Global Trustee and Fiduciary Services Bite Sized Issue 7 2023

CRYPTOASSETS FCA Introduces Tough New Rules for Marketing Cryptoassets On 8 June 2023 the Financial Conduct Authority (FCA) announced that those marketing cryptoassets to UK consumers will need to introduce a cooling-off period for first time investors from 8 October 2023, under new advertising rules announced by the FCA – Policy Statement 23/06 – Financial promotion rules for cryptoassets. (PS23/6). The FCA states that as part of a package of measures designed to ensure those who buy crypto understand the risk, ‘refer a friend’ bonuses will also be banned. The new rules mean crypto firms must ensure that people have the appropriate knowledge and experience to invest in crypto. Those promoting crypto must also put in place clear risk warnings and ensure adverts are clear, fair and not misleading. The FCA’s rules follow government legislation to bring crypto promotions into the regulator’s remit. The approach taken to the promotion of crypto is consistent with the rules introduced by the FCA last year to tackle misleading financial advertisements of high-risk investments. It also supports the FCA’s three core commitments laid out in the 2023/24 business plan to reduce and prevent serious harm, set and test higher standards and promote competition and positive change. The FCA is also consulting on additional guidance setting out expectations of firms advertising crypto to UK consumers. Deadline for response is 10 August 2023. Link to PS23/6 here Link to Guidance Consultation GC23/1 here Link to Research Note here CYBER ASIC Invites Australian Entities to Assess Their Cyber Resilience On 13 June 2023 the Australian Securities and Investments Commission (ASIC) invited ASIC- regulated entities, including publicly listed companies and other entities holding licences and authorisations, to take part in a survey to measure cyber resilience in Australia’s corporate and financial markets. The ASIC cyber pulse survey will be one of the largest conducted into Australia’s cyber resilience, and will measure entities’ current cyber security and controls, governance arrangements, and incident preparedness. Participation in the survey is voluntary, with all responses anonymised. The survey has been designed to help an entity assess its ability to: Securities Services CONTENTS Bite-Sized Global Trustee and Fiduciary Services Issue 7 | 2023 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