Regulatory Calendar Fintech & Beyond
Stay informed with our Regulatory Calendar Fintech & Beyond
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.
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
Data Sources
Resources & Comprehensive Guides provided by
01
Jan
PRA expects to consult on expectations for international banks
Market-Wide
01
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
Consumer Protection
01
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
Tech, Innovation & Data
01
Jan
CRD V remuneration provisions will apply for most banking groups
Prudential
01
Jan
Premium listed companies in the UK will be required to make better disclosures about how climate change affects their business
Sustainable Finance
06
Jan
FCA rules prohibiting the sale of crypto assets to retail consumers enter into effect
Payments & Fintech
07
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
Tech, Innovation & Data
08
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
Risk, Governance & Oversights
10
Jan
Any crypto asset business not registered must cease trading
Payments & Fintech
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
Tech, Innovation & Data
11
Jan
Final phase-in of EU SFTR reporting obligation for NFCs. The UK will not incorporate this obligation
Market-Wide
11
Jan
Vote for the terrorist content online (TCO) proposal
Market-Wide
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
Risk, Governance & Oversights
21
Jan
FCA permanent ban on the mass-marketing of mini-bonds, to retail investors to take effect
Market-Wide
25
Jan
ISDA fall-backs Protocol and Supplement become effective
Market-Wide
28
Jan
Ban on motor finance discretionary commission models and new FCA rules on consumer credit commission disclosure enter into force
Market-Wide
29
Jan
The European Commission’s consultation on the Alternative Investment Fund Managers Directive (AIFMD) Review closes to comments
Risk, Governance & Oversights
01
Feb
FCA COBS rules on switching investment platforms enter into force
Market-Wide
01
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
Consumer Protection
01
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
Consumer Protection
05
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
Tech, Innovation & Data
01
Mar
Commission expected to publish reports on sanctions and consolidated tape for non-equities
Market-Wide
01
Mar
FCA expects to revisit its approach to the DTO
Market-Wide
08
Mar
EMIR validation rules apply Mar – MiFID II “Quick Fix” expected to be finalized
Market-Wide
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
Sustainable Finance
31
Mar
First signatories to the revised Stewardship Code submit their reports
Sustainable Finance
31
Mar
Solo-regulated firms must submit their Directory Persons data via FCA Connect
Culture & Conduct
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
Culture & Conduct
01
Apr
Compliance deadline for the BoE’s statement of policy on valuation capabilities to support resolvability
Market-Wide
06
Apr
The AML and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 enter into force
Financial Crime
19
Apr
Electronic messaging requirements and transparency rules for credit transfers apply under the revised cross-border payments regulation
Payments & Fintech
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
Market-Wide
04
May
Breathing Space Regulations expected to enter into force
Market-Wide
10
May
Member States are required to transpose Directive excluding crowdfunding service provider. The Directive will not be implemented in the UK
Market-Wide
01
Jun
Results of the next annual transparency calculations for non-equity instruments will become applicable
Market-Wide
01
Jun
Commission to adopt delegated act on Article 8 of the Taxonomy Regulation
Sustainable Finance
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
Market-Wide
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)
Prudential
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
Prudential
26
Jun
EBA guidelines on internal governance under CRD IV are expected to enter into force
Prudential
30
Jun
Firms to comply with FCA open banking identification requirements
Market-Wide
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
Tech, Innovation & Data
01
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
Risk, Governance & Oversights
01
Jul
ESMA to finalise report on algorithmic trading
Market-Wide
01
- 31
Jul
UK Government expected to review the criminal market abuse regime and develop the National Economic Crime Centre for combatting organized economic crime
Financial Crime
01
Jul
FCA expects to publish third consultation paper on UK IFPR
Prudential
04
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”
Market-Wide
01
Aug
Most substantive new requirements under the REFIT initiative on cross-border distribution of funds apply
Market-Wide
02
Aug
ESMA to finalise guidelines for funds’ marketing communications under the Regulation on the cross-border distribution of collective investment undertakings
Market-Wide
01
Sep
Bilateral margin obligations phase 5 new requirements for for non-cleared over the counter derivative contract (UK)
Market-Wide
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