Global Trustee and Fiduciary Services Bite-Sized Issue 6 2025

15 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 Representatives from the SEC Office of the General Counsel gathered to discuss noteworthy litigation and recent judicial decisions that impact SEC rules, regulations or jurisdiction. Link to Remarks by Chair Paul S. Atkins here Link to Remarks by Commissioner Mark T. Uyeda here Link to Remarks by Commissioner Hester M. Peirce here Link to Remarks by Commissioner Caroline A. Crenshaw here UNITED KINGDOM Updated Version of FCA Enforcement Guide Published On 3 June 2025, the Financial Conduct Authority (FCA) published the final version of its streamlined and updated Enforcement Guide. The FCA has retained the ‘exceptional circumstances’ test for announcing investigations into regulated and listed firms. In addition, it has identified three situations where there was broad support for increased transparency: • Where the FCA is investigating suspected unauthorised financial services, or a suspected offence relating to unregulated activity, and an announcement will warn consumers or investors or help the investigation. • Where the fact of the investigation has been made public by the subject, an affiliated company or a regulatory body, government or public body. • Anonymised announcements, not naming or identifying the subject of the investigation, where it would be helpful to educate people on the types of misconduct the FCA is investigating. These changes will only apply to investigations launched on or after 3 June 2025. Alongside this, the FCA says it will continue to improve the pace and focus of its investigations, increasing the impact of its work for the benefit of consumers and markets, and therefore the wider economy. The FCA says it has made other changes to the Enforcement Guide to streamline the content and reduce duplication, reducing it by over 250 pages. The new Enforcement Guide came into force on 3 June 2025. Link to the Enforcement Guide here FCA Financial Lives 2024 Survey On 16 May 2025, the FCA published the results of it Financial Lives 2024 survey. Included in its findings, the FCA says that it had found that 61% of people with more than GBP 10,000 in investible assets held at least three-quarters of these assets in cash, rather than investments. The FCA says it wants to see more people holding mainstream investments to improve long-term returns. Looking towards retirement, the FCA’s survey found that 33% of adults with a defined contribution pension have less than GBP 10,000 saved. Given these findings, the FCA says that it is urging consumers to get help with pensions and investment decisions to improve their long-term financial health. The FCA says that, as part of its new strategy, it is working to improve people’s access to help, guidance and advice so that everyone can access the support they need, at a cost they can afford, to make informed decisions for their financial future. Link to Financial Lives 2024 Survey here