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

8 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 I OSCO Global Standard-setting Bodies Publish Assessment of Margin Requirements for Non-centrally Cleared Derivatives On 12 December 2025, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives. The assessment marks a milestone in the ongoing monitoring of the standard introduced in response to the 2011 G20 call to enhance the resilience of financial markets. The Working Group on Margining Requirements (WGMR) assessed the framework’s implementation, drawing on a 2024 quantitative impact study, a survey of WGMR members and recent international margin-related work. The assessment found no material issues with the framework. The amount of margin exchanged for non-centrally cleared derivatives has increased materially since 2012, contributing to greater financial system resilience. The framework has been effective in supporting the intended functioning of capital and centrally cleared margin frameworks, including during recent episodes of market stress. The BCBS and IOSCO do not propose changes to the framework but recommend continued monitoring in the form of supervisory information exchange and the sharing of experiences among their members to address evolving market practices. Link to Report here RETAIL INVESTMENT STRATEGY Retail Investment Strategy: Council and Parliament Agree on Package to Empower Consumers While Boosting Markets On 18 December 2025, the Council of the EU (the Council) and the European Parliament agreed on an updated retail investment framework to empower and protect consumers when they invest. They also say it will help to foster trust and increase competitiveness in the EU’s financial markets. The Council says that the new rules will provide a wider range of efficient investment and financing opportunities for citizens and businesses. They will also contribute to the EU’s Savings and Investments Union (SIU) and to the simplification of financial services regulation – both priority initiatives to improve how the EU’s financial system channels savings into productive investments. At the same time, the updated legislation will offer consumers the same level of clear information, fair treatment and high protection regardless of which investment products, marketing and distribution channels they use. The package modernises and simplifies investor protection rules so that they are coherent across different financial sectors. Value for money To ensure that retail investors can compare investment products and get real value for money from their investments, retail investment firms will be obliged to identify and quantify all costs and charges borne by investors related to the investment products they advise. Based on agreed standards (peer groupings for products under MIFID, UCITS, and the AIFMD, and supervisory benchmarks for products under the Insurance Distribution Directive (IDD), including national supervisory benchmarks introduced during a period of four years from the entry into force of the new rules), they must also assess whether total costs and charges are justified and proportionate. The Council says that if not justified and proportionate, such products should not be approved for sale. The Council also states that the rules also improve the standardised information about investment products, such as Key Information Documents (KIDs). Information on investments regarding costs, risk and expected returns will be made more visible and accessible for consumers. The updated templates that firms must use in this regard will be developed and made available by the relevant European supervisory authorities.