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 March and April 2023.

 

3 Mar	Deadline for responses to HMT CP on PRIIPs and UK Retail Disclosure (Edinburgh Reforms)
4 Mar	Deadline for responses to HMT CfE on the UK SSR (Edinburgh Reforms)
5 Mar	Deadline for responses to EIOPA CP on prudential treatment of sustainability risks
6 Mar	Implementing Regulation on amendments to ITS on benchmarking of internal approaches for 2023 benchmarking exercise under CRD IV Directive comes into force
7 Mar	Deadline for responses to FCA DP22/6 Future disclosure framework (Edinburgh Reforms)
9 Mar	Deadline for comments on EBA CP amending ITS on supervisory disclosure under CRD IV Directive
10 Mar	Deadline for nominations to FSB’s cross-border payment taskforce
14 Mar	Deadline for responses to EBA CP on guidelines on the overall recovery capacity in recovery planning
15 Mar	Budget Day (UK) EU sanctions concerning travel restrictions and asset freezes expire unless renewed
16 Mar	Call for feedback on draft implementing regulation on conduct of proceedings under Digital Services Act closes Delegated Regulation amending list of high-risk third countries under MLD4 enters into force
17 Mar	Deadline for responses to HMT CP on reform of the CCA (Edinburgh Reforms)
20 Mar	Deadline for responses to FOS CP on changes to reporting business-specific complaints data ECB launch of new RTGS and T2 (delayed from 21 Nov 2022) SWIFT cross-border ISO 20022 implementation
23 Mar	Application of the DLTR ESMA guidance on applications under the DLT Pilot Regime enters into force Delegated Regulations under CCP Recovery and Resolution Regulation enter into force – factors to be taken into consideration when assessing recovery plans and RTS specifying the order in which CCPs are to pay the recompense referred to in Art 20(1)
24 Mar	TPR’s second CP on DB funding code of practice closes Deadline for comments on UK EMIR Validation Rules and XML schemas relating to incoming messages and outgoing messages
27 Mar	Deadline for responses to FCA CP23/6 Quarterly consultation No 39 (additional guidance in SUP16 for completing annual claims management report form (CMC001) Deadline for responses to DWP, TPR and FCA CP on framework to assess value for money in DB pension schemes DWP CP on broadening CDC schemes closes ESMA updated guidelines on stress tests under MMF Regulation come into force
28 Mar	Firms to have written to all BSPS consumers within and outside the scope of the BSPS redress scheme by this date (see PS22/14)
29 Mar	Deadline for responses to EC CfE on the scope and third-country regime of BMR
30 Mar	FCA Board Meeting Deadline for feedback on FCA terms of reference and market study notice for wholesale data market study
31 Mar	Deadline for responses to PRA CP16/22 Implementation of Basel 3.1 standards Deadline for responses to PRA CP3/23 Dealing with insurers in financial difficulty Deadline for responses to FCA/PRA CP22/28 Remuneration: Ratio between fixed and variable components of total remuneration (‘bonus cap’) Last publication of 1 and 6 mth synthetic sterling LIBOR Pay.UK to report to PSR on future plans for Bacs (SD2a) by this date Publication of FOS plan & budget 2023/24 by 31 March Deadline for ESMA CP on manual for post-trade transparency under MiFID II
1 Apr	Compliance deadline for rules in PS22/13 Calculating redress for non-compliant pension transfer advice, incl former members of BSPS The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022), expanding discrepancy reporting, come into force Next ESMA annual transparency calculations for equity and equity-like instruments become applicable
6 Apr	Deadline for feedback on PSR working paper on approach to profitability analysis – card scheme and processing fees market review Draft Occupational Pension Schemes (Administration, Investment, Charges and Governance) and Pensions Dashboards (Amendment) Regulations 2023 to come into force
7 Apr	Deadline for responses to EBA industry survey on green loans and mortgages Deadline for responses to HMT’s CfE on Payment Services Regulations
11 Apr	Deadline for HMT CP on draft legislation and regulation of BNPL credit products Deadline for PSR CfE on competitive constraints in card payment systems – card scheme and processing fees market review CMA CP on draft guidance on application of Chapter I prohibition to environmental sustainability agreements ESAs to report to EC on review the RTS in the SFDR Delegated Regulation w/ regards to the sustainability indicators in relation to adverse impacts & to propose amendments in relation to product disclosure information
13 Apr	Deadline for submitting written evidence for the independence of the BoE inquiry
14 Apr	Deadline for IAIS CP on issues paper on policyholder protection schemes
20 Apr	Closing date for responses to HMT CP on insurer resolution regime
24 Apr	Contracts referencing USD Libor removed from the DCO (BoE – amendment to BTS 2015/2205)
26 Apr	BCBS workshop – financial regulation, business model innovation and resilience
27 Apr	FCA to publish H2/2022 complaints data FCA Board Meeting
28 Apr	Deadline for responses to ESMA CP on review of methodology in guidelines on stress test scenarios under MMF Regulation
30 Apr	Deadline for responses to HMT CP on regulatory approach to cryptoassets Deadline for notification to FCA for firms wishing to use the later implementation date transitional provision – pensions dashboard rules (see PS22/12) ESMA decision to withdraw recognition decisions for 6 Indian CCPs applies

 

Table of abbreviations:

 

BCBS	Basel Committee on Banking Supervision	ESMA	European Securities and Markets Authority
BMR	Benchmarks Regulation	ESAs	European Supervisory Authorities
BNPL	Buy Now Pay Later	FCA	Financial Conduct Authority
BoE	Bank of England	FOS	Financial Ombudsman Service
BSPS	British Steel Pension Scheme	HMT	HM Treasury
CCA	Consumer Credit Act	IAIS	International Association of Insurance Supervisors
CCP	Central Counterparty	ITS	Implementing Technical Standards
CDC	Collective Defined Contribution	IOSCO	International Organisation of Securities Commissions
CfE	Call for Evidence	LIBOR	London Interbank Offered Rate
CMA	Competition and Markets Authority	MiFID II	Markets in Financial Instruments Directive II
CRD	Capital Requirements Directive	MLD4	Fourth Money Laundering Directive
CP	Consultation Paper	MMF	Money Market Funds
DB	Defined Benefit	PRIIPs	Packaged Retail and Insurance-based Investment Products
DLT	Distributed Ledger Technology	PS	Policy Statement
DLTR	DLT Pilot Regulation	PSR	Payment Systems Regulator
DP	Discussion Paper	PRA	Prudential Regulation Authority
DWP	Department for Work and Pensions	RTGS	Real-time Gross Settlement
EBA	European Banking Authority	RTS	Regulatory Technical Standards
EC	European Commission	SFDR	Sustainable Finance Disclosure Regulation
ECB	European Central Bank	SSR	Short Selling Regulation
EIOPA	European Insurance and Occupational Pensions Authority	TPR	The Pensions Regulator
EMIR	European Market Infrastructure Regulation