Global Trustee and Fiduciary Services Bite-Sized Issue 6 2026

16 AIFMD CRYPTOASSETS FINTECH FSB IOSCO MIFID II/MIFIR MONEY MARKET FUNDS OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 6 | 2026 Quick LInks ASIA PACIFIC SFC Issues NewGuidance to Help Securities Issuers Prepare for Upcoming Uncertificated Securities Market Regime On 29 May 2026, the Securities and Futures Commission (SFC) published a Guidance Note to assist securities issuers with preparing to participate in the uncertificated securities market (USM) regime, which is targeted for launch on 16 November 2026 . Aiming to enhance issuers’ understanding of the USM regime and facilitate their preparation, the SFC’s new guidance highlights their obligations under the regime and the next steps they need to take. Issuers are reminded, by the SFC, that a key step for them is to review and amend their terms of issue (such as their articles of association) to ensure consistency with the USM regime. To facilitate this process, the SFC’s Guidance Note identifies key areas of focus and provides sample provisions for issuers’ reference. Issuers will need to complete their amendment exercise by the first anniversary of USM launch (i.e., by 16 November 2027 ) or by the date of their first annual general meeting after USM launch, whichever is later. Issuers are therefore encouraged to start this process as soon as possible. Additionally, the SFC says, upon implementation of USM, issuers will be required to have an approved securities registrar at all times. To date, six companies have applied to become approved securities registrars. In parallel, the Stock Exchange of Hong Kong Limited also released a Guide on the Uncertificated Securities Market, focusing on issuers’ obligations under the Listing Rules in relation to USM implementation. Link to SFC Guidance Note here Link to HKEX Guide here ASIC Continues to Ease Regulatory Burden On 19 May 2026, the Australian Securities & Investments Commission (ASIC) announced that it has taken further steps towards clearer regulation, expanding digital services capability, streamlining its website, and simplifying regulatory guidance (REP 830). In response to feedback received following the release of Regulatory simplification (REP 813) in September 2025, ASIC says it has also: • Developed clearer guidance and simplified legislative instruments to ensure they are easy to understand, while implementing sector-based regulatory roadmaps to help small company directors and financial advice businesses understand their obligations. • Improved access to regulatory information on ASIC’s website with 280 form landing pages updated to make it easier for industry to comply with regulatory obligations. • Modernised digital services, which have driven a 380% increase in forms available for electronic lodgement, resulting in 45,000 fewer paper-based lodgements annually, simplifying how businesses interact with ASIC. REP 830 also outlines ASIC’s collaboration with the Australian Prudential Regulation Authority (APRA) on initiatives to reduce regulatory burden about data collection, as part of the Council of Financial Regulators on better regulation. These include strengthening engagement between regulators and industry and reducing inconsistencies in data collection. ASIC says its upcoming simplification work will focus on the development of sector‑based regulatory roadmaps, improving ASIC registers through the RegistryConnect program, and expanding digital transactions. For the next six months ASIC says it will prioritise working with APRA and other regulators to streamline and consolidate data requests and support the Government’s law reform, promoting productivity. In 2027, the focus will be on RegistryConnect to deliver streamlined digital services for company registrations. Link to Report 830 Regulatory Simplification Progress Report here