Global Trustee and Fiduciary Services Bite-Sized Issue 2 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 2 | 2024 18 QUICK LINKS AIFMD ANTI-MONEY LAUNDERING CBDC CRYPTOASSETS CYBERSECURITY FINTECH FSB IOSCO MIFID II/MIFIR OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG ASIA EUROPE LUXEMBOURG NETHERLANDS NORTH AMERICA UNITED KINGDOM UNITED KINGDOM Update on the Overseas Funds Regime: The UK’s Equivalence Assessment of the EEA states On 30 January 2024 the UK Parliament published a written statement by the Economic Secretary to the Treasury, Bim Afolami, about the UK Government’s decision regarding the equivalence assessment for states in the European Economic Area (EEA), including European Union (EU) member states, under the UK’s Overseas Funds Regime (OFR). Following a detailed assessment, the UK Government has found the EEA states, including the EUmember states, equivalent under the OFR. To enact this decision, secondary legislation will be required, when parliamentary time allows. The UK Government does not intend to require the funds assessed to comply with any additional UK requirements as part of this equivalence determination at this time. This decision will apply to Undertakings for the Collective Investment in Transferable Securities except those which are also Money Market Funds (MMFs), as there is ongoing regulatory development in this area. Separate to the assessment of the EEA, the Government recognises that there are ongoing regulatory developments in relation to sustainable disclosure requirements (SDR). The Government intends to consult on whether to broaden the scope of SDR to include funds recognised under the OFR. The UK Government also announced its intention to extend the temporary permissions regime for funds until the end of 2026, to ensure funds are able to smoothly transition to the OFR. Link to Statement here