Global Trustee and Fiduciary Services Bite-Sized Issue 8 2023

Global Trustee and Fiduciary Services Bite-Sized | Issue 8 | 2023 20 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 potential unintended consequences, assessing compliance with the rule and examining the wider state of t he market after an intervention. • Ex-post impact evaluation – where the FCA focus is on quantifying the impact of its interventions and more reliably attributing an impact to the FCA’s actions. The draft Framework also sets out what actions the FCA may take where a review shows that there are barriers to the rules working as intended. These include considering whether: • The FCA can improve understanding of the existing rule, for example, through additional guidance. • A change to the rule is needed (including varying or revoking the rule). • A further, more detailed, review would be helpful. The consultation period closes on 15 September 2023. Link to the Draft Framework here Building a Smarter Financial Services Regulatory Framework for the UK On 11 July 2023 HM Treasury (HMT) published its plan for delivering the next stage in the UK post-Brexit repeal and replacement of retained EU financial services regulations. The document, titled Building a Smarter Financial Services Regulatory Framework for the UK: HM Treasury’s Plan for Delivery, sets out the UK government’s approach to deliver the repeal of retained EU laws in order to bring the current transitional period to an end. It sets out the progress announced by the Chancellor of the Exchequer as part of his 2023 Mansion House speech and explains the government’s plan to deliver progress by the end of the year. In addition to the document HMT also published a series of papers in relation to the delivery of the new regulatory framework, including: • Draft Securitisation Regulations 2023 and accompanying policy note; • An interim report by the Digitisation Taskforce seeking feedback on potential recommendations for government, regulators and market participants, in order to achieve full digitisation of the UK shareholding framework; • A consultation on the digital securities sandbox which will enable firms to set up and operate financial market infrastructures using innovative digital asset technology, performing the activities of a central securities depository (specifically notary, settlement and maintenance), and operating a trading venue, under a legislative and regulatory framework that has been temporarily modified to accommodate digital asset technology. • The UK government’s response to its December 2022 consultation on PRIIPs and UK retail disclosure, confirming its intention entirely to remove from legislation all firm-facing retail disclosure requirements currently in the PRIIPs Regulation and setting out its vision for the new retail disclosure framework and further details on next steps to deliver this reform; • A summary of responses to the December 2022 call for evidence on the Short Selling Regulation; and • A consultation on the UK government’s proposal to delete aspects of the SSR related to sovereign debt and credit default swaps. Link to the FrameworkWebpage here