Global Trustee and Fiduciary Services Bite-Sized Issue 4 2025

2 QUICK LINKS BENCHMARKSREGULATION CMU/SIU DORA FINTECH IOSCO MIFID II/MIFIR SUSTAINABLE FINANCE/ESG ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 4 | 2025 1. Citizens and Savings: Retail savers already play a central role in financing the EU economy via bank deposits, but they should have the opportunity, if they wish, to hold more of their savings in higher-yielding capital-market instruments including in view of retirement. 2. Investment and Financing: To stimulate investments, and in particular those in critical sectors, the Commission will introduce initiatives aimed at improving capital availability and access for all businesses, including small and medium enterprises. 3. Integration and Scale: Reducing inefficiencies stemming from fragmentation will entail important efforts to remove any regulatory or supervisory barriers to cross-border operations of market infrastructures, asset management and distribution of funds. This will enable businesses to scale efficiently across the EU. 4. Efficient Supervision in the Single Market: The Commission will propose measures to ensure all financial market participants receive similar treatment, irrespective of their location in the EU. This will entail reinforcing the use of convergence tools as well as a reallocation of supervisory competences between national and EU levels. The Commission says that packages of measures will be taken in a limited range of areas, with a clear link to boosting competitiveness in the EU economy, with the most impactful actions being given priority in 2025. Implementing the SIU will rest on both legislative and non-legislative measures, and on measures to be developed by the Member States themselves. In Q2 2027, the Commission says it will publish a mid-term review of the overall progress in achieving the SIU. Link to Commission Communication here Link to SIU Q&A here Link to Factsheet here ECB Occasional Paper: Capital Markets Union – A Deep Dive On 11 March 2025, the European Central Bank (ECB) published an Occasional Paper (the Paper) on ‘Capital Markets Union (CMU): A Deep Dive’. The Paper examines the importance of the CMU in achieving five strategic objectives: • Supporting innovation and productivity; • Financing the twin transition; • Shoring up pension savings; • Strengthening alternatives to bank financing; and • Fostering convergence and inclusion. The Paper highlights the progress made over the past decade, the challenges encountered, and the renewed impetus behind the CMU initiative. The paper proposes concrete steps to move forward, building on long-standing priorities supported by the ECB and the current policy debate on CMU. First, it suggests facilitating access to capital markets, via the creation of a new standard for a European savings and investment product. Second, it emphasises the importance of expanding capital markets across-borders which would be facilitated by improvements towards a more integrated supervisory ecosystem, an integrated trading and post-trading landscape leveraging on the potential benefits of digitalisation, and a more active securitisation market that does not compromise on financial stability. Third, the Paper highlights the need to channel capital towards innovative and competitive firms by increasing opportunities for equity and venture capital financing.