September 2020: The month ahead in financial services regulatory developments…

27 August 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 September 2020.

1 Sep	Deadline for responses to European Securities and Markets Authority (ESMA) consultation on guidelines on leverage under Alternative Investment Fund Managers Directive (AIFMD) Deadline for responses to ESMA consultation on draft guidelines on outsourcing to cloud service providers European Banking Authority (EBA) guidelines on determination of weighted average maturity of contractual payment due under tranche apply Deadline for responses to the European Supervisory Authorities’ (ESA) consultation on Regulatory Technical Standards (RTS) for disclosures under the Sustainable Finance Disclosure Regulation (SFDR) Deadline for responses to European Commission (Commission) roadmap on proposed EU legislation on consumer credit Deadline for responses to Commission roadmap on strengthening role of consumers in the green transition Extended deadline for responses from supervisors to the International Association of Insurance Supervisors’ (IAIS) on first stage of its implementation assessment of the holistic framework, the 2020 baseline assessment (BLA)
1 Sep – 3 Sep	Annual meeting of the Central Bank Research Association (virtual)
4 Sep	Deadline for responses to FCA guidance consultation on advising on pension transfers Deadline for responses to EBA Investment Firm Directive and Regulation (IFD/IFR) consultations on prudential requirements, reporting and disclosures requirements and remuneration requirements (credit quality and variable remuneration and identification of material risk takers) Deadline for responses to EBA consultation on capital requirements of non-modellable risks under the Fundamental Review of the Trading Book (FRTB) C19: Deadline for responses to draft Commission Delegated Directive in respect of MiFID II research regime to help the recovery from C19
7 Sep	Deadline for responses to European Insurance and Occupational Pensions Authority (EIOPA) discussion paper on the (re)insurance value chain and new business models arising from digitalisation
8 Sep	UK-Switzerland Financial Dialogue, a meeting between finance ministries and financial services regulators Deadline for responses to Commission consultations relating to the Digital Services Act Deadline for responses to Commission consultation on an intra-EU investment protection and facilitation framework
10 Sep	Regulation 6 of the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (MLR 2019) regarding central automated mechanisms allowing identification of holders of bank and payment accounts comes into force under Money Laundering Directive V (MLD V) Latest date for compliance with Commission implementing Acts for Art 3a, 3b, and 3c of Shareholder Rights Directive II (SRD II)
11 Sep	Deadline for responses to EBA’s call for input on the impact of de-risking and its impact on access to financial services Deadline for responses to ECB’s consultation on publishing compounded term rates using €STR
14 Sep	Deadline for responses to joint Bank of England (BoE), FCA and PRA consultation on proposals to revise scheme for complaints against financial services regulators
15 Sep	Deadline for responses to ESMA draft guidelines on calculation of positions under Securities Financing Transaction Regulation (SFTR)
16 Sep	C19: Expiry of ESMA decision lowering reporting threshold for holders of net short positions to 0.1% and above
21 Sep	Deadline for responses to Cabinet Office call for evidence on fairness in debt management
22 Sep – 23 Sep	G20 International Financial Architecture Working Group meeting
24 Sep	Deadline for responses to FCA consultation on driving value for money (VfM) in pensions
25 Sep	Deadline for responses to FCA discussion paper on new prudential regime for solo-regulated MiFID UK investment firms (note provisions related to internal governance and remuneration) Deadline for responses to EBA discussion paper on application of early intervention measures under Bank Recovery and Resolution Directive (BRRD) Deadline for responses to ECB consultation on guide on climate-related and environmental risks for Single Supervisory Mechanism (SSM) banks
30 Sep	FCA rules and guidance on disclosure, liquidity management and suspension of dealing relating to illiquid assets and open-ended funds apply Deadline for responses to FCA consultation on fair treatment of vulnerable consumers Deadline for responses to FCA consultation on implementing Capital Requirements Directive V (CRD V) remuneration requirements Deadline for responses to FCA consultation on debt advice levy rates for 2020/21 to provide additional funding for debt advice FCA notification window for temporary permissions regime (TPR) opens Deadline for responses to PRA consultation on publication of Solvency II technical information after the end of the Brexit transition period Deadline for responses to PRA consultation on implementation of CRD V PRA to review temporary approach to Value At Risk (VAR) back-testing exceptions Deadline for responses on defined benefit (DB) transfers code of good practice (extended from 30 April 2020) ESMA guidelines on AIF and UCITS liquidity stress tests apply C19: National Competent Authorities (NCAs) will not prioritise supervisory actions against benchmark administrators and supervised contributors relating to timeliness of audits carried out by this date Deadline for responses to EBA Regulatory Technology (RegTech) industrial survey C19: Extended deadline for application of the EBA guidelines on legislative and non-legislative moratoria on loan payments Commission TEG mandate extended until this date Deadline for responses to Financial Stability Board (FSB) consultation on Too Big To Fail (TBTF) reforms
Sep	Final draft CHAPS enhanced ISO 20022 Schema, Technical Guidance, and CHAPS rules Task Force on Climate-related Financial Disclosures (TCFD) to deliver status report to FSB FSB to publish final toolkit on effective practices for cyber incident response and recovery
Autumn 2020	FCA to publish final report on Financial Advice Market Review (FAMR) and Retail Distribution Review (RDR) evaluation Law Commission scoping study on intermediated securities Capital markets union (CMU) Action Plan (early autumn) Expected launch of the new BBRS SME dispute resolution service

Article tags

5 mld aifmd bank of england brrd consumer credit covid 19 digital services act eba esa esma fca iais mifid mifid ii pra sfdr sftr srd ii tpr

Related categories

Bank Accounts and Payment Services Climate Change Complaints EU Insurance International Investment Management Money Laundering Outsourcing Prudential Regulatory Reporting Retail Investments and Pensions Sustainable Finance UK

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

September 2020: The month ahead in financial services regulatory developments…

Article tags

Related categories

Disclaimer