Global Trustee and Fiduciary Services Bite Sized Issue 7 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 7 | 2023 11 QUICK LINKS CRYPTOASSETS CYBER DORA ELIGIBLE ASSETS DIRECTIVE FINANCIAL STABILITY BOARD FINTECH LTAF MICA MIFID II/MIFIR NBFI SUSTAINABLE FINANCE/ ESG ASIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM • Become an enhanced data hub – Bolster ESMA as EU securities markets data hub, focusing on improved data and information accessibility, interoperability and usability, and achieving synergies and economies of scale; • Ensure access to data of public interest – Contribute to providing easily accessible and usable information to the market participants, including to retail investors, in machine readable formats and via user-friendly search and analytical interfaces; • Promote data-driven supervision – Enable cutting-edge, smart and effective data-driven supervision by joint developments and use of novel technologies; • Increase data collaboration – Achieve better data standardisation, quality and reusability, and to promote the adoption of innovative technologies; • Produce efficient data policy output – Reduce the compliance burden for reporting entities by reducing duplicative and inconsistent requirements, optimising reporting flows, effective and efficient data sharing, and exploiting emerging technologies; and • Facilitate systematic data use – Establish processes, methodologies and tools enabling systematic use of data for evidence-based policy development, supervision and risk assessment. Link to Data Strategy 2023-2028 here ESMA Updates its Q&As on AIFMD and UCITS Directive On 14 June 2023 the European Securities and Markets Authority (ESMA) updated its questions and answers (Q&As) on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. The AIFMD document contains new Q&As in the following sections: • Section II: Notifications of AIFs; • Section IV: Notification of AIFMs; and • Section VII: Calculation of leverage. The UCITS document contains new Q&As in the following sections: • Section I –Question8.Management of AIFs andpension schemes byUCITSmanagement companies; • Section IV – Question 9. De-notification of marketing arrangements for UCITS; and • Section IV – Question 10. Scope of activities passported by UCITS management companies. Link to Updated AIFMD Q&A here Link to Updated UCITS Q&A here ESMA Publishes Follow-up Report to the Peer Review on the Guidelines on ETFs and Other UCITS Issues On 7 June 2023 ESMA published its follow-up report to the peer review on the Guidelines on ETFs and other UCITS issues. The follow-up report says that the National Competent Authorities (NCAs) have strengthened their supervisory practices, enhanced internal and external guidance, and performed supervisory work in the area of Exchange-traded funds (ETFs) and other Undertakings for Collective Investment in Transferable Securities (UCITS) since 2018. At the same time, ESMA notes that there are still concerns in relation to the level of costs for some UCITS using Efficient Portfolio Management techniques. NCAs are expected to continue monitoring the effective application of the Guidelines and the effectiveness of the supervisory practices implemented taking supervisory action when needed. Further work, notably in the areas of costs, fees and revenues for Efficient Portfolio Management Techniques and Instruments, could continue at EU level. Link to Follow-up Report here