European Finance Observatory

Regulatory calendar

Rule and infrastructure changes ahead, with their dates and the roles they affect.

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Swiss SIC participants must receive instant payments. Next date: All retail participants able to receive instant payments (November 2026), 1 Nov 2026, confirmed.Second Consumer Credit Directive applies. Next date: National CCD2 rules apply, 20 Nov 2026, confirmed.TARGET Services November 2026 releases moved to 28 November 2026. Next date: TARGET Services November 2026 releases go live, 28 Nov 2026, confirmed.Listing Act: multiple-vote share structures for SME growth markets. Next date: Transposition deadline, 5 Dec 2026, confirmed.CSDR settlement discipline rules updated for T+1 in three steps. Next date: Allocation and confirmation rules apply, 7 Dec 2026, confirmed.ESMA guidelines on allocations and confirmations for T+1. Next date: New allocation and confirmation requirements apply, 7 Dec 2026, confirmed.EU Digital Identity Wallets: banks must accept them. Next date: Wallets available in Member States, 24 Dec 2026, expected.Digital euro regulation in final negotiations. Next date: Target to complete the legislative process, 31 Dec 2026, expected.DORA register of information: 2027 annual submission. Next date: Reference date for the 2027 register, 31 Dec 2026, confirmed.Legal tender of euro cash regulation in negotiations. Next date: Target to complete the legislative process, 31 Dec 2026, expected.Swift defers SR2026 and the end of unstructured addresses. Next date: Swift update on the structured address timeline (by December), 31 Dec 2026, expected.CRR3 output floor rises to 60 percent in 2027 and 65 percent in 2028. Next date: Output floor factor rises to 60 percent, 1 Jan 2027, confirmed.CSRD scope narrowed by Omnibus I; second wave reports from financial year 2027. Next date: First financial year in scope for the second wave, 1 Jan 2027, confirmed.ECB Pontes: DLT settlement in central bank money. Next date: Initial enhancements, including T2 operating hours (2027), 1 Jan 2027, expected.FINMA circular on nature-related financial risks phases in. Next date: Climate provisions apply to categories 3 to 5, 1 Jan 2027, confirmed.PRA retires the refined methodology to Pillar 2A. Next date: Refined methodology retired, 1 Jan 2027, confirmed.Swiss capital and liquidity ordinance changes from January 2027. Next date: Ordinance amendments take effect, 1 Jan 2027, confirmed.UK Basel 3.1 rules take effect. Next date: Basel 3.1 rules and reporting take effect, 1 Jan 2027, confirmed.UK simplified capital regime for small domestic deposit takers. Next date: SDDT capital regime takes effect, 1 Jan 2027, confirmed.Instant payments: banks outside the euro area must receive instant euro transfers. Next date: Receive instant euro transfers and price parity apply (non-euro area), 9 Jan 2027, confirmed.CRD6: non-EU banks need EU branches for core banking services. Next date: Third-country branch rules apply, 11 Jan 2027, confirmed.Insurance Recovery and Resolution Directive starts to apply. Next date: EIOPA guidelines due, 29 Jan 2027, confirmed.Revised Solvency II rules apply from January 2027. Next date: Revised Solvency II framework applies, 30 Jan 2027, confirmed.EMIR 3 active account reporting every six months. Next date: Active account report due, 31 Jan 2027, expected.Retail Investment Strategy: final adoption expected. Next date: Expected publication in the Official Journal, 31 Jan 2027, expected.UK cryptoasset regime: application window and start date. Next date: Application period closes, 28 Feb 2027, confirmed.Instant payments: payment and e-money institutions join the obligation. Next date: Send and receive (euro area) and receive (non-euro area), 9 Apr 2027, confirmed.AIFMD II and UCITS changes: reporting standards due 2027. Next date: ESMA draft reporting standards due, 16 Apr 2027, confirmed.Bank crisis management and deposit insurance reform. Next date: EBA draft technical standards due, 11 May 2027, confirmed.UK Cryptoasset Reporting Framework: first reports due. Next date: First CARF reports due for 2026, 31 May 2027, confirmed.Pay Transparency Directive: first gender pay gap reports. Next date: First reports for employers with 150 or more workers, 7 Jun 2027, confirmed.UK Consumer Composite Investments rules replace PRIIPs. Next date: FCA CCI rules take effect, 8 Jun 2027, confirmed.AMLA selects banks and firms for direct EU supervision. Next date: First selection process starts (latest date), 1 Jul 2027, confirmed.ECB digital euro pilot with 36 payment providers. Next date: Pilot planned to start (second half of 2027), 1 Jul 2027, expected.Instant payments: sending and verification of payee outside the euro area. Next date: Send instant euro transfers and verification of payee (non-euro area), 9 Jul 2027, confirmed.EU Anti-Money Laundering Regulation starts to apply. Next date: AMLR applies, 10 Jul 2027, confirmed.European Single Access Point opens to the public. Next date: Public access to ESAP (10 July 2027), 10 Jul 2027, confirmed.Corporate sustainability due diligence postponed to July 2029. Next date: Commission guidelines due, 26 Jul 2027, confirmed.CHAPS settlement to start at 01:30. Next date: Target go-live (September 2027), 1 Sep 2027, expected.DAC8: first crypto-asset tax reports exchanged. Next date: Exchanges for reporting year 2026 completed, 30 Sep 2027, confirmed.EU securities settlement moves to T+1. Next date: T+1 applies across the EU, 11 Oct 2027, confirmed.Switzerland and Liechtenstein move to T+1 with the EU and UK. Next date: Swiss and Liechtenstein markets switch to T+1, 11 Oct 2027, confirmed.UK move to T+1 securities settlement. Next date: T+1 becomes the UK standard settlement cycle, 11 Oct 2027, expected.CHAPS: wider mandatory ISO 20022 data from November 2027. Next date: Expanded enhanced data requirements (November 2027), 1 Nov 2027, confirmed.AI Act: high-risk rules for credit scoring postponed to December 2027. Next date: Annex III high-risk obligations apply, 2 Dec 2027, confirmed.UK equity consolidated tape planned within 18 months. Next date: Target go-live (within 18 months), 31 Jan 2028, expected.FASTER Directive on withholding tax relief: transposition. Next date: Transposition deadline, 31 Dec 2028, confirmed.

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Q1 2027

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