Global Trustee and Fiduciary Services Bite-Sized Issue 3 2025

17 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 FCA Dear CEO Letter: Asset Management & Alternatives – Supervisory Strategy On 26 February 2025, the FCA published a letter detailing its current supervision priorities in the asset management & alternatives sector. In its letter the FCA states that it intends to focus its supervision on the following priorities: • Supporting confident investing in private markets; • Building firm and financial system resilience against market disruption; and • Securing positive outcomes for consumers. The FCA says that it will also undertake targeted work to support trust in the market for sustainable investment and to reduce financial crime and market abuse. The FCA states that it is writing to a large and diverse group of firms and acknowledges that not all the issues raised in the latter will be relevant to all firms. Recipients are urged to discuss the letter with their firm’s Board, Executive Committee, and accountable Senior Managers to consider whether the risks of harm discussed here exist in the firm and implement strategies for managing them. Link to Letter here FCA Publishes Authorised Fund Applications and its Expectations On 14 February 2025 the FCA published Authorised Fund Applications – Our Expectations, setting out the FCA’s expectations of firms when submitting applications to the fund authorisations team, including useful information on the application process. The topics covered include: • General expectations. • Fund names. • Investment objectives. • Volatility targets. • Constraints and limitations in policies. • Investment strategies. • Benchmarks. • Stress testing. • Model portfolios. • Environmental, social, governance strategies (including SDR label compliant funds). • Dealing arrangements. • Concentrated portfolio. • Multiple investment advisers. • Investor communications. • Long Term Asset Funds. The document covers some of the specific questions the FCA asks in the fund authorisation application forms, as well as some of themain areas where applicants have not provided the necessary information. It sets out the minimum information the FCA requires to determine an application. Link to FCA’s Expectations here