Global Trustee and Fiduciary Services Bite-Sized Issue 3 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 3 | 2024 10 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 • Further information on elements of the regime (e.g., the anti-greenwashing rule, investment labels and process to use and display a label, as well as the naming and marketing rules). Under the ‘ Implementation timeframes’ section of the website, the FCA states that, in relation to the anti-greenwashing rule, “from 31 May 2024, firms need to ensure their sustainability references are fair, clear and not misleading and proportionate to the sustainability profile of the product and service. However, firms subject to the naming and marketing rules for asset managers are not required to meet those additional requirements until 2 December 2024 .” Link to FCAWebpage here ASIA SFC Updates Forms and Checklists for Investment Products On 15 February 2024, the Securities and Futures Commission (SFC) updated forms and checklists relating to investment products. The updated forms and checklists covered: • (Updated) Information Checklist for Application for Authorisation of Unit Trusts and Mutual Funds under the Revamped Process; • (Updated) Information Checklist for (i) a Change of Director of a Public Open-ended Fund Company; or (ii) a Change of Name of a Public Open-ended Fund Company or a Publicly Offered Sub-fund of an Open-ended Fund Company; • (Updated) Information Checklist for Application for Registration of a Private Open-ended Fund Company or Establishment of a Privately Offered Sub-fund of an Open-ended Fund Company; • (Updated) Information Checklist for Application for Approval of Appointment of Director, Custodian or Investment Manager of a Private Open-ended Fund Company; and • (Updated) Information Checklist for Application for Registration of a Non-Hong Kong Fund Corporation as a Re-domiciled Open-ended Fund Company. Link to Updated Forms and Checklists here SFC Urges Investors to Check Regulatory Status of VATPs as Transition PeriodWill End Soon On 5 February 2024, the SFC issued a press release reminding investors to trade virtual assets only on SFC-licensed virtual asset trading platforms (VATPs). The SFC says that if investors are not certain about the regulatory status of the VATP they are currently dealing with, they can check the SFC’s List of VATPs. In particular, the SFC states that investors should check whether a VATP is on the “ List of licensed virtual asset trading platforms ” or on the “ List of virtual asset trading platform applicants .” VATPs on the “List of licensed virtual asset trading platforms” are formally licensed by the SFC. VATPs on the “List of virtual asset trading platform applicants ” include VATPs operating in Hong Kong which have submitted licence applications to the SFC on or before 29 February 2024. The press release also states that investors should check the regulatory status of a VATP from time to time and in any event on 1 March 2024. This is because VATPs operating in Hong Kong which have not submitted their licence applications to the SFC by 29 February 2024 MUST close down their businesses in Hong Kong by 31 May 2024 pursuant to the transitional arrangements under the SFC’s regulatory regime for VATPs. For investors dealing with VATPs operating in Hong Kong which are NOT on the “ List of licensed virtual asset trading platforms ” or on the “ List of virtual asset trading platform applicants ”, they are urged by the SFC to make preparations early, before 31 May 2024, such as by closing their accounts with these VATPs or transferring to SFC-licensed VATPs for trading virtual assets. The SFC, however, reminds the public that the applications submitted by applicants on the “ List of virtual asset trading platform applicants ” are still being processed and they may – or may not – be approved; hence, trading on these platforms carries a risk.