Global Trustee and Fiduciary Services Bite-Sized Issue 2 2026

9 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 Joint Bank Reporting Committee Publishes its 2026Work Programme and Recommendations to Enhance Semantic Integration on ESG Definitions On 19 January 2026, the Joint Bank Reporting Committee (JBRC) published its Work Programme for 2026, outlining key priorities and deliverables for the year ahead. In parallel, the JBRC released a set of recommendations for all authorities to consider in the development of ESG reporting requirements. The JBRC said that the European Banking Authority (EBA) and the European Central Bank (ECB) will follow up on the implementation of these recommendations. Work Programme 2026 The JBRC’s Work Programme for 2026 sets out its main priorities as it continues supporting progress towards an integrated European reporting system for banks. In the coming year, the JBRC says that it will maintain its focus on semantic integration and on developing common definitions and standards across statistical, supervisory and resolution reporting. The JBRC states that these efforts aim to contribute to the broader EU initiative to streamline reporting obligations, strengthen data consistency and enhance efficiency for both reporting institutions and authorities. ESG-focused recommendations released Alongside the Work Programme, the JBRC issued a set of recommendations on ESG disclosures aimed at supporting greater semantic integration across supervisory, resolution and statistical reporting frameworks. The JBRC said that these recommendations represent another important milestone in ensuring more consistent and aligned approaches to ESG data across Europe. They also provide a relevant contribution to the finalisation of the Implementing Technical Standards on ESG disclosures, to the preparation of future ESG reporting requirements and to the development of any new ESG-related definitions. Link to the 2026Work Programme here Link to Recommendations on ESG Disclosures here European Commission Consultations on Two ESG Initiatives On 16 January 2026, the European Commission (EC) published consultations on draft legislation in relation to ESG rating activities. The EC’s proposals cover: • Rules on the procedure for the European Securities and Markets Authority (ESMA) to impose fines and periodic penalty payments on ratings providers; and • Rules on the supervisory fees charged by ESMA to rating providers, including the types of fees, what they cover, the amount, why they are charged and how they must be paid. The consultation period for both initiatives closed on 13 February 2026. Link to ESG Ratings – Fines and Periodic Penalty Payments Imposed on Rating Providers here Link to ESG Ratings – Supervisory Fees for Rating Providers here ECB Advances Climate and Nature Work After Delivering on 2024-2025 Plan On 16 January 2026, the ECB announced that it had further embedded climate and nature-related risks into its core work, by concluding its climate and nature plan 2024-2025. The ECB said that over the past two years it had refined its assessment of climate and nature- related risks, including the way they inform policy decisions. It had also improved how it supervises banks and manages its own portfolios and operations.