Global Trustee and Fiduciary Services Bite-Sized Issue 3 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 3 | 2024 8 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 OPERATIONAL RESILIENCE CFTC Extends Comment Period for Proposed Rule on Operational Resilience Framework On 20 February 2024, the Commodity Futures Trading Commission (CFTC) announced it is extending the public comment period for a proposed rule requiring an Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants. The deadline is extended to 1 April 2024. The proposed rule was originally published on 18 December 2023, with a 75-day comment period that was scheduled to close on 2 March 2024. The CFTC provided the extension in response to a joint request by four commenters. The CFTC says that comments may be submitted electronically through the CFTC Comments online process. Link to CFTC Press Release here SUSTAINABLE FINANCE/ESG Cross-Agency Steering Group Launches RevampedWebsite for Sustainable Finance On 21 February 2024, the Securities and Futures Commission (SFC) announced in a press release that the Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) “ has revamped its official website ” (CASG website) with “ enhanced database and tools to offer a one-stop green and sustainable finance information hub for financial institutions, corporates and the general public .” In the press release, it was announced that the key enhancements of the CASG website include the following (as taken from the press release): “Sustainability disclosure e-Portal: The Climate and Environmental Risk Questionnaire for Non- listed companies (Questionnaire) has been digitalised. The Questionnaire is an easy-to-use template developed and launched in 2022 by the Steering Group and CDP to help corporates, particularly small and medium-sized enterprises, get started in sustainability reporting. The digitalisation facilitates reporting and will support broader consent-based data sharing between corporates and financial institutions. Greenhouse gas (GHG) emissions calculation and estimation tools: Together with the Hong Kong University of Science and Technology, the Steering Group has developed two tools to support the calculation and estimation of GHG emissions. The calculation tool enables users, especially small and medium-sized enterprises, to calculate their GHG emissions based on actual activity levels. The results can be automatically exported to answer relevant questions in the Questionnaire. The estimation tool enables users, primarily financial institutions, to estimate the GHG emissions associated with their investments or loans where data of underlying companies is limited. Centralised sustainability data and information: Sustainability related data, regulation, news and events, training and internship opportunities will be featured on the CASG website with user- friendly browsing and search functions.” The SFC states that the Steering Group will continue to enhance the CASG website to support Hong Kong’s decarbonisation efforts and role as a regional and global green and sustainable finance hub. Link to CASGWebsite here Link to SFC Press Release here Link to SFC Press Release on NewGreenhouse Gas Emissions Calculation and Estimation Tools to Support Sustainability Reporting here