Global Trustee and Fiduciary Services Bite-Sized Issue 12 2025

4 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 Joint Regulation with the FCA Non systemic stablecoin issuers will be regulated by the FCA. If recognised as systemic by HM Treasury , they will transition into the Bank’s regime and will be jointly regulated, with the Bank overseeing prudential and financial stability risks, and the FCA continuing to supervise conduct and consumer protection. The Bank says it and the FCA will publish a joint approach document in 2026 to clarify how rules will apply in practice and support a smooth transition between regimes. The consultation is open until 10 February 2026. Link to Consultation here Link to The Role of Holding Limits for Sterling-denominated Systemic Stablecoins and a Potential Digital Pound here SFC Issues New guidance for Licensed Virtual Asset Trading Platforms to Tap Global Liquidity and Diversify Offerings On 3 November 2025, the SFC set out its expected standards in two new circulars for SFC-licensed virtual asset trading platform operators (PlatformOperators) to take a significant step in tapping global liquidity and broadening the range of their product and service offerings. The circular on shared liquidity by virtual asset trading platforms sets out the SFC’s regulatory approach and expected standards for SFC-licensed PlatformOperators to integrate their order books with those of global affiliate virtual asset trading platform operators (OVATP). Orders from different platforms will be permitted to be combined into an aggregate shared liquidity pool, enabling order matching and execution across platforms (Shared Order Book). The circular on expansion of products and services of virtual asset trading platforms, has been issued by the SFC to broaden the range of products and services that can be offered by SFC- licensed virtual asset trading platforms (VATPs), as part of its initiatives to foster the continued healthy development of Hong Kong’s digital asset ecosystem. Link to Circular on Shared Liquidity by Virtual Asset Trading Platforms here Link to Circular on Expansion of Products and Services of Virtual Asset Trading Platforms here FINTECH MEPs Adopt Guidelines for Use of AI in the Financial Sector On 25 November 2025, the Members of the European Parliament (MEPs) adopted a resolution laying out their priorities regarding the use of artificial intelligence (AI) in the financial sector. The resolution looks at the rapidly growing use of AI by the financial sector, recognising its potential to improve efficiency, innovation, consumer services, and investments. In addition, MEPs say that there is strong potential for AI to benefit the financial sector through fraud detection, personalised advice, transaction monitoring, and Environmental, Social and Governance (ESG) data analysis. The resolution asks the European Commission and supervisory authorities to issue clearer, proportionate guidance rather than producing new rules. It also urges supervisory authorities to cooperate better, including through consistent interpretations, information-sharing, and cross-border coordination. MEPs also call for greater investment in AI, increasing AI literacy and reskilling, researching the environmental footprint of AI, setting up AI-specific regulatory ‘sandboxes’, and reducing regulatory barriers for AI-based financial firms. Link to the Resolution here Link to ECON Report here MAS Guidelines for Artificial Intelligence Risk Management On 13 November 2025, the Monetary Authority of Singapore (MAS) issued a consultation paper proposing a set of Guidelines on Artificial Intelligence Risk Management (Guidelines) to guide financial institutions on the responsible use of AI in the financial sector.