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

28 October 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 November 2020.

3 Nov	Deadline for responses to FCA CP20/15 on liquidity mismatch in authorised open-ended property funds
4 Nov	Deadline for responses to FCA CP20/18 Chapter 2 on listing rule changes and Chapter 4 on onshoring changes
4 - 6 Nov	Bank of England (BoE), the Federal Reserve Board (Fed) and King’s College London joint virtual conference on Modelling with Big Data & Machine Learning: Measuring Economic Instability
5 Nov	FCA: Insurance: Conduct of Business Sourcebook (Access to Travel Insurance) Instrument 2020 comes into force
6 Nov	Deadline for responses to PRA CP15/20 on market risk – calculation of risks not in value at risk (VAR) and stressed VAR (sVAR) Deadline for responses to ESMA CP on fees for benchmark administrators under Benchmarks Regulations (BMR) Deadline for responses to Basel Committee on Banking Supervision (BCBS) CPs on principles for operational resilience and sound management of operational risk
9 Nov	Deadline for responses to Office of Tax Simplification (OTS) survey on capital gains tax
12 Nov	Deadline for banks’ responses to PRA Dear CEO Letter on operational readiness for a zero or negative bank rate – potential impact on lending and savings products Deadline for responses to Information Commissioner’s Office (ICO) CP on statutory guidance on how it will approach the exercise of its regulatory powers under data protection laws Deadline for responses to European Banking Authority (EBA) CP on guidelines on criteria for use of data inputs in risk measurement model under Capital Requirements Regulation
13 Nov	Dual-regulated firms to have submitted their Directory Persons data via Connect
16 - 20 Nov	European Citizens’ Initiative Week
16 Nov	Deadline for responses to ESMA CP on extension of services or activities by central counterparties (CCPs) under European Market Infrastructure Regulation (EMIR)
17 Nov	Deadline for responses to PRA CP13/20 on EU Exit – changes before the end of the transition period
19 Nov	Deadline for feedback on the EU Commission roadmap on the review of VAT for financial and insurance services
20 Nov	Deadline for responses to ESMA CP on Markets in Financial Instruments Regulation (MiFIR) review report on obligations to report transactions and reference data
21 - 22 Nov	G20 Summit
23 Nov	Deadline for responses to FCA CP on the extension of annual financial crime reporting obligations FCA to start publishing Directory Persons data
24 Nov	Deadline for responses to Pension Protection Fund (PPF) CP on 2021/22 levy determination Deadline for responses to European Insurance and Occupational Pensions Authority (EIOPA) CP on the use of risk mitigation techniques by (re)insurance undertakings Deadline for feedback to the EU Commission draft act on bonds trading – amended liquidity coverage rules to cater for covered bonds (delegated act)
25 Nov	Deadline for responses to HM Treasury (HMT) call for evidence (CfE) on access to cash Deadline for responses to Department of Business, Energy & Industrial Strategy (BEIS) CfE on UK approach for international regulatory cooperation Deadline for responses to ESMA CP on organised trading facilities (OTF) regime
27 Nov	Deadline for responses to FCA CP20/20 on its approach to international firms Deadline for responses to Pensions Dashboards Programme (PDP) request for information (RfI) on dashboard identity verification
30 Nov	Minor Solvency II reporting changes consulted on in Chapter 4 of PRA CP3/20 (as reported in PS20/20) come into force Deadline for responses to PRA CP18/20 on the Bank Recovery and Resolution Directive II (BRRD II) Financial Policy Committee (FPC) policy meeting Deadline for responses to Intellectual Property Office (IPO) CP on Artificial Intelligence (AI) and intellectual property
Nov	FCA to confirm digital sandbox successful applicants – focus on SME lending, fraud, and vulnerability 4^th Thematic Review into Defined Benefit-Defined Contribution (DB-DC) pension transfer advice – firms to have submitted data to FCA on DB transfers by end Nov 2020 Feedback Statement (FS) to FCA CP20/16 on additional funding for debt advice levy rates for 2020/21 (Money and Pension Services (MaPS) and devolved authorities) (Nov/Dec 2020) Payment Systems Regulator (PSR) CP on Faster Payments System (FPS) consumer protection (between Nov 2020 and Jan 2021) The Pensions Regulator CP on draft code of practice EBA CP on draft Regulatory Technical Standards (RTS) on disclosure of investment policy Financial Stability Board (FSB) to publish list of global systemically important banks (G-SIBs) FSB to publish progress report on implementation of benchmark reforms
Autumn 2020	BoE working with industry until Autumn 2020 to shape feedback from discussion paper on ‘Transforming data collection from the UK financial sector’ into a transformation plan for data collection ICO to publish data sharing code and data sharing toolkits and resources Law Commission to publish scoping study on intermediated securities Business Banking Resolution Service (BBRS) transition to going live

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ai bank of england bbrs beis benchmark benchmark reform bmr bonds trading brrd ii data data collection db dc directory persons eiopa emir esma eu commission fca fpc fps fsb g20 hmt ico information commissioner ipo maps onshoring pdp ppf psr solvency ii tpr

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Bank Accounts and Payment Services Banking Corporate Governance Credit and Loans Cross-border FinTech Insurance International Investment Management Operational Resilience Prudential Regulatory Reporting Retail Investments and Pensions UK

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

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