Global Trustee and Fiduciary Services Bite-Sized Issue 8 2026

12 AIFMD CRYPTOASSETS EMIR FINTECH IOSCO MIFID II/MIFIR OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 8 | 2026 Quick Links The ESAs support ESRB warning on systemic cyber risks from frontier AI models On the same day, the European Supervisory Authorities (ESAs) issued a statement welcoming and supporting the warning. The ESAs state that they concur with the ESRB warning and urge financial entities to make appropriate arrangements to adapt their cybersecurity capabilities. They also invite competent authorities to reflect these developments in their supervisory activities. Finally, the ESAs note the ESRB’s call on the EU to scale up its capacity, expertise and strategic autonomy in this critical area, which requires that all parties are involved, includingAI providers, software providers, security firms, open-sourcemaintainers, financial institutions, andauthorities at bothnational andEU level. The ESAs state that they are working closely with the EU supervisory community to ensure that financial entities across the EU proactively identify and mitigate these risks in line with the requirements of the DORA, which establishes a harmonised framework for mitigating ICT risks in the financial sector. Link to ESRBWarning here Link to ESA’s Statement here SUSTAINABLE FINANCE/ESG CSSF Updates FAQ on Sustainable Finance Disclosure Regulation On 21 July 2026, the Commission de Surveillance du Secteur Financier (CSSF) published version 5 of its FAQ on Sustainable Finance Disclosure Regulation (SFDR). Version 5 contains a modification of Section II, Question 1, on the nature of the changes made to the SFDR RTS precontractual templates. Link to FAQ on Sustainable Finance Disclosure Regulation (SFDR) here ESMA Publishes newQ&As on the EU ESG Ratings Regulation (ESGRR) On 10 July 2026, the European Securities and Markets Authority published new Q&As relating to the EU ESG Ratings Regulation (ESGRR). The Q&As cover: • Consulting activities to investors or undertakings (2889) • Application of two working day notification period (2719) • Scope of two working day notification period (2890) • Access to dataset for factual error review (2891) • Notifications without a designated contact (2717) • Obligation to consider issuer feedback (2716) • ESG ratings used for internal purposes or in-house financial services (2806) • Exemption for SPO providers (2807) Link to the Press Release here European Commission Adopts Revised Sustainability Reporting Standards On 3 July 2026, the European Commission (the Commission) adopted revised European sustainability reporting standards (ESRS) and a voluntary reporting standard for smaller companies. The Commission said that ESRS provides investors and other stakeholders with the information necessary to understand the sustainability‑related risks to which companies are exposed, as well as their impact on both people and the environment. They encompass environmental, social, and governance issues, including climate change, biodiversity, and human rights.