Global Trustee and Fiduciary Services Bite-Sized Issue 6 2025

3 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 COSTS & CHARGES FCA Enhances Access to Investment Research On 9 May 2025, the Financial Conduct Authority (FCA) published finalised rules allowing pooled investment funds greater freedom in paying for investment research. In July 2024, the FCA finalised rules allowing institutional investors more flexibility in paying for investment research. Following feedback from industry, the FCA extended those freedoms to pooled investment funds, including undertakings for collective investment in transferable securities (UCITS). These new rules aim to help UK markets to be more efficient to support growth. The FCA says high-quality, easily accessible investment research is crucial for fund managers to make informed investment decisions for the benefit of investors. As part of its growth objective, the FCA says that it aims to improve competition in the market, especially for smaller fund managers, and make it easier for firms to buy research across borders where bundled payments are standard practice. Link to Policy Statement PS25/4 here CRYPTOASSETS FCA Seeks Further Views on Stablecoins and Crypto Custody On 28 May 2025, the Financial Conduct Authority (FCA) published proposals for issuing stablecoins, crypto custody and financial resilience of cryptoasset firms. The proposals are the result of extensive engagement through roundtables and feedback on previous discussion papers. The FCA’s proposed rules aim to ensure regulated stablecoins maintain their value and that customers should be provided with clear information on how the backing assets are being managed. In support of the opportunities stablecoins present to financial services and the broader economy, the FCA says that it will explore adding a specific focus on stablecoins to its innovation services in the coming months. The FCA also says it will work closely with the Bank of England on the upcoming regime to ensure a clear pathway in regulation for stablecoins. The FCA’s proposals would require firms providing crypto custody services, who have responsibility for keeping consumers’ crypto safe, to ensure they are effectively secured and can be easily accessed at any time. The proposals also seek to reduce the likelihood and impact of firm failures across regulated firms undertaking the activities of stablecoin issuance and cryptoasset custody. The proposals follow HM Treasury’s draft legislation published in April 2025. The deadline for feedback is 31 July 2025. The FCA says it will publish final rules in 2026. Link to CP25/14: Stablecoin Issuance and Cryptoasset Custody here Link to CP25/15: A Prudential Regime for Cryptoasset Firms here