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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 December, there are 81 regulatory deadlines on the horizon — with 19 key consultation periods coming to an end and requiring a response, and 62 actionable deadlines to be aware of coming into effect.

‍What are the regulatory deadlines to watch in December?

North Carolina

The North Carolina governor has approved House Bill 495 (HB495), criminalizing money laundering. HB495 also provides a definition for “criminal activity”, “financial institution”, “funds”, “insurer”, “proceeds of criminal activity”, and “transaction”. HB495 stipulates that a person commits the offense of money laundering if the person or organization knowingly and willfully does anything involving proceeds of criminal activity or funds that exceed $10,000.

HB495 also outlines the penalties for violation of the law.�� According to HB 495, if the value of the proceeds or funds is less than $100,000, the person is guilty of a Class H felony; and if the value of the proceeds or funds is $100,000 or more, the person is guilty of a Class C felony.�� HB495 takes effect December 1, 2024, and applies to offenses committed on or after that date.

Croatia

The Croatian Parliament has published the Law on Amendments to the Law on Finality of Settlement in Payment Systems and Systems for Settlement of Financial Instruments, modernising the legal framework to align with EU regulations and enhance financial stability. Key amendments incorporate Regulation (EU) 2024/886 on instant credit transfers in euros, addressing cross-border payment systems and financial instruments' settlement.

The updated law redefines participant rights and obligations in settlement systems, particularly in insolvency scenarios, ensuring the applicable legal framework aligns with the state governing the system. It introduces enhanced definitions for "system," "participant," "interoperable system," and other critical terms, reflecting a more comprehensive approach to managing multi-jurisdictional settlements. This legislation aims to bolster Croatia’s alignment with EU financial stability initiatives, ensuring robust mechanisms for managing settlement finality and insolvency impacts in cross-border systems. The law will come into effect on the eighth day after publication in the Narodne novine, on December 6, 2024.��

Malta

The Malta Financial Services Authority (MFSA) has published the revised Chapter 3 of the Financial Institutions Rulebook (FIR/03). The updated materials include the  Financial Institutions (FI) Return, Guidance Notes, and a Feedback Statement summarising key points from the consultation on FIR/03 and outlining subsequent changes. The MFSA has announced that the second phase of FIR/03 will take effect on December 15, 2024, introducing new requirements for Licence Holders. A transition period has been provided to ensure Licence Holders have sufficient time to comply with the updated standards. These changes apply to the following provisions:

Governance rules, such as requirements for sound and prudent management (R3-2.7). Safeguarding rules related to client funds. Once Chapter 3 of the Financial Institutions Rulebook comes into force, the current Financial Institutions Rules 2 and 3 will no longer apply to institutions covered by the new FIR/03. However, FIR/02 will continue to apply to other financial institutions until further notice from the MFSA.

Cyprus

The Cyprus Securities and Exchange Commission (CySEC) has published Circular No. C665 on the "Risk Based Supervision Framework - Electronic Submission of Information for the Year 2023" addressed to crypto asset service providers (CASPs) offering services in or from Cyprus. The circular contains a new form, which will be issued annually for CASPs to collect various statistical data and send to CySEC. The form must be completed and successfully submitted by all CASPS registered with CySEC and operational as of December 31, 2023, and by CASPS that were registered but not operational as of December 31, 2023.

The form must be completed and submitted electronically by December 20, 2024. Failure to comply may result in the administrative penalties of Section 37(5) of the Cyprus Securities and Exchange Commission Law of 2009.

Finland

The Financial Supervisory Authority (FSA) has announced its adoption of the European Banking Authority’s (EBA) guidelines (EBA/GL/2024/11) on information requirements for transfers of funds and certain crypto-assets under Regulation (EU) 2023/1113 ('Travel Rule Guidelines').��

These guidelines, known as the travel rules, replace the earlier joint instructions on preventing the misuse of bank transfers in money laundering and terrorist financing (JC/GL2017/16). The purpose of these guidelines is to enhance compliance measures for detecting and managing missing payment information during transfers of funds or crypto-assets. They provide detailed requirements for payment service providers (PSPs), intermediary payment service providers (IPSPs), and crypto-asset service providers (CASPs), including measures for handling incomplete information and mitigating risks of money laundering or terrorist financing.

The guidelines also clarify the specific information that must accompany transfers and outline procedures for assessing risks related to crypto-asset transfers involving unhosted addresses. The adoption of these guidelines ensures alignment with EBA standards and reinforces efforts to combat financial crime. The application of these guidelines begins on December 30, 2024.
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The 91����ԭ�� 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.

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