Global Trustee and Fiduciary Services Bite-Sized Issue 8 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 8 | 2023 13 QUICK LINKS ANTI-MONEY LAUNDERING CBDC COSTS & CHARGES CRYPTOASSETS CULTURE & CONDUCT CYBERSECURITY EMIR FINTECH FSB FUND LIQUIDITY MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG AUSTRALIA ASIA IRELAND NORTH AMERICA UNITED KINGDOM UK FRC Issues Call for Evidence on IFRS Sustainability Disclosure Standards T he FRC, in its role as the Secretariat to the UK Sustainability Disclosure Technical Advisory Committee, issued a call for evidence on 19 July 2023 to inform the proposed endorsement of the IFRS Sustainability Disclosure Standards in the UK. This call for evidence seeks views on whether application of these standards in a UK context will result in disclosures that are understandable, relevant, reliable and comparable for investors. It also considers technical feasibility, timeliness alongside financial reporting, and proportionality of costs to benefits. The call for evidence closes on 11 October 2023. Link to FRC Homepage here Link to Press Release here FSB Outlines Next Steps on Climate Roadmap Following the Finalisation of the Global Sustainability Disclosure Standards The Financial Stability Board (FSB) published its annual progress report on the FSB Roadmap for Addressing Climate-Related Financial Risks, on 13 July 2023. This Roadmap was then delivered to a G20 Finance Ministers and Central Bank Governors meeting on 17-18 July in Gandhinagar, India. The report takes stock of progress by the FSB, standard-setting bodies and other international organisations on the actions coordinated through the Roadmap, outlines areas for further attention and provides updates to the detailed Roadmap actions. The FSB say that steady progress has been made across all four blocks of the Roadmap: • Firm-level disclosures; • Data; • Vulnerabilities analysis; and • Regulatory and supervisory practices and tools. Across all blocks of the Roadmap, the FSB says that financial institutions’ progress in addressing climate-related financial risks relies on the non-financial corporate sector making similar progress, including in the areas of firm-level disclosures, addressing data gaps and transition plans. Link to Press Release here Link to FSB Roadmap here ESMA Updates Sustainable Finance Implementation Timeline On 12 July 2023, the European Securities and Markets Authority (ESMA) published an updated sustainable finance implementation timeline covering: • The Sustainable Finance Disclosures Regulation (SFDR); • The SFDR delegated regulation; • The Taxonomy Regulation (TR); • The TR Article 8 delegated act; • The Corporate Sustainability Reporting Directive; • MiFID and Insurance Distribution Directive delegated acts; and • UCITS and AIFMD delegated acts. Link to Implementation Timeline here