The month ahead in financial services regulatory developments…

• Prudential Regulatory Authority (PRA) amendments to pre-issuance notification (PIN) requirements take effect
• Financial Ombudsman Service (FOS) award limits increase to £355,000 for complaints made on/after 1 April 2020.
• Firms to notify the Financial Conduct Authority (FCA) if they intend to carry on business as proxy advisors under Shareholder Rights Directive (SRD II) regime
• FCA rules on publishing and disclosing workplace pension scheme costs apply
• UK contactless payment card limit will be increased to £45
• EU Delegated Regulations clarifying depositaries' safe-keeping obligations under the Alternative Investment Fund Managers Directive (AIFMD) and Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive start to apply
• European Payments Council (EPC)’s updated Single European Payments Area (SEPA) scheme rulebooks come into force

• Bank of England (BoE) Contingent Term Repo Facility (CTRF) operations to run

• G20 Digital Economy Task Force virtual meeting

• Deadline for responses to Joint Money Laundering Steering Group (JMLSG) consultation on amendments to its guidance to take account of The Money Laundering and Terrorist Financing (Amendment) Regulations 2019
• Deadline for responses to European Central Bank (ECB) working group on euro risk-free rates (RFR WG) on swaptions impacted by the CCP discounting transition from the euro overnight index average (EONIA) to the euro short-term rate (€STR)

•  Payment Systems Regulator (PSR) revised General Directions 1 to 5 come into force

• FCA rules on overdraft pricing apply
• FCA Retirement Outcomes Review (ROR) rule changes to make the cost of drawdown products clearer and comparisons easier come into force
• Final rules in FCA Policy Statement 19/30 on extending the remit of independent governance committees (IGCs) come into force
• ** New ** Deadline for responses to FCA consultations on temporary measures designed as a stop-gap to quickly support users of certain consumer credit products

** now due on 20 May

• ** Amended response deadline ** Deadline for responses to BoE Discussion Paper (DP) on transforming data collection

• ** New ** FCA temporary measures designed as a stop-gap to quickly support users of certain consumer credit products entering into force
• Deadline for responses to BoE DP on a daily Sterling Overnight Index Average (SONIA) Compounded Index
• Deadline for responses to ECB consultation on amendments to Regulation on payments statistics

• Deadline for responses to the European Securities and Markets Authority (ESMA) CP on guidelines on securitisation repository data completeness and consistency thresholds (extended from 16 March 2020)
• Deadline for responses to ESMA CP on credit rating agencies’ (CRAs) internal control functions (extended from 16 March 2020)

• Deadline for responses to ESMA CP on the Markets in Financial Instruments Regulation (MiFIR) transparency regime for equity instruments (extended from 17 March 2020)

• Deadline for responses to ESMA CP on MiFIR transparency regime for systematic internalisers (SIs) (extended from 18 March 2020)
• Deadline for feedback on the EU Commission’s roadmap on revising the Benchmark Regulation
• G20 Finance Ministers and Central Bank Governors virtual meeting

• Deadline for responses to HM Treasury consultation on expanding the dormant assets scheme

• IMF and World Bank Group Spring virtual meeting

• EU Cross-Border Payments Regulation transparency provisions apply

• Deadline for responses to ESMA CP on MiFIR transparency regime for non-equity instruments

• Deadline for responses to EU Commission consultation on review of the Markets in Financial Instruments Directive II (MIFID II)/MiFIR regulatory framework
• Deadline for response to EU Commission consultation on sustainable finance – EU classification system for green investments

• ECB RFR WG will meet to consider feedback received to its consultation on swaptions impacted by transition from EONIA to the €STR

• Deadline for responses to HM Treasury and UK Statistical Authority (UKSA) CP on reforming the retail price index methodology

• First reporting deadline for PRA Capital+ reporting requirements

• Deadline for responses to FCA CP19/13 on Office for Professional Body Anti-Money Laundering Supervision (OPBAS) fees structure (removing minimum fee threshold)

• Deadline for responses to ESMA CP on draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR

• ESMA to publish results of next annual calculations of large in scale (LIS) and size specific to the instrument (SSTI) thresholds for bonds

• FCA board meeting
• FCA CP on regulated fees and levies: rates proposals 2020/21
• Deadline for responses to PRA CP2/20 on reconciling capital requirements and macroprudential buffers
• Deadline for responses to European Insurance and Occupational Pensions Authority (EIOPA) DP on interbank offer rate (IBOR) transition
• EBA reporting framework v 2.9 – first reporting reference date for liquidity coverage ratio (LCR) reporting
• Commission delegated regulation amending Capital Requirements Regulation (CRR) liquidity coverage requirement for credit institutions applies
• In-scope firms to submit resolution information in respect of year ending 31 Dec 2019 as required under Art 3 of Commission Delegated Regulation (EU) 2018/1624 (and by 30 Apr annually thereafter)