Global Trustee and Fiduciary Services Bite-Sized Issue 3 2024

AIFMD European Council Adopts New Rules for Alternative Investment Funds and UCITS On 26 February 2024, the European Council adopted new rules to improve European capital markets and strengthen investor protection in the EU. The directive that has been adopted amends the Alternative Investment Fund Managers Directive (AIFMD) and Undertakings for Collective Investment in Transferable Securities (UCITS). The new rules enhance the integration of asset management markets in Europe and modernise the framework for key regulatory aspects. • They improve the availability of liquidity management tools, with new requirements for managers to provide for the activation of these instruments. • The amending directive also covers an EU framework for loan-originating funds, i.e., funds that provide credit to companies, supplemented with several requirements to alleviate risks to financial stability and to ensure an appropriate level of investor protection. • The directive introduces enhanced rules for delegation by investment managers to third parties. • Other key components of the new rules include improved data sharing and cooperation between authorities, and newmeasures to identify undue costs that could be charged to funds, and hence their investors, as well as on preventing possible misleading names to better protect investors. The directive will now be published in the EU’s official Journal and enter into force 20 days later. Member states will have 24 months after the entry into force to transpose the rules into national legislation. Link to European Council Announcement here Link to Amending Directive here CYBERSECURITY SingaporeMovesAhead toEstablish theASEANRegional CERT toStrengthenRegional Cybersecurity On 2 February 2024, the Cyber Security Agency of Singapore (CSA) announced it had been working closely with ASEANMember States (AMS) to establish the ASEAN Regional Computer Emergency Response Team (CERT) to promote and facilitate information-sharing related to cyber incident response, and to complement the operational efforts by individual national CERTs in each AMS. The CSA states in its press release that at the 14th ASEAN Network Security Action Council in August 2023, Singapore had made the recommendation for a single AMS to host the ASEAN Regional CERT and proposed to host and fund its physical activities in Singapore. Securities Services Bite-Sized Global Trustee and Fiduciary Services Issue 3 | 2024 QUICK LINKS AIFMD CYBERSECURITY DIGITALISATION DORA EMIR LIBOR FSB IOSCO MICA MIFID II/MIFIR MONEY MARKET FUNDS OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG ASIA EUROPE IRELAND LUXEMBOURG NORTH AMERICA SWITZERLAND UNITED KINGDOM