With fintech being a rapidly developing and increasingly regulated area, we have created a timeline of key UK and EU regulatory milestones to watch out for over the coming months and years.
November 2018
- 9 Nov: Financial Conduct Authority (FCA) Digital Regulatory Reporting Pilot open demonstration and Q&
- 10 Nov: EU-US Insurance Dialogue Public Forum event: focusing on cybersecurity, cyber insurance, Big Data
- 15 Nov: Deadline for applications to join Financial Report Council's (FRC) Future of Corporate Reporting Advisory Group
- 21 Nov: FCA RegTech Team Showcase
- 23 Nov: Deadline for responses to Law Commission consultation on electronic execution of documents
- 27-28 Nov: 6th FCA Tech Sprint
- 30 Nov: Deadline for applications to FCA Sandbox – Cohort 5
- Nov: Financial Stability Board Cyber Lexicon expected
- Autumn: UK FRC to report on potential uses of Artificial Intelligence in corporate reporting
- Autumn: EU Exit Statutory Instruments for payment services, e-money and Single Euro Payments Area to be laid before Parliament
December 2018
- 3 Dec: EU new rules against unjustified geo-blocking apply
- 10 Dec: FCA RegTech Team Showcase
- 10 Dec: Deadline for responses to Bank of England (BoE) Call for Interest: Payment Standards Advisory Panel (International Organization for Standardization 20022 implementation)
- Dec: Policy Statement (PS) to FCA Consultation Paper (CP) 18/25 Approach to final Regulatory Technical Standards and European Banking Authority (EBA) guidelines under Revised Payment Services Directive (PSD2) expected
- Q4: Further details on stress testing cyber impact tolerance framework to be published by BoE
- By end 2018: FCA to consult on crypto-assets guidance
- By end 2018: BoE to update on timing regarding new real-time gross settlement being capable of interfacing with innovative payment platforms, including those based on distributed ledger technology
- By end 2018: EU Commission to conclude crypto-asset mapping exercise
Q1 2019
- 11 Jan: Deadline to responses to FCA Green FinTech Challenge
- Jan: PS to FCA CP18/21: General standards and communication rules for the payment services and e-money sectors
- 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
- Q1: FCA final report – Investment platforms market study
- Q1: European Insurance and Occupational Pensions Authority (EIOPA) to publish key findings from thematic review on the use of Big Data
- Q1: FCA to publish technical paper on Digital Reporting Pilot
- By end Q1: FCA to notify successful applicants – Green FinTech Challenge
- Early 2019: Start of EU Quantum Technology Flagship projects
- Early 2019: HMRC to issue revised tax guidance on crypto-assets
- 2019: EU Cybersecurity Centre to be established
- 2019: UK/Singapore FinTech dialogue in Singapore
- 2019: EU Commission to issue report on best practices for regulatory sandboxes
Q2 2019
- By May: Legislative changes to deliver the EU New Deal for Consumers on statute book (including technology considerations)
- 30 Jun: Indicative date for application of new EBA Guidelines on Outsourcing (rescinding Committee of European Banking Supervisors Guidelines and EBA Recommendation)
- Q2: FCA to publish PS to CP18/20 Loan-based ('peer-to-peer') and investment-based crowdfunding platforms
- 2019: BoE to launch pilot of the approach to stress testing cyber impact tolerance framework
- 2019: EIOPA InsurTech Taskforce focus on convergence in the supervision of algorithms
- 2019: Possible EIOPA European Insurance Innovation Hub
- 2019: EBA to 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
H2 2019
- 14 Sep: EBA PSD2 Regulatory Technical Standards on strong customer authentication and common and secure communication applies
- Summer: EU Commission to report on Financial Data Standardisation project (including supervisory reporting)
- By end 2019: FRC Corporate Reporting Advisory Group to publish a thought leadership paper
- By end 2019: Financial Action Task Force to review standards as applicable to virtual currencies
2020
- By 2020: UK to have introduced fully-funded basic digital skills training for adults
- By 2020: UK new broadband Universal Service Obligation
- 10 Jan: EU Member States to have implemented the 5th Anti-Money Laundering Directive (MLD) (e-money, virtual currencies, etc.)
- By Jun: All EU Member States to have assigned the 700MHz band to mobile operators and made available for wireless broadband
- H1: 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)
- By 31 Dec: Indicative date for end of transitional period for new EBA Guidelines on Outsourcing
- 2020: EU introduction of 5G
2021 Onwards
- 13 Jan 2021: EU Commission to publish PSD2 review
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Disclaimer
Herbert Smith Freehills LLP has a Formal Law Alliance (FLA) with Singapore law firm Prolegis LLC, which provides clients with access to Singapore law advice from Prolegis. The FLA in the name of Herbert Smith Freehills Prolegis allows the two firms to deliver a complementary and seamless legal service.