Global Trustee and Fiduciary Services Bite-Sized Issue 5 2025

14 QUICK LINKS 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 Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2025 SFC Sets Out Staking Guidance for Licensed Virtual Asset Trading Platforms and Authorised Virtual Asset Funds On 7 April 2025, the SFC provided regulatory guidance respectively to licensed virtual asset trading platforms (VATPs) on their provision of staking services, and to SFC-authorised funds with exposure to virtual assets (VA Funds) on their engagement in staking. In setting out its regulatory approach, the SFC recognises the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields on virtual assets within a regulated market environment. The SFC says that the latest guidance allows VATPs to expand product and service offerings, one of the five pillars set out in the SFC’s “ASPIRe” roadmap to develop Hong Kong’s virtual asset ecosystem. In its circular to VATPs, the SFC says it provides clear guidance to licensed platforms when providing staking services. To manage risks to investors, they should maintain measures to effectively prevent errors associated with the services, safeguard staked client virtual assets and ensure proper disclosure of risks to which such staked assets may be subject. In parallel, the SFC revised its circular on SFC-authorised VA Funds to facilitate their engagement in staking. Here the SFC says that these funds are required to stake virtual asset holdings only through licensed VATPs and authorised institutions, subject to a cap to manage liquidity risk. Link to Circular to VATPs here Link to Circular on SFC-authorised Funds with Exposure to Virtual Assets here AUSTRALIA ASIC Consults on Plan to Increase Visibility of Firms’ Breach and Complaints Data On 10 April 2025 the Australian Securities and Investments Commission (ASIC), as part of its commitment to enhance transparency and accountability, announced it is consulting on plans to publish two dashboards containing firm-level Reportable Situations (RS) and Internal Dispute Resolution (IDR) data in the second half of 2025. ASIC says that the proposals, detailed in CP 383 ‘Reportable situations and internal dispute resolution data publication’, build on the high-level insight reports it has previously published. Under the proposal, ASIC says it will exercise its legislative powers to publish the firm-level data reported to it, supporting the objectives of both the RS and IDR regimes by: • Enhancing transparency and accountability to encourage improved behaviour and increase confidence in the financial system; • Highlighting areas of concentration of significant breaches and complaints; and • Enabling firms to target improvements in their compliance outcomes, consumer outcomes and firm performance. Stakeholders are requested to provide feedback by 14 May 2025. Link to CP 383 here