Global Trustee and Fiduciary Services Bite-Sized Issue 10 2024

14 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 • Private fund adviser topics; • Marketing rule; • Registered investment adviser topics; and • Hot topics lightning round. Questions for the panel may be submitted in advance and during the event using the links provided in the agenda. Advance registration is not required. A link to the live webcast will be made available the morning of 7 November 2024 on SEC.gov. Link to the Full Agenda here CFTC Staff Extends Temporary No-Action Letter Regarding Capital and Financial Reporting for Certain Non-U.S. Nonbank Swap Dealers Domiciled in the EU and the UK On 20 September 2024, the Commodity Futures Trading Commission’s (CFTC) Market Participants Division (MPD) announced it had issued temporary no-action letter No. 24-13 extending CFTC Staff Letters No. 21-20 and 22-10 to certain nonbank swap dealers (SDs) domiciled in the European Union (EU) and the United Kingdom (UK) that are the subject of pending CFTC reviews for comparability determinations regarding capital and financial reporting requirements. As part of the capital and financial reporting requirements for nonbank SDs, the CFTC adopted a substituted compliance framework that permits certain nonbank SDs to rely on compliance with home-country capital and financial reporting requirements in lieu of meeting all or parts of the CFTC’s capital adequacy and financial reporting requirements, provided the CFTC finds the home- country requirements comparable to the CFTC’s requirements. Through CFTC Staff Letter No. 24-13, MPD is extending a no-action position to eligible nonbank SDs domiciled in the EU and the UK that are not covered by existing CFTC orders addressing capital and financial reporting requirements. The no-action position is conditioned upon the nonbank SDs remaining in compliance with applicable home-country capital and financial reporting requirements and submitting certain financial reporting information to the CFTC. The no-action position will expire by 31 December 2026 or the effective date of any final CFTC action addressing the comparability of capital and financial reporting requirements applicable to the relevant nonbank SDs. Link to Staff Letter No. 24-12 here SEC Adopts Rules to Amend Minimum Pricing Increments and Access Fee Caps and to Enhance the Transparency of Better Priced Orders On 18 September 2024, the SEC adopted amendments to certain rules under Regulation National Market System (Regulation NMS) to adopt an additional minimum pricing increment, or “tick size,” for the quoting of certain NMS stocks, reduce the access fee caps for protected quotations of trading centres, increase the transparency of exchange fees and rebates, and accelerate the implementation of rules that will make information about the market’s best priced, smaller-sized orders publicly available. The amendments are designed to reduce transaction costs and improve market quality for all investors and to help ensure that orders placed in the national market system reflect the best prices available for all investors. The SEC says that since the adoption of Rule 612 of Regulation NMS in 2005, there has been a marked increase in trading volume related to NMS stocks that are constrained by the minimum pricing increment of USD0.01 under the rule. The amendments to Rule 612 establish a new, additional USD0.005 minimum pricing increment for quotations and orders in NMS stocks that are priced at, or greater than, USD1.00 per share. The tick size for all NMS stocks will be based on the Time Weighted Average Quoted Spread for the relevant NMS stock during a specified three- month Evaluation Period and thereafter assigned for a six-month period.