Indonesia, Brazil, Turkey and more: licensing, payments and market rules

Bangladesh Bank's Foreign Exchange Policy Department permits Authorized Dealers to allow the use of international cards to purchase air tickets from foreign airlines operating in Bangladesh where ticket sale proceeds are settled through the airlines' international acquiring and payment settlement arrangements outside Bangladesh. ADs must identify eligible transactions using the airlines' Merchant Category Codes listed in Annexure-A, may replenish international cards up to the amount used for such purchases outside the applicable travel entitlement, and must report these transactions to Bangladesh Bank. The facility does not apply to Bangladeshi airlines for ticket sales for travel from Bangladesh to destinations outside Bangladesh.

Bangladesh Bank's Foreign Exchange Policy Department issues a consolidated circular governing outward remittances for current account transactions other than imports and transportation services, updating and replacing FE Circular No. 37 of September 30, 2025 by incorporating subsequent circulars. It sets out detailed rules for Authorized Dealers on travel quotas, private remittances, profit and dividend remittances, institutional remittances, export claims, insurance, reinsurance, international cards, and card-platform payments. The instructions remain valid for one year from issuance and all previous instructions are repealed except GFET Vol.-2 reporting instructions.

BCB Normative Instruction No. 778 updates Annexes I to IV of Document 6 (Statement of Mandatory Rural Credit Requirements and Applications) of the Rural Credit Manual (MCR), due to amendments introduced by CMN Resolutions No. 5,322, 5,330, and 5,340 of 2026, which allow the fulfillment of up to 10% of the Pronaf sub-requirement with industrialization and commercialization operations and permit renegotiated operations based on Provisional Measure 1,376 of 2026 to fulfill rural credit requirements. The regulation also requires financial institutions subject to the requirements of Mandatory Resources, Rural Savings, and Agribusiness Credit Letters to submit the MCR Document 6 statements regarding the positions of July and August 2026, through the Rural Credit Requirements System (Sisex), by October 9, 2026.

BCB Resolution No. 590 prohibits financial institutions, payment institutions, payment scheme founders, and other payment scheme participants from processing, settling, or facilitating transactions intended for fixed-odds betting lotteries, pursuant to art. 14 of Provisional Measure No. 1,394 of September 25, 2026. The ban applies from the publication of the Provisional Measure, with the exception of transactions necessary for the closure of operations and the refunding of amounts to bettors. The rule also waives prior authorization from the BCB for amendments to payment scheme regulations necessary for the immediate compliance with the obligation, requiring subsequent communication to the BCB and participants.

BCB Resolution No. 597 amends the Regulation annexed to BCB Resolution No. 1, of August 12, 2020, which establishes the Pix payment arrangement, to include new obligations for participants in the arrangement. Among them, it prohibits the processing, settlement, and facilitation of transactions intended for fixed-odds betting lotteries, pursuant to art. 14 of Provisional Measure No. 1,394, of September 25, 2026, except for transactions necessary for the closure of operations and the restitution of funds to bettors. The rule also requires monitoring mechanisms and action against receiving users who send improper payment instructions within the scope of Automatic Pix or excessive authorization offers, as well as the dissemination of the Special Return Mechanism with a focus on the vulnerable public.

BCB Resolution No. 596 amends BCB Resolution No. 443, of December 12, 2024, which governs the 'boleto' payment arrangement, to prohibit participating institutions from processing, settling, or enabling transactions intended for fixed-odds betting lotteries established by art. 14 of Provisional Measure No. 1,394, of September 25, 2026. The rule inserts art. 16-A into BCB Resolution No. 443 and takes effect as of the publication of the Provisional Measure.

BCB Resolution No. 591 amends Circular No. 3,978, of January 23, 2020, which deals with the policy, procedures, and internal controls for the prevention of money laundering and terrorist financing. The amendment expands the scenarios for reporting specific transactions to the Central Bank of Brazil, including cash transactions equal to or exceeding R$50,000.00, foreign exchange transactions involving foreign currency cash equal to or exceeding US$10,000.00, and virtual asset transfers to or from self-hosted wallets in amounts equal to or exceeding the equivalent of US$10,000.00. The resolution also revokes BCB Resolution No. 588, of September 23, 2026.

BCB Resolution No. 594 amends Table I - Public acts for release with risk level III, contained in the annex to BCB Resolution No. 317 of April 27, 2023, and Annexes I and II to BCB Resolution No. 108 of June 24, 2021, updating the maximum deadlines for administrative decisions on requests for public acts for the release of economic activity required from the Central Bank of Brazil. The norm affects consortium administrators, payment institutions, payment arrangements, financial market system operating institutions, book-entry duplicate bookkeepers, leasing companies, brokerage and distribution companies, virtual asset service provider companies, savings and loan associations, development agencies, among other regulated entities. It applies to requests filed at the Central Bank of Brazil as of the entry into force of the Resolution.

BCB Resolution No. 592 amends various Central Bank of Brazil regulations related to market risk calculation and capital requirements, including BCB Resolutions No. 111/2021, No. 313/2023, and No. 470/2025, and Circulars No. 3,876/2018 and No. 3,641/2013. The changes address financial instruments, risk components (Delta, Curvature, RRAO), exotic risks, risk weights, and standardized interest rate shock scenarios. The regulation enters into force on the date of its publication.

BCB Resolution No. 593 amends BCB Resolution No. 478, of May 30, 2025, modifying the wording of item I of art. 8, which deals with the calculation of the value of elements deducted from Common Equity Tier 1, gross of the deferred tax liabilities associated with them subtracted for the purpose of calculating Common Equity Tier 1. The norm is issued by the Collegiate Directorate of the Central Bank of Brazil and enters into force on October 30, 2026, affecting financial institutions subject to prudential capital regulation.

BCB Resolution No. 595 amends BCB Resolution No. 256, of November 1, 2022, which regulates the Available Electronic Transfer (TED), to prohibit TED issuing and receiving institutions from processing, settling, or facilitating transactions destined for fixed-odds betting lotteries, in accordance with art. 14 of Provisional Measure No. 1,394, of September 25, 2026. The prohibition takes effect from the publication of the Provisional Measure, except for transactions necessary to close operations and refund amounts to bettors.

BCB Normative Instruction No. 779 amends BCB Normative Instruction No. 330, of November 24, 2022, to establish registration procedures in Unicad for information related to the provision of international payment or transfer services – eFX. The amendment covers both institutions intending to start providing the service and those already providing it, in compliance with arts. 49, § 3, and 56-A, of BCB Resolution No. 277, of December 31, 2022, as amended by BCB Resolution No. 561, of April 30, 2026.

The Financial Market Commission (CMF) of Chile introduces technical adjustments to the Information System Manual of the Consolidated Debt Registry (MSI REDEC), modifying the General Instructions and the regulatory files RDC01, RDC10, RDC11, RDC12, RDC20, RDC30, and RDC40. The changes seek to facilitate the understanding, preparation, sending, and receiving of data reported by REDEC reporting entities, and have immediate application.

The Financial Market Commission repeals Circulars No. 2,364, No. 2,366, and No. 2,371, which introduced modifications to Chapter 12-12 of the Updated Compilation of Rules for banks regarding the prohibition of granting loans to directors, authorized representatives, and related persons. The currently applicable provisions of Chapter 12-12 remain in effect, due to adequate understanding and compliance by the banking industry.

The Securities and Exchange Commission of Ghana issues guidelines governing the offering, marketing and distribution of foreign funds to investors in Ghana. The guidelines require foreign fund operators to obtain SEC authorisation through an appointed local representative, appoint an independent local custodian, comply with anti-money laundering and KYC requirements, and submit periodic reports. They apply to foreign funds, their operators, local representatives, custodians and platforms targeting Ghanaian investors.

The Securities and Exchange Commission, Ghana issues guidelines requiring legal practitioners and lawyers providing legal services to SEC licensees (client firms) and public companies in the capital market to register annually with the SEC, hold a valid professional indemnity insurance, and remain independent of their clients. The guidelines set out the scope of legal work, professional conduct obligations, registration fees, and grounds for suspension, cancellation, and sanctions for non-compliance.

The International Financial Services Centres Authority extends the deadline for Key Managerial Personnel and employees of Fund Management Entities in IFSCs to successfully complete the specified certification courses. The timeline set out in the circular dated April 1, 2026 is extended to December 31, 2026, with all other provisions of the April 1, 2026 and August 10, 2026 circulars remaining unchanged. The circular takes effect immediately.

The International Financial Services Centres Authority extends the deadline for Key Management Personnel (KMPs) and other employees of capital market intermediaries in IFSCs to successfully complete the specified certification course, moving the timeline set out in the circular dated April 02, 2026 to December 31, 2026. All other provisions of the April 02, 2026 and August 06, 2026 circulars remain unchanged, and the extension takes effect immediately.

This regulation amends several provisions of PADG No. 12 Tahun 2024 on the implementing rules for Bank Indonesia's integrated licensing through the Front Office Perizinan. It expands the categories of 'other parties' eligible to apply for licensing, revises procedures for submitting and processing licensing applications electronically via the Aplikasi Perizinan Bank Indonesia, sets time limits for completeness and administrative verification, adjusts rules on access rights for applicants, and introduces a pre-consultative meeting requirement for payment service providers and payment system infrastructure operators.

This Bank Indonesia regulation is the second amendment to the provisions on the Macroprudential Inclusive Financing Ratio (RPIM) for conventional commercial banks, sharia commercial banks, and sharia business units. This amendment expands the scope of Inclusive Financing that can be counted toward fulfilling the RPIM, including loans or financing to support inclusive sectors and national priority programs as well as financing through other banks, and regulates the mechanism for transferring rights to RPIM fulfillment and the submission of revised reports based on examination results. This regulation takes effect on October 1, 2026.

This Bank Indonesia Regulation amends for the third time Bank Indonesia Regulation Number 7 of 2023 concerning Export Proceeds and Import Payment Foreign Exchange, to support the implementation of special provisions regarding the entry, placement, and utilization of foreign exchange proceeds from exports of natural resources (DHE SDA) for bilateral trade agreements or other trade understandings/agreements as stipulated in Government Regulation Number 36 of 2023 as last amended by Government Regulation Number 21 of 2026. This regulation adds provisions regarding the appointment of implementing banks for special provisions, expands the basis for Bank Indonesia's supervision of Natural Resource Exporters, and affirms cross-ministerial/institutional coordination in DHE policy. These special provisions apply to Export Customs Declarations (PPE) issued starting September 1, 2026.

This Regulation of the Member of the Board of Governors establishes guidelines for the implementation of Bank Indonesia Central Banking Services, covering Customer management (applications, approvals, data changes, and status determination), Central Banking Service management (current accounts, L/C transactions, Sub-Registry), Membership Service management (BI-ETP, BI-SSSS, BI-RTGS, SKNBI, BI-FAST), the application of prudential principles, signature specimens, handling of abnormal conditions/force majeure, and correspondence. This regulation supersedes PADG Number 23/18/PADG/2021 and applies to banks, government agencies, international financial institutions, central bank authorities of other countries, and other parties meeting the criteria as Bank Indonesia Customers.

The Superintendency of the Capital Market of Panama notifies registered investment companies and their legal representatives that, in accordance with Official Opinion No. 2-2026 of June 19, 2026, published in the Official Gazette on July 2, 2026, such companies must pay the regulatory fee for the modification of terms and conditions when they request the registration of modifications to the informative prospectus or the constitutive rules that affect the terms and conditions of the securities of the issuance. The notice clarifies the scope of the obligation to pay the registration fee provided in numeral 6 of article 25 of the Single Text of the Securities Market Law and in the General Resolution of the SMV Board of Directors No. JD-3-21.

The Superintendency of the Securities Market of Panama reminds licensed Securities Firms that they must pay the supervision fee for the third quarter of 2026, calculated on their reported trades, within the 30 calendar days of October 2026. The notice also informs that Agreement No. 2-2025 repeals article 24 of Agreement 11-2013 regarding the submission of the RP form for the payment of supervision fees, and details the available payment methods.

The Superintendency of the Securities Market orders the exclusion from the Public Registry of the Securities Market of two mutual funds for investment in securities managed by Interfondos S.A. Sociedad Administradora de Fondos, due to the expiration of the duration period determined in their simplified prospectuses. The resolution is adopted after verifying compliance with articles 181 and 183 of the Regulation of Mutual Funds for Investment in Securities and their Management Companies.

The Superintendence of the Securities Market (SMV) orders the exclusion from the Public Registry of the Securities Market of three mutual investment funds in securities managed by Scotia Fondos Sociedad Administradora de Fondos Mutuos S.A., due to the expiration of the duration period of each fund. The resolution is adopted after verifying compliance with articles 181 and 183 of the Regulation of Mutual Investment Funds in Securities and their Management Companies, and orders its dissemination and notification to the management company and the custodian.

The Superintendency of the Securities Market reminds securities issuers under the General Regime registered in the RPMV of their obligation to disclose as a material event the monthly position in derivative financial instruments, in accordance with numeral 18.11 and Annexes 1 and 2 of the Regulation on Material Events and Reserved Information. The obligation expires on October 15, 2026, and must be submitted using the Monthly Position in Derivative Financial Instruments Form through the MVNet System. The circular is of a preventive and referential nature, and therefore does not exempt issuers from complying with their reporting obligations.

The Capital Market Authority of Rwanda issues Regulations No 002/CMA/2026 establishing minimum corporate governance standards for capital market companies, including listed companies, issuers of securities to the public, and companies intending to issue securities to the public. The Regulations set out rules on board composition and independence, separation of the Chairperson and Chief Executive Officer roles, board committees (nominating, remuneration and audit), remuneration policy, risk management, internal control and internal audit, shareholder and stakeholder relations, and information disclosure and transparency. They replace the 2012 capital market corporate governance code n° 09.

The Capital Market Authority of Saudi Arabia is seeking public feedback on draft regulatory provisions that would require companies listed on the Main Market to hold earnings calls twice a year. The consultation runs for 30 calendar days, ending 29 October 2026, and the provisions are intended to enhance disclosure and transparency around financial results. If adopted, the rules would take effect upon announcement of annual financial results for the 2026 fiscal year.

The Capital Market Authority's Board approved amendments to the Rules for Registering Auditors of Entities Subject to the Authority's Supervision, effective from the date of their publication. The amendments aim to align with international best practices and enhance audit quality for entities under CMA supervision, covering staff qualifications, quality management systems, inspection cooperation, and transparency report disclosures. The draft amendments had been published for public consultation on 8 April 2026 for 30 calendar days.

The Financial Supervisory Commission issued an order, pursuant to Article 22-2 of the Securities and Exchange Act, prohibiting directors, supervisors, managers, and shareholders holding more than 10 percent of the shares of a publicly issued company (including their spouses, minor children, and shares held under the names of others) from engaging in securities lending and borrowing transactions pursuant to Article 10 of the Regulations Governing Securities Lending and Borrowing of the Taiwan Stock Exchange Corporation and Article 15 of the Regulations Governing Securities Lending and Borrowing by Securities Firms. This order becomes effective on the date of issuance and simultaneously repeals the order Jin-Guan-Zheng-San-Zi No. 0950003988 dated August 23, 2006.

The Financial Supervisory Commission issued an order amending certain articles of the "Regulations Governing Insurance Brokers" and the "Regulations Governing Insurance Agents", along with the amended articles, comparison table, and general explanation. This amendment affects insurance brokers and insurance agents, updating the relevant regulations governing their management.

The Financial Supervisory Commission issued an order to repeal its Order No. 09560006250 dated January 9, 2007, effective from the date of issuance (October 1, 2026). The list of repealed items is attached.

The Financial Supervisory Commission issued an administrative ruling governing the method for property insurance companies to set aside special reserves when conducting commercial earthquake insurance and typhoon and flood insurance businesses. In accordance with Articles 16 and 18 of the Regulations Governing the Setting Aside of Various Reserves by Insurance Enterprises, this ruling specifies the provision ratios, calculation basis, and recovery conditions for the catastrophic special reserve and the fluctuation special reserve, effective from the date of promulgation.

In accordance with Article 18 of the Regulations Governing the Setting Aside of Various Reserves by Insurance Enterprises, the Financial Supervisory Commission issued an administrative ruling to regulate the various reserves that property insurance enterprises must set aside when conducting nuclear insurance business. These include unearned premium reserves, special reserves, and claim reserves, and their setting-aside methods and accounting treatments are specified. This order becomes effective from the date of issuance and affects all property insurance enterprises engaged in nuclear insurance.

The Financial Supervisory Commission issued a ruling pursuant to Articles 3 and 16 of the Regulations Governing the Setting Aside of Various Reserves by Insurance Enterprises, regulating the accumulation ratio, recovery method, and attribution principles for the special reserve for catastrophic events of property insurance enterprises. This ruling requires property insurance enterprises to set aside the special reserve for catastrophic events according to the attached accumulation ratio table, recover it using the FIFO (first-in, first-out) method, and simultaneously repeals two previous rulings by the Ministry of Finance and this Commission.

The Financial Supervisory Commission issued an order repealing the "Regulations on Various Reserves Set Aside by Property Insurance Enterprises for Operating Nuclear Insurance" and the "Regulations on Various Reserves Set Aside by Property Insurance Enterprises for Operating Commercial Earthquake Insurance and Typhoon and Flood Insurance and Other Businesses", effective from the date of promulgation. This action removes the regulatory requirements for property insurance enterprises to set aside various reserves for nuclear insurance, commercial earthquake insurance, and typhoon and flood insurance businesses, affecting property insurance companies operating these lines of business.

The Bank of Thailand issued the 38th amendment to the exchange control regulations, revising the documentary evidence requirements for commercial banks when purchasing or accepting deposits of foreign currency from resident customers. The amendment tightens evidence requirements for transactions of USD 200,000 or more, imposes mandatory documentation for gold-related and cash transactions regardless of amount, and clarifies rules for forward transactions, foreign currency deposit accounts, and non-resident baht accounts. It applies to all commercial banks and specified state-owned financial institutions and takes effect the day after publication in the Royal Gazette.

The Ministry of Finance announces the issuance of treasury bills for debt management in fiscal year 2027 (B.E. 2570), first tranche, totaling 40,000 million baht, to be sold through competitive yield auction and non-competitive bidding in two installments of 20,000 million baht each. The notice sets out eligible bidders, designates the Bank of Thailand as distributor, registrar and paying agent and the Thailand Securities Depository as custodian for scripless bills, and reserves the Ministry's rights regarding allocation and changes to the sale.

The Capital Markets Board of Turkey (SPK) announced enforcement actions related to trading in Tera Finansal Yatırımlar Holding AŞ (TRHOL) shares. Criminal complaints were filed against numerous individuals under Article 107/1 of Capital Markets Law No. 6362, and a two-year trading ban was imposed on Tera Yatırım Menkul Değerler AŞ, Tera Portföy Yönetimi AŞ, and many individuals. Additionally, all licenses held by certain individuals were revoked for the duration of the trading ban.

This bulletin contains the weekly announcements of the Capital Markets Board dated 30/09/2026. The bulletin includes decisions regarding the approval of the issuance certificate for Hektaş Ticaret Türk AŞ's capital increase through private placement, administrative fines imposed on Borlease Otomotiv AŞ and its executives for violating reporting obligations regarding the public offering price, blocking access to unauthorized websites, the temporary suspension of activities of Tera Yatırım Menkul Değerler AŞ, the permanent revocation of certain individuals' licenses, and fund liquidation processes of portfolio management companies.

The Capital Markets Board has decided to continue applying the measure regarding the flexible application of the equity ratio throughout the continuation of leveraged capital market transactions, which was announced with bulletin number 2026/60 dated 17.09.2026, until the end of the session on 30.10.2026. The decision was taken in order to ensure the reliable, transparent, and stable functioning of the capital markets, taking into account developments in Borsa Istanbul markets, and to protect the rights and interests of investors.

The Bank of Uganda has extended the deadline for Regulated Financial Service Providers to update their Know Your Customer practices and transact only with licensed Large Registered Societies/SACCOs from 30 September 2026 to 31 March 2027. Eligible SACCOs with voluntary savings exceeding UGX 1.5 billion and institutional capital above UGX 500 million must submit license applications within fourteen calendar days of this notice and complete licensing by 31 March 2027. The extension aims to protect savers, safeguard financial system integrity, and mitigate financial stability risks.