Global Trustee and Fiduciary Services Bite-Sized Issue 12 2025

7 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 • Resolution Frameworks: The FSB’s 2026 work on resolution will focus on improving implementation monitoring of standards, addressing funding in resolution challenges, and enhancing cross-border bail-in effectiveness. • Insurance: The Plenary welcomed the use of the International Association of Insurance Supervisors’ Holistic Framework assessments and approved the publication of the annual list of global systemically important insurers requiring resolution planning standards, along with a consultation on recovery and resolution planning requirements for insurers. Link to Announcement here IOSCO IOSCO Publishes Consultation Report on Valuing CIS On 17 November 2025, the International Organization of Securities Commissions (IOSCO) published its consultation report on valuing collective investment schemes (CIS). IOSCO’s proposals consist of 13 updated recommendations that will combine its 2007 Principles for the Valuation of Hedge Fund Portfolios with its 2013 Principles for the Valuation of Collective Investment Schemes (collectively, the Principles). Key revisions relate to: • Oversight arrangements; • Governance under stressed market conditions; • Management of conflicts of interest; • Fair value; • Back testing; • Use of third-party valuation service provider; • Stale valuations; and • Record keeping. IOSCO said that it had found from its preparatory review of the Principles that, whilst they have been broadly implemented and remain effective, there was a strong case for updating them due to the evolved market, with an increase in CIS holding less liquid and illiquid assets including private assets, as well as increased retail investment in such schemes. The consultation period ends on 2 February 2026. Link to Consultation here OPERATIONAL RESILIENCE TIBER-EU SSM Implementation Guide On 21 November 2025, the European Central Bank (ECB) published a guide setting out how the ECB adopts and implements the threat intelligence-based ethical red teaming framework (TIBER-EU) for the threat-led penetration testing (TLPT) of significant institutions (Sis) as identified for TLPT according to the Digital Operational Resilience Act (DORA). The ECB said that, for any SI identified by the ECB as falling under the DORA requirement to undergo mandatory TLPT, the document can be used as guidance on how to fulfil the requirements under DORA and the accompanying Regulatory Technical Standards (RTS) on TLPT. The ECB said that the guide should be viewed as an implementation of TIBER-EU and is designed to be consistent with similar implementations by other authorities (TIBER-DE, TIBER-ES, etc.) and not as a separate framework adjacent to, or superseding, the TIBER-EU framework itself. Link to the Guide here