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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 April, there are 44 regulatory deadlines on the horizon — with 24 key consultation periods coming to an end and requiring a response, and 20 actionable deadlines to be aware of coming into effect.

What are the regulatory deadlines to watch in April?

Mexico

Mexico’s central bank has issued Circular 11/2023, which modifies Circular 13/2017 on rules applicable to institutions providing money transfer services. This circular takes effect on April 4. The purpose of this circular is to establish obligations for participants of the interbank payment system in dollars in relation to their designated data protection officers. The changes, among other things, require participants to have a designated data protection officer at all times and to conduct periodic checks to ensure compliance with information security requirements.

European Union

On April 8, the EU’s Instant Payments Regulation becomes effective, having been entered into the Official Journal of the EU 20 days prior. From this date onwards, the clock begins to tick for compliance with the ambitious expectations set out in the regulation. Payment service providers (PSPs) have just nine months to comply with some of the provisions in the regulation, such as the need to receive instant credit transfers in euros by January 9, 2025. The regulation also brings opportunities though. For example, payments and e-money institutions will begin to get access to payment systems in EU member states, as they are afforded in countries such as the UK.

Australia

The Australian Treasury has released a consultation on regulatory reforms for low cost credit contracts (LCCC), which includes buy now, pay later (BNPL), which closes on April 9. The purpose of the proposed regulatory reform is to maintain consumer access to LCCCs while ensuring appropriate consumer protections are in place. The draft bill amends the country’s Credit Act and the Credit Code so that they can regulate LCCCs by ensuring that they are a regulated product under the legislation, and requiring them to have a license, among other things. Australia’s reforms will mean that the country joins other jurisdictions such as the EU in beginning to overhaul consumer credit rules to account for the rise in BNPL interest.

Argentina

Argentina’s biggest anti-money laundering/counter-terrorist financing overhaul in ten years will become effective on April 15. The law aims to modernise the AML/CTF system, and will among other things add various new provisions to the penal code, add new definitions such as virtual asset, beneficial owner, risk-based approach, suspicious activity, unusual transaction, person politically exposed (PEP) and virtual asset service provider (PSAV), whom the law creates a public register of. A public register of beneficial owners is also being created, where all domestic and foreign entities carrying activities covered by the law must register and provide information about their beneficial owners. Meanwhile, issuers, operators, payment service providers (PSPs), non-financial credit providers, and PSAVs to the listed obligated subjects and new obligations are put in place for firms in scope to designate a compliance officer, as well as new identification rules.

United Kingdom

In the UK, stakeholders have until April 30 to respond to the Financial Conduct Authority’s new enforcement consultation. The regulator decided to extend the deadline from its original date of April 16. The consultation paper seeks feedback on how the FCA intends to start publishing more information about its enforcement investigations, using a flexible public interest framework to inform whether and what to announce on a case-by-case basis. The consultation would be of interest to stakeholders such as firms that fall within the FCA's regulatory supervision and who may be subject to an enforcement investigation, whether authorised or registered with the FCA or who will be carrying out designated activities, as well as individuals working in these firms. Many in the UK have suggested that the new plans bring risks alongside them. For example, the principle of innocent until proven guilty becomes questionable due to the name and shame approach that looks set to be introduced. The FCA will need to consider whether this change could have a negative impact on potential reputational damage for frims that could ultimately face no further action.

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The ������ϲʿ�����¼ 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 April’s deadlines. Want to see them all? Book a demo with a member of our team, who can show you the full April Regulatory Deadlines Calendar.

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