Definition:
Regulatory changes refer to modifications in laws and regulations governing industries such as payments, financial services, and data security.

Contextual Explanation:
Governments and regulatory agencies frequently update financial compliance requirements to address emerging risks, technological advancements, and evolving market dynamics.

Why It Matters:
Businesses must stay informed and adapt to regulatory changes to maintain compliance, avoid fines, and continue operating legally.

Example:
The introduction of the Retail Payment Activities Act (RPAA) in Canada requires payment service providers to register with the Bank of Canada and comply with new regulatory standards.