Global Trustee and Fiduciary Services Bite-Sized Issue 2 2026

16 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 ESMA’s Principles for Risk-based Supervision On 9 January 2026, ESMA published its principles for risk-based supervision. ESMA said these principles support a common and effective EU-wide supervisory culture and strengthen the EU single market. The principles on risk-based supervision outline key concepts and foundational elements for use by ESMA and National Competent Authorities (NCAs), and provide a structured framework for identifying, assessing, prioritising and addressing risks. They are designed to support a supervisory framework that is consistent, proportionate, and effective across the Union. ESMA said that a risk-based approach is the cornerstone of EU securities markets supervision, allowing regulators to focus on and address risks that pose the greatest threats to investor protection, financial stability, and orderly markets. Risk-based supervision is also one of ESMA’s flagship projects supporting the simplification and burden reduction agenda, through its contribution to boosting supervisory efficiency and value. Next steps ESMA said that it will work with NCAs to advance the implementation of effective risk-based supervision and foster high quality supervisory outcomes for market participants. Link to the Principles here ESMA Publishes Report on Cross-border Marketing of Funds Including Statistics on Notifications On 6 January 2026, ESMA published its third report on marketing requirements and marketing communications under the Regulation on cross-border distribution of funds including, for the first time, statistics on notifications of cross-border marketing of funds. Drawing on input fromNCAs, the report finds that national rules governing the marketing of funds have not undergone any significant changes since the publication of the second report in 2023. ESMA said it has used the opportunity of this report to provide stakeholders with statistics on the volume of cross-border fund notifications. In particular, the analysis shows that Luxembourg and Ireland are the leading notifying jurisdictions, accounting for 59% and 30% respectively. UCITS notifications comprise 56% of the total fund notifications, while AIFs account for 44%. This information was retrieved from the ESMA database, which lists all notifications of cross- border marketing of funds. Link to Report here NORTH AMERICA SEC Publishes Updated Marketing Rule FAQ On 16 January 2026, SEC staff published updates to its Marketing Rule FAQ, following the issuance of a risk alert by the Division of Examinations on 16 December 2025 that provided additional information regarding investment advisers’ compliance with the Marketing Rule. The new FAQs provide additional clarification regarding: i. The use of actual fees versus model fees when presenting net performance; and ii. The application of the Marketing Rule’s disqualification provisions to compensated testimonials and endorsements involving certain self-regulatory organization final orders. Link to Marketing Compliance – Frequently Asked Questions Updated 15 January 2026 here Link to Marketing Rule IA-5631 here Link to Risk Alert here