Global Trustee and Fiduciary Services Bite-Sized Issue 5 2025

16 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 NORTH AMERICA CFTC Staff Seek Public Comment on 24/7 Trading On 21 April 2025, the Commodity Futures Trading Commission’s (CFTC) Divisions of Market Oversight, Clearing and Risk, and Market Participants issued a Request for Comment to better inform them on the potential uses, benefits, and risks of trading on a 24/7 basis in the derivatives markets the CFTC regulates. This request seeks comment on the implications of extending the trading of CFTC-regulated derivatives markets to an effectively 24/7 basis, including the potential effects on trading, clearing and risk management which differ from trading during current market hours. The request also seeks comment on the risks of 24/7 trading, and the associated clearing systems, including risks related to the areas of market integrity, customer protection, or retail trading. Comments will be accepted until 21 May 2025. Link to CFTC Press Release here SEC Extends Effective and Compliance Dates for Amendments to Investment Company Reporting Requirements On 16 April 2025, the Securities and Exchange Commission (SEC) announced a two-year extension of the effective and compliance dates for rule amendments adopted in August 2024 that require many types of registered funds to more frequently report portfolio-related information to the SEC and the public on FormN-PORT. The new effective date for the FormN-PORT amendments is 17 November 2027. The compliance date for larger fund groups is extended from 17 November 2025 to 17 November 2027, and the compliance date for smaller fund groups is extended from 18 May 2026 to 18 May 2028. The SEC stated that the extension is designed to provide time for the SEC to complete its review of the amendments in accordance with a Presidential Memorandum and take any further appropriate actions, which may include proposed amendments to FormN-PORT. The effective and compliance date for amendments to FormN-CEN, as well as guidance related to open-end fund liquidity risk management program requirements, remain 17 November 2025. Link to Updated Final Rule here