Global Trustee and Fiduciary Services Bite-Sized Issue 4 2026

6 QUICK LINKS CMU CONDUCT CRYPTO ASSETS EMIR FINTECH FUND LIQUIDITY IOSCO OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 4 | 2026 In relation to crypto-assets, ASIC said the survey found: • That almost one in four Gen Z own cryptocurrency (23%). • 24% of Gen Z crypto investors report trying to pick a winner by buying the latest new ‘coins’ and 15% say they invest just for a ‘bit of a punt’. • Almost three-quarters of Gen Z (72%) have seen social media advertising encouraging them to invest in crypto assets in the past 12 months, while two in five (41%) have been contacted by someone offering to help them invest in crypto. ASIC warned that due to fundamental differences between cryptocurrency and other forms of investment, it may set unrealistic expectations about returns, price volatility and the realities of long-term investing. Link to ASICMoneysmart Gen Z Financial Behaviours Report 2026 here Link to Infographic: Gen Z Crypto Ownership and behaviour here Link to Infographic: Gen Z Trust in Financial Sources here Council Agrees Position to Streamline Rules on Artificial Intelligence On 13 March 2026, the Council of the EU (Council) agreed its position on the proposal to streamline certain rules regarding artificial intelligence (AI). The proposal forms part of the “Omnibus VII” legislative package in the EU’s simplification agenda and includes proposals for two regulations aiming to simplify the EU’s digital legislative framework and the implementation of harmonised rules on AI. On 17 November 2025, the European Commission (Commission) proposed to adjust the timeline for applying rules on high-risk AI systems by up to 16 months, so that the rules start to apply once the Commission confirms the needed standards and tools are available. The Commission also proposed further targeted amendments to the AI Act that would extend certain regulatory exemptions granted to SMEs also to small mid-caps, reduce requirements in a very limited number of cases, extend the possibility to process sensitive personal data for bias detection and mitigation, reinforce the AI Office’s powers and reduce governance fragmentation. The Council mandate, however, adds a new provision in the AI act, prohibiting AI practices regarding the generation of non-consensual sexual and intimate content or child sexual abuse material. The text also introduces a fixed timeline for the delayed application of high-risk rules: the new application dates would be 2 December 2027 for stand-alone high-risk AI systems and 2 August 2028 for high-risk AI systems embedded in products. The Council mandate also reinstates the obligation for providers to register AI systems in the EU database for high-risk systems, where they consider their systems to be exempted from classification as high-risk. It also reinstates the standard of strict necessity for the processing of special categories of personal data for the purpose of ensuring bias detection and correction. In addition to these, the text postpones the deadline for the establishment of AI regulatory sandboxes by competent authorities at national level until 2 December 2027. It also clarifies the competences of the AI Office for the supervision of AI systems based on general-purpose AI models where the model and that systems are developed by the same provider by listing exceptions where national authorities remain competent, including law enforcement, border management, judicial authorities and financial institutions. Finally, the Council mandate adds a newobligation for the Commission to provide guidance to assist economic operators of high-risk AI systems covered by sectoral harmonisation legislation in complying with the high-risk requirements of the AI act in a manner that minimises compliance burden. Link to 17 November 2025 Commission Proposal here Link to 13 March 2026 Council Proposal here