Global Trustee and Fiduciary Services Bite-Sized Issue 10 2026

22 AIFMD CRYPTOASSETS FINTECH FUND LIQUIDITY OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ ESG T+1 ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 10 | 2026 Quick Links The FCA says firms planning to invest in cETNs should ensure investment is consistent with the disclosed investment objectives, policies and risk profile of a given fund, and the intended target market of the fund. The FCA adds that exposure beyond a genuine de minimis should be disclosed in the prospectus and relevant marketing documents as part of the investment strategy of the fund. The rules came into effect on 28 September 2026 . Link to Handbook Notice No. 144 here Link to Collective Investment Schemes Sourcebook (Cryptoasset Exchange Traded Note) Instrument 2026 here FCA Publishes QCP 26/32 – Updating Money Market Fund Reporting Requirements On 4 September 2026, the FCA published QCP 26/32 which includes proposals on changes to the current reporting arrangements for money market funds (MMFs). The FCA says the changes are intended to form part of its wider proposed new funds reporting framework, ‘Fund Reporting for Asset Management Entities’ (FRAME). The changes also form part of the wider reform if the UK MMF regime, previously consulted on in 2023. The FCA’s proposals cover two main changes to the current reporting arrangements for MMFs: 1. In place of the current quarterly reporting through the MMFR reporting template, to instead integrate MMF reporting into the wider FRAME reporting arrangements. The FCA propose to apply some but not all of the elements of both the FRAME ‘essential’ and ‘enhanced’ reporting, along with one additional MMF-specific data point (MMF type), to all MMFs. The FCA says that, overall, this would reduce duplication in reporting and remove unnecessary data items, as well as applying a consistent reporting regime across all MMFs. Under the FCA’s proposals, Managers of both UK and non-UK (overseas) MMFs marketing into the UK would report on a quarterly basis with a 30-day ‘lag’ time between the end of the reporting period and the date of submission. 2. To replace daily reporting of NAV with weekly reporting of a limited number of metrics. These would include data on NAV, MMF liquidity buffers and NAV per unit/constant NAV per unit (daily breakdown over the week), and other metrics such as MMF maturity metrics and net flows (as at the end of the week), to support timely oversight. The FCA propose to require this of all UK and overseas MMFs marketing into the UK. The consultation period closed on 12 October 2026 Link to QCP 26/32 here