Featured Product

    UK Authorities Update Timeline of Key Regulatory Initiatives

    September 18, 2020

    UK authorities jointly published an updated version of the Regulatory Initiatives Grid. The grid presents a consolidated plan and timeline of initiatives that the authorities consider will, or may, have significant operational impact on firms across the next 24 months. The Grid is a joint effort of BoE, FCA, Competition & Markets Authority, Payment Systems Regulator, Information Commissioner’s Office, Pensions Regulator, and HM Treasury (as observer member). The first edition of this Grid was published on May 07, 2020 and it was focused on delays and cancellations to initiatives due to the COVID-19 crisis. The key upcoming initiatives in the latest iteration include the work on LIBOR transition, transposition of key EU regulations, implementation of Basel 3.1, and ongoing work to prepare the financial services sector for the end of the EU exit transition period.

    This edition of the Grid contains 111 initiatives, an increase on the 85 that were set out in the first edition published in May 2020. That increase is partly due to the inclusion of initiatives from the Information Commissioner’s Office and The Pensions Regulator and feedback from stakeholders that they would like the Grid to be as comprehensive as practicable. It also reflects the expanded horizon of the Grid, which now covers a two-year horizon. In addition, given the number of initiatives paused or delayed over the past few months, fewer initiatives have fallen out of the Grid (by virtue of completion) than might typically be expected. This Grid is published at least twice a year to help manage the operational impact, on firms, of implementing such initiatives. 

    In the near-term, the end of the transition period associated with the exit of UK from EU drives a number of initiatives. Before the end of the year, the UK will transpose CRD5 and BRRD2, in addition to concluding a number of related initiatives, such as the completion of "onshoring." The UK will then implement changes to the prudential regime for credit institutions, which will give effect to a number of Basel III standards. A review of Solvency II will also be conducted. The Grid also includes several long-running, and critically important, initiatives. These include the phase-out of LIBOR, increased margining of OTC derivative contracts, achieving resolvability, and strengthening operational resilience across a number of sectors. In addition, consultations will be undertaken on the UK implementation of Basel 3.1 during 2021. HM Treasury intends to consult on the UK’s future regulatory framework for financial services and on the payments landscape. This is in addition to commissioning the reviews of the UK Fintech Strategy and the operation of the ring-fencing regime. BoE is considering how to follow up its discussion paper on the merits of central bank digital currencies while the Payment Systems Regulator is conducting a broad review into its three to five year strategy.

     

    Related Links

    Keywords: Europe, EU, UK, Banking, Insurance, Securities, Brexit, Basel, LIBOR, Regulatory Initiatives Grid, Solvency II, HM Treasury, FCA, PRA, BoE

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697