Global Trustee and Fiduciary Services Bite-Sized Issue 12 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2023 18 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 Each pillar contains a range of proposed tools and policies, with a view to supporting sustainable finance in Australia. The feedback on this strategy, the proposed tools and policies, and the specific questions raised in the paper will inform ongoing policy development and regulatory engagement on sustainable finance in Australia. The consultation period closed on 1 December 2023. After considering stakeholder feedback the Australian government states it will publish an implementation roadmap for the Sustainable Finance Strategy. Link to the Consultation Paper here ASIA HKEX Plans to Develop Integrated Fund Platform for Distribution of Hong Kong Retail Funds On 2 November 2023 the Hong Kong Exchanges and Clearing Limited (HKEX) announced that it is developing an integrated fund platform for the distribution of retail funds. The platform, currently in development, will cover the full distribution cycle and value chain for retail funds in Hong Kong, helping to lower the barriers of entry to the industry and allowing market participants to better distribute fund products to their clients. This in turn should give investors access to a broader range of products, offering great choice and enhancing overall market efficiencies. The platformwill cover funds authorised by the Securities and Futures Commission (SFC). Initially, the fund platformwill be a business-to-business service model, and will consist of three main components: • A Communication Hub – a centralised network that connects different parties in the fund distribution ecosystem, such as fund managers and distributors, to facilitate transactions; • A Business Platform – covering functionalities such as fund order routing, subscriptions and redemptions, payments and settlements, and various optional nominee services; and • An Information Portal – helping the investing public with access to more information and greater transparency on fund investment options. HKEX is currently evaluating the operating model and structure of the fund platform. Working closely with the Hong Kong Government, the SFC and other stakeholders on its development, HKEX intends to finalise the platformdesign and development framework over the coming months. Link to Announcement here Link to Statement by SFC here Response to Feedback Received on Proposed Changes to the Complex Products Regime On 3 November 2023 the Monetary Authority of Singapore (MAS) published its response to the feedback received to its November 2021 consultation on proposals to further enhance and update the complex products regime. The consultation proposals included: (a) Reviewing the classifications of certain debentures and hybrid securities, namely perpetual securities and preference shares, as Excluded Investment Products (EIP) or Specified Investment Products (SIP), and revising the complexity criteria for collective investment schemes (CIS); and (b) Streamlining the SIP safeguard requiring intermediaries to assess customers’ investment knowledge and experience, for transactions where the intermediary has already committed to provide advice to the customer (i.e., advised transaction). In considering the responses to the consultation, MAS notes that since the complex products regime was introduced over a decade ago, there have been additional regulatory measures and ongoing efforts to uplift the financial advisory industry, and help investors make informed investment decisions.