Global Trustee and Fiduciary Services Bite-Sized Issue 10 2024

8 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 Finally, the FCA states that, in light of its forbearance statement, it expects firms in the distribution chain for securities issued by investment trusts to look to work together to determine and share what information is required to enable the continued distribution of these products, in compliance with their more general obligations towards retail investors, including in particular under the Consumer Duty. Link to Original and Updated Statement here SUSTAINABLE FINANCE/ESG CP24/8: Extending the SDR Regime to Portfolio Management On 27 September 2024, the Financial Conduct Authority (FCA) updated the webpage on its consultation on extending the Sustainability Disclosure Requirements (SDR) and investment labels regime to portfolio management. In its update, the FCA states that it is carefully considering the feedback to ensure that the regime protects consumers but also recognises and takes account of any practical challenges that firms may have. The FCA goes on to say that it is aware, through the consultation feedback and industry engagement, that it is taking longer than expected for some asset managers to comply with the SDR and labelling regime and of the potential impact this might have on portfolio managers. As a result, it intends to publish a Policy Statement and further information about implementation in Q2 2025. Link toWebpage here Australia Advances Sustainable Finance Agenda On 24 September 2024, the Australian Sustainable Finance Institute (ASFI) released its fourth annual Progress Tracker on the implementation of the Australian Sustainable Finance Roadmap. The ASFI says the report highlights important progress in the last year to develop sustainable finance architecture and increase capital flows for sustainable activities. The ASFI says a significant development in 2024 was the release of the Australian Government’s Sustainable Finance Roadmap, which sets out a pathway for policy and regulatory reform to support the transparency and credibility of sustainable finance markets in Australia and help investors and companies to manage sustainability related risks. Key areas of progress in the past 12 months include the establishment of Australia’s mandatory climate-related disclosure regime, continued development of Australia’s sustainable finance taxonomy, and the issuance of Australia’s first sovereign green bond. The ASFI says that, despite these gains, the average score across all 37 Roadmap Recommendations is 2.8 out of 5.0 – an increase of just 0.2 from 2023. Sustainable finance flows in Australia in 2024 are tracking at least on par with 2023, consistent with global trends. Link to Report here DNB Consults on Proposed Changes to Pension Fund Reporting Statements On 11 September 2024, De Nederlandsche Bank (DNB) published a consultation on amendments to the Pension Fund Reporting Statements Regulation 2015. The proposed amendments relate to the models for pension funds to be provided to DNB, included in Appendix 1 to the Pension Fund Reporting Statements Regulation 2015. DNB states that, in order to adequately monitor sustainability risks, it wants to implement changes to the annual reporting set for pension funds from financial year 2025. The consultation closes on 20 October 2024. Link to the Consultation (In Dutch) here