The month ahead in financial services regulatory developments…

14 June 2019

In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation for July 2019.

1 Jul	FCA Rent-to-own (RTO) price cap rules apply to products RTO firms are already offering Proposed implementation date for amendments to PRA Regulatory Reporting Part (Annex A to PRA Consultation Paper (CP) 6/19) All Payment services providers (PSPs) and credit unions to prepare report data on Authorised push payment (APP) fraud complaints PSPs must send Confirmation of Payee (CoP) requests and present responses to their customer (subject to final PSR directions) Lending Standards Board to take over operation and governance of APP Scams Steering Group contingent reimbursement model code European Banking Authority (EBA) guidelines on high risk exposures under CRR apply End of EU Parliament's 8th term
2 Jul	Inaugural plenary session of new EU Parliament Deadline for responses to EU Commission CP on Distance Marketing Directive (DMD) evaluation
3 Jul	Deadline for responses to PRA CP7/19 on Solvency II: equity release mortgages (Part 2)
By 3 Jul	EU Commission and EBA to submit reports on Deposit Guarantee Schemes Directive (DGSD)
6 Jul	Regulation on assessment methodology of Advanced Measurement Approach (AMA) for operational risk under Capital Requirements Regulation (CRR) applies
7 Jul	Deadline for responses to PRA CP8/19 on supervision of international banks: revision of Branch Return
9 Jul	Deadline for responses to FCA GC19/2 on the FCA's expectations of insurance product manufacturers and distributors
9-10 Jul	Basel Committee on Banking Supervision (BCBS) Research Taskforce/Centre for Economic Policy Research joint workshop on the impact of regulation in a changing world: innovations and new risks
12 Jul	First report from settlement internalisers to national competent authorities (NCAs) (Art 9(1) CSDR)
15 Jul	Deadline for responses to FCA CP19/15 on Independent Governance Committees (IGC) remit extension (incl Environmental, Social and Governance (ESG) policy and value for money duties)
21 Jul	Prospectus Directive repealed; EU Prospectus Regulation applies
25 Jul	FCA Board meeting
30 Jul	ESMA final report on disclosure requirements applicable to credit ratings
31 Jul	Expiry date of EU economic sanctions on business with Russian energy, defence and financial sector (unless renewed)
Jul	FCA CP on recovering cost of regulating Credit Rating Agencies (CRAs), Trade Repositories (TRs) and securitisation repositories after UK leaves the EU – fee rates for 2019/20 FCA to publish first Annual Perimeter Report as part of its Annual Report; will identify any issues which involve the FCA's regulatory perimeter FCA Annual Enterprise Act report expected PS to FCA CP19/13 on Office for Professional Body Anti-Money Laundering Supervision (OPBAS) fees structure expected PS to FCA CP19/5 on Retirement Outcomes Review (ROR) investment pathways expected ESMA to publish final guidelines on standardised procedures and messaging protocols (Art 6(2) CSDR) and settlement fails reporting (Art 7(1) Central Securities Depositories Regulation (CSDR)) EU Commission expected to conclude update of European Code of Good Conduct for Microcredit Provision First opportunity for Parliament to elect EU Commission president

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bank of england compliance corporate crime enforcement eu european commission european regulation fca investigations money laundering regulation regulatory reform uk

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The month ahead in financial services regulatory developments…

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