Global Trustee and Fiduciary Services Bite Sized Issue 8 2025

13 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 FinCEN also recognizes that extending the effective date of the rule may help ease potential compliance costs for industry and reduce regulatory uncertainty while FinCEN undertakes a broader review of the IA AML Rule. While FinCEN will work through the rulemaking process to extend the effective date, FinCEN intends to provide the IA sector with regulatory certainty by issuing appropriate exemptive relief delaying the effective date. During the delayed effective date, FinCEN intends to revisit the substance of the IA AML Rule through a future rulemaking process and, and together with the SEC, also intends to revisit the joint proposed rule establishing customer identification program rule requirements for investment advisers, Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers. Link to Announcement here FINRA Publishes 2025 Industry Snapshot On 9 July 2025, the Financial Industry Regulatory Authority (FINRA) published the 2025 FINRA Industry Snapshot, the annual statistical report on registered representatives, brokerage firms and market activity that FINRA oversees. The 2025 FINRA Industry Snapshot provides a high-level overview of FINRA membership, ranging from the number of FINRA-registered individuals to the overall revenues of firms, and from trading activity to how firms market their products and services. This year’s Industry Snapshot includes the following new special topics: • Off hours trading activity for National Market System (NMS) stocks, including monthly trade counts, dollar volumes and percentages. • Average daily Bitcoin exchange-traded products, SPDR Gold Trust and SPDR S&P 500 ETF Trust trade counts and dollar volumes by month. The report also includes additional information on the following special topics: • Firm Size – Data on customer order percentage, customer order execution percentage and customer order dollar volume percentage by firm size. • Account Owner Type – Data on trading activity, order volumes and order placement by different account owner types across both NMS stocks and over-the-counter equities. Link to 2025-Industry-Snapshot here UNITED KINGDOM Mansion House Speech and Leeds Reforms On 15 July 2025, the Chancellor of the Exchequer (the Chancellor) delivered her second Mansion House speech where she announced the Leeds Reforms to financial services, which included the publication of the Government’s Financial Services Growth and Competitiveness Strategy (the Strategy). Over the 10-year timeframe of the Strategy, the Government says its vision is for the UK’s financial services regulatory environment to be proportionate, predictable and internationally competitive. Divided into four parts, the package covers: • Rolling back regulation that has gone too far in seeking to eliminate risk; • Delivering targeted changes in the areas where the UK already has particular strengths; • Making changes to capital requirements to unlock more productive capital; and • Introducing measures to boost retail investment so that more savers can reap the benefits of UK economic success.