payments and a "request to pay" feature.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-10•United Kingdom•Prudential Regulation Authority
The UK's Prudential Regulation Authority released the Cost Benefit Analysis Panel’s 2024 report, highlighting its role in reviewing cost-benefit analyses for rule consultations by the Authority and the Bank of England. The report covers the Panel's advisory function, focusing on regulatory material transfers and feedback on reforms, including the Capital Requirements Regulation and Large Exposures Framework. The Panel plans eight meetings in 2025 and a workshop to enhance CBA practices.
Policy & regulationGuidance & interpretationRegulatory burden
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2025-01-10•United Kingdom•Prudential Regulation Authority
The UK Financial Conduct Authority and Prudential Regulation Authority issued a consultation paper on the proposed Financial Services Compensation Scheme Management Expenses Levy Limit for 2025/26, set at GBP 108.6 million. This includes a management expenses budget of GBP 103.6 million and an unlevied reserve of GBP 5 million, reflecting a nominal increase of GBP 0.5 million from the previous year. The regulators note that the FSCS is absorbing some inflation costs, making the levy lower in real terms.
Policy & regulationRules & requirementsOther
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2025-01-10•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission has mandated Eternal Energy Public Company Limited to amend its 2023 and Q3 2024 financial statements, addressing concerns over assumptions for recoverable amounts and impairment losses. The company must audit these corrections, reassess impairment testing assumptions, and disclose the revised statements and rectification report via the Stock Exchange of Thailand’s SETLink system by 10 February 2025.
SupervisionInterventionsAccounting and financial reportingAuditing
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2025-01-10•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria has introduced an operational framework for two account types for Nigerians in the diaspora: the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA). These accounts enable foreign earnings remittance, fund management in multiple currencies, and investment in Nigerian assets, with full repatriation of FCY balances and NRNIA returns. Effective 1 January 2025, the framework mandates compliance with know-your-customer protocols and supports digital onboarding and integration with the Nigeria Inter-Bank Settlement System for BVN acquisition.
Policy & regulationRules & requirementsOther
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2025-01-10•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has released its 2025 administrative reform work plan, focusing on organisational streamlining, workforce restructuring, and digital technology integration. Key measures include updating the legal framework, simplifying administrative procedures, and enhancing digital banking and security controls. The plan also prioritizes the implementation of national population data and e-government initiatives.
Institutional developmentTechnology & data transformationOther
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2025-01-10•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) branches in Bac Giang and Bac Kan reviewed 2024 results and outlined 2025 tasks, focusing on restructuring, non-performing loan resolution, and governance updates. Bac Giang's 19 People’s Credit Funds showed stable operations with low bad-debt levels, while Bac Kan reported a 15.3% increase in mobilised capital and a 21.4% rise in outstanding credit. The 2025 agenda includes growth targets, digital transformation, and compliance with the Law on Credit Institutions.
SupervisionSupervision approach, priorities & toolkitOther
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2025-01-10•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's branches in Lang Son and Nam Dinh outlined 2025 priorities: reducing lending costs, enhancing loan pricing transparency, managing credit risk, and advancing digital transformation. Lang Son reported a 17.7% increase in mobilised funds and a 4.3% rise in outstanding credit for 2024, facing challenges due to post-Covid borrower issues and Typhoon Yagi. Nam Dinh showed 19.8% credit growth and a 0.48% non-performing loan ratio, with progress in cashless payments and digital initiatives.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-10•Vietnam•State Bank of Vietnam
The State Bank of Vietnam and the Bank of the Lao PDR have launched a framework to expand local currency use in bilateral payments and a Vietnam–Laos cross-border QR-code retail payments connection. These initiatives aim to support payments, remittances, trade, investment, and borrowing between the two countries by reducing reliance on a third currency. Supporting measures include regulatory guidance, licensing for local-currency settlements, and QR connectivity for Vietnamese customers in Laos.
Policy & regulationImplementation, projects & pilotsCross-border paymentsPayments and payment systems
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2025-01-10•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission has issued an investor warning regarding Skyion Group, which is not registered to deal in or advise on securities in New Brunswick. The firm is identified as being based in Oslo, Norway.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-01-10•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway's ICT inspection of Trøgstad Sparebank highlights the need for improved controls and board oversight due to reliance on external ICT providers. Key issues include inadequate incident reporting from Eika Gruppen, necessitating enhanced monitoring for outsourced ICT and clearer board documentation. The report emphasizes comprehensive ICT risk analysis, contingency planning, and regular testing of information security scenarios.
SupervisionReviews, inspections & stress testsIT managementOperational risk and resilience
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2025-01-10•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority (Finanstilsynet) published an inspection report on Kallesten Revisjon og Regnskap AS, highlighting weaknesses in the firm's procedures for accepting new audit engagements and documenting related work. After reviewing the firm's explanations and remediation efforts, Finanstilsynet closed the case but noted it could be reopened if new information arises. The firm has implemented a new documentation system and updated routines for assessing independence threats and conflicts of interest.
SupervisionReviews, inspections & stress testsAuditing
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2025-01-10•Honduras•Comisión Nacional de Bancos y Seguros de Honduras
Honduras’ National Banking and Insurance Commission (CNBS) revised rules for credit portfolio evaluation, risk classification, and impairment provisioning, aligning with government measures to support productive credit and housing. The reforms introduce updated delinquency bands, minimum provisioning rates by loan type and collateral, and codify portfolio management and supervisory mechanics. The rules take effect upon publication, with initial Credit Information Centre reporting based on January 2025 figures.
Policy & regulationRules & requirementsCredit riskAsset quality
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2025-01-10•Chile•Central Bank of Chile
The Central Bank of Chile has completed the sixth Household Financial Survey (EFH) for 2024, interviewing over 4,600 households nationwide. Results and anonymised microdata will be publicly available in Q4 2025. The EFH, conducted triennially since 2007, gathers data on household financial behaviour to aid research and monitoring of financial stability.
Data & statisticsEconomic data and developmentsFinancial inclusion
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2025-01-10•United States•U.S. Department of Justice
The U.S. Department of Justice announced that Travis Ford, founder of Wolf Capital Crypto Trading LLC, pleaded guilty to conspiracy to commit wire fraud in a USD 9.4 million cryptocurrency investment fraud scheme. Ford misled approximately 2,800 investors with false promises of high returns, knowing they were unattainable. The U.S. Postal Inspection Service is investigating the case.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-01-10•United States•U.S. Department of Justice
The U.S. Department of Justice charged three Russians with operating Blender.io and Sinbad.io to launder criminal proceeds and run an unlicensed money transmitting business. Roman Vitalyevich Ostapenko and Alexander Evgenievich Oleynik were arrested, while Anton Vyachlavovich Tarasov remains at large. The mixers allegedly facilitated laundering linked to ransomware and other crimes, with the U.S. Treasury's Office of Foreign Assets Control sanctioning both services.
EnforcementInvestigations & enforcement actionsAML and CFTUnlicensed or unauthorized activity
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2025-01-10•Mauritius•Bank of Mauritius
The Bank of Mauritius has reconstituted its Monetary Policy Committee under Section 54(1) of the Bank of Mauritius Act (2004), appointing Governor Dr Rama Krishna Sithanen as Chairperson. The committee includes First Deputy Governor Rajeev Hasnah, Second Deputy Governor Gérard Sanspeur, and five independent members.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-10•United States•Federal Deposit Insurance Corporation
FDIC Vice Chairman Travis Hill outlined priorities amid leadership changes, advocating a focus on core financial risks, bank innovation, and reduced climate initiatives. He proposed CAMELS changes, innovation lab revival, clearer fintech guidance, and transparent crypto regulations. Hill anticipated a 2025 reproposal of the "Basel endgame" and highlighted future focus areas like merger policy, resolution readiness, and deposit insurance.
Policy & regulationReform agendas & priorities
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2025-01-10•Albania•Bank of Albania
The Bank of Albania announced a Letter of Intent with the Bank of Italy and regional central banks to develop an instant payment system for the Western Balkans, using a clone of TARGET Instant Payment Settlement (TIPS). Albania, Bosnia and Herzegovina, Kosovo, and Montenegro are participating, with North Macedonia potentially joining later. Approved by the European Central Bank's Governing Council, the platform aims to be operational within 18 months, facilitating payments in all currencies of the involved countries.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-10•United States•Federal Reserve Board
The Federal Reserve Board's FEDS Note highlights that disability affects household financial well-being beyond direct earnings penalties, with "hidden costs" comprising over 40% of the well-being gap between households with and without work-limiting disabilities. Data from the Survey of Household Economics and Decisionmaking (2019–2023) indicates that households with disabilities face significant financial penalties, even after accounting for income and other factors. Female sole earners in heterosexual couples are more likely to have partners with work-limiting disabilities, and the gender gap in financial well-being is mainly due to income differences.
ResearchOther
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2025-01-10•United States•Federal Reserve Board
The Federal Reserve Board's FEDS Note examines the divergence between the industrial production index and the goods component of GDP since the early 2000s. The analysis attributes the gap to import adjustments and the increasing role of wholesale and retail activities, with a significant portion explained by the rising service content in goods. Import adjustments account for varying shares of divergences in consumer durables, nondurables, and equipment.
ResearchEconomic data and developments
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2025-01-10•United States•Federal Reserve Board
The Federal Reserve Board's FEDS Note presents new estimates of euro area potential output and the output gap using a non-stationary dynamic factor model. It suggests weak growth is mainly due to potential output issues, not business cycle fluctuations, indicating limited demand stimulus effects compared to supply-side reforms. Potential output growth slowed post-2008 financial crisis and 2011 sovereign debt recession, with the output gap 3 percentage points above potential by end-2023.
ResearchEconomic data and developments
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2025-01-10•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission’s Division of Clearing and Risk has issued a staff advisory delaying the compliance date for amended daily reporting requirements for registered derivatives clearing organizations. Originally set for February 10, 2025, compliance is now expected by December 1, 2025, if organizations adhere to the prior requirements in the interim.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-01-10•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission announced the departure of Ian McGinley as Director of the Division of Enforcement, effective 17 January 2025. Under his leadership, the division expanded digital asset enforcement, addressed insider trading and carbon markets, and established task forces on cybersecurity and emerging technology. It also issued guidance on penalties and reorganized analytical units to enhance misconduct detection.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-10•United States•Federal Reserve Board
The Federal Reserve Board has approved UMB Financial Corporation's application to acquire Heartland Financial USA, Inc., and indirectly acquire HTLF Bank.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-10•Global•The Net Zero Asset Managers initiative
The Net Zero Asset Managers initiative (NZAM) expressed disappointment over BlackRock's departure but acknowledged the voluntary nature of the initiative. NZAM emphasized its role in helping investors manage climate risk as financial risk and supporting global investors in aligning with fiduciary duties and long-term financial goals.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-01-10•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) held a symposium in Beijing to discuss capital market reform and supporting high-quality development. Key topics included enhancing investment-financing balance, reforming public funds, refining issuance and listing rules, and expanding QFII and Stock Connect mechanisms. The CSRC aims to implement the "National Nine-Point" measures and the "1+N" policy framework to advance comprehensive investment and financing reforms.
Policy & regulationReform agendas & prioritiesMarket development
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2025-01-10•China•China Securities Regulatory Commission
China Securities Regulatory Commission Chair Wu Qing and Luxembourg Finance Minister Gilles Roth met in Beijing to discuss China–Luxembourg macroeconomic developments and capital market cooperation.
Policy & regulationCooperationCross-border cooperation
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2025-01-10•China•China Securities Regulatory Commission
The China Securities Regulatory Commission has issued a regulation setting conduct standards and fee restrictions for intermediaries in public share issuances, effective 15 February 2025. It prohibits outcome-linked fees and mandates market-based fee setting, with detailed rules for securities, accounting, and law firms. Violations may result in fines, rectification orders, and disciplinary actions, with compliance integrated into market integrity records.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-01-10•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) released draft rules for public consultation to regulate futures companies' internet marketing, aiming to ensure compliant conduct and protect traders' rights. The draft, comprising 20 articles, addresses governance, staff management, marketing content, and conduct standards, prohibiting misleading practices and unfair competition. CSRC will refine the draft based on feedback before finalizing it.
Policy & regulationRules & requirementsSales and distribution
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2025-01-10•China•China Securities Regulatory Commission
The China Securities Regulatory Commission issued Opinion No. 19 to standardize measuring changes in investors’ equity interests and applying Articles 13 and 14 of the Takeovers Measures. It clarifies disclosure obligations related to shareholding thresholds and adopts a "new-old cut-off" for transitional arrangements. The CSRC will continue policy explanation and implementation efforts after public consultation.
Policy & regulationGuidance & interpretationCorporate governance
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2025-01-10•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission activated an emergency response after a 6.8 magnitude earthquake in Dingri County, Tibet, directing banks and insurers to support relief efforts and maintain financial services. A working group was dispatched to facilitate claims processing and service restoration, with the Agricultural Bank of China resuming operations in affected areas. Total claims paid and pre-paid by PICC Property and Casualty and Zhufeng Property and Casualty reached CNY 36.16 million, including accident and motor insurance payouts.
SupervisionInterventionsOther
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2025-01-10•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission settled charges against Liquidnet Inc. for failing to maintain required market access controls and protect confidential subscriber trading information. Liquidnet agreed to a USD 5 million civil penalty and censure, without admitting or denying the findings. The SEC highlighted Liquidnet's inappropriate credit thresholds and inadequate access restrictions, noting remedial efforts, including retaining an outside consultant.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-01-10•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission settled charges against Vince McMahon for nondisclosure of settlement agreements, which circumvented WWE’s internal accounting controls and led to material misstatements in financial statements. McMahon agreed to cease violations, pay a USD 400,000 civil penalty, and reimburse WWE USD 1,330,915.90. WWE restated its financial statements in August 2022 to correct overstated net income from 2018 and 2021.
EnforcementInvestigations & enforcement actionsCorporate governanceAccounting and financial reporting
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2025-01-10•Moldova•National Bank of Moldova
The National Bank of Moldova published the 2023 statistical yearbook, detailing the Republic of Moldova's international accounts. The current account deficit decreased by 23.7% to USD 1,893.23 million, while the capital account surplus reached a five-year high of USD 81.85 million. The international investment position improved slightly, with gross external debt increasing by 5.7% to USD 10,118.84 million.
Data & statisticsBalance of payments and other external statistics
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2025-01-10•Bangladesh•Bangladesh Securities & Exchange Commission
The Bangladesh Securities and Exchange Commission has exempted Berger Paints Bangladesh Ltd. from certain provisions of the Securities and Exchange Commission (Right Issue) Rules, 2006, to facilitate a rights share offer. The exemption pertains to clause (u) of rule 8 and rule 14, under section 29 of the Securities and Exchange Ordinance, 1969, for a capital increase from 463.78 million BDT to 491.06 million BDT. All other Right Issue Rules, 2006 requirements apply.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-01-10•India•Insurance Regulatory and Development Authority of India
The Insurance Regulatory and Development Authority of India (IRDAI) has notified five regulations and amendments to enhance its principle-based regulatory framework for the insurance sector. Key updates include expanded Regulatory Sandbox Regulations to foster innovation and inter-regulatory proposals, and new requirements for electronic record-keeping with stringent security measures. Amendments to meeting regulations aim to improve operational flexibility and governance.
Policy & regulationRules & requirementsRegulatory sandbox
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2025-01-10•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury added PJSC SURGUTNEFTEGAS and GAZPROM NEFT to the UK sanctions list under the Russia sanctions regime, subjecting them to asset freeze and trust services sanctions. These entities are designated due to their involvement in the Russian energy sector and economic significance to the Russian government. Institutions must freeze assets immediately if a match is suspected and report to the Financial Intelligence Unit, with non-compliance constituting a criminal offence.
EnforcementSanctions & designationsSanctions list update
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2025-01-10•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury announced that the UK Foreign, Commonwealth and Development Office has added 15 new entries to the Venezuela sanctions regime, subjecting them to an asset freeze in the Isle of Man. Firms must immediately freeze assets of suspected matches to listed designations and review screening information to prevent false positives. Any frozen assets or suspected sanctions breaches must be reported to the Financial Intelligence Unit, with repeat reporting unnecessary for previously reported accounts.
EnforcementSanctions & designationsSanctions list update
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2025-01-10•United States•U.S. Department of the Treasury
The U.S. Department of the Treasury released a policy brief on small business financing, highlighting market developments, barriers to capital access, and potential actions for Treasury and stakeholders. It notes challenges in obtaining and comparing financing products, tightened credit standards by large banks, and increased fintech originations. Recommendations include enhanced engagement between policymakers and industry, leveraging government programs, and improving product disclosures.
Policy & regulationReform agendas & prioritiesSME financingFintech and insurtech
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2025-01-10•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde participated in the 2024 State of Inclusive Instant Payment System report presentation in Accra, Ghana, highlighting its experience with the Inclusive Instant Transfers System. Representatives engaged with African regulators on digital payments and shared insights from the STII pilot. The report, an AfricaNenda publication with the World Bank and the United Nations Economic Commission for Africa, tracks instant payment systems across Africa.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2025-01-10•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde announced that Governor Óscar Santos and Nídia Gonçalves participated in the Africa Financial Summit 2024 in Casablanca, focusing on central bank digital currencies (CBDCs) for cross-border payments and financial inclusion. The summit, themed “The time of African financial powers is now,” addressed fintech integration, payment modernization, and innovation in agriculture.
Policy & regulationCooperationCross-border paymentsFinancial inclusion
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2025-01-10•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde, led by Governor Óscar Santos, attended Web Summit 2024 in Lisbon to explore financial and technological solutions for the central bank, focusing on artificial intelligence, process automation, and payment systems. The delegation engaged in workshops on digitalisation, fintechs, digital currencies, and cybersecurity to support operational optimisation and institutional modernisation.
Institutional developmentCooperation & capacity buildingArtificial intelligenceFintech and insurtech
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2025-01-09•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay has ordered the preventive intervention of Grupo Bursátil Uruguayo Sociedad de Bolsa S.A., suspending its activities and replacing its statutory authorities. An intervention officer has been appointed, and all proprietary and client assets have been immobilized. The firm must notify clients and associated entities of this decision immediately.
SupervisionInterventionsUnlicensed or unauthorized activity
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2025-01-09•Europe•European Securities and Markets Authority
The European Securities and Markets Authority released its latest Spotlight on Markets newsletter, focusing on the final policy documents supporting the Markets in Crypto-Assets Regulation (MiCA) effective from 30 December 2024. It includes over 30 technical standards and guidelines, new Q&As on fund names, and amendments on equity transparency under MiFID II. The newsletter also covers consultations on sustainability reporting, the Market Abuse Regulation, and technical standards for open-ended loan-originating AIFs.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-01-09•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission held a handover ceremony to welcome new Board of Directors members, with Elmer Serrão as the new chair. Outgoing chair Vanessa Simões and executive directors Ludmila Dange and Sydney Teixeira transferred responsibilities. The new board includes executive directors Nádia Pinto, Edna Mascarenhas, Vasco Januário, and Herlânder Diogo.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-09•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority has issued advice on two bills aimed at amending legislation to introduce a basic exemption for income from savings and investments. The proposed changes also include a general basic exemption for income from movable goods and capital through amendments to the Income Tax Code 1992.
Policy & regulationGuidance & interpretationTax transparency and information exchange
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2025-01-09•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority announced the re-opening of trading in Nyrstar financial instruments on Euronext Brussels. Trading resumes on 09 January 2025 at 15:30 CET.
SupervisionAuthorisations & approvalsTrading
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2025-01-09•Türkiye•Central Bank of Türkiye
The Central Bank of the Republic of Türkiye released its 2024 oversight results for payment and electronic money institutions, detailing licensing decisions, administrative sanctions, and actions against unauthorised providers. The report highlights TRY 160.3 million in fines across 55 institutions, one licence suspension, and one revocation. Additionally, the CBRT approved several licence applications and conducted over 280 inspections, emphasizing compliance with regulations.
SupervisionAuthorisations & approvalsLicensing and supervisory feesSupervision process and methodologies
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2025-01-09•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority has suspended trading in Nyrstar financial instruments on Euronext Brussels, effective 09 January 2025 at 9:00 CET. The suspension follows a request from the company and will remain until a press release is issued.
SupervisionInterventionsTrading
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2025-01-09•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) reported to Parliament’s Standing Committee on Public Capital Investments, which praised its self-financing status and growth. The committee recommended enhanced supervision of insurers and service providers. The National Insurance Board noted insurance's increased economic contribution to 2.01% in 2023, with 69.6% of companies Tanzanian-owned, and urged efforts to ensure market fairness.
Institutional developmentGovernanceSupervision process and methodologies
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2025-01-09•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Securities and Stock Market Commission has added eight new cases to its list of unreliable investment projects, cautioning investors about associated risks. The projects include DOUBLE CASE, E8 Markets, Rocket Options Pro, Pocket Broker, Gomining, Bino Trade, AirMarkets, and SPAY LLC. The Commission warns against investing through unregulated entities or those falsely claiming to be licensed in developed financial markets.
SupervisionAlertsSanctions list update
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2025-01-09•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus can now accept direct instant payments for itself and certain customers, including government departments, from any payer account within the Single Euro Payments Area (SEPA). Available 24/7, instant payments offer faster execution than traditional credit transfers and support enhanced retail payment capabilities. This initiative aims to improve cash management, liquidity, and service development for payment providers.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-09•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan (SECP) issued a public alert against Summit 4X Trade and Summit AH Experts for illegal deposit-taking and investment schemes. SECP identified Abdul Hai and Summer Abbas as sponsors targeting Layyah residents, promising profits up to 30%. Summit AH Experts (SMC-Private) Limited is listed for unauthorized activities, and the case is referred to investigative authorities.
SupervisionAlertsFraud and scams
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2025-01-09•Indonesia•Bank Indonesia
Bank of Indonesia's December 2024 Consumer Survey indicates a rise in consumer confidence, with the Consumer Confidence Index increasing to 127.7 from 125.9. The Current Economic Condition Index rose to 116.0 from 113.5, and the Consumer Expectation Index increased to 139.5 from 138.3, reflecting broad-based improvements.
Data & statisticsEconomic data and developments
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2025-01-09•Italy•Bank of Italy
The Bank of Italy has launched LabBI, an on-site laboratory at its Research Data Center, to enhance microdata access for the scientific community. LabBI offers workstations for authorized researchers to analyze granular business survey data and key balance sheet items of individual banks, with additional datasets anticipated. It also provides bank-level data on average interest rates for euro-area households and non-financial corporations, updated annually from a 2003 sample.
Policy & regulationImplementation, projects & pilotsSupervisory data
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2025-01-09•United States•Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia's annual survey of Chamber of Commerce for Greater Philadelphia members reveals a mixed business outlook for 2025, with 33% expecting improvement and 29% anticipating deterioration. The survey highlights concerns over labor costs, financing, interest rates, and regulatory uncertainty, with 58% reporting higher prices in 2024 compared to 2023.
Data & statisticsEconomic data and developments
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2025-01-09•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier issued Circular CSSF 25/870, amending the long form report framework for investment firms from the financial year ending 31 December 2024. Investment firms must prepare a revised long form report, with Partial Scope Investment Firms submitting three specific reports and temporarily exempt from agreed-upon procedures reports. The revised framework focuses on MiFID and AML/CFT requirements, with documentation uploaded via the CSSF eDesk platform.
Policy & regulationRules & requirementsRegulatory reporting
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2025-01-09•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier reported that total net assets of Luxembourg undertakings for collective investment rose to EUR 5,840.177bn as of 30 November 2024, a monthly increase of EUR 174.597bn. This growth was driven by EUR 9.787bn in net subscriptions and EUR 164.810bn from positive market developments, with strong US equities and USD appreciation contributing significantly. The CSSF updated its official list, registering eight new UCIs and deregistering 26.
Data & statisticsFinancial and market indicators
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2025-01-09•Europe•European Banking Authority
The European Banking Authority has released final Guidelines on managing environmental, social, and governance (ESG) risks under the Capital Requirements Directive (CRD6). These Guidelines outline processes for identifying, measuring, managing, and monitoring ESG risks, specifying plans to address financial risks related to ESG factors, aligning with the EU's climate neutrality goals by 2050. They take effect on 11 January 2026, with small and non-complex institutions required to comply by 11 January 2027.
Policy & regulationGuidance & interpretationESG
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2025-01-09•Laos•Bank of the Lao
The Bank of the Lao has launched cross-currency transaction services and cross-border retail payment connectivity via QR codes between Laos and Vietnam to enhance the use of the Lao kip and Vietnamese dong. The initiative promotes local-currency use for trade, investment, and lending, and links retail payment systems for goods and services. Initially, Vietnamese users can make QR code payments in Laos, with reciprocal payments by Lao users in Vietnam planned for late 2025.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-09•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City's fourth quarter Tenth District Energy Survey indicates a sharp decline in regional energy activity, with expectations of further contraction in the next six months, partly due to West Texas Intermediate oil prices falling below USD 61 per barrel. The survey reveals mixed investment outlooks for 2026, with firms divided on increasing, decreasing, or maintaining investment levels.
Data & statisticsEconomic data and developments
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2025-01-09•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted about fraudulent websites and internet banking login screens reported by Nanyang Commercial Bank, Limited. The HKMA stressed that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected customers should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-01-09•Global•Bank for International Settlements
The Bank for International Settlements released a working paper analyzing the impact of mandatory credit reporting on buy now, pay later (BNPL) usage, using data from Ant Group's Huabei accounts in China. The study finds a 14% decline in BNPL payments post-policy, with higher-risk borrowers reducing usage more significantly and improving repayment outcomes. The shift led to increased credit and debit card usage, with no significant reduction in BNPL credit lines, indicating a demand-driven effect.
ResearchBNPL
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2025-01-09•Europe•European Central Bank
The European Central Bank's Working Paper explores climate-linked bonds, where payments adjust based on climate variables, proposing these could reveal market-implied climate expectations and offer a hedge against climate risk. It suggests converting around three percent of major economies' government debt into such bonds, aligning financing costs with climate outcomes. The paper also discusses central banks' potential role in market development and highlights design considerations like metric standardization and coordination.
ResearchClimate risk and sustainable finance
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2025-01-09•Europe•European Central Bank
The European Central Bank's working paper examines the 2022 recalibration of targeted longer-term refinancing operations (TLTRO III) on euro area bank lending, highlighting a rapid balance sheet contraction. The recalibration led to over EUR 1 trillion in early repayments, tightening credit supply and affecting firm-level outcomes like employment and investment growth. The study identifies liquidity risk and balance sheet adjustments as key transmission channels.
Research
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2025-01-09•Europe•European Central Bank
The European Central Bank's research in its Economic Bulletin examines the short-term impact of EU Emissions Trading System carbon pricing on European investment. Findings indicate that carbon price increases temporarily divert greenfield foreign direct investment from Europe and reduce domestic investment, particularly in construction, transportation, and manufacturing. The study highlights a 0.5% decline in EU gross fixed capital formation in the first year, with a cumulative fall of over 1% after two years, while noting the broader policy context including the European Commission’s carbon border adjustment mechanism.
ResearchClimate risk and sustainable finance
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2025-01-09•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan concluded a seminar with the Bank of Korea under the Knowledge Partnership Program, presenting joint research on enhancing international reserve management and investment in fixed income securities. The Central Bank plans to implement the research recommendations and advanced international practices. A bilateral meeting discussed ongoing cooperation and future research topics.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-01-09•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan reviewed the 2024 insurance system, setting supervisory priorities on sector reform and non-cash insurance transactions. Amendments to the Law on Insurance Activity were introduced to strengthen the legal framework, with a cashless operations amendment nearing adoption. New regulatory acts and automated financial reporting formats were developed to enhance transparency and service quality.
Policy & regulationRules & requirementsFinancial stability and systemic risk
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2025-01-09•South Africa•South African Reserve Bank
The South African Reserve Bank's Working Paper introduces an arbitrage-free dynamic term structure model to distinguish liquidity and credit risk premia in South African government bonds. The study finds both premia significant yet weakly correlated, with liquidity and credit stress as distinct pricing drivers. Applied to 31 fixed-coupon bonds, the model shows liquidity premia averaging 55 basis points and credit risk premia averaging 118 basis points, with notable increases during financial stress periods.
ResearchCredit riskLiquidity risk
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2025-01-09•Spain•Bank of Spain
The Bank of Spain released updated Financial Accounts for Q3 2024, revealing consolidated debt of non-financial corporations and households at EUR 1.709 trillion, or 109% of GDP. Non-financial corporate debt rose to EUR 1.0168 trillion, while household and NPISH debt decreased to EUR 691.9 billion. Household and NPISH financial assets increased to EUR 3.074 trillion, with net financial wealth reaching EUR 2.327 trillion, or 148.4% of GDP.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-01-09•Spain•Bank of Spain
The Bank of Spain released updated Supervisory Statistics for Q3 2024, indicating higher capital ratios and an increased annualised return on equity for credit institutions in Spain compared to previous periods. The liquidity coverage ratio decreased but remained above the 100% regulatory requirement, while asset quality indicators showed mixed results. The Bank confirmed the continuation of quarterly publications of these statistics.
Data & statisticsActivity and performance reporting
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2025-01-09•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has announced that individuals listed must pay a VND 1,000,000 fee for the reissuance of a securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or in person. Failure to collect the certificate within one year of the payment notice will result in cancellation.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-01-09•Serbia•National Bank of Serbia
The National Bank of Serbia reported continued growth in its IPS NBS instant payment system for Q3 2024, with transaction volumes and values rising 29.5% and 46.4% year-on-year, respectively. The system processed 21.7 million payments worth RSD 270.9 billion, with an average transaction value of RSD 12,492. Two additional providers enabled the Transfer service, totaling 13, while the system supports various payment methods including IPS QR codes and eGovernment ePlati payments.
Data & statistics
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2025-01-09•Serbia•National Bank of Serbia
The National Bank of Serbia clarified that residents can invest in foreign securities permitted by law, but cross-border payments must be documented to verify compliance with foreign exchange rules. Restrictions include limits on debt securities from non-EU countries, with trading allowed for long-term debt securities from the EU and OECD countries with high credit ratings. The central bank emphasized the need for documentation, especially when trading via foreign brokers, and noted that residents generally cannot hold foreign currency in accounts abroad except in exceptional cases.
Policy & regulationGuidance & interpretationCross-border payments
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2025-01-09•Serbia•National Bank of Serbia
The National Bank of Serbia reported December 2024 operational statistics for its RTGS and clearing systems, processing 21.5 million payments with no downtime. RTGS handled 92.9% of transactions, totaling RSD 23,805.4 billion, while the Clearing System processed 7.1%, totaling RSD 39.5 billion. The Interbank Foreign Currency Clearing System and International Foreign Exchange Clearing System processed EUR 151.86 million with 100% availability.
Data & statisticsActivity and performance reporting
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2025-01-09•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia participated in a meeting to discuss revisions to the legal documents for the National Committee for Financial Stability and the National Sub-Committee for Financial Stability. The meeting, chaired by H.E. Ros Seilava, aimed to ensure comprehensive preparation of these documents, with participation from the National Bank of Cambodia and other relevant authorities.
Policy & regulationCooperationMandate change
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2025-01-09•Switzerland•Swiss National Bank
The Swiss National Bank reported a provisional profit of CHF 80 billion for 2024, with net profit expected at CHF 16 billion after allocations. This enables a CHF 15 per share dividend and a CHF 3 billion distribution to the Confederation and cantons. The profit includes CHF 67 billion from foreign currency positions and a CHF 21.2 billion gain on gold, offset by a CHF 7.4 billion loss on Swiss franc positions.
Data & statisticsFinancial and market indicators
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2025-01-09•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority (PRA) has outlined its 2025 supervisory priorities for CEOs of PRA-regulated insurance firms, focusing on Solvency UK reforms, market risks, and resilience through stress testing. Key initiatives include a new Matching Adjustment permissions team, streamlined internal model assessments, and a consolidated approach to third-country branches. The PRA will launch the 2025 Life Insurance Stress Test, engage on liquidity reporting changes, and consult on ICT, cyber, and climate risk management policies.
SupervisionSupervision approach, priorities & toolkitClimate risk and sustainable finance
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2025-01-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's branches in Bac Giang and Dak Nong held conferences to discuss the 2025 banking sector work programme and review 2024 performance. Key topics included expanding credit, tightening lending controls, enhancing customer support, and advancing digital transformation. Bac Giang reported significant deposit and credit growth, while Dak Nong maintained a stable non-performing loan ratio and reduced lending rates.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reviewed the Vietnam Bank for Social Policies' 2024 policy credit performance and set operational priorities for 2025. Total funding for policy credit activities reached VND 376 trillion, supporting employment, education, and housing initiatives. The focus will be on capital mobilisation, credit quality, and digital transformation to enhance inclusive financial services.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-09•Vietnam•State Bank of Vietnam
Vietnam's Prime Minister has formed a Steering Committee on the Regional and International Financial Centre, chaired by the Prime Minister and including key figures like the State Bank Governor. The committee will guide strategy, policy development, and coordination, with the Ministry of Planning and Investment as the standing agency. Its mandate includes infrastructure resource mobilization and collaboration with domestic and international entities.
Institutional developmentMandate & organizational structureOther
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2025-01-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has published a list of 23 administrative procedures eligible for end-to-end online public service delivery, covering payment activities, banking IT, and other operations. This includes procedures for bank card issuer codes, cheque template registration, and digital certificate processes. The decision, effective 31 December 2024, replaces a previous decision from 27 December 2023.
Policy & regulationRules & requirementsOther
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2025-01-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's Party Committee held its 19th expanded Executive Committee conference, prioritizing reorganization and alignment of policy and supervisory work to a new model. The 2025 programme includes restructuring the organizational apparatus, enhancing legal instruments for monetary policy, and strengthening oversight of credit and microfinance institutions. It also focuses on digital transformation and cashless payments, alongside preparations for upcoming Party congresses.
Institutional developmentMandate & organizational structureLeadership change and appointments
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2025-01-09•Canada•New Brunswick Financial & Consumer Services Commission
The Financial and Consumer Services Commission of New Brunswick has initiated the mandatory annual reporting period under the Unclaimed Property Act, requiring entities to report unclaimed funds via FundsFinderNB.ca by March 31. Money is deemed unclaimed after three years of inactivity, or ten years for credit union accounts. The Commission continues its Compliance Awareness Program and reports over USD 2.1 million returned to owners and more than USD 35 million in unclaimed property.
SupervisionRegulatory reporting
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2025-01-09•United States•U.S. Financial Services Committee
The U.S. House Financial Services Committee announced its Republican leadership for the 119th Congress, with Rep. Bill Huizenga as Vice Chairman and Rep. Mike Haridopolos as Committee Whip. Chairman French Hill outlined priorities, including regulatory changes for community banks, a digital assets framework, and enhanced agency focus on statutory mandates. Subcommittee chairs include Rep. Ann Wagner for Capital Markets and Rep. Bryan Steil for Digital Assets, Financial Technology, and Artificial Intelligence.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-09•Finland•Finanssivalvonta
Finland’s Financial Supervisory Authority (FIN-FSA) reported that the workers’ compensation insurance sector achieved its strongest total result in 2023 over five years, despite declining underwriting results. Premiums written in 2023 were EUR 554.5 million, a 2.5% decrease from 2022, while investment performance improved significantly from a EUR 191 million loss in 2022 to a EUR 197 million profit in 2023. Amendments to the Workers’ Compensation Act will require FIN-FSA to publish this statistical survey at least every three years starting 2025.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-01-09•Albania•Bank of Albania
The Bank of Albania, led by Governor Gent Sejko, held a roundtable with the banking sector to discuss priorities such as increased lending to viable projects, digital transformation, and SEPA membership. Emphasis was placed on enhancing digital banking solutions, addressing cybersecurity, and supporting SEPA transactions by 2025. A joint working platform will be established to advance these initiatives.
Policy & regulationCooperationMarket developmentPayments and payment systems
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2025-01-09•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization has launched a funding program for non-profit and charitable organizations to promote investor education and protection in Canada, focusing on underserved communities. Priority areas include low-income Canadians, racialized communities, youth, seniors, newcomers, LGBTQ2S+ individuals, and persons with disabilities. Grants will be funded from CIRO’s restricted fund, with distribution encouraged across provinces, including Indigenous and grassroots organizations.
Financial literacy & educationFinancial literacy and education
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2025-01-09•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) has proposed amendments mandating close-out requirements for investment dealers facing prolonged settlement failures at clearing agencies. Dealers must close fail-to-deliver positions within set timelines or face pre-borrow requirements. The consultation seeks stakeholder feedback on 16 questions, aligning with ongoing short selling reforms.
Policy & regulationRules & requirementsTrading
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2025-01-09•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) proposes amendments mandating close-out requirements for prolonged settlement failures at clearing agencies, seeking stakeholder feedback. Investment dealers must close fail-to-deliver positions within set timelines, with persistent failures leading to pre-borrow requirements. This follows a CIRO and Canadian Securities Administrators review of Canada's short selling framework, highlighting divergent stakeholder views and recommendations from the Ontario Capital Markets Modernization Taskforce.
Policy & regulationRules & requirementsTrading
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2025-01-09•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) has launched a funding program for non-profit and charitable organizations to enhance investor education and protection, focusing on underserved communities. The program prioritizes low-income Canadians, racialized communities, youth, seniors, newcomers, LGBTQ2S+ individuals, and persons with disabilities, with funding from CIRO’s restricted fund of monetary sanctions. CIRO encourages applications from Western and Eastern Canada, including Indigenous and grassroots organizations.
Policy & regulationImplementation, projects & pilotsFinancial literacy and education
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2025-01-09•Russia•Central Bank of Russia
The Central Bank of Russia reported on the outcomes of Russia's BRICS presidency, highlighting cooperation among BRICS central banks. Key achievements include developing cross-border settlement mechanisms, enhancing cyber and information security coordination, and advancing reforms to the BRICS Contingent Reserve Arrangement. Notable projects include a supranational payment platform and the first cross-border cyber drills.
Policy & regulationCooperationCross-border cooperationPayments and payment systemsRegtech and suptech
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2025-01-09•Russia•Central Bank of Russia
The Central Bank of Russia will issue new 'Saint George the Victorious' investment coins on 10 January 2025, including a 3-ruble silver coin and a 50-ruble gold coin. Both coins feature the Russian Federation coat of arms and Saint George slaying a dragon, are minted in uncirculated quality, and are legal tender in Russia. Mintage is limited to 500,000 pieces each.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-09•Russia•Central Bank of Russia
The Central Bank of Russia and the Russian Ministry of Finance issued a joint letter clarifying how security issuers should restrict access to sensitive information, emphasizing balance between company and investor interests. The letter specifies that non-disclosure is permissible only under sanctions threats and discourages selective information withholding. It also provides examples of unjustified and lawful disclosure limitations.
Policy & regulationGuidance & interpretationDisclosures
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2025-01-09•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority has launched a Pensions Roundtable, inviting applications from pension industry leaders for two-year terms starting in May 2025. The roundtable aims to facilitate dialogue with the regulator to inform BCFSA’s regulatory initiatives and priorities. Membership will reflect the diversity of British Columbia’s pension industry, with appointments made through an open, transparent, merit-based process.
Institutional developmentCooperation & capacity buildingOther
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2025-01-09•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) authorized 13 new CEDEAR programmes for ETFs based on indices listed abroad, under General Resolution No. 1030. These programmes cover sectors like biotechnology, real estate, health care, and technology, featuring products like iShares Core MSCI Europe ETF and Vanguard FTSE Developed Markets ETF. CEDEAR-to-share ratios range from 9/1 to 46/1, with issuance limits between 3,900,000 and 4,150,000 CEDEARs.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-01-09•Moldova•National Bank of Moldova
The National Bank of Moldova reported official reserve assets of USD 5,483.57 million as of 31 December 2024, marking a USD 202.55 million increase since 29 November 2024. This rise was driven by IMF disbursements and budget support from international entities, despite offsets from FX sale interventions and adverse exchange-rate movements. Cumulatively from end-2023, official reserve assets rose by USD 30.43 million, with net foreign assets increasing by USD 42.25 million.
Data & statisticsBalance of payments and other external statistics