Global Trustee and Fiduciary Services News and Views Issue 50

Global Trustee and Fiduciary Services News & Views | Issue 50 | 2018 5 EXECUTING REGULATORY STRATEGY: 6 GLOBAL TRENDS FOR ASSET MANAGERS EUROPE Sustainability Capital requirements (proposedamendments to CRR/CRD4) Capital Markets Union Action Plan capital growth SMEs Brexit • Loss of EU passport • Lack of legal certainty regarding contracts • Contingency plans • Omnibus III Increased regulatory scrutiny of the asset management industry (costs and fees, remuneration, disclosure, and reporting obligations) Financial stability in the asset management sector (liquidity mismatch; leverage; operational risk; securities lending activities) European review of legislation (EMIR REFIT, AIFMD/ UCITS reviews etc.) Implementation testing of live regulations in the operational environment Possible enforcement action in relation to non-compliance FCA Asset Management Sector Review (global interest) Extension of SM&CR in the UK and proposals for a similar regime in Ireland Links to global industry codes of conduct EU Data Protection GDPR and local implementation arrangements Convergence/ Divergence (EUextra territoriality, UK experimenting — Brexit) Cyber Security (NIS legislation) Vulnerable consumers Transparency ASIA PACIFIC UNITED STATES