Global Trustee and Fiduciary Services Bite-Sized Issue 1 2025

19 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 Through the Consumer Composite Investments (CCI) regime, the FCA wants consumers to: • Be presented with information that is accurate, understandable, and broadly comparable. • Engage with product information and use it in their decision-making process. • Be able to compare investments more effectively, and more easily find the best product for their needs. The regime will apply to any firm that manufactures or distributes a CCI to retail investors in the UK. Under the proposed rules, a CCI is an investment where the returns are dependent on the performance of, or changes in, the value of indirect investments. This includes funds, structured products, insurance-based investment products, contracts for difference and other complex investments like derivatives. The FCA says the consultation will be of interest to: • Consumers and consumer organisations. • Those who manufacture Packaged Retail and Insurance-based Investment Products (PRIIPs), Undertakings for Collective Investment in Transferable Securities (UCITS) (including overseas funds), non-UCITS retail schemes (NURS), or non-PRIIP packaged products (excluding pensions products), including: – Issuers or underwriters of securities that are or may be classed as PRIIPs (including businesses that do not require Part 4A authorisation under FSMA 2000). – Fund managers, including overseas fund managers. – Issuers of structured products and derivatives. • Those who advise on or sell PRIIPs, UCITS, NURS, or non-PRIIP packaged products, including: – Wealth managers, financial advisers and stockbrokers. – Discretionary investment management firms. – Life insurance companies. – Firms providing services in relation to insurance-based investments. – Firms operating retail investment platforms. • Industry bodies that represent or provide professional services to these groups. The consultation period closes on 20March 2025. The FCA says that it will publish a further consultationwith draft rules for consequential amendments and transitional provisions in early 2025. The FCA plans to issue a policy statement with final rules in 2025. Link to CP 24/30 here FCA Consults on New Private Stock Market Proposals for a new platform – The Private Intermittent Securities and Capital Exchange System (PISCES) – on which shares in private companies will be bought and sold were set out by the FCA on 17 December 2024. The FCA says that with many companies choosing to stay private for longer, there is increasing demand for investors to be able to trade shares in private companies more easily, so a world- leading innovation in private markets, PISCES could provide opportunities for more diversified returns for investors. Such opportunities come with risk, which is why the FCA is consulting on risk warnings for investors to help themmake informed investment decisions. PISCES was a central pillar of the Chancellor’s Mansion House speech just over a month ago, and the FCA has been working in partnership with the Treasury to build the right framework.