Tax

01 January 2021

UK VAT rules change so that the input tax associated with most VAT exempt supplies of financial services (but not fund management) to the EU can be recovered
Bearer Certificates

01 January 2021

Prohibition for collective investment schemes comes into force
Tax

01 January 2021

Start of the "30 day" window for making the first reports under the new DAC6 regime
Financial Reporting

01 January 2021

Issuers may voluntarily file their financial reports for financial years starting on or after 1 January 2021 in European Single Electronic Format
Performance Fees

06 January 2021

ESMA guidelines on performance fees in UCITS and certain types of AIFs come into effect
Listings Review

Early 2021

Lord Hill to report to HM Treasury on his UK Listings Review following the 2020 Call for Evidence
National Security

Early 2021

HM Treasury intends to consult on the proposed power to block listings on national security grounds
ESG / UK Taskforce on Climate-related Financial Disclosures

Early 2021

FCA intends to consult on proposed new disclosure rules for asset managers, and BEIS intends to consult on proposals to require UK registered companies to make disclosures in their strategic reports which are aligned to the Taskforce on Climate-related Financial Disclosures' recommendations.
Open-ended Funds

Early 2021

FCA proposed notice periods for authorised open-ended property funds to address liquidity mismatch forecast to come into effect 'as soon as possible' in 2021
Reporting

25 January 2021

FCA expects to upgrade the National Storage Mechanism to accept European Single Electronic Format
Shareholder meetings

01 February 2021

The Institutional Shareholder Services' updated UK proxy guidelines will apply
Tax

01 February 2021

By this date, each EU member state had to have decided whether it wants to apply the rule for detached workers set out in the EU/UK protocol on social security coordination
ESG

08 February 2021

The European Commission consultation on a possible sustainable corporate governance initiative closes
EU Cross-Border distribution of Funds Directive and Regulation

08 February 2021

Feedback due for ESMA Consultation Paper on guidelines for funds' marketing communications
Tax

23 February 2021

Consultation closes on new UK tax privileged regime for asset holding companies in alternative fund structures
Tax

03 March 2021

Budget to be held – possibly including revenue raising measures as a result of the Government's Covid-19 related spending
ESG/EU Sustainable Finance Disclosure Regulations

10 March 2021

Majority of the Sustainable Finance Disclosure Regulations obligations apply: sustainability-related disclosures on the website for in-scope entities and relevant pre-contractual information for products in market
Covid-19

30 March 2021

Government's relaxation of company meeting requirements (relating to virtual company meetings and flexibility in holding AGMs) due to expire
Stewardship

31 March 2021

Deadline for asset managers wishing to be included on the first list of signatories to the UK Stewardship Code 2020 to apply to the FRC
Tax

April 2021

Introduction, with retrospective effect to 6 April 2019, of 10% holdings threshold before the non-resident CGT rules apply in relation to certain disposals involving non-resident funds and insurance companies
Tax

April 2021

New off-payroll working rules come into force
Financial Reporting

Q1 2021

The FCA will adopt a new DTR 5 notification protocol. Instead of emailing TR-1 forms to the FCA, investors will need to complete an electronic TR-1 form which will be sent via an online portal.
Tax

Mid 2021

Target time for consensus solution to be reached on OECD's Pillars One and Two tax proposals
EU Market Abuse

During 2021

The European Commission will use the technical advice from the ESMA MAR review to inform its own report on MAR
Beneficial ownership

During 2021

Government intends that the new beneficial ownership register of overseas entities that own UK property will go live
Brexit

During 2021

HM Treasury to launch second consultation of its Future Regulatory Framework review
Tax

April 2021

New off-payroll working rules come into force
ELTIF Regime

Q3 2021

The European Commission aims to publish legislative proposal following review of the ELTIF regime
EU Cross-Border Funds Distribution Directive and Regulation

August 2021
- Member states are required to apply measures implementing the Directive and the main provisions of the Regulation start to apply
- Final ESMA guidelines for funds' marketing communications expected
- European Commission is due to report to the European Parliament and Council on reverse solicitation
ESG/EU Taxonomy Regulation

31 December 2021

Delegated acts on four remaining environmental objectives to be adopted & Commission to publish a report on extension of the Taxonomy Regulation's scope
Libor

31 December 2021

Libor expected to be discontinued