����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 October, there are 40 regulatory deadlines on the horizon - what are they?

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 related to financial markets, including the Act on the Register of Beneficial Owners. Section 11 of the Act on the Register of Beneficial Owners has been amended in relation to access to and provision of registered information on beneficial owners. The amendments to the law enter into force on October 1, 2024.

UK

The UK's Payment Systems Regulator (PSR) has confirmed its decision regarding the reimbursement limits for victims of Authorised Push Payment (APP) scams, as outlined in its recent policy update. Effective from 7 October 2024, the decision sets a maximum reimbursement limit of £85,000 for Faster Payments, with a similar cap for CHAPS payments. This move comes after extensive consultation and feedback, ensuring that victims receive strong protections while supporting innovation and competition within the payments sector.

Brazil

The Central Bank of Brazil (BCB) issued Normative Instruction No. 436 containing operational procedures for Pix. This normative instruction outlines the operational procedures for Pix Scheduled known as Agendado (in Portuguese), Pix Cobrança, and Pix Automatic. The instruction, among other things, establishes rules and obligations for participant payment service providers (PSPs) concerning authorisation, settlement of funds and sending of information, and provides the circumstances under which a PSP must cancel a scheduled order at the request of the user. The provisions of the normative instruction come into force on October 1, 2024.

Canada

The Canada Gazette has published the final regulations amending Canada’s AML/ATF Regime, which will be effective October 11, 2024. Some of the key regulations include: requiring Canadian financial entities to implement enhanced due diligence measures prior to entering into a correspondent banking relationship with a foreign financial entity, increasing cross-border currency reporting penalties in order to deter people from attempting to move undeclared funds into and out of Canada, and enhancing the Money Service Business registration framework to allow FINTRAC to collect additional information.

U.S.

The New Hampshire governor has approved House Bill 1241 (the Act), which adopts the Conference of State Bank Supervisors’ Model Money Transmission Modernization Act (MTMA) in full. The Act replaces the state’s existing money transmission laws, RSA 399-G, codified under Licensing of Money Transmitters. The Act contains provisions regarding requirements for licensing, permissible investments, conducting business through authorised delegates, examinations, recordkeeping, and reporting, among other things. Sections 1 through 5 cover the act’s purpose, definitions, exemptions, implementation and commissioner authority, and confidentiality. These sections will come into effect on October 22, 2024.

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 October’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.