Global Trustee and Fiduciary Services Bite-Sized Issue 7 2025

7 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 TNFD Commences Next Phase of Work on Nature-related Data Solutions On 16 June 2025, the Taskforce on Nature-related Financial Disclosures (TNFD) announced it will release a set of recommendations for upgrading market access to decision-useful nature data at COP30 this year following a programme of market consultations and pilot testing that begins this month. The TNFD says that it will lead this new phase of work on nature-related data challenges, which involves a wide range of partner organisations across the nature data value chain and follows the release of a discussion paper at COP16 last year and a workshop held last month with global leaders in nature data at Kew Gardens, London. It will include pilot testing to inform further technical design specifications for a possible Nature Data Public Facility (NDPF) first proposed by the TNFD in 2023. The TNFD says that, in conjunction with United Nations Development Programme and support from the German Government International Climate Initiative (IKI), it is also launching a grand challenge to foster new technology solutions to enable small to medium-sized enterprises (SMEs) globally to undertake a rapid assessment of their nature-related issues. Link to TNFD Announcement here VIRTUAL ASSETS FSTB and SFC Consult on Proposed Regimes to Regulate Virtual Asset Dealers and Custodians On 27 June 2025, the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) launched a joint consultation to introduce regulatory regimes for virtual asset (VA) dealing and custodian service providers. The SFC says that the proposed regimes extend Hong Kong’s efforts in fostering a secure, robust and globally competitive VA ecosystem, guided by the Government’s latest policy statement on digital asset development. They also drive progress along the SFC’s ASPIRe roadmap by attracting qualified participants to the city and enhancing investors’ choice, while integrating Hong Kong’s VA liquidity with the worlds. The SFC also states that the proposals will empower it to license and supervise VA dealers and custodians, as well as enforce relevant regulations. The SFC will also be responsible for setting the expected standards for these two important types of service providers to ensure robust investor protection and market integrity based on the “same business, same risks, same rules” principle. The SFC say that this puts its plans under the ASPIRe roadmap into action as the SFC continues to prioritise sustainability in nurturing a dynamic and secure digital asset market. Interested parties are invited to submit comments to the FSTB or SFC by 29 August 2025. Link Public Consultation on Legislative Proposal to Regulate Dealing in Virtual Assets here Link to Public Consultation on Legislative Proposal to Regulate Virtual Asset Custodian Services here ASIA PACIFIC MAS Issues Circular on Governance and Management of VCCs On 26 June 2025, the Monetary Authority of Singapore (MAS) issued a Circular on ‘Governance and Management of Variable Capital Companies (VCCs)’. MAS carried out a thematic review of VCCs and their managers in 2024, and it says that the Circular highlights key observations from its review and sets out supervisory expectations and good practices for VCC managers in their governance and management of VCCs. MAS adds that while this Circular is premised on its observations of VCCs, the supervisory expectations are relevant to other types of fund structures where applicable.