Staying ahead in the ever-evolving regulatory landscape is crucial for financial institutions worldwide. In Week 6 of 2025, regulators across multiple jurisdictions introduced key updates aimed at strengthening financial supervision, enhancing compliance frameworks, and improving consumer protection. From banking and insurance to investment and payments, this blog covers the latest developments, including new reporting requirements, governance enhancements, and risk management directives. These updates underscore the ongoing global efforts to maintain financial stability, promote transparency, and align with emerging market trends.
Business Line | Country | Regulator | Regulatory Update | Summary |
All | Guernsey | GFSC | Consultation on Expanding Financial Crime Reporting Requirements | The Guernsey Financial Services Commission (GFSC) has launched a public consultation on proposed amendments to the Financial Crime Returns Rules (FC Returns Rules), with feedback open until March 17, 2025. The amendments aim to mandate periodic financial crime risk returns for prescribed businesses—including accountants, lawyers, and estate agents—ensuring parity with the financial services sector. Additionally, money services businesses licensed under the Lending, Credit, and Finance (LCF) Law will be required to report financial flows data quarterly, aligning them with existing banking sector requirements. The consultation also proposes clarifications for insurance managers, life insurers, and incorporated cell companies regarding reporting obligations. These changes reflect Guernsey’s evolving anti-money laundering (AML) and counter-terrorist financing (CFT) framework and seek to improve regulatory consistency across all supervised entities. |
Indonesia | OJK | The Otoritas Jasa Keuangan (OJK) has introduced nine new regulations (POJKs) aimed at enhancing the supervision, governance, and risk management of financial institutions, including financing companies, venture capital firms, microfinance institutions, and other financial service entities. These rules, issued in late 2024 as part of the Financial Sector Development and Strengthening Law (UU P2SK), focus on key areas such as risk management (POJK 42/2024), good corporate governance (POJK 48/2024), financial supervision (POJK 49/2024), and digital financing innovation (POJK 46/2024). The regulations also introduce new requirements for pawnshops (POJK 39/2024), crowdfunding platforms (POJK 40/2024), and cooperatives operating in the financial sector (POJK 47/2024). These measures aim to boost financial sector stability, transparency, and consumer protection while promoting inclusive and sustainable economic growth. | ||
Banking | Australia | ASIC | The Australian Securities and Investments Commission (ASIC) has released Consultation Paper 382 (CP 382) and Draft Regulatory Guide 000, setting out new regulatory obligations for low-cost credit contracts, including most Buy Now, Pay Later (BNPL) arrangements. The proposed framework aligns these contracts with the National Consumer Credit Protection Act 2009, introducing modified responsible lending obligations effective from June 10, 2025. Key changes include mandatory consumer financial inquiries, suitability assessments, and compliance requirements for Australian credit license holders. ASIC seeks industry feedback on these regulations before finalizing the guide in May 2025. | |
Indonesia | OJK | The Otoritas Jasa Keuangan (OJK) has introduced POJK 44/2024, a regulation modernizing banking secrecy rules in line with the Financial Sector Development and Strengthening Law (UU P2SK). Effective December 27, 2024, the regulation revises the definition of banking secrecy, clarifies exceptions for law enforcement and regulatory cooperation, and introduces new procedures for information disclosure. Key changes include allowing banks to process secrecy requests directly, updating compliance obligations for banks regarding internal procedures and documentation, and repealing Bank Indonesia’s outdated 2000 regulation. These reforms aim to enhance transparency while maintaining financial confidentiality, ensuring that regulatory frameworks align with modern banking practices and international standards. | ||
United Kingdom | PSR | The UK’s Payment Systems Regulator (PSR) has released its Compliance Monitoring Framework (PS25/2) for February 2025, aimed at ensuring adherence to its payment regulations. The framework outlines how the PSR’s Compliance Monitoring team will assess compliance with general and specific directions, the UK Interchange Fee Regulation (UK IFR), and key provisions of the Payment Services Regulations 2017. The approach is proportionate and risk-based, emphasizing regulatory engagement before escalating to enforcement actions. The framework details monitoring methods, including regulatory reporting, whistleblower reports, complaints, and market intelligence, with a focus on preventing consumer harm and promoting competition. Firms are expected to cooperate transparently, and non-compliance cases may lead to enforcement actions under the PSR’s Administrative Prioritisation Framework. | ||
Insurance | Canada | ICBC | The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have published a public consultation draft aimed at consolidating and updating regulatory guidance for segregated funds. The proposed guidance seeks to enhance consumer protection, disclosure practices, and risk management within the insurance sector. Key areas of focus include standardizing disclosure requirements, improving fee transparency, and strengthening governance frameworks to align with evolving market dynamics. Stakeholders, including insurers and industry participants, are invited to provide feedback to ensure that the final guidance reflects the needs of policyholders and maintains market stability. The consultation period remains open for industry input before the final implementation of the revised framework. | |
European Union | EIOPA | Revised Guidelines for Market Share Calculation Under Solvency II | The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on its revised guidelines for determining market shares for reporting under the Solvency II Directive. The revisions aim to enhance clarity, streamline reporting obligations, and ensure proportionality in supervisory requirements. Key changes include the bundling of guidelines to simplify processes, the inclusion of life and non-life market calculations, and adjustments to exemption and limitation criteria. These updates are expected to improve the consistency of reporting across EU insurance markets while reducing administrative burdens for smaller entities. Stakeholders can submit feedback until 28 April 2025. | |
Indonesia | OJK | Transformation of Insurance, Pension Funds, and Guarantee Sectors | The Otoritas Jasa Keuangan (OJK) has announced a renewed focus on strengthening the insurance, pension funds, and guarantee sectors (PPDP) through regulatory development and industry-wide transformation. During the PPDP Regulatory Dissemination Day 2025, OJK outlined its two-pronged approach: addressing current industry issues with stricter oversight and building long-term resilience by enhancing regulations, industry standards, and supervisory frameworks. In 2025, OJK plans to introduce seven new POJK regulations and nine SEOJK circular letters, focusing on areas such as financial health in insurance, pension fund licensing, and institutional governance. The regulator aims to create a healthier, more sustainable sector that enhances consumer protection and economic growth. | |
Isle of Man | GOV.IM | Isle of Man Updates Insurance Regulations with Key Amendments for 2025 | The Isle of Man Financial Services Authority (IOMFSA) has concluded its consultation on updates to the Insurance Regulations 2025, including amendments to fees, solvency requirements, and corporate governance rules for special purpose vehicles (ISPVs). The changes refine previous consultations (CP24-03 and CP24-04) and introduce enhanced solvency frameworks, new provisions for class 12 (captive insurers) and class 13 (fully funded insurers), and updated regulatory remedies for protected cell company cells. The amendments also standardize reporting obligations and establish default fees for certain insurers, ensuring proportional and fair regulatory oversight. These updates aim to enhance market competitiveness while maintaining robust prudential supervision. | |
Investment | Austria | FMA | The Austrian Financial Market Authority (FMA) has provided further clarity on the implementation of the European Securities and Markets Authority (ESMA) Guidelines on fund names that include sustainability-related terms. The new rules ensure that investment funds using labels such as “green,” “sustainable,” or “ESG” accurately reflect their underlying assets. To comply, at least 80% of a fund’s investments must meet ESG criteria, a significant increase from the previous 50% threshold. Additionally, funds with ESG-related names must exclude investments in sectors such as coal, oil, gas, controversial weaponry, and tobacco. The FMA’s latest publication, Reden wir über Aufsicht (Let’s Talk About Supervision), provides insights into how these regulations apply in Austria, where 223 funds managing €43 billion in assets fall under these guidelines. | |
Bermuda | BMA | The Bermuda Monetary Authority (BMA) has launched a Call for Proposals inviting stakeholders to participate in a pilot project exploring Embedded Supervision in the Decentralised Finance (DeFi) ecosystem. The initiative aims to integrate automated regulatory compliance mechanisms into DeFi platforms, reducing reliance on traditional oversight methods. The pilot will focus on key regulatory challenges such as AML/KYC compliance, decentralised governance, and risk-based regulation. Participants, including FinTech companies, DeFi protocols, and technology developers, are encouraged to propose innovative solutions such as real-time compliance reporting, smart contract-based regulatory enforcement, and regulatory nodes for direct oversight. Submissions are due by April 30, 2025, and successful proposals will contribute to shaping future regulatory frameworks for digital finance. | ||
European Union | ESMA | Regulatory Technical Standards for CCP Authorisation Extensions | The European Securities and Markets Authority (ESMA) has published a consultation paper outlining proposed Regulatory Technical Standards (RTS) related to the extension of authorisation for central counterparties (CCPs) under EMIR 3. The new framework introduces a structured approach to CCP authorisation, distinguishing between a standard procedure, an accelerated procedure, and cases eligible for exemption from authorisation. ESMA is mandated to develop RTS detailing the conditions under which extensions of authorisation qualify for the accelerated process, as well as the required documentation for initial and extended authorisations. These changes aim to enhance regulatory efficiency, promote consistency across EU jurisdictions, and strengthen the competitiveness of EU clearing services. | |
European Union | ESMA | The European Securities and Markets Authority (ESMA) has issued a consultation paper on the development of Regulatory Technical Standards (RTS) under Article 49(5) of EMIR, outlining the conditions and required documentation for validating changes to models and parameters used by central counterparties (CCPs). The consultation introduces clearer criteria for distinguishing between significant and non-significant changes, specifying quantitative thresholds and governance requirements for model adjustments. This initiative aims to enhance regulatory certainty, streamline approval processes, and ensure harmonization across EU jurisdictions. ESMA is seeking stakeholder feedback on the draft RTS, with a consultation period open until April 2025. | ||
France | ACPR | The Autorité de contrôle prudentiel et de résolution (ACPR) and the Autorité des marchés financiers (AMF) have published a report summarizing the findings of their Working Group on Smart Contract Certification and initiated a public consultation open until March 10, 2025. The working group, formed under the Forum Fintech ACPR-AMF, explored the feasibility of certifying smart contracts in decentralized finance (DeFi) to mitigate risks and enhance security. This initiative aligns with European regulatory discussions on DeFi and the follow-up to the MiCA Regulation, emphasizing that DeFi regulation should differ from traditional financial frameworks. The consultation invites stakeholders—including financial institutions, crypto-asset sector participants, researchers, and regulators—to contribute insights on developing a robust certification standard for smart contracts, ensuring trust and security within the DeFi ecosystem. | ||
Indonesia | OJK | Indonesia Strengthens Capital Market Regulations with New POJK 32/2024 | The Otoritas Jasa Keuangan (OJK) has issued POJK 32/2024, a new regulation aimed at developing and strengthening transactions and financial market institutions. This rule, effective from December 23, 2024, aligns with the Financial Sector Development and Strengthening Law (UU P2SK) and introduces enhanced governance, risk management, and investor protection measures in Indonesia’s capital markets, derivatives, and carbon exchanges. Key provisions include expanded roles for self-regulatory organizations, improved transaction settlement guarantees, broadened use of collateral funds, regulation of bond and sukuk trading by the Deposit Insurance Corporation, and contingency measures for financial distress in capital market institutions. These reforms are expected to boost financial market integrity, efficiency, and resilience. |
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