Fintech is a rapidly developing area where developments in the regulatory regime are ongoing. We have created a timeline of key UK and European regulatory milestones to watch out for over the coming months and years.
Q3 2020 / H2 2020
- Summer: FCA opening of applications to Digital Sandbox pilot expected
- Q3 (COVID-19 Delay): PRA Consultation Paper on supervisory approach to new and fast growing firms
- Q3 (COVID-19 Delay): Potential HM Treasury formal engagement on FinTech sector review
- Q3 (COVID-19 Delay): HM Treasury formal engagement on bringing certain cryptossets into the scope of financial promotions regulation
- Q3 (COVID-19 Delay): Potential HM Treasury formal engagement on payments landscape review
- Q3: Commission to sign Memoranda of Understanding with Member States on cloud federation
- Q3: Commission Action Plan on FinTech (incl Integrated EU Payments Market Strategy)
- Q3: Commission legislative proposal on cryptoassets
- H2 (COVID-19 Delay): FCA Policy Statement on prohibiting sales of cryptoassets to retail customers
- H2: Final stages of open banking implementation
- H2: Commission feedback and report on AI white paper consultation
- 2020: European Banking Authority analysing level of RegTech development in the financial services sector
- 2020: European Banking Authority to host a SupTech workshop for National Competent Authorities
- 2020: European Banking Authority conducting analysis to inform thematic report on trend towards platformisation
- 2020 – Jun 2022: Bank for International Settlements setting up four new Innovation Hubs (London, Frankfurt & Paris, Toronto, and Stockholm)
- TBC (COVID-19 delay): Financial Stability Board reports to the G20 on the implications of Big Tech for emerging markets, and on RegTech and SupTech
September 2020
- 7 Sep: Deadline for responses to European Insurance and Occupational Pensions Authority Discussion Paper (re)insurance value chain and new business models arising from digitalisation
- 8 Sep: Deadline for responses to Commission Consultation Paper relating to the Digital Services Act
- 8 Sep: Deadline for responses to Commission Consultation Paper on an intra-EU investment protection and facilitation framework
- 26 Sep: G20 Technology Exhibition, Khobar
Q4 2020
- 1 Oct (COVID-19 delay): Deadline for responses to FCA call for input on open finance
- 1 Oct (COVID-19 delay): Deadline for responses to FCA call for input on accessing and using wholesale data
- 6 Oct: Deadline for responses to Commission consultation on a New Consumer Agenda
- 26 Oct: Deadline for responses to International Organization of Securities Commissions CP on use of AI/machine learning by market intermediaries and asset managers
- Oct: Announcement of winners of G20/Bank of International Settlements TechSprint initiative
- Oct: Financial Stability Board final report on “global stablecoin” arrangements
- 31 Dec: EU Exit – end of transition period specified in Withdrawal Agreement
- Dec: ESMA to submit information to the Commission to inform report on algo trading (Markets in Financial Instruments Directive Art 90(1)(c))
- Q4: European Insurance and Occupational Pensions Authority report(s) on a priority InsurTech topic
- Q4: European Insurance and Occupational Pensions Authority work on technology in regulation and supervision
- Q4: Commission adoption of Digital Services Act
- Q4: Commission proposal for legislative framework for the governance of common European data spaces expected
- Q4: European Banking Authority report on emerging technology risks and related guidance for prudential supervisors expected
- Q4 2020/Q1 2021 (COVID-19 Delay): HM Treasury / cryptoasset Task Force Consultation Paper on broader regulatory approach to cryptoassets (incl stablecoins)
- Until Autumn 2020: Bank of England working with industry to shape feedback from Discussion Paper on 'Transforming data collection from the UK financial sector' into a transformation plan for data collection
- 2020: European Banking Authority to carry out an analysis to inform a thematic report focusing on the trend towards the reaggregation of products and services on digital platforms
- Before end 2020: Commission proposal on revised Coordinated Plan on AI expected
H1 2021
- By Jan: All existing businesses undertaking cryptoasset activities prior to 10 Jan 2020 to be registered with FCA (UK)
- By 13 Jan: Commission to publish Revised Payment Services Directive review
- Post-Mar: Update/implementation of Digital Regulatory Reporting initiative expected
- Q1: Commission follow-up to the White Paper on Artificial Intelligence (incl safety, liability, fundamental rights and data)
- Q1: Commission to adopt an implementing act on high-value data-sets
- Q1: European Forum for Innovation Facilitators first Annual Report
- Post Q1, 2021 (COVID-19 Delay): HM Treasury FinTech sector review
- Post Q1, 2021 (COVID-19 Delay): Follow-up to HM Treasury engagement on bringing certain cryptoassets in scope of financial promotion regulation
- Post Q1, 2021 (COVID-19 Delay): Follow-up to FCA call for input on open finance
- Post Q1, 2021 (COVID-19 Delay): Follow-up to FCA call for input on accessing and using wholesale data
- Post Q1, 2021 (COVID-19 Delay): Follow-up to FCA engagement with firms on data ethics
- Post Q1, 2021: Bank of England work on viability of testing machine readable and executable regulatory reporting
H2 2021
- 14 Sep (COVID-19 delay): FCA deadline for implementation of Strong Customer Authentication for e-commerce
- Sep: Conclusion of EU Quantum Technologies Flagship ramp-up phase
- 2021: Financial Action Task Force to report to G20 on monitoring of risks and opportunities of financial innovation
- 2021: Commission plans to propose a Data Act
- Before end 2021: International Association of Insurance Supervisors Fintech Note on Outsourcing to Specialist Technology Providers expected
- Before end 2021: International Association of Insurance Supervisor Fintech Note on Use of Supervisory Technology expected
2022 onwards
- By 13 Jan 2022: Commission to report to Parliament and Council on functioning of the Platform-to-Business Regulation (and every 3 yrs thereafter)
- By 26 Jun 2022: HM Treasury to publish review of The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 – relevant to cryptoasset activities
- 2022: ESMA to review Financial Innovation Standing Committee terms of reference
- 2022: European Payments Initiative to be fully operational
- By 2023: EU target for acquisition of exascale supercomputers
- To 2027: Commission coordinated plan on AI running
Andrew Procter
Consultant, London
Nick Pantlin
Partner, London
Cat Dankos
Senior Regulatory Consultant, London
Key contacts
Andrew Procter
Consultant, London
Nick Pantlin
Partner, London
Cat Dankos
Senior Regulatory Consultant, London
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.