Global Trustee and Fiduciary Services Bite-Sized Issue 9 2026

7 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 RETAIL INVESTMENT STRATEGY European Commission Publishes its Request for Technical Advice to ESMA on the Retail Investment Strategy On 24 August 2026, the European Commission (Commission) published its request (dated 30 July 2026) to the European Securities and Markets Authority (ESMA) for technical advice on the implementation of the amendments to the Markets in Financial Instruments Directive II (MiFID II), Undertaking for Collective Investment in Transferable Securities (UCITS) Directive, and Alternative Investment Fund Managers Directive (AIFMD), in the context of the Retail Investment Strategy (RIS). The Commission seeks technical advice for its delegated regulation under MiFID II, Commission delegated directive under the UCITS Directive and Commission delegated regulation under AIFMD, covering: • Value for money: Product Governance under MIFID II and rules of conduct under UCITSD and AIFMD; • Inducements; • Simplification and burden reduction in the retail investor journey; • Suitability and appropriateness assessment, simple advice, records and agreements; • Marketing communication; and • Undue costs: rule of conducts of UCITS management companies and AIFMs. Additionally, the Commission seeks advice for a delegated directive under MIFID II, Commission delegated directive under the UCITS Directive, and a Commission delegated regulation under AIFMD, covering: • Value for money; • Inducements; • Best interest; and • Undue costs. The Commission asks ESMA to submit its technical advice by 1 October 2027 . Link to Commission Request for Technical Advice here