Global Trustee and Fiduciary Services Bite-Sized Issue 5 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2024 17 QUICK LINKS CYBERSECURITY DIVERSITY DORA ELTIF EMIR FINTECH FSB IOSCO SUSTAINABLE FINANCE/ESG UCITS ASIA EUROPE NETHERLANDS NORTH AMERICA UNITED KINGDOM The FCA notes that the UK government is still in the process of assessing the equivalence of overseas MMFs. As a result, there are no plans to recognise EEA UCITS operating as MMFs under the roadmap. This may mean umbrella schemes that contain EEA UCITS MMF sub-funds will not have those sub-funds recognised. Link to the Roadmap here On 2 May 2024, the Commission de Surveillance du Secteur Financier (CSSF) issued a Communiqué reminding Luxembourg domiciled UCITS and management companies to closely monitor any implications deriving from the OFR with a view to ensuring a smooth continuity of their marketing activities towards UK investors. Link to CSSF Communiqué here SM&CR: FCA Rolls Out New FormA On the 29 April 2024, the FCA announced, as part of its changes to application forms accessed via Connect, that it had rolled out a new version of Form A, which is used for Senior Management Function and Controlled Function applications and is one of the FCA’s longest andmost used forms. The changes the FCA have made include: New requirements • To remove duplication in the employment history section applicants no longer need to upload a CV (solo-regulated firms only). • You will now input 10 years of employment history. • Based on the information you provide, you may also be asked new questions on rights to work in the UK, previous names displayed on the Register, candidate time spent on activities and spread across directorships. Changes to functionality • Removal of the ‘Send later’ function. • The Statement of Responsibilities (SOR) is integrated into the Form A so you don’t need to complete a second application for this. • Improved virus scanning on attachments. Other improvements • A helpful checklist of information you need to complete your application before you start. • Improved help and guidance throughout. • Easier navigation. • Improved layout. Link to FCAWebpage on Using the New FormA here FCA Consultation Paper CP24/7 ‘Payment Optionality for Investment Research’ On 10 April 2024, the FCA published CP24/7 ‘Payment Optionality for Investment Research’. The FCA says that its analysis shows that asset managers are largely getting the research they need under the current rules. However, the FCA also states that the current options available to UK asset managers can be operationally complex and may, in some instances, favour larger asset managers. Also, the current rules can also restrict UK asset managers’ ability to buy investment research produced outside the UK. As part of the government’s Edinburgh reforms, an independent report on investment research suggested ways to improve UK markets. The FCA says that it is now proposing in CP24/7 to give asset managers greater freedom in how they pay for research, supporting their investment decisions. The FCA believes that this greater choice should suit firms of varying business models and sizes, helping to promote competition.