Global Trustee and Fiduciary Services Bite-Sized Issue 5 2026

13 QUICK LINKS AI CRYPTOASSETS CYBER EMIR FINTECH FUND LIQUIDITY MICA SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE IRELAND NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2026 Building on the existing monitoring process, the institutions will ensure regular stocktaking to oversee and guide the implementation of this Roadmap. Link to One Europe, One Market Roadmap here Joint Committee Annual Report Highlights Digitalisation, Cyber Resilience and Sustainable Finance as Key Priorities of 2025 On 24 April 2026, the Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published its Annual Report for 2025, setting out the main priorities and achievements of its cross-sectoral work over the past year. In 2025, the ESAs state that the Joint Committee focused on protecting consumers in increasingly digital financial markets, strengthening operational and cyber resilience through the implementation of the Digital Operational Resilience Act (DORA), improving the effectiveness of sustainable finance disclosures, and enhancing cross-sectoral risk monitoring. Chaired by EIOPA, in 2025, the Joint Committee continued to act as a key coordination platform, supporting close cooperation and information exchange between the ESAs, the European Commission and the European Systemic Risk Board. The Joint Committee also advanced a range of other cross-sectoral initiatives, including work to enhance the EU securitisation framework, progress on the European Single Access Point, and support for financial innovation through the European Forum for Innovation Facilitators. In line with the European Commission’s priorities, the ESAs state that the Joint Committee further contributed to efforts to simplify the EU financial regulatory framework and reduce unnecessary complexity, notably in the areas of sustainable finance and Packaged Retail and Insurance-based Investment Products (PRIIPs). Link to Annual Report for 2025 here ESMA Launches a Call for Evidence on Restricted Subscription and Private Credit Ratings On 16 April 2026, the European Securities and Markets Authority (ESMA) launched a call for evidence to gather stakeholder views on the purposes, market practices, needs and risks associated with restricted subscription and private credit ratings. ESMA says that it is encouraging all interested stakeholders to share views, data and analysis including: • The characteristics and use cases of restricted subscription and private credit ratings, including their benefits compared with publicly disclosed ratings; • The characteristics of the parties who are contracting for restricted subscription and private credit ratings and those to whom they are disclosed or distributed; and • Evidence on whether, and to what extent, the analytical processes, governance arrangements, and internal controls applied to restricted subscription and private credit ratings are comparable to those applied to public credit ratings. Stakeholders are invited to provide evidence‑based responses, including quantitative information where available, as well as concrete examples drawn frommarket practice. ESMA will consider all responses received by 31 May 2026 . ESMA will review the responses received in the second quarter of 2026 with a view to assessing whether specific regulatory adjustments or clarifications may be needed to enhance clarity on the application of the Credit Rating Agencies Regulation. Link to Call for Evidence here