Global Trustee and Fiduciary Services Bite-Sized Issue 7 2024

3 QUICK LINKS CBDC CYBERSECURITY DIVERSITY DORA FINTECH IOSCO MICA OPERATIONAL RESILIENCE PRIIPS RETAIL INVESTMENT PACKAGE SUSTAINABLE FINANCE/ ESG T+1 TOKENISATION ASIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 7 | 2024 The AFM says that the requirements applicable to ICT-related incidents are described in the regulation in Chapter III (Article 17-23). In addition, some of the requirements are further elaborated in the RTS for Article 15, 18(3), 20(a) and the ITS for Article 20(b). Supervision of the regulation The AFM reminds companies they have until January 2025 to comply with the regulations. DORA will then officially apply, and the AFM and Central Bank of the Netherlands will supervise the regulation. Link to AFMDORA Update here DORA RTS Published in the Official Journal On 25 June 2024, the following European Commission Delegated Regulations (CDR), supplementing the Digital Operational Resilience Act (DORA), were published in the Official Journal of the European Union: • CDR (EU) 2024/1772 supplementing DORA with regard to regulatory technical standards (RTS) specifying the criteria for the classification of ICT-related incidents and cyber threats, setting out materiality thresholds and specifying the details of reports of major incidents; • CDR (EU) 2024/1773 supplementing DORA with regard to RTS specifying the detailed content of the policy regarding contractual arrangements on the use of ICT services supporting critical or important functions provided by ICT third-party service providers; and • CDR (EU) 2024/1774 supplementing DORA with regard to RTS specifying ICT risk management tools, methods, processes, and policies and the simplified ICT risk management framework. The CDRs will enter into force on the twentieth day following their publication in the Official Journal. Link to CDR (EU) 2024/1772 here Link to CDR (EU) 2024/1773 here Link to CDR (EU) 2024/1774 here FINTECH FSDC Releases Report: ‘Embracing Digital ID: Accelerating Digital Transformation in Hong Kong’s Financial Services Industry’ On 28 June 2024, the Financial Services Development Council (FSDC) released a research report titled ‘Embracing Digital ID: Accelerating Digital Transformation in Hong Kong’s Financial Services Industry’. The FSDC says that the rapid expansion of the digital economy, driven by the widespread adoption of digital channels, has positioned digital identity (ID) solutions as a critical enabler for Hong Kong’s financial services industry. The research paper presents key recommendations to foster an ecosystem conducive to the development and adoption of digital ID systems, with a focus on driving innovation and collaboration within the financial services industry. The policy recommendations include: • Exploring full-fledged implementation of the iAM Smart initiative and supporting the development of private digital ID wallets; • Establishing a trust framework for the digital ID ecosystem; • Enabling interoperability through enhanced infrastructure and legal frameworks; • Harmonising digital ID standards for seamless cross-boundary interactions; and • Promoting trusted digital ID adoption and enhanced educational engagement. Link to Research Report here