Global Trustee and Fiduciary Services Bite-Sized Issue 4 2025

11 QUICK LINKS BENCHMARKSREGULATION CMU/SIU DORA FINTECH IOSCO MIFID II/MIFIR SUSTAINABLE FINANCE/ESG ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 4 | 2025 Against a background of high geopolitical risks, the ESAs recommend that supervisors and financial entities prepare for continued market volatility, consider the potential materialisation of liquidity risks and stand ready to adapt to adverse developments, including by provisioning adequately. To better manage cyber and digitalisation risks, the ESAs say that supervisors and financial institutions should continue to strive for robust data governance, critically assess AI solutions and their compliance with the AI Act, and support the timely implementation of the Digital Operational Resilience Act’s provisions. Link to ESAs Publication here ESMA Publishes Update on the Prioritisation of its 2025 Deliverables On 6 March 2025, the European Securities and Markets Authority (ESMA) published a letter to the European Commission (dated 3 March 2025). ESMA states that in order to effectively deliver on its 2025 Annual Work Programme, taking into account resource limitations, it has identified among its planned work a set of deliverables which could be deprioritised or postponed. Deprioritised/postposed deliverables include: • AIFMD Review : RTS on open ended loan originating alternative investment funds – initial deadline 16 April 2025 – delayed by six months. • AIFMD Review : Guidelines to specify the circumstances in which the name is unfair, unclear or misleading – initial deadline 16 April 2026 – delayed by at least 12 months. • CSDR Refit : RTS on buy-in – initial deadline 17 January 2025 – Delay until T+1 implementation is complete. • EMIR 3 – Multiple areas – initial deadline 4 December 2025 – delays range from 6 to 12 months. • MiFID/MiFIR Review : RTS on order execution policies (best execution) – initial deadline 29 December 2024 – delayed by six months. • UCITS EAD : Technical advice on eligible assets – initial deadline April 2025 – delayed by three months. Link to ESMA Letter here NORTH AMERICA SEC Acting Chair Outlines Agenda at Investment Management Conference On 17 March 2025, Securities and Exchange Commission (SEC) Acting Chair Mark T. Uyeda gave a speech at the Investment Company Institute’s Investment Management Conference, setting forth his views on how the agency should reform its rulemaking process, review existing rules, promote efficiency, set enforcement priorities and support innovation, particularly with regards to investment managers. Uyeda suggested changes in the following areas: • Reforming the rulemaking process (more public engagement including through requests for information, concept releases and public roundtables prior to issuing proposals); • Reviewing existing rules (potential for withdrawing or reproposing certain existing proposals that may not “prioritize effective and cost-efficient regulations that respect the limits of statutory authority,” including proposals around safeguarding advisory client assets, outsourcing by investment advisers, ESG disclosures and digital engagement practices); • Promoting efficiency (trimming summary prospectuses); • Protecting seniors (focus on fraud targeting seniors); and • Supporting innovation (innovation through exemptive application; ETF share classes). Link to Speech here