Global Trustee and Fiduciary Services Bite-Sized Issue 3 2025

11 QUICK LINKS CRYPTOASSETS CSDR EMIR FINTECH FSB OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE IRELAND LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 3 | 2025 Although mutual funds (UCITS/AIFs) are not captured by the proposals the AST recommends that, as they will be directly impacted by the change to T+1, they should reflect the move so that subscriptions and redemptions take place on T+2. On 19 February 2025, HM Treasury (HMT) published its response to the AST report on its UK Implementation Plan for first day of trading for T+1 settlement – 11 October 2027. HMT states that the UK government accepts the recommendations and that it will bring forward legislation to amend UK CSDR to: • Change the current T+2 requirement to T+1; and • Make T+1 mandatory from 11 October 2027. HMT also states that the UK government is engaging with European partners to support the aligned transition to T+1 on 11 October 2027 across Europe. Finally, HMT announced that the AST terms of reference had been amended to enable it to oversee the implantation of its recommendations until the transition to T+1 has been successfully delivered, and for a short period afterwards to assess the short-term impacts. Link to AST Report here Link to HMT Statement here Link to AST February 2025 Terms of Reference here Link to HMT Press Release here ASIA PACIFIC SFC Proposes to Relax Position Limits for Key Exchange-traded Derivatives On 27 February 2025, the Securities and Futures Commission (SFC) launched a consultation proposing to increase the position limits for exchange-traded derivatives based on the three major stock indices in Hong Kong to keep pace with market development. The SFC says, to facilitate hedging activities of market participants, the proposals will lift the current position limits for the futures and options contracts by 50% to 15,000 position delta for Hang Seng Index, 108% to 25,000 position delta for Hang Seng China Enterprises Index, and 43% to 30,000 position delta for Hang Seng TECH Index. The SFC says that the aim is to enable Hong Kong’s derivatives markets to keep pace with the growth in the market capitalisations of major stock indices and trading volumes of their constituents over the past years, without introducing additional risks to the markets. The consultation period closes on 28 March 2025. Link to Consultation here Advancing Australia’s Regulatory Roadmap for Public and Private Capital Markets On 26 February 2025, the Australian Securities & Investments Commission (ASIC) announced its preliminary views on the opportunities and risks emerging from shifts in public and private capital markets and called for feedback and debate on key questions as part of a discussion paper. The paper, “Australia’s evolving capital markets: A discussion paper on the dynamics between public and private markets”, opens a discussion on ASIC’s regulatory approach and seeks actionable ideas for it to consider, which could be aimed at enhancing the operation of Australia’s capital markets. ASIC says the paper explores the changing dynamics in capital markets, in Australia and abroad, including declining listings on public markets, the rapid growth in investment capital allocated to private markets and the influence of superannuation funds on markets. The response period closes on 28 April 2025 Link to Discussion Paper here