Global Trustee and Fiduciary Services Bite-Sized Issue 5 2025

6 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 FSB FSB Finalises the Common Format for Incident Reporting Exchange On 15 April 2025, the Financial Stability Board (FSB) published its finalised Format for Incident Reporting Exchange (FIRE), a global initiative aimed at streamlining cyber and operational incident reporting. The FSB says that by introducing a standardised format, FIRE addresses the fragmentation in reporting requirements, alleviating the burden on firms that operate across multiple jurisdictions. At a time of heightened cyber risks and increasing reliance on technology and third-party services, the ability to respond swiftly and effectively to operational incidents – particularly cyber incidents – has become more critical than ever. The FSB says that FIRE facilitates timely action and fosters improved communication and coordination among authorities across borders. Developed in close partnership with the private sector, the FSB says that FIRE encompasses a wide range of operational and cyber incidents. Its potential applicability extends to third-party service providers and firms beyond the financial sector. For jurisdictions without a standardised reporting framework, the FSB says that FIRE offers a robust foundation upon which they can build. For those with existing frameworks, it supports a phased implementation approach and is designed to be interoperable with current systems, ensuring a smooth transition and encouraging broad adoption. Link to Final Report here IOSCO IOSCO Issues Final Report on Standards Implementation Monitoring for Regulator Principles On 2 April 2025, the International Organization of Securities Commissions (IOSCO) published a Final Report following its review of IOSCOs Standards Implementation Monitoring (ISIM) for Regulator Principles 6 and 7 which address systemic risk and perimeter of regulation. IOSCO says that its Objectives and Principles of Securities Regulation 6 and 7 stipulate that regulators should have or contribute to processes to identify, monitor, mitigate and manage systemic risk, as well as have or contribute to a process to review the perimeter of regulation regularly. IOSCO says that the ISIM Review by IOSCO’s Assessment Committee found a high level of implementation across the 55 jurisdictions from both emerging and advanced markets. IOSCO adds that the ISIM Report highlights some good practices, also identifying a few areas where there is room for improvement, observed primarily in some emerging markets. For example, the Report notes that some jurisdictions do not have clear responsibilities, definitions and regulatory processes with respect to systemic risk. IOSCO also says that other jurisdictions lack a proper information-sharing framework among various regulators to manage systemic risk. On the perimeter of regulation, some members mentioned the lack of a formal process to review any unregulated products, activities or markets. Link to Final Report here