Global Trustee and Fiduciary Services Bite-Sized Issue 11 2024

16 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 SEC is adopting two compliance dates: (1) 150 days after publication in the Federal Register for a covered clearing agency to file any required proposed rule changes or advance notices with the SEC; and (2) 390 days after publication in the Federal Register for such proposed rule changes and advance notices to be effective. Link to Press Release here Link to Fact Sheet here Link to Final Rules here SEC Division of Examinations Announces 2025 Priorities On 21 October 2024, the SEC’s Division of Examinations (the Division) released its 2025 examination priorities. The Division publishes its examination priorities annually to inform investors and registrants of potential risks in the U.S. capital markets and to make them aware of the examination topics that the Division plans to focus on in the new fiscal year. This year’s examinations will prioritize perennial and emerging risk areas, such as fiduciary duty, standards of conduct, cybersecurity, and artificial intelligence. The Division examines SEC-registered investment advisers, investment companies, broker- dealers, clearing agencies, and self-regulatory organizations, among others, for compliance with federal securities laws. The Division prioritizes examinations of the practices, products, and services that were found, through a risk-based assessment, to present a heightened risk to investors or the integrity of the U.S. capital markets. For fiscal year 2025, in addition to conducting examinations in core areas such as disclosures and governance practices, the Division will also examine for compliance with new rules, the use of emerging technologies, and the soundness of controls intended to protect investor information, records, and assets. The Division says that the 2025 examination priorities cover a broad landscape of potential risks to investors that firms should consider as they review and strengthen their compliance programs. They are not, however, an exhaustive list of all the areas the Division will focus on in the upcoming year. Link to Statement here Link to 2025 Exam Priorities here UNITED KINGDOM FCA Consult on Investment Research Payment Optionality for Fund Managers In July 2024, the Financial Conduct Authority (FCA) finalised rules for a new option of paying for investment research (PS24/9). The new rules enabled MiFID investment firms who wish to buy research for their segregated mandates, to use joint payments for third-party research and execution services, provided firms meet certain requirements. The new option exists alongside those already available allowing firms additional flexibility. The FCA says it received feedback that it should allow the new payment option for other asset managers. This includes managers of pooled vehicles under the UK alternative investment fund managers directive (AIFMD) and undertakings for collective investment in transferable securities (UCITS) regime (fund managers). So, on 5 November 2024, the FCA published a consultation paper on proposed changes to the COBS 18 Annex 1 rules, and other related rules, allowing fund managers to purchase investment research with joint payments. The FCA say this should make it operationally more efficient for asset managers of different business models and sizes to take up the new payment option to pay for investment research. The consultation closes on 16 December and the FCA aims to publish rules and guidance in the first half of next year. Link to Consultation here