Global Trustee and Fiduciary Services Bite-Sized Issue 4 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 4 | 2024 7 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 targeted amendment to the cybersecurity act of 2019 This targeted amendment aims to enhance EU’s cyber resilience by enabling the future adoption of European certification schemes for ‘managed security services’. The amendment will enable the establishment of European certification schemes for managed security services. It will help to increase their quality and comparability, foster the emergence of trusted cybersecurity service providers, and avoid fragmentation of the internal market given that some member states have already started the adoption of national certification schemes for managed security services. Awaiting the regular review of the CSA, due by 28 June 2024, the provisional agreement makes further targeted amendments. Following the provisional agreements, both texts will have to be endorsed by the Council of the EU and the European Parliament in view of their formal adoption. Once approved, the draft legislative acts will be formally adopted by the co-legislators, published in the EU’s Official Journal, and entering into force 20 days after this publication. Link to Draft Cyber Solidarity Act here DIVERSITY & INCLUSION SEC’s OMWI FY 2023 Annual Report Highlights the Agency’s Diversity, Equity, Inclusion and Accessibility Initiatives and Progress On 21 March 2024, the Securities and Exchange Commission’s (SEC) Office of Minority and Women Inclusion (OMWI) published two reports: the 2022 Diversity Assessment Report for Entities Regulated by the SEC and OMWI’s Fiscal Year (FY) 2023 Annual Report to Congress, as part of the SEC’s continuing efforts to promote diversity, equity, and inclusion with regulated entities, The 2022 Diversity Assessment Report for Entities Regulated by the SEC analyses information received from regulated entities in response to OMWI’s 2022 invitation to conduct and submit voluntary self-assessments of their diversity policies and practices. The report indicates many entities did not submit self-assessments of their diversity policies and practices. SEC received 58 submissions covering nearly 7% of regulated entities. The report noted accomplishments about diversity efforts among the entities that submitted responses to voluntary self-assessments. Notable highlights include: • A majority of responses indicate firms’ organisational commitment to diversity and inclusion as well as employment practices to promote workforce diversity and inclusion. • Few firms indicate business and supplier diversity policies and practices. • A majority of firms publicise workforce diversity progress but fewer publicise supplier diversity progress. • Most firms monitor their diversity progress, but just 33% use the Joint Standards and fewer than 40% publicise the results of their self-assessments. OMWI’s FY 2023 Annual Report to Congress provides more information about actions and progress in furthering the agency’s mission through interactions with the financial services industry, including connecting with underrepresented groups through outreach events and participation in the SEC’s Advisory Committees and Task Forces. The report also summarises the SEC’s continued actions and achievements towards fostering an inclusive and equitable workplace that reflects the diversity of the public the agency serves and the agency’s use of minority- and women-owned businesses in the agency’s business operations. Link to the 2022 Diversity Assessment Report for Entities Regulated by the SEC here Link to the OMWI’s Fiscal Year (FY) 2023 Annual Report to Congress here