Global Trustee and Fiduciary Services Bite-Sized Issue 5 2024

CYBERSECURITY ESRB Publishes Report on Operational Policy Tools for Cyber Resilience On 16 April 2024, as part of its macroprudential strategy to advance system-wide cyber resilience, the European Systemic Risk Board (ESRB) published a report focusing on three groups of operational policy tools: 1. Tools for gathering, sharing, and managing information which provide high-quality data for monitoring, tool calibration and ex post management of systemic cyber incidents. These tools, as well as cyber incident reporting centres, aim to ensure an EU-wide information sharing mechanism. 2. Coordination tools which help authorities and financial institutions mitigate potential negative effects on financial stability by ensuring an effective joint response across all stakeholders. The ongoing implementation of a pan-European systemic cyber incident coordination framework (EU-SCICF) aims to improve efforts in this regard. 3. Emergency and backup systems which are put in place to help ensure continuity of critical economic functions even in acute emergency situations. Against this background, the ESRB says that there are three avenues that may be considered by private and public institutions: 1. Improving information management and information sharing efforts; 2. Aligning crisis management and coordination practices; and 3. Considering the pros and cons of system-wide contingency options and backup arrangements. The ESRB says that it will continue its work on a comprehensive macroprudential cyber strategy, which will also be in line with the implementation of the Digital Operational Resilience Act. Link to Report here DIVERSITY Chairman BehnamAnnounces CFTC’s First DEIA Strategic Plan On 18 April 2024, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam announced the CFTC’s first Strategic Plan to Advance Diversity, Equity, Inclusion, and Accessibility (DEIA Plan). The CFTC says that this two-year DEIA Plan represents a critical step forward in aligning its organisation with a collective DEIA vision that not only provides genuine support for CFTC valued teammembers, but ensures the CFTC is a source of future leaders. Securities Services Bite-Sized Global Trustee and Fiduciary Services Issue 5 | 2024 QUICK LINKS CYBERSECURITY DIVERSITY DORA ELTIF EMIR FINTECH FSB IOSCO SUSTAINABLE FINANCE/ESG UCITS ASIA EUROPE NETHERLANDS NORTH AMERICA UNITED KINGDOM