With fintech becoming such a fast-moving and increasingly regulated space, we have created a timeline of key UK and EU regulatory milestones to watch out for over the coming months and years.
October 2017
- 11 Oct: Deadline for responses to EU Commission Consultation Paper on Commission implementing Regulation pursuant to Art 16(8) Cybersecurity Directive
- 13 Oct: Deadline for responses to European Securities and Markets Authority Consultation Paper on MiFID II suitability requirements (including robo-advice)
- 26 Oct: Financial Conduct Authority (FCA) begins to accept PSD2 applications
- 31 Oct: Deadline for responses to Basel Committee on Banking Supervision Consultation Paper on implications of fintech on the banking industry and supervision
- Autumn: Payment Systems Regulator progress update on contactless mobile payments
- TBC: EU Observatory on blockchain technologies
November 2017
- 2 Nov: Deadline for responses to European Central Bank (ECB) Consultation Paper on draft guide to fintech bank licensing
- 6 Nov: Deadline for responses to European Banking Authority (EBA) Discussion Paper on approach to fintech
- 27 Nov: Deadline for responses to EU Commission roadmap on legislative proposal for EU framework on crowd and peer to peer finance
- Nov: FCA Sandbox Cohort 3 firms to commence testing
December 2017
- 12 Dec: Deadline for responses to EU Commission Consultation Paper on the review of the Directive on the re-use of public sector information
- 31 Dec: Mandate of the ECB/TARGET2- Securities Harmony Steering Group Task Force on Distributed Ledger Technology expires
- Dec: UK Government to publish response to Department for Digital, Culture, Media and Sport Consultation Paper on implementing the Cybersecurity Directive
- By end 2017: EU Commission to have prepared an initiative under the Digital Single Market to address unfair contract clauses and trading practices identified in platform-to-business relationships
Q1 2018
- 1 Jan: EBA guidelines on ICT risk assessment under SREP applicable
- 13 Jan: PSD2 regime in force; broader range of services in scope, eg account aggregation services
- 13 Jan: EBA guidelines on major incident reporting under PSD2 in force
- Early 2018: EU Commission to present Fintech Action Plan
- Spring: EU Commission Digital Single Market initiative on accessibility and reuse of public and publicly funded data
- H1: ESMA final report on MiFID II suitability requirements (including robo-advice) expected
- 2018: Interim report of the Organisation for Economic Cooperation and Development Task Force on the Digital Economy expected
Q2 2018
- 9 May: Deadline for member states required to transpose the Cybersecurity Directive (subject to adoption)
- 25 May: GDPR applies with direct effect in all EU member states
- Jun: EU member states to have plans in place for releasing the 700MHz band, facilitating 5G
2020 onwards
- By Jun 2020: All EU member states to have assigned the 700MHz band to mobile operators and made available for wireless broadband
- By 2020: Enhanced functionality to Bank of England Real-Time Gross Settlement to be mostly operational (including interoperability with distributed ledger technology)
- 2020: EU introduction of 5G
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Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.