Global Trustee and Fiduciary Services Bite-Sized Issue 6 2024

3 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 Link to Final Report on Draft RTS on the Procedure for the Approval of White Papers of ARTs Issued by Credit Institutions here HKMA Establishes the Project Ensemble Architecture Community On 7 May 2024, the Hong Kong Monetary Authority (HKMA) announced the establishment of the Project Ensemble Architecture Community (the Community) to join with the industry to shape standards and provide suggestions to support the development of Hong Kong’s tokenisationmarket. The Community aims to develop a set of industry standards to support interoperability among wholesale Central Bank Digital Currencies (wCBDC), tokenised money and tokenised assets. It will make recommendations on specific topics, initially focusing on setting up a mechanism to support seamless interbank settlement of tokenised deposit through wCBDC for tokenised asset transactions. The Community will also assist in the design and implementation of the Project Ensemble Sandbox which is targeted to launch by around mid-2024 to facilitate further research and testing of tokenisation use cases. The formation of the Community is based on a range of careful considerations, including the members’ expertise in contributing to the development of the tokenisation market in Hong Kong, experience and competency in relevant fields and innovative capability. The HKMA will be working closely with the industry, and review the size and composition of the Community as and when deemed appropriate. Link to Press Release here EMIR NewQ&As Published On 28 May 2024, the European Securities and Markets Authority (ESMA) updated the following Questions and Answers: • Reporting of accumulator contracts (ESMA QA 2202) – How should OTC accumulator contracts over a specified ‘accumulation’ period, be classified? – How should these contracts be reported under EMIR REFIT? • Reporting of price field at position level (ESMA QA 2203) – Should the price field at position level be amended following a change in the notional amount? Link to NewQ&As here UK EMIR Reporting Questions and Answers On 2 May 2024, the Financial Conduct Authority (FCA) published guidance on when the updated derivative reporting framework under UK EMIR will be implemented. The guidance is in the form of questions and answers (Q&As) grouped into topics. The Q&As are applicable from 30 September 2024, in line with the majority of the new requirements. Under Article 9 of UK EMIR, the Bank of England (the Bank) and the FCA (together, the Authorities) share responsibility for derivatives reporting. The Bank is responsible for central counterparties (CCPs) and the FCA is responsible for all other counterparties in addition to trade repositories (TRs). The Q&As should be read in conjunction with the FCA/Bank of England Policy Statement (PS23/2) and its supporting documentation (which are collectively referred to as the ‘new requirements’): The Q&As apply in relation to the new requirements applicable from 30 September 2024, and say that reporting counterparties should take a pragmatic approach in considering the application of these new Q&As alongside any existing guidance, including circumstances where the new Q&As may supersede them. In due course, and as part of the programme of repealing and replacing assimilated law , the Authorities intend to review existing guidance and consider where it remains relevant.