Global Trustee and Fiduciary Services Bite-Sized Issue 4 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 4 | 2024 18 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 – Verification of the consistency of information in fund documentation and marketing material; – Verification of the compliance of product website disclosures; and – Portfolio analysis. • Supervisory priorities for investment firms: – Transparency and Disclosures; – Risk management and governance; and – MiFID rules related to sustainability. – Supervisory priorities for issuers. – International cooperation in sustainable finance. Link to CSSF Communiqué here FRC Launches Market Study on UK Sustainability Assurance Market On 21 March 2024, the UK Financial Reporting Council (FRC) announced the launch of its first market study to examine the UK market for sustainability assurance services. The FRC’s study aims to ensure, amongst other things, that “ the UK’s sustainability assurance market is working effectively, producing high quality assurance to support the production of useful, reliable reporting for investors, without creating undue burdens and costs on business. ” Areas the FRC’s market study will explore include: • Choice and competition; • Market capacity, opportunities and barriers to entry/expansion; and • Regulatory framework and future developments. The FRC is inviting responses by 13 June 2024. The market study is expected to conclude by early 2025. Link to the Consultation here Transition Finance Market Review Launches Call for Evidence On 14 March 2024, the Transition Finance Market Review (TFMR) launched a Call for Evidence to support its ongoing work on how the UK can leverage its existing strengths to become a global hub for financing transitional activities. The TFMR states that for the UK “ to be successful in becoming a global hub for transition finance, it will need to strike the right balance ” between being: • “ Ambitious – encouraging meaningful and credible progress that is consistent with the UK’s legally binding net zero by 2050 target and carbon budgets, as well as the Paris Agreement’s global goal to limit temperature increase to well below 2 and preferably 1.5 degrees Celsius, and; • Fit-for-purpose – enabling uptake and the scaling of transition finance among market actors in a manner consistent with policy, regulatory and technology developments, while avoiding unintended consequences such as capital flight, the creation of social or systemic risks, or threatening environmental integrity.” To help the TFMR in developing its thinking on how that balance can best be struck, the Review “ welcomes views on the questions contained in theCall for Evidence fromadiverse set ofmarket actors. ” The Call for Evidence covers the following areas of transition finance: • Its scope; • Ensuring credibility and integrity; • Barriers to application;