Global Trustee and Fiduciary Services Bite-Sized Issue 11 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 11 | 2023 10 QUICK LINKS CRYPTO FUND LIQUIDITY MICA REMUNERATION SUSTAINABLE FINANCE/ ESG AUSTRALIA ASIA EUROPE NORTH AMERICA UNITED KINGDOM The adopting release for Rule 13f-2 and related Form SHO, as well as the notice of the amendment to the CAT NMS Plan, will be published in the Federal Register. The final rule, Form SHO, and the amendment to the CAT NMS Plan will become effective 60 days after publication of the adopting release in the Federal Register. The compliance date for Rule 13f-2 and Form SHO will be 12 months after the effective date of the adopting release, with public aggregated reporting to follow three months later, and the compliance date for the amendment to the CAT NMS Plan will be 18 months after the effective date of the adopting release. Link to Final Rule here Link to Fact Sheet here Link to Notice of Amendment to NMS Plan here Link to Statement by SEC Chair Gary Gensler here Link to Statement by SEC Commissioner Mark T. Uyeda here Link to Statement by SEC Commissioner Hester M. Peirce here Link to Statement by SEC Commissioner Caroline. A Crenshaw here Link to Statement by SEC Commissioner Jaime Lizarraga here SEC Adopts Rule to Increase Transparency in the Securities Lending Market On 13 October 2023 the SEC adopted new Rule 10c-1a, which will require certain persons to report information about securities loans to a registered national securities association (RNSA) and require RNSAs to make publicly available certain information that they receive regarding those lending transactions. The rule is intended to increase the transparency and efficiency of the securities lending market. The SEC states that Rule 10c-1a will require certain confidential information to be reported to an RNSA to enhance the RNSA’s oversight and enforcement functions. Further, the new rule requires that an RNSA make certain information it receives, along with daily information pertaining to the aggregate transaction activity and distribution of loan rates for each reportable security, available to the public. The Financial Industry Regulatory Authority (FINRA) is currently the only RNSA. The adopting release will be published in the Federal Register. The final rule will become effective 60 days after publication in the Federal Register. The compliance dates for the new rule will be as follows: (1) an RNSA is required to propose rules within four months of the effective date; (2) the proposed RNSA rules are required to be effective no later than 12 months after the effective date; (3) covered persons are required to report information required by the rule to an RNSA starting on the first business day 24 months after the effective date; and (4) RNSAs are required to publicly report information within 90 calendar days of the reporting date. Link to Final Rule here Link to Fact Sheet here Link to Statement by SEC Chair Gary Gensler here Link to Statement by SEC Commissioner Mark T. Uyeda here Link to Statement by SEC Commissioner Hester M. Peirce here Link to Statement by SEC Commissioner Caroline. A Crenshaw here Link to Statement by SEC Commissioner Jaime Lizarraga here SEC Adopts Amendments to Rules Governing Beneficial Ownership Reporting On 10 October 2023 the SEC adopted rule amendments governing beneficial ownership reporting under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934. The amendments update Regulation 13D-G to require market participants to provide more timely information on their positions to meet the needs of investors in today’s financial markets. The SEC’s amendments: • Shorten the deadline for initial Schedule 13D filings from 10 days to five business days and require that Schedule 13D amendments be filed within two business days; • Generally, accelerate the filing deadlines for Schedule 13G beneficial ownership reports (the filing deadlines differ based on the type of filer);