Introduction

Here is a short summary of some of the key regulatory milestones in December.

EU

  • Commission Implementing Regulation (EU) 2021/1848 on the designation of a replacement for the benchmark Euro overnight index average (EONIA) and Commission Implementing Regulation (EU) 2021/1847 of 14 October 2021 on the designation of a statutory replacement for certain settings of CHF LIBOR both came into force on 3 December 2021. Both apply as of 3 January 2022.
  • On 30 November 2021, the EPC published version 2.0 of the SEPA Request-To-Pay scheme rulebook. The EPC will publish related implementation guidelines on 24 December 2021.
  • On 2 July 2021, the ESMA and EBA published a final report containing updated joint guidelines on the assessment of the suitability of members of the management body and key function holders in accordance with the CRD IV and MiFID II. The updated guidelines apply from 31 December 2021.
  • On 2 July 2021, the EBA published a final report containing updated guidelines on internal governance under the CRD IV. The updated guidelines will apply from 31 December 2021.
  • On 2 July 2021, the EBA published a final report on the revised version of its guidelines on sound remuneration policies to reflect changes introduced by the CRD V. The revised guidelines will enter into force on 31 December 2021, the original version of the guidelines, published in December 2015, will be repealed.
  • On 19 October 2021, the EBA published a final report and draft RTS on the disclosure of firms’ investment policy under the Investment Firms Regulation. The first disclosure date will be 31 December 2021.

UK