Global Trustee and Fiduciary Services Bite-Sized Issue 1 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 1 | 2024 14 QUICK LINKS BENCHMARKS REGULATION CSDR CYBERSECURITY DEFI DIGITALISATION DORA ELTIF FSB FUND LIQUIDITY MONEYMARKET FUNDS OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG ASIA EUROPE IRELAND NORTH AMERICA UNITED KINGDOM The MAS also discusses: • Coverage of hard-to-abate sectors; • An early phase-out of coal-fired power plants; and • Interoperability with global taxonomies. The MAS also says that the Singapore-Asia Taxonomy will be revised over time, with future iterations of the Singapore-Asia Taxonomy being coordinated by the Singapore Sustainable Finance Association (SSFA), convened by MAS. Link to Media Release here ASIA SFC’s Enhanced Position Limit Regime to Take Effect On 19 December 2023 the Securities and Futures Commission (SFC) announced that the amendments to the Securities and Futures (Contracts Limits and Reportable Positions) Rules (the “Rules”) will come into effect on 22 December 2023. The SFC says that the amendments will enhance the position limit regime in several ways. These include: • Clarifying the application of the Rules to asset managers whomanage funds or sub-funds of umbrella funds and the regulatory expectations for trustees in respect of the Rules’ requirements; • Expanding the list of “specified contracts” for granting excess position limits; • Introducing an excess position limit regime for clearing participants; • Raising the statutory position limits for certain futures and options contracts; • Prescribing position limits and reporting levels for some new contracts; and • Imposing large open position reporting requirements for holiday trading contracts. The changes aim to give more clarity on regulatory requirements related to funds, facilitate compliance and provide more flexibility to the market. To help market participants understand the amendments, the SFC has also published an FAQ and updated the guidance note on related regulatory requirements. Link to SFC Press Release here SFC and HKMA Joint Product Survey 2023 On 8 December 2023, in a Circular to intermediaries, as an annual exercise to collect information about the selling activities of intermediaries in Hong Kong, the SFC and the Hong Kong Monetary Authority (HKMA) announced the launch of the 2023 joint survey on the sale of non-exchange- traded investment products by licensed corporations (LCs) and registered institutions (RIs) that are licensed or registered for Type 1 or 4 Regulated Activity (collectively, Reporting Intermediaries). The survey will cover the period from 1 January to 31 December 2023. The survey covers the sale of non-exchange-traded investment products (such as collective investment schemes, debt securities, structured products, swaps, swaptions and repos) to investors (In-scope Clients) who are not institutional professional investors or certain corporate professional investors for which intermediaries have been exempted from the suitability obligation. The questionnaire includes three parts: Part A – General information All Reporting Intermediaries should complete Part A to provide their contact information and indicate whether they sold any reportable non-exchange-traded investment products to In-scope Clients during the reporting period.