Global Trustee and Fiduciary Services Bite-Sized Issue 6 2025

6 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 Artificial Intelligence Consortium On 2 May 2025, the Bank of England announced that it has established an Artificial Intelligence Consortium. Its purpose is to provide a platform for public-private engagement to gather input from stakeholders on the capabilities, development, deployment and use of AI in UK financial services. Its specific aims are: • To identify how AI is or could be used in financial services, for example, by considering new capabilities, deployments and use cases as well as technical developments where relevant; • To discuss the benefits, risks and challenges arising from the use of AI. Such benefits, risks and challenges may be with respect to financial services firms or with respect to the wider financial system; and • To inform the Bank of England’s approach to addressing risks and challenges and promoting the safe adoption of AI. Link to the Consortium Terms of Reference here FUND LIQUIDITY IOSCO Issues Final Report on Updated Liquidity Risk Management Recommendations for Collective Investment Schemes On 26 May 2025, the International Organization of Securities Commissions (IOSCO) published its Final Report on Revised Recommendations for Liquidity Risk Management for Collective Investment Schemes (“CIS”), alongside its Implementation Guidance. IOSCO says that these publications are a culmination of many years’ work undertaken by it, aimed at strengthening effective liquidity risk management and serve to operationalise the Financial Stability Board’s (FSB’s) December 2023 Recommendations to Address Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds. The Final Report includes 17 recommendations across six sections, which are: • CIS Design Process; • Liquidity Management Tools and Measures; • Day-to-Day Liquidity Management Practices; • Stress Testing; • Governance; and • Disclosures to Investors and Authorities. IOSCO says the Implementation Guidance should be read alongside the Revised Recommendations as it supplements the Revised Recommendations with more detailed guidance and good practices to support effective implementation. Link to the Final Report here Link to the Implementation Guidance here