Global Trustee and Fiduciary Services Bite-Sized Issue 7 2025

6 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 says that the CSA has helped NCAs to identify several breaches that were addressed by the supervised entities. Building on the findings of the CSA exercise, ESMA says it will facilitate discussions among NCAs on the topic of sustainability risks and disclosures. Going forward, ESMA says that it encourages NCAs to continue proactive engagement with market participants and follow up with cases where they detect vulnerabilities. Link to ESMA Report here FCAWelcomes UK Government’s Consultation on UK Sustainability Reporting Standards On 26 June 2025, the Financial Conduct Authority (FCA) welcomed the Government’s three consultations, published on 25 June 2025, including the draft UK Sustainability Reporting Standards (UK SRS). The FCA says that it intends to consult later this year on how listed companies will adopt these standards, promoting international alignment and the growth of the UK as a centre for sustainable finance. The FCA adds that this will also include its proposed approach to the disclosure of transition plans. The Government says that its ‘Exposure drafts: UK Sustainability Reporting Standards’ consultation seeks views on exposure draft UK SRS, which are based on International Financial Reporting Standards S1 (IFRS) General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. The Government says that the UK SRS will serve as the foundation for the UK’s future sustainability disclosures regime and its consultation is the culmination of the UK’s process to assess the suitability of the International Sustainability Standards Board (ISSB) Standards for use in the UK. Throughout this process, the Government says that international comparability has been a priority and that it has aimed to limit divergence from the ISSB Standards as far as possible, reflecting the efforts of many jurisdictions around the world to converge around a single set of standards. As a consequence, the Government says that the consultation proposes some minor amendments to the standards, to reflect their use in a UK context, while retaining the advantages of international comparability that the ISSB Standards are intended to achieve. In addition, the Governments says that the consultation seeks views on the costs and benefits of UK SRS – which will inform future Government decisions on whether to require economically- significant companies to disclose information in accordance with UK SRS. The Government says that this consultation forms part of the first phase of consultations to modernise the UK’s framework for corporate reporting. It is published alongside its consultations on: • Transition plan manifesto commitment; and • Oversight of sustainability assurance providers. All three consultations close on 17 September 2025. Link to FCA Announcement here Link to Exposure Draft of UK Sustainability Reporting Standards: UK SRS S1 and UK SRS S2 Consultation here Link to Transition Plan Requirements Consultation here Link to Developing an Oversight Regime for Assurance of Sustainability-related Financial Disclosures Consultation here