Global Trustee and Fiduciary Services Bite-Sized Issue 5 2025

AIFMD (UK) FCA Call for Input: Future Regulation of Alternative Fund Managers On 7 April 2025, the Financial Conduct Authority (FCA) launched a Call for Input (CfI), seeking feedback on its proposed approach to changing the regulatory framework for alternative investment fund managers (AIFMs) in the UK. The FCA’s CfI accompanies a consultation by HMTreasury (HMT) on its proposed changes to the legal framework. It is intended to give stakeholders clarity about the intended direction of the FCA’s reforms and an opportunity to comment before it develops detailed rules and guidance for consultation. The FCA says it is proposing reforms to its regime for AIFMs, to make it easier for firms to enter the market, grow, compete and innovate. In collaboration with HMT, the FCA also states that it is considering creating bespoke regimes for investment trusts and for venture capital firms due to those sectors’ distinct characteristics. The deadline to respond to both papers is 9 June 2025. Link to FCA Call for Input here Link to HMT Consultation here CRYPTOASSETS FCA Seeks Feedback on Regulating Cryptoasset Activities On 2 May 2025, the Financial Conduct Authority (FCA) published Discussion Paper DP25/1 on ‘Regulating Cryptoasset Activities’. The FCA says that it is seeking views on the future regulation of specific cryptoasset activities, ahead of legislation to bring themwithin regulation. In DP25/1 the FCA says it is seeking views on intermediaries, staking, lending and borrowing, and decentralised finance. Also, with more people using credit to purchase crypto, the FCA states that DP25/1 considers whether restrictions should be applied in that area. The FCA adds that DP25/1 is the latest policy publication in its Crypto Roadmap which provides a clear timeline for consulting on future crypto regulation. Other areas in the roadmap include market abuse and admissions and disclosures, stablecoins and custody, and prudential considerations. The FCA says that DP25/1 follows the publication of draft legislation by HM Treasury that, once passed, will bring specific cryptoasset activities within the FCA’s regulation. The DP reflects insights gained from a series of FCA-led industry roundtables. The deadline for views is 13 June 2025. Link to DP25/1 here Investor Services Bite-Sized Global Trustee and Fiduciary Services QUICK LINKS Issue 5 | 2025 AIFMD (UK) CRYPTOASSETS DATA EMIR FINTECH FSB IOSCO MARKET ABUSE REGULATION MICA MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG ASIA PACIFIC AUSTRALIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM