Global Trustee and Fiduciary Services Bite-Sized Issue 12 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2023 21 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 UNITED KINGDOM FCA Quarterly Consultation CP23/25 On 1 December 2023 the Financial Conduct Authority (FCA) published Quarterly Consultation paper CP23/25, detailing proposed changes to the FCA Handbook. Included in the changes are miscellaneous amendments to the FCA’s rules for authorised funds, including: • Enabling virtual or hybrid general meetings of unitholders; • Giving notice to joint unitholders; • Enabling Shariah compliant funds; • Clarifying the accounting date rule for new funds at sub-fund level; • Clarifying the allocation of payment rules; • Correcting the rules around investment in second schemes; • Broadening the range of investments available under the Qualified Investor Scheme (QIS) regime; • Clarifying comprehensive cover requirements for global exposure in transactions in derivatives and forward transactions in the QIS rules; • Making minor amendments to the Long-Term Asset Fund (LTAF) rules for consistency; and • Changing the term ‘IMA SORP’ (Investment Management Association Statement of Recommended Practice) to ‘SORP’ (Statement of Recommended Practice) in the Collective Investment Schemes sourcebook (COLL) The consultation period is open until 8 January 2024. Link to CP23/25 here Seventh edition of the Regulatory Initiatives Grid On 30 November 2023 the seventh edition of the Financial Services Regulatory Initiatives Forum’s Regulatory Initiatives Grid was published. This Grid sets out the regulatory pipeline. The Forum says this is so the financial services industry and other stakeholders can understand – and plan for – the timing of the initiatives that may have a significant operational impact on them. The Grid provides detail on the timing of initiatives over a 24-month horizon and highlights key examples of closely interconnected initiatives to help stakeholders easily identify these. The Grid covers key initiatives covering: • Multi-sector initiatives; – Including Conduct, ESG, and operational resilience. • Banking, credit and lending; • Payment services and cryptoassets; • Insurance and reinsurance; • Investment management; • Pensions and retirement income; • Retail investments; • Wholesale financial markets; and • Smarter regulatory framework. Link to the Grid here