During 2020, our understanding of risk fundamentally changed. In four chaotic weeks starting in late February, the western world went into lockdown and global equity markets fell by about a third. The massive fiscal and monetary intervention by governments and central banks to combat the economic devastation of Covid-19 sparked an initial rally in April and May, followed by a further surge in the closing months of the year.
Most global markets (although not the energy-dominated FTSE 100) eventually closed up on the year. Bitcoin, perhaps the ultimate hedge against hyperinflation and depreciating asset values, climbed by over 300% during the same period (and further still since).
The final eight weeks of 2020 saw some more solid grounds for optimism: a US election outcome that augurs greater respect for international institutions; the discovery, approval and roll-out of Covid-19 vaccines in record time; and a Trade and Cooperation Agreement between the EU and UK just days before the precipice of a no-deal.
With the UK remaining in full lockdown, will 2021 yet see a bounding forward of economic and environmental progress, or a relapse into the stagnation and political division of the 2010s?
We’ve outlined a summary of key tasks for the compliance function, followed by a summary of the FCA’s priorities during 2021 and our analysis of key regulatory developments and longer-term trends. Topics include:
- Annual reports to governing bodies
- GABRIEL returns and the introduction of RegData
- FCA Fee Tariff Return
- Firm details and attestation
- RTS 28 (Best Execution) disclosure
- Ex-post disclosure of costs and charges
- Senior Managers and Certification Regime
- End of LIBOR
- SEC regulatory priorities
- UK/EU Trade and Cooperation Agreement – a new relationship with Europe
- ESG and Sustainable Finance Disclosures
- UK Investment Firm Prudential Regime
Complimentary Conference
You are invited to attend Regulatory Horizon 2021 | Navigating Evolving Risks, our free-to-attend European based conference covering key challenges for financial services firms in 2021 and beyond. Running from 2-4 March, this offers three days of insightful sessions and engaging conversations with compliance, cyber, regulatory technology, ESG and performance experts, leading lawyers, and industry practitioners.