Global Trustee and Fiduciary Services Bite-Sized Issue 7 2024

6 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 • Closing Auctions / Closing Prices; and • Post-Outage Plans. IOSCO says that these good practices are designed to offer flexibility for adoption across various trading venues, asset classes, and market structures, and that they are generally applicable to market outages caused by different types of root causes. Link to Final Report here MICA NewMiCA Rules Increase Transparency for Retail Investors On 4 July 2024, the European Securities and Markets Authority (ESMA) published its Final Report on the second package of draft technical standards under the Markets in Crypto-Assets Regulation (MiCA). The Final Report covers eight draft technical standards that aim to provide more transparency for retail investors, clarity for providers on the technical aspects of disclosure and record-keeping requirements, and data standards to facilitate supervision by National Competent Authorities (NCAs). The Final Report includes the following draft technical standards: 1. Sustainability indicators for crypto-asset consensus mechanisms; 2. Business continuity measures for crypto-asset service providers (CASPs); 3. Trade transparency; 4. Content and format of orderbooks and record-keeping by CASPs; 5. Machine readability of white papers and the register of white papers; and 6. Public disclosure of inside information. The draft standards provide market participants with technical requirements to ensure human and machine readability of crypto-asset white papers, as well as templates and formats for CASP order and transaction records. The Final Report also covers public disclosures, helping investors to understand the impact on the climate and the environment of the consensus mechanisms underpinning the crypto-assets they hold, as well as descriptions on how issuers should disclose price-sensitive information to the public to prevent market abuses, such as insider dealing. Once finalised, the draft technical standards will be submitted to the European Commission for adoption. The European Commission shall decide whether to adopt themwithin 3 months. Link to Final Report here EBA and ESMA Publish Guidelines on Suitability of Management Body Members and Shareholders for Entities under MiCA On 27 June 2024, the European Banking Authority (EBA) and ESMA published Joint Guidelines on the suitability of members of the management body, and on the assessment of shareholders and members with qualifying holdings for issuers of asset reference tokens (ARTs) and crypto-asset service providers (CASPs), under MiCA. These two sets of guidelines are part of the EBA and ESMA’s ongoing efforts to foster a transparent, secure, and well-regulated crypto-assets market, and complement the recently published governance package. The first set of guidelines covers the presence of suitable management bodies within issuers of ARTs and CASPs, contributing to increase the trust in the financial system. It provides common criteria to assess the knowledge, skills, experience, reputation, honesty, and integrity of members of the management body, as well as if they can commit sufficient time to perform their duties to ensure a sound management of these entities.