Forthcoming Financial Services Regulatory Developments – April And May 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 April and May 2022.

1 Apr	Compliance deadline for BoE SoP on valuation capabilities to support resolvability Occupational Pension Schemes (Fraud Compensation Levy) (Amendment) Regulations 2022 come into force FOS new award limits apply FOS reverts to approach to recording of complaints outcomes following period of changes to how it proactively reported settled complaints ECB expects banks to follow guide for notification of securitisation transactions for all securitisations
2 Apr	Deadline for HMG response to TSC report of its inquiry into economic crime
4 Apr	Deadline for responses to EBA CPs on IRRBB positions: guidelines on IRRBB and credit spread risk arising from non-trading book activities; RTS on IRRBB standardised approach; RTS on IRRBB supervisory outlier test Deadline for responses to EC draft Implementing Decision on equivalence of Malaysian CCP regime for purposes of EMIR
6 Apr	Deadline for responses to PSR CP21/1 on card-acquiring market review initial remedies The Companies (Strategic Report) (Climate-Related Financial Disclosure) Regulations 2022 come into force The Limited Liability Partnerships (Climate-Related Financial Disclosure) Regulations 2022 come into force
8 Apr	Deadline for responses to FCA CP22/3 on new rules for pension providers to help deliver pensions dashboards Deadline for responses to FCA CP22/5 on proposed changes to allow companies to use a more up to date electronic format for their annual financial reports
10 Apr	Deadline for responses to DCMS CP on proposals for legislation to improve the UK's cyber resilience Remaining provisions of Regulation amending EU CRR as regards adjustments to the securitisation framework apply
11 Apr	Deadline for responses to FCA Quarterly CP22/4
13 Apr	UK SFTR reports without LEI of non-EEA 3rd country issuer may be accepted until now
14 Apr	Deadline for responses to EPC CP on standardisation of QR-codes for mobile-initiated instant credit transfers
15 Apr	Deadline for responses to EBA CP on Guidelines for institutions and resolution authorities on transferability to complement the resolvability assessment for transfer strategies
18 Apr	Deadline for evidence submission to European Scrutiny Committee inquiry into retained EU law
19 Apr	Deadline for responses to EBA DP on selected payment fraud data under PSD2
20 Apr	Deadline for evidence submission to Public Accounts Committee inquiry – British Steel Pension Scheme
22 Apr	Deadline for evidence submission to HoL Committee call for evidence on the Fraud Act 2006 and Digital Fraud
27 Apr	Deadline for responses to ESMA CP on Guidelines on MiFID II suitability requirements
28 Apr	FCA board meeting FCA complaints data for second half of 2021 to be published
29 Apr	Deadline for responses to ESMA CP on trading venue perimeter Deadline for responses to FSB, CPMI and IOSCO report on CCP recovery and resolution
30 Apr	EBA guidelines on remuneration under the IFD and on internal governance under the IFD come into force ESAs report to EC on PRIIPs Regulation by this date ESMA to deliver advice to EC on retail investor protection; EIOPA to deliver advice to EC on retail investor protection by this date
2 May	Deadline for responses to PRA CP2/22 on updates to PRA rules and supervisory expectations under CRR
3 May	Changes resulting from FCA CP22/5 on proposed changes to allow companies to use a more up to date electronic format for their annual financial reports expected to come into force
4 May	Delegated Regulation on specialised lending exposures under CRR comes into force
6 May	Deadline for responses to BoE CP on the proposal to withdraw the FPC's mortgage affordability test
10 May	Deadline for responses to PRA Occasional CP3/22 Remaining ESMA technical standards under the ECSPR to be delivered
23 May	Deadline for HMG response to TSC report of its inquiry into economic sanctions against Russia Deadline for responses to IOSCO CP on Retail Market Conduct Task Force
25 May	Deadline for responses to EC's call for evidence on impact assessment for new Cyber Resilience Act
26 May	FCA board meeting
31 May	Implementation of Chapter 5 of PRA PS25/21 on PRA-supervised third country branches PSR to implement all technical and system requirements for Phase 2 of CoP fraud prevention tool ESMA Guidelines on methodology, oversight function and record keeping under the EU BMR apply

Table of abbreviations:

BMR	Benchmark Regulation	FCA	Financial Conduct Authority
BoE	Bank of England	FOS	Financial Ombudsman Service
CCP	Central Counterparty	FPC	Financial Policy Committee
CoP	Confirmation of Payee	FSB	Financial Stability Board
CP	Consultation Paper	HoL	House of Lords
CPMI	Committee on Payments and Market Infrastructures	IFD	Investment Firms Directive (EU)
CRR	Capital Requirements Regulation	IRRBB	Interest Rate Risks for Banking Book
DCMS	Department for Digital, Culture, Media & Sport	IOSCO	International Organisation of Securities Commissions
DP	Discussion Paper	LEI	Legal Entity Identifier
EBA	European Banking Authority	MiFID II	Markets in Financial Instruments Regulation II
EC	European Commission	PS	Policy Statement
ECB	European Central Bank	PRA	Prudential Regulation Authority
ECSPR	European Crowdfunding Service Providers Regulation	PRIIPS	Packaged Retail Investment and Insurance Products
EEA	European Economic Area	PSR	Payment Systems Regulator
EIOPA	European Insurance and Occupational Pensions Authority	PSD2	Second Payment Services Directive
EMIR	European Market Infrastructure Regulation	QR	Quick Response Code
EPC	European Payments Council	RTS	Regulatory Technical Standards
ESAs	European Supervisory Authorities	SFTR	Securities Financing Transactions Regulation
ESMA	European Securities and Markets Authority	SoP	Statement of Policy

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 – April And May 2022

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Finance and Banking

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United Kingdom