Global Trustee and Fiduciary Services Bite-Sized Issue 1 | 2026

10 QUICK LINKS AI BENCHMARKS REGULATION (UK) CRYPTOASSETS EMIR FSB FUND LIQUIDITY MIFID/MIFIR IOSCO RETAIL INVESTMENT STRATEGY SAVINGS & INVESTMENTS UNION SUSTAINABLE FINANCE/ESG ASIA PACIFIC EUROPE IRELAND NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 1 | 2026 Proposed measures Removing obstacles to market integration and leveraging scale Here the Commission says that the package aims to eliminate barriers to integration in trading, post-trading, and asset management. It seeks to enable market participants to operate more seamlessly across Member States. Proposed measures include enhancing passporting opportunities for Regulated Markets (RMs) and Central Securities Depositories (CSDs), introducing ‘Pan-European Market Operator’ (PEMO) status for operators of trading venues to streamline corporate structures and licenses into a single entity or single license format, and streamlining the cross-border distribution of investment funds (UCITS and AIFs) in the EU. Facilitating innovation Here the package focuses on removing regulatory barriers to innovation related to distributed ledger technology (DLT). It adapts the regulatory framework to support these technologies and amends the DLT Pilot Regulation (DLTPR) to relax limits, increase proportionality and flexibility, and provide legal certainty, thus encouraging the adoption of new technologies in the financial sector. Streamlining and enhancing supervision The Commission says that Improvements to the supervisory framework are closely linked to the removal of regulatory barriers. The package aims to address inconsistencies and complexities from fragmented national supervisory approaches, making supervision more effective and conducive to cross-border activities, while being responsive to emerging risks. This includes transferring direct supervisory competences over significant market infrastructures such as certain trading venues, Central Counterparties (CCPs), CSDs, and all Crypto-Asset Service Providers (CASPs) to the European Securities and Markets Authority (ESMA) and enhancing ESMA’s coordination role for the asset management sector. Simplification and burden reduction As seen in previous SIUmeasures, the Commission says that the package will simplify the capital markets framework further by converting directives into regulations, streamlining level 2 empowerments, and reducing national options and discretions to prevent gold-plating. Next steps The Commission says that the proposals must now be negotiated and approved by the European Parliament and the Council. Legislative proposals and accompanying documents • Communication on the further development of capital market integration and supervision within the Union • Proposal for a regulation regarding the further development of capital market integration and supervision within the Union – Master regulation • Annexes to the proposal – Master regulation • Proposal for a directive regarding the further development of capital market integration and supervision within the Union – Master directive • Annexes to the proposal – Master directive • Proposal for a Settlement Finality Regulation (SFR) • Annex to the proposal for a Settlement Finality Regulation (SFR) • Impact assessment accompanying the legislative proposals • Executive summary of the impact assessment accompanying the legislative proposals • Study of barriers to, and drivers of, the scaling‑up of funds investing in innovative and growth companies • Study on consolidation and reducing fragmentation in trading and post‑trading infrastructures in Europe