Forthcoming Financial Services Regulatory Developments – October And November 2022 - Commodities/Derivatives/Stock Exchanges

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In this blog post, we round-up key forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected to happen in October and November 2022.

3 Oct	Deadline for responses to FCA Quarterly CP22/17 Chapter 3 – changes to FSA035 reporting form Adjustments to hybrid methodology for EURIBOR® following second annual review to be made from this date
4 Oct	Deadline for responses to CPMI/IOSCO CP on CCP approaches to NDL (incl in recovery and wind-down scenarios) Deadline for responses to MoJ CP on increasing the use of mediation in the civil justice system
6 Oct	EU resolution authority may extend timeframe for inclusion of contractual term under Art 55(2) EU BRRD by six months where notification is complex (timeframe may be extended by three months from 7 Oct)
7 Oct	Deadline for responses to EIOPA CP on SS on differential pricing practices in non-life lines Deadline for responses to ESMA CP on MiFID II product governance guidelines Deadline for responses to CP on potential cessation of ICE Swap Rate® based on USD LIBOR®
9 Oct	Deadline for responses to FSB survey on first experiences with the framework for information from FMI intermediaries to support resolution planning Deadline for responses to DCMS CP on the English portion of dormant assets funding
10 Oct	Deadline for responses to FCA CP22/14 Broadening retail access to the LTAF Deadline for responses to FCA Quarterly CP22/17 chapter 2 – changes to COLL (EU) End of extended timeline for compliance with LEI requirements for 3rd country issuers under EU SFTR
11 Oct	Deadline for responses to HMT CP on Payments Regulation and the systemic perimeter (incl provisions on extending the SMCR) Deadline for responses to PRA CP10/22 on ISPVs
12 Oct	Deadline for responses to FCA/PRA CP22/13 on margin requirements for non-centrally cleared derivatives ESMA guidelines on appropriateness and execution-only requirements under MiFID II apply
13 Oct	(UK) Reports under UK SFTR without LEI of non-EEA third country issuer accepted until this date Second reading of Economic Crime and Corporate Transparency Bill to take place
14 Oct	Deadline for responses to EBA CP on draft RTS specifying the determination by originator institutions of the exposure value of SES under CRR Winners announced for G20 TechSprint – CBDCs
17 Oct	Deadline for ESMA to provide EC with concrete proposals on limit pricing – EU Energy Crisis Package Deadline for responses to DWP CP on the draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2023 Close of JMLSG consultation on revisions to Part I Guidance
20 Oct	FCA board meeting Deadline for responses to GFANZ consultation on development of NZDPU
21 Oct	Deadline for responses to PRA CP6/22 on model risk management principles for banks Deadline for feedback on CPMI article on Harmonisation of ISO 20022
25 Oct	Public to submit feedback to the HoC Public Bill Committee CfE on the FSM Bill – incl provisions on CCP insolvency by this date
28 Oct	Deadline for responses to EBA CP on supervisory handbook for the validation of IRB systems Deadline for responses to EBA CP on draft RTS on homogeneity of underlying exposures in STS securitisations
30 Oct	Deadline for responses to EIOPA CP on SS on use of governance arrangements in third countries to perform functions or activities
31 Oct	Deadline for responses to EBA on revised guidelines for calculating contributions to DGS FCA Consumer Duty – Firms' boards/management bodies to have agreed implementation plans Deadline for responses to EIOPA CP on use of governance arrangements in third countries SOFR OIS contracts with an original maturity between 7 days and 50 years to be added to the DCO (BoE – amendment to BTS 2015/2205) from this date
1 Nov	ESMA to resume publication of SI-calculations for non-equity instruments other than bonds
3 Nov	Deadline for responses to BoE CP on fees regime for FMI supervision
4 Nov	Deadline for responses to Law Commission CP on law reform proposals for digital assets
10 Nov	IAIS AGM and Annual Conference
11 Nov	Deadline for responses to FCA CP22/18 on guidance on the trading venue perimeter
15 Nov	Investment firms required to perform SI determination following resumption of ESMA's publication of SI-calculations for non-equity instruments by this date Deadline for firms already within scope for Eurosystem oversight to adhere to the principles of PISA G20 Bali Summit starts
21 Nov	TARGET replaces TARGET2
22 Nov	CDR on integration of sustainability factors into MIFID product governance obligations applies
24 Nov	FCA board meeting
29 Nov	EC to report on application of Regulation on the free flow of non-personal data
30 Nov	Planned implementation date for changes in PRA CP10/22 on ISPVs

Table of abbreviations:

AGM	Annual General Meeting	HMT	HM Treasury
BoE	Bank of England	HoC	House of Commons
BRRD	Bank Recovery and Resolution Directive	IAIS	International Association of Insurance Supervisors
CBDC	Central Bank Digital Currency	ICE	Intercontinental Exchange
CCP	Central Counterparty	IOSCO	International Organisation of Securities Commissions
CDR	Commission Delegated Regulation	IRB	Internal Ratings Based (System)
CfE	Call for Evidence	ISPVs	Insurance Special Purpose Vehicles
COLL	Collective Investment Schemes sourcebook	JMLSG	Joint Money Laundering Steering Group
CP	Consultation Paper	LEI	Legal Entity Identifier
CPMI	Committee on Payments and Market Infrastructures	LIBOR	London Interbank Offered Rate
DCMS	Department for Digital, Culture, Media & Sport	LTAF	Long Term Asset Fund
DCO	Derivatives Clearing Obligation	MiFID II	Markets in Financial Instruments Directive II
DGS	Deposit Guarantee Schemes	MoJ	Ministry of Justice
DWP	Department for Work and Pensions	NDL	Non-default Losses
EBA	European Banking Authority	NZDPU	Net-Zero Data Public Utility
EC	European Commission	OIS	Overnight Index Swaps
EEA	European Economic Area	PISA	Framework for Electronic Payment Instruments, Schemes and Arrangements
EIOPA	European Insurance and Occupational Pensions Authority	PRA	Prudential Regulation Authority
ESMA	European Securities and Markets Authority	RTS	Regulatory Technical Standards
EURIBOR	Euro Interbank Offered Rate	SFTR	Securities Financing Transactions Regulation
FCA	Financial Conduct Authority	SES	Synthetic Excess Spread
FMI	Financial Market Infrastructure	SI	Systematic Internaliser
FSB	Financial Stability Board	SMCR	Senior Managers and Certification Regime
FSM (Bill)	Financial Services and Markets Bill	SOFR	Secured Overnight Funding Rate
GFANZ	Glasgow Financial Alliance for Net Zero	SS	Supervisory Statement

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Forthcoming Financial Services Regulatory Developments – October And November 2022

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Finance and Banking

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United Kingdom