The month ahead in financial services regulatory developments…

25 February 2020

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 March 2020.

** This post was updated on 17 March 2020 to reflect the FCA's publication of information for firms on Coronavirus (Covid-19) response **

1 Mar	End of modification by consent of FCA Dispute Resolution: Complaints Sourcebook (DISP) 10.1 relating to payment protection insurance (PPI) complaints where the PPI policy was not purchased from the firm Changes to the Prudential Regulation Authority (PRA) Rulebook and reporting templates PRA101 and PRA102 take effect
2 Mar	Deadline for responses to the European Insurance and Occupational Pensions Authority (EIOPA) consultation paper (CP) on technical advice, implementing technical standards (ITS) and regulatory technical standards (RTS) for the Pan-European Personal Pension Product (PEPP)
From 2 Mar	Market makers encouraged by FCA to make Sterling Overnight Index Average (SONIA) the market convention in sterling interest rate swap markets
3-4 Mar	G20 Climate Stewardship Working Group meeting, Riyadh
6 Mar	Deadline for submitting indications of interest in participating in Bank of England (BoE)/FCA working groups on transforming data collection Deadline for responses to Single Resolution Board (SRB) consultation on changes to its policy on the minimum requirement for own funds and eligible liabilities (MREL)
9 Mar	Deadline for banks, building societies, credit unions and insurance companies to submit data to FCA Directory
10 Mar	Deadline for EU Member States’ amended beneficial ownership registers for trusts and similar legal arrangements under the Fifth Money Laundering Directive (5MLD)
11 Mar	UK government Budget 2020 HMT and UK Statistics Authority (UKSA) to launch joint CP on Retail Prices Index (RPI) changes Deadline for responses to EU Commission roadmap: action plan on AML
13 Mar	Deadline for responses to EIOPA CP on proposed guidelines on ICT security and governance Deadline for responses to Basel Committee on Banking Supervision (BCBS) discussion paper (DP) on designing a prudential treatment for cryptoassets
From 14 Mar	FCA Strong Customer Authorisation (SCA) rules apply to online banking and Open Banking contingency mechanism must be in place
15 Mar	End of extended term of BoE Governor Mark Carney
16 Mar	Deadline for comments on PRA/BoE proposals for quarterly publication of data relating to the UK insurance market Andrew Bailey to become new BoE Governor for an eight year term Christopher Woolard to become FCA Interim CEO Deadline for responses to ESMA CP on guidelines on securitisation repository data completeness and consistency thresholds
17 Mar	Deadline for responses to FCA Call for Input on Open Finance Now closing on 1 Oct 2020 Deadline for responses to ESMA CP on the MiFIR transparency regime for equity instruments
18 Mar	Deadline for responses to BoE DP on 2021 biennial exploratory scenario (BES) on financial risks from climate change Deadline for responses to ESMA CP on MiFIR transparency regime for systematic internalisers (SIs) Deadline for responses to ECB CP on guide to assess how banks calculate counterparty credit risk
19 Mar	Deadline for responses to EU Commission CP on an EU regulatory framework for cryptoassets Deadline for responses to EU Commission CP on digital operational resilience UK Finance Bill publication
24 Mar	Deadline for responses to Payment Systems Regulator’s (PSR’s) call for input on competition issues and the New Payments Architecture (NPA)
25 Mar	FCA Transforming Culture Conference 2020
25-26 Mar	BoE (with others) conference: The impact of machine learning and AI on the UK economy
26 Mar	FCA board meeting Art 63(2) and (3) Investment Firms Regulation (IFR) and Art 64(5) Investment Firms Directive (IFD) relating to tick-size regime apply
27 Mar	EBA public hearing on draft guidelines on on the appropriate subsets of sectoral exposures to which competent or designated authorities may apply a systemic risk buffer (SyRB) in accordance with the Capital Requirements Directive (CRD)
28 Mar	Various European Banking Authority (EBA) technical standards under Capital Requirements Regulation (CRR II) to be submitted to EU Commission
30 Mar	First meeting of the BoE/FCA Artificial Intelligence Public-Private Forum (AIPPF)
By 31 Mar	FCA Handbook Notice on Management Expenses Levy Limit (MELL) for 2020/21 expected ESMA report to EU Commission on impact of position limits and position management on commodity derivatives markets Financial Ombudsman Service (FOS) to publish final 2020/21 plans and budget
31 Mar	FCA legacy EMIR web portal to be decommissioned APP Scams Voluntary Code "no blame" interim funding expires, progress on long term funding arrangement solutions to be reviewed Deadline for responses to UK CP on ISO 20022 adoption EBA reporting framework v 2.9 – first reporting reference date for financial reporting (FINREP) and securitisations (COREP) Deadline for responses to ESMA CP on draft technical standards on the provision of investment services and activities by third country firms under MiFID II/MiFIR
March	FCA CP on exit fees in investment platforms and comparable firms expected PS to FCA CP19/30 on regulatory fees and levies for 2020/21 FCA to develop proposals for enhanced risk-based AML supervision Home Office/HMT and others to review barriers to information-sharing, powers and gateways under economic crime plan Home Office proposals on 'sustainable resourcing model' for economic crime reform expected Launch of the European Climate Pact, Commission to present European Climate Law enshrining 2050 climate neutrality objective
Q1	FCA CP on proposals to facilitate standard listing of open-ended investment companies (OEICs) expected FCA PS to CP18/40 review of permitted links rules for insurers in relation to investment in Patient Capital Possible FCA PS on general insurance value measures reporting ESMA technical advice on procedural rules for imposing fines and penalties for third country CCPs, TRs and CRAs EU Commission to consult on revision to the Non-Financial Reporting Directive (NFRD)
"Spring"	The UK Government’s response to the Call for Evidence on digital identity expected

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The month ahead in financial services regulatory developments…

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