The month ahead in financial services regulatory developments…

30 October 2019

In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for November 2019.

1 Nov	Deadline for claims management companies (CMCs) to submit responses to FCA PS19/9 on Applying the Senior Managers and Certification Regime (SMCR) to CMCs Deadline for responses to FCA Quarterly CP19/27 on: minor amendments to update references to the UK Corporate Governance Code; amendments to the Disclosure Guidance and Transparency Rules (DTR) to implement the European Single Electronic Format (ESEF); and recognition of the Lending Standards Board’s (LSB) Standards of Lending Practice for business customers. LSB Standards of Lending Practice for business customers threshold increases to businesses with up to £25 million turnover FCA changes to ‘wake-up’ packs, retirement risk warnings and reminders changes, and annuity information prompt come into force New EU Commission term commences
4 Nov	Deadline for responses to the European Securities and Marketing Agency’s (ESMA) call for evidence on product intervention measures regarding contracts for difference (CFDs) and binary options on market participants and clients
4-5 Nov	Joint Bank of England (BoE) and King’s College London conference on modelling with Big Data and machine learning: interpretability and model uncertainty
4- 8 Nov	Hong Kong FinTech Week 2019
5 Nov	Deadline for responses to Law Commission call for evidence on intermediated securities
11-15 Nov	Singapore FinTech Festival
12 Nov	FCA rule on Buy Now Pay Later (BNPL) backdated interest on repaid amounts comes into force
13 Nov	Deadline for responses to International Organization of Securities Commissions (IOSCO) CP04/2019 on clock synchronisation
13-15 Nov	IOSCO-FSI Conference on securities markets, trading activities, and market infrastructure, Madrid (for bank supervisors and securities regulators)
14 Nov	EU Workshop on the future of open source software and hardware
14-15 Nov	International Association of Insurance Supervisors (IAIS) Annual Conference
15 Nov	Deadline for responses to FCA interim report (MS18/1.2) on general insurance pricing practices market study
17 Nov	European Payment Council (EPC) Single Euro Payments Area (SEPA) Instant Credit Transfer rulebook version 1.2 ceases to have effect EPC’s SEPA implementation guidelines apply for: B2B Direct Debit Scheme C2B Core Direct Debit Scheme Interbank; B2B Direct Debit Scheme E-Mandate Service; B2B Direct Debit Scheme Interbank; Core Direct Debit Scheme E-Mandate Service; and Core Direct Debit Scheme C2B.
21 Nov	FCA Board meeting
22 Nov	Deadline for responses to PRA report: a framework for assessing financial impacts of physical climate change: A practitioner’s aide for the general insurance sector
24 Nov	Deadline for submitting FCA SMCR forms: Form O (Opt Up Notification – for Core and Limited Scope firms only) Form K (Conversion Notification – for Core and Enhanced firms only)
25 Nov	Deadline for responses to European Banking Authority (EBA) DP2019/01 on simple, transparent and standardised (STS) framework for synthetic securitisation
29 Nov	Deadline for responses to ESMA consultation on MAR Review
30 Nov	PRA changes to National Specific Templates, internal model output templates and associated LOG files (CP13/19) apply
November	Financial Stability Board (FSB) to issue: Identification of global systemically important banks (G-SIBs) for 2019; final report on effects of regulatory reforms (including Basel III) on SME financing; progress report on interest rate benchmark reforms; and progress review on work to address market fragmentation IAIS to adopt the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) including revised ICS Version 2.0 and holistic framework for systemic risk in the insurance sector Pay.UK decision on funding model for authorised push payment (APP) scams “no blame” reimbursement expected Competition and Markets Authority (CMA) final decision to remove Part 6 of the Retail Banking Market Investigation Order 2017 expected Money and Pensions Service (MPS) to launch national strategy and corporate plan FCA to make Gabriel testing environment available for changes to Product Sales Data (PSD) and Mortgage Lenders & Administrators Return (MLAR) reporting (PS19/23) EU Regulation creating low carbon benchmarks expected to be published FCA report on analysing data from annual financial crime return (REP-CRIM) expected

Disclaimer

Herbert Smith Freehills LLP is licensed to operate as a foreign law practice in Singapore. Where advice on Singapore law is required, we will refer the matter to and work with licensed Singapore law practices where necessary.

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