Global Trustee and Fiduciary Services Bite-Sized Issue 11 2024

14 QUICK LINKS CULTURE CRYPTOASSETS ELTIFS EMIR FINANCIAL STABILITY BOARD FINTECH MIFID II/MIFIR OPERATIONAL RESILIENCE SUSTAINABILITY T+1 ASIA/PACIFIC EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 11 | 2024 The SFC adds that it will commence a thematic inspection on asset managers managing private funds to review their compliance with applicable regulatory requirements. The SFC also stressed in the circular that the board of directors and senior management of asset managers (collectively ‘senior managers’), including the managers-in-charge of core functions and responsible officers, bear primary responsibility for ensuring appropriate standards of conduct. To this end, the SFC says senior managers should strengthen their supervisory and compliance functions, where necessary, to ensure compliance with all applicable regulatory requirements. Link to Circular here SFC Concludes Consultation on Proposals to Enhance REIT Regime and SFOMarket Conduct Regime for Listed CIS On 8 October 2024, the SFC released consultation conclusions on proposals to introduce a statutory scheme of arrangement and compulsory acquisition mechanism for real estate investment trusts (REITs) (REIT Scheme Proposal) and an enhanced market conduct regime for listed collective investment schemes (CIS) under the Securities and Futures Ordinance (SFO) (Listed CIS Proposal). The SFC says that the REIT Scheme Proposal would enable REITs to conduct privatisation and corporate restructuring in a clear and orderly manner, with similar safeguards and protection for investors as embodied in the statutory framework under the Companies Ordinance. The SFC adds that the Listed CIS Proposal would further fortify market integrity by facilitating the extension of the SFO regime against market misconduct of listed companies, such as insider dealing and market manipulation, to listed CIS including REITs. The SFC says that the proposals received general support during consultation and that the bill on legislative amendments to implement the proposals is now being prepared. Link to Consultation Conclusions here EUROPE Joint Committee of the ESAs to Focus on Digital Resilience and Sustainability Disclosures in 2025 On 7 October 2024, the Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published its Work Programme for 2025, placing particular emphasis on ongoing collaboration to tackle cross-sectoral risks, promoting sustainability in the EU financial system and strengthening financial entities’ digital resilience. More specifically, in addition to fostering regulatory consistency, adequate risk assessment, financial stability as well as the protection of consumers and investors, the ESAs will undertake joint work in 2025 to: • Provide further guidance on sustainability disclosures; • Make progress on financial entities’ digital operational resilience by, among others, launching the oversight of critical information and communication technology (ICT) third-party providers and implementing the major ICT-related incident coordination framework in accordance with the Digital Operational Resilience Act (DORA); • Monitor financial conglomerates; • Promote coordination and cooperation among national innovation facilitators with a view to facilitating the scaling up of innovative solutions in the financial sector; and • Address other cross-sectoral matters such as retail financial services, investment products and securitisation. Link to ESAs 2025Work Programme here