Global Trustee and Fiduciary Services Bite-Sized Issue 3 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 3 | 2024 3 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 The project has a particular focus on crypto-tokens and electronic trade documents. The deadline for responses is 16 May 2024 . Digital assets and personal property rights The Law Commission is also launching a short consultation exercise on draft legislation to confirm the existence of a third category of personal property into which crypto-tokens and other assets could fall. The Law Commission’s report in June concluded that certain digital assets, including crypto- tokens and non-fungible tokens (NFTs), are capable of attracting personal property rights. However, because digital assets differ significantly from physical assets, and from rights-based assets like debts and financial securities, they do not fit within traditional categories of personal property. The Law Commission recommended that legislation should confirm the existence of a “third” category of personal property. The Law Commission has now prepared draft legislation to reflect this recommendation and is seeking views on the draft clauses as to their potential impact. The deadline for responses is 22 March 2024. Link to Call for Evidence here Link to Consultation here DORA European Commission Adopts DORA Delegated Regulations On 22 February 2024, the European Commission adopted two Delegated Regulations under the Digital Operational Resilience Act (DORA) relating to ICT third-party services providers. The two Delegated Regulations cover: • Commission Delegated Regulation supplementing Regulation (EU) 2022/2554 by determining the amount of the oversight fees to be charged by the Lead Overseer to critical ICT third-party service providers and the way in which those fees are to be paid. • Commission Delegated Regulation supplementing Regulation (EU) 2022/2554 by specifying the criteria for the designation of ICT third-party service providers as critical for financial entities. The Delegated Regulations will enter into force on the twentieth day following their publication in the Official Journal. Link to European Commission DORAWebpage here EMIR European Council and Parliament Agree on Improvements to EMIR On 13 February 2024, the European Council (EC) and European Parliament (EP) reached a provisional political agreement on a review of the European Market Infrastructure Regulation (EMIR) and directive. Main elements of the provisional agreement • The EC and EP ensured that in practice it is feasible for supervisory authorities to apply streamlined supervisory processes, such as authorisation and validation procedures. • The provisional agreement strengthens cooperation, coordination and information sharing among supervisors and ESMA, while ensuring an appropriate division of tasks between national authorities and ESMA. • The agreement also strengthens the role of ESMA, providing it with a coordination role in emergency situations, while providing clarity that ultimate decision-making powers are the responsibility of the national competent authorities.