Global Trustee and Fiduciary Services Bite-Sized Issue 10 2024

10 QUICK LINKS CBDC CRYPTOASSETS FINTECH LIBOR TRANSITION OPERATIONAL RESILIENCE PRIIPS SUSTAINABLEFINANCE/ESG T+1 ASIA/PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 10 | 2024 T+1 UK Accelerated Settlement Taskforce Technical Group Issues InterimReport and Consultation On 27 September 2024, the UK Accelerated Settlement Taskforce Technical Group (the Taskforce) published an interim report, draft recommendations and a short consultation. The report includes three sets of recommendations: • Recommendation Zero – This is the scope of instruments that will be covered by the implementation of T+1. There are 2 scenarios: – The UK migrates ahead of the European Union/Switzerland. The Taskforce says that in this scenario, some instruments such as ETPs and Eurobonds will be exempted pending a subsequent transition to T+1 of the European Union and/or Switzerland. – The UK, European Union and Switzerland migrate to T+1 together. Here, it is a straight transfer of all instruments covered today by Central Securities Depositories Regulation. • 43 Principal recommendations – These cover the critical post-trade activities that must be able to complete efficiently if the UK’s transition to T+1 and market participants contribution to that is to be successful. They cover the areas of success criteria, settlement, FMIs, static data, corporate actions, securities financing and FX. • 14 Additional recommendations – These look at environmental issues that need to be addressed if the UK is to maximise the efficiency gains that T+1 can deliver but they are not essential to the successful implementation of T+1. The Taskforce asks that if market participants believe there are recommendations here that would be better identified as Principal recommendations, or vice versa, they should use the consultation to let it know. The consultation, consisting of six questions relating to the draft recommendations, is open until 31 October 2024. The Taskforce says it plans to publish its final report in December 2024, with the aim of providing detail on the timing and sequencing of implementation of the recommendations and provide the recommendations in an interactive format so that participants can sort recommendations by relevance to their institution, anticipated date of implementation etc. Link to Report here ASIA/PACIFIC New Public Fund Depositaries Regime Comes Live On 30 September 2024, the Securities and Futures Commission (SFC) published updated codes and guidelines for implementing the new Type 13 regulated activity (RA 13) regime governing public fund depositaries, which took effect on 2 October 2024. To facilitate the transition for existing practitioners, the SFC says it has processed their applications and will grant RA 13 licences or registrations to 19 depositaries under major banking or insurance groups operating in Hong Kong and over 300 of their staff members on the launch date. Under the new regime, depositaries of SFC-authorised collective investment schemes (CISs) operating in Hong Kong are required to be licensed by or registered with the SFC to conduct RA 13. Depositaries licensed or registered for RA 13 must comply with applicable conduct and regulatory requirements, similar to licensed corporations or registered institutions for other regulated activities. The updated codes, guidelines and other regulatory information are now accessible on the SFC website and took effect from 2 October 2024. Link to Announcement and Updated Documentation here