Global Trustee and Fiduciary Services Bite-Sized Issue 7 2025

15 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 The FCA have said that its rules for the PISCES Sandbox affect: • Platform operators intending to apply to take part in the PISCES Sandbox; • Regulated trading intermediaries intending to place investor buy or sell orders in the PISCES Sandbox; • Investors in private companies intending to take part in the PISCES Sandbox; • Private companies intending to use PISCES as our rules for PISCES operators affect the information these companies need to disclose to investors; and • Professional advisers to all these groups. The FCA says it will consult on fees for PISCES operators in its annual fees policy Consultation Paper in November 2025. Link to PS25/6 here Link to FCA Press Release on PISCES here Link to PISCES (Exemption from Stamp Duties) Regulations 2025 (SI 2025/666) laid before Parliament SI here FCA’s Assessment of Value Reporting Requirements Proposals Once a quarter, the FCA consult on proposed miscellaneous amendments to its Handbook. The FCA explains that these tend to be minor changes but still want to get feedback on its proposals. On 6 June 2025, the FCA published CP25/15: Quarterly Consultation Paper No. 48 (QCP48). Within QCP48 the FCA are proposing reforms to reduce and simplify requirements for firms, while maintaining rigorous standards relating to value assessments (AoV). The FCA states that it is proposing to remove many of the detailed reporting requirements in COLL 4.5.7R(8), COLL 8.3.5AR(5) and COLL 15.5.3R(5). The FCA plan to replace themwith a general requirement that Authorised Fund Managers (AFMs) must include in the annual report a summary of the AoV and the conclusion of the assessment as to whether the charges out of scheme property are justified in the context of the overall value delivered by the scheme and set out any remedial action they are taking in the face of poor value. The FCA says that it wants to provide greater flexibility for firms over how they comply with its requirements, while maintaining high standards (including through the Consumer Duty) and reducing administrative costs. The FCA propose to maintain the rule allowing AFMs to publish the information required by COLL 4.5.7R(8), COLL 8.3.5AR(5) and COLL 15.5.3R(5) in a composite report. While it is paring back the requirements on what must be included, AFMs will have discretion to include other AoV-related matters in their annual report, or a composite report, if they wish to. Full details of the FCA’s proposals in relation to AoV requirements can be found in QCP48. Comments are requested on the AoV proposals by 14 July 2025. Link to QCP48 here