What does the regulatory pipeline look like for 2024?
At the end of November 2023, the latest version of the Regulatory Initiatives Grid (the Grid) was published. For those not already familiar with this document, the Grid is a biannual publication which sets out the regulatory pipeline. It covers the initiatives pursued by different regulators and is split into sector-specific sections, including: Banking, credit and lending; Payments and cryptoassets; Insurance and reinsurance; Investment management; Pensions and retirement income; Retail investments; and Wholesale financial markets.
The Grid is one of the more helpful documents published by regulators and should be used by firms to get a clear view of – and plan for – key regulatory developments likely to impact them.
You can find a copy of the latest Grid here: Regulatory Initiatives Grid | FCA
It won’t take long to realise the scale of regulatory change currently ongoing or planned for, and it is easy to see how things can get missed. Whilst the specific timing of many rule changes are yet to be confirmed (e.g. as we wait for Policy Statements to be published), we’ve compiled a list of the dates in the first half of the year that we know so far, which firms may want to diarise.
Please note that this list is intended to be of interest to the firms we work with and may not include all regulatory developments applicable to your firm. Get in touch if you’d like to discuss what your compliance calendar should look like for 2024 in more detail.
JANUARY
1st: FCA rules creating a new Baseline Financial Resilience Report (FIN074) apply
31st: Changes to Financial Promotion Order exemptions for high net worth individuals and sophisticated investors apply (HMT Response)
FEBRUARY
6th: Deadline to submit a variation of permission to apply for the financial approvers permission (PS23/13 )
12th: Deadline for responses to CP23/26: Implementing the Overseas Funds Regime
MARCH
20th: Deadline for responses to CP23/24: Capital deduction for redress: personal investment firms
APRIL
29th: PS23/4 FCA introduce a ‘Designated Reporter Regime’ and new requirements relating to post-trade transparency apply
MAY
31st: UK SDRs: Anti-Greenwashing Rule becomes applicable to all FCA-authorised firms (PS23/16)
JUNE
FCA review on the treatment of PEPs under s78 FSMA 2023 due to be published.
JULY
31st:
Consumer Duty comes into force for closed products
First Annual Consumer Duty Board Report is due
UK SDRs: Product labels become available and rules for distributors apply in respect of UK funds (PS23/16)