Global Trustee and Fiduciary Services Bite-Sized Issue 8 2024

18 QUICK LINKS AIFMD CBDC CRYPTOASSETS CSDR FINTECH FSB FUND LIQUIDITY MAR MIFID II/MIFIR OPERATIONAL RESILIENCE REMUNERATION SUSTAINABLE FINANCE/ ESG UCITS ASIA PACIFIC EUROPE IRELAND NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 8 | 2024 SFC Launches NewOnline Application and Submission System for Investment Products On 8 July 2024, the SFC announced the launch of a new online application and submission system named e-IP for investment products administered by the Investment Products Division on 29 July 2024. e-IP is developed on the existing WINGS portal and will serve as a one-stop online platform specifically for e-IP users to submit new product applications and post-authorisation or registration submissions, track the progress of applications, maintain information profiles of investment products and settle fee payments. The launch is accompanied by a three-month parallel run of existing application and regulatory submissions channels until 29 October 2024 to facilitate market participants to familiarise with the new system. User guides and online demo clips will be available on the SFC website and WINGS technical hotline will be available for e-IP users. Link to Circular here EUROPE ESMA Publishes 2023 Data on Cross-border Investment Activity of Firms On 15 July 2024, the European Securities and Markets Authority (ESMA), together with the National Competent Authorities (NCAs), completed an analysis of the cross-border provision of investment services during 2023. The data sets were collected from investment firms across 30 jurisdictions in the EU/EEA. The insights gained from the analysis will allow ESMA and the NCAs to better understand and monitor cross-border investment services provided by firms in the EU/EEA. Next steps ESMA will perform the next data collection in 2025. Link to Analysis here IRELAND Review of the Fitness and Probity Regime On 11 July 2024, the Central Bank of Ireland (Central Bank) published the independent review of its Fitness and Probity (F&P) regime. The review included extensive consultation with stakeholders, including all relevant industry associations, individual firms, legislative and policymaking bodies, as well as staff in the Central Bank and other Irish authorities. An extensive analysis of good practices at other supervisory authorities in the EU, the UK and Australia was also an element of the review. The review concludes that the conduct of the F&P regime at the Central Bank is broadly in line with peer regulators in different jurisdictions across a number of dimensions: • Standards are comparable and robust supervisory judgement is utilised; • Statistics on outcomes (approvals, withdrawals of applications, refusals) are in line with other supervisory authorities and do not signal either a particular stringency or leniency of the process; and • Timelines are well aligned with the target service standards and generally faster than in other countries.