On 7 May 2020, the Financial Services Regulatory Initiatives Forum comprising of the Bank of England, PRA, FCA, Payment Systems Regulator and Competition and Markets Authority, with HM Treasury attending as an observer member, announced the publication of a grid that sets out the planned timetable for major regulatory initiatives.
The new grid sets out the regulatory pipeline. This is so the financial services industry and other stakeholders can understand – and plan for – the timing of those regulatory initiatives that may have a significant operational impact on them. The grid also highlights initiatives that have been cancelled or delayed to ease the burden on financial services firms during the COVID-19 pandemic – including the Bank of England’s 2020 annual stress test and a number of consultations. The grid provides detail on the timing of regulatory initiatives by quarter over a 12-month horizon – in future editions it is intended to extend this to 24 months.
The key regulatory initiatives for 2020 and 2021 include:
- Open Banking implementation – Q4 2020
- CRDV and BRRD II requirements come into force – 29 Dec 2020
- Onshoring – end of transition period – 31 Dec 2020
- End of EU withdrawal transition period – 31 Dec 2020
- EU CRR II implementation – June 2021
- Bilateral margin obligations phase 1-5 – 1 Sept 2021
- First report to regulators under the Resolution Framework – 1 Oct 2021
- Transition from Libor – end 2021
- All major UK banks meet standards set to ensure resolution plans will be effective – 2022
- Basel 3.1 international implementation deadline – 1 Jan 2023