Global Trustee and Fiduciary Services Bite-Sized Issue 10 2024

16 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 SEC Approves New PCAOB Quality Control Standard On 9 September 2024, the SEC approved the Public Company Accounting Oversight Board’s (PCAOB) new quality control (QC) standard and related amendments to its standards, rules, and forms. QC 1000, ‘A Firm’s System of Quality Control’, establishes an integrated, risk-based quality control standard that will require all registered public accounting firms to identify specific risks to their practice and design a quality control system that includes appropriate responses to guard against those risks. Registered firms that perform engagements under PCAOB standards will be required to implement and operate the QC system. The newquality control standard focuses on an audit firm’s accountability and continuous improvement of its audit practice and will require an annual evaluation of the firm’s QC system and related reporting to the PCAOB, certified by key firmpersonnel. In addition, firms that annually issue audit reports for more than 100 issuers will be required to establish an external quality control function (EQCF) composed of one or more persons who can exercise independent judgment related to the firm’s QC system. Current PCAOB quality control standards were developed almost 30 years ago by the American Institute of Certified Public Accountants before the accounting fraud scandals of the early 2000s that led to the creation of the PCAOB pursuant to the Sarbanes-Oxley Act of 2002. QC 1000 addresses changes in the audit practice environment since that time and leverages what the PCAOB has learned through two decades of experience in its inspections and enforcement programs, including, for example, the increasing participation of other firms and other outside resources in firm engagements, the role of firm networks, and the evolving use of technology. QC 1000 and the related amendments to other PCAOB standards, rules, and forms will take effect on 15 December 2025. Link to Order here UNITED KINGDOM FCA Updates Overseas Funds Regime Webpage On 11 September 2024, the Financial Conduct Authority (FCA) updated it Overseas Funds Regime (OFR) webpage with information to aid fund operators in completing their application. The information provided includes: • Connect OFR Registration User Guide; • Glossary of key terms; • How to guides on: – Standalone scheme (not in TMPR); – Standalone scheme (in TMPR); – Umbrella scheme (not in TMPR); – Umbrella scheme (in TMPR); and – Addition of (a) new sub-fund(s) to an umbrella scheme that has already been recognised under the OFR. • Application form questions and associated data set; • The FCA’s approach to recognition; and • Draft disclosure wording. Link to UpdatedWebpage here