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November 2021: The month ahead in financial services regulatory developments…
Blog FSR and Corporate Crime notes

Herbert Smith Freehills LLP

European Union, United Kingdom October 28 2021

In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for November 2021.

1 Nov	FOS plans to publish next steps and implement temporary changes to reporting the outcomes of proactively settled complaints Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2021 comes into force, adding the UK Infrastructure Bank Limited to the Schedule of persons exempt in respect of any regulated activity other than insurance business Section 31 of the Financial Services Act 2021 comes into force increasing the maximum sentences for insider dealing 26th UN Climate Change Conference of the Parties (COP26) underway in Glasgow until 12 November; World Leaders’ Summit taking place 1 – 2 November
2 Nov	Deadline for responses to European Banking Authority (EBA) consultation paper (CP) on the draft guidelines on the role, tasks and responsibilities of anti-money laundering/countering the financing of terrorism (AML/CFT) compliance officers Deadline for responses to European Commission (EC) CP on preventing money laundering and terrorist financing (ML/TF) – EU rules on public-private partnerships (PPPs)
4 Nov	Deadline for responses to EC consultation on proposal for a regulation amending the Blocking Statute Bank of England (BoE) and Czech National Bank co-host the fifth annual workshop of the European System of Central Banks (ESCB) Research Cluster 3 – Financial Stability, Macroprudential Regulation and Microprudential Supervision
5 Nov	Deadline for pre-paid funeral plan providers to respond to FCA survey Deadline for responses to HM Treasury (HMT) CP on review of the cash ratio deposit scheme under which deposit-taking financial institutions (i.e., banks and building societies) place non-interest bearing deposits at the BoE Committee on Payments and Market Infrastructures (CPMI) workshop – call for ideas on solutions to expand payment-versus-payment (PvP) settlement (an activity under the G20 Enhancing Cross-Border Payments (ECBP) Roadmap)
8 Nov	Deadline for responses to PRA CP18/21 – Remuneration: Identification of material risk takers (MRTs)
10 Nov	EU Regulation on European Crowdfunding Services Providers (ECSPR) applies
12 Nov	Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 come into force Deadline for responses to European Insurance and Occupational Pensions Authority (EIOPA) CPs on the revision of Solvency II guidelines on contract boundaries and on the valuation of technical provisions Deadline for responses to CPMI call for ideas on solutions to expand PvP settlement (ECBP Roadmap)
15 Nov	Deadline for applications for FCA Green FinTech Challenge
16 Nov	Responses to HMT’s call for evidence on UK secondary capital raising review
18 Nov	Deadline for responses to EC proposals for a regulation on preventing ML/TF financing – new rules for the private sector and for a directive on new national mechanisms Deadline for responses to EC proposal for a carbon border adjustment mechanism for selected sectors Deadline for responses to EC proposal for a revision of the Energy Taxation Directive EC to host European Strategy and Political Analysis System (ESPAS) conference to discuss green and digital transitions
19 Nov	Deadline for responses to European Securities and Markets Authority (ESMA) CP on the review of certain aspects of the Short Selling Regulation
24 Nov	FCA board meeting
26 Nov	Policy Statement (PS) to FCA CP21/14 Preventing claims management phoenixing
28 Nov	EU Member States to adopt and publish laws to implement the Markets in Financial Instruments Directive (MiFID) ‘Quick Fix’; ESMA Regulatory Technical Standards (RTS) on position limits (incl liquidity and hedging exemptions, calculation methodology for establishing spot month position limits) by this date
29 Nov	Implementation date for changes resulting from PRA CP16/21 on Part VII insurance business transfers Deadline for responses to EC proposals for regulations establishing a new EU AML/CFT authority and on the traceability of cryptoasset transfers

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