Global Trustee and Fiduciary Services Bite-Sized Issue 6 2023
Bite-Sized | 2023 Issue 6 17 QUICK LINKS AIFMD ANTI-MONEY LAUNDERING CMU — RETAIL INVESTMENT PACKAGE CBDC COSTS & CHARGES CRYPTOASSETS ELTIF IFD/IFR LIBOR TRANSITION MIFID II/MIFIR MONEY MARKET FUNDS OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG WHISTLEBLOWING AUSTRALIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM UNITED KINGDOM Expansion of the Dormant Assets Scheme On 22 May 2023 the Financial Conduct Authority (FCA) published consultation paper CP23/12 — Expansion of the dormant asset scheme — second phase. Working with the UK government, the FCA is implementing the Dormant Assets Act 2022 in a phased manner. This latest consultation proposes amended rules that will enable dormant assets held to the account of UCITS schemes and non-UCITS Retail Schemes, and client money, to be transferred to the dormant assets scheme. The consultation period ends on 10 July 2023. Link to CP23/12 here Proposed Changes to the Remuneration Rules for Dual-regulated Firms On 12 May 2023 the FCA published consultation paper CP23/11 — Remuneration: enhancing proportionality for dual-regulated funds. The FCA wants to ensure its remuneration rules for smaller, less complex dual-regulated firms are proportionate to the risks they pose to consumers and markets in the UK. The FCA proposes changes to its proportionality thresholds. It also proposes to exempt firms meeting the updated proportionality thresholds from the requirements relating to malus and clawback. The FCA is also proposing some minor changes to the current rules to address some differences between the FCA Handbook and the PRA Rulebook. The consultation period closed on 9 June 2023. Link to CP23/11 here HM Treasury Seeks Views on the Future of Financial Services Regulation On 9 May 2023, HM Treasury (HMT) issued a call for proposals seeking views on which metrics the FCA and the Prudential Regulation Authority (PRA) should publish in relation to the new secondary growth and competitiveness objectives, introduced by the Financial Services and Markets Bill. This call for proposals is intended to help determine what additional metrics it is most appropriate for the regulators to publish, in order to ensure that reporting on the new secondary objectives is sufficient to support scrutiny of the regulators’ work in embedding and advancing their new objectives. The period for comments closes on 4 July 2023. Link to Call for Proposals here
Made with FlippingBook
RkJQdWJsaXNoZXIy MjE5MzU5