Global Trustee and Fiduciary Services Bite-Sized Issue 2 2026

6 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 (iii) Monitoring tools Effective tools and adequate capacity for identifying and managing emerging liquidity risk are important. As noted in the reviews, some AIs have adopted metrics beyond those specified in the supervisory guidance and banking returns to support internal surveillance. Several AIs have leveraged advanced technology tools to detect any emerging sentiment in social media. Details of the good industry practices as well as related supervisory expectations are provided in the Annex to the Circular. The HKMA said that AIs should review and enhance their risk management systems and controls as appropriate, having regard to these expectations and practices. Link to Circular and Annex here MIFID II/MIFIR ESMA Launches Selection of Consolidated Tape Provider for OTC Derivatives On 5 January 2026, the European Securities andMarkets Authority (ESMA) launched the first selection procedure for the Consolidated Tape Provider (CTP) for over the counter (OTC) derivatives. The CTP aims to enhance market transparency and efficiency by consolidating post-trade data from data contributors, such as trading venues, into a single and continuous electronic stream. This consolidated view of market activity will help market participants to access accurate and timely information and make better-informed decisions, leading to more efficient price discovery and contributing to the Savings and Investment Union (SIU). ESMA says that the CTP will collect and disseminate data on OTC derivatives based on the proposals in its Final Report on transparency for derivatives. The contract notice and procurement documents are available on the EU Funding & Tenders Portal. Entities interested to apply had until 11 February 2026 to register and submit their requests to participate in the selection procedure. ESMA said it will assess the received requests against the exclusion and selection criteria and will invite the successful candidates to submit their application. ESMA said it intends to adopt a reasoned decision on the selected applicant by early July 2026. The successful applicant will be selected to operate the CTP for OTC derivatives for a period of five years and invited to apply for authorisation with ESMA. Once authorised, the CTP will be supervised by ESMA. Link to ESMA’s DedicatedWebpage here MONEY MARKET FUNDS Guidelines on Stress Test Scenarios Under the MMF Regulation On 13 January 2026, the European Securities and Markets Authority (ESMA) published revised Guidelines with a view to establishing common reference parameters of the stress test scenarios to be included in the stress tests that Money Market Funds (MMFs) or managers of MMFs are required to conduct . The revisions cover the 2025 calibration for the MMF stress tests (the results of which have to be reported in accordance with Article 37 of the MMF Regulation). The Guidelines will be translated into the official EU languages and published on the ESMA website. The publication of the translations will trigger a two-month period during which National Competent Authorities must notify ESMA whether they comply or intend to comply with the Guidelines. Link to the Revised Guidelines here