Payments Regulatory Deadlines to Watch in January

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 January, there are 82 regulatory deadlines on the horizon — with 14 key consultation periods coming to an end and requiring a response, and 88 actionable deadlines to be aware of coming into effect.

What are the regulatory deadlines to watch in January?

India

On December 2, 2024 the International Financial Services Authority (IFSA) issued the International Financial Services Centre Authority (Informal Guidance) Scheme, 2024. The scheme provides a mechanism for eligible entities to seek guidance on regulatory and legal issues related to activities under IFSCA's jurisdiction. Eligible entities include those licensed or authorised by IFSCA, individuals planning to undertake financial transactions, or those looking to set up a unit in an IFSC. This circular will take effect on January 1, 2025.

Brazil

On July 4, 2024, the Central Bank of Brazil (BCB) and the National Monetary Council (NMC), announced new open finance rules that will enable PIX by approximation, effective January 2, 2025. According to the BCB and the NMC the new open finance rules are aimed at (a) simplifying the payment initiation journey with Pix, including that for making proximity payments, (b) broadening the scope of institutions that will be required to participate in the open finance ecosystem and (c) establishing the definitive open finance governance structure.

Latvia

The Bank of Latvia’s Regulation No. 360, adopted December 2, 2024, sets rigorous IT and security risk management standards for financial market participants, including banks, insurers, and payment service providers. Aligning with EU directives such as the Payment Services and Electronic Money Law, the rules emphasise proportional, risk-based strategies to enhance data security, mitigate IT risks, and ensure operational resilience. Organisations must comply with these regulations by January 16, 2025.

Netherlands

The Dutch Parliament has officially published the Digital Operational Resilience Implementation Decree, effective January 17, 2025. The Decree, together with the Digital Operational Resilience Implementation Act, published in June 2024, serves to implement Regulation (EU) 2022/2554 on Digital Operational Resilience for the Financial Sector (DORA). The Decree makes amendments to various regulations such as the WFT Decree on EU Regulations, the WFT Decree on Conduct Supervision of Financial Undertakings and the WFT Decree on Prudential Rules, among others, in order to implement DORA into national law.

Malta

The Malta Financial Intelligence Analysis Unit (FIAU) has issued a reminder to financial institutions licensed under the Financial Institutions Act of changes to the Risk Evaluation Questionnaire (REQ) submission process. From 2025, financial institutions, including payment and e-money institutions, must submit their REQ through the new single platform (License Holder Portal) on the Malta Financial Services Authority (MFSA) website. The updated deadline for this submission is January 31, 2025.

The Vixio 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 January’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.