Global Trustee and Fiduciary Services Bite-Sized Issue 8 2024

5 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 Link to Consultation Paper on the Draft RTS on the information notified by third-country CSDs here Link to Consultation Paper on the Technical Advice on the Scope of CSDR Settlement Discipline here Link to Consultation Paper on the Draft technical standards amending Regulation (EU) 2017/392 and Regulation (EU) 2017/394 under CSDR on review and evaluation here FINTECH GDF and GLEIF Announce Partnership in Support of the Development of an Ecosystem of Standards for the Digital Asset Industry On 26 July 2024, the Global Digital Finance (GDF), the global members association and platform for open innovation in digital assets in financial services, announced a partnership with the Global LEI Foundation (GLEIF). As financial services become increasingly digitised, data standardisation is critical to help build bridges and foster interoperability between the digital asset ecosystem and traditional finance. GDF and GLEIF have collaborated extensively with other community players to support this endeavour. Given the rapidly evolving regulatory landscape for digital assets, the partnership aims to raise awareness of the value of consistent party identification via the Legal Entity Identifier, like that described in the EU’s Market in Crypto Assets regulation. Link to Announcement here MAS Commits up to S$100Million to Support Quantum and Artificial Intelligence Capabilities in the Financial Sector On 18 July 2024, the Monetary Authority of Singapore (MAS) announced that it will commit an additional SGD100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to support financial institutions in building capabilities in quantum and artificial intelligence (AI) technologies, as well as enable the advancement of quantum and AI related innovation and adoption in financial services. MAS says it will establish a Quantum track under FSTI 3.0 to support financial institutions’ interests to build quantum capabilities in Singapore. MAS will also work with Institutes of Higher Learning and the Institute of Banking and Finance on talent development initiatives to support the development of quantum capabilities in the financial services sector. In respect of AI, MAS also explains how it will enhance the existing AI and data grant scheme under FSTI 3.0. More details on the enhanced support for AI will be announced in the coming months. Link to the MASWebsite here PSR and FCA Launch Joint Call for Information on Big Tech and Digital Wallets On 15 July 2024, the Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) launched a joint call for information seeking views on the benefits and risks digital wallets bring to people and businesses. The regulators say the use of digital wallets has grown rapidly over the last few years, and in their view it’s likely that more than half of UK adults now use one. With Apple Pay, Google Pay and PayPal being three of the most widely used digital wallets in the UK today, digital wallets have become an increasingly important touchpoint between big tech firms and UK consumers. The regulators are therefore keen to better understand the impact on consumers and businesses that digital wallets’ increasing popularity creates. The response period is open until 13 September 2024. The regulators aim to provide an update by Q1 2025. Link to Call for Information here