Global Trustee and Fiduciary Services Bite Sized Issue 10 2025

8 QUICK LINKS FINTECH MIFID II/MIFIR OPEN FINANCE SUSTAINABLE FINANCE/ESG T+1 ASIA AUSTRALIA EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 10 | 2025 The Phase 2A prototype introduces several enhancements aimed at supporting Hong Kong’s decarbonisation efforts, facilitating the region’s transition to a low-carbon economy, and reinforcing Hong Kong’s position as an international financial centre and a leading green finance hub. The prototype development has been guided by market feedback, government policies, industry needs, and the latest technological advancements. The key enhancements made in the Phase 2A prototype include: 1. Expanded sector coverage : Two new sectors critical to the decarbonisation of the region and beyond, namely manufacturing and information and communications technology, have been added to the four sectors under Phase 1, increasing the total number of sectors from four to six; 2. Increase in economic activities : Thirteen new economic activities have been added, bringing the total number of economic activities from 12 to 25. Updates have also been made to the technical screening criteria of a number of activities introduced under Phase 1; 3. Transition elements : Transition elements, including interim decarbonisation targets, measures to support transition and sunset dates (which specify the time by which transition elements will conclude), have been added; and 4. New environmental objective : A new environmental objective, namely climate change adaptation, has been introduced to address the growing funding needs for managing physical risks and responding to the increasing frequency of extreme weather events. The consultation closed on 8 October 2025. Link to Consultation here T+1 Publication of the swissSPTC’s T+1 Recommendations On 12 September 2025, the Swiss Securities Post-Trade Council (swissSPTC) published its Recommendation Paper on the transition to a T+1 settlement cycle in Switzerland and Liechtenstein. The document provides a comprehensive overview of the proposed approach, key dependencies, and priorities in view of the joint migration with the EU and UK on 11 October 2027. Also, on the same day, the swissSPTC launched a public market consultation seeking feedback from all relevant market participants on the swissSPTC’s recommendations. The consultation is primarily addressed to all Swiss and Liechtenstein market participants (e.g., banks, market infrastructures, issuers, institutional investors, authorities, industry associations, service providers). The swissSPTC encourages to actively contribute to this consultation as, it says, a broad engagement will be essential to ensure that the transition to T+1 is both operationally viable and aligned with international developments. The consultation period closed on 12 October 2025. Link to Recommendations here European Union Parliament and Council Adopt Amendments to CSDR to Enable T+1 Settlement On 10 September 2025, the European Parliament adopted proposals to amend the Central Securities Depositories Regulation (CSDR) to enable the settlement period for transactions in transferable securities captured by the CSDR to shorten from the current T+2 to T+1. The proposals approved by the European Parliament include amendments to the European Commission proposals covering: • The exclusion of securities financing transactions (e.g., stock lending, repurchase agreements, and sell-buy/buy-sell back transactions) from the T+1 requirement; • New requirements under CSDR Article 74 to report the categories of transactions, the intended settlement date of the transactions and whether the transactions are executed on trading venues, upon request by the European Commission; and