Global Trustee and Fiduciary Services Bite-Sized Issue 4 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 4 | 2024 10 QUICK LINKS AIFMD BENCHMARK REGULATION CBDC COSTS & CHARGES CRYPTOASSETS CYBERSECURITY DIVERSITY & INCLUSION FINTECH IFD/IFR LIBOR TRANSITION MIFID II/MIFIR OPERATIONAL RESILIENCE PRIIPS RETAIL INVESTMENT STRATEGY SETTLEMENT SUSTAINABLE FINANCE/ESG UCITS ASIA LUXEMBOURG NORTH AMERICA UNITED KINGDOM ESMA says it will develop draft technical standards as requested by the revised MiFIR within the set deadlines. ESMA also intends to provide more detailed guidance, including a mapping of the applicable provisions in due course. Link to Statement here Transition to the Revised MiFIR Rulebook On 21 March 2024, following the entry into force of Regulation (EU) 2024/791 (see below) ESMA issued a communication in light of the changes introduced by the MiFIR review. ESMA says that it has received numerous questions from stakeholders on the provisions applicable on the date of entry into force of the revised MiFIR. ESMA acknowledges that public guidance is necessary, notably, on the application of Article 54(3) MiFIR which foresees the continued application of the delegated acts in place beyond 28 March 2024 until these delegated acts have been revised. ESMA, in close coordination with the European Commission (EC), is performing an assessment of the provisions that may merit further guidance. ESMA is aware that the EC is working on an interpretive notice on the application of the transitional provision. Building on such interpretive notice, ESMA says it will undertake to provide as much clarity as possible on the transition to the revised MiFIR, including the impact on the ESMA IT-systems and registers. ESMA also aims at providing such guidance of the revised MiFIR as soon as possible. However, ESMA expects that further and more detailed guidance going beyond the topics covered in the initial communication is likely to be necessary. ESMA says it will proceed with developing draft technical standards in a swift and transparent manner, thereby contributing to the alignment of the Commission delegated regulations with the revised MiFIR as soon as possible. Link to Communication here Amending Directive and Regulation Published in Official Journal of the European Union On 8 March 2024, Directive (EU) 2024/790 amending Directive 2014/65/EU on Markets in Financial Instruments (MiFID) and Regulation (EU) 2024/791 amending Regulation (EU) 600/2014 (MiFIR) as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow, were published in the Official Journal of the European Union. The Directive and Regulation introduce amendments to MiFID and MiFIR designed to improve, simplify and further harmonise the securities markets transparency framework, also the implementation of a consolidated tape, in particular for corporate bond issuances, to increase secondary trading in euro-denominated debt instruments. Regulation (EU) 2024/791 applied immediately from 28 March 2024. Member States have until 29 September 2025 to bring into force laws, regulations and administrative provisions necessary to comply with Directive (EU) 2024/790. Link to Directive (EU) 2024/790 here Link to Regulation (EU) 2024/791 here OPERATIONAL RESILIENCE CSSF Update on the Digital Operational Resilience Act On 25 March 2024, the Commission de Surveillance du Secteur Financier (CSSF) launched a new web page dedicated to the Digital Operational Resilience Act (DORA), which will be applicable to no less than 20 types of financial entities as from 17 January 2025. The CSSF states that the objective of the web page is to provide financial entities with an introduction to DORA, as well as continuous updates on the latest developments. Link to the Web Page here