Global Trustee and Fiduciary Services Bite-Sized Issue 12 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2023 16 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 TPT Consultation Launched for Sector Deep Dives On 13 November the Transition Plan Taskforce (TPT) launched the consultation on its sector- specific guidance for preparers and users of climate transition plans. The 7 Sector Deep Dives are intended to help preparers interpret the final TPT Disclosure Framework in more detail for their sector. Consultations are launched for: Asset Managers, Asset Owners, Banks, Electric Utilities and Power Generators, Food and Beverage, Metals and Mining, and Oil and Gas. The Asset Managers Guidance adds further detail for preparers of transition plans that are operating in the Asset Management sector. Part One of the Guidance (Introduction) introduces the sector context and how the Guidance is to be used alongside the Disclosure Framework and wider TPT Guidance. Part Two (Interpreting the Disclosure Framework for the Asset Management sector) provides suggestions of disclosures and further guidance and resources for entities to consider. The consultation on these drafts is open until 29 December 2023. Link to the Draft Guidance here SFC Inaugurates Forum on Sustainability Disclosures On 13 November 2023 the Hong Kong Securities and Futures Commission (SFC) held its inaugural Forum on Sustainability Disclosures, to gather market views on developing a sustainability disclosure regime for Hong Kong. The forum focused on the benefits and challenges of adopting international sustainability reporting and assurance standards locally. Amongst other things, the panellists, consisting of representatives from the Hong Kong financial industry, listed companies and industry associations, as well as policy makers fromHong Kong, Mainland China, and the Asia-Pacific region, highlighted the importance of leveraging technology to meet regulatory expectations, address reporting challenges, and enhance efficiency and transparency. Link to Press Release here HKEX Update on Consultation on Enhancement of Climate Disclosures Under ESG Framework On 3 November 2023 the Hong Kong Exchanges and Clearing Limited (HKEX) announced that, following its consultation on proposals to enhance climate-related disclosures under its environmental, social and governance (ESG) framework, it has postponed the implementation date from 1 January 2024, to 1 January 2025. This delay has been prompted by the publication of International Sustainability Standards Board (ISSB) IFRS Sustainability Disclosure Standards, in June 2023, and the planned adoption guide (ISSB Adoption Guide). HKEX expects the ISSB Adoption Guide to be available before the end of 2023. HKEX intends to take into account the recommended approaches on the scaling and phasing- in of requirements available under the ISSB Adoption Guide when finalising the Listing Rule amendments. The implementation date of the Listing Rule amendments will therefore be postponed to 1 January 2025 to allow issuers more time to familiarise themselves with the new climate-related disclosure requirements. Link to Announcement here