Here is our latest timeline covering key UK and EU regulatory developments in the pipeline.
Q2 2018
- 20 Jun: Deadline for responses to Financial Conduct Authority (FCA) Call for Input on using technology to achieve smarter regulatory reporting
- 30 Jun: Prudential Regulation Authority (PRA) supervisory statement on algorithmic trading to apply
- Jun: EU Member States to have plans in place for releasing the 700MHz band, facilitating 5G
- Jun: FCA sandbox cohort 4 firms to begin testing
- Summer: Department for Digital, Culture, Media and Sport on 5G plans
- Summer: Completion of phased roll-out of UK image-based cheque clearing system
- Summer: UK Financial Reporting Council (FRC) investigating potential uses of AI in corporate reporting
Q3 2018
- 1 Jul: European Banking Authority (EBA) recommendations on use of cloud service providers by financial institutions apply
- 13 Jul: Date from which FCA will remove authorization, passports and agents from existing authorized Payment and Electronic Money institutions if they have not reapplied for authorization under PSD2
- Jul: Financial Stability Board in consultation with Committee on Markets and Infrastructure, International Organization of Securities Commissions and Financial Action Task Force to support their work on crypto-assets
- Q3: FCA review on outcomes testing on auto advice
- Q3: FCA interim report on investment platforms market study expected
- Q3: FCA, HM Treasury (HMT) and Bank of England (BoE) assessment report: Review of cryptocurrencies expected
- Q3: FCA financial crime review of e-money report expected
- Q3: Feedback statement to FCA Quarterly Consultation Paper 18/6, Chapter 3 on changes to reporting requirements in the Supervision Manual
- Q3: European Securities and Markets Authority (ESMA) fintech licensing mapping exercise
- Q3: ESMA initial coin offering market analysis
- Autumn: UK FRC to report on potential uses of artificial intelligence in corporate reporting
- Autumn: Single Financial Guidance Body to be established
- H2: BoE to publish summary finding of Proof of Concept work on how a renewed RTGS service could support settlement in distributed ledger technology based systems
Q4 2018
- Oct: HMT Rent Recognition Challenge development phase concludes
- 3 Dec: EU new rules against unjustified geo-blocking apply
H1 2019
- 14 Mar: Art 30(3) and (5) of EBA Payment Services Directive 2 (PSD2) Regulatory Technical Standards (RTS) on strong customer authentication and common and secure communication applies
- 30 Mar: (Subject to transitional arrangements) UK persons/organisations no longer eligible to register/renew '.eu' domain names
- Q1: FCA outcomes testing on auto advice activity
- By May: Legislative changes to deliver the EU New Deal for Consumers on statute book (including technology considerations)
- Early 2019: Start of EU Quantum Technology Flagship projects
- 2019: European Insurance and Occupational Pensions Authority (EIOPA) InsurTech Task Force (EIOPA ITF) focus on convergence in the supervision of algorithms
- 2019: EIOPA ITF may make proposals on supervision of new business models and the (re) insurance value chain arising from InsurTech
- 2019: Possible EIOPA European Insurance Innovation Hub
- 2019: EBA will conduct work on alternative dispute resolution and financial exclusion in the context of big data algorithms
- 2019: EBA to assess potential financial exclusion and applicability of the Alternative Dispute Resolution Directive to fintech firms
- Summer: EU Commission to report on Financial Data Standardisation project (including supervisory reporting)
H2 2019
- 14 Sep: EBA PSD2 RTS on strong customer authentication and common and secure communication applies
2020 onwards
- By 2020: UK to have introduced fully-funded basic digital skills training for adults
- By 2020: UK new broadband Universal Service Obligation
- By 2020: Enhanced functionality to BoE RTGS to be mostly operational (including interoperability with distributed ledger technology)
- By Jun 2020: All EU Member States to have assigned the 700MHz band to mobile operators and made available for wireless broadband
- H1 2020: EU Commission report to EU Parliament and EU Council on implementation of MLD IV, proposals on virtual currencies and other matters (due 2 years after transposition of MLD V)
- 2020: EU introduction of 5G
- 13 Jan 2021: EU Commission to publish PSD2 review
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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.