Global Trustee and Fiduciary Services Bite-Sized Issue 9 2024

5 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 TOKENISATION SFC Welcomes Launch of Project Ensemble Sandbox as Key Step in Hong Kong’s Tokenisation Development On 28 August 2024, the Securities and Futures Commission (SFC) announced that it welcomed the Hong Kong Monetary Authority’s (HKMA) launch of the Project Ensemble Sandbox (the Sandbox). The SFC also co-leads, with the HKMA, the tokenisation initiatives for the asset management industry to build and scale the tokenisation market in Hong Kong. The SFC says that the launch of the Sandbox marks an important effort by the regulatory and financial community to drive a common standard for tokenised asset settlement in the Hong Kong market and beyond. The SFC states that through the various use cases, participating financial institutions will pilot-test interbank settlement of tokenised asset transactions with tokenised money. And that they will also identify hurdles in reaping the full benefits of on-chain primary issuance, secondary market trading, custody and hypothecation during the full product life cycle. In the process, the SFC says that it will work closely with the HKMA to provide regulatory guidance and address the industry’s concerns that arise from these cases. At the Sandbox launch ceremony hosted by the HKMA, Ms Julia Leung, Chief Executive Officer of the SFC, delivered opening remarks in support of the Sandbox as well as the industry ’s adoption of tokenisation. Link to SFC Press Release here Link to Ms Julia Leung, CEO of the SFC, Opening Remarks here Link to HKMA Press Release on Project Ensemble Sandbox Launch here AUSTRALIA ASIC Publishes its Corporate Plan 2024-25 On the 22 August 2024, the Australian Securities and Investments Commission (ASIC) published its Corporate Plan for 2024-25. In an accompanying press release, ASIC state that Australia’s public and private markets and emerging financial products will form a new pillar of ASIC’s expanded strategic priorities. ASIC Chair, Joe Longo, states in the press release that “the agency’s [ASIC] latest Corporate Plan included a new pillar in its strategic priorities that underscored a commitment to strengthening integrity across Australia’s markets. Mr Longo also states that “while the overarching themes of our existing strategic priorities remain consistent, our updated Corporate Plan demonstrate how we are evolving and adapting to the changing needs of our operating environment.” ASIC strategic priorities are: • Improve consumer outcomes; • Address financial system climate change risk; • Better retirement outcomes and member services; • Advance digital and data resilience and safety; and • Drive consistency and transparency across markets and products. Link to ASICMedia Release here Link to ASIC Corporate Plan 2024-25 here