Global Trustee and Fiduciary Services Bite-Sized Issue 6 2026

8 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 This report focuses on equity trading, and IOSCO does not exclude further work on related areas impacted by the emerging practice, such as asset management, valuations, risk management or derivatives, etc. The response period for the Consultation Report regarding Regulatory Considerations and Good Practices on the Evolution of Market Liquidity during the Trading Day closes on 21 August 2026 . Link to the Consultation here Link to the Report here MIFID II/MIFIR ESMAManual on Pre-trade and Post-trade Transparency under MiFID II/MiFIR On 12 May 2026, the European Securities and Markets Association (ESMA) published a Manual as a convergence tool to promote common approaches and practices in the areas of pre-trade and post-trade transparency, the reporting to the consolidated tape provider (CTP) and the transparency calculations. The Manual covers: • Section 3 provides the legal background and the purpose of this document; • Section 4 deals with the different aspects of post-trade transparency for equity and non-equity instruments; • Section 5 tackles the transparency calculations for equity and non-equity instruments; • Section 6 deals with pre-trade transparency for equity instruments; and • Section 7 with the input/output data reported to/transmitted by the CTP. ESMA says the Manual is expected to be updated in the context of the MiFID II/ MiFIR review and the subsequent RTS 2 review for derivatives and any further legislative or legal change impacting its content. Furthermore, this Manual will be regularly updated addressing new questions from market participants similarly to the Q&A documents. Link to Manual here MONEY MARKET FUNDS Reforms to UKMoney Market Fund Regulations On 14 May 2026, the UK Government and the Financial Conduct Authority (FCA) announced plans to reform the UK Money Market Fund Regulations (MMFR). In 2023, HM Treasury and the FCA consulted on replacing and reforming MMFR. The Government says it will now lay legislation as soon as parliamentary time allows to establish the new regulatory framework, under which most requirements for UK MMFs will be set out in FCA rules and guidance. This will include guidance setting out expectations that UK MMFs hold higher levels of liquidity. The Government says this approach reflects internationally developed proposals that the UK helped to shape alongside other jurisdictions. The UK’s new regime is expected to be in place by Q4 2026, subject to Parliamentary approval. The Government also confirmed its intention to extend the Temporary Marketing Permissions Regime, with a view to establishing a longer-term solution on market access, in line with the UK’s framework and process for recognition of overseas firms and funds. Link to Announcement here