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

31 August 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 September 2021.

1 Sep	FCA authorisations gateway opens for pre-paid funeral plan sector Basel Committee on Banking Supervision (BCBS)/International Organisation of Securities Commissions (IOSCO), European Markets Infrastructure Regulation (EMIR) and UK initial margin requirement commencement date for counterparties with portfolio in excess of €50 billion
2 Sep	Deadline for responses to HM Treasury (HMT) call for evidence on UK Securitisation Regulation Deadline for responses to European Securities and Markets Authority (ESMA) consultation paper (CP) on clearing and the derivative trading obligation (DTO) in view of benchmark transition (final report to European Commission (EC) to be delivered in the Autumn) Deadline for responses to EC on a Declaration for Digital Principles Deadline for responses to EC on EU digital ID (EUid) scheme for online transactions across Europe Deadline for feedback on the EC proposal for a directive on consumer credit agreements - REFIT initiative
3 Sep	Deadline for responses to Department of Work and Pensions (DWP) CP on stronger nudge to pensions guidance Deadline for responses to HMT CP on pre-paid funeral plan providers and Financial Services Compensation Scheme (FSCS) Deadline for responses to the EC consultation on its Data Act initiative Deadline for responses to EC consultation on list of equivalent third countries under Capital Requirements Regulation (CRR) Deadline for responses to BCBS consultation on technical amendments on global systemically important bank (G-SIB) assessment methodology review process
4 Sep	Deadline for responses to European Banking Authority (EBA) CP on draft RTS on individual portfolio management of loans under the European Crowdfunding Service Provider Regulation (ECSPR)
6 Sep	Applications for FCA's digital sandbox (sustainability cohort) open Deadline for feedback to Platform on Sustainable Finance draft reports on social taxonomy and on an extended taxonomy to support economic transition (hosted on the EC website) Deadline for responses to IOSCO consultation on environment, social and governance (ESG) ratings and data products providers
7 Sep	Deadline for responses to Bank of England (BoE) discussion paper (DP) on new forms of digital money
8 Sep	Deadline for responses to European Insurance and Occupational Pensions Authority (EIOPA) CPs on pension tracking service and pension dashboards Deadline for responses to EC CP on improving transparency and efficiency in secondary markets for non-performing loans (NPLs)
9 Sep	Deadline for feedback on EC proposal for a regulation on packaged retail investment and insurance products (PRIIPs) – extension of transitional arrangement with regard to undertakings for collective investment in transferable securities (UCITS)
10 Sep	Deadline for responses to FCA CP21/17 on enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers Deadline for responses to FCA CP21/18 on enhancing climate-related disclosures by standard listed companies Deadline for responses to Payment Systems Regulator (PSR) CP on five year strategy Deadline for responses to BCBS CP on prudential treatment of cryptoassets exposures
13 Sep	Deadline for expressions of interest in joining the European Central Bank (ECB) Market Advisory Group of the digital euro project
14 Sep	Deadline for responses to FCA CP21/21 Primary Market Effectiveness Review, including Kalifa Review recommendations BoE to publish mortgage lenders and administrators statistics – Q2 2021
15 Sep	Proposed changes in PRA CP12/21 on financial holding companies (except notification requirement in Groups Part) expected to apply Deadline for firms to submit results to national competent authorities (NCAs) in response to EIOPA regarding non-life underwriting risk comparative study in internal models
16 Sep	Deadline for responses to EC consultation on proposed Directive on cross-border law enforcement access to bank account registries
17 Sep	Deadline for responses to FCA CP on issuing statutory notices - a new approach to decision makers Deadline for responses to third FCA CP on Investment Firms Prudential Regime (UK IFPR) Deadline for responses to EC consultation on the functioning of the EU securitisation framework
20 Sep	Deadline for responses to ESMA CPs on central counterparty (CCP) recovery regime
21 Sep	FCA and BoE encourage switch to RFRs in LIBOR cross-currency swaps market by this date
23 Sep	Deadline for responses to HMT CP on Access to Cash Deadline for responses to EBA CP on draft implementing technical standards (ITS) on supervisory reporting on securitisations, asset encumbrance and for purposes of identifying global systemically important institutions (G-SIIs) and assigning G-SII buffer rates
24 Sep	Deadline for responses to HMT CP on Wholesale Market Review Deadline for responses to HMT CP on UK prospectus regime review Deadline for responses to ESMA consultation on draft regulatory technical standards (RTS) on suitability assessments of data reporting service provider (DRSP) management body members under the Markets in Financial Instruments Regulation (MiFIR) Deadline for responses to EBA CP on specification of calculation of specific credit risk adjustments Deadline for responses to the Call for Feedback on the draft report by the Platform on Sustainable Finance on preliminary recommendation for technical screening criteria for the EU taxonomy (hosted on the EC website)
27 Sep	Deadline for responses to EC CP on freezing and confiscating proceeds of crime Deadline for responses to EC on proposal for a regulation on an EU standard for green bonds
28 Sep	Deadline for responses to Department for Digital, Culture, Media and Sport (DCMS) CP on digital regulation Deadline for responses to the UK energy regulator (Ofgem) CP on Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) penalties statement and procedural guidelines Deadline for responses to EBA CP on draft guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) and stress testing under EU Capital Requirements Directive (CRD) Deadline for responses to EC CP on Distance Markets of Financial Services Directive (DMD(FS)), which includes assessment of the legislation in light of increasing digitalisation
30 Sep	Deadline for responses to FCA consultation on changes to UK PRIIPs disclosure regime Deadline for responses to FCA/PRA/BoE DP21/2 – diversity and inclusion (D&I) in the financial services sector The Covert Human Intelligence Sources (Criminal Conduct) Act 2021 – entry into force for public bodies to authorise criminal conduct by/in relation to a convert human intelligence source Deadline for responses to EBA CP on RTS specifying requirements for originators, sponsors, original lenders and servicers relating to risk retention under EU Securitisation Regulation Deadline for responses to ESMA consultation on draft guidelines for reporting under EMIR European Systemic Risk Board (ESRB) Recommendation on restriction of distributions applies until now; ECB request to banks to refrain from/limit distributions EU delegated regulation to align alternative standardised approach under EU CRR with BCBS minimum capital requirements for market risk applies First reference date for application of reporting ITS under EU Investment Firms Regulation (IFR) to class 2 investment firms

Article tags

app scams crr cryptoassets digital money digital sandbox ecspr emir esg funeral plans ifpr libor mifid ii pensions priips

Related categories

Banking Corporate Crime EU FinTech Fraud Investment Management LIBOR Discontinuation Markets Prudential Regulatory Reporting UK

Disclaimer

The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.

Follow us

Follow us

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

Article tags

Related categories

Disclaimer