Global Trustee and Fiduciary Services Bite-Sized Issue 11 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 11 | 2023 13 QUICK LINKS CRYPTO FUND LIQUIDITY MICA REMUNERATION SUSTAINABLE FINANCE/ ESG AUSTRALIA ASIA EUROPE NORTH AMERICA UNITED KINGDOM • Section 7: Concluding questions , asks some general closing questions on regulation as a whole, including whether there are international examples of best practice that regulatory authorities could adopt. • Section 8: Closing Questions , asks some background questions on the respondent, including the capacity in which they are responding to this CfE. The CfE closes on 7 January 2024. Link to CfE here Updating and Improving the UK Regime for Asset Management: The FCA’s Priorities On 11 October 2023, Ashley Alder, Chair, FCA, delivered a speech at the UK Investment Associations annual dinner, titled ‘Updating and Improving the UK regime for Asset Managers – The FCA’s priorities’. Highlights from Chair Alder’s speech included: • Proportional regulation, together with ways in which regulation can drive innovation, lies behind much of the FCA’s thinking about investment management. • Following the FCA’s asset management discussion paper (published February 2023), the FCA will be pursuing three main priorities for reform: – Making the regime for alternative fund managers more proportionate; – Updating the regime for retail funds; and – Supporting technological innovation. • The FCA recognises the role the asset management sector has to play in mobilising domestic savings to fund productive investment in the UK. The FCA is also pursuing reforms to promote the medium to long-term growth of the UK economy. As to next steps, Chair Alder states that the FCA will be consulting on amending the AIFMD regime and re-evaluating the AIFMD rules for non-UCITS retail funds in 2024. And that in 2025, the FCA will review the regulatory reporting regime. Link to Speech here Chancellor Provides Update on Delivery of the Edinburgh Reforms On 6 October 2023 the House of Commons Treasury Committee published a letter from Chancellor of the Exchequer, (the Chancellor) Jeremy Hunt, providing an update on the Edinburgh Reforms. In addition to a providing a table setting out the policy commitments and planned completion dates, the Chancellor advised the Government has already delivered many of the commitments set out in the Edinburgh Reforms, and implementation continues at pace. Link to Chancellor’s Letter here