Global Trustee and Fiduciary Services Bite-Sized Issue 2 2026

8 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 During the meeting, members also reviewed the progress made on the implementation of the Roadmap on Sustainability Disclosure in Hong Kong, including ongoing work on sustainability assurance and initiatives to strengthen the sustainability disclosure ecosystem. They also acknowledged the significant strides in their aim of establishing Hong Kong as a leading hub for sustainable and transition finance, including enhancing the Hong Kong Taxonomy for Sustainable Finance, developing transition planning guidance for the banking sector, developing carbon market, and hosting major sustainable finance events in Hong Kong. Link to the 2026-2028 Priorities here Fair Sustainability Claims: 4 Areas for Improvement for Market Participants On 27 January 2026, the Dutch Authority for the Financial Markets (AFM) published a factsheet detailing its expectations following a study of sustainability claims by financial market participants, and how they relate to the principles of the Guidelines on Sustainability Claims. The AFM said that it had found that market participants are using the guidelines, but that there is room for improvement regarding the specificity of claims and the ease of finding the information to substantiate claims. As a result, the AFM’s factsheet shares the four key areas for improvement using good and bad examples. It also explains the key takeaways from the AFM’s exploratory study. The four key areas for improvement are: 1. Ensure that sustainability claims are factually accurate and representative; 2. Specify what a sustainability claimmeans for the market participant or the product; 3. Ensure that substantiation is easy to find; and 4. Provide necessary explanations for claims on climate neutrality, ESG ratings and impact. The AFM said that, in the coming year, it will pay extra attention to ensuring that sustainability claims are fair, and that it expects market participants to further improve their sustainability claims where necessary. Link to the Fact Sheet here HKMA Publishes Hong Kong Taxonomy for Sustainable Finance Phase 2A On 22 January 2026, the Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance (Hong Kong Taxonomy) Phase 2A, which the HKMA said marks an important step in facilitating green and sustainable capital flows and supporting the region’s transition to a low carbon economy. The HKMA said it had been developing the Hong Kong Taxonomy in phases to provide a robust and transparent framework for classifying economic activities that contribute to green and sustainable development. Following the release of Phase 1 in May 2024, the HKMA launched a public consultation on the Phase 2A prototype in September 2025 to seek views on the expanded taxonomy coverage and relevant enhancements. The HKMA said it had received numerous submissions from a diverse group of stakeholders, including banks, professional associations, asset managers, corporates, non-government organisations, think tank, and the public sector. The HKMA says that respondents generally supported the expansion in taxonomy coverage and the addition of transition elements and climate change adaptation category and welcomed the further enhancement in clarity and practicality of the Hong Kong Taxonomy by the HKMA. Drawing on the feedback gathered from the public consultation, the HKMA said it had refined the prototype for publication as the Hong Kong Taxonomy for Sustainable Finance Phase 2A. The HKMA also released a consultation report, which summarises the consultation feedback and the HKMA’s responses. The Hong Kong Taxonomy Phase 2A and consultation report are available on the HKMA website. Link to Circular here