Global Trustee and Fiduciary Services Bite-Sized Issue 7 2025

11 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 ESMA explains that putting on hold the RTS changes will allowmarket participants to freeze their implementation efforts, already contributing to burden reduction by avoiding implementation cost in the short term. The rest of the MIFIR Review will go ahead as planned. The deadline for responses to the call for evidence is 19 September 2025. Based on the feedback received, ESMA says it will publish a final report by the beginning of 2026, which will include the identification of key cost drivers of supervisory reporting and outline the proposed way forward. Link to Call for Evidence here ESMA Invites Feedback on How to Simplify Funds’ Data Reporting On 23 June 2025, the European Securities and Markets Authority (ESMA) launched a discussion paper to gather feedback and inputs on how to integrate funds reporting, aiming to reduce the burden for market participants. ESMA says that funds reporting in the asset management sector is now subject to significant fragmentation due to the coexistence of several reporting regimes at national and European level, resulting in high compliance burdens. To identify solutions, ESMA states that the discussion paper outlines options for improving different aspects of reporting, such as the scope of data, reporting processes and systems to ensure more efficient reporting and sharing of data between the authorities. Among the possibilities, there are proposals related to the integration of multiple reporting templates and the centralisation of reporting processes and infrastructures. ESMA says that the discussion paper adds to its simplification and burden reduction initiative, launched earlier this year, and it is directly contributing to the debate on how to simplify, harmonise and eliminate barriers to produce an effective burden reduction in the financial sector, while preserving the main objectives of financial stability, orderly markets and investor protection. ESMA’s also says that its actions mark a shift from technical sectorial amendments to an integrated approach in funds supervisory reporting, similar to the comprehensive approach to financial transaction reporting. The idea is to take a step back and review reporting in a more comprehensive manner rather than focusing on the incremental sectorial changes. The closing date for comments on the discussion paper is 21 September 2025. ESMA says an assessment will be performed following the consultation period, in cooperation with the relevant authorities and the conclusions and recommendations will be published in the final report, expected in April 2026. Link to Discussion Paper here ESMA Launches Selection of Consolidated Tape Provider for Shares and ETFs On 20 June 2025, ESMA launched the first selection procedure for the Consolidated Tape Provider (CTP) for shares and exchange-traded funds (ETFs). ESMA says that entities interested in applying are encouraged to register and submit their requests to participate in the selection procedure by 25 July 2025. ESMA states that applicants can refer to the Regulated Technical Standards (RTS) as adopted by the European Commission on 12 June 2025, which will be used as the basis for the assessment of some criteria, as described in the technical specifications: • RTS on specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs, and its Annexes; and • RTS on the obligation to make market data available to the public on a reasonable commercial basis, and its Annexes. ESMA says that it will assess the received requests against the exclusion and selection criteria and will invite the successful candidates to submit their application. Any questions during the application period will be answered via the Portal.