3/29/2023
Austrian National Bank
OeNB Forecasts 6.9% Inflation Rate in 2023 Despite Frequent Price Adjustments by Food Producers: The Oesterreichische Nationalbank (OeNB) expects the HICP inflation rate to decline in 2023 but remain high in the medium term, rising to 6.9%. This is due to strong wage cost increases and fiscal policy measures cushioning the HICP inflation rate. Food prices are adjusted up to three times more frequently in the event of high inflation than in the event of price stability, with an average price increase remaining constant at around 10%. Inflation aktuell is a quarterly report by the OeNB on inflation in Austria. 3/29/2023
Bank of Israel
Bank of Israel Reports Total Profit of NIS 14.9 Billion in 2022, Balance Sheet Up NIS 17 Billion: The Bank of Israel reported a total profit for 2022 of NIS 14.9 billion, mainly from high income from exchange rate differentials totaling NIS 58 billion due to the shekel's depreciation. The balance sheet at the end of 2022 totaled NIS 826.3 billion, an increase of approximately NIS 17 billion. Expenses in foreign currency activity abroad totaled NIS 36.5 billion, while interest expenses in Israel totaled NIS 5.5 billion. The capital deficit and revaluation funds totaled NIS 47.5 billion and NIS 73.7 billion, respectively. Market data and statistics
3/29/2023
Bank of England / Prudential Regulation Authority
Reporting Schedule Delayed by One Day Due to Coronation of King Charles III Bank Holiday: Due to the Bank Holiday for the Coronation of King Charles III, the Reporting schedule for firm submissions of statistical data will be delayed by one day for the period 8 May to 31 May. All statistical returns generated on the BEEDS Portal will take into account the additional May Bank Holiday and the Bankstats publication for April 2023 data will now take place on 1 June 2023. No other changes to the Reporting schedule have been made. 3/29/2023
G20
G20 Sherpas to Gather in India for Second Meeting on Green Development, Climate Finance, and More: The Second G20 Sherpas meeting under India’s G20 Presidency, chaired by India’s G20 Sherpa Shri Amitabh Kant, will take place in Kumarakom, Kerala from March 30 to April 2, 2023. Over 120 delegates from G20 Members, 9 invitee countries, and international and regional organizations will discuss G20’s economic and developmental priorities and address global challenges. The meeting will also focus on India’s G20 priorities, including Green Development, Climate Finance & Lifestyle for Environment (LiFE), Accelerated, Inclusive & Resilient Growth, and Technological Transformation & Digital Public Infrastructure. The delegates will also get the chance to experience Kerala's cultural heritage and cuisine. 3/29/2023
Reserve Bank of India
Government Announces Total Face Values for T-Bills with 91, 182 and 364 Days: ₹9,000 Crore, ₹16,000 Crore and ₹14,000 Crore Respectively: This press release outlines the T-Bill 91 days, 182 days and 364 days with respective total face values of ₹9,000 Crore, ₹16,000 Crore and ₹14,000 Crore. No face value was accepted for the 91 days bill, while the 182 and 364 days bills accepted their respective total face values. The cut-off prices for the 182 and 364 days bills were 96.4962 (YTM: 7.2820%) and 93.2085 (YTM: 7.3064%) respectively. This was released by Director (Communications) Ajit Prasad. 3/29/2023
Hong Kong Insurance Authority
Public Alert: Fraudulent Website Offering Unauthorized Insurance Business in Hong Kong: The Insurance Authority (IA) has warned the public in Hong Kong about a fraudulent website containing false information about a company named Shao Bank and its alleged partner company Go Insurance. The Companies are not authorized to carry out insurance business or regulated activities in or from Hong Kong. Anyone who has provided personal information to the Companies or conducted any insurance transactions with them should report it to the police. Members of the public are encouraged to verify the status of any entity soliciting insurance business from the public. Conduct and consumer protection
3/29/2023
Bank for International Settlements
Fiscal and Monetary Policy Trade-Offs in Emerging Markets: The Risks and Challenges of 2021: This article by Ana Aguilar, Carlos Cantú and Rafael Guerrar discusses the risks and policy trade-offs of fiscal and monetary policy in emerging market economies. Since 2021, monetary policy has tightened globally in response to inflation, while fiscal policies have remained expansionary to protect households. This increases funding needs and may cause financial markets to reassess fiscal sustainability and raise risk premia or reduce holdings of sovereign bonds. This may be more pronounced in emerging markets due to their vulnerability to higher costs of international financing and a weaker exchange rate. 3/29/2023
Bank for International Settlements
European Central Bank's Dividend Recommendation Supports Financially Constrained Firms During Covid-19 Economic Shock: This paper investigates the impact of the European Central Bank's recommendation that no significant institution should pay out dividends until October 2020 on the credit supply to non-financial corporations during the Covid-19 economic shock. Credit registry data and a direct measure that captures variation in compliance with the recommendation across banks in the euro area are used to disentangle the confounding effects stemming from other pandemic-related support measures. The study finds that the dividend recommendation was an effective policy in supporting financially constrained firms, adding capital space to banks, and limiting some forms of procyclical behaviour. The effects on lending were larger for small and medium enterprises and for firms operating in Covid-19 vulnerable sectors. 3/29/2023
European Securities and Markets Authority
2022 ESMA Report Finds 16% of Financial Statements Examined and 38% Action Rate; Emphasis on Interest Rate and Liquidity Risk Disclosures in 2023: ESMA has published its 2022 Corporate Reporting Enforcement and Regulatory Activities Report, which provides an overview of activities conducted by ESMA and enforcers on financial and non-financial information and European Single Electronic Format (ESEF) reporting. The report found that 16% of financial statements were examined, with a 38% action rate to address material departures from IFRS, 13% of management reports were examined for compliance with ESMA’s Guidelines on APMs, 18% of non-financial statements were examined, and 56% of ESEF Transparency Directive requirements and 25% of ESEF RTS granular requirements were examined. In 2023, ESMA and enforcers will focus on ensuring adequate transparency regarding enforcement priorities, and emphasize the importance of disclosures by financial institutions regarding interest rate and liquidity risks. 3/29/2023
European Banking Authority
EBA Proposes Amendments to Guidelines on Risk-Based AML/CFT Supervision to Address ML/TF Risks of Crypto-Asset Service Providers - Public Hearing and Consultation Until June 29, 2023: The European Banking Authority (EBA) is proposing to amend its Guidelines on Risk-Based AML/CFT Supervision to clarify how they apply to AML/CFT supervisors of Crypto-Asset Service Providers (CASPs). This amendment includes guidance on the sources of information competent authorities should consider when assessing ML/TF risks associated with CASPs and the importance of training to ensure that staff from competent authorities have the technical skills and expertise necessary. This consultation runs until June 29, 2023 and there will be a virtual public hearing on June 7, 2023. This will ensure that the AML/CTF regulatory and supervisory framework is aligned with international recommendations and that ML/TF risks associated with this sector are addressed and effectively managed. 3/29/2023
Bank of England / Prudential Regulation Authority
Financial Policy Committee Recommends Minimum Resilience in Liability-Driven Investment Sector: The Financial Policy Committee has released a staff paper outlining a recommendation for minimum resilience in the liability-driven investment (LDI) sector. The paper provides an explanation of the recommendation and its potential implications. 3/29/2023
Securities and Exchange Commission Ghana
SEC Revokes Licenses of 53 Fund Management Companies, Takes Action to Protect Investors and Disburses GHS 757 Million in Bailout to Blackshield/Gold Coast Customers.: The Securities and Exchange Commission (SEC) has released an update on the status of the Bailout implementation program, specifically on Blackshield Fund Management Company Limited (formerly Gold Coast Fund Management Limited). The SEC has revoked the licenses of fifty-three (53) Fund Management Companies and has taken actions to protect investors, including notifying the Registrar of Companies/Registrar General to petition the Court for orders to commence the official liquidation of the companies, appointing an agent to take copies of records and lock up premises, and engaging the government on a bailout package. The SEC has noted comments by representatives of Blackshield/Gold Coast clients for the disbursement of the GHS 5.5 billion Ghana cedis approved by Parliament, and clarified that the amount approved by Parliament was for all investors of the 47 companies that had claims. A total amount of GHS 757,539,141 has been used to fully settle 61,734 customers of Blackshield. The SEC has cooperated with the court process and has complied with the request for documents from Blackshield/Gold Coast. They have urged all affected clients to remain calm and rely only on information provided by the SEC and the Official Liquidator. 3/29/2023
Nigeria Securities and Exchange Commission
Commission Closely Monitors Seplat Energy Plc Amid Reports in Media, Board Remains United: The Commission is closely monitoring the recent reports in the media regarding Seplat Energy Plc, a public company listed on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE). The Commission has sought and obtained explanations from Seplat and the NGX and notes that the Board has remained united and the reported events have not affected the fundamentals of Seplat. The Commission encourages the Board to continue effective dialogue with all stakeholders and will continue to work with the Board to monitor the situation and take effective measures to preserve the integrity and transparency of the capital market. 3/29/2023
Hong Kong Monetary Authority
HKMA Releases Half-Yearly Monetary and Financial Stability Report for March 2023: The Hong Kong Monetary Authority (HKMA) published the March 2023 issue of its Half-Yearly Monetary and Financial Stability Report, which provides detailed analyses of the global and local economy, as well as the monetary and financial conditions in Hong Kong. It also examines the recent performance and risks of the local banking sector, and can be viewed and downloaded from the HKMA website. 3/29/2023
Bank of Italy
Banca d'Italia to Host Training Event on Implementing Monetary Policy in Western Balkans, 29-31 March 2023: This is a training event hosted by Banca d'Italia in Rome from 29 to 31 March 2023 in the framework of the EU-funded programme to strengthen the capacities of central banks and banking supervisory agencies in Western Balkans countries. The event focuses on the implementation of monetary policy. 3/29/2023
Finansinspektionen
FI Warns Against RXK Capital for Offering Unauthorized Financial Services: The Financial Supervisory Authority (FI) has issued a warning against RXK Capital for offering financial services without permission. RXK Capital is not authorized to conduct financial activities under the regulator of the country they say they are domiciled in, and they are not listed in any registers. FI has shared advice on how to avoid being scammed, such as being skeptical of anyone offering investments, not doing business with companies you don't know, and being careful with bank information. Conduct and consumer protection
3/29/2023
Finansinspektionen
FI Proposes New Risk Weight Floors for Commercial Real Estate Sector, to Take Effect in 2023: FI proposes to introduce risk weight floors for exposures to the commercial real estate sector to manage risks associated with this sector and remove the existing risk weight floors under Pillar 2. The new risk weight floors will take effect from September 30, 2023 and will set an average risk weight of 35% for exposures secured by commercial properties and 25% for exposures secured by residential properties. Banks using the internal risk classification method are covered by the measure. Comments can be submitted by April 26, 2023. 3/29/2023
FINMA
Switzerland Amends Annex to Ordinance in Response to UN Sanctions Committee Decision: The State Secretariat for Economic Affairs has amended the Annex to the Ordinance of 7 August 1990 on Economic Measures against the Republic of Iraq in response to a decision by the UN Sanctions Committee. The amendment has been applied in Switzerland and recorded in the SECO Sanctions Management database. 3/29/2023
Seychelles Financial Services Authority
FSA of Seychelles Issues Alert: Exercise Caution When Utilizing Services from https://m4markets.us/: This alert from the Financial Services Authority of Seychelles is to inform the public that the website https://m4markets.us/ is not linked to any entity licensed or regulated by the FSA. The FSA urges people to exercise caution when conducting business with or using services provided by this website, and reminds them that the Authority is not responsible for any actions taken as a result. Conduct and consumer protection
3/29/2023
United Nations Environment Programme Finance Initiative
85 Institutional Investors Commit US$11 Trillion to Net-Zero Carbon Emissions by 2050, Outlining Expectations for Oil and Gas Companies and Policymakers: The UN-convened Net-Zero Asset Owner Alliance is a member-led initiative of 85 institutional investors with over US$11 trillion in assets under management. It is committed to transitioning their investment portfolios to net-zero greenhouse gas emissions by 2050. The new Position on the Oil and Gas Sector underscores the Alliance's recognition of the economic and investment risks of unabated climate change and calls for members to develop and align individual oil and gas policies with this position. It also calls for increased policy ambition to rapidly reduce oil and gas demand and increase the supply and availability of renewable alternatives. Expectations of investors, oil and gas companies, and policymakers are outlined in the paper, focusing on the need for science-based portfolio allocation and stewardship decisions, supporting policy and regulatory efforts that address climate change, and setting science-based, absolute- and intensity-based emissions targets. Climate risk and sustainable finance
3/29/2023
Qatar Central Bank
Fitch Revises Qatar Outlook to Positive, Affirms 'AA-' Rating Due to Surplus, Comfortable Debt, and High Sovereign Net Foreign Assets: Fitch Ratings has revised its outlook for Qatar to Positive and affirmed its rating at 'AA-'. Qatar's fiscal surplus, comfortable debt ratios, and high sovereign net foreign assets were key drivers of the revision. The Qatar Central Bank's measures have helped reduce projected budget surpluses until 2025 and banks' reliance on short-term foreign financing. 3/29/2023
World Bank
Kazakhstan Training to Improve Water Infrastructure Management, Ensure Access to Safe Water: This press release discusses a two-day training in Kazakhstan focused on sustainability and efficiency of water service delivery. The goal of the training was to improve water infrastructure management and reduce operational inefficiencies and costs in order to improve service delivery and ensure people across the country have access to safe water. The training was supported by Central Asia Water and Energy Program and was attended by policy makers, regulators, water utilities associations and utility managers. 3/28/2023
World Bank
World Bank Approves $100 Million Loan to Indian State of Odisha to Reduce Losses from Natural Disasters, Increase Social Protection Coverage: The World Bank has approved a $100 million loan to the Indian state of Odisha to strengthen early forecasting systems for improved response to disasters and enhance its social protection coverage for poor and vulnerable households through digital platforms. The loan will help reduce losses caused by natural disasters, increase social protection coverage through a cash transfer program, and help the state strengthen data collection efforts for better resilience planning. 3/28/2023
World Bank
World Bank Approves $363 Million Loan to Provide Clean Drinking Water to 10 Million People in India's Karnataka State: The World Bank has approved a $363 million loan to the Indian state of Karnataka to provide clean drinking water supply to 2 million rural households in the state through a piped water connection in their homes. The loan will benefit around 10 million people across all 31 districts in the state, with the goal of providing functioning tap water connections to every rural household. The program will include the construction of the drinking water distribution network and the installation of water meters in rural households. It will also enhance the capacity of rural local governments to manage water supply services efficiently, with a focus on gender parity. 3/28/2023
International Monetary Fund
IMF Mission in Pristina Produces Positive Results on Climate Change Mitigation and Financial Governance: An IMF mission led by Mr. Gabriel Di Bellar visited Pristina to discuss potential financial arrangements with the IMF to mitigate downside risks and support Kosovo's efforts on climate change mitigation and adaptation. Discussions with the Kosovar authorities have been productive and agreement has been made on the need to strengthen fiscal and financial governance, energy efficiency, and expand green energy production. Talks will continue in the coming weeks with a view to reaching a staff-level agreement for consideration by the IMF Executive Board. 3/29/2023
Bank of Thailand
Monetary Policy Committee Raises Policy Rate by 0.25%, With Immediate Effect to Support Thai Economy Expansion: The Monetary Policy Committee unanimously voted to raise the policy rate by 0.25% per annum from 1.50% to 1.75% per annum with immediate effect. The Thai economy is expected to continue expanding, driven by tourism and private consumption, while merchandise exports are expected to rebound in the second half of the year. Headline inflation is likely to return to the target range by mid-2023 and is at risk of staying high due to cost transmission and demand-side inflationary pressures. The Committee will continue to monitor developments in the global financial market and its impact on the Thai financial system, as well as the exchange rate, to ensure sustainable economic growth and price stability. Financial stability and systemic risk
3/29/2023
National Bank of the Kyrgyz Republic
Kyrgyz Republic National Bank Reissues Licenses for Flash Pay LLC: The National Bank of the Kyrgyz Republic announced that on March 23, 2023, the payment system operator license number 2029150222 and the payment organization license number 3031150222 were reissued due to a change in the legal name of Paydala LLC to Flash Pay LLC. 3/29/2023
Central Bank of Brunei
ACMF Chairs' Meeting Focuses on Promoting Transition Towards Paris Agreement Goals and Developing Principles-Based Guidelines: The ASEAN Capital Markets Forum (ACMF) held its 38th ACMF Chairs' Meeting today, hosted by the Indonesia Financial Services Authority (OJK). The meeting focused on promoting transition towards the Paris Agreement Goals in the region, developing broad principles-based transition guidelines, and exploring the way forward on Voluntary Carbon Market disclosure and transition-related aspects. The meeting also endorsed the Sustainable Finance Knowledge Hub and developing the ASEAN Green Lane to facilitate cross-border offering of ASEAN sustainable and responsible funds. The ACMF thanked the Asian Development Bank and the Sustainable Finance Institute Asia for their support. Climate risk and sustainable finance
3/29/2023
Bank of Korea
March 2023 CCSI Reaches 92.0, a 1.8 Point Increase From Last Month: The Composite Consumer Sentiment Index (CCSI) for March 2023 was 92.0, an increase of 1.8 points from the previous month. Further details can be found in the attached files. 3/29/2023
Panama Superintendencia del Mercado de Valores
Panama Launches Public-Private Project to Align Financial Sector with Paris Agreement Climate Change Objectives with Help from Green Climate Fund, EU, UNEP FI, MiAMBIENTE, MEF, SBP, SSRP, and GTFS: The Superintendency of the Securities Market (SMV), with the help of the Green Climate Fund, the European Union, the United Nations Environment Program and its Financial Initiative (UNEP FI), the Ministry of Environment (MiAMBIENTE), the Ministry of Economy and Finance (MEF), the Superintendency of Banks of Panama (SBP), the Superintendency of Insurance and Reinsurance of Panama (SSRP), and the Sustainable Finance Working Group (GTFS), have launched a project to align Panama's financial sector with the climate change objectives of the Paris Agreement. This initiative seeks to develop a sustainable finance taxonomy and to create a framework for mapping, quantifying, and disclosing climate-related financial risks. A public-private dialogue table was held with the Superintendents and the Latin American Stock Exchange (LATINEX) as moderator. Climate risk and sustainable finance
3/28/2023
Central Reserve Bank of El Salvador
Salvadoran Economy Recovers Above Historical Average in 2022 Despite COVID-19, Projects 2-3% Growth for 2023: The Salvadoran economy grew 2.6% in 2022, which was above the historical average after the effects of COVID-19. This growth was reflected in increased employment, exports, investment and consumption. It was affected by public security initiatives, international price containment, investment projects and other measures. For 2023, economic growth is projected to be between 2-3%, with inflation moderating to 3.5-4.1%. 3/29/2023
Reserve Bank of India
Money Markets Experience Record Trading at Rates Ranging from 4.00%-7.15%: In the money markets, a total of 540,572.46 crore was traded at an average rate of 6.70%, ranging from 4.00%-7.15%. In the overnight segment, the call money rate was 6.67%, ranging from 4.60%-6.85%. Triparty repo rate was 6.65%, ranging from 6.15%-6.80%. Market repo rate was 6.78%, ranging from 4.00%-7.00%. Repo in corporate bonds was 7.06%, ranging from 6.95%-7.15%. In the term segment, the notice money rate was 7.07%, ranging from 6.20%-8.25%. Term money rate was -%, ranging from 6.35%-7.00%. Triparty repo rate was 7.94%, ranging from 6.75%-8.40%. Market repo rate was 7.18%, ranging from 6.95%-7.50%. Repo in corporate bonds was -%, ranging from -. 3/29/2023
Bank Negara Malaysia
BNM Releases Annual Report 2022, Economic and Monetary Review 2022, and Financial Stability Review for Second Half 2022, Focusing on Robust Financial Sector and Climate-Related Risks: Bank Negara Malaysia (BNM) has released its Annual Report 2022, Economic and Monetary Review 2022, and Financial Stability Review for Second Half 2022. The Annual Report details the Bank's initiatives to promote monetary and financial stability, and the reports outline BNM's economic assessments and forecasts, as well as its assessment of domestic financial stability risks and outlook. The focus of the reports is on building a robust financial sector, reducing barriers to e-payment adoption, establishing cross-border payment linkages, increasing awareness of online financial scams, strengthening climate-related risks, and advancing research on climate and nature. Despite global headwinds, the Malaysian economy is expected to grow between 4.0% and 5.0% in 2023, supported by domestic demand. 3/29/2023
Australian Securities & Investments Commission
ASIC's Largest Fine Yet: ALT Financial Group Ltd Convicted and Fined $123,000 for Violating Corporations Act: ALT Financial Group Ltd was convicted and fined $123,000 for failing to lodge financial reports and other breaches of the Corporations Act. This is one of the largest fines handed down for such offenses and reflects the serious potential impact it may have had on shareholders and creditors. ASIC will continue to prosecute companies that are negligent in their reporting responsibilities. 3/28/2023
Central Bank of Colombia
Government Depository Accounts System Outlined in DSP-158, Explaining External Operational and Service Requirements: DSP-158 outlines a system of depository accounts for government operations, providing guidelines for external operational and service requirements. It covers topics such as the types of accounts, the authorized signatories, record-keeping requirements and the definition of operational and service activities. 3/28/2023
Central Bank of the Philippines
BSP Wins Presidential Lingkod Bayan Award for Cash Service Alliance Initiative: President Ferdinand Bongbong R. Marcos Jr. conferred the Presidential Lingkod Bayan Award on the Bangko Sentral ng Pilipinas (BSP) for its Cash Service Alliance (CSA) initiative which serves as a key role in ensuring adequate money supply in circulation to support economic activities. The CSA was jointly implemented by the BSP and the Bankers Association of the Philippines, and has provided 741.25 million pieces of currency worth 599.35 billion pesos since its launch in 2020. The award is given to individuals or groups from the government service who have made exceptional contributions with a nationwide impact. The CSA core team accepted the award on behalf of the BSP in Malacañang on 8 March 2023, and the CSA has also won two other awards from the Central Banking Awards and the International Association of Currency Affairs. 3/29/2023
Hong Kong Monetary Authority
HKMA Issues Warning Against Fraudulent Chong Hing Bank Website: The HKMA has issued a warning regarding a fraudulent website related to Chong Hing Bank Limited. They advise members of the public not to provide any personal information or conduct any financial transactions through the website and to contact the bank and report it to the Police. Conduct and consumer protection
3/28/2023
Brazil Securities Commission (CVM)
CVM Approves Resolution 181 to Extend New Investment Fund Regulatory Framework Until 2023: The Collegiate Board of the Brazilian Securities and Exchange Commission (CVM) approved CVM Resolution 181, which extends the entry into force of CVM Resolution 175 (new regulatory framework for investment funds) to 10/2/2023. This extension meets requests made by market representatives who needed more time to properly implement the new rule. The new standard introduces innovations to the investment fund industry and provides greater security to investors. CVM Resolution 181 enters into force on 3/31/2023 and CVM Resolution 175 on 10/2/2023. 3/29/2023
Australian Prudential Regulation Authority
APRA Releases Bi-Annual General Insurance Statistics Report for December 2022: APRA has released its bi-annual intermediated general insurance statistics report for December 2022. This report provides an overview of general insurance placed with APRA-authorised general insurers, Lloyd's underwriters and unauthorised foreign insurers (UFIs). The report can be found on the APRA website. Market data and statistics
3/28/2023
Securities & Exchange Commission
Brazilian Mining Company Vale Agrees to Pay $55.9M to Settle Charges Over Deadly Brumadinho Dam Collapse: The Securities and Exchange Commission announced that Brazilian mining company Vale S.A. has agreed to pay $55.9 million to settle charges related to misleading disclosures prior to the deadly collapse of the Brumadinho dam in January 2019, which killed 270 people. The SEC's complaint alleged that the dam did not meet safety standards even though the company's public sustainability reports had assured investors the dam was stable. The settlement, pending court approval, requires Vale to pay a civil penalty and disgorgement and pre-judgment interest, and permanently enjoins Vale from violating the Securities Act of 1933 and the Securities Exchange Act of 1934. 3/28/2023
Central Bank of the Dominican Republic
466 Families Benefit from Low-Cost Housing Financing Program Approved by the BCRD: The Central Bank of the Dominican Republic (BCRD) reports that as of March 27, 2023, financial intermediation entities have granted financing for the acquisition and construction of low-cost housing for a value of RD $ 1,389.2 million, as part of the legal reserve release program approved by the Monetary Board. This program has benefited 466 families and housing construction projects, with the majority of the funds used for the acquisition of homes. Financial intermediation entities have the power to choose beneficiaries and can grant financing to any construction company, regardless of their size. 3/28/2023
Reserve Bank of New Zealand
Reserve Bank of New Zealand Invites Submissions on New Guidance to Manage Climate-Related Risks: The Reserve Bank of New Zealand is issuing new guidance to help regulated entities manage climate-related risks. These risks can have significant implications for financial stability and necessitate a collaborative response. The guidance suggests that entities manage climate-related risks within their existing risk management framework and has been adapted from international best practice to suit the New Zealand context. Entities are encouraged to develop their capabilities in climate-related scenario analysis and stress testing. The Reserve Bank is inviting submissions on the guidance by 7 June 2023. Climate risk and sustainable finance
3/29/2023
New Zealand Financial Markets Authority
FMA Warns Vanguard Investments Australia Limited for Late Filing of Required Notice on NZ Companies Office Disclose Register: The Financial Markets Authority (FMA) has issued a warning to Vanguard Investments Australia Limited (Vanguard) for failing to lodge a required notice on the New Zealand Companies Office Disclose Register, pertaining to exercise of power taken against it by the Australian Securities and Investment Commission (ASIC). This was required to ensure that New Zealand investors were informed of any such action. Following intervention from the FMA, Vanguard filed the notice 55 business days late, and the FMA has stated that if such breaches are not addressed, it could harm the integrity of the Trans-Tasman Mutual Recognition regime. 3/28/2023
Argentina Securities Commission (CNV)
Isasa Discusses Evolution of Green, Social and Environmental Bonds in Argentina at Closing of Global Money Week 2023: At the closing of Global Money Week 2023, Isasa participated virtually in a panel featuring presentations by Marcelo Echague, Fred Seifert and Omar Fernández. Isasa discussed the evolution of green, social and environmental bonds in Argentina, which has already exceeded $1 billion in nominal amounts. He also highlighted the new regulations and instruments adopted to increase access to the capital market, as well as the financial disclosure work done by the CNV. Finally, Isasa looked to the future, discussing the challenge of ensuring that sustainability reports of regulated companies continue to improve and have independent certifications. Climate risk and sustainable finance
3/28/2023
Commodity Futures Trading Commission
CFTC Files Complaint Against Chinese National for Misusing Confidential Information to Trade Feeder Cattle Futures and Options for Personal Benefit: The Commodity Futures Trading Commission (CFTC) has filed a complaint against Dichao Xie, a Chinese national, for misusing confidential information from his employer to trade feeder cattle futures and options for his own personal benefit. The complaint seeks civil monetary penalties, disgorgement, restitution, and permanent trading and registration bans. The CFTC is committed to maintaining the integrity of commodities markets and encourages individuals to report suspicious activities or violations of commodity trading laws. Conduct and consumer protection
3/28/2023
Dutch Authority for the Financial Markets
AFM Calls on Pension Funds to Improve Communication for Better Transparency and Explanation of Pension Increases: The Netherlands Authority for the Financial Markets (AFM) has found that several pension funds that increased pensions last year have not communicated clearly enough with their participants. The AFM has called on pension funds to improve their communication, emphasizing the need for transparency and better explanation of the possible consequences of the pension increases. 25 of the 39 pension funds investigated fulfilled the legal requirements for communication, while the rest were made aware of their obligations. The AFM is paying extra attention in order to prevent participants from being faced with surprises in the future. 3/28/2023
National Bank of Hungary
MNB Keeps Rates Unchanged, Despite Slowing Global Economic Growth and Elevated Inflation Expectations: At its meeting on 28 March 2023, the Monetary Council of the Magyar Nemzeti Bank (MNB) reviewed the latest economic and financial developments and decided to keep its central bank interest rates unchanged. Global economic growth has slowed and inflation has been moderating, while investor sentiment has deteriorated. In Hungary, the economy grew by 4.6 percent in 2022, although growth dynamics slowed down in the last quarter. The consumer price index peaked in January 2023, while inflation expectations remain elevated. The fiscal deficit will continue to decline in the coming years, while the current account deficit will halve in 2023. In order to strengthen monetary policy transmission, the MNB will use its instruments introduced in last autumn and the euro swap instrument related to energy imports. The Monetary Council will maintain the current level of the base rate over a prolonged period to ensure that inflation expectations are anchored and the inflation target is achieved. Financial stability and systemic risk
3/28/2023
National Bank of Hungary
Inflation and GDP Projections Steady for 2023: March Inflation Report: The March 2023 Inflation Report provides an estimate of inflation and GDP growth for the year. It suggests that baseline inflation and GDP projections are expected to remain steady. 3/28/2023
National Bank of Hungary
Magyar Nemzeti Bank Announces New Interest Rates Starting March 29th, 2023: The Magyar Nemzeti Bank will have a new set of interest rate conditions in effect starting on March 29th, 2023. 3/28/2023
Central Bank of Estonia
Eesti Pank Forecast: Economy to Rebound in 2023, But Inflation, Unemployment, and Debt Remain Concerns: This latest economic forecast from Eesti Pank finds that conditions are improving for a recovery in economic growth. GDP will move towards an upward trajectory in 2023, but the growth will be built on the back of the downturn that happened in the second half of last year. Inflation will continue to slow, and unemployment will rise to peak at 7.2%, with the average wage recovering by 2025. The budget deficit is expected to increase by more than a billion euros this year, and it is important to maintain budget discipline to avoid increasing the debt burden and interest costs. Risk analysis and outlook
3/28/2023
Central Bank of Malta
Malta Central Bank Sponsors ANZAC Day Beach Sprints Regatta to Promote Sports and Showcase Malta to International Audience: The Central Bank of Malta is supporting the 1st edition of the ANZAC Day Beach Sprints Regatta through a sponsorship used for the purchase of two C2X boats and oars. The event is meant to promote sports amongst youths, raise Malta's profile as a destination for coastal rowing, and showcase Malta to an international audience through the participation of mixed gender groups in rowing. The Regatta will be held in Malta every two years, with the next edition taking place in either Australia or New Zealand. 3/28/2023
Luxembourg Commissariat aux Assurances
Commissariat aux Assurances Releases Circular Letter on FATF Declarations, Enhanced Due Diligence, and Supervisory Process: Circular Letter 23/6 from the Commissariat aux Assurances provides guidance on FATF declarations concerning high-risk jurisdictions that require enhanced due diligence and countermeasures, as well as jurisdictions subject to the FATF enhanced supervisory process. 3/28/2023
National Bank of the Republic of North Macedonia
Vice Governor Fadil Bajrami Discusses Digital Euro Project and its Implementation by 2025/2026: The Vice Governor Fadil Bajrami reviews the importance of the European single currency, the euro, and its increasing international role. He discusses the digital euro project, which aims to examine the possibility of issuing a digital euro and to answer key questions regarding its form and use. It is expected that in 2023 a decision will be made to implement the project, and the digital euro would be available to users by the end of 2025 or beginning of 2026. 3/28/2023
Central Bank of Montenegro
CBCG Celebrates Global Money Week with Educational Activities to Develop Financial Literacy: The Central Bank of Montenegro (CBCG) celebrated Global Money Week from 20-26 March with educational activities to develop financial literacy among children and youth. Activities included lectures, workshops, and a forum on the CBCG's role and competencies. Creative workshops on money were held for younger children, and special broadcasts and blogs discussing personal finance and green financing were shared on the CBCG website and social networks. Global Money Week is an annual event held in 176 countries worldwide under the auspices of the OECD. Financial literacy and education
3/28/2023
National Commission for Financial Markets
Moldova Sees 28.3% Increase in Gross Insurance Premiums, Driven by Accessibility Enhancements for Mobile and Vision Impaired Users: Insurance companies in the Republic of Moldova saw a 28.3% increase in gross premiums in 2022, amounting to 2.47 billion lei. This growth was driven by increases in premiums for airship insurance, accident insurance, civil liability aviation, goods insurance, and insurance of agricultural crops and animals. Non-life insurance made up 95.7% of the total gross premiums, and auto insurance accounted for 68.7%. Compensations and insurance indemnities totaled 905.7 million lei, and profits (before taxation) amounted to 128 million lei. The National Financial Market Commission and the Organization for Entrepreneurship Development have signed an agreement to simplify access to the insurance product by adapting official web pages for mobile devices and providing sound systems for informational content for people with disabilities. Market data and statistics
3/28/2023
Isle of Man Financial Services Authority
Scott Quayle Appointed New Head of Operations by Isle of Man Financial Services Authority: The Isle of Man Financial Services Authority has appointed Scott Quayle as its new Head of Operations. He is a qualified chartered accountant and experienced coach and mentor who has worked in senior roles in the Channel Islands, Malta and Bermuda. He will be responsible for the Authority's HR, IT, communications, finance, and facilities management functions, and will be part of the senior executive team. Chief Executive Officer Bettina Roth believes his track record of professional achievement will be an asset to the organization. Mr Quayle is excited to contribute to the integrity of the financial system and the Island's reputation. Internal organization and capabilities
3/28/2023
Guernsey Financial Services Commission
Proposed Amendments to Schedule 3 of Guernsey's Criminal Justice Law to Include Virtual Asset Service Providers, Due Diligence Threshold, and More - Consultation Responses Due 25 April 2023: This consultation paper proposes amendments to Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended with regards to an independent audit function, business risk assessments, and virtual asset service providers. It includes further development of the regulatory framework for virtual asset service providers, information requirements for virtual asset transfers, a £1,000 threshold for customer due diligence, and extensions to the definitions of “funds” and “property” to include virtual assets. Responses to the consultation paper are due by 25 April 2023. 3/28/2023
Guernsey Financial Services Commission
Guernsey Sees Potential for AI and Finance to Power the Future: Implications for 2023 and Beyond: This article discusses the potential power and implications of artificial intelligence (AI) and finance in Guernsey. It was published on March 28th, 2023 and outlines potential implications for the future. 3/28/2023
Bank of Greece
Bank of Greece Maintains Countercyclical Capital Buffer Rate at 0% for Q2 2023: The Bank of Greece will keep the countercyclical capital buffer rate for Greece at “zero percent” (0%) in the second quarter of 2023, with effect from 1 April 2023. The rate has been unchanged since 2016 and is justified by a negative standardised credit-to-GDP gap, as well as the assessment of additional indicators for monitoring the build-up of cyclical systemic risk. The buffer is a macroprudential policy tool aimed at preventing the build-up of cyclical systemic risk and providing an appropriate level of credit growth and leverage in the economic cycle. 3/28/2023
Cyprus Securities and Exchange Commission
CySEC Supervises 333 Management Companies and UCIs in Q4 of 2022, AUM Reaches €9.5 Billion: In the 4th quarter of 2022, the Cyprus Securities and Exchange Commission (CySEC) supervised 333 Management Companies and Undertakings of Collective Investments (UCIs), of which 243 had operations. Assets under management reached €9.5 billion, experiencing a 3.7% decrease since the 3rd quarter of 2022 and a 17.7% decrease compared to the same period in 2021. Approximately 64% of the AUM relate to Assets managed by the AIFMs, 10% by the Sub-threshold AIFMs, 16% by the AIFMs and UCITS Management Companies, and 9% by the UCITS Management Companies. UCIs invested in sectors such as energy, fintech, shipping, and sustainable investments, with 98.9% of UCITs held by retail investors and 21.1% of AIF, AIFNLP and RAIF held by professional investors. 3/28/2023
Bulgaria Financial Supervision Commission
FSC Adopts Draft Ordinance Amending and Supplementing Investment Regulations and Approves Bank Replacements and Exemptions: The Financial Supervision Commission (FSC) met today and decided to adopt a draft Ordinance amending and supplementing Ordinance No 44 of 20.10.2011 on the requirements to the activity of collective investment schemes, management companies, national investment funds, alternative investment funds and alternative investment fund managers at first reading. The public can submit notes and proposals on the project within the next 14 days. The FSC also approved the replacement of KBC Bank Bulgaria EAD with Texim Bank AD as a depository bank of Super Borovets Property Fund REIT, Sofia. Burgas, amendments and supplements to the contract of Sopharma Properties REIT with a third party, and exempted Aurubis Bulgaria AD from the obligation to license itself as an investment intermediary in connection with the company's trading in derivatives of commodities and emission allowances and their derivatives. 3/28/2023
Central Bank of the Republic of Azerbaijan
Azerbaijani Republic Bank to Announce Interest Rate Parameters on March 29, 2023: The Administrative Board of the Azerbaijani Republic Bank will announce the parameters of the interest rate on March 29, 2023 at 11:00 a.m. following the announcement of the Agricultural Bank on March 28, 2023. 3/28/2023
Federal Reserve Bank of New York
Survey Results Show Slowest Home Price Growth Since 2014; Rental Price Expectations Remain High: The Federal Reserve Bank of New York released the results of their 2023 Survey of Consumer Expectations, which provides information on consumers' housing-related experiences and expectations. The results show that households expect home prices to increase over the next twelve months at the slowest pace since the survey began in 2014, while rental price growth expectations remain elevated. Homeowners' expectations of refinancing their mortgage over the next 12 months fell sharply to a new series low. The probability of buying a home conditional on a move over the next three years rose overall, but remained well below its 2021 peak. Despite this, a large majority of households continue to view housing as a good financial investment. 3/28/2023
Argentina Securities Commission (CNV)
Negri Opens XV Symposium for Argentine Institute of Finance Executives with Overview of Economy and Reform Projects: The XV Symposium on Capital Markets and Corporate Finance of the Argentine Institute of Finance Executives (IAEF) was opened by Negri, and he discussed two reform projects related to the prevention of money laundering and the regulation of crypto-assets. He also gave an overview of the economy amid high inflation, noting that the country has grown 5%, unemployment has fallen, and the capital market is working. Additionally, he highlighted the record-breaking success of the special regime for SMEs and the validity of mutual funds as investment options. The IAEF brings together executives from various business areas. 3/28/2023
UAE Securities & Commodities Authority
SCA Hosts Workshop at Dubai HQ to Educate Students on Financial Fraud, Money Laundering and Terrorist Financing: The SCA hosted a workshop at its headquarters in Dubai for students from the Higher Colleges of Technology to educate them on financial fraud, money laundering and terrorist financing. The workshop covered topics such as the objectives of the national campaign, international requirements and laws, fraud methods promoted by impersonators, warning signs of suspicious activity, and customer evaluation and monitoring. The workshop aimed to promote financial literacy and help students recognize financial risks and protect their savings 3/28/2023
Qatar Central Bank
Sheikh Bandar bin Mohammed bin Saoud Al Thani Attends 13th Board and General Assembly Meetings of Gulf Payments Company: Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, attended the 13th Board and General Assembly meetings of the Gulf Payments Company on March 28th, 2023. The meetings discussed various topics and decisions were made. 3/28/2023
Botswana Non-Bank Financial Institutions Regulatory Authority
NBFIRA Approves Financial Resources Requirements Rules for Custodians of 2023 to Take Effect April 1: The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has approved the Financial Resources Requirements Rules for Custodians of 2023, which will go into effect on April 1, 2023. The Rules were initially issued as Guidelines, but were converted to Rules to align with the Securities Act of 2014 and the Securities (Institutions Licensing) Regulations, 2017. Any inquiries should be directed to Mr. Mbiganyi Modise or Ms. Thenjiwe Stephen at 3686100 or through email, and the Rules can be accessed through the NBFIRA Website. 3/28/2023
Botswana Non-Bank Financial Institutions Regulatory Authority
NBFIRA Approves Financial Resources Requirements Rules for Asset Managers, to be Implemented by April 2023: The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has approved the Financial Resources Requirements Rules for Asset Managers of 2023 and has instructed all Asset Managers to implement the Rules from 1st April 2023. The industry has been given a period of six months to comply. The issuance of the Rules is in line with the Securities Act of 2014 and the Securities (Institutions Licensing) Regulations, 2017. For any inquiries, people can contact Mr Mbiganyi Modise or Ms Thenjiwe Stephen or visit the NBFIRA website. The Rules can also be accessed through the website. 3/28/2023
Botswana Non-Bank Financial Institutions Regulatory Authority
Revised Retirement Funds Act (2022) - Pensions to Increase Domestic Investment Limit Up to 50% Over 5 Year Period: This circular outlines changes to pension funds on/offshore investments, following changes to the Retirement Funds Act (2022). The pensions domestic investment limits shall be increased up to fifty (50) percent of total asset values over a five (5) year period, with a gradual approach. The revised PFR2 document will soon be released and retirement funds are directed to commence the transition process. Compliance levels will be monitored in line with targets and progress reports should be submitted to the Authority. 3/28/2023
Botswana Non-Bank Financial Institutions Regulatory Authority
NBFIRA Approves Capital Markets Sector Corporate Governance Rules of 2023 to be Implemented from April 1st: The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has approved the Non-Bank Financial Institutions Regulatory Authority (Capital Markets Sector Corporate Governance) Rules of 2023 and has informed all Capital Markets Participants that the Rules should be implemented from 1st April 2023. There is a six month period in which to have implemented the Rules. Enquiries and access to the Rules can be directed to Mr Mbiganyi Modise or Ms Thenjiwe Stephen at 3686100 or through email at mmodise@nbfira.org.bw and tstephen@nbfira.org.bw or accessed through the NBFIRA Website www.nbfira.org.bw. 3/28/2023
National Association Of Insurance Commissioners
Dr. Philip N. Jefferson to Deliver Opening Keynote at the NAIC 2023 International Insurance Forum: Philip N. Jefferson, member of the Federal Reserve's Board of Governors, will deliver the opening keynote address at the National Association of Insurance Commissioners (NAIC) 2023 International Insurance Forum on May 18. Dr. Jefferson was previously the vice president for academic affairs, the dean of faculty, and the Paul B. Freeland Professor of Economics at Davidson College, and a Centennial Professor of Economics at Swarthmore College. The NAIC is a state-based system of insurance regulation in the United States, governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. For more information, please visit their Resource Center. 3/28/2023
Commodity Futures Trading Commission
CFTC Fines BBL Commodities LP $400,000 for Failing to Implement Adequate Supervisory System: The CFTC issued an order against BBL Commodities LP for failing to implement an adequate supervisory system to detect and deter potentially disruptive trading. BBL was required to pay a $400,000 penalty and to cease and desist from further supervision violations. The order found that BBL had placed a large order with their executing broker without considering the potential disruptive impact of their trading. 3/28/2023
Japan Securities and Exchange Surveillance Commission
NRA Orders BuySell Co., Ltd. to Pay 3.03 Million Yen in Surcharges for Insider Trading and Trading Recommendation Violations: The Securities and Exchange Surveillance Commission (NRA) has issued a recommendation to BuySell Co., Ltd. for an order for the payment of surcharges in accordance with the provisions of Article 20, Paragraph 1 of the Act on the Establishment of the Financial Services Agency due to violations of insider trading and trading recommendation acts by the agent of the negotiator who concluded the contract. The amount of the surcharge ordered to be paid is 3.03 million yen. 3/28/2023
Taiwan Financial Services Commission
Life Insurance Industry Sees Steep Drop in Premium Revenues in 2023, Investment-Linked Insurance Products Hit Hardest: At the end of January 2023, the life insurance industry saw premium revenues from new foreign-currency denominated policies amount to NT$19.566 billion, a 72% decrease from the previous year. Investment-linked insurance products accounted for 19% of the total, dropping 87% from the year before. Traditional insurance products totaled NT$15.890 billion, down 62% from the previous year. Market data and statistics
3/28/2023
Taiwan Financial Services Commission
Insurance Industry Experiences Pre-Tax Profit Loss of NT$25.4 Billion in February 2023, Life and Non-Life Enterprises Equity Down by 19.9% and 55.6% Respectively: At the end of February 2023, the insurance industry was in an overall pre-tax profit loss of NT$25.4 billion. Life insurance enterprises pre-tax profit decreased by 127.4%, while non-life insurance enterprises pre-tax loss decreased by 101.7%. Owners' equity of both life and non-life insurance enterprises decreased by 19.9% and 55.6%, respectively. Exchange gains/losses and hedging gains/losses resulted in a cumulative balance of foreign exchange valuation reserve of life insurance enterprises of NT$207.9 billion and net gains of NT$42.1 billion for overseas investments. Market data and statistics
3/28/2023
South Korea Financial Services Commission
KRW20.2508 Trillion in Corporate Financing Through Debt and Equity Issues in February 2023, Up KRW1.8704 Trillion from the Previous Month: In February 2023, corporate financing through debt and equity issues came in at KRW20.2508 trillion, an increase of KRW1.8704 trillion from the previous month. Equity issues decreased from KRW1.4881 trillion in January to KRW238.1 billion in February, while debt issues increased 18.5% to KRW20.0127 trillion. Corporate bond issuance rose 37.4% to KRW8.4240 trillion, and commercial papers and short-term electronic bond issues decreased 2.3% and 7.3%, respectively. 3/23/2023
South Korea Financial Services Commission
FSC Vice Chairman Kim So-Young Chairs 4th Working Group Meeting of Taskforce on Improving Bank Management and Operating Practices, Discusses Online Deposit Brokerage Service, Internet-Only Banks, and 2nd Taskforce Meeting.: The 4th Working Group Meeting of the Taskforce on Improving the Management and Operating Practices of Banks and Banking System was held on March 22, chaired by FSC Vice Chairman Kim So-young. Discussions included the launching of online deposit product brokerage service, ways to boost the competitiveness of internet-only banks, and plans for the 2nd taskforce meeting. Participants expressed hopes for the benefits of online deposit brokerage services and discussed the importance of algorithms for appropriate product recommendation, the need for upper limits for subscription, and the development of an alternative credit assessment model. The 2nd taskforce meeting is scheduled for March 29 and will discuss topics such as small licensing units and ways to regulate nonbank financial institutions. 3/28/2023
Bank of Korea
Trade Index Suffers 4.5% Year-on-Year Decline in February 2023: The terms of trade index declined by 4.5% year-on-year in February 2023. 3/28/2023
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
New Sector in Uralsk Allows Citizens in West Kazakhstan Region to Register Real Estate Without Notary: The State Corporation Government for Citizens in the West Kazakhstan region has opened a new sector in Uralsk, allowing residents to register real estate without the participation of a notary. This saves time and money on drawing up a contract of transfer or purchase and sale. To complete the transaction, buyers must provide a notarized consent of the other spouse or a statement that the owner of the acquired property is not married. This sector has also been operating at S.Tyulenin Street, 47/1 since last year. 3/28/2023
National Bank of Cambodia
LPCO Announces National Guarantee Operation to Assist Businesses and Strengthen Economy During Pandemic: This notification from the LPCO outlines the National Guarantee Operation, which establishes a framework for providing financial assistance to businesses in order to strengthen the economy during the pandemic. It outlines the conditions for qualifications and the application process. 3/28/2023
British Virgin Islands Financial Services Commission
Q4 2022 BVI FSC Statistical Bulletin Released: New Data Collection with Improved Website Experience Through Cookies: The British Virgin Islands Financial Services Commission uses cookies to collect data and improve the experience on their website. They have released a Q4 2022 BVI FSC Statistical Bulletin, which is attached in a PDF document. Those who accept the use of cookies can learn more about their privacy policy. 3/28/2023
Cayman Islands Monetary Authority
CIMA Raises $12K for Literacy and Numeracy Programmes at Primary Schools, Announces 9 July 2023 Walk/Run Date: The Cayman Islands Monetary Authority (CIMA) has achieved another successful 5K Charity Walk/Run for the year, raising $12,410.97 to benefit literacy and numeracy programmes at three primary schools. The event was made possible through generous contributions from corporate sponsors, local businesses, and the CIMA organising committee. CIMA Managing Director, Mrs. Cindy Scotland, OBE expressed her appreciation for the community's support. This year's Walk/Run will take place on 9 July 2023 and more information or registration can be found at caymanactive.com. 3/28/2023
Hong Kong Securities & Futures Commission
SFC Publicly Criticises Cheung Chi Shing for Breach of Takeovers Code: The Securities and Futures Commission (SFC) has publicly criticised Cheung Chi Shing for his failure to obtain regulatory approval before triggering a mandatory general offer obligation, in breach of the Takeovers Code. Cheung and his concert parties have taken remedial measures to make the general offers and accepted that he had not obtained the required approval before triggering an obligation. The Executive expects persons who are actively engaged in the securities market to comply with the Codes and to seek professional advice as and when needed. 3/28/2023
European Securities and Markets Authority
ESMA Launches Consultation on EMIR Refit Guidelines for Trade Repositories: ESMA, the EU's financial markets regulator, has launched a consultation on amendments to its Guidelines for Trade Repositories on position calculation under EMIR Refit standards. The consultation seeks input from market participants, in particular TRs and authorities with access to EMIR data, regarding the scope of data to be used, the time of calculation, and the calculation methodologies for calculating positions in derivatives. ESMA will consider feedback and publish the final report with updated XML schemas by early Q4 2023. 3/28/2023
Finansinspektionen
Norwegian Financial Supervisory Authority Approves Extension of Risk Weight Floors for Household, Corporate Real Estate Exposures Until 2024: The Financial Supervisory Authority of Norway has approved the Ministry of Finance's decision to extend the average risk weight floors of 20% for household exposures secured in real estate in Norway and 35% for corporate exposures secured in real estate in Norway until the end of 2024. This applies to Swedish credit institutions who have permission to use the IRB Method and exposures in Norway that exceed certain thresholds. The decision applies from 31 March 2023 to 31 December 2024. 3/28/2023
Finansinspektionen
EIOPA and Försäkringsr FI to Survey Insurance and Pension Products for Costs & Returns - Results to be Published at End of Year: EIOPA and Försäkringsr FI are conducting a survey of insurance and pension products to measure their costs and historical returns. The survey will be sent out to EU Member States in March, and the results will be published at the end of the year. Last year's report can be found on EIOPA's website. It is hoped that the results from the survey will help increase consumer participation and confidence in the financial market. 3/28/2023
Bank of Spain
Bank of Spain Releases 2022 Supervision Report Outlining Functions, Priorities, and Digital Transformation Strategies: The Bank of Spain has published its 2022 Supervision Report, which outlines the functions and organization of their supervision, the main actions taken in 2022, the priorities of strengthening institutions, digital transformation strategies, improving governance and assessing risks, direct supervisory functions, macroprudential policy tools, conduct monitoring, and the Bank of Spain's participation in international organizations and forums of supervision. 3/28/2023
Reserve Bank of India
State Government Securities Auction Raises Record ₹42713.72 Crore, Gujarat Rejects 10-Year Security Offer: On March 28, 2023, the State Government Securities auction was held with a total notified amount of ₹42713.72 crore for 8 states. Competitive and non-competitive bids were accepted for each of the securities. Allocations and weighted average yields varied for each state. Gujarat did not accept any amount in the 10-year security, while Tamil Nadu and West Bengal accepted additional amounts of ₹500 crore each in the 17-year and 19-year securities respectively. 3/28/2023
Reserve Bank of India
Reserve Bank Report: Bank Credit Grows 16.8% in December 2022, Led by Personal Loans, Private Banks Outpace Public Sector Counterparts: The Reserve Bank released its web publication which captures various characteristics of bank credit. It showed that bank credit growth was 16.8% in December 2022, with all population groups experiencing double digit growth. Personal loans accounted for over a third of the incremental credit during the calendar year 2022. Credit to industry moderated to 9.2% and working capital loan growth increased to 16.6%. The share of female borrowers in total credit to individuals was 22.7%. Private sector banks continued to outpace their public sector counterparts in credit growth. The weighted average lending rate on outstanding credit increased by 37 basis points during October-December 2022. 3/28/2023
Reserve Bank of India
Indian States and UTs Invest 41,213.72 Crore Rupees in Security Bonds, Gujarat and Tamil Nadu Opt Out, West Bengal Takes Additional 500 Crore Rupees in 17- and 19-Year Securities: Fifteen Indian states and union territories have accepted a total of 41,213.72 crore rupees in security bonds, with cut-off yields ranging from 7.49-7.97%, and tenures ranging from 5-35 years. Gujarat and Tamil Nadu have not accepted any amount in the 10-year security. West Bengal has accepted an additional amount of 500 crore rupees each in the 17-year and 19-year security. 3/28/2023
Thailand Securities & Exchange Commission
SEC Approves Revision of Criteria for Digital Token Investments, Depository Services and Investor Protection Measures: The SEC approved the revision of criteria for investing in digital tokens, providing digital asset depository services, and other criteria related to the digital asset business. The purpose of the revision is to have adequate investor protection mechanisms in line with the risks of digital assets, and to support the adoption of technology to raise capital. The SEC is open to hearing opinions on the approved principles until April 27, 2023. 3/28/2023
Hong Kong Insurance Authority
Hong Kong Commemorates Fourth ILS Issuance with World Bank Catastrophe Bond Listing on HKEX: The Hong Kong Government and Insurance Authority (IA) celebrated the issuance of a catastrophe bond by the World Bank and its listing on HKEX on 28 March 2023. This is the fourth ILS issuance in Hong Kong since the dedicated regulatory regime and pilot grant scheme were introduced in 2021. Officials from the World Bank, the HKSAR Government, and the IA attended a gong-strike ceremony to mark the inaugural ILS listing. The bond offers protection against losses related to earthquake risks in Chile over the next three years. Officials expressed their commitment to develop Hong Kong into a leading international risk management centre. 3/28/2023
Consumer Financial Protection Bureau
CFPB Confirms Four States' Commercial Financing Disclosure Laws Do Not Conflict with Federal Law: The CFPB has determined that four states' laws requiring lenders to include disclosures in their commercial financing transactions with businesses are not preempted by the federal Truth in Lending Act, as the state laws provide protections to businesses and entrepreneurs seeking commercial financing. The CFPB requested comment on its preliminary determination before affirming its decision. The CFPB's decision affirms that the four states' commercial financing disclosure laws do not conflict with the Truth in Lending Act. Consumers can submit complaints about financial products or services to the CFPB. Conduct and consumer protection
3/28/2023
Financial Services Regulatory Authority of Ontario
FSRA to Create Guidance to Prevent and Deter Fraud in Mortgage Brokering Sector, Seeking Stakeholder Feedback by April 26, 2023: FSRA, the Financial Services Regulatory Authority of Ontario, is conducting additional consultations to create guidance to prevent and deter fraud in the mortgage brokering sector. The proposed guidance will include requirements for licensed mortgage brokers, agents, brokerages, and administrators to detect and prevent fraud. Stakeholders are encouraged to submit feedback on the proposed guidance before April 26, 2023. FSRA has the authority to take enforcement action against those who do not comply. Conduct and consumer protection
3/28/2023
International Monetary Fund Blog
Policymakers Urged to Tackle Rising Food and Energy Prices, Mitigate Inflation, and Support Vulnerable Households: In recent years, food and energy prices have surged to near historic highs due to the pandemic and the war in Ukraine, resulting in major supply disruptions and increased volatility of commodity prices. This poses economic challenges in the coming years, as greater volatility in commodity prices could lead to less public investment and higher consumer inflation. In addition, world food and energy prices remain elevated, leading to food insecurity for millions of people. To address this, policymakers must focus on reducing inflation and replacing broad-based policies to mitigate the impact of higher commodity prices with targeted measures to support vulnerable households. Multilateral efforts are also essential to address food and energy insecurity. 3/28/2023
Monetary Authority of Singapore
Resilient Alternative Investment Industry Booms in Singapore, as Financial Infrastructure Digitalises and Blockchain Technology is Explored: Lim Cheng Khai, Executive Director of the Financial Markets Development Department of the Monetary Authority of Singapore, highlighted the resilience of the alternative investment industry in his speech at the Alternatives Investment Management Association Singapore Forum in March 2023. In Singapore, alternative AUM grew 30% year-on-year, and more than half of the top 50 global alternative asset managers and 40% of the top 50 global hedge fund managers have set up offices in the country. In addition, digitalisation of the financial infrastructure and blockchain technology are being explored to make private investments more accessible and facilitate the tokenisation of financial and real economy assets. There are also initiatives to support the net zero transition, digital assets ecosystem and access to high quality talent. 3/28/2023
Bank of Japan
Fourth Cross-Industry Forum on Interest Rate Benchmarks Results in Exchange of Information on LIBOR Transition, Usage of Alternative Benchmarks: The fourth Cross-Industry Forum on Interest Rate Benchmarks was held on March 28, 2023 at the Head Office of the Bank of Japan. The agenda included exchanging information on the LIBOR transition, discussing trends on alternative interest rate benchmarks in the Japanese markets, and any other business. The key results of the questionnaire survey on the transition away from USD LIBOR, results of the fourth survey on the use of LIBOR, and key results of the questionnaire survey on the usage of alternative interest rate benchmarks were discussed. Minutes of the meeting will be announced later. 3/28/2023
European Securities and Markets Authority
ESMA Issues Public Statement to Address Investor Protection Risks of Derivatives on Fractions of Shares: ESMA has issued a Public Statement addressing investor protection concerns raised by derivatives on fractions of shares. The statement highlights that derivatives on fractions of shares are not corporate shares, and firms should make clear to the investor that they are buying a derivative instrument. Additionally, firms must provide fair, clear and non-misleading information to clients and disclose all direct and indirect costs and charges. An appropriateness assessment must be carried out where non-advised services are provided, as derivatives are complex financial instruments. Conduct and consumer protection
3/28/2023
European Banking Authority
EBA Publishes Retail Risk Indicators to Aid EU Consumer Protection: The European Banking Authority (EBA) has published a set of indicators to measure the retail risks encountered by consumers in the EU in relation to banking products, such as mortgages, consumer credit, deposits, payment accounts and payment services. These indicators are intended to help the EBA and national competent authorities prioritize their consumer protection regulatory and supervisory work and may be useful to other external stakeholders. A methodological note is also included to help interpret the data and outline important caveats. Conduct and consumer protection
3/28/2023
Islamic Development Bank
IsDB's Renovation of Watari Dam Transforms Lives in Kano, Nigeria - Improving Access to Water and Empowering Communities: Kano, Nigeria, is home to 20 dams, the largest of which are Tiga and Challawa Gorge, which are used to generate hydroelectric power and for other purposes. Smaller dams are used for irrigation, livestock, fisheries, and flood control. The Watari dam, of particular interest to the Islamic Development Bank (IsDB), has been renovated with the help of the Kano State Agro-Pastoral Development Project (KSADP). This project has increased water access and enabled farmers, women, and private sector leaders to produce and sell more food products, improving their livelihoods and attracting pastoralists to the area. IsDB has provided additional funds for the development of 1,000 hectares of irrigation land, providing opportunities for over 4,000 low-income farmers. The renovation of Watari dam has been a success, lifting communities out of poverty and empowering them to live better lives. 3/28/2023
IOSCO
IOSCO Publishes Report on Global Assurance Framework for Sustainability-Related Corporate Reporting: The International Organization of Securities Commissions (IOSCO) has published a report on international work to develop a global assurance framework for sustainability-related corporate reporting. The report outlines IOSCO's support for the on-going work of the international standard setters - the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants - to develop profession-agnostic assurance and ethics (including independence) standards over sustainability-related information. IOSCO encourages continued strong system-wide engagement throughout the development of the standards and calls for early engagement with preparers, investors, and providers to ensure the framework is responsive to the public interest and to build capacity across the entire sustainability reporting ecosystem. Climate risk and sustainable finance
3/28/2023
Taskforce on Nature-related Financial Disclosures
TNFD Releases Final Beta Framework for Nature-Related Risk Management and Disclosure, Viewed Over 90,000 Times in Over 150 Countries and Territories, Supported by Over 1,000 Organisations: The Taskforce on Nature-related Financial Disclosures (TNFD) has released its fourth and final beta framework for nature-related risk management and disclosure. This release has been viewed over 90,000 times from market participants in more than 150 countries and territories and has gained support from over 1,000 organisations. The framework is anchored by the same four pillars of the TCFD approach and the final draft includes 14 recommended disclosures. There is also a proposed tiered approach of leading indicators which seeks to strike the right balance between being science-based and practical for market participants. The TNFD will publish its final recommendations in September 2023. Climate risk and sustainable finance
3/28/2023
Botswana Non-Bank Financial Institutions Regulatory Authority
NBFIRA Approves Financial Resources Requirements Rules for Securities Brokers and Dealers to be Implemented by April 1st, 2023: The NBFIRA has approved the Financial Resources Requirements Rules for Securities Brokers or Dealers of 2023 and has instructed for them to be implemented from April 1st, 2023. The industry is given six months to implement these Rules, which are based on the Securities Act of 2014 and the Securities (Institutions Licensing) Regulations, 2017. Enquiries can be directed to Mr Mbiganyi Modise or Ms Thenjiwe Stephen at 3686100 or through email, and the Rules can also be accessed through the NBFIRA website. 3/28/2023
Bank of Italy
19th Issue of International Technical Cooperation Letter Released by Bank of Italy - Download in PDF Format at 5.7 MB: This document is the 19th issue of the International Technical Cooperation Letter, a twice-yearly publication produced by the Bank of Italy. The issue contains information related to international technical cooperation and is available in PDF format with a size of 5.7 MB. 3/28/2023
Riksbank
Swedish Krona Exchange Rate Plummets Despite Strict Inflation Targeting Policy Since 1993: The Swedish krona has not experienced a long-term trend of depreciation since the introduction of an inflation targeting policy in 1993. However, the real exchange rate has weakened since the early 2000s, likely due to factors such as productivity and savings. Prior to 1993, the nominal exchange rate experienced dramatic fluctuations due to a lack of policy in line with its objective of keeping the exchange rate fixed. 3/28/2023
Hong Kong Monetary Authority
HKMA Holds Exchange Fund Bills Tender Results: HK$10.65B, HK$140.19B, and HK$83.25B Allotted on 28 March 2023, Plus Three More EF Bills to Be Held on 04 April 2023: The Hong Kong Monetary Authority held Exchange Fund Bills Tender Results on 28 March 2023. Three types of EF Bills were offered with different maturities. The amount applied was HK$10,650 million, HK$140,190 million, and HK$83,250 million respectively. The amount allotted was HK$2,000 million, HK$62,571 million and HK$15,000 million. The pro rata ratio for each tender was about 14%, 29%, and 61%. Three other EF Bills are to be held on 04 April 2023 with maturities of 27 days, 90 days, and 181 days, and amounts on offer of HK$2,000 million, HK$66,126 million, and HK$19,000 million respectively. 3/28/2023
Mauritius Financial Services Commission
FSC Mauritius Hosts IAIS Governance Working Group Meeting, Advances Effective Corporate Governance in Insurance Sector: The Financial Services Commission, Mauritius hosted the International Association of Insurance Supervisors Governance Working Group Meeting in March 2023. The event was attended by the Chairman of the FSC and First Deputy Governor of the Bank of Mauritius, Chairperson of the GWG, Chief Executive of the FSC, and Vice-Chairperson of the GWG. The meeting focused on developing and advancing effective corporate governance in the insurance sector, with discussions covering remuneration, diversity, equity, and inclusion. Update on operational resilience and presentations on governance and culture and DEI were also made. The meeting was successful in advancing the IAIS's goal to promote effective and globally consistent supervision of the insurance industry. 3/28/2023
FINMA
FINMA Publishes 2022 Annual Report: Risk-Based Supervision, AI Unit Established, End of Transitional Period for Portfolio Managers and Trustees, Investigations and Proceedings Increase by 10%.: The Swiss Financial Market Supervisory Authority FINMA published its 2022 Annual Report today, which includes the annual financial statements and data on enforcement cases in a database as well as statistics in an Excel document. FINMA concentrated on the most important pressure points in its risk-based supervisory activities, including the consequences of the Ukraine war for the financial centre. The use of artificial intelligence is also gaining in importance in the financial markets, and FINMA set up a new unit to properly supervise these developments. FINMA also took into account the end of the three-year transitional period for submitting an application as a portfolio manager or trustee, and the number of investigations and proceedings increased by more than 10% compared to the previous year. FINMA postponed its annual media conference due to the current focus on the work relating to the merger of UBS and CS. 3/28/2023
Securities and Exchange Regulator of Cambodia
SERC Alert: Beware of Unlicensed or Unauthorized Service Providers: This SERC Alert warns against dealing with an unlicensed or unauthorized entity that may be offering services in the SERC region. It advises customers to verify the legitimacy of any service provider before signing any agreements. 3/28/2023
Securities and Exchange Regulator of Cambodia
Cambodia's FinTech Development Policy Draft Discussed in Online Meeting Led by H.E. SOU Socheat and H.E. Dr. Kong Marry: On March 28th, 2023, H.E. SOU Socheat, the Director General of Securities and Exchange and Vice Chairman of the technical working group for FinTech in the Non-Bank Financial Sector, convened a meeting via online to discuss the preliminary draft of Cambodia's FinTech Development Policy. The meeting was presided over by H.E. Dr. Kong Marry, the Under Secretary of State of the Ministry of Economy and Finance. Members of technical working groups also attended the meeting to provide support. 3/28/2023
Securities and Exchange Regulator of Cambodia
Cambodian Regulators and Companies Sign Agreement at 46th Floor of Morgan Tower Koh Pich: On March 27th, 2023, H.E. SOU Socheat, Delegate of Royal Government in Charge as Director General of the Securities and Exchange Regulator of Cambodia (SERC), was accompanied by H.E. Dr. Vin Pheakdey, Deputy Director General of the SERC and Officials to preside over the signing ceremony between Banjaran Asset Management (Cambodia) PLC. and Stronghold Trustee Co.,Ltd. on the 46th Floor of Morgan Tower Koh Pich. The event was also attended by H.E Sok Dara, Director General of the Trust Regulator. Both companies are licensed by the SERC. 3/28/2023
World Bank
World Bank and Hong Kong Partner for Largest Single Country Cat Bond Transaction to Date: The World Bank and Hong Kong have partnered to list a $350 million catastrophe bond on the Hong Kong Stock Exchange that provides the Chilean government with financial protection against severe earthquake events for three years. This is the largest single-country catastrophe risk transfer transaction to date and is supported by the Hong Kong Insurance Authority. The World Bank has facilitated many landmark cat bond transactions and has provided almost US$6 billion in insurance coverage for clients through risk transfer transactions. 3/28/2023
G20
G20 Delegates to Discuss Equitable Growth and Sustainable Urban Infrastructure at Second Infrastructure Working Group Meeting in Vishakhapatnam: The second G20 Infrastructure Working Group meeting is taking place in Vishakhapatnam, Andhra Pradesh, on 28th and 29th March 2023. Delegates from G20 member countries, invitee countries, and international organisations will discuss aspects of infrastructure investments and follow up on the discussions held during the first meeting. The theme is 'One Earth, One Family, One Future', which emphasizes equitable growth and building resilient, inclusive, and sustainable urban infrastructure. Various official meetings, cultural programmes, excursions, and capacity-building workshops have been planned during the meeting. Jan-Bhagidari initiatives, such as model G20 sessions in schools and regional workshops, have also been organized. The Ministry of Finance is steering the G20 Infrastructure agenda. 3/28/2023
Reserve Bank of Fiji
