Global Trustee and Fiduciary Services Bite-Sized Issue 6 2024

16 QUICK LINKS AIFMD CMU CRYPTOASSETS EMIR FINTECH IFD/IFR MAR MIFID II/MIFIR OPERATIONAL RESILIENCE SECURITISATION SUSTAINABLE FINANCE/ESG UCITS ASIA EUROPE UNITED STATES UNITEDKINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 6 | 2024 UNITED KINGDOM Regulatory Initiatives Grid On 30 May 2024, the Financial Conduct Authority (FCA) announced that the next edition of the Regulatory Initiatives Grid, due by the end of May, has been delayed indefinitely due to the UK general election on 4 July 2024. The FCA states that members of the Financial Services Regulatory Initiatives Forumwill consider when best to publish an update on the regulatory pipeline and initiatives later this year. Link to the GridWebpage here FCA Speech: Our Ambitious Agenda for UK Asset Management On 22 May 2024, the FCA published the text of a speech given by Ashley Alder, FCA Chair, at the Bloomberg Buy-side Forum. In his speech, Mr Alder discussed the impact of the Smarter Regulatory Framework and the current review of the UK’s implementation of UCITS and the AIFMD. Moving on to private finance, NBFI and valuations, Mr Alder said that “regulators need to think about what tools and data they need to oversee these activities more effectively, as well as the private markets in which many of them participate.” In addition, he said that “NBFI regulation should be a global effort to improve the data needed to enable regulators to spot risks in these markets and supervise them credibly.” Next Mr Alder spoke of retail investments and the revocation, in the UK, of the PRIIPS Regulation and the future consultation on a new replacement regime that is “proportionate and tailored to the market and products here in the UK, and which allows firms to design a more engaging consumer journey.” Mr Alder also mentioned the work the UK is undertaking with other jurisdictions on sustainability disclosure requirements. And under the heading of innovation, Mr Alder touched on fund tokenisation and the work being undertaken by the industry-led Technology Working Group of the government’s Asset Management Taskforce. Mr Alder concluded by talking about the FCA’s primary and secondary objectives and that at “every point in our decision-making process, we consider the options that could advance our primary operational objectives and weigh up which of them could advance growth and competitiveness.” Link to Speech here