Global Trustee and Fiduciary Services Bite-Sized Issue 4 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 4 | 2024 21 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 The current joint further consultation consults on the implementation of the Unique Transaction Identifier, together with the mandatory use of Unique Product Identifier and Critical Data Elements for submission of transactions to the HKTR. These proposals ensure that Hong Kong’s reporting regime keeps up with international developments. The SFC and the HKMA also concluded that the list of designated jurisdictions for the masking relief of the reporting obligation remains unchanged. The consultation period ends on 17 May 2024. Link to Consultation here ASIC Issues New Legislative Instrument for Exchange Traded Funds On 18 March 2024, the Australian Securities and Investment Commission (ASIC) released a new legislative instrument ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147 . It replaces [CO 13/721] ASIC Corporations (Relief to facilitate quotation of exchange traded funds on the AQUA Market ) 13/721 ([CO 13/721]) which was due to sunset on 1 April 2024. The new legislative instrument extends the relief in [CO 13/721] to a broader class of quoted funds, not limited to those which track an index. ASIC made the new legislative instrument after considering the submissions received, in response to Consultation Paper 374 Remaking ASIC class order on exchange traded funds: [CO 13/721] (CP 374). Respondents to CP 374 generally supported ASIC’s proposals. View the non-confidential submissions received in response to CP 374. Link to ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147 here LUXEMBOURG CSSF Publishes Updated Circular on NAV Calculation Errors and Investment Breaches On 29 March 2024, the Commission de Surveillance du Secteur Financier (CSSF) published Circular CSSF 24/856 on investor protection in the event of a NAV calculation error, non-compliance with investment rules and other errors. The new circular replaces Circular CSSF 02/77 and will take effect from 1 January 2025. The new circular applies to UCITS, UCI Part II, SIFs and SICARs as well as to ELTIF, MMF, EuVECA and EuSEF (which are not UCITS, UCI Part II, SIF and SICAR) for which the CSSF is the competent authority in accordance with the applicable regulations. The new circular sets guidelines to be followed by investment management professionals in case of errors in the administration or management of a UCI. More particularly, it covers, in addition to NAV calculation errors and non-compliance with the investment rules applicable to UCI, also other errors (e.g., errors at the level of the payment of costs/fees, swing pricing) that may occur at the level of a UCI. The new circular also defines a dedicated approach for the different types of funds concerning the tolerance thresholds governing NAV calculation errors. Circular CSSF 24/856 is currently only available in French. The CSSF states that an English version of the circular will be “ published in the short term .” Link to Circular CSSF 24/856 here