Forthcoming Financial Services Regulatory Developments – July And August 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 July and August 2022.

1 Jul	Proposed implementation date of BoE final policy on its approach to tiering incoming CCPs EIOPA expects NCAs to apply revised LEI guidelines ESMA to apply guidelines on disclosure requirements for initial reviews and preliminary ratings under CRA Regulation from this date
2 Jul	Deadline for responses to ESAs CP on simple, transparent and standardised securitisations
3 Jul	EC report on access to benchmarks under EU MiFIR
4 Jul	ESMA guidelines on stress test scenarios under MMF Regulation apply EP due to vote on inclusion of nuclear and gas in list of environmentally sustainable economic activities in the 4 to 7 July plenary session; EP and Council have until 11 July 2022 to decide whether to veto the EC's proposal.
7 Jul	FCA final rules and guidance on preventing claims management phoenixing will come into force
8 Jul	Deadline for responses to PSR CP on requirements for further participation in CoP Various EU legislation (incl EU Directive 2019/2162 and Regulation 2019/2160) on covered bonds apply Deadline for responses to IOSCO DP on drivers of liquidity in corporate bond markets and CP on ETF
11 Jul	Deadline for responses to HoC Treasury Sub-Committee on Financial Services Regulations CfE on the PRA's 'Strong and Simple Framework' HoL International Agreements Committee's Report on the scrutiny of international agreements to be debated on the floor Deadline for responses to LSE consultation on the creation of LSE's voluntary carbon market and amendments to the admission and disclosure standards
13 Jul	Deadline for responses to TPT CfE on sector-neutral framework for private sector climate transition plans Deadline for responses to EIOPA CP on review of the securitisation prudential framework in Solvency II EBA to hold a public hearing on draft RTS for identification of a group of connected clients EC to publish report on application of Taxonomy Regulation
14 Jul	Deadline for responses to BoE CPs on FMI outsourcing and third party risk management
18 Jul	Deadline for responses to EIOPA CPs on the SS on management of non-affirmative cyber underwriting exposures and the SS on exclusions in insurance products related to risks arising from systemic events
19 Jul	Deadline for responses to DWP second CP on pensions dashboards
21 Jul	Deadline for responses to PRA DP2/22 on potential reforms to risk margin and matching adjustment within Solvency II FCA board meeting Deadline for responses to BoE CP on derivatives clearing obligation Deadline for responses to HMT consultation on Solvency II review Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022 comes into force – relates to certain credit agreements entered into by HNW individuals EC review of EU MMF Regulation and EC r eport on the feasibility of establishing an 80% EU public debt quota under EU MMF Regulation
22 Jul	Deadline for responses to PRA CP5/22 on definition of simpler regime firm in strong and simple framework Deadline for responses to HoC European Scrutiny Committee inquiry into post-Brexit regulation
23 Jul	Deadline for responses to BoE and FCA joint DP on MMFs reform and FCA non-Handbook guidance
26 Jul	Deadline for responses to FCA Guidance Consultation 22/2 on branch and ATM closures or conversions
27 Jul	Deadline for responses to GFANZ consultation on its draft NZTP framework for the financial sector
28 Jul	Deadline for responses to FCA DP22/2 on Primary Markets Effectiveness Review FCA expected to publish final report on the multi-occupancy buildings insurance market by this date Implementation date for changes resulting from PRA Occasional CP3/22
29 Jul	FCA to take responsibility for supervision of pre-paid funeral plans sector / legislation regarding FSCS coverage comes into force / plans come within FOS scope
31 Jul	PS and final rules to FCA CP21/36 on a new Consumer Duty by this date EU Russia sectoral sanctions expire unless renewed
1 Aug	FPC Mortgage market affordability test Recommendation to be withdrawn from this date Deadline for responses to ESMA CPs on CCP resolution Delegated Regulation on sustainability risks and factors to be taken into account by AIFMs under AIFMD and for UCITS apply Deadline for responses to FATF's consultation on Recommendation 25 on the transparency and BO of legal arrangements
2 Aug	Deadline for responses to PSR terms of reference for proposed market reviews into card scheme and processing fees Deadline for responses to HMT consultation on managing the failure of systemic DSA firms Deadline for responses to EC public consultations on open finance and on payment services (PSD2 review clause) Deadline for responses to EBA DP on role of environmental risk in prudential framework Delegated Regulations apply: integration of sustainability factors, risks and preferences into certain MiFID II organisational requirements and operating conditions for investment firms the sustainability risks and sustainability factors to be taken into account by AIFMs integration of sustainability risks in the governance of insurance and reinsurance undertakings integration of sustainability factors, risks and preferences into the product oversight and governance requirements for insurance undertakings and insurance distributors and into the rules on conduct of business and investment advice for insurance-based investment products
3 Aug	Deadline for responses to PSR CP on provisional decisional on remedies for the card-acquiring market review
5 Aug	Deadline for responses to FOS DP on its future funding model Deadline for responses to HMT consultation on SDRP
12 Aug	Deadline for responses to EC targeted consultation on use of third country administered benchmarks Majority of provisions in EU Regulation on recovery and resolution of CCPs start to apply; various guidelines due
15 Aug	Deadline for responses to IAIS consultation on criteria to assess whether the AM provides comparable outcomes to the ICS
17 Aug	SI amending definition of investment firm in Banking Act 2009 expected to come into force
24 Aug	Deadline for responses to FCA CP22/11 on winding down synthetic sterling LIBOR and US dollar LIBOR
31 Aug	Deadline for responses to EBA consultation on NPL transactions data templates Solutions deadline for G20 TechSprint - CBDCs

Table of abbreviations:

AM	Aggregation Method	GFANZ	Glasgow Financial Alliance for Net Zero
AIFMs	Alternative Investment Fund Managers	HMT	HM Treasury
ATM	Automated Teller Machine	HoC	House of Commons
BO	Beneficial Ownership	HoL	House of Lords
BoE	Bank of England	IAIS	International Association of Insurance Supervisors
CBDC	Central Bank Digital Currency	ICS	Insurance Capital Standard
CCP	Central Counterparty	IOSCO	International Organisation of Securities Commissions
CfE	Call for Evidence	LEI	Legal Entity Identifier
CFT	Countering the Financing of Terrorism	LSE	London Stock Exchange
CoP	Confirmation of Payee	MiFID II	Markets in Financial Instruments Directive II
CP	Consultation Paper	MiFIR	Markets in Financial Instruments Regulation
CRA	Credit Rating Agency	MMF	Money Market Fund
DP	Discussion Paper	NPL	Nonperforming Loan
DSA	Digital Settlement Asset	NZTP	Net-zero Transition Plan
EBA	European Banking Authority	PRA	Prudential Regulation Authority
EC	European Commission	PRIIPS	Packaged Retail Investment and Insurance Products
EIOPA	European Insurance and Occupational Pensions Authority	PS	Policy Statement
EP	European Parliament	PSR	Payment Systems Regulator
ESAs	European Supervisory Authorities	PSD2	Second Payment Services Directive
ESMA	European Securities and Markets Authority	RTS	Regulatory Technical Standards
ETFs	Exchange Traded Funds	SDRP	Statutory Debt Repayment Plan
FATF	Financial Action Task Force	SI	Statutory Instrument
FCA	Financial Conduct Authority	SS	Supervisory Statement
FMI	Financial Market Infrastructure	TPT	Transition Plan Taskforce
FOS	Financial Ombudsman Service	UCITS	Undertakings for the Collective Investment in Transferable Securities
FSCS	Financial Services Compensation Scheme

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Forthcoming Financial Services Regulatory Developments – July And August 2022

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Finance and Banking

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United Kingdom