Global Trustee and Fiduciary Services Bite-Sized Issue 12 2025

14 QUICK LINKS COSTS & CHARGES CRYPTOASSETS FINTECH FSB IOSCO OPERATIONAL RESILIENCE SAVINGS AND INVESTMENT UNION SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2025 T+1 UK AST Publishes T+1 Preparation Survey Findings On 25 November 2025, the UK Accelerated Settlement Taskforce (AST) published the results of a new UK T+1 Pulse Survey which found, according to AST, that strong progress is being made to ensure readiness for the UK’s move to T+1 settlement, with 95% of firms now preparing for the transition. The survey highlights several practical priorities for firms seeking to stay on track for the October 2027 implementation: • Assess budget and resource allocation: 62% of firms expect to implement T+1 for under USD 500k, while 4%will spend more than USD 5 million, but cost underestimation remains a risk for complex operations. • Accelerate internal automation: Over 75% of brokers plan to increase automation in securities lending, standing settlement instructions (SSIs), and corporate actions. Firms that haven’t started should focus here first. • Engage counterparties early: With 62% citing third-party dependencies on clients and counterparties as critical, collaboration and testing across the ecosystem are key. • Update fund dealing cycles and processes: 85% of fund managers plan to change dealing cycles because of T+1; firms need to ensure their front-to-back workflows align. • Invest in people and process training: With most efforts focused on technology, operational readiness and staff enablement must keep pace. Link to the Survey here HM Treasury Publishes Draft Rule to Require T+1 Settlement On 20 November 2025, HM Treasury (HMT) published a draft statutory Instrument (SI) in advance of laying it in Parliament to aid stakeholder preparations by providing clarity on how the T+1 requirement is intended to apply. The proposed changes amend Article 5(2) of the UK central securities depositories regulation, reducing the maximum settlement period for transferable securities from “the second business day after the trading takes place” to “the first business day…” The proposed changes also introduce exclusions such as bilateral and private transactions, initial offer, and stock lending, repo., reverse repo., etc. Pending any technical comments received on the draft, the government intends to lay the final SI in advance of 11 October 2027, allowing ample time for appropriate legislative processes and Parliamentary scrutiny to take place beforehand and to provide early certainty for the sector. Alongside the draft SI, HMT published a policy note which explains the approach taken. The government welcomes any technical comments on the draft SI by 27 February 2026. Link to the Proposed SI and Policy Note here ASIA PACIFIC ASIC Calls for Feedback on Stamp Duty and Portfolio Holdings Disclosure Requirements for Super Funds On 28 November 2025, the Australian Securities & Investments Commission (ASIC) published two consultations, aimed at the superannuation and investment management sectors, on changes to stamp duty and portfolio holdings disclosure requirements. This follows a targeted review of superannuation investment disclosure requirements announced in August 2025.