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 April 2021.

 

1 Apr	FCA to join the Digital Regulation Cooperation Framework (DRCF) FCA and PRA updated product sales data mortgage reporting requirements come into force Deadline for responses to HM Treasury (HMT) consultation on the implementation of the Investment Firms Prudential Regime (IFPR) and Basel III standards C19 measure: FCA guidance on not enforcing repossessions ceases to have effect Occupational and Personal Pension Schemes (General Levy) (Amendment) Regulations 2021 (SI 2021/214) come into force ESMA’s annual transparency calculations for equity and equity-like instruments will apply
2 Apr	Deadline for responses to FCA quarterly Consultation Paper (CP 21/5) on proposals relating to the Training and Competence sourcebook (TC) C19 measure: FCA guidance on cancellations and refunds ceases to have effect
5 Apr	End of HMT reduction to LISA withdrawal charge Deadline for responses to European Commission roadmap on Central Securities Depositories Regulation (CSDR) review Commission Implementing Regulation containing ITS on reporting requirements for market risk under the Capital Requirements Regulation (CRR) comes into force
6 Apr	Deadline for responses to FCA Consultation Paper (CP 21/6) on its proposals to regulate bidding for emissions allowances under the UK Emissions Trading Scheme (ETS) C19 measure: HMT’s Recovery Loan Scheme launches Amendments to the Money Laundering Regulations (MLR) relating to beneficial ownership information for taxable relevant trusts come into effect
7 Apr	Deadline for responses to European Commission consultation on roadmap on EU-wide instant payments scheme Deadline for responses to European Commission consultation on Delegated Regulation supplementing the European Market Infrastructure Regulation (EMIR) on fair, reasonable, non-discriminatory and transparent (FRANDT) commercial terms for clearing services for over-the-counter (OTC) derivatives G20 Finance Ministers and Central Bank Governors meeting (7-8 April)
8 Apr	Deadline for two Payment Systems Regulator calls for views on increasing protection for customers using payment systems
9 Apr	Deadline for responses to European Commission call for evidence on feasibility of potential EU bank referral scheme for SMEs Deadline for responses to the Financial Action Task Force (FATF) consultation on draft guidance on assessing and mitigating proliferation financing risk
11 Apr	Deadline for responses to PRA Consultation Paper (CP 2/21) on the PRA’s approach to international bank branch and subsidiary supervision (final policy to be published in Q2 2021) Delegated Regulation on the framework for design and delivery of the Pan-European Personal Pension Product (PEPP) enters into force
12 Apr	Deadline for responses to European Commission public consultation on the digital levy
13 Apr	Deadline for responses to FCA Consultation Paper (CP 21/4) on the regulation of pre-paid funeral plans Deadline for responses to European Commission consultation on a Delegated Regulation under EMIR extending the clearing obligation exemption for pension scheme arrangements for a further year End of temporary measure applicable to LEI of third country issuers under the EU Securities Financing Transactions Regulation (SFTR) reporting regime
15 Apr	Deadline for responses to House of Commons’ Work and Pensions Committee’s call for evidence on accessing pension savings
16 Apr	Deadline for responses to Department for Work and Pensions (DWP) consultation on changes to treatment of performance fees
19 Apr	Cross-Border Payments Regulation currency conversion mark-up notification requirements will apply European Money Markets Institute (EMMI) improvements to EURIBOR hybrid methodology to be implemented
20 Apr	Deadline for responses to HMT call for input on review of UK funds regime Deadline for responses to European Commission consultation on review of crisis management and deposit insurance framework Deadline for responses on FATF consultation on updating guidance on virtual assets and virtual asset service providers
21 Apr	Deadline for responses to FCA Consultation Paper (CP 21/1) on restricting claims management companies (CMC) charges for financial products and services claims
22 Apr	FCA H2 2020 complaints data published Deadline for responses to Pensions Regulator’s consultation on draft policy concerning new criminal offences EBA to hold public hearing as part of its consultation on revising risk-based supervision guidelines under the Fourth Money Laundering Directive (MLD4) (responses to the consultation can be made until 17 June 2021)
23 Apr	Deadline for responses to EBA consultations 2021/04 and 2021/5 on technical standards on supervisory co-operation under Investment Firms Directive (IFD)
24 Apr	Deadline for responses to ESMA consultation on simplification and harmonisation of trade repositories’ fees under EMIR and SFTR
26 Apr	Deadline for firms to comply with FCA requirements on signposting to travel insurance for consumers with medical conditions
28 Apr	Deadline for comments on EIOPA discussion paper on open insurance
29 Apr	Deadline for responses to DWP consultation on draft regulations concerning regulatory contribution notices and information-gathering powers Deadline for responses to ESMA consultation on draft guidelines on aspects of appropriateness and execution-only under MiFID II
30 Apr	End of FCA modification by consent for solo-regulated firms subject to the Senior Managers and Certification Regime (SMCR) and Approved Persons Regime Deadline for responses to FCA Consultation Paper (CP 21/3) on changes to strong customer authentication (SCA) technical standards and to payments and e-money approach document Deadline for responses to FCA quarterly Consultation Paper (CP 21/5) on proposals relating to the Compensation Sourcebook (COMP) Deadline for responses to ESMA consultation on guidelines on methodology to calculate a benchmark in exceptional circumstances
Apr	FCA and PRA Business Plans FCA expected to consult on regulated fees and levies: rates proposals 2021/22 FCA expected to update on key risks posed by wholesale market broking firms and supervisory strategy PRA to make policy proposals for operational resilience incident reporting from April 2021 to March 2022 PRA Policy Statement following Consultation Paper (CP 20/20) on operational continuity in resolution (OCIR) expected A Digital Markets Unit is to be established within the Competition and Markets Authority (CMA) Public request for feedback to GFXC proposals from FX Global Code review
End Apr	C19 measure: FCA to review October 2020 statement on firms’ handling of complaints during Covid-19 by end of April C19 measure: FCA to allow delay of European Single Electronic Format (ESEF) requirements for annual financial reports and temporary measures on corporate reporting until end of April