Global Trustee and Fiduciary Services Bite-Sized Issue 7 2024

11 QUICK LINKS CBDC CYBERSECURITY DIVERSITY DORA FINTECH IOSCO MICA OPERATIONAL RESILIENCE PRIIPS RETAIL INVESTMENT PACKAGE SUSTAINABLE FINANCE/ ESG T+1 TOKENISATION ASIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 7 | 2024 • FAQ concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment – version 19 – CSSF (modification of question 1.14). Link to CSSF Communiqué here TOKENISATION MAS Expands Industry Collaboration to Scale Asset Tokenisation for Financial Services On 27 June 2024, the Monetary Authority of Singapore (MAS) announced the expansion of initiatives to scale asset tokenisation for financial services. MAS says that this includes partnering with global industry associations and financial institutions to drive common asset tokenisation standards in fixed income, foreign exchange (FX) and asset & wealth management. MAS, with international financial institutions, also announced the successful completion of the first phase of the Global Layer One Initiative and plans to develop standards, market practices and governing principles of foundational digital infrastructure for tokenised assets. Over the past two years, MAS has worked with 24 financial institutions to pilot promising asset tokenisation use cases under Project Guardian. These financial institutions include asset managers, market operators, custodians, credit rating agencies and commercial banks. Building on the successes of industry pilots, MAS says that three workstreams will be set up to foster the development of standards and frameworks across key asset classes: • Fixed Income workstream; • FX workstream; and • Asset &Wealth Management workstream. Link to MASWebsite here ASIA SFCWelcomes Progress on Implementation of Mainland-Hong Kong Mutual Recognition of Funds Enhancements On 14 June 2024, the Securities and Futures Commission (SFC) welcomed the public consultation paper that was published by the China Securities Regulatory Commission (CSRC) on proposed rule amendments for implementing the enhancements of the Mainland-Hong Kong mutual recognition of funds (MRF) scheme. The SFC says that the draft proposals in the CSRC’s consultation paper include relaxing the sales restrictions for recognised Hong Kong funds in the Mainland and allowing the delegation of investment management functions of recognised Hong Kong funds to overseas asset management companies within the same group. Based on the principle of reciprocity, the SFC says it will also relax the relevant restrictions on recognised Mainland funds accordingly. The SFC states that enhancing the MRF scheme is one of the five measures announced earlier by the CSRC on the Mainland’s capital market cooperation with Hong Kong. The SFC will continue to work closely with the CSRC to formulate and implement the measures. Details and the launch date of the enhancements will be announced in due course. Link to SFC Announcement here SFC Briefs Virtual asset Trading PlatformApplicants on Regulatory Expectations After Transition Period On 12 June 2024, the SFC held a briefing session to explain its regulatory expectations to the virtual asset trading platform (VATP) applicants that are now deemed to be licenced after 1 June 2024.