Global Trustee and Fiduciary Services Bite-Sized Issue 6 2025

9 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 OPERATIONAL RESILIENCE HKMA and HKUST Sign MoU to Advance Cybersecurity Innovation for Hong Kong’s Financial Sector On 29 May 2025, Hong Kong Monetary Authority (HKMA) and the School of Business and Management of the Hong Kong University of Science and Technology (HKUST Business School) announced the signing of a Memorandum of Understanding (MoU) to strengthen collaboration in applied cybersecurity research tailored to the needs of Hong Kong’s financial sector. TheMoU establishes a strategic framework for joint efforts to advance research and knowledge in the critical area of cybersecurity. It aims to develop practical applications, raise awareness of emerging threats, and foster specialised talent to support the financial industry’s continuous development. Through this partnership, the HKMA and the HKUST Business School plan to explore innovative supervisory technology (Suptech) and regulatory technology (Regtech) solutions, leveraging cutting-edge technologies such as the latest large language models. The HKMA says these solutions are expected to help further enhance its supervisory capabilities and improve the cybersecurity resilience of the financial sector. To ensure the research remains relevant to the current and emerging cybersecurity challenges facing the industry, the HKMA and the HKUST Business School aim to actively engage with financial institutions to validate research outcomes and gain deeper insights into the sector’s evolving cybersecurity needs and challenges. Link to Announcement here PRIIPS ESMA Updates Q&A on the PRIIPs KID On 5 May 2025, the European Securities and Markets Authority (ESMA) published updated questions and answers (Q&As) on the PRIIPs Key Information Document (KID). The updated Q&As cover: • III. Market risk assessment (Annex II, Part 1) – B. MRM class determination – Q&A 9: MRM class changes. • VI. Performance Scenarios (Articles 3 and 8 and Annexes IV and V) – Q&A 24: Calculation of stress volatility; Q&A 25: performance scenario calculation; and Q&A 26: definition of “1 year”. • XIII. Methodology for the calculation of costs – E. Calculation of the summary cost indicators (Annex VI, Part 2) – Q&A 6: Inclusion of entry costs. Link to Updated Q&As here SIU Savings & Investments Union – EU Rules to Foster Market Integration and Efficient Supervision On 8 May 2025, the European Commission opened two calls for evidence (CfE) covering proposals for a directive and regulation relating to the Savings and Investments Union (SIU). The proposals aim to foster more integrated, deeper and efficient EU capital markets by removing regulatory, supervisory and operational barriers hindering key market players and infrastructures. They further aim to modernise the legislative framework and contribute to the simplification and burden reduction agenda. The consultation period for both CfEs closed on 5 June 2025. Link to Call for Evidence – Proposed Regulation here Link to Call for Evidence – Proposed Directive here