Global Trustee and Fiduciary Services Bite-Sized Issue 12 2025

15 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 ASIC is proposing: • Stamp duty disclosure changes: ASIC is proposing stamp duty be disclosed as an average amount over seven years, rather than an annual sum, in fees and costs summaries. The proposal would require a change to ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070 (Instrument 2019/1070 ). • Private debt transparency: Class order relief for superannuation trustees, aligning portfolio holdings disclosure obligations for internally-managed private debt with externally-managed private debt. The comment period for both consultations ends on 20 February 2026. Link to CS 38 Proposed Relief for Disclosure of Private Debt Arrangements here Link to CS 39 Proposal to Amend Stamp Duty Disclosure Requirements here SFC Further Streamlines Measures for Authorised EU-regulated Retail Funds to Implement Changes Efficiently On 28 November 2025, the Securities and Futures Commission (SFC) announced a series of streamlined post-authorisation measures for UCITS funds in a circular to facilitate their implementation of changes that are in compliance with their home jurisdiction regulation. Recognising that UCITS funds offer robust investor protection on par with Hong Kong’s standards, the SFC said it considers further streamlining appropriate after its thorough review and engagement with market participants. With the measures immediately coming into effect, the SFC estimates a drop of about 50% in the number of scheme change applications submitted by UCITS funds for its approval. Under the streamlined measures, the SFC no longer requires UCITS funds to seek its prior approval for changes to depositories and investment delegates supervised by the fund’s home regulator. Nor is the SFC’s approval needed for material changes in investment objectives, policies and restrictions which comply with its home jurisdiction requirements. Additionally, the SFC said it has aligned its notification requirements with those of the fund’s home jurisdiction. To facilitate the industry’s understanding of the latest measures, the SFC also published updated FAQs on its website. Link to Circular here SFC Unveils Enhancements to Facilitate Client Interaction Under Cross-boundary Wealth Management Connect On 13 November 2025, the SFC announced new enhancements to the Cross-boundary Wealth Management Connect Pilot Scheme (Cross-boundary WMC) to foster closer communication between participating licensed corporations (Participating LCs) and their clients under the scheme. The SFC has set out in a circular the implementation details of the enhancements for client interaction, with key arrangements including: • Participating LCs can now obtain one-off written consent – valid for up to one year – from Southbound Scheme clients who are not physically present in Hong Kong, thereby enabling these Participating LCs to explain product information based on each client’s needs and selected product categories. • Upon the request of Southbound Scheme clients, Mainland partner brokers within the same corporate groups as the Participating LCs (Partner Brokers) can arrange online three-party dialogues with the Participating LCs at their respective places of business, where the Participating LCs can explain product information to their clients. • With one-off written consent fromSouthbound Scheme clients, Participating LCs can provide their clients with research reports on individual investment products prepared by their Partner Brokers. The SFC said the above arrangements also apply to the Northbound Scheme.