FCA published the fifth edition of Regulatory Initiatives Grid from the Financial Services Regulatory Initiatives Forum. The Grid sets out the regulatory pipeline to allow the financial services industry and other stakeholders to understand—and plan for—the timing of the initiatives that may have a significant operational impact on them.
Out of the 153 total initiatives, 44 are multi-sector initiatives while 28 initiatives belong to the Bank, Credit, and Lending category. The key timelines of select regulatory initiatives, as indicated in the Grid, are as follows:
- September 01, 2022: Implementation of bilateral margin obligations phase 6
- June 2022: First disclosures to take place with respect to Resolvability Assessment Framework; January 01, 2023: Deadline for mid-tier firms to meet resolution outcomes; October 06, 2023: Reports due for largest firms under second resolvability framework assessment cycle
- Q3-2022: Consultation on proposals to support improving diversity in financial services
- Q4-2022: Consultation paper on the implementation of remaining Basel III banking standards in UK
- End-2022: First two technical screening criteria (climate change adaptation and mitigation) of the UK green taxonomy to be finalized
- End-2023: Remaining UK green taxonomy technical screening criteria to be finalized
- June 2023: Deadline for ending reliance on USD LIBOR
- Q2/Q3 2023: Consultation paper on incident and outsourcing and third-party reporting
- Consultation Paper in H2-2022 and Policy Statement in H1-2023: Amendments to LCR and NSFR
Keywords: Europe, UK, Banking, Insurance, Securities, Basel, Lending, Reporting, LIBOR, ESG, Climate Change Risk, Regulatory Initiatives Grid, Regulatory Capital, Diversity And Inclusion, Green Taxonomy, Derivatives, Margin Requirements, Sustainable Finance, LCR, NSFR, Benchmark Reforms, Resolution Framework, Cloud Computing, Open Finance, Open Banking, Regtech, HM Treasury, PRA, BoE, FCA
Previous ArticleESMA Responds to Proposal Related to Sustainability Standards Board
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)