Global Trustee and Fiduciary Services Bite-Sized Issue 10 2024

9 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 Australian Sustainable Finance Taxonomy InterimReport On 10 September 2024, the Australian Government published the ASFI Grant Report for Treasury titled Developing an Australian Sustainable Finance Taxonomy – Initial Phase. The ASFI says that it and the Australian Government have partnered to develop an initial Australian sustainable finance taxonomy (Australian Taxonomy Project). TASFI says that this partnership reflects a shared appetite across government, the finance sector and industry for consistent, credible frameworks to support sustainable finance markets in Australia. This report is comprised of three sections. 1. An overview of the Australian taxonomy’s development to date, including: a. The Taxonomy Technical Expert Group’s (TTEG) recommendations on the taxonomy issues outlined in the scope of the project; b. The technical screening criteria for the first three priority sectors for development (electricity generation and supply; minerals; mining and metals; and built environment) against the climate change mitigation objective; and c. The relevant data and research relied upon to develop the draft recommendations and the technical screening criteria. 2. An alignment analysis of the taxonomy deliverables – including the draft technical screening criteria – with the policy objectives set out in the Terms of Reference (linked in the Report). 3. A summary of stakeholder consultation undertaken to date, including: a. Stakeholders consulted and who they represent; b. When and how often each stakeholder was consulted; and c. Key insights from stakeholder consultation. Link to Report here FCA Sets Out Temporary Measures for Firms on ‘Naming and Marketing’ Sustainability Rules On 9 September 2024, the FCA issued a statement offering firms temporary flexibility to comply with ‘naming and marketing’ rules under the Sustainability Disclosure Requirements (SDR) regime. The FCA states that it is offering limited temporary flexibility, until 5pm on 2 April 2025, for firms to comply with the ‘naming and marketing’ rules (i.e. ESG 4.3.2R to ESG 4.3.8R of the ESG sourcebook) in relation to a sustainability product which is a UK authorised investment fund in exceptional circumstances where the firm: • Had submitted a completed application for approval of amended disclosures in line with ESG 5.3.2R for that fund by 1 October 2024; and • Is currently using one or more of the terms ‘sustainable’, ‘sustainability’ or ‘impact’ (or a variation of those terms) in the name of that fund and is intending either to use a label, or to change the name of that fund. Where firms can comply with the rules without requiring this flexibility, the FCA states that they should do so. The FCA states that it also expects firms to comply with the rules as soon as they can, without waiting until 2 April 2025. The FCA states that firms must continue to comply with all other relevant rules, including the anti- greenwashing rule. The temporary measures do not apply to funds using other sustainability-related terms in their names that are not specified above. The FCA says that firms facing difficulty complying with any of the SDR rules or the guiding principles for their out-of-scope funds should talk to their supervisor or usual supervisory contact. Link to Statement here