Fintech is a rapidly developing area where developments in the regulatory regime are ongoing. We have created a timeline of key UK and European regulatory milestones to watch out for over the coming months and years.
April 2020
- 2020: High Level Expert Group on AI to present final Ethics Guidelines for Trustworthy AI
- TBC (COVID-19 delay): Financial Stability Board reports to the G20 on the implications of Big Tech for emerging markets, and on RegTech and SupTech
- TBC (COVID-19 delay): FCA Policy Statement to CP19/22 on prohibiting the sale to retail clients of investment products that reference cryptoassets
May 2020
- 31 May: Deadline for responses to Commission Consultation Paper on the AI White Paper
- 31 May: Deadline for responses to the Commission Consultation Paper on the European Strategy for Data
- By end May: Commission High Level Forum on Capital Markets Union to report and make recommendations (incl on how FinTech can support pan- EU capital markets architecture)
June 2020
- 3-4 Jun: G20 Digital Economy Task Force meeting, Riyadh
- 12 Jun: Deadline for responses to Bank of England Discussion Paper on Central Bank Digital Currency
- 30 Jun: Latest date for applications from cryptoasset businesses to be received for priority review for registration by the FCA
- June: Financial Action Task Force to evaluate next steps for virtual assets
Q3 2020
- 15 Jul: Deadline for responses to Financial Stability Board Consultation Paper on the regulatory, supervisory and oversight challenges raised by “global stablecoin” arrangements
- 20-21 Jul: G20 Digital Economy Task Force meeting, Riyadh
- 22 Jul: G20 Global Digital Economy Forum, and Digital Economy Ministers meeting, Riyadh
Q4 2020
- 1 Oct (COVID-19 delay): Deadline for responses to FCA call for input on open finance
- 1 Oct (COVID-19 delay): Deadline for responses to FCA call for input on accessing and using wholesale data
- 10 Oct: Last date for cryptoasset businesses to submit complete applications for registration to FCA to be registered by 10 Jan 2021
- Oct: Financial Stability Board final report on “global stablecoin” arrangements
- 31 Dec: EU Exit – end of transition period specified in Withdrawal Agreement
- Dec: ESMA to submit information to the Commission to inform report on algo trading (MiFID Art 90(1)(c))
- Q4: European Insurance and Occupational Pensions Authority report(s) on a priority InsurTech topic
- Q4: European Insurance and Occupational Pensions Authority work on technology in regulation and supervision
2021
- By Jan: All existing businesses undertaking cryptoasset activities prior to 10 Jan 2020 to be registered with FCA
- By 13 Jan: Commission to publish Revised Payment Services Directive review
- 14 Mar: Adjustment period ends and FCA Strong Customer Authentication rules apply to e- commerce
- Sep: Conclusion of EU Quantum Technologies Flagship ramp-up phase
- 2021: Financial Action Task Force to report to G20 on monitoring of risks and opportunities of financial innovation
2022 Onwards
- By 26 Jun 2022: HM Treasury to publish review of The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 – relevant to cryptoasset activities
- 2022: ESMA to review Financial Innovation Standing Committee terms of reference
- By 2023: EU target for acquisition of exascale supercomputers
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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.