The month ahead in financial services regulatory developments…

04 December 2019

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

1 Dec	Commencement of PRA's waiver by consent for continuity of access rules (including reporting requirements); the rules require firms to put in place systems to ensure eligible depositors have continued access to FSCS-covered deposits in resolution or insolvency (This waiver will expire on 1 December 2022.)
3 Dec	Deadline for responses to PRA CP19/19 on Insurance special purpose vehicles: updates to authorisation and supervision
4 Dec	European Securities and Markets Authority (ESMA) guidelines on risk factors under the Prospectus Regulation apply; based on Article 16(4) of the Prospectus Regulation
9 Dec	Remaining FCA rules and guidance on P2P and investment-based crowdfunding platforms as set out in Policy Statement (PS) 19/14 come into force Extension of the Senior Managers and Certification Regime (SMCR) to most FCA solo-regulated firms Deadline for responses to PRA CP20/19 Regulatory capital instruments: update to Pre-Issuance Notification (PIN) requirements Changes in PRA PS12/19 Strengthening individual accountability: Resolution assessments and reporting amendments take effect
From 9 Dec	FCA Directory opens for submissions from FCA solo-regulated firms (firms that are not banks, building societies, credit unions, or insurers); solo-regulated firms have until 9 Dec 2020 to submit their information
10 Dec	Competition and Markets Authority (CMA) Investment Consultancy and Fiduciary Management Market Investigation Order 2019 parts on mandatory tendering, fiduciary management fee and advice separation, investment consultancy objective setting, and minimum performance information come into force
11 Dec	Commission Delegated Regulations on conflicts of interest under European Social Entrepreneurship Fund (EuSEF) and the European Venture Capital Fund (EuVECA) Regulations apply
12 Dec	FCA Board meeting
15 Dec	Cross-Border Payments Regulation applies; payment service providers (PSPs) required to apply same charges for cross-border payments as for equivalent national currency payments
16 Dec	European Insurance and Occupational Pensions Authority (EIOPA) Project Group to report to EU Commission on the Solvency II treatment of long-term illiquid liabilities
18 Dec	FCA rules on overdraft repeat use and competition remedies as set out in PS19/16: High Cost Credit Review apply Deadline for responses to PRA CP 22/19 on Solvency II: Prudent Person Principle Article 1(10) and (11) European Market Infrastructure Regulation (EMIR) REFIT relating to Articles 38(6) and (7) and 39(11) EMIR apply
27 Dec	Deadline for responses to PRA CP 23/19 on Solvency II: Income producing real estate loans and internal credit assessments for illiquid, unrated assets
31 Dec	PRA date for termination of FSA047 and FSA048 liquidity reports as per PRA PS 1/19 End of first reporting period; operational continuity firms are required to submit the template (PRA109) within 45 business days European Banking Authority (EBA) guidelines on disclosure of non-performing exposures (NPEs) and forborne exposures apply
Dec	FCA Office for Professional Body Anti-Money-Laundering Supervision (OPBAS) PS to CP19/24 on fee rates 2019/2020 expected ESMA report to EU Commission on development in prices for pre- and post-trade data and post-trade consolidated tape for equity instruments European Supervisory Authorities (ESAs) report on short-termism in financial markets expected
By end of 2019	FCA PS to CP18/40 Review of permitted links rules for insurers in relation to investment in patient capital and follow up to DP18/10 Patient capital investment in authorised funds FCA Price discrimination in the cash savings market (possible CP) PRA to provide details on submission mechanism and validation rules for Branch Return for non-UK headquartered firms as per PS 17/19 Bank of England (BoE) to publish final 'like-for-like' and 'enhanced' message schema for CHAPS ISO 20022 migration CMA to consider whether market study needed on loyalty penalties Payment Systems Regulator (PSR) PS to CP19/7 with final updated PSR Powers and Procedures Guidance expected EBA report to EU Commission on impact of MREL EIOPA final guidelines on cloud computing expected European Commission to publish evaluation of the Distance Marketing Directive (DMD) Revised version European Code of Good Conduct for Microcredit Provision expected International Organization of Securities Commissions (IOSCO) final report on cryptoasset trading platforms expected

Article tags

aml cma eiopa esas esma european commission fca fintech insurance opbas pra prospectus regulations smcr solvency ii

Related categories

Bank Accounts and Payment Services Banking Climate Change Corporate Crime FinTech Insurance Investment Management Market Abuse / Insider Trading Markets Money Laundering Prudential Regulatory Reporting Retail Investments and Pensions UK

Key contacts

Karen Anderson

Consultant, London

Susannah Cogman

Partner, London

Elizabeth Head

Of Counsel, London

Hannah Cassidy

Partner, Head of Financial Services Regulatory, Asia, Hong Kong

Clive Cunningham

Partner, London

Marina Reason

Partner, London

Kelesi Blundell

Partner, London

Jenny Stainsby

Global Head – Financial Services Regulatory, London

Hywel Jenkins

Partner, London

Chris Ninan

Partner, London

Jon Ford

Partner, London

Valerie Tao

Professional Support Lawyer, Hong Kong

Cat Dankos

Regulatory Consultant, London

Patricia Horton

Professional Support Lawyer, London

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.

Follow us

Follow us

The month ahead in financial services regulatory developments…

Article tags

Related categories

Key contacts

Karen Anderson

Susannah Cogman

Elizabeth Head

Hannah Cassidy

Clive Cunningham

Marina Reason

Kelesi Blundell

Jenny Stainsby

Hywel Jenkins

Chris Ninan

Jon Ford

Valerie Tao

Cat Dankos

Patricia Horton

Disclaimer