Global Trustee and Fiduciary Services Bite-Sized Issue 2 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 2 | 2024 5 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 The Standard focuses on four critical areas commonly targeted by threat actors. These are: • Authentication; • Authorisation; • Data Storage (Data-at-Rest); and • Anti-Tampering and Anti-Reversing. Developers of applications created and hosted in Singapore are encouraged to adopt CSA’s recommended Standard in their application development. Link to the Standard here FINTECH ESAs Recommend Steps to Enhance the Monitoring of BigTechs’ Financial Services Activities On 1 February 2024, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published a Report setting out the results of a stocktake of BigTech direct financial services provision in the EU. The Report identifies the types of financial services currently carried out by BigTechs in the EU pursuant to EU licences and highlights inherent opportunities, risks, regulatory and supervisory challenges. In 2023 the ESAs, via the European Forum for Innovation Facilitators (EFIF), conducted a cross-sectoral stocktake of BigTech subsidiaries providing financial services in the EuropeanUnion (EU) as a follow-up to the ESAs’ 2022 response to the European Commission’s Call for Advice onDigital Finance. The stocktake showed that BigTech subsidiary companies currently licenced to provide financial services pursuant to EU lawmainly provide services in the payments, e-money and insurance sectors and, in limited cases, the banking sector. However, the ESAs say they have yet to observe their presence in the market for securities services. To further strengthen the cross-sectoral mapping of BigTechs’ presence and relevance to the EU’s financial sector, the ESAs propose to set-up a data mapping tool within the EFIF. This tool is intended to provide a framework that supervisors fromNational Competent Authorities would be able to use to monitor on an ongoing and dynamic basis the BigTech companies’ direct and indirect relevance to the EU financial sector. The ESAs say they will also continue the cross-disciplinary exchanges in the setting of the EFIF to further foster the exchange of information between EFIF members and other relevant financial and non-financial sector authorities involved in the monitoring of BigTechs’ activities (e.g., data protection and consumer protection authorities). More information about the EFIF can be found here Link to the Report here FSB Call for Papers on Artificial Intelligence in Finance: 2024 Annual Meeting of CEBRA On 25 January 2024 the Financial Stability Board (FSB) invited academic paper submissions for a session on the topic of ‘AI in Finance and its Financial Stability Implications’ at the 2024 Annual Meeting of the Central Bank Research Association (CEBRA). The meeting is jointly organised by the Deutsche Bundesbank and the Leibniz Institute for Financial Research “Sustainable Architecture for Finance in Europe” (SAFE) and will take place in person from 28 to 30 August 2024 in Frankfurt amMain, Germany. Authors are invited to submit papers that analyse and provide insights on use cases of AI in finance from the perspective of potential benefits and risks. Of particular interest are papers that examine the extent to which, and modalities through which, the broader use of AI may have an effect on financial stability, including potential mitigants available to address associated risks. Papers should be submitted on the CEBRA website by 10 March 2024. Link to Press Release here