Global Trustee and Fiduciary Services Bite-Sized Issue 2 2026

10 QUICK LINKS AIFMD BENCHMARKS REGULATION CRYPTOASSETS FINTECH FUND LIQUIDITY MIFID II/MIFIR MONEY MARKET FUNDS OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 2 | 2026 The ECB said the areas that integrate climate and nature-related risks include: • Strengthened integration in monetary policy framework; • Better data and risk assessment; • Improved banking sector resilience; • Accounting for climate risks in managing the ECB’s own operations and balance sheet; and • Advancing work on nature. The ECB said that economic and financial consequences of climate change and nature degradation continue to grow. As a result, the ECB said it remains firmly committed to embedding climate and nature into its work, ensuring resilience to rising physical risks and transition challenges. The ECB said it will continue intensifying work in three priority areas: • Transition to a green economy , including assessing banks’ prudential transition plans, further analysis on energy and fiscal costs, and exploring how climate-related considerations could be further incorporated into the operational framework; • Coping with the growing physical impacts of climate change on the economy and the financial system , by strengthening macroeconomic analysis, improving data and risk monitoring and conducting further analysis of banks’ capabilities to tackle challenges related to physical risk; and • Impact of nature-related risks and ecosystem degradation , including assessing the impact of water-related risks. The ECB said these priorities will complement its ongoing climate-related actions covering monetary policy, banking supervision and financial stability, such as implementing the climate factor in the Eurosystem collateral framework, further developing scenario and stress test methodologies and ensuring banks’ prudent management of climate and nature-related risks. The ECB said it will also continue to improve data relevant to its work and refine its climate-related indicators and disclosures. It will also contribute to European and global policy discourse where relevant . Link to Full Announcement here ESMA Promotes Clarity in Communications on ESG Strategies On 14 January 2026, ESMA published its second thematic note on sustainability-related claims, focusing on ESG strategies. ESMA said the note concentrates on ESG integration and ESG exclusions, as references to these strategies are often made by market participants and widely referenced in marketing communications directed to retail investors. ESMA said that ESG integration and ESG exclusions can mean different things to different market participants. ESMA says that a lack of transparency when using these terms poses a notable greenwashing risk to investors. ESMA also explains that the aim of the thematic note is not to define these strategies, but to call on market participants to be clear about what they mean when referencing them. ESMA said that, similarly to the first thematic note on ESG credentials, this publication offers practical do’s and don’ts for making sustainability claims. These are illustrated through concrete examples of good and poor practices that are based on observed market practices. Link to Second Thematic Note here