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    FCA Updates Timeline for Regulatory Initiatives in Financial Sector

    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 

     

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    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

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