Global Trustee and Fiduciary Services Bite Sized Issue 12 2024

17 QUICK LINKS COSTS & CHARGES CSDR CRYPTOASSETS EMIR FINTECH FSB FUND LIQUIDITY MIFID II/MIFIR NBFI OPERATIONAL RESILIENCE SUSTAINABLEFINANCE/ESG T+1 ASIA NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2024 In its announcement the SEC details enforcement action covering: • Crediting Market Participants Who Practice Proactive Compliance; • Proactive Initiatives Addressing Widespread Noncompliance; • Off-Channel Communications; • Marketing Rule; • Whistleblower Protection Cases; • Disclosures of Holdings and Transactions by Insiders and Investment Managers; • Robust Financial Remedies; • Major Fraud; • Emerging Technologies and Emerging Risks, including: – Artificial Intelligence; – Relationship Investment Scams; – Cybersecurity; and – Crypto. • Individual Accountability; • Gatekeepers; • Public Company Misstatements; • Market Abuse/Safeguarding Material Non-public Information; and • Investment Professionals. The announcement concludes with Trial Highlights, where the SEC details some of the favourable verdicts it has obtained Link to the Announcement here US Court Vacates SEC ‘dealer rule’ on Treasury Markets On 21 November 2024, U.S. district judge Reed O’Connor struck down the SEC’s revised Treasury dealer rules adopted earlier this year, finding that the agency had overstepped its legal authority in issuing the regulations. Adopted in February, the rule required proprietary traders and others who routinely deal in government bonds and other securities to register as broker-dealers and aimed to address liquidity problems in the USD26 trillion Treasury market. The case was brought by the National Association of Private Fund Managers, the Alternative Investment Management Association and the Managed Funds Association. Link to Court Documents here