Global Trustee and Fiduciary Services Bite Sized Issue 12 2024

16 QUICK LINKS COSTS & CHARGES CSDR CRYPTOASSETS EMIR FINTECH FSB FUND LIQUIDITY MIFID II/MIFIR NBFI OPERATIONAL RESILIENCE SUSTAINABLEFINANCE/ESG T+1 ASIA NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2024 • Greenwashing and misleading conduct involving ESG claims; • Member services failures in the superannuation sector; • Auditor misconduct; and • Used car finance sold to vulnerable consumers by finance providers. ASIC says its enforcement priorities reflect emerging issues and risks the agency prioritises to detect, investigate and prosecute unlawful conduct affecting consumers, businesses and the economy. While ASIC’s strategic targets change from year to year, in keeping with shifting economic factors and the volatile risk environment, its enduring priorities remain the same. ASIC’s enduring priorities target: • Misconduct damaging market integrity including insider trading, continuous disclosure breaches and market manipulation; • Misconduct impacting First Nations people; • Misconduct involving a high risk of significant consumer harm, particularly conduct targeting financially vulnerable consumers; • Systemic compliance failures by large financial institutions resulting inwidespread consumer harm; • New or emerging conduct risks within the financial system; and • Governance and directors’ duties failures. Link to Enforcement Priorities here NORTH AMERICA SEC Announces Enforcement Results for Fiscal Year 2024 On 22 November 2024, the Securities and Exchange Commission (SEC) announced that it filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for USD8.2 billion in financial remedies, the highest amount in SEC history. The 583 enforcement actions represent a 26% decline in total enforcement actions compared to fiscal year 2023. Of those cases, the Commission filed 431 “stand-alone” actions, which was 14% less than in the prior fiscal year; 93 “follow-on” administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders, which was 43% less than the prior fiscal year; and 59 actions against issuers who were allegedly delinquent in making required filings with the SEC, which represented a decrease of 51%. The USD8.2 billion in financial remedies consisted of USD6.1 billion in disgorgement and prejudgment interest, also the highest amount on record, and USD2.1 billion in civil penalties, the second-highest amount on record. In addition, in fiscal year 2024, the SEC obtained orders barring 124 individuals from serving as officers and directors of public companies, the second-highest number of such bars obtained in a decade. In fiscal year 2024, the SEC distributed USD345 million to harmed investors, marking more than USD2.7 billion returned to investors since the start of fiscal year 2021. The SEC also received 45,130 tips, complaints, and referrals in fiscal year 2024, the most ever received in one year, including more than 24,000 whistleblower tips, more than 14,000 of which were submitted by two individuals. The SEC issued whistleblower awards totalling USD255 million.