Global Trustee and Fiduciary Services Bite-Sized Issue 4 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 4 | 2024 19 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 • Opportunity for investments, products and services to advance transition finance globally; and • Building the UK as a global hub. The Call for Evidence is open until 25 April 2024. Link to the Call for Evidence here SGX RegCo Details How Sustainability Reports Should Incorporate ISSB Standards On 7 March 2024, the Singapore Exchange Regulation (SGX RegCo) launched a, now closed, consultation on details of “ how the International Sustainability Standards Board (ISSB) standards are to be incorporated into its sustainability reporting rules for climate-related disclosures, in line with the Sustainability Reporting Advisory Committee’s recommendations announced on 28 February 2024 .” Included in the consultation, SGX RegCo proposes that its listing rules be amended, and its Sustainability Reporting Guide encompass, the following (as taken from the Announcement linked below): • From FY 2025, issuers should refer to both ISSB’s IFRS S1 and IFRS S2 in preparing climate- related disclosures, including any (permanent) structural and (temporary) transition reliefs; • Issuers should disclose Scope 1 and Scope 2 greenhouse gas (GHG) emissions and the measurement approach from FY 2025; • Issuers should disclose applicable categories of Scope 3 GHG emissions from FY 2026; • Issuers should disclose industry-based metrics and cross-industry metric categories relevant for climate-related disclosures; and • The sustainability report should be issued according to current timelines in FY 2025; from FY 2026, it should be issued together with the annual report. The consultation was open until 5 April 2024. Link to Announcement here SEC Rules to Enhance and Standardise Climate-Related Disclosures for Investors On 6 March 2024, as set out in the fact sheet linked below, the Securities and Exchange Commission (SEC) “ adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports ”. Amongst other things, the final rules “ require information about a registrant’s climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. ” Subsequent to the adoption, petitions seeking a review of the final rules were filed with multiple courts, culminating in a consolidated petition on 1 April 2024. This has resulted in an SEC stay, facilitating “ the orderly judicial resolution of those challenges and allowing the court of appeals to focus on deciding the merits .” In issuing a stay, the SEC states that it “ is not departing from its view that the Final Rules are consistent with applicable law and within the [SEC’s] long-standing authority to require the disclosure of information important to investors in making investment and voting decisions. ” At the time of writing the outcome remains unknown. Link to Fact Sheet here Link to SEC Order Issuing Stay 4 April 2024 here