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

29 June 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 July 2021.

1 July	Deadline for responses to FCA discussion paper (DP) on strengthening financial promotion rules for high-risk investments and firms approving financial promotions Date on which changes to PRA Supervisory Statement 11/16 (SS11/16) arising from Consultation Paper 11/20 (CP11/20) on the PRA’s expectations for the work of external auditors on the matching adjustment become effective Start date for FCA rules on regular reporting and publication of general insurance value measures data Lending Standards Board (LSB) Revised Standards of Lending Practice for Personal Customers effective (incl new standard relevant to digital channels) National competent authorities (NCAs) to apply European Insurance and Occupational Pensions Authority (EIOPA) guidelines on ICT security and governance Deadline for responses to European Banking Authority (EBA) CP on regulatory technical standards (RTS) on disclosure of investment policy by investment firms (EU IFR/IFD) European Securities and Markets Authority (ESMA) Guidelines on internal control for credit rating agencies (CRAs) apply
2 July	Deadline for responses to EBA CP on draft RTS on emerging markets and advanced economies
4 July	Markets in Financial Instruments Regulation (MiFIR) open access regime for trading and clearing exchange traded derivatives applies
5 July	Deadline for responses to FCA Quarterly CP No. 32 European Commission (EC) Implementing Regulation laying down implementing technical standards (ITS) under Regulation on cross-border distribution of investment funds enters into force
6 July	Policy Statement (PS) to PRA CP8/21 Regulated fees and levies: Rates proposals 2021/22 (incl retained penalties) to be published
7 July	Deadline for responses to PRA CP7/21 on credit risk: identification of the nature, severity and duration of an economic downturn for the purposes of IRB models Deadline for responses to the Task Force on Climate-related Financial Disclosures (TCFD) CP on new guidance on climate-related metrics, financial impacts, targets and transition plans
8 July	Deadline for responses to Department for Business, Energy and Industrial Strategy (BEIS) white paper – restoring trust in audit and corporate governance Effective date for rules in PS to PRA CP8/21 Regulated fees and levies: Rates proposals 2021/22 (incl retained penalties) UK Payment and Electronic Money Institution Insolvency Regulations 2021 enter into force EU Member States to adopt and publish laws to implement Directive 2019/2162 on covered bonds
9 July	Original expiry date for FCA temporary permission regime for registration of cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 as amended (MLRs) who applied for registration prior to 15 Dec 2020 - this has now been extended to 31 March 2022 Deadline for responses to PRA DP on prudential framework for non-systemic banks and building societies Deadlines for responses to Pensions Dashboard Programme call for input on staging - the order and timing of when data providers will connect to the pensions dashboard ecosystem G20 Finance Ministers and Central Bank Governors meeting
11 July	G20 to discuss sustainable finance agenda at the Venice Conference on Climate
13 July	Bank of England (BoE) Financial Stability Report. FPC summary and record
14 July	Deadline for responses to BoE CP on modifications to scope of contracts subject to UK EMIR derivatives clearing obligation to reflect interest rate benchmark reform
15 July	FCA to publish its Business Plan 2021/22
16 July	Deadline for responses to EIOPA CP on a framework to address value for money (VfM) risk in the EU unit-linked market Deadline for responses to Financial Stability Board (FSB) CP on quantitative targets for enhancing cross-border payments
17 July	Deadline for responses to EBA CP on draft RTS on threshold for reclassification of investment firms as credit institutions Deadline for responses to International Association of Insurance Supervisors (IAIS) CP on revising application paper on combating money laundering and terrorist financing
21 July	Deadline for responses to HM Treasury (HMT) CP on regulation of non-transferable debt securities (mini-bonds) Deadline for responses to International Swaps and Derivatives Association (ISDA) CP on fallbacks for LIBOR ICE Swap Rates
22 July	FCA board meeting Deadline for responses to PRA CP on regulatory framework for financial holding companies
23 July	Deadline for responses to EIOPA CP on IBOR transitions and issues information request Deadline for responses to ESMA CP on commodity derivatives technical standards as part of MiFID II recovery package
26 July	Deadline for responses to PRA CP on prudential standards agreed by Basel Committee on Banking Standards (BCBS) for non-performing loan (NPL) securitisations
28 July	Deadline for responses to EBA CP on draft guidelines on delineation and reporting of available financial means of deposit guarantee schemes
29 July	Deadline for responses to EBA CP on draft RTS specifying factors and conditions to be considered when assessing appropriateness of risk weights and minimum loss given default (LGD) values for mortgage exposures under the Capital Requirements Regulation (CRR) Deadline for comments for EIOPA discussion paper on blockchain and smart contracts in insurance
30 July	Deadline for responses to Law Commission's call for evidence on digital assets Deadline for responses to Law Commission consultation on electronic trade documents such as bills of lading and bills of exchange Deadline for responses to FCA and Pensions Regulator joint call for input on pensions consumer journey
31 July	Mortgage borrowers may extend existing deferrals, subject to conditions under the FCA's November 2020 guidance on supporting borrowers affected by Covid-19 Deadline for responses to FCA CP on new consumer duty Markets in Financial Instruments Directive (MiFID) ‘Quick Fix’ - EC delegated act on criteria for ancillary activity exemption MiFID ‘Quick Fix’ - EC review of operation of structure of securities markets; research rules, payments to advisers; product governance; loss reporting; and client categorisation (legislative proposal if appropriate) ESMA Guidelines on outsourcing to cloud service providers apply EBA EU-wide stress test results
Jul	FCA annual report expected (this may be published alongside the FCA Business Plan on 15 July 2021) FCA quarterly data on financial promotions amended or withdrawn due to non-compliance Financial Ombudsman Service (FOS) annual report and accounts expected ESMA final report to EC on EU MiFID II review report on algo trading expected FSB reports expected: ways to promote high-quality TCFD-aligned climate disclosures and on the availability of data on climate-related financial stability risks; lessons learnt from C19; money market fund (MMF) resilience; and benchmark reform

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aml cft consumer duty corporate governance crr cryptoassets digital assets emir financial promotions fintech insurance libor discontinuation mifid ii payments task force on climate related disclosures

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Bank Accounts and Payment Services Climate Change Corporate Governance Cross-border EU FinTech Insurance International Investment Management LIBOR Discontinuation Market Abuse / Insider Trading Markets Money Laundering Outsourcing Prudential Regulatory Retail Investments and Pensions Sustainable Finance UK

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

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