Global Trustee and Fiduciary Services Bite-Sized Issue 10 2024

13 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 • Credit risk should continue to be monitored and carefully managed as its potential materialisation remains a concern. This underlines the need for adequate provisioning levels and forward-looking provisioning policies, while maintaining prudent and up-to-date collateral valuation; • Financial institutions need to be flexible and agile and have proper plans and processes in place to address unexpected short-termmulti-fold challenges; • Financial institutions and supervisors should remain vigilant regarding the impact of inflation on product development; and • Financial institutions and supervisors should remain vigilant to operational and financial stability risks that could arise from cyber-risks, as exemplified by the global IT disruption in July from the failed software update of a widely used cybersecurity company. Link to the Report here NORTH AMERICA SEC Adopts Improvements to EDGAR System to Enhance Security, Filer Access, and Account Management On 27 September 2024, the Securities and Exchange Commission (SEC) adopted rule and form amendments intended to enhance the security of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system and improve filers’ access and account management capabilities. The amendments require EDGAR filers to authorize identified individuals who will be responsible for managing their accounts, and individuals acting on behalf of EDGAR filers will need to present individual account credentials obtained from Login.gov to access those EDGAR accounts and make filings. Form ID, the application for access to EDGAR, will be modernized to make the form more user-friendly. The SEC says it also will offer filers optional Application Programming Interfaces (APIs), a machine- to-machine method of making submissions, retrieving information, and performing account management tasks that will improve the efficiency and accuracy of filers’ interactions with EDGAR. Among other things, these APIs will allow filers to manage their EDGAR accounts with minimal manual interaction with EDGAR. On 30 September 2024, the SEC opened for filer testing and feedback a beta software environment that will reflect the adopted rule and form amendments and the related technical changes. Information about signing up for beta testing and extensive additional information about the rule adoption and related technical changes can be found on the SEC website: EDGAR Next – Improving Filer Access and Account Management. Compliance with amended Form ID is required on 24 March 2025. All rule and form amendments will be effective on that date, and filers will be required to comply with all rule and form amendments by 15 September 2025. Link to Rule Details here Link to Fact Sheet here SEC to Hold Virtual National Compliance Outreach Seminar for Investment Companies and Investment Advisers On 20 September 2024, the SEC’s Compliance Outreach Program announced that it will host a virtual national seminar for investment companies and investment advisers on 7 November 2024. This seminar is intended to help Chief Compliance Officers and other senior personnel at investment companies and investment advisory firms enhance their compliance programs for the protection of investors. The conference will include panel discussions on: • Information security and operational resiliency; • Registered investment company topics;