Global Trustee and Fiduciary Services Bite Sized Issue 12 2024

3 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 The research comes as the FCA has started to share their approach to regulating crypto. The FCA has also published an indicative roadmap of key dates for the development and introduction of the UK’s crypto regime. The roadmap sets out a series of focused consultations. This approach aims to make policy development transparent and help people engage by making the process more manageable and flexible for all. Link to the Research here Link to the Roadmap here MAS Announces Plans to Support Commercialisation of Asset Tokenisation On 4 November 2024, the Monetary Authority of Singapore (MAS) announced plans to advance tokenisation in financial services. These include: • Forming commercial networks to deepen liquidity of tokenised assets; • Developing an ecosystem of market infrastructures; • Fostering industry frameworks for tokenised asset implementation; and • Enabling access to common settlement facility for tokenised assets. Link to MASWebsite here EMIR ESMA Seeks First Input Under EMIR 3 On 20 November 2024, the European Securities and Markets Authority (ESMA) published a Consultation Paper on the conditions of the Active Account Requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3). The amending Regulation introduces a new requirement for EU counterparties active in certain derivatives to hold an operational and representative active account at a Central Counterparty authorised to offer services and activities in the European Union. ESMA is seeking stakeholder input on several key aspects of the AAR, including the: • Three operational conditions to ensure that the clearing account is effectively active and functional, including stress-testing; • Representativeness obligation for the most active counterparties; and • Reporting requirements to assess their compliance with the AAR The consultation period ends on 27 January 2025. ESMA says it aims to submit the final draft RTS to the European Commission within 6 months following the entry into force of EMIR 3. Link to Consultation here