Global Trustee and Fiduciary Services Bite-Sized Issue 8 2026

8 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 MIFID II/MIFIR ESMA Publishes newQ&As on the EUMarkets in Financial Instruments Regulation On 10 July 2026, the European Securities and Markets Authority (ESMA) published new Q&As relating to the EUMarkets in Financial Instruments Regulation (MiFIR) – Secondary Markets. The Q&As cover: Consolidated Tape Provider – opt-in regime (2825) Consolidated Tape Provider – timestamp of the order ( 2881) Link to the Press Release here ESMA Supervisory Briefing on Triangular Passporting On 7 July 2026, ESMA published a supervisory briefing which aims to promote common supervisory approaches and practices across National Competent Authorities (NCAs) for Triangular Passporting under MiFID II. Triangular Passporting is the practice of authorised investment firms using a branch or tied agent established through the freedom of establishment (Article 35 MiFID II) in a host Member State (Member State B) to provide investment services in accordance with the freedom to provide investment services and activities (Article 34 MiFID II) in another host Member State (Member State C). ESMA says Triangular Passporting can present challenges and require attention in the perspective of NCAs’ supervisory work, firms’ compliance with the relevant MiFID II requirements and investor protection. The supervisory briefing aims at providing clarifications, enhance certainty and supervisory consistency and improve cooperation between NCAs, by setting out ESMA’s supervisory expectations for firms and NCAs. ESMA says the intended outcome of the supervisory briefing is to foster supervisory convergence to support both effective supervision and investor protection. ESMA says that the briefing does not create new legal obligations and is not subject to a “comply or explain” mechanism, while it does provide practical guidance for firms and NCAs. Link to the Briefing here OPERATIONAL RESILIENCE EBA, EIOPA and ESMA Call for Enhanced Governance and Consistent Supervision to Mitigate ICT Risks from Frontier AI Models in the EU Financial Sector On 31 July 2026, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published a statement calling for a cross-sectoral, risk-based and consistent supervisory approach to mitigate the ICT risks stemming from frontier AI models. The statement considers existing regulatory requirements, the European Commission’s Action Plan on Cybersecurity and Artificial Intelligence, as well as recent publications by the European Systemic Risk Board, the European Union Agency for Cybersecurity, the Single Supervisory Mechanism and other competent authorities. The ESAs outline measures to help financial entities strengthen their operational resilience against cyber risks linked to frontier AI models. Emphasis is placed on the prevention, detection and management of these risks. The statement underlines that financial entities should have robust governance and risk management frameworks in place to support the effective management and mitigation of cyber risks associated with frontier AI models. It also updates on ongoing and planned oversight activities for critical ICT third-party providers, under the Digital Operational Resilience Act (DORA), to address this risk.