Global Trustee and Fiduciary Services Bite Sized Issue 8 2025

5 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 1. Improve the ability of FSB member authorities to identify and assess vulnerabilities stemming from nonbank sectors. 2. Improve the ability of authorities to assess and calibrate policies to mitigate financial stability risks stemming from nonbank sectors. 3. Explore whether and how authorities could share information, including data, to mitigate significant financial stability threats. As part of this work, the FSB has launched a test case on leveraged trading strategies in sovereign bond markets to assess howmuch progress can be made in addressing key nonbank data challenges. This area was chosen due to its critical importance to financial stability and the key data challenges it presents, including some with a significant cross-border dimension. At the request of the South African G20 Presidency, the FSB is submitting a workplan to address nonbank data challenges, which outlines how the NDTF’s work will be structured and the next steps. The FSB will publish a report on the NDTF test case by mid-2026, detailing ways to address the identified data challenges. Following this, the FSB will determine whether further work should be undertaken in other areas. In parallel, the FSB has also decided to conduct an analytical deep dive on vulnerabilities in private credit, which will include the identification of data challenges in this area. Link to Recommendations on NBFI Leverage here Link to 2025 NBFI Progress Report here Link toWorkplan to Address Nonbank Data Challenges here OPEN FINANCE FCA Published Open Finance Sprint 2025 – Outcomes Report On 11 July 2025, the Financial Conduct Authority (FCA) published a report following its March 2025 Open Finance Sprint. Bringing together over 110 stakeholders, representing a wide range of organisations from the financial services industry, regulators and technology experts, the FCA says the focus of the Sprint was on developing practical data-sharing use case ideas to support four opportunity areas: • Financial wellbeing; • Financial growth; • Financial resilience; and • Better consumer empowerment through digital verification. The sprint included two main phases: • Phase 1 : A vision-setting exercise in which participants worked collaboratively to build a shared vision for 2030 for a successful open finance ecosystemwhich benefits all participants and generates growth for the market and the UK economy. • Phase 2 : Focusing on the problem statements and key use cases of the Sprint, participants worked in teams to identify the key building blocks to deliver a chosen use case. Called Vision 2030, the participants envisioned a future open finance ecosystem built around five foundational pillars: • Adaptive, collaborative, flexible, and clear regulation; • Robust data privacy and security; • Interoperability and cross-sector collaboration; • Financial education and empowerment; and • Real time insights and proactive services.