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

30 April 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 May 2021.

1 May	Intragroup exemptions under the UK European Market Infrastructure Regulation (UK EMIR) for trades between UK and EEA group entities expires Covid-19 Bounce Back Loan Scheme first repayments become due
3 May	Deadline for responses to PRA CP5/21 on implementation of Basel standards Deadline for feedback to Financial Stability Board (FSB) questionnaire on continuity of access to financial market infrastructures (FMIs) for firms in resolution
4 May	Entry into force of main provisions of The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 Entry into force of FCA Consumer Credit (Debt Respite Moratorium) Instrument 2021 to clarify interaction of FCA rules with the Regulations Deadline for comments on the Body of European Regulators for Electronic Communications (BEREC) draft report on ex ante regulation of digital gatekeepers Entry into force of Delegated Regulation on specialised lending exposures under EU Capital Requirements Regulation (EU CRR)
5 May	Deadline for responses to the Department for Business, Energy & Industrial Strategy (BEIS) consultation paper (CP) on mandatory climate-related financial disclosures by publicly quoted companies, large private companies, and LLPs Deadline for responses to Payment Systems Regulator (PSR) consultation on delivery and regulation of New Payments Architecture Deadline for responses to CMA consultation on revision of merger control interim measures guidance
6 May	Public hearing on the European Banking Authority (EBA) CP on RTS on disclosure of investment policy by investment firms Entry into force of Implementing Regulation on ITS on own funds and eligible liabilities (MREL) reporting by resolution authorities
7 May	Deadline for responses to the International Association of Insurance Supervisors (IAIS) draft application paper on macroprudential supervision Deadline for responses to the Global Foreign Exchange Committee (GFXC) further request for feedback on amendments to FX Global Code (including on anonymous and algorithmic trading) Deadline for responses to the European Commission (EC) CPs on EU Settlement Finality Directive and Financial Conglomerates Directive (FICOD)
9 May	HM Government (HMG) to conduct a post-implementation review of the Security of Network & Information Systems (NIS) Regulations 2018 by this date EC first report on functioning of Cybersecurity Directive 2016 due by this date
10 May	EU Member States to adopt and publish laws to implement Directive (EU) 2020/1504 exempting European Crowdfunding Service Providers (ECSPs) from EU MiFID II
11 May	Deadline for responses to EBA CP on disclosure of information by competent authorities under Article 57(4) of the EU Investment Firms Directive Investment Firms Directive (EU IFD) FCA and Bank of England (BoE) encourage switch to Sterling Overnight Index Average (SONIA) in sterling non-linear derivatives market from this date
14 May	Deadline for responses to Work and Pensions Committee's call for evidence on accessing pension savings
12 May	Deadline for responses to the European Supervisory Authorities (ESAs) CP on draft RTS on disclosure under Taxonomy Regulation
17 May	Deadline for responses to EBA CP on draft guidelines specifying criteria to assess exceptional cases when institutions exceed large exposure limits under Article 395(1) of the EU CRR
18 May	Deadline for responses to EC roadmap – strategy for retail investors Deadline for responses to EC CP on designation of a statutory replacement rate for CHF London Inter-Bank Offered Rate (LIBOR)
19 May	Deadline for responses to PRA/FCA joint CP on margin requirements for non-centrally cleared derivatives: amendments to Binding Technical Standards (BTS) 2016/2251 European Central Bank (ECB) Financial Stability Review
20 May	Deadline for responses to PRA CP8/21 Regulated fees and levies: Rates proposals 2021/22 (incl retained penalties) Deadline for responses to EC CP on the review of the Crisis Management and Deposit Insurance (CMDI) framework (including the Deposit Guarantee Schemes Directive (DGSD))
21 May	Deadline for responses to EC CP on supervisory convergence of single rule book
25 May	Deadline for responses to FCA CP21/8 regulated fees and levies: Rates proposals 2021/22 (including the Financial Ombudsman Service (FOS), Money and Pensions Service (MaPS), Devolved Authorities, and illegal money-lending levies) G20 International Financial Architecture Workshop
26 May	Deadline for responses to the Lending Standards Board (LSB) call for input on the Contingent Reimbursement Model (CRM) Code for Authorised Push Payment (APP) Scams Public hearing on EBA CP on revised draft guidelines on stress tests of the Deposit Guarantee Scheme (DGS) Deadline for responses to the Pensions Regulator's consultation on draft single code of practice
27 May	FCA board meeting
27/28 May	BoE Macro-finance workshop
28 May	Deadline for responses to CP21/7, the 2nd FCA Investment Firm Prudential Regime (IFPR) CP Deadline for responses to ESMA CP on draft RTS under the European Crowdfunding Service Provider Regulation (ECSPR) (including entry knowledge testing, business continuity planning and complaints handling) Deadline for responses to HM Treasury (HMT) CP on expanded resolution regime for CCPs Deadline for responses to the Fixed Income, Currencies and Commodities Markets Standards Board (FMSB) proposed Standard on use of Term SONIA reference rates Entry into force of Solvency 2 (Credit Risk Adjustment) Regulations 2021
31 May	Reporting requirements in EBA guidelines on supervisory reporting and disclosure requirements in compliance with EU CRR ‘quick fix’ to apply until this reporting reference date
May	First meeting of HMT/BEIS-commissioned Socio-Economic Diversity Taskforce in financial and professional services CFA Institute to publish Exposure Draft outlining the potential ESG disclosure standards required by asset managers required by asset managers to meet their Global Investment Performance Standards Taxonomy Climate Delegated Act to be formally adopted FCA CP on options to change its regulatory framework following the duty of care feedback statement (FS)
End May	FCA expected to publish feedback to CP20/19 on Handbook changes arising from its general insurance pricing practices market study

Related categories

Bank Accounts and Payment Services Banking Climate Change Corporate Governance Credit and Loans Crisis Management EU FinTech Fraud FSCS and Compensation Insurance International Investment Management Prudential Regulatory Retail Investments and Pensions Sustainable Finance UK

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

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