Global Trustee and Fiduciary Services Bite-Sized Issue 9 2026

3 AI CRYPTOASSETS EMIR FINTECH FUND LIQUIDITY OPERATIONAL RESILIENCE RETAIL INVESTMENT STRATEGY T+1 ASIA PACIFIC AUSTRALIA EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 9 | 2026 Quick Links The SEC also explains that the proposed rules also include a conditional safe harbor from the term “investment contract” in the definitions of “security” in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of “security.” In addition, the SEC says that the proposed rules would preempt state securities law registration and qualification requirements with respect to offers and sales of securities issued pursuant to an exemption in Regulation Crypto Assets, as well as certain secondary market transactions. By building on its interpretive guidance issued earlier this year, the SEC says that the proposed rules aim to bring greater clarity to when crypto assets fall within the federal securities laws, reduce incentives for issuers to create and operate offshore, and expand investment opportunities for U.S. investors with stronger, more consistent protections. The public comment period will remain open for 60 days following the date of publication of the proposing release in the Federal Register. Link to Fact Sheet here Link to Proposed Rule here EMIR ESMA Consults on Reporting Framework for Clearing Activity at Recognised Third-country CCPs On 18 August 2026, the European Securities andMarkets Authority (ESMA) launched a consultation on a proposed annual reporting framework under the EuropeanMarket Infrastructure Regulation (EMIR) for clearing activity at recognised third-country central counterparties (CCPs), aimed at improving supervisory visibility of EU firms’ exposures to such CCPs. ESMA says that the consultation paper sets out its proposed Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) under EMIR, and that the reporting obligation will apply to clearing members and clients that clear transactions through recognised third country CCPs. The objective is to provide supervisory authorities with a structured and consistent overview of the scale, characteristics and risk profile of EU firms’ exposures to recognised third-country CCPs, contributing to the broader monitoring framework established under EMIR 3. In line with its simplification and burden reduction agenda, ESMA says that the proposal seeks to maximise the reuse of information already available through existing reporting channels and limits new requirements to the information that is not available to ESMA or competent authorities. Once implemented, ESMA states that the new requirements will establish a harmonised approach to reporting clearing activity at recognised third-country CCPs. ESMA invites stakeholders to provide feedback on the reporting framework, templates and format by 12October 2026 . Following the consultation, ESMA will assess the responses received and prepare a Final Report. Link to Consultation here