Global Trustee and Fiduciary Services Bite-Sized Issue 4 2025

9 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 With effect from 11 April 2025, for OFCs incorporated in or re-domiciled to Hong Kong and SFC- authorised REITs newly listed on the Stock Exchange of Hong Kong Limited, the scheme will cover 70% of eligible expenses paid to Hong Kong-based service providers, subject to a cap of HKD300,000 for a public OFC, HKD150,000 for a private OFC and HKD5 million for a REIT; and a maximum of one OFC per investment manager. Detailed eligibility criteria of the scheme are set out in the SFC’s Attachment. Link to SFC Press Release here Link to Statement on Budget 2025/2026 here SFC Proposes Enhancements to Targeted Tools to Address Corporate Misconduct On 28 March 2025, the SFC launched a consultation on various proposed enhancements to the Securities and Futures (Stock Market Listing) Rules (SMLR) for IPO cases and post-IPOmatters, with a view to improving regulatory efficiency in Hong Kong’s listing market and providing broader protection for the investing public against imminent financial harm. The SFC says that the proposed enhancements came after it completed a review into the SMLR, examining whether the existing rules equip the SFC with sufficient targeted tools to ensure and encourage both listed issuers and listing applicants to make more transparent and accurate disclosures, as well as to address misconduct. The key proposed enhancements to the SMLR fall into four areas: 1. For IPO cases, the SFC would be able to require a listing applicant to meet continuing disclosure obligations post-listing without objecting to a listing by adding an express provision to the SMLR to clarify that the listing conditions can continue to have effect after listing. Some listing applications may therefore be allowed to proceed more quickly and transparency be enhanced under this tailored disclosure-based approach; 2. For post-IPOmatters, the SFC proposes to offer a less disruptive alternative to suspension. Apart from the existing power to suspend dealings in securities when the situation warrants, the SFC would be able to impose post-listing conditions on a listed issuer in appropriate cases requiring more transparent and complete disclosures to ensure that investors can make informed decisions; 3. For trading suspensions, shorter suspension time is likely to result from the SFC’s proposed move to more efficiently process applications for trading resumption through simplified procedures and the delegation of the SFC Board’s decision-making power to senior executives in uncontroversial cases; and 4. For issuers aggrieved by the SFC’s decisions, a right for them to seek a full merits review by the Securities and Futures Appeals Tribunal would provide an effective independent safeguard that the regulatory decisions made by the SFC are reasonable, proportionate and fair. The SFC invites the public to submit their written comments on or before 23 May 2025. Link to Consultation here MAS Proposes a Regulatory Framework for Retail Private Market Investment Funds On 27 March 2025, the Monetary Authority of Singapore (MAS) published a consultation, seeking feedback on a proposed regulatory framework for retail investors to invest in private market investment funds, providing themwith a wider set of investment choices. MAS says under the current regulatory framework for funds, retail investors in Singapore have limited access to private market investments such as private equity, private credit and infrastructure. Recently, MAS has observed growing interest from retail investors for such investments, and interest from experienced industry players to offer private market investment fund products to retail investors. To respond to this interest, MAS has proposed a Long-term Investment Fund (LIF) framework for private market investment funds. MAS says it is adapted from existing fund requirements to suit the characteristics of private market investment funds and the needs of retail investors when investing in these funds.