Global Trustee and Fiduciary Services Bite-Sized Issue 4 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 4 | 2024 20 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 UCITS Delegated and Implementing Regulations Published in Official Journal of the European Union On 25 March 2024, Delegated Regulation (EU) 2024/911 on regulatory technical standards specifying the information to be notified in relation to the cross-border activities of management companies and undertakings for collective investment in transferable securities (UCITS) and Implementing Regulation (EU) 2024/910 on the form and content of the information to be notified in respect of the cross-border activities of undertakings for collective investment in transferable securities, UCITS management companies, the exchange of information between competent authorities on cross-border notification letters, and amending Commission Regulation (EU) No 584/2010. Regulation (EU) 2024/911 supports the UCITS Directive by further specifying the minimum information required to be submitted to the competent authorities of member states under Articles 17, 18, and 20. This regulation applies from 25 June 2024. Regulation (EU) 2024/910 provides templates for notification letters and statements required under Articles: • 20(1) and 93(1) – Marketing of units or shares of a UCITS in Member States other than in the home Member State of the UCITS management company; and Other amendments cover the transmission of information between competent authorities of Member States. This Regulation applies from 14 April 2024. Link to Regulation (EU) 2024/911 here Link to Regulation (EU) 2024/910 here ASIA SFC Consults on Proposals to Enhance REIT Regime and SFOMarket Conduct Regime for Listed CIS On 28 March 2024, the Securities and Futures Commission (SFC) launched a two- month consultation on a statutory scheme of arrangement and compulsory acquisition mechanism for real estate investment trusts (REITs) and an enhanced market conduct regime for listed collective investment schemes (CIS) under the Securities and Futures Ordinance (SFO). The proposals would enable Hong Kong REITs to conduct privatisation and corporate restructuring in a way similar to other listed companies through a statutory scheme of arrangement and compulsory acquisition mechanism to be introduced in the SFO. REIT unitholders would also be provided with various safeguards and protection under the statutory regimes. In addition, under the proposals, various SFOmarket conduct regimes would be explicitly extended to listed CIS to enhance market integrity and investor protection. The consultation period ends on 27 May 2024. Link to Consultation here SFC and HKMA Further Consult on Enhancements to Hong Kong’s OTC Derivatives Reporting Regime On 22 March 2024, the SFC and the Hong Kong Monetary Authority (HKMA) launched a joint further consultation on enhancements to the over-the-counter (OTC) derivatives reporting regime in Hong Kong. To align with global standards, the SFC and the HKMA conducted a consultation in April 2019, and one of the proposed requirements was identifying transactions submitted to the Hong Kong Trade Repository (HKTR) for the reporting obligation by a Unique Transaction Identifier.