Global Trustee and Fiduciary Services Bite-Sized Issue 8 2026

17 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 b. Fund products will be required to adhere to enhanced disclosures to ensure investors have the necessary information to make informed investment decisions. Core requirements and responsibilities will continue to apply to these funds and their fundmanagers: a. Funds must continue to meet key fundamental requirements that cover areas, such as asset safeguarding and liquidity standards; and b. Fund managers and distributors should continue to focus on fair dealing outcomes in the design and distribution of fund products to retail investors. MAS says that, for most proposals of new fund types, it aims to take about three months to determine the necessary guardrails for their issuance. Once the guardrails are established, funds of the same type will take three weeks to be authorised if they fulfil the same requirements. This proposal forms part of efforts by MAS and the Singapore Exchange to support the financial products ecosystem in Singapore, while upholding safeguards for investors. It builds on MAS’ announced streamlining of the Complex Products framework and enhancements to Product Highlights Sheets in May 2026. The consultation period closed on 10 August 2026. Link to MAS Homepage here MPFA Optimizes the Approval Mechanism for Gold ETFs On 7 July 2026, the Mandatory Provident Fund Schemes Authority (MPFA) updated its guidelines to optimize the approval mechanism for gold exchange traded funds (ETFs) by moving from individual approval to categorical approval, with immediate effect. MPFA says that to balance investment flexibility with investment risk, and taking into account that no major operational issues have been identified since gold ETFs were introduced to the MPF System, it has decided to optimize the approval mechanism for gold ETFs by moving from individual approval to categorical approval. After the optimization, a gold ETF would become an MPF permissible investment without the need for individual approval by MPFA, provided that it meets the conditions specified by MPFA, including that the gold ETF is authorized by the Securities and Futures Commission and listed on the Hong Kong Stock Exchange, it must be a physical gold ETF, and it must not be classified as a derivative fund. The current investment limit whereby anMPF fund’s investment in gold ETFs must not exceed 10% of the fund’s net asset value will remain unchanged. This investment regulation aims to effectively control investment risk and ensure that the interests of scheme members are adequately protected. Link to Announcement here EUROPE ESMA Publishes Report on Cross-border Investment Services Supervision On 20 July 2026, the European Securities and Markets Authority (ESMA) published its follow-up report to the Peer Review on the supervision of cross-border activities of investment firms. The report assesses the progress made by national competent authorities (NCAs) in implementing recommendations issued in 2022 and covers the Netherlands, Germany, the Czech Republic, Luxembourg, Cyprus and Malta. ESMA says the follow-up shows that the peer review has successfully driven improvements across the supervisory cycle and helped strengthen the supervision of cross-border investment services within the EU Single Market. The report highlights notable progress in three key areas: • Stronger authorisation controls – NCAs have enhanced assessments of firms’ cross-border plans. • Data-driven and risk-based supervision – NCAs are increasingly using data to monitor cross- border activities, tailoring supervisory action based on identified risks. • Enhanced cooperation and enforcement – NCAs have undertaken more targeted supervisory actions, reported enforcement cases where relevant and strengthened cooperation.