Global Trustee and Fiduciary Services Bite-Sized Issue 3 | 2026

4 QUICK LINKS AI DIGITAL ASSETS EMIR FINTECH FSB IOSCO MIFID II/MIFIR SUSTAINABLE FINANCE/ESG ASIA PACIFIC EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 3 | 2026 ESMA Publishes a Supervisory Briefing on the AAR Representativeness Obligation On 20 February 2026, ESMA published a supervisory briefing on the representativeness obligation linked to the active account requirement (AAR). ESMA says that the briefing sets out its supervisory expectations for how counterparties should comply with and report on the AAR representativeness obligation. ESMA adds that it provides guidance and promotes supervisory convergence for the supervision of counterparties subject to the AAR, an issue which has attracted scrutiny. The document explains how counterparties should identify the most relevant subcategories for the purpose of the AAR representativeness obligation, how they should report trades, and includes an example of compliance with reporting of the representativeness obligation. Background – ARR representativeness obligation The representativeness obligation requires relevant counterparties to clear a number of trades in their active accounts open at EU CCPs. These trades must be on the most relevant subcategories of derivatives and reflect the activity those counterparties currently clear at Tier 2 CCPs. Next steps Counterparties subject to the AAR representativeness obligation are expected to follow the guidance included in ESMA’s supervisory briefing to comply with their regulatory obligations. Link to Supervisory Briefing here FINTECH HKMA Unveils Fintech Promotion Blueprint: FromAdoption to Advancement On 3 February 2026, the Hong Kong Monetary Authority (HKMA) published a Fintech Promotion Blueprint (Blueprint) to foster responsible innovation and fintech advancement. Under “Fintech 2030”, HKMA says that this tactical Blueprint focuses on more sophisticated applications of artificial intelligence (A.I.) and distributed ledger technologies (DLT), enabled by the infrastructural support of High-Performance Computing. With Data Excellence and Cyber Resilience being the foundational pillars, the HKMA says that the Blueprint aims to further strengthen the banking sector’s ability to better manage risks associated with advanced technologies. The Blueprint sets out a cohesive framework of initiatives structured around tactical dimensions of Ecosystem Collaboration, Technological Advancement, as well as Talent and Outreach. In the coming months, the HKMA says that it will launch four flagship projects, including: • Quantum Preparedness Index : Recognising Quantum Computing’s far-reaching implications for the financial industry which relies on secure encryption technologies, the HKMA will develop a Quantum Preparedness Index to assess the readiness of the banking sector for Post-Quantum Cryptography (PQC); • New Risk Data Strategy : To unlock the full potential of advanced A.I. and DLT applications, the HKMA will implement a New Risk Data Strategy designed to enhance the data management capabilities of banks. With more robust data governance frameworks and sophisticated data infrastructure, banks will be able to more effectively leverage complex structured and unstructured data for advanced analytics, navigating the dynamic risk landscape; • Fintech Cybersecurity Baseline : The HKMA will work with industry experts to establish a new, standardised, industry-led Fintech Cybersecurity Baseline for fintech solution providers, focusing on specific novel applications of A.I. and DLT; and • Competency development support : The HKMA will work with the industry to provide practical guidance to enhance the skills of general fintech users, complementing existing competency support efforts. With a focus on “human-machine interaction” capability, HKMA says that the initiative aims to establish a clear view of the skills required for the advanced applications of A.I. and DLT in the next generation of financial products and services. Link to Report here