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

7 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 regulatory technical standard (RTS) also ensures that the new deferral regime is in place ahead of the go live of the OTC derivatives consolidated tape (CTP). The package order RTS has been adapted to the changes introduced to the transparency framework following the MiFIR review. Regarding the mandate on data quality requirements for the consolidated tapes, ESMA says that the report includes a proposed amendment to the RTS on input and output data. This amendment outlines the list of fields to be transmitted to and disseminated by the OTC derivatives CTP and provides a clarification on the scope of the bonds CTP with respect to Exchange Traded Commodities/Exchange Traded Notes instruments. ESMA also states that the Simplification and Burden Reduction principle was applied by consolidating all derivative-related amendments into one review, setting a single application date across RTSs, removing transparency reporting to ESMA and using static thresholds which do not require annual updating and streamlining post-trade data. The report has been submitted to the European Commission, who will now have three months to decide whether to endorse the proposed RTS. The new rules are expected to start applying on 1 March 2027. Link to Final Report here ESMA to Launch Common Supervisory Action on MiFID II Conflicts of Interest Requirements On 2 December 2025, ESMA announced that it will launch a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) on conflicts of interest in the distribution of financial instruments. ESMA says that the CSAwill assess how firms comply with their obligations under MiFID II to identify, prevent, and manage conflicts of interest when offering investment products to retail clients. The CSA will focus on: • The possible impact of staff remuneration and inducements on what products are offered to investors; • The role of digital platforms in directing investors towards certain products, and whether this serves their best interests; and • The ways firms manage potential conflicts between their own profits and the needs of retail investors. ESMA expects that this initiative, together with the exchange of practices among NCAs, will contribute to the consistent application of EU rules and strengthen investor protection in line with its objectives. ESMA says that it and the NCAs will carry out the CSA during 2026. Link to ESMA Announcement here