Global Trustee and Fiduciary Services Bite-Sized Issue 9 2026

5 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 MAS adds that SFF 2026 will be preceded by the Insights2040 Annual Meeting (IAM), formerly known as the Insights Forum, held from 16 to 17 November 2026 at the Sands Expo & Convention Centre. MAS explains that this invite-only gathering convenes senior global public and private sector leaders to address the most pressing priorities shaping the future of financial services. Link to MAS Homepage here FUND LIQUIDITY FCA Publishes Policy Statement on Enhancing Fund Liquidity Risk Management On 13 August 2026, the Financial Conduct Authority (FCA) published Policy Statement (PS26/17) on ‘Enhancing Fund Liquidity Risk Management’. The FCA explains that existing rules in the UK already ensure that authorised fund managers (AFMs) are held to high standards of liquidity risk management. However, it identified some areas where its rules could be enhanced, or additional guidance would be beneficial. In December 2025, the FCA published CP25/38: Enhancing fund liquidity risk management, where it proposed targeted improvements to the liquidity risk management framework for retail-focused authorised funds, those being undertakings for collective investment in transferable securities (UCITS) schemes, and non-UCITS retail schemes (NURS). The consultation closed on 23 February 2026 and, having considered all the feedback, the FCA are now finalising its rules in PS26/17. In PS26/17, the FCA cover: • Promoting effective use of anti-dilution tools (Chapter 2); • Calibration of anti-dilution tools (Chapter 3); • UCITS schemes and NURS liquidity risk management (Chapter 4); and • Other matters (Chapter 5). The new rules and guidance will come into force on 1 February 2027 . However, the FCA says that transitional provisions will apply to some rules until 1 August 2027 , which will extend the time available for making changes to the fund prospectus and for complying with the shorter derogation period for the eligible market test for recently issued securities. Finally, in CP26/17, the FCA states that it will soon consult on wider liquidity proposals covering authorised retail funds investing in inherently illiquid assets, predominantly daily-dealt property funds. The FCA adds that its proposals will include widening aspects of the liquidity management toolkit for AFMs of NURS, including through notice periods and deferrals, as well as some minor rule changes to the Long-Term Asset Fund regime. Link to PS26/17 here