Global Trustee and Fiduciary Services Bite-Sized Issue 7 2025

10 QUICK LINKS AIFMD CSDR ELIGIBLE ASSETS DIRECTIVE EMIR FINTECH FSB MIFID II/MIFIR SUSTAINABLE FINANCE/ESG VIRTUAL ASSETS ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 7 | 2025 As part of its supervisory efforts, the SFC states that it plans to issue guidance to licensed corporations outlining expected standards when engaging finfluencers and digital platforms for marketing purposes. The SFC says that it has also undertaken a broad array of enforcement actions against unlawful finfluencer activities. Link to Full SFC Press Release here EUROPE European Parliament MEPs Maintain Momentum for Implementation of Draghi Report On 24 June 2025, European Parliament MEPs on the Committee on Economic and Monetary Affairs (ECON) adopted a number of proposals they consider essential to make Europe globally competitive and provide it with the resources to reach this goal. The text, adopted by ECON, follows up on the Draghi report and seeks to maintain pressure towards reaching the objectives of that report. The text warns that if no further actions are taken, Europe will continue lagging behind, and risk becoming irrelevant, particularly within the current context of geopolitical instability. It also says that there is an intrinsic link between the rule of law, and sustainable and competitive economic growth. Specifically, MEPs call for concrete measures tomake financing more available and affordable, especially for SMEs and innovative ventures. To do this they want, among other things, larger venture capital and growth funds, financed in part through transforming personal savings into investments. The adopted text also calls for the rapid completion of the banking union, the capital markets union and the savings and investments union. MEPs also want a pan‑EU equity listing and trading environment to encourage start-ups to remain in Europe, and also call for a reform of corporate taxation. The text will now be tabled for a plenary vote. Link to European Parliament Press Release here ESMA Issues Call for Evidence on Streamlining Financial Transaction Reporting On 23 June 2025, as part of its Data Strategy and its contribution to simplification and burden reduction, the European Securities and Markets Authority (ESMA) launched a call for evidence to gather feedback on opportunities to simplify, better integrate and streamline supervisory reporting. ESMA says that it aims to identify how best to enhance efficiency and reduce the costs associated with supervisory reporting, whilst maintaining a strong level of transparency and ensuring effective oversight from the authorities. ESMA states that its call for evidence highlights some of the issues previously raised by market participants in their responses to consultations and interactions with regulators. These issues include the overlapping obligations across different reporting regimes (MiFIR, EMIR, SFTR, etc.), the duplicative reporting channels, and the burdens created by frequent and unsynchronised regulatory changes. Considering this feedback, the document presents two options for simplification, on which ESMA would welcome input: 1. Eliminating overlaps without any change to the current reporting channels; or 2. Creating a unified reporting template based on the ‘report once’ principle to replace multiple reporting frameworks. While the consultation and the analysis of the feedback received is conducted, ESMA says that it will not propose changes to the existing reporting frameworks on transaction reports (RTS 22), order data (RTS 24) and reference data (RTS 23) under the ongoing MiFIR Review. ESMA is instead publishing final reports summarising the feedback received frommarket participants to the consultations on the review of MIFIR transaction, order book and reference data reporting.