2021 Regulatory Calendar Fintech & Beyond

Regulatory Calendar Fintech

We want to highlight the developments for 2021 in Regulation & Compliance, to allow all our members to have a good overview of relevant action they might need to take. Therefore we asked for input from regulatory specialists, lawyers, legal counsels,  and compliance officers active in the industry. 

Data Sources

- Resources & Comprehensive Guides -

JANUARY

11 Jan – Final phase-in of EU SFTR reporting obligation for NFCs. The UK will not incorporate this obligation 

11 Jan – Vote for the terrorist content online (TCO) proposal 

21 Jan – FCA permanent ban on the mass-marketing of mini-bonds, to retail investors to take effect 

25 Jan – ISDA fall-backs Protocol and Supplement become effective 

28 Jan – Ban on motor finance discretionary commission models and new FCA rules on consumer credit commission disclosure enter into force 

Jan – PRA expects to consult on expectations for international banks

FEBRUARY

1 Feb – FCA COBS rules on switching investment platforms enter into force

MARCH

Mar – Commission expected to publish reports on sanctions and consolidated tape for non-equities 

8 Mar – EMIR validation rules apply Mar – MiFID II “Quick Fix” expected to be finalized 

Mar – FCA expects to revisit its approach to the DTO

APRIL

1 Apr – Compliance deadline for the BoE’s statement of policy on valuation capabilities to support resolvability

30 Apr – End of FCA direction relating to a modification by consent allowing temporary arrangements for up to 36 weeks during Covid-19 for benchmark administrators

MAY

4 May – Breathing Space Regulations expected to enter into force 

10 May – Member States are required to transpose Directive excluding crowdfunding service provider. The Directive will not be implemented in the UK.

JUNE

1 Jun – Results of the next annual transparency calculations for non-equity instruments will become applicable 

18 Jun – FRANDT and rules for trade repositores introduced by EMIR REFIT become applicable. FS Bill makes provision for these to be implemented in the UK, Amendments to EU margin rules are anticipated

End of June – Firms to comply with FCA open banking identification requirements 

JULY

4 Jul – Open access regime for the trading and clearing of exchange-traded derivatives will apply Jul – Commission expected to produce review of key MiFID II provisions under review clause in MiFID II “Quick Fix”

Jul – ESMA to finalise report on algorithmic trading

AUGUST

1 Aug – Most substantive new requirements under the REFIT initiative on cross-border distribution of funds apply 

2 Aug – ESMA to finalise guidelines for funds’ marketing communications under the Regulation on the cross-border distribution of collective investment undertakings

SEPTEMBER

1 Sep – Bilateral margin obligations phase 5 new requirements for for non-cleared over the counter derivative contract (UK)

OCTOBER

1 Oct – Handbook rule changes enter into force relating to pension transfer specialist qualifications and approriate exam standards (UK). 1 Oct: UK banks to submit first resolvability framework reports to the PRA (UK).

31 Oct – FCA guidance on assisting borrowers with interest-only and partial capital repayment mortgages, whose mortgages have matured since 20 March 2020 or will do so in the next 12 months, expires (UK).

NOVEMBER

10 Nov – Crowdfunding Regulation and Directive amending MiFID II relating to crowdfunding will apply. UK still to consider whether to implement a similar regime (EU).

DECEMBER

7 Dec – Deadline for benchmark administrations to certify relevant employees as fit and proper (UK)

31 Dec – Firms to be prepared for LIBOR to cease (UK). 31 Dec: UCITS management companies are exempted from the requirements under PRIIPs to produce a KID until this date (EU)

31 Dec – End of transitional regime for third country benchmarks (EU)

JANUARY

1 Jan – CRD V remuneration provisions will apply for most banking groups

JUNE

21 Jun – CRR2 applies in the EU. In the UK, the relevant enhancements will apply from 1 Jan 2022 (with precise implementation to be consulted on)

26 Jun – IFR and IFD apply in the EU. In the UK, application of new UK IFPR has been pushed back to 1 Jan 2022

26 Jun – EBA guidelines on internal governance under CRD IV are expected to enter into force

JULY

Jul – FCA expects to publish third consultation paper on UK IFPR

SEPTEMBER

1 Sep – EBA ITS on specific reporting requirements for market risk under CRR applies (EU)

 

 

JANUARY

1 Jan – Premium listed companies in the UK will be required to make better disclosures about how climate change affects their business

MARCH

10 Mar – Majority of provisions of the Disclosure Regulation apply. FCA has confirmed that it will not be onshoring the SFDR into UK law for 10 March 2021

31 Mar – First signatories to the revised Stewardship Code submit their reports

JUNE

1 Jun – Commission to adopt delegated act on Article 8 of the Taxonomy Regulation

NOVEMBER

1-12 Nov – Global Climate Summit to be held in Glasgow (UK)

DECEMBER

1 Dec – Additional Disclosures & Regulations RTS to be delivered to The Commission (EU)

1 Dec – Climate Mitigation and Climate Adaption sections of EU Taxonomy apply

APRIL

6 Apr – The AML and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 enter into force

JULY

Jul – UK Government expected to review the criminal market abuse regime and develop the National Economic Crime Centre for combatting organized economic crime


JANUARY

6 Jan – FCA rules prohibiting the sale of cryptoassets to retail consumers enter into effect

10 Jan – Any cryptoasset business not registered must cease trading

APRIL

19 Apr – Electronic messaging requirements and transparency rules for credit transfers apply under the revised cross-border payments regulation

SEPTEMBER

14 Sep – Deadline for implementation of Strong Customer Authentication under PSD2 (EU)

NOVEMBER

SWIFT’s recommended migration to the ISO 20022 message format to commence (UK)







MARCH

31 Mar – Solo-regulated firms must submit their Directory Persons data via FCA Connect

31 Mar – FSMA authorised firms to apply Conduct Rules to all non-ancillary staff. Solo-regulated firms are required to have undertaken the first assessment of the fitness and property of their Certified Persons. Solo-regulated firms to submit data to the FCA Directory

DECEMBER

Dec 17 – Member States will need to comply with Whistle-blowing Directive. The UK will not adopt the Directive (EU)

 
JANUARY

1 Jan – EIOPA’s guidelines on outsourcing to cloud service providers apply from 1 January 2021 to all cloud outsourcing arrangements entered into or amended on or after this date

7 Jan – The FCA has issued a call for input (CFI) on the changing use and value of data in wholesale financial markets. The CFI focuses on the use and supply of market data (with a particular focus on trading data, benchmarks and market data vendors) as well as access to and changing use of data and analytical techniques

11 Jan – Introduced by its Digital Finance Strategy, the Commission has issued a consultation on proposals for a new regulatory framework for cryptoassets. The proposals include a Regulation on markets in cryptoassets (MICA) and a Regulation on a pilot regime for market infrastructures based on DLT, along with amendments to existing measures. The consultations close on 11 January 2021

FEBRUARY

5 Feb – The FCA and The City of London Corporation are piloting a digital sandbox to test and develop innovative products and services in response to challenges presented by the COVID-19 pandemic. The pilot will run until 5 February 2021

JUNE

30 Jun – In order to limit the risk of disruption, the FCA announced changes to open banking identification requirements permitting UK-based third-party providers to use and alternative to eIDAS certificates to access customer account information from account providers, or initiate payments, after Brexit

DECEMBER

Deadlines for firms to ensure compliance with EIOPA’s guidelines on cloud outsourcing. Firms must review their existing cloud outsourcing arrangements related to critical or important operational functions or activities with a view to ensuring compliance with EIOPA’s guidelines on cloud outsourcing by 31 December 2022. The documentation requirements for cloud outsourcing arrangements related to critical or important operational functions or activities must also be implemented by this date.

 

JANUARY

8 Jan – The FSB has issued a discussion paper on challenges in identifying and managing the risks relating to their outsourcing and third-party dependencies. It also sets out some additional issues relating to outsourcing and third-party risk management in the financial sector which the COVID-19 pandemic has highlighted. The discussion paper closes on 8 January 2021

15 Jan – Introduced by its Digital Finance Strategy, the Commission has issued a consultation on a legislative framework to improve resilience against cyberattacks. The proposals include a Regulation on digital operational resilience for the financial sector (DORFS), and amendments to the Network and Information Security (NIS) Directive. The consultations close on 15 January 2021

29 Jan – The European Commission’s consultation on the Alternative Investment Fund Managers Directive (AIFMD) Review closes to comments

JULY

1 Jul – EIOPA’s guidelines on information and communication technology (ICT) security and governance start to apply from 1 July 2021. The guidelines aim to provide a cyber security baseline and promote the digital operational resilience of insurers

 

JANUARY

Jan – Following a series of consultations, the FCA is expected to publish its final guidance for firms on the fair treatment of vulnerable customers by the end of January 2021. The guidance will set out the FCA’s view of what the Principles for Businesses require of firms to treat vulnerable consumers fairly

FEBRUARY

1 Feb – Firms must comply with the final rules arising from the FCA’s Retirement Outcomes Review from 1 February 2021. These new requirements relate to investment pathways and cash warnings to support non-advised consumers making drawdown investment Decisions

1 Feb – New rules arising from the FCA’s Investment Platforms Market Study (IPMS) to make it easier for consumers to move from one platform to another without liquidating their assets take effect on 1 February 2021

 
 

Topics & Trends tackled

- Making the regulations & compliance needs more accessible -

Overview

Regulatory Frameworks in fintech sectors for 2021

Representation

Diving into EU & UK policies for a better understanding of the current ecosystem

Reflection

Presenting critical regulatory changes that relevant stakeholders & players should expect

Did you notice any missing regulatory frameworks? Let us know!