Global Trustee and Fiduciary Services Bite-Sized Issue 5 2024

Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2024 3 QUICK LINKS CYBERSECURITY DIVERSITY DORA ELTIF EMIR FINTECH FSB IOSCO SUSTAINABLE FINANCE/ESG UCITS ASIA EUROPE NETHERLANDS NORTH AMERICA UNITED KINGDOM In addition to underlining the key elements of the ESAs announcement, the CSSF invites the supervised entities to consider their participation in this exercise, saying its a good opportunity for firms to test their readiness concerning the implementation and reporting of registers of information under DORA. The CSSF therefore encourages the supervised entities that are considering participation: • To register for the ESAs workshop to be able to gain further information and ask any questions before deciding if they volunteer or not for this exercise; and • To inform the CSSF of their wish to participate to the exercise by sending an email to the following email address: ictrisksupervision@cssf.lu by 17 May 2024. The email must specify the exact name of the entity and its CSSF code. Link to ESMA Press Release here Link to CSSF Communique here ELTIF ESMA Proposes Changes to ELTIF Technical Standards On 22 April 2024, the European Securities and Markets Authority (ESMA) responded to the European Commission (EC) request on amendments to the European long-term investment fund (ELTIF) Technical Standards (RTS). In its letter, ESMA suggests that there should be a limited number of changes to find the right balance between protecting retail investors and contributing to the capital market union objectives. On the RTS on redemption policy, and specifically on the calibration of the requirements relating to redemptions and liquidity management tools, ESMA acknowledges that there should be an appropriate balance between protection of retail investors and financial stability related objectives and the fact that ELTIFs should make an important contribution to the capital market union objectives. However, in view of the ECs comments, ESMA proposes striking that balance slightly differently from the EC. In December 2023, ESMA published its final report on the draft technical standards under the revised ELTIF Regulation and submitted it to the EC for adoption. In March 2024, the EC informed ESMA that it intends to adopt the proposed RTS with amendments, and invited ESMA to submit new draft RTS reflecting the amendments provided. The EC encouraged ESMA to consider the individual characteristics of different ELTIFs to build a more proportionate approach about the calibration of the requirements relating to redemptions and liquidity management tools. The revised ELTIF Regulation states that ESMA shall develop draft RTS to determine the following: 1. The circumstances inwhich the life of an ELTIF is considered compatiblewith the life-cycles of each of the individual assets, as well as different features of the redemption policy of the ELTIF; and 2. The costs disclosure. Following the letter received on 8 March 2024, this opinion has been communicated by ESMA to the EC, with copies to the European Parliament and the Council. The EC may adopt the RTS with the amendments it considers relevant or reject it. The European Parliament and the Council may object to an RTS adopted by the EC within a period of three months. Link to ESMA Letter here EMIR ESMA Shows EU Regulators’ Supervisory Practices Regarding EMIR Data Quality Improving On 11 April 2024, the European Securities and Markets Authority (ESMA) published its follow-up report to the 2019 peer review into supervisory actions aimed at enhancing the quality of data reported under EMIR. The follow-up report shows that supervisory practices improved significantly following the findings and recommendations of the 2019 peer review.