Global Trustee and Fiduciary Services Bite-Sized Issue 8 2024

22 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 The webpage details: • Permissions needed; • Application fee; • Prudential requirements; • How to apply; • Required forms; • Other areas to consider; and • Applying for fund authorisation. Link toWebpage here FCA Seeks to Reduce Burdens on Firms and Support Growth On 29 July 2024, the FCA announced a review of the rules governing financial services, stating that they could be streamlined to reduce burdens on businesses, following the introduction of the Consumer Duty (the Duty). The FCA is calling on industry to identify rules which could be removed or simplified if they overlap with the Duty. The FCA says that reducing complexity of its rulebook could lower costs for firms, encourage innovation and help support the risk appetite needed to support growth. Link to Call for Input for the Review of FCA Retail Conduct Requirements Following Introduction of the Consumer Duty here FCA Sets Out Rules and Proposals to Build up UKWholesale Markets On 26 July 2024, the FCA set out a package of measures designed to help strengthen the UK’s capital markets. Proposals for new public offers and admissions to trading regime The package includes proposed rules to establish the new Public Offers and Admissions to Trading Regime (POATRs), which will replace the existing UK Prospectus Regulation. Under the proposals, companies will still be required to publish a prospectus when first admitting securities to public markets. However, a prospectus would not be required when a company raises further capital except in limited circumstances. The FCA is also consulting on proposals for a new activity of operating a public offer platform. These platforms will offer an alternative route for companies to raise capital outside public markets including from retail investors. The introduction of the platforms should promote scale-up capital raising for smaller companies while ensuring that investors get the right disclosures on the key terms and risks of an investment. Final rules on new payment option for investment research The FCA has also confirmed new rules that give asset managers (excluding AIFMs and UCITS management companies) greater freedom in how they pay for investment research, by allowing the ‘bundling’ of payments for research and trade execution. The FCA says these new rules aim to improve competition in the market for the benefit of investors. The new payment option is also compatible with rules in other jurisdictions, making it easier for asset managers to buy research across borders. The FCA says it has engaged extensively as part of developing these rules. Following careful consideration of responses to the consultation, significant changes have been made to the conditions attached to using the new payment option. The FCA says it wants to make sure it is operationally efficient to use and adaptable to different types of firms, but also make sure it secures an appropriate degree of protection for consumers, and there is not a return to historic poor practice in this area.