Global Trustee and Fiduciary Services Bite-Sized Issue 12 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2023 20 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 IRELAND Central Bank Publishes Individual Accountability Framework Standards and Guidance On 16 November 2023 the Central Bank of Ireland (CBI) published a Feedback Statement and issued Regulations and Guidance to firms on the Individual Accountability Framework (IAF). The Guidance provides clarity regarding the CBI’s expectations for the implementation of three aspects of the framework: the Senior Executive Accountability Framework (SEAR), the Conduct Standards and certain aspects of the enhancements to the Fitness & Probity regime. The Conduct Standards and enhancements to the Fitness and Probity Regime will become applicable on 29 December 2023. The SEAR Regulations that describe responsibilities of specific roles and requirements of firms will apply to in-scope firms from 1 July 2024, and to Independent Non-Executive Directors at in-scope firms from 1 July 2025. Link to Feedback Statement here NORTH AMERICA SEC Announces Enforcement Results for Fiscal Year 2023 On 14 November 2023 the Securities and Exchange Commission (SEC) announced that it filed 784 total enforcement actions in fiscal year 2023, a 3% increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8% increase over the prior fiscal year. The SEC also filed 162 “follow-on” administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders and 121 actions against issuers who were allegedly delinquent in making required filings with the SEC. The stand-alone enforcement actions spanned the securities industry, from billion-dollar frauds to emerging investor threats involving crypto asset securities and cybersecurity, and charged violations by diverse market participants, from public companies and investment firms to gatekeepers and social media influencers. The SEC also brought numerous enforcement actions addressing conduct that undermines oversight of the securities industry, including actions to protect whistleblowers and actions to enforce recordkeeping requirements and other investor protection requirements applicable to industry participants, including broker-dealers and investment firms. Link to the Announcement here CFTC Releases FY 2023 Enforcement Results On 7 November 2023 the Commodity Futures Trading Commission (CFTC) released its enforcement results for Fiscal Year 2023 that include digital asset cases, actions to hold registrants to their regulatory obligations, manipulation and spoofing actions, and precedent- setting court decisions in complex litigations. In FY 2023, the CFTC’s Division of Enforcement filed 96 enforcement actions charging fraud, manipulation, and other significant violations in diverse markets, including digital assets and swaps markets, resulting in over US$4.3 billion in penalties, restitution and disgorgement. Link to Announcement here