Global Trustee and Fiduciary Services Bite-Sized Issue 3 2025

5 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 • What are the benefits and risks to consumers arising fromAI, particularly for vulnerable consumers? • How can Government and financial regulators strike the right balance between seizing the opportunities of AI but at the same time protecting consumers and mitigating against any threats to financial stability? The period for responding to the CfE is open until 17 March 2025. Link to the CfE here FSB FSB Chair Calls for Renewed Focus on Implementation On 24 February 2025, the Financia Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting held on 26-27 February. The letter notes that shifting financial conditions and geopolitical uncertainty call for continued vigilance on financial stability. The FSB has developed extensive reforms in recent years to enhance resilience by addressing key financial system vulnerabilities. These reforms target not only safety and soundness, but also support innovation by providing clarity on policy approaches for emerging topics like crypto-assets. The letter notes that with key reforms developed or nearing completion, the FSB is shifting toward a greater focus on the promotion and monitoring of implementation. This work will take a prominent role in 2025 as the FSB undertakes a strategic review of 15 years of monitoring reform implementation. The review will provide insights into the effectiveness of the monitoring of post- global financial crisis regulatory reforms and identify areas where the FSB can make improvements in the tools it uses to ensure the consistent, global implementation of agreed reforms. The FSB will deliver an interim report on this work to the G20 in October. The FSB will also remain proactive in assessing financial system vulnerabilities. This includes work to address data and information gaps in non-bank financial intermediation, which have impeded the effective assessment of relevant vulnerabilities and the formulation of proportionate policy responses. The letter sets out in more detail the work underway this year at the FSB and its relevance to international financial stability. Link to Letter here OPERATIONAL RESILIENCE SEC Announces Cyber and Emerging Technologies Unit to Protect Retail Investors On 20 February 2025, the U.S. Securities and Exchange Commission (SEC) announced the creation of the Cyber and Emerging Technologies Unit (CETU) to focus on combatting cyber-related misconduct and to protect retail investors frombad actors in the emerging technologies space. Specifically, the CETU will utilise the staff ’s substantial fintech and cyber-related experience to combat misconduct as it relates to securities transactions in the following priority areas: • Fraud committed using emerging technologies, such as artificial intelligence and machine learning; • Use of social media, the dark web, or false websites to perpetrate fraud; • Hacking to obtain material nonpublic information; • Takeovers of retail brokerage accounts; • Fraud involving blockchain technology and crypto assets;