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

2 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 BENCHMARKS REGULATION (UK) HMTreasuryConsults on FutureRegulatory Regime for Benchmarks andBenchmarkAdministrators On 17 December 2025, HM Treasury (HMT) published a consultation, seeking views on the proposal to reform the UK’s existing benchmarks regime and replace it with the Specified Authorised Benchmarks Regime (SABR). HMT says that under SABR, only those benchmarks or benchmark administrators that are designated due to their importance to the integrity of UK financial markets would be regulated. This would ensure that market participants can continue to access a wide range of benchmarks to support UK financial services and economic growth. Under its proposal, HMT says that the number of benchmark administrators caught within the scope of regulation may reduce by up to 80% to 90%. This would move the UK from a regime that regulates millions of benchmarks and approximately 45 domestic administrators to a regime that regulates only a small number of benchmarks and administrators. The consultation closes on 11 March 2026. On the same day, the Financial Conduct Authority (FCA) issued a statement welcoming reform to the UK Benchmarks Regulation. Link to Consultation on Future Regulatory Regime for Benchmarks and Benchmark Administrators here Link to FCA Statement here CRYPTOASSETS FCA Seeks Feedback on Proposals for UK Crypto Rules On 16 December 2025, the Financial Conduct Authority (FCA) published three consultation papers, asking for views on new proposals as the next step in shaping the UK’s crypto rules. The three consultations are: • CP25/40: Regulating cryptoasset activities; • CP25/41: Regulating cryptoassets: Admissions & disclosures and market abuse regime for cryptoassets, and • CP25/42: A prudential regime for cryptoasset firms. The FCA says that these proposals continue its progress towards an open, sustainable and competitive crypto market that people can trust. The FCA wants a market where innovation can thrive, but where people understand the risks. Regulation cannot – and should not – remove all risk. Instead, it should make sure anyone investing in crypto does so with their eyes open. The FCA explains that its proposals apply a similar approach to crypto as it does in traditional finance: clear information for consumers, proportionate requirements for firms, and flexibility to support innovation. What the FCA is consulting on: • Admissions and disclosures – Rules for listing cryptoassets and what firms must tell investors, so people have the facts before they invest; • Market abuse – Measures to stop insider trading and manipulation, so markets are fair; • Cryptoasset trading platforms – Standards for exchanges to keep trading safe and reliable; • Intermediaries – Requirements for brokers and other intermediaries, so they act responsibly; • Staking – Making sure the risks are clear when firms offer staking – a service that lets you lock up your crypto for a reward;