Payments Regulatory Deadlines to Watch in September

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 September, there are 34 regulatory deadlines on the horizon — with 21 key consultation periods coming to an end and requiring a response, and 13 actionable deadlines to be aware of coming into effect.

What are the regulatory deadlines to watch in September?

Latvia

The Saeima, the Latvian parliament, has adopted and officially published the National Cybersecurity Act. The purpose of the law is to strengthen the cybersecurity framework in Latvia by improving the security of information and communication technologies, establishing the procedure for ensuring cybersecurity and providing for the distribution of responsibilities and the competence of the National Cybersecurity Centre, and promoting the implementation of cybersecurity measures in order to predict and prevent cyber threats. The law enters into force on September 1, 2024.

India

The Reserve Bank of India has released a notice prohibiting credit card issuers from entering into any arrangement or agreement with card networks that prevents them from using the services of another card network and requiring card issuers to provide customers with the choice of multiple card networks at the time of issue and/or renewal. Credit card issuers and card networks are required to meet the conditions of this notice when either executing new service agreements or when existing agreements are amended/renewed. The notice takes effect on September 6, 2024.

U.S.

The Consumer Financial Protection Bureau (CFPB) has issued a final rule to establish and maintain a registry that will collect information about certain publicly available agency and court orders against certain covered nonbank entities. The final rule allows the CFPB to consolidate this information in an online registry for use by the public and other regulators. The rule will take effect September 16, 2024, and requires certain nonbank covered entities to register with the CFPB when they become subject to a public written order imposing obligations based on violations of certain consumer protection laws. In addition to registering with the CFPB, nonbank covered entities will be required to provide basic identifying information about the company and the order and periodically update the registry to ensure its continued accuracy and completeness.

UK‍

The UK’s Financial Conduct Authority (FCA) has issued Access to Cash Sourcebook Instrument 2024 (FCA 2024/26). The instrument is part of the FCA new regulatory regime that requires banks and building societies designated by the Government to assess and fill gaps, or potential gaps, in cash access provision that significantly impact consumers and businesses. The ATCS sets out rules and guidance in the service of the FCA’s purpose under Part 8B of Financial Services and Markets Act (FSMA) 2000 of seeking to ensure reasonable provision of cash access services in the UK or a part of the UK, including seeking to ensure reasonable provision of cash access services which are free of charge in relation to relevant personal current accounts. The rules enter into force on September 18, 2024.

South Africa

The South African Reserve Bank has announced that low-value electronic funds transfers (EFTs), debit and credit payments made between Common Monetary Area (CMA) countries which include ESwatini, Lesotho and Namibia which were previously treated as domestic transactions will now be treated as cross-border transactions. As a result of this change in classification,  these transactions will be subject to greater due diligence checks, which  is in line with South Africa’s aim to exit the FATF grey list by January 2025. The change in classification takes effect on September 30, 2024.

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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 September’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.