The Financial Services Regulatory Initiatives Forum has launched the Regulatory Initiatives Grid, which sets out the planned regulatory work over the next twelve months. The Forum comprises BoE, PRA, FCA, Payment Systems Regulator, and Competition and Markets Authority, with HM Treasury attending as an observing member. The Grid lays out the planned timetable for major initiatives, including the transition from LIBOR and the introduction of financial services legislation to prepare for the end of the EU withdrawal transition period. It also presents initiatives that have been cancelled or delayed to ease the burden on financial services firms during the COVID-19 pandemic; these initiatives include the 2020 annual stress test of BoE, a number of consultations, and the implementation date for Basel 3.1.
The Grid will run as an initial twelve-month pilot and will be published at least twice a year. The Grid provides detail on the timing of initiatives by quarter, over a twelve-month horizon. In future editions, the Forum intends to extend this to 24 months. The Grid includes initiatives led by one or more Forum members. The Grid includes a multi-sector chapter that covers initiatives that span more than one sector in addition to sector-specific chapters. The sector-specific chapters include banking, consumer credit, payment systems and market infrastructures, insurance and reinsurance, pensions and retirement income, retail investments, investment management, and wholesale financial markets.
The Grid does not include enforcement actions nor will it include the majority of supervisory activities as timing and operational impact are firm-specific. It also does not reflect the operational impact associated with ongoing requirements beyond implementation. Therefore, the Grid is a consolidated presentation of the expected time frame (as at the date of publication) of a subset of regulatory initiatives.
Keywords: Europe, UK, Banking, Insurance, Securities, COVID-19, Regulatory Initiatives Grid, Deadline Extension, Implementation Timeline, Stress Testing, Basel III, Digital Regulatory Reporting, LIBOR, BoE, PRA, FCA, Hm Treasury
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