Global Trustee and Fiduciary Services Bite-Sized Issue 6 2026

3 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 The consultation seeks feedback on the main building blocks of MiCA. It includes a public questionnaire for individuals and a targeted questionnaire covering more technical and legal questions for stakeholders such as digital asset issuers and service providers, financial institutions, technology providers, academia, think tanks, industry bodies, consumer and public interest organisations, and EU public authorities. The consultation is open until 31 August 2026 , and the feedback gathered will be used to inform the Commission’s future policy work on digital assets. Link to Public Consultation here Link to Targeted Consultation here FCA and Bank of England Set Out Shared Vision for Tokenisation in UKWholesale Markets On 18May 2026, the Financial Conduct Authority and Bank of England set out their approach to the regulation of tokenisation and distributed ledger technology (DLT) in key areas where firms want greater clarity, including prudential treatment, tokenised collateral and settlement instruments. They have also opened a discussion on key principles for regulation and infrastructure that could facilitate the development of tokenisation in wholesale markets. The FCA and the Bank of England are seeking industry views, via a Call for Input, on where existing rules and infrastructure support or constrain the safe use of this technology. Feedback will help them shape future work and inform the next steps of developing a joint roadmap for digital wholesale markets. The period for comments closes on 3 July 2026 . The Bank of England has published a consultation on extending real time gross settlement (RTGS) and CHAPS settlement hours, setting out next steps towards near 24/7 settlement. The staged approach includes weekend and extended daily operating hours, subject to consultation and industry readiness. This will support cross border payments, and new payment and settlement models as tokenisation develops. The consultation period closes on 10 August 2026 . In addition, the Prudential Regulation Authority has published Dear CEO letters setting out updated guidance on the prudential treatment of tokenised asset exposures and on innovations in deposits, e-money and stablecoins. These reflect recent market developments and reaffirm expectations on risk management and compliance. The FCA says that it is committing to further work to support tokenisation in the UK, including considering how its approach to the application of client asset (CASS) rules may evolve in light of industry feedback. Link to the Joint Call for Input here Link to Consultation on Extending RTGS and CHAPS Settlement Hours here Link to Dear CEO Letter on the Prudential Treatment of Tokenised Assets, Stablecoins, and Other Cryptoasset Exposures here Link to Dear CEO Letter Reaffirming the PRA’s Position and Clarifying Expectations on Innovations in the use of Deposits, E-money and Stablecoins here FINTECH IOSCO Publishes AI Supervisory Toolkit On 25 May 2026, the International Organization of Securities Commissions (IOSCO) published a Supervisory Toolkit for AI Use in Capital Markets. IOSCO says the report provides regulators with a practical toolkit to support the supervision and oversight of Artificial Intelligence (AI) based systems used by regulated entities. IOSCO adds that the report is part of a phased approach to supporting securities markets authorities in considering appropriate regulatory and supervisory responses to AI in capital markets and the potential risks emerging from these technologies, including implications for investor protection, market integrity and financial stability.