Global Trustee and Fiduciary Services Bite-Sized Issue 2 2026

18 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 Specifically, this proposal would: • Amend rule 0-10 to: i. Increase the net asset threshold for investment companies fromUSD50 million to USD10 billion; and ii. Refer, for purposes of aggregating the net assets of related funds, to a “family of investment companies” as that term is used in Item B.5 of FormN-CEN rather than to a “group of related investment companies” as used in the current rule. • Amend rule 0-7 to increase the assets under management threshold below which an investment adviser is considered to be a “small entity” fromUSD25 million to USD1 billion, request comment on whether to amend the total assets threshold, and make related conforming changes to the control relationship thresholds; • Provide for inflation adjustments to the asset thresholds by order every 10 years; and • Amend Form ADV in conformity with the threshold changes to rule 0-7 and make certain clarifying changes. Link to Fact Sheet here Link to Proposed Rule here UNITED KINGDOM FCA Highlights Good Practice and Risks in Complex ETPs for Retail Investors On 12 January 2026, the Financial Conduct Authority (FCA) published the results of its review of how firms sell complex exchange traded products (ETPs) to retail consumers. The FCA assessed how firms of different sizes and business models evaluate these products, communicate key risks and monitor outcomes under the Consumer Duty. The FCA said that it had found some firms demonstrated detailed processes for: • Defining target markets. • Assessing customer knowledge. • Monitoring outcomes. Others had weaker controls or limited assessments of a customer’s investment experience and knowledge. The FCA said it also saw unclear disclosures, making it harder for consumers to understand risks. The FCA said firms should review their processes and make sure they are meeting the Consumer Duty requirements. This includes addressing gaps in appropriateness checks and clearly communicating risks to retail investors. Link to FCA’s Good and Poor Practice Webpage here Financial Services Regulation Committee Publishes Private Markets Report On 9 January 2026, the Financial Services Regulation Committee (Committee) published its report ‘Private markets: Unknown unknowns’, resulting from its inquiry into the drivers and consequences of the growth of private markets.