Global Trustee and Fiduciary Services Bite-Sized Issue 8 2026

3 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 ESMA Publishes newQ&As on the EUMarkets in Crypto-Assets Regulation On 10 July 2026, the European Securities and Markets Authority published new Q&As relating to the EUMarkets in Crypto-Assets Regulation (MiCA). The Q&As cover: Authorised CASP for providing custody and administration or transfer services for crypto-assets in relation to other crypto-assets being issued after the offer to the public (2417) Perimeter of advice under MiCA compared to MiFID II (2882) Crypto-Asset lending services under MiCA (2883) Link to the Press Release here SFCMandates Phishing-resistant Authentication Methods for Internet Brokers and VATPs to Protect Client Accounts On 9 July 2026, the Securities and Futures Commission (SFC) issued a circular requiring internet brokers and virtual asset trading platform operators (VATPs) to adopt phishing-resistant authentication methods for client login and device binding, amid the growing threat of phishing attacks involving stolen client credentials. As part of its continued efforts to combat phishing attacks and account takeover incidents targeting clients of internet brokers and VATPs, the SFC says it is requiring them to cease using one-time passwords (OTPs) for client login and device binding, given the associated risks and the availability of stronger authentication alternatives. The SFC says it requires these phishing-resistant authentication measures for login and device binding to be implemented as soon as practicable but no later than 12 months from the issue of its circular. Large internet brokers are expected to adopt them immediately. In addition to robust prevention controls, the SFC says internet brokers and VATPs should implement effective monitoring and surveillance measures to detect suspicious login, trading and withdrawal activities, promptly notify clients of key account events, and respond to hacking incidents in a timely manner. They should also regularly alert and remind clients of emerging phishing and other cybersecurity risks. The SFC reminds senior management of internet brokers and VATPs that they are ultimately responsible for implementing appropriate controls to protect client accounts and assets. The SFC will hold them accountable for any client losses that arise from lapses in their controls. The SFC also reminds investors to stay vigilant in safeguarding their securities trading accounts and credentials. They should adopt prudent security measures, such as using strong and unique passwords, keeping their credentials and devices secure and up to date, and accessing their accounts only through official websites or mobile applications of their licensed corporations (LCs) and VATPs. They should also monitor their accounts regularly and promptly review account statements, transaction records and notifications for suspicious activities. If they suspect their credentials have been compromised or identify any unauthorised transactions, they should contact their LCs or VATPs immediately, secure their accounts, and report the matter to the relevant authorities. Link to the Circular here Digital Assets: MEPs Support an Innovation-friendly, Well Monitored Environment On 7 July 2026, the European Parliament announced the adoption of a resolution on digital assets – challenges for the competitiveness and integrity of the European Union’s financial system. Included in the 27-item resolution are statements relating to: • Crypto-assets, including the creation of MiCA and the establishment of the Anti-Money Laundering Authority, the need to monitor developments in Distributed Ledger Technology (DLT), concerns regarding the role crypto-assets play in financial crime, and the emergence of hybris products; • Tokenisation of financial instruments, including the legal status of tokenised assts, the benefits of tokenisation, the European Central Bank’s work on wholesale Central Bank Digital Currencies, and the potential for global connectivity of the European tokenised market;