Global Trustee and Fiduciary Services Bite-Sized Issue 7 2026

14 AI CRYPTOASSETS CYBER DORA IOSCO MONEY MARKET FUNDS SUSTAINABLE FINANCE/ESG ASIA PACIFIC AUSTRALIA EUROPE IRELAND LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 7 | 2026 Quick Links Additionally, ESMA says that it continued to support the development of sustainable finance in the EU by improving ESG disclosures, addressing greenwashing risks and implementing new regulatory frameworks. ESMA states that these included the Green Bond Regulation under which it established a supervisory framework for external reviewers, and the ESG Rating Regulation. Driving regulatory simplification and burden reduction A central focus of ESMA’s work in 2025 was simplifying the rulebook and reducing unnecessary burden for market participants. ESMA says that this was supported by a strategic approach to supervisory reporting, including flagship initiatives to streamline transaction reporting and fund reporting under AIFMD and UCITS. ESMA has also launched the retail investor journey initiative, focusing on making the investment process simpler and more transparent, whilst ensuring that investors have access to clear, reliable and accessible information. Enhancing market efficiency and digital innovation ESMA says that a major milestone in 2025 was the selection of the first consolidated tape providers (CTPs) under MiFIR. This marked a significant step towards improving transparency and accessibility of market data across the EU. Finally, ESMA states that it also supported the transition towards a shorter T+1 settlement cycle, contributing to global efforts to enhance post-trade efficiency and reduce systemic risk. Link to Annual Report 2025 here ESMA Chair Speech: Priorities for European Asset Management On 12 June 2026, the Chair of the European Securities and Markets Authority (ESMA) delivered a speech at the European Fund and Asset Management Association’s (EFAMA’s) Annual General Meeting. The speech was entitled ‘Priorities for European asset management: simplification, innovation, resilience and trust’. In her speech the Chair focused on four areas: • First, how ESMA can simplify regulatory frameworks, notably through more integrated and efficient reporting systems. • Second, how digital innovation, including distributed ledger technology and fund tokenisation, is beginning to reshape market practices. • Third, how ESMA assesses the current market environment and financial stability risks, where resilience coexists with growing underlying vulnerabilities. • And finally, how ESMA can strengthen retail participation, by making the investor journey more accessible, more effective and more trusted. In her comments the Chair states that these topics are closely interconnected. Together, they reflect a broader and common objective for all: ensuring that European capital markets remain efficient, resilient and capable of supporting sustainable growth, while continuing to deliver for investors. Link to Speech here ESMA Deprioritises Certain of its 2026 Deliverables On 2 June 2026, ESMA wrote to the European Commission, setting out the prioritisation of its 2026 deliverables. As part of a wider effort to continually increase efficiency within ESMA, it says that this annual prioritisation exercise aims to ensure that resources are appropriately allocated, especially in light of external factors that have impacted ESMA’s workload since the publication of the 2026 Annual Work Programme. ESMA explains that it has identified a small number of planned policy deliverables (set out in Table A of Annex I of its Letter), which could become obsolete or altered depending on the final outcome of the legislative negotiations of the Market Integration and Supervision Package (MISP). With an eye to burden reduction, ESMA states that it has decided to postpone public consultations on those deliverables until after the MISP has been adopted – to avoid mandating multiple, potentially inconsistent, changes and thus burden for financial market participants.