Global Trustee and Fiduciary Services Bite-Sized Issue 6 2025

13 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 SFC and Central Bank of Ireland Enhance Cooperation in Public Fund Distribution On 14 May 2025, the SFC and the Central Bank of Ireland (CBI) announced that they had entered into a Memorandum of Understanding on Mutual Recognition of Funds (MoU) to allow the distribution of eligible Hong Kong and Irish public funds in each other’s market through a more streamlined process in light of the continued global financial market growth and increasing cross-border activities in asset management. This agreement serves as an updated cooperation framework following the two regulators’ MoU in 1997 on the supervision of cross-border investment management activities. The updated framework provides for the cross-border offering of eligible Hong Kong public collective investment schemes in Ireland for the first time, and of Irish Undertakings for Collective Investment in Transferable Securities that meet specific criteria to be authorised by the SFC for sale in Hong Kong under an expedited approval process. Further details of the mutual recognition of funds scheme are set out in the SFC’s circular and the CBI’s circular. Link to SFC’s circular here Link to CBI’s circular here SFC and Canada’s Ontario Securities Commission Deepen Cooperation on Cross-border Investment Management Supervision On 13 May 2025, the SFC and the Ontario Securities Commission (OSC) of Ontario, Canada, signed a Memorandum of Understanding (MoU) to enhance cooperation on the supervision of investment managers of collective investment schemes operating in either jurisdiction. Both sides entered into the MoU on the sidelines of the annual general meeting of the International Organization of Securities Commissions in Doha, Qatar. The MoU would strengthen regulatory collaboration and facilitate the exchange of information between the SFC and the OSC. Following signing of the MoU, the SFC has included Ontario of Canada on its list of Acceptable Inspection Regimes. The inclusion will facilitate OSC-licensed managers in providing investment management services in respect of SFC-authorised funds. Link to Memorandum of Understanding here MAS Consultation Paper on Proposed Revisions to Financial Advertisement Regulations: Removal of Existing Exclusions On 6 May 2025, the Monetary Authority of Singapore (MAS) issued a consultation paper proposing changes to the current regulations on advertisements of financial products and services. The consultation paper follows the MAS April 2023 consultation paper on Enhancing Safeguards for Proper Conduct of Digital Prospecting and Marketing Activities, which included proposals to enhance the requirements on non-product advertisements. The current requirements provide exclusions from advertising requirements, as set out in FAR Regulation 22(7)(a) and 22(7)(c), and SF(LCB)R Regulation 46(7)(b) and 46(7)(d), given to certain persons (e.g., accredited investors, institutional investors) and/or in relation to certain activities (e.g., advising on spot foreign exchange contracts other than for the purposes of leveraged foreign exchange trading). MAS proposes to remove the current exclusions. This change would mean that advertisements on any investment product would be subject to the advertisement regulations, regardless of their target audience. The consultation period closed on 5 June 2025. MAS says it will comment further in due course. Link to MASWebsite here