Global Trustee and Fiduciary Services Bite-Sized Issue 9 2024

12 QUICK LINKS AI DORA FUND LIQUIDITY MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG TOKENISATION AUSTRALIA ASIA EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 9 | 2024 FRC Publish Discussion Paper on the Opportunities for the Future of Digital Reporting On 13 August 2024, the Financial Reporting Council (FRC) published a Discussion Paper which addresses changes in the regulatory landscape and considers the impact of the recently passed Economic Crime and Corporate Transparency Act 2023. Key topics covered in the Discussion Paper include: • Potential alternatives to the European Single Electronic Format (ESEF) taxonomy for UK regulated markets; • Proposed changes to structured digital reporting to support regulatory disclosure initiatives; • Considerations for mandatory assurance of digital tagging; • The impact of “full tagging” requirements on companies and charities; and • Strategies to support stakeholders in adapting to new digital reporting requirements. The Discussion Paper seeks input from a wide range of stakeholders, including preparers of financial reports, investors, software vendors, accountants, and regulators. It aims to help shape the future of digital reporting in the UK, ensuring it meets the needs of all users while promoting transparency, comparability, and efficiency in corporate reporting. Deadline for responses is 1 November 2024. Link to Discussion Paper here Reappointment of the Financial Services Regulation Committee and Reopening of its Inquiries It was announced on 5 August 2024, that the Financial Services Regulation Committee (the Committee) was reappointed by the House of Lords on 29 July 2024, following the State Opening of Parliament on Wednesday 17 July. The Committee was created in early 2024 following the passing of the Financial Services and Markets Act 2023 which repealed retained EU law for financial services and established a new framework for the regulation of financial services in the United Kingdom. The Committee will resume its inquiries into the secondary international competitiveness and growth objective given to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) and the FCA’s consultation paper CP24/2 on publicising enforcement investigations. The Committee has reopened the calls for evidence associated with both these inquiries and invites written submissions from all relevant stakeholders. Submissions on the FCA enforcement guidance consultation are open until 11 October 2024. Submissions on the FCA and PRA’s secondary competitiveness and growth objective are open until 29 November 2024. Link to UK Parliament Press Release here