Global Trustee and Fiduciary Services Bite-Sized Issue 7 2024

14 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 LUXEMBOURG CSSF Communiqué Relating to NewNotification Templates for Cross-border Activities On 25 March 2024, the European Commission published a set of new Regulatory Technical Standards (RTS or Commission Delegated Regulations (EU) 2024/911 and 2024/912) and Implementing Technical Standards (ITS or Commission Implementing Regulations (EU) 2024/910 and 2024/913) related to the notification of cross-border activities of Alternative Investment Fund Managers (AIFMs), management companies and Undertakings for Collective Investment in Transferable Securities (UCITS). Following this publication, on the 25 June 2024, Commission de Surveillance du Secteur Financier (CSSF) informed, via a Communique, supervised entities concerned that, as from 14 July 2024, new templates of notification letters will have to be used for the notification of their management and marketing cross-border activities within the European Economic Area (EEA). The CSSF says that it should be noted that, in addition to the main notification letter for management activities, ESMA has issued a specific template for the notification of persons responsible for a branch. This template should be attached to the notifications concerning the establishment of a branch and the modification of a branch, if applicable. The CSSF states that initially, the process of transmission of notifications related to management activities to the CSSF will remain unchanged. The entities concerned must send the relevant notification forms and their annexes via email to the relevant address indicated on the CSSF website on the following pages: AIFM page and management company page. Subsequently, a dedicated eDesk module will be implemented. More details will be provided in due course. It should be noted that the new templates will no longer allow an investment fund manager to notify management activities under both the UCITS Directive and the AIFMD by using one template. Separate UCITS and AIFMD notifications will have to be prepared. Link to Full CSSF Communiqué here Macroprudential Policy for Investment Funds: Considerations by the CSSF On 10 June 2024, the Commission de Surveillance du Secteur Financier (CSSF) published its paper “Macroprudential Policy for Investment Funds: Considerations by the CSSF”. The CSSF says that the objective of the paper is to contribute to the current discussions at international and European level on macroprudential policies/tools for investment funds, particularly on whether to repurpose/adapt existing tools or whether to potentially develop additional tools. In the Circular the CSSF says that these discussions among authorities are happening on the back of the rising importance/size of investment funds since the global financial crisis and the vulnerabilities that were identified in the context of the recently experienced crises, in particular at the outbreak of the COVID-19 pandemic or the LDI episode. The CSSF states that it looks forward to actively contributing to the ongoing and future discussions and to working in this area with all relevant stakeholders, including its peer regulators as well as European and international institutions. Link to CSSF Circular here NORTH AMERICA SECOffice of the Investor AdvocateDelivers Report toCongress onObjectives for Fiscal Year 2025 On 27 June 2024, the Securities and Exchange Commission’s (SEC) Office of the Investor Advocate delivered its Report to Congress on the Office’s objectives for fiscal year 2025. As detailed in the Report, the Investor Advocate’s priorities for fiscal year 2025 include: • Assisting investors victimised by fraud and monitoring the measurable surge in investment fraud schemes; • Enhancing Ombuds services to resolve questions, complaints, and concerns about the SEC and self-regulatory organizations (SROs) subject to SEC oversight;