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

14 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 The SFC says that with broad market support, the FSTB and the SFC will proceed with the legislative proposals for the VA dealer and custodian regimes. The SFC says that the new regimes mark a pivotal step in completing Hong Kong’s regulatory framework to support a robust and secure VA ecosystem under the SFC’s ASPIRe roadmap. For VA dealers, the SFC says that the regime will be aligned closely with that for Type 1 (dealing in securities) regulated activity under the Securities and Futures Ordinance and similar exemptions are under consideration. As for VA custodians, the new regime will focus on managing risks related to safekeeping private keys of client VAs in Hong Kong, to secure client assets and protect investors. Interested parties are encouraged to reach out to the SFC in order to initiate pre-application discussions on the proposed regimes. Moreover, in response to market feedback, the FSTB and the SFC launched a further consultation to expand the licensing scope to cover VA advisory and management service providers. Adhering to the “same business, same risks, same rules” principle, the SFC says that these new regimes are modelled on those regulating similar services in the securities market and will empower the SFC to regulate VA advisors and managers and set standards for them. Link to Consultation Conclusions: Legislative Proposal to Regulate Dealing in Virtual Assets and Further Public Consultation: Legislative Proposal to Regulate Virtual Asset Advisory Service Providers and Virtual Asset Management Service Providers here Link to Consultation Conclusions Legislative Proposal to Regulate Virtual Asset Custodian Services here Link to Further Public Consultation on Legislative Proposal to Regulate Virtual Asset Advisory Service Providers and Virtual Asset Management Service Providers here SFC Report: A Quarter of Connecting, Innovating and Diversifying Hong Kong Markets On 17 December 2025, the Securities and Futures Commission (SFC) published its latest Quarterly Report – July-September 2025. The SFC says that Hong Kong’s capital markets made significant progress in deepening market connectivity while driving financial innovation and diversification. The SFC states that Hong Kong has continued to bolster its super-connector role through deeper connections with both overseas and Mainland markets. Globally, the SFC has signed a total of six memoranda of understanding by the end of September, including three in the quarter, to reinforce asset management ties. With product expansion in September, Swap Connect –– a Mainland-Hong Kong derivatives market connect scheme –– saw its trading volume grow 56% year-on-year (YoY) as of November; aggregate transactions exceeded RMB9.3 trillion since launch in 2023. To drive market innovation, the SFC says that it has been working closely with the HKSAR Government to issue conclusions on the two proposed regimes related to virtual assets (VAs) in the near future. On the new product front, SFC-authorised VA spot exchange-traded funds (ETFs) saw total market capitalisation rise 33% YoY to $5.47 billion as of end-November, with their total number increasing to 11. Tokenised retail money market funds (MMFs) authorised by the SFC recorded total assets under management (AUM) of $5.48 billion as of end-November, soaring 557% since the launch of the first such MMF in 2025. Their total number rose to eight. To support Hong Kong’s further growth as a premier offshore renminbi hub, the SFC and Hong Kong Monetary Authority (HKMA) jointly issued a roadmap in September to position Hong Kong as a global fixed income and currency hub. A detailed workplan is being developed to set out the next steps and key milestones for implementing the roadmap’s initiatives. Link to SFC Quarterly Report here ASIC Renews Guidance on Managing Conflicts of Interest in Financial Services On 16 December 2025, the Australian Securities and Investments Commission (ASIC) updated its regulatory guidance on managing conflicts of interest for Australian financial services businesses (Regulatory Guide 181).