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

01 October 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 October 2021.

1 Oct	Implementation date for systems and controls, product governance and related glossary changes in FCA Policy Statement 21/11 General Insurance pricing practices - amendments (PS21/11); see also PS21/5 FCA rules on pension transfer specialist qualifications and exam standards come into force (see FCA PS18/20) Firms to make their first reports to PRA under Resolvability Assessment Framework (RAF) (delayed from 2020) Deadline for responses to Bank of England consultation paper (CP) on its review of the approach to setting a minimum requirement for own funds and eligible liabilities Deadline for responses to Department for Digital, Culture, Media and Sport (DCMS) and Department for Business, Energy and Industry Strategy (BEIS) CP on a new pro-competition regime for digital markets Deadline for responses to BEIS CP on reforming the framework for better regulation Deadline for responses to European Securities and Markets Authority (ESMA) CP on review of Markets in Financial Instruments Regulation (MiFIR) equity and non-equity transparency requirements Deadline for national competent authorities (NCAs) to respond to European Insurance and Occupational Pensions Authority (EIOPA) non-life underwriting risk comparative study in internal models
4 Oct	Charlotte Gerkin, Executive Director - Insurance, PRA, to speak at the Association of Financial Mutuals Conference ‘Adaptability and resilience in the current financial climate’
5 Oct	Deadline for responses to PRA CP15/21 on designating investment firms Deadline for responses to HM Treasury (HMT) CP on amending Section 48D of the Banking Act 2009 to reflect IFPR European Commission (EC) implementing regulation on reporting requirements for market risk under EU Capital Requirements Regulation (CRR) applies Deadline for responses to EC CP on horizontal agreements between companies - revision of EU competition rules
6 Oct	Financial Services and Markets Act 2000 (Prudential Regulation of FCA Investment Firms) (Definitions for the purposes of Part 9C) Regulations 2021 come into force
7 Oct	Delegated Regulation on Regulatory Technical Standards (RTS) for contractual recognition of write down and conversion powers under the Bank Recovery and Resolution Directive (BRRD) comes into force
8 Oct	Deadline for responses to PRA CP11/21 on review of Solvency II: reporting (Phase 1) BoE Financial Stability Report, Financial Policy Committee (FPC) summary and record
11 Oct	Deadline for responses to FCA CP21/27 Quarterly CP No 33; proposals cover: general insurance value measures reporting; moving application forms from the Handbook; amendments to the Handbook to reflect branding changes by the Money and Pensions Service; amending LIBOR references in the Handbook; consequential changes to the Prospectus Regulation Rules and Listing Rules to align with changes to the prospectus regime guidance; changes to reporting requirements in the Supervision Manual; amendments to FCA rules on corporate reporting in machine-readable electronic format under the Disclosure and Transparency Rules; and UK Emissions Trading Scheme.
12 Oct	House of Lords Economic Affairs Committee formal meeting - oral evidence session - Central Bank Digital Currencies (CBDCs) inquiry
14 Oct	Deadline for responses to HMT call for evidence on the UK's anti-money laundering and counter terrorist financing (AML/CTF) regulatory and supervisory regime Deadline for responses to HMT CP on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
15 Oct	Deadline for responses to House of Lords Economic Affairs Committee call for evidence on CBDCs Deadline for responses to European Banking Authority (EBA) CP on the limited network exclusion under the revised Payment Services Directive (PSD2) Commencement of national roll-out of £100 contactless card payments limit
16 Oct	Deadline for responses to EBA CP on amended Implementing Technical Standards (ITS) on currencies with constraints on availability of liquid assets
17 Oct	Deadline for responses to EIOPA CP on the amendments of supervisory reporting and public disclosure documents Deadline for responses to EIOPA CP on supervisory statement on supervision of run-off undertakings Financial Action Task Force (FATF) Plenary and working group meetings (Paris)
18 Oct	Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 come into force House of Commons returns from recess
19 Oct	Deadline for responses to ESMA CP on guidelines on certain aspects of MiFID II remuneration requirements
20 Oct	Deadline for responses to FCA CP21/29 Proposed decisions on the use of LIBOR - Articles 23C and 21A of the Benchmarks Regulation (BMR) Deadline for responses to PRA Solvency II Review Quantitative Impact Study (QIS) material and to qualitative questionnaire House of Commons Treasury Committee formal meeting - oral evidence session - Future of Financial Services inquiry
21 Oct	FCA board meeting
22 Oct	Deadline for responses to HMT CP on proposed Senior Managers and Certification Regime (SMCR) for financial markets infrastructures (FMIs) Deadline for responses to FCA CP21/24 Diversity and inclusion on company boards and executive committees Deadline for responses to the House of Lords Communications and Digital Committee call for evidence on digital regulation Deadline for responses to EBA DP on proportionality assessment methodology
23 Oct	Deadline for responses to EBA CP on draft RTS on criteria for the identification of shadow banking entities
25 Oct	FCA updated consumer credit information sheets effective FCA PS Restricting claims management company (CMC) charges for financial products and services claims expected
27 Oct	BoE conference on law and macroeconomics Autumn Budget presented; Spending Review 2021 concludes; Office of Budget Responsibility (OBR) to release economic and fiscal forecast
28 Oct	Deadline for responses to PRA CP16/21 Insurance business transfers
29 Oct	Deadline for responses to FCA CP21/28 New cancellation and variation power - Changes to the Handbook and Enforcement Guide (EG)
30 Oct	G20 Leaders’ Summit (Rome)
31 Oct	Borrowers with interest only or part-and-part mortgages maturing from 20 March 2020 can defer capital repayment until this date under FCA November 2020 guidance Deadline for responses to Ministry of Justice (MoJ) call for evidence on dispute resolution in England and Wales

Article tags

aml benchmarks brexit brrd climate risk crr digitalisation fintech ifpr insurance markets mifid mrel payments prudential psd2 securitisation solvency ii

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Key contacts

Karen Anderson

Consultant, London

Susannah Cogman

Partner, London

Elizabeth Head

Of Counsel, London

Hannah Cassidy

Partner, Head of Financial Services Regulatory, Asia, Hong Kong

Clive Cunningham

Partner, London

Marina Reason

Partner, London

Kelesi Blundell

Partner, London

Jenny Stainsby

Global Head – Financial Services Regulatory, London

Hywel Jenkins

Partner, London

Chris Ninan

Partner, London

Jon Ford

Partner, London

Valerie Tao

Professional Support Lawyer, Hong Kong

Cat Dankos

Regulatory Consultant, London

Patricia Horton

Professional Support Lawyer, London

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

Article tags

Related categories

Key contacts

Karen Anderson

Susannah Cogman

Elizabeth Head

Hannah Cassidy

Clive Cunningham

Marina Reason

Kelesi Blundell

Jenny Stainsby

Hywel Jenkins

Chris Ninan

Jon Ford

Valerie Tao

Cat Dankos

Patricia Horton

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