Global Trustee and Fiduciary Services Bite-Sized Issue 6 2024

8 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 OPERATIONAL RESILIENCE ESAs Publishes Templates and Tools for Voluntary Dry Run Exercise to Support the DORA Implementation On 31 May 2024, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published templates, technical documents and tools for the dry run exercise on the reporting of registers of information in the context of Digital Operation Resilience Act (DORA), previously announced in April 2024. The materials published include: • Templates for the registers of information with example (in Excel); • Draft technical package for reporting, including data point model (DPM),annotated table layout and validation rules; • Optional tool (VBA macro) to assist with the conversion of Excel templates into .csv files and .zip files for their submission; and • Frequently asked questions regarding the exercise. All these materials are available on the dry run exercise webpage. ESMA states that financial entities can use these materials and tools to prepare and report their registers of information of contractual arrangements on the use of ICT third-party service providers in the context of the dry run exercise, and to understand supervisory expectations for the reporting of such registers from 2025 onwards. Participating financial entities are expected to submit their registers of information to the ESAs through their competent authorities between 1 July and 30 August. Link to Announcement here UK FCA: Operational Resilience: Insights and Observations for Firms On 28 May 2024, the Financial Conduct Authority (FCA) published a new webpage – Operational resilience: insights and observations for firms – which it says aims to make sure firms are ready to comply with its operational resilience rules as the industry approaches the end of the transitional period on 31 March 2025. The FCA says that it provides observations and insights on the preparations firms have made towards complying with the rules that came into force on 31 March 2022. The rules apply to: • Banks; • Building societies; • PRA-designated investment firms; • Insurers; • Recognised Investment Exchanges; and • Enhanced scope Senior Managers and Certification Regime firms and entities authorised and registered under the Payment Services Regulations 2017 and Electronic Money Regulations 2011. • The FCA says firms should use its observations to review their approach and assess their readiness on the following key areas of the policy. • Identifying important business services and keeping them regularly under review. • Setting, and regularly reviewing, impact tolerances for each of your important business services. • Identifying and documenting the people, processes, technology, facilities, and information necessary to deliver each of its important business services, including third parties.