Featured Product

    UK Authorities Publish Grid on Timeline of Regulatory Initiatives

    May 07, 2020

    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. 

     

    Related Links

    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

    Featured Experts
    Related Articles
    News

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Examines Remuneration Data and Use of Large Exposure Exemptions

    The European Banking Authority (EBA) published a report that examines the use of certain exemptions included in the large exposures regime under the Capital Requirements Regulation (CRR).

    July 22, 2022 WebPage Regulatory News
    News

    BoE Issues Update on Ongoing Data Transformation Program

    The Bank of England (BoE) issued a communication to firms to provide an update on the progress of the joint data transformation program—which is being led by BoE, the Financial Conduct Authority (FCA), and the industry—for the financial sector in UK.

    July 21, 2022 WebPage Regulatory News
    News

    EBA Issues Draft Methodology and Templates for 2023 Stress Tests

    The European Banking Authority (EBA) published the draft methodology, templates, and template guidance for the European Union-wide stress test in 2023.

    July 21, 2022 WebPage Regulatory News
    News

    EBA Issues SREP Guidelines and Standards for Investment Firms

    The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) jointly published the final guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) for investment firms.

    July 21, 2022 WebPage Regulatory News
    News

    BoE and PRA Publish Regulatory Updates for Financial Sector Entities

    The Prudential Regulatory Authority (PRA) proposed expectations, via CP8/22, in respect of changes to the instruments or claims that comprise unvested deferred sums awarded to material risk-takers as part of their variable pay.

    July 19, 2022 WebPage Regulatory News
    News

    EIOPA Issues Taxonomy for Solvency II Reporting, Issues Other Updates

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.7.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 16, 2022 WebPage Regulatory News
    News

    OSFI Updates Address BCAR Reporting, Basel Reforms, and Cyber Risk

    The Office of the Superintendent of Financial Institutions (OSFI) updated the 2023 Basel Capital Adequacy Reporting (BCAR) manual as well as the 2023 BCAR return.

    July 15, 2022 WebPage Regulatory News
    News

    FSB Report Outlines Progress on Climate Risk Roadmap

    In a letter to the G20 Leaders, ahead of the July 2022 meeting, the Financial Stability Board (FSB) Chair set out an overview of the key work done by FSB.

    July 14, 2022 WebPage Regulatory News
    News

    SRB Issues Resolvability Assessment and Bail-in Implementation Guide

    The Single Resolution Board (SRB) published its resolvability assessment and "heat map" for 2021, updated the operational guidance on implementation of bail-in tool, and issued the annual report for 2021.

    July 14, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8400