Global Trustee and Fiduciary Services Bite-Sized Issue 6 2025

12 QUICK LINKS AIFMD BENCHMARKS REGULATION CBDC COSTS & CHARGES CRYPTOASSETS ETF FINTECH FUND LIQUIDITY IOSCO MIFID II/MIFIR OPERATIONAL RESILIENCE PRIIPS SIU SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 6 | 2025 ASIC has distilled the feedback into themes, which it says are shaping further work and thinking, including learning from international experience. These include: • Structural and cyclical factors are shaping both public and private markets; • Public market adjustments would improve and enhance their attractiveness; • Privatemarkets are here to stay and grow, there is an acknowledgement of the need for any regulatory guidance to bemeasured, working closely with industry and aligning to international standards; • Private credit is good for the economy and investors, if done well. There may be work to do to ensure it is sustainably done well; • Superannuation is a mature investment force in Australia and a significant and structural influence in markets and investment; and • More to do on data collection and transparency of private markets including in dimensioning the market itself and learning from international practices. Link to Themes, Public Submission and Discussion Paper here ASIC Uncovers Widespread Compliance Plan Deficiencies in the Managed Investment Industry On 2 June 2025, ASIC published the results of a review of 50 responsible entities (REs) operating 45% of all registered managed funds and which hold 47% of the approximately AUS 2 trillion value of all registered managed fund sector assets. ASIC found that the REs of a combined total of nearly AUS 1 trillion in managed investments are failing to maintain adequate compliance plans. ASIC assessed 50 compliance plans used by REs in the operation of a combined 1,471 funds and found that most of the compliance plans failed to adequately address the most important requirements across the design and distribution obligation (DDO), internal dispute resolution (IDR) and reportable situations (RS) regimes. ASIC says it is concerning that some plans even failed to address DDO at all, suggesting they haven’t been meaningfully reviewed since 2021. ASIC is calling on REs to swiftly address inadequacies and gaps in their compliance plans, including by taking account of the key findings in ASIC’s review and considering examples of better practices employed by some REs. ASIC has written to some REs about its concerns with their compliance plans and is investigating others for potential breaches of their legal obligations. Link to the Report here SFC and ADGM’s FSRA Enhances Regulatory Cooperation on Supervision of Cross-border Investment Management Activity On 15 May 2025, the Securities and Futures Commission (SFC) and the Financial Services Regulatory Authority (FSRA) of ADGM (the international financial centre of Abu Dhabi) announced that they have entered into a Memorandum of Understanding (MoU) to enhance cooperation on supervision of investment managers of collective investment schemes based in either market. The signing of the MoU took place on the sidelines of the annual general meeting of the International Organization of Securities Commissions in Doha, the State of Qatar. The SFC’s Chief Executive Officer, Ms Julia Leung, and its Executive Director of Investment Products, Ms Christina Choi, joined FSRA’s Chief Executive Officer, Mr Emmanuel Givanakis, at the meeting. The MoU provides for a framework for consultation, cooperation and exchange of information in connection with supervision and oversight of regulated entities that engage in fund management, investment management or advisory activity on a cross-border basis. Link to Announcement here