Global Trustee and Fiduciary Services Bite Sized Issue 7 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 7 | 2023 13 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 The SEC also adopted a record preservation requirement under Rule 17a-4(b)(17) for broker- dealers who rely on Rule 101’s or Rule 102’s new exception for nonconvertible debt securities and nonconvertible preferred securities. The adopting release will be published in the Federal Register. The final rules will become effective 60 days after publication in the Federal Register. Link to Final Rule here Link to Fact Sheet here Link to Statement by SEC Chair Gary Gensler here Link to Statement by SEC Commissioner Jaime Lizarraga here Link to Statement by SEC Commissioner Mark T. Uyeda here Link to Statement by SEC Commissioner Caroline A. Crenshaw here Link to Statement by SEC Commissioner Hester M. Peirce here SEC Adopts Rules to Prevent Fraud in Connection with Security-Based Swaps Transactions and Prevent Undue Influence over CCOs On 7 June 2023 the SEC adopted rules to prevent fraud, manipulation, and deception in connection with security-based swap transactions and to prevent undue influence over the chief compliance officer (CCO) of security-based swap dealers and major security-based swap participants (SBS Entities). The antifraud and anti-manipulation rule that has been adopted is designed to prevent misconduct in connection with effecting any transaction in, or attempting to effect any transaction in, or purchasing or selling, or inducing or attempting to induce the purchase or sale of, any security-based swap. The rule takes into account the features fundamental to a security- based swap and will aid the SEC in its pursuit of actions that directly target misconduct that reaches security-based swaps. The SEC also adopted a rule to protect the independence and objectivity of the CCO of a security- based swap dealer or major security-based swap participant. The adopting release will be published in the Federal Register. The final rules will become effective 60 days after the date of publication of the adopting release in the Federal Register. Link to Final Rule here Link to Fact Sheet here Link to Statement by SEC Chair Gary Gensler here Link to Statement by SEC Commissioner Jaime Lizarraga here Link to Statement by SEC Commissioner Mark T. Uyeda here Link to Statement by SEC Commissioner Caroline A. Crenshaw here Link to Statement by SEC Commissioner Hester M. Peirce here UNITED KINGDOM FCA Publishes its Liquidity Management Multi-firmReview and Companion Dear CEO Letter On 6 July 2023 the Financial Conduct Authority (FCA) published its Liquidity Management Multi- firm Review (the multi-firm review) and on the same day issued an accompanying Dear CEO Letter. The FCA’s multi-firm review found: • The building blocks and tools for effective liquidity management were usually in place at firms, but these lacked coherence when viewed as a full process and were not always embedded into daily activities. • Many firms attach insufficient weight to liquidity risk management in their governance oversight arrangements, as well as insufficient challenge and escalation, particularly in volatile environments.