On 30 November 2025, Canada introduced the Consumer-Driven Banking Act (CDBA) as part of Bill C-15, establishing a federal framework for open banking.
The CDBA aims to enhance consumer control over financial data by creating a secure system for data sharing among accredited entities. It designates the Bank of Canada as the supervisory authority, sets accreditation and security standards, and mandates clear consent requirements. The Act also introduces liability protections, complaint mechanisms, and enforcement measures, including penalties of up to CAD 10 million. Implementation is expected in early 2026 following supporting regulations.

On 4 December 2025, the European Commission introduced the Market Integration & Supervision (MIS) Package to strengthen EU financial market integration.
Key points:
• Direct ESMA oversight of major financial entities and cryptoasset service providers.
• Harmonized rules by converting key directives into regulations for consistent application.
• Goal: Improve market integrity, investor protection, and reduce fragmentation.
Implementation will take several years, with no immediate changes expected.

On 16 December 2025, the Internal Revenue Service (IRS) issued two Notices addressing reporting obligations for tips and overtime under the Overtime and Bonus-Based Benefits Act (OBBBA).
The guidance provides transition relief for 2025, recognizing that employers and payors may not have updated systems or forms to comply with new requirements. It also explains how taxpayers can calculate deductions for tips and overtime when employer reporting is unavailable.
In addition, the notices signal future mandatory reporting obligations, indicating that structured compliance processes will be introduced in subsequent years.

On 9 December 2025, the European Parliament and Council agreed on the EU Deforestation Regulation (EUDR), which aims to prevent products linked to deforestation from entering or leaving the EU market.
The Regulation introduces a due diligence system requiring operators and traders to ensure products are “deforestation-free,” provide geolocation data, and submit compliance statements. Non-compliance may result in fines of up to 4% of EU turnover. The main obligations will apply from 30 December 2024.