Global Trustee and Fiduciary Services Bite Sized Issue 8 2025

8 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 • Vulnerabilities analysis; and • External engagement. The report states that, as part of their annual work programme discussions, FSB members will continue to evaluate how the analysis of topics, such as physical risks and gaps in insurance coverage, may contribute to a better understanding of financial stability risks. Link to the Report here European Commission Adopts “Quick Fix” for Companies Already Conducting Corporate Sustainability Reporting On 11 July 2025, the European Commission (the Commission) adopted targeted “quick fix” amendments to the first set of European Sustainability Reporting Standards (ESRS). Per the Commission, these amendments aim to reduce burden and increase certainty for companies that had to start reporting for financial year 2024 (commonly referred to as “wave one” companies). Under the current ESRS, wave one companies reporting on financial year 2024 were permitted to omit certain information from their CSRD report. The “quick fix” amendment, which applies from financial year 2025, delays the phase in of additional of datapoints for wave one reporters to 2027. In addition, for financial years 2025 and 2026, wave one companies with more than 750 employees will benefit frommost of the same phase‑in provisions that currently apply to companies with up to 750 employees. The Commission says the quick fix was necessary because wave one companies were not captured by the “stop‑the‑clock” Directive, which delayed by two years the sustainability reporting requirements for companies that report from financial year 2025 and 2026 (so‑called “wave two” and “wave three” companies). This Directive was part of the Omnibus I package adopted by the Commission at the end of February 2025. The Commission has publicly stated that it is working on a broader revision of the European Sustainability Reporting standards (ESRS), with the aimof reducing the number of data requirements, clarifying provisions deemed unclear and improving consistency with other pieces of legislation. Link to Delegated Act here Link to Annex here Link to Summary of Modifications here MAS and PBC Deepen Cooperation in Green and Transition Finance at the 3rd Singapore-China Green Finance Taskforce On 11 July 2025, the Monetary Authority of Singapore (MAS) announced that it and the People’s Bank of China (PBC) reaffirmed their commitment to advance cooperation in green and transition finance between Singapore and China at the 3rd Singapore-China Green Finance Taskforce (GFTF) meeting on 10 July 2025. The GFTF meeting brought together more than 40 public and private sector participants to discuss joint initiatives in sustainable finance, including enhancing the interoperability of taxonomies, facilitation of green finance flows, and leveraging technology to facilitate sustainable finance adoption. According to MAS, the GFTF workstreams reported on the progress of various joint initiatives: • Taxonomies and Definitions: MAS and PBC are strengthening their partnership to advance taxonomy interoperability, building on the successful launch of the Multi-Jurisdiction Common Ground Taxonomy (M-CGT) in November 2024. OCBC Bank (China) has arranged China’s first M-CGT aligned green syndicated loan to Shudao Financial Leasing (Shenzhen) Co. Ltd in June 2025. This transaction demonstrates growing market adoption of the M-CGT. • MAS and PBC are also advancing discussions on the taxonomy criteria for transition activities and exploring ways to establish interoperability. These efforts aim to further harmonise sustainable finance standards and facilitate greater cross-border investments. • Products and Instruments: China International Capital Corporation continues to collaborate with the Singapore Exchange on facilitating green financing flows through the Green Corridor. Marketing roadshows have generated keen interest from Singapore-based issuers, both to explore the issuance of green panda bonds and to align their debt financing with the M-CGT.