Global Trustee and Fiduciary Services Bite Sized Issue 8 2025

11 QUICK LINKS CBDC CRYPTOASSETS CSDR EMIR FINTECH FSB OPEN FINANCE OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG ASIA PACIFIC NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 8 | 2025 In addition, the SFC has proposed various other FRR changes to support LCs’ business development and diversification. These include measures to facilitate LCs’ trading of stocks in Mainland China and emerging markets, commodities and carbon products, as well as digital asset futures and options on licensed virtual asset trading platforms. Also, to drive Hong Kong’s development as a regional fixed income and currency hub, the SFC has proposed to exempt the capital requirements for centrally-cleared repurchase transactions (repos) to promote their central clearing in Hong Kong and the development of the city’s inter-dealer repo market. The response period for the consultation closes on 13 October 2025. Link to Consultation here HKEX Introduces Order Routing Service on Integrated Fund Platform On 3 July 2025, Hong Kong Exchanges and Clearing Limited (HKEX) announced the launch of the Order Routing Service on its Integrated Fund Platform (IFP), marking an important step forward in connecting key participants in the fund distribution lifecycle and enhancing the efficiency of Hong Kong’s fund management industry. Building on the success of its Fund Repository, HKEX says the introduction of the Order Routing Service will help transform the fund order placement process, which includes subscriptions and redemptions, into a seamless and integrated system. By enhancing communications between fund distributors and transfer agents, this latest addition addresses longstanding operational challenges while promoting greater efficiency and collaboration across Hong Kong’s fund distribution network. The next phase of development for the IFP includes the provision of nominee services, as well as the facilitation of payments and settlement, subject to regulatory approval. HKEX will continue to collaborate with regulators and industry stakeholders to enhance market efficiency and promote broader industry participation. Link to SFC Statement here MAS Proposes to Enhance Product Highlights Sheets and Streamline Framework for Complex Products On 1 July 2025, the Monetary Authority of Singapore (MAS) published a consultation on proposals to enhance the requirements for Product Highlights Sheets and to streamline the framework for complex products. MAS says its objective is to strengthen the effectiveness of a disclosure-based regime for investors to make informed choices on their own, while requiring an appropriate level of intervention for consumers who need more assistance. Proposed Product Highlights Sheet (PHS) Enhancements Financial institutions are required to provide investors with a PHS for certain offers of investment products such as shares, bonds and units in a Collective Investment Scheme. MAS proposes revised PHS templates to help users better understand key product information. Streamlining of the Complex Products Framework The complex products framework was originally introduced in 2012 to aid retail investors in better understanding the features and risks of a complex product before they invest. The framework classifies capital markets products into “complex” and “non-complex” products and stipulates distribution safeguards for complex products. MAS periodically reviews the complex products framework, taking account of market developments and feedback, so that they remain appropriate for the evolving and diverse investment needs of Singapore retail investors. MAS says that over the last decade, retail investor access to investment product knowledge has improved. Therefore, alongside the proposed PHS enhancements, there is room to streamline the complex products distribution safeguards to be more disclosure and information-based through the following: