Global Trustee and Fiduciary Services Bite-Sized Issue 5 2025

3 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 DATA ESMA Report Shows Increased Data Use Across EU and First Effects of Reporting Burden Reduction Efforts On 30 April 2025, the European Securities and Markets Authority (ESMA) published the fifth edition of its Report on the Quality and Use of Data. ESMA says that the report reveals how the regulatory data collected has been used by authorities in the EU and provides insight on actions taken to ensure data quality. ESMA states that the document presents concrete cases on data use ranging frommarket monitoring to supervision, enforcement and policy making, and that a recent example includes how ESMA reutilises existing data to support reporting burden reduction (i.e. use of MIFIR transaction data to perform the transparency and volume cap calculations) . ESMA says that the report highlights its Data Platform and ongoing improvements to data quality frameworks as key advancements in tools and technology for data quality. In addition, it contains other advances as: • The data quality developments for datasets as the EMIR REFIT go-live; • The successful outcome of a newly implemented data quality framework on short-selling data; and • The implementation of first steps in improving the accessibility and use of ESEF data by NCAs. This edition also gives an overview of the sanctions imposed by the NCAs on reporting obligations, showcasing another tool that can be used as part of their supervisory and enforcement toolkit. Link to Report here FCA to Reduces FirmBurden for 16,000 Firms On 16 April 2025, the Financial Conduct Authority (FCA) published CP25/8: Data Decommissioning: Removing reporting and notification requirements. The FCA says that it is proposing to remove unnecessary data reporting for firms, helping to reduce burden and unlock economic growth. The FCA explains that it wants to achieve a balance between regulatory oversight and data efficiency, ensuring that firms can focus on high-value reporting that supports better consumer and market outcomes. The FCA states that the three collections identified will also be removed from the firm handbook, helping to further simplify its reporting requirements, and deliver on its commitment in the FCA’s response to the PM’s growth letter . Also, to further support firms with more streamlined reporting, the FCA states that it has recently launched My FCA, providing firms with a single sign-in and all regulatory tasks in one place. The FCA request responses on CP25/8 by 14 May 2025. Link to CP25/8 here