System Changes

USTR Section 301 tariffs (25% ad valorem) on most Brazilian imports take effect, with PIX cited among unreasonable digital trade practices disadvantaging US electronic payment companies. Investigation concluded July 15 after July 6-7 public hearing and 360+ written submissions. Six categories targeted: digital trade and electronic payments, preferential tariffs, anti-corruption enforcement, IP protection, ethanol market access, and deforestation. (2026-07-22). Recorded by ClearingPost from automated source verification on 2026-08-30. New value: USTR Section 301 tariffs (25% ad valorem) on most Brazilian imports take effect, with PIX cited among unreasonable digital trade practices disadvantaging US electronic payment companies. Investigation concluded July 15 after July 6-7 public hearing and 360+ written submissions. Six categories targeted: digital trade and electronic payments, preferential tariffs, anti-corruption enforcement, IP protection, ethanol market access, and deforestation. (2026-07-22)

ECB selects 36 payment service providers for digital euro pilot phase, including Deutsche Bank, UniCredit, Revolut, Nexi, Worldline, and Raiffeisen Bank International; 12-month pilot to start H2 2027 across 19 national central banks (2026-07-14). Recorded by ClearingPost from automated source verification on 2026-08-30. New value: ECB selects 36 payment service providers for digital euro pilot phase, including Deutsche Bank, UniCredit, Revolut, Nexi, Worldline, and Raiffeisen Bank International; 12-month pilot to start H2 2027 across 19 national central banks (2026-07-14)

IN BCB 746 takes effect: eliminates R$500 per-transaction ceiling for PIX por Aproximação (NFC) and Open Finance JSR payments (revoking Articles 16-A and 16-C of IN BCB 512/2024), aligning these with each user's general PIX limits. PIX Automático explicitly included among transaction types where customers can request daily limit adjustments. Standard nighttime R$1,000 P2P limit and institutional risk-based limits unchanged. (2026-10-01). Recorded by ClearingPost from automated source verification on 2026-08-29. New value: IN BCB 746 takes effect: eliminates R$500 per-transaction ceiling for PIX por Aproximação (NFC) and Open Finance JSR payments (revoking Articles 16-A and 16-C of IN BCB 512/2024), aligning these with each user's general PIX limits. PIX Automático explicitly included among transaction types where customers can request daily limit adjustments. Standard nighttime R$1,000 P2P limit and institutional risk-based limits unchanged. (2026-10-01)

PIX Automático extended to salary accounts (contas-salário), enabling workers to authorize recurring PIX payments (subscriptions, school fees, health plans) directly from salary accounts without first transferring to a current account. Restriction: only applies when payer and payee hold accounts at different institutions. (2026-07-01). Recorded by ClearingPost from automated source verification on 2026-08-29. New value: PIX Automático extended to salary accounts (contas-salário), enabling workers to authorize recurring PIX payments (subscriptions, school fees, health plans) directly from salary accounts without first transferring to a current account. Restriction: only applies when payer and payee hold accounts at different institutions. (2026-07-01)

BCB Resolução 559 published: amends PIX Regulation to introduce mandatory independent audit (CVM-registered, NBC TA 200 reasonable assurance) during BCB compliance reviews, 90-day inactivity exclusion rule for indirect SPI participants without an active settlement participant, and BCB authority to formally summon participant representatives. (2026-04-23). Recorded by ClearingPost from automated source verification on 2026-08-29. New value: BCB Resolução 559 published: amends PIX Regulation to introduce mandatory independent audit (CVM-registered, NBC TA 200 reasonable assurance) during BCB compliance reviews, 90-day inactivity exclusion rule for indirect SPI participants without an active settlement participant, and BCB authority to formally summon participant representatives. (2026-04-23)

All five agencies (OCC, FDIC, Fed, NCUA, Treasury) missed the July 18, 2026 statutory deadline. Twelve NPRMs published; none finalized. Federal Reserve Board remains the only primary prudential regulator that has not published its own substantive GENIUS Act NPRM; its requirements would govern Fed-supervised state member bank PPSIs. Treasury published its first direct NPRM on August 18 (FR 2026-16796) implementing Section 3: defines when a payment stablecoin is 'issued' or 'offered or sold' in the United States, establishing the licensing perimeter. Comment period closes October 19, 2026. From January 18, 2027, issuance without licensing is prohibited; from July 18, 2028, service providers cannot offer unlicensed stablecoins. Foreign issuers must comply with U.S. lawful orders. Closed comment periods: NCUA (July 17), OCC AML/sanctions (July 24), FDIC BSA/AML (August 4), OCC reporting forms PS-01/PS-02 (August 11), Joint CIP (August 21). Blockchain Association submitted letter August 25 backing Treasury's proposed Section 3 rules. FDIC reporting forms NPRM (FR 2026-14589) closes September 18; proposes weekly confidential and quarterly reporting forms for FDIC-supervised PPSIs, plus a short-form weekly option for eligible issuers, including Top 100 wallet address disclosure. After October 19 all public comment windows will have closed. No penalty clause for missed deadline; GENIUS Act takes effect on earlier of January 18, 2027 or 120 days after final rules. January 2027 now governs the compliance timeline. Coordinated final rule package unlikely before late 2026. OCC proposed rules include $5 million de novo capital floor, three-tier liquidity framework, and $25 billion scale threshold. USDC and USDT both exceed the $25 billion threshold. Verified August 28, 2026. Recorded by ClearingPost from automated source verification on 2026-08-28. New value: All five agencies (OCC, FDIC, Fed, NCUA, Treasury) missed the July 18, 2026 statutory deadline. Twelve NPRMs published; none finalized. Federal Reserve Board remains the only primary prudential regulator that has not published its own substantive GENIUS Act NPRM; its requirements would govern Fed-supervised state member bank PPSIs. Treasury published its first direct NPRM on August 18 (FR 2026-16796) implementing Section 3: defines when a payment stablecoin is 'issued' or 'offered or sold' in th… [truncated]

BCB publishes 2026 annual PIX report confirming 65 information-sharing agreements signed with foreign central banks (Germany, Canada, South Africa, Turkey named). Report signals strategic shift from 2023 tentative 'may in the future' international integration language to active pursuit of bilateral connections with foreign instant payment systems and multilateral payment hub participation. (2026-08-11). Recorded by ClearingPost from automated source verification on 2026-08-28. New value: BCB publishes 2026 annual PIX report confirming 65 information-sharing agreements signed with foreign central banks (Germany, Canada, South Africa, Turkey named). Report signals strategic shift from 2023 tentative 'may in the future' international integration language to active pursuit of bilateral connections with foreign instant payment systems and multilateral payment hub participation. (2026-08-11)

Eighth Circuit (Corner Post): oral arguments held May 13, 2026. Three-judge panel expressed skepticism toward Fed's inclusion of fixed infrastructure costs in the fee cap; Judge Benton questioned whether Congress intended a 'blank check'; Judge Stras questioned how a flat 21-cent fee reflects actual transaction costs. Case taken under advisement; no ruling issued as of August 28. Eighth Circuit averages four months from oral argument to decision, pointing to a September ruling. TD Cowen analysts expect the case to reach the Supreme Court if the Eighth Circuit upholds the district court's vacatur. Sixth Circuit (Linney's Pizza): amicus briefs filed through May 2026 (NFIB May 6, Senator Durbin); no oral argument date scheduled. ABA and banking associations filed amicus brief in June 2026 urging appeals courts to uphold Reg II interchange fee standard. Verified August 28, 2026. Recorded by ClearingPost from automated source verification on 2026-08-28. New value: Eighth Circuit (Corner Post): oral arguments held May 13, 2026. Three-judge panel expressed skepticism toward Fed's inclusion of fixed infrastructure costs in the fee cap; Judge Benton questioned whether Congress intended a 'blank check'; Judge Stras questioned how a flat 21-cent fee reflects actual transaction costs. Case taken under advisement; no ruling issued as of August 28. Eighth Circuit averages four months from oral argument to decision, pointing to a September ruling. TD Cowen analysts… [truncated]

COREPER endorsed the trilogue agreement on April 23, 2026. ECON Committee approved on May 5, 2026: PSD3 (50 in favour, 3 against, 5 abstentions), PSR (50 in favour, 2 against, 2 abstentions). ECON Chair wrote to Council Presidency on May 18 confirming recommendation for adoption at second reading without amendment. Full Parliament plenary vote still pending as of August 28; May/June/July 2026 plenary targets were not met. EP Legislative Train page confirms status 'close to adoption' but no plenary date confirmed. PSD3/PSR absent from July 6-9 Strasbourg plenary agenda. No August plenary sessions on the EP 2026 calendar. Next Strasbourg plenary: September 14-17, 2026; this remains the earliest concrete adoption window. Official Journal publication expected Q4 2026 following plenary adoption and legal-linguistic finalization. PSR enters application 18 months after entry into force; PSD3 requires Member State transposition within 18 months. Verified August 28, 2026. Recorded by ClearingPost from automated source verification on 2026-08-28. New value: COREPER endorsed the trilogue agreement on April 23, 2026. ECON Committee approved on May 5, 2026: PSD3 (50 in favour, 3 against, 5 abstentions), PSR (50 in favour, 2 against, 2 abstentions). ECON Chair wrote to Council Presidency on May 18 confirming recommendation for adoption at second reading without amendment. Full Parliament plenary vote still pending as of August 28; May/June/July 2026 plenary targets were not met. EP Legislative Train page confirms status 'close to adoption' but no plena… [truncated]

EPC Verification of Payee (VoP) Scheme Rulebook v1.1 takes effect, alongside Inter-PSP API Specifications v1.1.1 (empty API fields prohibited) and API Security Framework v2.1 (mandatory for VOP, SRTP, and SPAA scheme participants) (2026-09-20). Recorded by ClearingPost from automated source verification on 2026-08-27. New value: EPC Verification of Payee (VoP) Scheme Rulebook v1.1 takes effect, alongside Inter-PSP API Specifications v1.1.1 (empty API fields prohibited) and API Security Framework v2.1 (mandatory for VOP, SRTP, and SPAA scheme participants) (2026-09-20)

SEPA Inst subsystem record changed from ~2,765 SCT Inst scheme participants (78% of 3,550 total SCT adherents SEPA-wide; 88% of EU SCT adherents; 91% of euro area SCT adherents) (as of 2025-06-01) to 2,837 SCT Inst scheme participants (2,744 euro area + 93 non-euro area; ~80% of 3,531 total SCT adherents SEPA-wide; 92% of euro area SCT adherents) (as of 2026-08-07). Recorded by ClearingPost from automated source verification on 2026-08-27.

FM Sitharaman clarifies MDR on UPI applies to merchants only, not customers; Taxation and Other Laws (Amendment) Bill 2026 provides legal framework for future MDR policy modifications by central government notification (2026-08-06). Recorded by ClearingPost from automated source verification on 2026-08-27. New value: FM Sitharaman clarifies MDR on UPI applies to merchants only, not customers; Taxation and Other Laws (Amendment) Bill 2026 provides legal framework for future MDR policy modifications by central government notification (2026-08-06)