Global Trustee and Fiduciary Services Bite-Sized Issue 5 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2024 16 QUICK LINKS CYBERSECURITY DIVERSITY DORA ELTIF EMIR FINTECH FSB IOSCO SUSTAINABLE FINANCE/ESG UCITS ASIA EUROPE NETHERLANDS NORTH AMERICA UNITED KINGDOM Remarks at SEC Speaks 2024 On 3 April 2024, as part of her comments at the ‘Remarks at SEC Speaks 2024’, SEC Deputy Director Sanjay Wadhwa, Division of Enforcement (the Division), highlighted some of the Division’s work during the last fiscal year (FY). This included: • In FY 2023, the Division filed 784 total enforcement actions, representing a 3% increase over the prior FY. These included 501 original, or “stand-alone,” enforcement actions, which was an 8% increase over the prior FY. • In addition, the Division filed 162 “follow-on” administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders; and the Division filed 121 actions against issuers who were allegedly delinquent in making required SEC filings. • The SEC obtained orders for just under USD5 billion in financial remedies, the second highest amount in SEC history after the record-setting financial remedies ordered in fiscal 2022. The financial remedies comprised nearly USD3.37 billion in disgorgement and prejudgment interest, and nearly USD1.6 billion in civil penalties. • In addition, the SEC obtained orders barring 133 individuals from serving as officers and directors of public companies, the highest number of officer and director bars obtained in a decade. • FY 2023 was also a record-breaking year for the Whistleblower Program. The SEC issued whistleblower awards totalling nearly USD600 million, the most ever awarded in one year, including a record-breaking USD279 million awarded to one whistleblower. • Reflecting the success of that program, the Division received more than 18,000 whistleblower tips in FY 2023, the most ever, and roughly 50%more than the prior record set in FY 2022. • Finally, the Division distributed USD930 million to harmed investors, marking the second consecutive year with more than USD900 million in distributions. Link to Remarks at SEC Speaks 2024 by Sanjay Wadhwa, Deputy Director, Division of Enforcement here Link to Remarks at SEC Speaks 2024 by Gurbir S. Grewal, Director, Division of Enforcement here UNITED KINGDOM A Roadmap to Implementing the Overseas Funds Regime On 1 May 2024, the Financial Conduct Authority (FCA) published a roadmap to implementing the overseas funds regime (OFR), in which it details the actions the UK government and the FCA plan to take to implement the OFR for EEA UCITS schemes (excluding money market funds (MMFs)) and the UK government’s future consultation on extending the SDR and labelling regime to OFR funds. The roadmap begins with the enaction of legislation recognising EEA UCITS as equivalent and extending the Temporary Marketing Permissions Regime (TMPR) until December 2026, planned for Q2 2024, and highlights 11 further waypoints through to the current cessation date of the TMPR at the end of December 2026. Key dates include: • Opening of the online recognition process to new schemes (i.e., those not marketing under the TMPR) in September 2024. • Opening of the online recognition process to TMPR standalone schemes in October 2024. • Opening of the online recognition process to TMPR umbrella schemes in November 2024. The FCA estimates that if the SDR and labelling regime is extended to OFR schemes, this will come into force in H2 2025. For schemes in the TMPR, the FCA plans to assign schemes operators landing slots during which they will be invited to apply for OFR recognition.