Global Trustee and Fiduciary Services Bite-Sized Issue 8 2024

20 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 SEC Launches Interagency Securities Council to Coordinate Enforcement Efforts Across Federal, State, and Local Agencies On 19 July 2024, the SECDivision of Enforcement announced the launch of the Interagency Securities Council (ISC), which invites federal, state, and local regulatory and law enforcement professionals to meet quarterly to discuss the latest in scams, trends, frauds, andmitigation strategies. The ISC’s objective is to strengthen the cohesion between federal, state, and local agencies, enhance opportunities to collaborate on cases to protect investors, provide insight and guidance across the ecosystem to those who may not frequently operate in this space, and create a forum for unified efforts in combatting financial fraud. The ISC launched with representatives frommore than 100 departments and agencies, including federal agencies, state offices of attorneys general and state police, and local police departments and sheriff ’s offices. Link to press release here Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated ValuationModels On 17 July 2024, six federal regulatory agencies (Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Federal Reserve Board, National Credit Union Administration, and Office of the Comptroller of the Currency) issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. In particular, the rule will implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing those homes. The final rule is substantially similar to the proposal issued in June 2023. Under the final rule, the agencies will require institutions that engage in certain transactions secured by a consumer’s principal dwelling to adopt policies, practices, procedures, and control systems designed to: • ensure a high level of confidence in estimates; • protect against data manipulation; • seek to avoid conflicts of interest; • require random sample testing and reviews; and • comply with non-discrimination laws. The final rule will become effective on the first day of the calendar quarter following 12 months after publication in the Federal Register . Link to Federal Register Notice here Link to Board Memo here Statement by Commissioner Mark T Uyeda here SEC Adopts Amendments Regulated to Registered Index-Linked Annuities On the 1 July 2024, the Securities and Exchange Commission (SEC) announced that it is adopting rule and form amendments to provide a tailored form to register the offerings of registered index- linked annuities (RILAs). Specifically, the SEC is amending the form currently used by most variable annuity separate accounts, FormN-4, to require issuers of RILAs to register offerings on that form as well. To facilitate this amendment, the SEC is also amending certain filing rules and making other related amendments. These changes will implement the requirements relating to RILAs contained in Division AA, Title I of the Consolidated Appropriations Act, 2023. The SEC is also extending the registration, filing, and disclosure requirements that the SEC is adopting for RILA offerings to the offerings of registered market value adjustment annuities. Further, the SEC is adopting other amendments to FormN-4 that will apply to all issuers that use that form.