Global Trustee and Fiduciary Services Bite-Sized Issue 9 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 9 | 2023 3 QUICK LINKS CYBER FINTECH MONEY MARKET FUNDS SUSTAINABLE FINANCE/ ESG AUSTRALIA ASIA EUROPE NORTH AMERICA UNITED KINGDOM The FSB’s Summary Terms of Reference provide more details on the objectives, scope, and process for this review. The FSB has distributed a questionnaire to member jurisdictions to collect information. In addition, as part of this peer review, and the FSB has invited feedback from stakeholders on the following issues: • HowMMF vulnerabilities differ across jurisdictions depending on MMF structure, investor composition, asset profile, or other factors; • Progress made by FSB member jurisdictions in addressing MMF vulnerabilities; and • Operational and other challenges faced by the industry in implementing MMF reforms. The deadline to submit feedback was 8 September 2023. The peer review report is expected to be published by the end of 2023. Link to FSB Press Release here SUSTAINABLE FINANCE/ESG Cross-Agency Steering Group Announces Priorities to Further Strengthen Hong Kong’s Sustainable Finance Ecosystem On 7 August 2023, the Green and Sustainable Finance Cross-Agency Steering Group ( Steering Group ), which is co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission, announced its key priorities which the Steering Group outlines is to further promote and consolidate Hong Kong’s role as a leading sustainable finance hub. The Steering Group state that these priorities are: 1. Establishing world-class regulation through alignment with global standards . The Steering Group states that it aims at developing a comprehensive Hong Kong roadmap on adopting the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards as appropriate, taking into account Hong Kong’s position on the global green finance map, local regulatory expectations and circumstances. 2. Boosting Hong Kong’s vibrancy and competitiveness through capacity building, data enhancement and technology innovation of the finance ecosystem to support net-zero transition across the economy . The Steering Group states that workshops will be arranged to support non-listed companies and small and medium-sized enterprises (SMEs) in their sustainability planning and reporting, as well as their broader usage of available data sources and tools. The Steering Group also outlines it will develop a data portal to increase the availability and accessibility of climate-related data collected through the Climate and Environmental Risk Questionnaire for Non-listed companies/small and medium-sized enterprises. 3. Growing dynamic, trusted markets with diverse products to mobilise capital at larger scale to support the net-zero transition . It is described that relevant agencies in the Steering Group have been integrating transition considerations into their broader policy work to support sustainable finance development. The Steering Group say that a dedicated workstreamwill explore ways to further support financial institutions and corporates in their transition planning and reporting. Link to Steering Group’s Full Announcement here CSSF Issues a Thematic Review on the Implementation of Sustainability-related Provisions in the Investment Fund Industry On 3 August 2023, the Commission de Surveillance du Secteur Financier ( CSSF ) issued a Thematic Review on the implementation of the sustainability-related provisions in the investment funds industry ( Thematic Review ). The CSSF states the objective of the Thematic Review is to inform the industry about the main observations that the CSSF made, in the context of its supervisory work, and about related recommendations for improvements in view of the applicable regulatory requirements.