Global Trustee and Fiduciary Services Bite-Sized Issue 4 2026

CMU ESMASets Out Actions to Simplify the Retail Investor Journey andMake InvestingMore Accessible On 12 March 2026, the European Securities and Markets Authority (ESMA) published takeaways from its 2025 Call for Evidence (CfE) on the retail investor journey. ESMA said that, considering the input from stakeholders, it outlines a number of actions and operational improvements it will take forward to make it easier for retail investors to access suitable investment opportunities. ESMA said it will focus on three areas: • Streamlining disclosure requirements and tackling information overload for investors; • Reducing complexity in suitability and appropriateness assessments; and • Simplifying MiFID II requirements on sustainability preferences. Consumer testing will also be used to inform and validate improvements to disclosures and digital investor journeys, including for mobile-first users. ESMA said that responses indicate that retail investors encounter multiple regulatory and non‑regulatory barriers when starting to invest. There is therefore not one magic solution to make the EU’s capital markets more accessible. ESMA said that stakeholders highlighted the following aspects to be addressed: • Disclosures: too long, too complex, not digital first. • Suitability and appropriateness assessments: valuable but heavy. • Beyond regulation: trust, costs, and taxes matter. ESMA said that the report will guide its future technical advice onMiFID II delegated acts and potential updates to its guidelines, ensuring alignment with the outcome of the Retail Investment Strategy. Link to ESMA’s Takeaways here Investor Services Bite-Sized Global Trustee and Fiduciary Services QUICK LINKS Issue 4 | 2026 CMU CONDUCT CRYPTO ASSETS EMIR FINTECH FUND LIQUIDITY IOSCO OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM