Global Trustee and Fiduciary Services Bite-Sized Issue 10 2026

AIFMD The UK Alternative Investment Fund Market: Evidence fromRegulatory Reporting ​On 3 September 2026, the Financial Conduct Authority (FCA) published the results of its research exploring the UK’s alternative investment fund (AIF) market using its regulatory data. The research looks at the UK AIF market, how it has changed over time and how risks and vulnerabilities are distributed across the market. The FCA says the findings have informed its proposals to modernise the UK Alternative Investment Fund Managers Directive (AIFMD). ​ The FCA says the findings provide a snapshot of the market before its proposed regulatory reforms, setting a baseline to help the FCA evaluate future regulatory changes. The FCA’s other key findings include that: • Professional investors remain at the centre of the market; • Leverage and liquidity risks are concentrated in certain fund types rather than widespread across the market; and • The AIF sector is characterised by specialist firms operating alongside a relatively small number of very large managers. The FCA says the analysis draws on data that fund managers report to it under the AIFMD. It covers all AIFs available to UK investors between 2021 and 2025. When looking at UK-managed AIFs only, coverage goes back to 2016. Link to the Research here CRYPTOASSETS ESMA Calls for Changes to Make MiCA Clearer, Safer and Ready for Emerging Services On 30 September 2026, the European Securities and Markets Authority (ESMA) published its response to the European Commission’s public consultation on the review of Markets in Crypto- Assets Regulation (MiCA). ESMA’s says that its recommendations aim to simplify the framework while improving investor protection and addressing innovative business models, such as decentralised finance (DeFi), staking, lending and borrowing. Enhancing investor protection ESMA proposes new safeguards in areas where investors face risks that are not fully covered under the current framework, including: • Stricter rules for the marketing of crypto-assets, particularly when they are promoted by influencers and third parties; Investor Services Bite-Sized Global Trustee and Fiduciary Services Issue 10 | 2026 Quick Links AIFMD CRYPTOASSETS FINTECH FUND LIQUIDITY OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ ESG T+1 ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM