Global Trustee and Fiduciary Services Bite-Sized Issue 6 2026

7 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 IOSCO IOSCO Publishes Final Report on Valuing Collective Investment Schemes On 1 June 2026, the International Organization of Securities Commissions (IOSCO) published its Final Report on Valuing Collective Investment Schemes (CIS), which sets out a comprehensive and updated set of recommendations to further enhance the reliability, consistency and transparency of valuation practices across global investment funds. The report updates and consolidates IOSCO’s earlier Principles on valuation for collective investment schemes and hedge funds respectively. It takes into consideration feedback from market participants and developments in financial markets such as the rise in funds investing in less liquid, harder-to-value assets, including private assets, and the increasing participation of retail investors in such funds. IOSCO says accurate valuation of fund assets is critical to investor protection and to maintaining confidence in financial markets. It underpins the calculation of net asset value, ensuring that investors subscribe and redeem units at fair prices and are treated equitably. The report sets out a series of recommendations aimed at strengthening valuation practices across jurisdictions and market participants. These focus on: • Robust governance and oversight arrangement, including under stressed market conditions; • Management of conflicts of interest; • Sound and consistently applied valuation methodologies; • Appropriate use and oversight of third-party valuation providers; and • Transparency, disclosure to investors and record-keeping. IOSCO says the recommendations are designed to be proportionate and adaptable across different types of funds and jurisdictions, while promoting a more harmonised and a more globally consistent framework for fund valuations. Link to Report here IOSCO Publishes Reports on the Evolution of Market Liquidity During the Trading Day for Equity Markets and on Extended Trading Hours for Equity Venues On 21 May 2026, IOSCO published its Consultation Report regarding Regulatory Considerations and Good Practices on the Evolution of Market Liquidity during the Trading Day and its Report on Extended Trading Hours. IOSCO says the consultation report presents the findings of a global stocktake it has conducted, drawing primarily on input from regulators and engagement with trading venues. It analyses how liquidity is distributed throughout the trading day, the implications of evolving liquidity patterns and auction designs, and the effectiveness of existing regulatory and supervisory approaches. Based on this analysis, IOSCO proposes a set of good practices intended to assist regulators and trading venues in preserving fair, orderly and resilient equity markets as trading patterns evolve. Separately, interest in extending trading hours beyond traditional sessions, including overnight or near-continuous trading, has been growing in some jurisdictions. The Report on Extended Trading Hours reviews proposals and practices relating to equity markets across IOSCO jurisdictions and examines their potential benefits and risks. It finds that trading outside core trading hours varies across jurisdictions and remains predominantly retail-driven, with limited institutional participation. Where introduced, extended trading hours is typically venue-led, upon the demand of market participants, and is characterised by lower liquidity, wider bid–ask spreads and adjusted execution conditions compared with regular trading hours. IOSCO says the report also highlights that regulators have largely focused on assessing whether existing regulatory frameworks for market integrity, disclosure, surveillance, and operational resilience, are sufficient to address extended trading hours, rather than introducing bespoke regulatory regimes. Trading venues have considered risk controls and operational arrangements tomitigate lower liquidity and execution risk, while operational capacity, staffing, post-trade processing and the transition to shorter settlement cycles have emerged as key practical considerations.