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 July 2021.

 

1 July	Deadline for responses to FCA discussion paper (DP) on strengthening financial promotion rules for high-risk investments and firms approving financial promotions Lending Standards Board (LSB) Revised Standards of Lending Practice for Personal Customers effective (incl new standard relevant to digital channels) National competent authorities (NCAs) to apply European Insurance and Occupational Pensions Authority (EIOPA) guidelines on ICT security and governance
8 July	Payment and Electronic Money Institution Insolvency Regulations 2021 enter into force
9 July	Original expiry date for FCA temporary permission regime for registration of cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 as amended (MLRs) who applied for registration prior to 15 Dec 2020 – this has now been extended to 31 March 2022 Deadline for responses to PRA DP on prudential framework for non-systemic banks and building societies Deadlines for responses to Pensions Dashboard Programme call for input on staging – the order and timing of when data providers will connect to the pensions dashboard ecosystem
29 July	Deadline for comments for EIOPA discussion paper on blockchain and smart contracts in insurance
30 July	Deadline for responses to Law Commission’s call for evidence on digital assets Deadline for responses to Law Commission consultation on electronic trade documents such as bills of lading and bills of exchange
31 July	European Securities and Markets Authority (ESMA) Guidelines on outsourcing to cloud service providers apply
Jul	ESMA final report to the European Commission (EC) on EU MiFID II review report on algo trading expected