Forthcoming Financial Services Regulatory Developments – February And March 2022 - Financial Services

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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 February and March 2022.

1 Feb	EU Settlement discipline regime under the CSDR enters into force
4 Feb	Deadline for responses to EBA CP on draft RTS on initial margin model validation under EMIR
6 Feb	Deadline for responses to Home Office consultation on revised CHIS code of practice Deadline for responses to IOSCO CP on recommendations related to use of innovation facilitators
9 Feb	Deadline for responses to second HMT CP on Phase II of post-EU FRF review Delegated Regulation setting out RTS on K-factor daily trading flow coefficients under IFR enters into force
10 Feb	Deadline for responses to IFSB CP on exposure draft of revised standard on solvency requirements for takaful and retakaful undertakings
11 Feb	Closing date for comments on EBA DP on machine learning for IRB models Deadline for responses to EC CP on proposed listing act
12 Feb	Certain provisions in EU Regulation on recovery and resolution of CCPs start to apply; various technical standards and guidelines due
13 Feb	FATF Plenary and working group meetings, Paris
15 Feb	Deadline for responses to FCA second CP on new consumer duty Deadline for responses to BoE CP on amending FPC framework for O-SII buffer
16 Feb	Deadline for feedback on EC's adopted proposal for a directive on banking supervision – aligning EU rules on capital requirements to international standards (review process) Deadline for responses to BCBS CP on principles for effective management and supervision of climate-related financial risks
17 Feb	Deadline for responses to BoE and FCA CP on amending framework for derivatives reporting under UK EMIR EBA public hearing on draft guidelines on benchmarking exercises on remuneration practices and gender pay gap under CRD IV Directive and IFD EBA public hearing on updating guidelines on high earner data collection exercises under CRD IV Directive and IFD
18 Feb	Firms to submit implementation plan for PRA's revised OCIR policy Deadline for responses to EBA and ESMA CP on draft guidelines on SREP under IFD Deadline for responses to EBA CP on draft RTS on Pillar 2 add-ons for investment firms under IFD Deadline for responses to EBA CP on amendments to ITS on benchmarking of internal models under CRD IV Directive
21 Feb	Deadline for responses to HMRC CfE on the compliance and penalties regime for ISAs
22 Feb	Deadline for responses to Department for Levelling Up, Housing and Communities consultation on reforming the leasehold and commonhold systems in England and Wales
23 Feb	Deadline for feedback on EC adopted proposal for a regulation – alignment of EU rules on capital requirements to international standards (prudential requirements and market discipline)
25 Feb	Deadline for responses to BoE CP on approach to tiering incoming CCPs under UK EMIR Deadline for responses to FMSB CP on draft statement of good practice for trading platform disclosures
28 Feb	Firms to submit first report to FCA – value measures data Deadlines for responses to PRA DP on planned updates to PRA Rulebook Deadline for responses to HMT CP – FRF review: CCPs and CSDs Deadline for responses to HMT CP – Amendments to the Building Societies Act 1986 Deadline for responses to EBA CP on EU Securitisation Regulation RTS relating to triggers for non-sequential amortisation in STS securitisations Deadline for responses to EC CfE on review of EU rules on mortgage credit MiFID 'Quick Fix' applies in EU member states
1 Mar	FCA final rules and guidance on restricting CMC charges to financial products and services claims come into force Deadline for responses to FCA guidance consultation on approach to compromises for regulated firms
3 Mar	Deadline for responses to FCA CP and HMT CfE on improving appointed representatives regime EBA public hearing on interest rate risk arising from non-trading book activities
4 Mar	Deadline for responses to FCA DP on compensation framework review Deadline for responses to ESMA CfE on DLT pilot regime
8 Mar	Deadline for responses to EBA CP on draft RTS on requirements for crowdfunding service providers
9 Mar	Deadline for responses to HMT CP on updating financial promotion exemptions for high net worth individuals, sophisticated investors and self-certified sophisticated investors Regulation supplementing EU EMIR and specifying FRANDT terms applies
10 Mar	Deadline for registration of UK trusts subject to new beneficial ownership registration requirements under MLD V and discrepancy reporting against the trust UBO register commences for AML-regulated firms commences
13 Mar	Deadline for responses to DWP consultation on the draft Pensions Dashboards Regulations 2022
14 Mar	FCA deadline for implementation of SCA for e-commerce
18 Mar	Deadline for responses to EC CP on macro-prudential framework for EU banks
20 Mar	Deadline for responses to DCMS consultation on embedding standards and pathways across the cyber profession by 2025
21 Mar	Deadline for responses to EBA CP on guidelines on benchmarking exercises on remuneration practices and gender pay gap under CRD IV Directive and IFD Deadline for responses to EBA CP on updating guidelines on high earner data collection exercises under CRD IV Directive and IFD
22 Mar	Deadline for responses to TPR CP on draft collective DC code of practice Deadline for feedback on EC's adopted proposal for a regulation and for a directive – Review of the regulatory framework for investment firms and market operators EU PEPP Regulation begins to apply
23 Mar	Deadline for responses to FCA CP on strengthening financial promotion rules for high risk investments, including cryptoassets
24 Mar	Deadline for response to The Insolvency Services consultation on the future of insolvency regulation Deadline for feedback on EC's adopted proposal for a directive – Review of EU rules on AIFMs
25 Mar	Deadline for feedback to EC's adopted proposal for a regulation – Review of EU rules on long-term investment funds
26 Mar	Some amendments to the technical standards on SCA and CSC set out in FCA PS21/19 come into force (Articles 10, 10A and 36(6))
30 Mar	Cryptoasset exchange providers, e-money firms, other firms supervised under MLRs are brought within scope of FCA REP-CRIM reporting as per PS21/4 EBA guidelines on delineation and reporting of available financial means of DGS apply from this date
31 Mar	TTP relief ends Extended end date of the temporary registration regime for cryptoasset firms which applied to the FCA before 16 Dec 2020 Implementation deadline for BoE, PRA and FCA operational resilience requirements Compliance deadline for PRA requirements on outsourcing and third party risk management EBA to deliver advice to EC on macroprudential framework for banking under CRR by this date ECB supervised banks may exclude certain central bank exposures from leverage ratio until this date

Table of abbreviations:

AIFs	Alternative Investment Funds	FMSB	FICC Markets Standards Board
AML	Anti-money Laundering	FPC	Financial Policy Committee
BCBS	Basel Committee on Banking Supervision	FRANDT	Fair, Reasonable, Non-discriminatory and Transparent
BoE	Bank of England	FRF	Future Regulatory Framework
CCP	Central Counterparty	G-SIB	Global Systemically Important Bank
CfE	Call for Evidence	HMT	HM Treasury
CHIS	Covert Human Intelligence Sources	IFD	Investment Firms Directive (EU)
CMC	Claims Management Company	IFR	Investment Firms Regulation (EU)
CP	Consultation Paper	IFSB	Islamic Financial Services Board
CRD	Capital Requirements Directive	IOSCO	International Organisation of Securities Commissions
CRR	Capital Requirements Regulation	IRB	Internal Ratings-based
CSC	Common and Secure Communications	ITS	Implementing Technical Standards
CSDR	Central Securities Depositories Regulation	MiFID	Markets in Financial Instruments Directive
DC	Defined Contribution (pension)	MLD	Money Laundering Directive
DCMS	Department for Digital, Culture, Media & Sport	MLRs	Money Laundering Regulations (UK)
DGS	Deposit Guarantee Schemes	OCIR	Operational Continuity in Resolution
DLT	Distributed Ledger Technology	O-SII	Other Systemically Important Institutions
DP	Discussion Paper	PEPP	Pan-European Personal Pension Product
D-SIB	Domestic Systemically Important Bank	PERG	Perimeter Guidance Manual
DWP	Department for Work and Pensions	PRA	Prudential Regulation Authority
EBA	European Banking Authority	PS	Policy Statement
EC	European Commission	REP-CRIM	Financial Crime Reporting
ECB	European Central Bank	RTS	Regulatory Technical Standards
EIOPA	European Insurance and Occupational Pensions Authority	SCA	Strong Customer Authentication
EMIR	European Market Infrastructure Regulation	SREP	Supervisory Review and Evaluation Process
ESMA	European Securities and Markets Authority	STS	Simple, Transparent, and Standardised
EuSEF	European Social Entrepreneurship Fund	TTP	Temporary Transitional Power
EuVECA	European Venture Capital Fund	TPR	The Pensions Regulator
FATF	Financial Action Task Force	UBO	Ultimate Beneficial Owner
FCA	Financial Conduct Authority	UCITS	Undertakings for Collective Investment in Transferable Securities

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Forthcoming Financial Services Regulatory Developments – February And March 2022

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Finance and Banking

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United Kingdom