February 2021: The month ahead in financial services regulatory developments…

29 January 2021

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 February 2021.

1 Feb	C19 delay: FCA Investment Platforms Market Study (IPMS) rules on transfer between platforms apply C19 delay: Deadline for compliance with FCA Policy Statement 19/21 (PS19/21) Retirement Outcomes Review (ROR) rules and guidance on investment pathways, annual information Firms to have submitted notifications regarding intragroup and clearing exemptions under UK European Market Infrastructure Regulation (EMIR) to FCA C19 measure: Notification threshold for net short positions under UK Short Selling Regulation (SSR) lowered from 0.2% to 0.1% C19 measure: Coverage for Temporary High Balances (THBs) revert to six months Deadline for responses to European Insurance and Occupational Pensions Authority (EIOPA) survey on application of Insurance Distribution Directive (IDD) Deadline for responses to Commission consultation on review of European Long-term Investment Fund (ELTIF) rules Deadline for responses to Commission adopted proposal for a Data Governance Act (regulation) C19 delay: Commission Delegated Regulation (EU) 2018/1229, supplementing the EU Central Securities Depositories Regulation (CSDR) comes into force
2 Feb	European Securities and Markets Authority (ESMA) to deliver, by this date, Implementing Technical Standards (ITS) on forms, templates and procedures for marketing requirements, fees and charges, and information about alternative investment funds (AIFs) and Undertakings for Collective Investment in Transferable Securities (UCITS) being marketed under the EU Directive and Regulation on cross-border distribution of investment funds Deadline for responses to Commission targeted consultation on review of EU CSDR
3 Feb	Deadline for responses to Department for Business, Energy & Industrial Strategy (BEIS) Consultation Papers (CPs) on: improving the quality of financial information on the UK companies register; powers of the registrar; and implementing the ban on corporate directors Entry into force of UK statutory instrument (SI) The Markets in Financial Instruments (Switzerland Equivalence) 2021 Deadline for responses to European Banking Authority (EBA) Discussion Paper (DP) on management and supervision of environmental, social and governance (ESG) risks for credit institutions and investment firms
4 Feb	Deadline for responses to FCA Quarterly CP - CP20/23 - including expectations for temporary, long-term absences (in consultation with PRA); references to collective investment schemes (CIS) being able to issue bearer certificates; amendments to scope of COBS 4.5.12 and COBS 4.5.15; changes to minimum levels of professional indemnity insurance (PII) cover; transposing Art 1(16) of the Bank Recovery and Resolution Fund Directive II (BRRD II); and FCA recognition of Global Precious Metals Code
5 Feb	Deadline for responses to first (of three) FCA CPs on Investment Firm Prudential Regime (IFPR) End date of FCA’s digital sandbox pilot Deadline for submission of evidence to Parliament Call for Evidence (CfE) on Future UK-EU relations: Trade in services Competition Appeals Tribunal (CAT) case management conference Walter Hugh Merricks CBE v Mastercard Incorporated and Others Deadline for responses to International Association of Insurance Supervisors (IAIS) CP on draft application paper on resolution powers and planning
7 Feb	C19 measure: Expiry date of FCA statement on firms’ financial crime systems and controls, including reference to furloughing SMF17 and Money Laundering Reporting Officer (MLRO) Deadline for responses to IAIS CP on development of liquidity metrics (phase 1 - exposure approach)
8 Feb	Deadline for responses to ESMA CP on guidelines on marketing communications under EU Regulation on cross-border distribution of investment funds Deadline for responses to Commission consultation on a directive on sustainable corporate governance
10 Feb	Virtual public background session for IAIS consultation on Draft Application Paper on Supervision of Control Function
11 Feb	EU Regulation on the Recovery and Resolution of Central Counterparties (CCPs) enters into force Deadline for responses to Commission roadmap consultation on the digital levy
15 Feb	Deadline for responses to EBA CP to amend standards on benchmarking of internal models
17 Feb	Deadline for responses to PRA CP3/21 'Depositor protection: Identity verification' EBA public hearing on CPs on guidelines on internal governance for investment firms and on guidelines on remuneration policies for investment firms Deadline for responses to EIOPA consultation on Supervisory Statement (SS) on supervisory practices and expectations in case of breach of the Solvency Capital Requirement (SCR) Deadline for responses to EU draft implementing decision on recognition of third-country rules on over-the-counter derivatives (OTC) - Brazil, Australia, Hong Kong and Singapore
18 Feb	European Central Bank (ECB) to publish final recommendations on EURIBOR fallback measures shortly after this date
19 Feb	Deadline for responses to PRA and FCA consultation on 2021/22 management expenses levy limit (MELL) for the Financial Services Compensation Scheme (FSCS) Deadline for responses to HM Treasury (HMT) CfE on Solvency II Review (extended from 19 January) Deadline for submissions to Treasury Select Committee (TSC) inquiry into the future of financial services (including how HM Government (HMG) and the UK regulators can facilitate the emergence of financial technology (FinTech))
21 - 26 Feb	Financial Action Task Force (FATF) Plenary and working group meetings, Paris
23 Feb	Deadline for responses to HMT CP on tax treatment of asset holding companies in alternative fund structures (draft legislation to follow in 2021) Deadline for submission of evidence to Parliament CfE on future of financial services Deadline for responses to HMT CP on second phase of Future Regulatory Framework (FRF) with second CP on FRF to be published in 2021
25 Feb	Deadline for responses to The Insolvency Service CP on changes to the monetary eligibility criteria for Debt Relief Orders
26 Feb	Deadline for responses to PRA report on Senior Managers and Certification Regime (SMCR) implementation Deadline for responses to EIOPA DP on non-life underwriting and pricing in light of climate change Deadline for responses to EIOPA DP on a methodology for integrating climate change in the standard formula Deadline for responses to International Organization of Securities Commissions (IOSCO) CP on issues relating to access to market data in secondary equity markets G20 Finance Track Ministerial meeting
27 Feb	G20 Finance Ministers and Central Bank Governors meeting
28 Feb	ESMA to deliver final advice to Commission on Art 8 Taxonomy Regulation
Feb	Woolard Review of unsecured credit market regulation expected Certain firms to be invoiced for the FSCS's 2020/21 supplementary levy C19 measure: EU Parliament and Council expected to formally adopt EU Capital Markets Recovery Package including amendments to Markets in Financial Instruments Directive (MiFID II), Prospectus Regulation, CRR securitisation and securitisation framework

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aif bank of england beis cat ccp climate consultation paper covid 19 data governance act depositor protection digital levy digital sandbox discussion paper eba eiopa eltif emir esg esma eu commission eu council eu parliament euribor fatf fca financial crime frf fscs g20 global precious metals code hmt idd ifpr iosco ipms mifid ii mlro notifications platforms policy statement pra prospectus regulation review ror scr securitisation smcr smf17 solvency ii ssr switzerland taxonomy regulation thb the insolvency service ucits unsecured credit woolard review

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Asia Australia Bank Accounts and Payment Services Banking Climate Change Corporate Crime Corporate Governance Credit and Loans Crisis Management Cross-border EU FinTech FSCS and Compensation Insurance International Investment Management Markets Money Laundering Prudential Regulatory Reporting Retail Investments and Pensions Sustainable Finance UK

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February 2021: The month ahead in financial services regulatory developments…

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