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

6 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 IOSCO IOSCO Publishes 2026Work Program On 9 February 2026, the International Organization of Securities Commissions (IOSCO) published its 2026 Work Program. Building on its 2025 Work Program, IOSCO says that it will keep its focus on strengthening capital markets. IOSCO’s key strategic priorities for 2026 are: 1. Strengthening Financial Resilience and Market Effectiveness – IOSCO states that it will finalise several ongoing work streams, including its review of the IOSCO Principles for the Valuation of Collective Investment Schemes. New key initiatives for 2026 include: • Seeking to address issues related to over-the-counter derivatives reporting fragmentation; • Work on the impact of market microstructures on liquidity and of extended trading hours on equity trading venues; • Contributing to the Financial Stability Board’s work on issues of non-bank data availability, use and quality; and • Contributing, as necessary, to follow-up work on the issue of leverage in non-bank financial intermediation. 2. Protecting Investors – Here IOSCO says it will further strengthen its efforts in investor education by launching its first TechSprint, in partnership with the UK Financial Conduct Authority’s AI Lab. This initiative aims to leverage technology to develop educational resources that empower retail investors to navigate the novel products available to them, understand the risks and opportunities associated, and identify scams. IOSCO will also explore these novel products, such as crypto- asset funds, private credit vehicles, and retail-facing derivatives, which offer greater choice to investors but may also introduce new risks. 3. The Evolution of Public and PrivateMarkets – IOSCO says that key initiatives in this field include: • An exploration of the growing interconnectedness between private equity activities and the audit sector; • Contribution to the FSB’s deep dive on private credit; and • Research work on the functioning of public markets. 4. Technological Transformation – Here, IOSCO says that the adoption of Artificial Intelligence (AI), the intersection of digital assets with traditional finance and the rise of tokenisation all present significant opportunities for financial markets and their investors but they can also present risks. In 2026, IOSCO will advance its crypto-asset roadmap by finalising a formal methodology for crypto and digital assets assessments, initiate regular thematic reviews, and continue to monitor developments arising from financial technology adoption. IOSCO will also develop a supervisory tool kit on AI and guidance for firms on disclosures and governance in relation to AI and will focus on Supervisory Technology. 5. Promoting Regulatory Cooperation and Effectiveness – IOSCO says that promoting regulatory cooperation and effectiveness remains a key strategic priority. A key priority will be to assist members from emerging markets to build sound and robust capital markets, through enhanced capacity building, strengthened partnerships with international financial institutions, and direct assistance in addressing identified challenges. IOSCO states that regulatory cooperation remains central to the effective delivery of these priorities and that it will continue its regular reviews, promoting the consistent application of securities regulation worldwide. Link to 2026Work Program here