Global Trustee and Fiduciary Services Bite-Sized Issue 11 2023
Global Trustee and Fiduciary Services Bite-Sized | Issue 11 | 2023 11 QUICK LINKS CRYPTO FUND LIQUIDITY MICA REMUNERATION SUSTAINABLE FINANCE/ ESG AUSTRALIA ASIA EUROPE NORTH AMERICA UNITED KINGDOM • Clarify the Schedule 13D disclosure requirements with respect to derivative securities; and • Require that Schedule 13D and 13G filings be made using a structured, machine-readable data language. Further, the SEC’s adopting release provides guidance regarding the current legal standard governing when two or more persons may be considered a group for the purposes of determining whether the beneficial ownership threshold has beenmet, as well as how, under the current beneficial ownership reporting rules, an investor’s use of certain cash-settled derivative securities may result in the person being treated as a beneficial owner of the class of the reference equity securities. The adopting release is published on SEC.gov and will be published in the Federal Register, and the amendments will become effective 90 days after publication in the Federal Register. The SEC states that compliance with the revised Schedule 13G filing deadlines will be required beginning on 30 September 2024. Compliance with the structured data requirement for Schedules 13D and 13G will be required on 18 December 2024. Compliance with the other rule amendments will be required upon their effectiveness. 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 UNITED KINGDOM FCA Consumer Duty Speech: Not One and Done On 1 November 2023, Nisha Arora, Director of Cross Cutting Policy and Strategy, at the Financial Conduct Authority (FCA), gave a speech marking three months since the Consumer Duty came into force. Highlights of the speech included: • Many firms have made a real shift in their practices and culture, and the FCA is already starting to see the benefits for consumers. • The Consumer Duty is not a once and done exercise. Firms need to make sure they are learning and improving continuously and must be able to evidence this in their annual board report. • Those with closed products and services should check they are on track to meet the 31 July 2024 implementation deadline. • The Consumer Duty remains a top priority for the FCA. It will continue our work across all sectors to test firms’ implementation and embedding and will share good practice to support the industry. Link to Speech here FCA Consumer Duty Webinar: The Next Steps On the 25 October 2023 the FCA announced that it would be hosting a webinar on 6 December 2023 to help firms understand its expectations now that the Consumer Duty is in force. The FCA states that the webinar will focus on the following areas: • Its supervision and enforcement approach; • Sector specific areas of focus; • Examples of good practice; and • Next steps for firms. The FCA will also take questions during the live webinar. Questions can also be submitted when registering for the event. Link to FCA Announcement here
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