Global Trustee and Fiduciary Services Bite Sized Issue 8 2025

2 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 Parties interested in applying for a licence are encouraged to contact the HKMA by 31 August 2025, so that the HKMAmay communicate regulatory expectations and provide feedback as appropriate. The HKMA says that while licencing will be an ongoing process, interested parties that consider themselves sufficiently ready and wish to be considered early should submit the application to the HKMA by 30 September 2025. The HKMA says that it would like to remind market participants to exercise due caution in their public communications, as well as refrain frommaking statements that could be misinterpreted or create unrealistic expectations. Among other things, it is an offence under the Stablecoins Ordinance to falsely claim oneself as a licensee or an applicant. Link to Guideline on Supervision of Licenced Stablecoin Issuers here Link to Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers) here Link to Explanatory Note on Licensing of Stablecoin Issuers here Link to Explanatory Note on Transitional Provisions for Pre-existing Stablecoin Issuers here ESMA Criteria for the Knowledge and Competence of Staff Providing Information on Crypto- assets Published On 11 July 2025, the European Securities andMarkets Authority (ESMA) published guidelines specifying the criteria for assessing the knowledge and competence of staff at crypto-asset service providers (CASPs) who provide information or advice on crypto-assets and services under theMarkets in Crypto-Assets Regulation (MiCA). The document: • Provides guidance on the minimum level of knowledge and competence of staff through examples (including on professional qualification and appropriate experience for the provision of information or advice); and • Addresses specific features and risks of crypto-assets markets and services (e.g. high volatility of crypto-assets and cyber security risks) through the criteria for the assessment of the relevant staff ’s knowledge and competence. The guidelines aim to help CASPs to meet their obligations and act in the best interest of their clients. They also support competent authorities in adequately assessing how CASPs meet these obligations. The objective is to enhance investor protection and trust in the crypto-asset markets. The guidelines will be translated into all EU languages and published on ESMA’s website. They will start applying six months after that publication. Within two months of the date of publication of the guidelines on ESMA’s website in all EU official languages, competent authorities to which these guidelines apply must notify ESMA whether they comply, do not comply, but intend to comply, or do not comply and do not intend to comply with the guidelines. Link to the Guidelines here CSDR Fundamental Rules for Financial Market Infrastructures: Policy Statement On 18 July 2025, the Bank of England (BoE) published its Policy Statement on Fundamental Rules for Financial Market Infrastructures (FMIs). These rules set out the outcomes that the BoE expects from FMIs, including with regard to their financial resources, operational resilience and the actions they should take to understand and manage the risk they may pose to the stability of the financial system. They are intended to increase the transparency and effectiveness of the BoE’s role in supervising FMIs, supporting UK financial stability and the UK economy more broadly. This Policy Statement sets out how the BoE has responded to feedback from the consultation on its proposals.