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

18 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 Division says that its goal is to encourage advisers to review and enhance their supervisory, compliance, and risk management systems. Link to Risk Alert here SEC Chair Atkins Statement Regarding Potential Revisions to FSOC’s Non-Bank Designation Guidance On 11 December, SEC Chair Paul Atkins issued a statement on the potential revisions to the Financial Stability Oversight Council’s (FSOC) non-bank designation guidance. Chair Atkins noted that the FSOC received a briefing from Treasury staff on potential revisions to its interpretative guidance regarding nonbank financial company determinations. Chair Atkins stated that the idea of non-bank designation was misguided from the start. Designation, in the wrong hands, is poised to become a weapon for an activist Council to push an arbitrary agenda and punish companies that are not onboard. Chair Atkins stated that when companies are subject to the risk of arbitrary designation, they are unable to plan for growth and undertake strategic decisions, impairing their ability to deploy capital efficiently and meet the needs of customers. For a nonbank institution, Chair Atkins states that designation brings with it a new regulator that does not have the primary regulator’s expertise in its business—and quite possibly with its industry overall. Furthermore, the Fed’s primary regulatory tool is capital standards. These are meaningless in the context of an asset manager, insurance company, or investment fund. Instead, Chair Atkins says that FSOC’s activities since 2016 demonstrate that regulators can effectively address the risks of nonbank financial companies without resorting to arbitrary designation. He adds that the advantage of undertaking this rulemaking is that the SEC now has three examples to draw on. As with any regulation, the 2019 guidance was not perfect and there were opportunities to improve it. However, Chair Atkins states that the 2023 guidance did not build on this foundation but instead threw out the approach in favor of moving back toward the approach in the 2012 guidance, which was successfully challenged in court. Chair Atkins indicated that he felt strongly that the FSOC prioritize reintroducing the use of important safeguards against arbitrary and capricious designation, such as cost-benefit analysis and an assessment of the likelihood of material financial distress. Without these safeguards, Chair Atkins states that the FSOC risks litigation in the response to designation. Link to Statement here Acting Chairman PhamAnnounces First-Ever Listed Spot Crypto Trading on U.S. Regulated Exchanges On 4 December 2025, CFTC Acting Chairman, Caroline D. Pham, announced that listed spot cryptocurrency products will begin trading for the first time in U.S. federally regulated markets on CFTC registered futures exchanges. Acting Chairman Pham states that the announcement marks a significant step forward in the Trump Administration’s pledge to usher in a Golden Age of Innovation and make America the “crypto capital of the world.” The announcement follows recommendations by the President’s Working Group on Digital Asset Markets and stakeholder insights from the CFTC’s Crypto Sprint and cooperative engagement with the SEC. Link to Announcement here