Upcoming FinTech-related regulatory developments – January 2021

December 22, 2020

In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in FinTech-related regulation which are expected for January 2021.

1 Jan	European Insurance and Occupational Pensions Authority (EIOPA) guidelines on outsourcing to cloud service providers (CSPs) to take effect for new or amended arrangements
6 Jan	FCA ban on sale of derivatives and exchange traded notes (ETNs) referencing cryptoassets to retail customers comes into force
7 Jan	C19 delay: Deadline for responses to FCA call for input (CfI) on accessing and using wholesale data
8 Jan	Deadline for responses to European Central Bank (ECB) consultation paper (CP) on revisions to oversight requirements for systemically important payment systems Deadline for responses to Financial Stability Board (FSB) discussion paper (DP) on regulatory and supervisory issues relating to outsourcing and third-party relationships
10 Jan	Cryptoasset businesses that had not applied for FCA registration before 16 December 2020 must return cryptoassets to customers and stop trading by this date
13 Jan	European Commission to publish review under art. 108, Payment Services Directive 2 (PSD2)
14 Jan	Deadline for responses to HM Treasury (HMT) consultation on insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs)
20 Jan	Payment Systems Regulator (PSR) will run the merchant survey confidentiality ring (in relation to its market review into card-acquiring services) for three weeks starting on this date
Early 2021	PSR CP on PSR’s draft strategy (may incl proposals on open banking)
Q1	C19 delay: Feedback statement to FCA CfI on open finance (expected Jan – March 2021) C19 delay: PRA to publish PS to CP29/19 on operational resilience and PS to CP30/19 on outsourcing / FCA to publish PS to CP19/32 on building operational resilience UK financial technology (FinTech) strategic review report Final stages of Open Banking implementation European Securities and Markets Authority (ESMA) expects to publish final report and guidelines on outsourcing to CSPs ESMA MiFID II review reports on algo trading, organised trading facilities (OTFs), and transaction reporting European Commission to adopt an implementing act on high-value data-sets under the Open Data Directive European Forum for Innovation Facilitators first Annual Report

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