Global Trustee and Fiduciary Services Bite-Sized Issue 1 2025

15 QUICK LINKS AIFMD CRYPTOASSETS EMIR FINTECH MIFID II/MIFIR MMF NBFI OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG ASIA IRELAND LUXEMBOURG NETHERLANDS NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 1 | 2025 Examples provided by MAS include scenarios such as: • Co-investments; and • Allocation of investments and transactions that the FMC or its related parties and/or employees are interested in. The examples and recommended practices generally emphasise that FMCs should manage funds in the best interests of their customers and in compliance with the applicable investment mandate of the fund. Adequate disclosure of potential conflicts of interest should also be provided to customers. When causing funds to enter into transactions that the FMC is or its connection persons are interested in, such transactions should be on an arm’s length basis, and appropriate prior approval should be sought from the relevant committee (e.g., the Limited Partner Advisory Committee) by the FMC, with such approval being properly documented. Link to MAS Homepage here ASIC Reissues Regulatory Guide 133 on Funds Management and Custodial Services On 10 December 2024, the Australian Securities and Investments Commission (ASIC) reissued Regulatory Guide 133 Funds management and custodial services: Holding assets (RG 133) to provide the latest guidance to asset-holding Australian financial services (AFS) licensees. ASIC says that relevant AFS licensees include responsible entities of registered managed investment schemes and licensed providers of custodial services. This latest version of RG 133, which replaces guidance issued in June 2022, includes the following revisions: • Updated references to relevant legislative instruments, including legislative instruments imposing financial requirements; and • Good practices for crypto-assets holders (such as custodians of crypto-assets which are financial products), including maintaining robust information security controls and risk management processes. Link to Press Release here IRELAND Central Bank Establishes Dedicated Fitness and Probity Unit On 19 December 2024, the Central Bank of Ireland (CBI) announced the establishment of a dedicated Fitness and Probity Unit. The CBI says the fitness and probity regime is a critical element of financial regulation, protecting the public interest by ensuring that people who work in key positions in a financial firm are competent and capable, honest, ethical and of integrity and financially sound. Since 2020 the Central Bank of Ireland has approved appointments to more than 11,000 roles under the regime. Link to Press Release here LUXEMBOURG CSSF Issues the New FAQ on Circular CSSF 24/856 On 24 December 2024, the Commission de Surveillance du Secteur Financier (CSSF) published CSSF FAQ on Circular CSSF 24/856 (FAQ) which entered into force on 1 January 2025, and which repealed the existing CSSF FAQ on Circular CSSF 02/77 on the same date. The CSSF says the new FAQ still includes a series of questions from the FAQ regarding Circular CSSF 02/77 insofar as these questions are still relevant in the context of the new circular. Most questions from the FAQ regarding Circular CSSF 02/77 have been withdrawn as the related clarifications have been integrated in the new Circular CSSF 24/856.