Global Trustee and Fiduciary Services Bite-Sized Issue 9 2025

13 QUICK LINKS CRYPTOASSETS CYBERSECURITY EMIR (UK) FINTECH MIFID/MIFIR (UK) SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC AUSTRALIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 9 | 2025 • A CE‑FOPF should describe the various fee structures imposed by the underlying private funds (including performance‑related compensation) and discuss how those fees could affect the underlying private funds’ returns and the CE-FOPF’s performance in its registration statement. • A CE‑FOPF should also disclose howmultiple layers of direct and indirect fees will affect the returns realised by an investor in the CE-FOPF. • In particular, a CE‑FOPF should consider disclosing the effect of any underlying private fund performance fees or incentive allocations on the CE‑FOPF’s performance, including the possibility that certain of the underlying private funds may receive performance fees, even if other underlying private funds—or the overall performance of the CE‑FOPF itself—is negative (i.e., “netting risk”). • CE-FOPFs should consider making sufficient disclosures about the underlying private funds themselves, including its strategy and risk disclosures. • A CE-FOPF should provide a full discussion of the types of underlying private funds in which it proposes to invest and the associated risks and considerations, including (to the extent material) the private funds’ investment strategies, risks associated with more volatile or speculative investments, conflicts of interest, and the liquidity of the private funds’ underlying investments. • CE‑FOPFs should also disclose that the underlying private funds in which they invest (as compared to registered funds) are not limited by the 1940 Act in how they invest their assets (e.g., leverage and transactions with affiliates); and that the underlying private funds’ investments may impact the strategies, risks, and costs of and for the CE‑FOPF itself. • A CE‑FOPF should disclose that shareholders may have limited information about the underlying private funds in which it is investing, including with respect to the underlying private funds’ holdings, liquidity, and valuation. Where material, a CE-FOPF should consider disclosing risks relating to: • The legal jurisdictions of the underlying private funds; • “Liquidity terms” for its private fund investments (such as mandatory minimum holding periods, limitations or suspensions of redemptions, and the possibility of “payment in kind” distributions in response to a redemption request) and explaining how these terms may impact the fees, performance, and liquidity of the CE‑FOPF; and • Tax considerations when investing in private funds that produce non-qualifying income and that could impact the CE-FOPF’s pass-through status as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code. Link to ADI here SEC Launches New Statistics and Data Visualizations Webpage On 13 August 2025, the SEC announced a new statistics and data visualization page that includes statistics and graphics on key elements of the capital markets, such as initial public offerings, exempt offerings, corporate bond offerings, reporting issuers, municipal advisors, transfer agents, and household participation in the capital markets. The webpage provides statistics presented in time series charts to showmarket trends, pie charts to show distribution across different categories, as well as heat maps to show geographic distributions. The visuals are interactive, allowing the public to explore the information in which they are interested. The new webpage includes: • Data Visualizations: interactive graphics based on statistics; • Statistics Table: fundamental statistics regularly updated with the most recently available data; • Statistics Guide: description, calculation method, and data source for each metric;