Key dates for the FinTech and Payments calendar | Q3 2018 onwards

Written on 24 Jul 2018

Below are the key dates for firms to be aware of across the following periods:


Q3 2018

Date

Description

July 2018: FCA announced the acceptance of 29 businesses into cohort 4 of the regulatory sandbox.
During July 2018: UK government is expected to start publishing statutory instruments made under the EU (Withdrawal) Act 2018 that will “onshore” EU financial services legislation.
1 July 2018: EBA recommendations on the use of cloud service providers by financial institutions apply.
3 July 2018: EBA published the first products of its FinTech Roadmap, namely (i) a thematic report on the impact of FinTech on incumbent credit institutions’ business models; and (ii) a thematic report on the prudential risks and opportunities arising for institutions from FinTech.
4 July 2018: The BoE published its discussion paper: Building the UK financial sector’s operational resilience.
9 July 2019 Fifth Money Laundering Directive (MLD5) came into effect. Member States are required to bring into force the laws, regulations and administrative provisions necessary to comply with the Directive by 10 January 2020.
12 July 2018: UK government published its Brexit white paper covering financial services, among other issues.
12 July 2018: Date by which the FCA must have approved the additional information provided by UK authorised payment institutions, e-money institutions and small e-money institutions under PSD2 in order to continue providing payment services on or after 13 July 2018.
13 July 2018: Closing date for comments on the questions relating to the rent-to-own market in the FCA’s consultation paper (CP18/12) on home-collected credit, alternatives to high-cost credit, catalogue credit and store cards.
16 July 2018: Date of implementation of the EBA’s guidelines under Article 25 of the revised Wire Transfer Regulation on the measures that Payment Service Providers (PSPs) should take to detect missing or incomplete information on the payer or the payee, and the procedures they should put in place to manage a transfer of funds lacking the required information.
18 July 2018: Closing date for responses to the BoE’s ISO 20022 consultation paper: a global standard to modernise UK payments.
18 July 2018: EBA published Final Guidelines on fraud reporting under PSD2.
24 July 2018: PSR published draft terms of reference in respect of a market review into the supply of card-acquiring services.
26 July 2018 FCA published Final Guidance for firms outsourcing to the ‘cloud’ and other third-party IT services (FG16/5).
1 August 2018 FCA published a consultation paper: General standards and communication rules for the payment services and e-money sectors (CP 18/21).
10 August 2018: Closing date for feedback on the NPSO’s Confirmation of Payee (CoP) API specification.
12 August 2018: Closing date for responses to EOPIA’s InsurTech survey.
13 August 2018: Closing date for responses to the EBA’s consultation paper on the conditions to be met to benefit from an exemption from the fallback option envisaged under Article 33(6) of Regulation (EU) 2018/389 Regulatory Technical Standards (RTS) on strong customer authentication (SCA) and common and secure communication (CSC).
14 September 2018: Closing date for comments on the PSR’s draft terms of reference in respect of a market review into the supply of card-acquiring services.
24 September 2018: Closing date for responses to the EBA’s consultation paper on its draft guidelines on outsourcing arrangements.
Q3 2018: FCA expected to consult on fraud reporting requirements under EBA PSD2 RTS on SCA and CSC.
Q3 2018: Technical specifications for a “Smart Secure Platform” (based on integrated secure elements) expected to be published by the European Telecommunications Standards Institute.

Q4 2018

Date

Description

Oct 2018: HMT Rent Recognition Challenge: Using FinTech to help renters development phase concludes.
5 October 2018: Closing date for comments on the BoEs discussion paper: Building the UK financial sector’s operational resilience.
5 October 2018: Closing date for feedback on the FCA’s consultation paper (CP 18/19) on its proposal to introduce a public directory of financial services workers.
13 October 2018: Date by which small payment institutions are required to make their application to the FCA and provide any relevant new information requested in order to continue providing payment services on or after 13 January 2019.
31 October 2018: Date by which PSPs are required to comply with key transparency requirements (including the terminology in the final linked services list) under the Payment Accounts Regulations 2015 where they offer a ‘payment account’.
1 November 2018 Closing date for responses to the FCA’s consultation paper (CP18/21) on the general standards and communication rules for the payment services and e‑money sectors.
2018/2019: FCA to review more firms in the auto-advice market.
Q4 2018: Deadline for European Supervisory Authorities (ESAs) to conduct further analysis and identify best practices of FinTech/innovative facilitators and, where appropriate, to issue guidelines on these facilitators in accordance with its FinTech action plan.

2019 onwards

Date

Description

1 January 2019: EBA Final Guidelines on fraud reporting under PSD2 apply.
Q1 2019: Report from the European Commission with best practices for regulatory sandboxes in accordance with its FinTech action plan expected.
Q1 2019: Deadline for the ESAs to map existing supervisory practices across financial sectors around ICT security and governance requirements, and consider whether to issue guidelines on supervisory convergence and enforcement of ICT risk management and mitigation requirements and, if necessary, provide the European Commission with technical advice on the need for legislative improvements.
10 February 2019: Date by which firms that operate, or intend to operate under the PSD2 Limited Network Exclusion are required to notify the FCA if their transactions are over €1 million in the preceding 12 month period (starting from 13 January 2018) and provide a description of their activities.
14 March 2019: Date by which Account Servicing Payment Service Providers must make the interface technical specifications available to appropriately authorised or registered Third Party Payment Service Providers (TPPs) and provide a testing facility for connection and functional testing for TPPs.
29 March 2019: Date on which UK leaves the EU if no extension to Article 50 process is agreed (11pm UK time).
1 May 2019: EBA Joint Committee guidelines to authorities competent for supervising complaints-handling by Payment Initiation Service Providers (that provide payment initiation services only) and registered Account Information Service Providers under PSD2 apply.
14 September 2019: EBA PSD2 RTS on SCA and CSC apply.
Q3 2019: Further developments on the proposal to amend the Cross Border Payments Regulation (Regulation 924/2009) expected.
9 December 2019: The extension of the Senior Managers and Certification Regime commences for all solo‑regulated firms.
By end of 2019: The UK government’s FinTech Delivery Panel to publish a set of industry standards that will support FinTech firms by providing them with a consistent understanding of what financial services firms will need from them before entering into partnership arrangements.
10 January 2020: Deadline for Member States bringing into force the laws, regulations and administrative provisions necessary to comply with MLD5.
By 2020: Enhanced functionality to BoE RTGS to be mostly operational (including interoperability with distributed ledger technology).
2020: European Commission report to EU Parliament and EU Council on implementation of MLD4, proposals on virtual currencies and other matters (due 2 years after transposition of MLD5).
31 December 2020: End of Brexit implementation (transition) period (11pm UK time).
13 January 2021: European Commission to publish a report on the application and impact of the PSD2.