Global Trustee and Fiduciary Services Bite-Sized Issue 12 2025

16 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 The SFC said it will continue to work closely with the industry and regulatory authorities to further enhance the Cross-boundary WMC and support its growth as a vital initiative for cross-boundary financial connectivity and development in the Greater Bay Area. Link to Circular here Roadmap for Capital Markets to Grow the Australian Economy On 5 November 2025, ASIC published its roadmap to promote strong, efficient, and globally competitive capital markets in Australia. ASIC said the report, Advancing Australia’s evolving capital markets: Discussion paper response (REP 823), outlines a roadmap to unlock opportunities and tackle emerging risks in Australia’s public and private markets by embracing new capital flows and technologies, keeping pace with evolving investor needs, and making it easier for business and growth capital. The roadmap draws on critical findings from ASIC’s new surveillance into the private credit sector (REP 820) . The report builds on the private credit expert insights released in September (REP 814) , along with industry and expert insight from submissions received from around 100 sources in response to ASIC’s discussion paper. ASIC said it strongly backs the modernisation of public markets to fuel growth and encourage participation, including support for new listing frameworks and robust trading platforms. The report details ASIC’s work to streamline IPOs and disclosure requirements, and the need for market operators and government to closely consider director responsibilities, free float requirements and facilitating more foreign listings. In private markets, the report outlines that ASIC needs better tools from government for effective supervision of funds, including notification of wholesale funds in operation, data collection, and independent audited financial reports for wholesale funds. The report also underscores the role private credit is playing in Australia’s financial system and sets out clear principles, grounded in the law, for private markets to lift practices to promote confident and informed participation by investors and borrowers. In addition, for private credit, ASIC said it will: • Issue a catalogue that summarises fund managers’ legal obligations and related ASIC regulatory guidance; • Refresh funds management regulatory guidance on a targeted basis; and • Engage with industry bodies as they work to enhance industry standards. Link to Advancing Australia’s Evolving Capital Markets: Response Paper (REP 823) here Link to Speech by Joe Longo, Chair, ASIC here EUROPE European Commission Announces NewDigital Package On 19 November 2025, the European Commission (Commission) announced a new digital package, aimed at simplifying digital rules focussing on reducing administrative burdens and compliance costs, thereby enabling European companies, particularly start-ups and SMEs, to grow and remain competitive in the global digital economy. The core of the package is a “digital omnibus” that streamlines regulations across Artificial Intelligence (AI), cybersecurity, and data, complemented by a Data Union Strategy and the introduction of European Business Wallets. The Digital Omnibus: Streamlining Regulations The digital omnibus is a central pillar of the package, proposing simplifications to existing rules in AI, cybersecurity, and data.