Global Trustee and Fiduciary Services Bite-Sized Issue 3 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 3 | 2024 11 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 Last but not least, the SFC states that it strongly urges investors to trade virtual assets ONLY on SFC-licensed VATPs because they may leave themselves unprotected by trading on unlicensed platforms. Link to SFC Lists of VATPs here Link to SFC Press Release (1 March 2024) Reminding Public VATP Application Period has Ended Under Transitional Arrangements here EUROPE Commission Publishes Report on Steps toMake Reporting in EU Financial ServicesMore Efficient On 29 February 2024, the European Commission (Commission) published a report on the implementation of its strategy on supervisory data in EU financial services. The Commission says that the report shows that it is on track to rationalise supervisory reporting requirements in financial services and improve their overall consistency. The implementation of the strategy is a long-term project carried out in cooperation with the European Supervisory Authorities (ESAs) and other European authorities, drawing also from industry expertise. The Commission states that the report shows that, among other achievements, the Commission has: • Proposed targeted improvements in sectoral reporting frameworks, such as the banking package, the bank crisis management proposal, and the reviews of the insurance and investment funds legislation. • Also proposed mandates to the relevant ESAs on further integration of reporting in their sectors and data standardisation across them. The report also shows that progress is ongoing in data sharing, the design and governance of reporting requirements, and the application of new technologies. The Commission says that while significant progress has been made, the report shows that work should continue, starting with the finalisation of pending legislative proposals. Link to Report here IRELAND Central Bank Publishes Governor’s Financial Regulation Priorities Letter to the Minister and its New Regulatory and Supervisory Outlook On 29 February 2024, the Central Bank of Ireland (Central Bank) published its Regulatory and Supervisory Outlook 2024 (RSO 2024) – the first of what will be an annual report setting out the Central Bank’s view on the key trends and risks facing the financial sector, along with the regulatory and supervisory priorities it has set in the context of those risks. The RSO 2024 includes the Central Bank’s consideration of the global environment within which the financial sector is operating, along with the overarching risk landscape facing the financial system, grouped broadly into the following themes: a. Risks driven by the macroeconomic and geopolitical environment; b. Risks driven by the way regulated entities operate and respond to today’s changing world; and c. Risks driven by longer term structural forces at play. The Central Banks says that these risks have shaped its financial regulation and supervision priorities for 2024 – including six overarching supervisory priorities, complemented by more detailed supervisory strategies for each of the financial sectors within the Central Bank’s remit, providing firms with detail on the Central Bank’s expectations of their sector, as well as what the sector can expect in terms of focused supervisory work.