����žž

Each month, we leverage data from our Horizon Scanning Regulatory Deadlines Calendar to bring you a glimpse of the key response deadlines and legislation effective dates coming up, so you can plan and take action around some of the most important regulatory developments unfolding right now.

In July, there are 63 regulatory deadlines on the horizon — with 23 key consultation periods coming to an end and requiring a response, and 40 actionable deadlines to be aware of coming into effect.

What are the regulatory deadlines to watch in July?

Norway

The Norwegian Ministry of Finance has published the Act on Amendments to Financial Markets Legislation in Lovdata, Norway’s official gazette.

The act amends several pieces of legislation relating to financial markets, including the Act on Measures against Money Laundering and Terrorist Financing (the Money Laundering Act). Among the amendments to other sections of the Money Laundering Act, Section 2(f) regarding the definition of politically exposed persons (PEPs) is amended. The amendments allow the Ministry of Finance to determine which positions are considered important public positions in relation to PEPs. The amendments to the law enter into force on July 1, 2024.

EU

Regulation (EU) 2024/1624 on the Prevention of the Use of the Financial System for the Purposes of Money Laundering or Terrorist Financing has been officially published in the Official Journal of the European Union (EU).

The regulation is part of a comprehensive anti-money laundering and counter-terrorist financing (AML/CTF) package, whose purpose is to strengthen the EU’s AML/CTF framework. Payment institutions, e-money institutions and crypto-assets service providers are considered obliged entities for the purposes of the regulation, amongst other entities.  The regulation will enter into force on the 20th day following this official publication and will apply from 10 July, 2027.

Vietnam

The State Bank of Vietnam has revised its instructions governing the operation of payments and money transfer services between Vietnam and Laos for the following activities:

Payment and money transfer for the buying and selling goods and the provision of services.

Other foreign exchange activities serving payment and bilateral money transfer activities.

The instructions take effect on 15 July 2024.

Argentina

The Central Bank of the Argentine Republic (BCRA) has issued Communication “A” 8032 with additional QR payment interoperability rules, effective 29 July, 2024. Among other things, the rules state that wallet providers will assume liability for fraud when a card payment is initiated from an interoperable digital wallet by reading a QR code. The exceptions to this include, 1) where a digital wallet provider processes the payment in line with technical requirements and tokenisation standards, 2) where the transaction cannot be processed using the technical requirements and standards available by the card brand, in which case, the acquirer/aggregator will respond for the fraud, 3) where there is an agreement to the contrary between the issuer, wallet providers and acquirers/aggregators involved in the transaction.

U.S.

The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule stating that lenders that issue digital user accounts that consumers use to access credit products to purchase goods and services are card issuers under Regulation Z, including when those products are marketed as Buy Now, Pay Later (BNPL) - effective 30 July, 2024. Therefore, BNPL loans are subject to some, but not all, of Regulation Z’s credit card regulations. According to the CFPB interpretive rule, the most important of these regulations are the provisions governing credit card dispute and refund rights.

‍

The ����žž PaymentsCompliance Horizon Scanning tool shows you real-time updates on regulatory deadlines and trends across 140+ global jurisdictions, including all US states, at the click of a button. Its Regulatory Deadlines Calendar feature sets out effective dates for published legislation, closing dates for consultation periods on proposed regulatory developments, and deadlines for specific requests for information by regulatory authorities.

We’ve only shown you a snapshot of July’s deadlines. Want to see them all? Book a demo with a member of our team, who can show you the full Regulatory Deadlines Calendar for this month.