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

28 May 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 June 2021.

1 Jun	Firms subject to Regulations 8 of the Disclosure Regulations, 10 and 11 of the Disclosure Regulations, or CONC 2.7.2R(4)(a) must use new pre-contract consumer credit information forms 1-28 Jun: (UK) Holding companies to submit applications for approval or exemption under Regulation 5(3)(a) of The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 to the PRA Deadline for responses to EBA CP on draft ITS on prudential disclosures on ESG risks under EU CRR
2 Jun	End of transitional period for implementing changes to default notices under The Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 (6 months from 2 December 2020) Deadline for responses to EC targeted CP on instant payments (seeks feedback from PSPs and technology service providers) Deadline for responses to EC CP on a draft Delegated Regulation supplementing Article 8 of the Taxonomy Regulation
3 Jun	Date for discontinuation of FTSE Indicative Term SONIA Reference Rates
3 Jun	Deadline for responses to ICE Benchmark Administration consultation on cessation of GBP LIBOR ICE Swap Rate
10 Jun	Deadline for responses to DWP CP on preventing pension transfer scams FCA Consumer Duty webinar Deadline for responses to EBA CP on draft guidelines on common assessment methodology for granting authorisation as credit institution under Art 8(5) EU CRR
11 Jun	Deadline for responses to EBA DP on feasibility study of an integrated reporting system under Art 430c EU CRR Deadline for responses to EBA CP on revised draft guidelines on stress tests of DGS
12 Jun	Deadline for responses to EBA CPs on draft RTS on gross jump-to-default amounts and RTS on residual risk add-on (phase 3 deliverables) under FRTB
14 Jun	New governance and oversight requirements for firms under the CRM Code for APP Scams apply
15 Jun	Deadline for comments on EC roadmap on Supervisory Data Strategy for EU Financial Services
17 Jun	All FCs and NFCs to have completed first clearing threshold notification under UK EMIR Deadline for responses to FCA CP on framework for exercising new UK BMR powers regarding use of critical benchmarks Deadline for responses to EBA CP on changes to guidelines on risk-based AML/CTF supervision Deadline for responses to EBA CP on draft RTS establishing an AML and CFT central database Deadline for responses to EBA CP on draft guidelines for institutions and resolution authorities on improving resolvability
18 Jun	Deadline for responses to EBA CP on revised guidelines on recovery plan indicators under BRRD Deadline for responses to JMLSG CP on revised trade finance sectoral guidance
20 Jun	FATF Plenary and working group meetings, Paris (20-25 Jun)
21 Jun	Deadline for responses to FCA CP on preventing claims management phoenixing by financial services firms
23 Jun	Deadline for FCA CP on changes to conduct and organisational requirements under UK MiFID Deadline for responses to EC CP on instant payments Deadline for responses to EC CP on proposed new regulation on AI
25 Jun	Deadline for responses to FCA CP on a new authorised fund regime for investing in long-term assets (the LTAF) Deadline for responses to EIOPA information request from NSAs on the impact of IBOR transitions
26 Jun	EU IFR/IFD apply EBA to submit various EU IFR/IFD technical standards to EC (phase 2 roadmap) Application of EBA final guidelines on internal governance
27 Jun	ECB supervised banks may exclude certain central bank exposures from leverage ratio until this date
28 Jun	Majority of EU CRR II provisions apply Disclosure requirements in EBA guidelines on supervisory reporting and disclosure requirements in compliance with EU CRR ‘quick fix’ to apply until this reference date EBA guidelines on application of alternative treatment of exposures related to tri-party repurchase agreements under CRR apply EBA to report to the EU Parliament, EU Council and EC on the potential inclusion of ESG risks in the SREP by this date Deadline for responses to EBA CP on draft ITS on supervisory reporting relating to additional liquidity monitoring metrics under CRR ECB regulation amending SSM reporting applies
30 Jun	Deadline for comments on FCA and Pensions Regulator joint call for input on pensions consumer journey Deadline for responses to PSR call for views on second phase of confirmation of payee service End of transition period for compliance with FCA rules on post-Brexit open banking identification requirements Deadline for responses to ESMA consultation report on EU MMFR review ESMA guidelines on periodic information for TRs apply Deadline for responses to EIOPA CP on revised guidelines on the use of LEI EU equivalence decision for UK CSDs expires MS to adopt and publish laws to implement Directive (EU) 2019/2177 amending EU MiFID II First publication of disclosures for certain financial market participants under Arts 4(3) and 4(4) SFDR to be made in a statement available on the firms’ websites
Jun	FCA CP on enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers FCA CP to extend climate-related disclosure rules to standard listed issuers and ESF-related discussion topics in capital markets BoE launches CBES BoE and PRA annual report and accounts expected Consultation expected on technical revisions to MLRs (UK) Call for Evidence expected on review of MLRs and OPBAS Regulations (UK) EBA guidelines on money laundering and terrorist financing risk factors to become effective (3 months post publication of official translations) GFXC finalise amendments to the Global FX Code (incl algo and anonymous trading); final code to be published shortly thereafter FATF to have reviewed implementation and impact of AML/CTF standards on virtual assets and VASPs and so-called stablecoins

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ai aml cft consumer duty esg ifd ifr instant payments libor ltaf mifid ii prudential

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Bank Accounts and Payment Services Banking Climate Change Complaints Corporate Governance Credit and Loans EU FinTech Fraud Insurance International Investment Management LIBOR Discontinuation Markets Money Laundering Operational Resilience Prudential Regulatory Reporting Retail Investments and Pensions Sustainable Finance UK

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

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