Global Trustee and Fiduciary Services Bite-Sized Issue 12 2023

AIFMD Alternative Investment Fund Designation Bill Introduced On 22 November 2023 the Alternative Investment Fund Designation Bill [HL] was introduced in the UK’s House of Lords. The policy intention of the Bill is to remove listed investment companies from the Alternative Investment Fund Managers Regulations 2013 and therefore remove the obligation on listed investment companies to report costs that do not distinguish between costs already accounted for within their share price and costs that are yet to be deducted from it. The removal of listed investment companies from the Alternative Investment Fund Managers Regulations 2013 also removes unnecessary reporting requirements, recognising that the listing requirements and requirements in Companies Act 2006 already provide substantial transparency. The date for the second reading of the Bill is yet to be announced. Link to Bill Webpage here BENCHMARK REGULATION Extensionof Transitional Period for ThirdCountryBenchmarksUnder theUKBenchmarksRegulation On 7 November 2023 HM Treasury announced that it had laid a statutory instrument extending the transitional period for third country benchmarks to 31 December 2030 by amending Article 51(5) of the Benchmarks Regulation. The Benchmarks Regulation includes a third country regime which stipulates that only third country benchmark administrators approved for use via equivalence, recognition or endorsement may continue to be used within the UK after the end of a transitional period. Without this statutory instrument, the transitional period would expire at the end of 2025, at which time third country administrators must have taken one of the above access routes for their benchmarks to continue to be used in the UK. The UK government has set out previously its concerns that, should the third country benchmarks regime come into force, it could reduce the number and variety of important benchmarks available in the UK. Through the Financial Services and Market Act 2023, the UK government has put in place new framework legislation to tailor financial services regulation to UK markets and it will now consider where reforms are needed to the third country benchmarks regime and make these changes as part of the implementation of the wider Smarter Regulatory Framework programme. HM Treasury intends for this statutory instrument to come into force on 1 January 2024. Link to the Draft Statutory Instrument here Securities Services Bite-Sized Global Trustee and Fiduciary Services Issue 12 | 2023 QUICK LINKS AIFMD BENCHMARK REGULATION CBDC COSTS & CHARGES CRYPTOASSETS FUND LIQUIDITY LIBOR TRANSITION MiCA OPERATIONAL RESILIENCE UK PRIIPs SUSTAINABLEFINANCE/ESG ASIA EUROPE IRELAND NORTH AMERICA UNITED KINGDOM