Global Trustee and Fiduciary Services Bite-Sized Issue 4 2025

3 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 The Paper says these actions should be complemented by longer-term initiatives, including continuing to address barriers stemming from the lack of harmonisation in insolvency, corporate and taxation regimes, designing a safe asset for Europe, completing the Banking Union, and promoting financial literacy and inclusion. Link to Occasional Paper here DORA The ESAs Acknowledge the Commission’s Amendments to the Technical Standard on Subcontracting Under DORA On 7 March 2025, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) issued an Opinion on the European Commission’s (Commission) rejection of the draft Regulatory Technical Standard (RTS) on subcontracting. The Commission rejected the original draft RTS on subcontracting, which specified further elements that financial entities must determine and assess when subcontracting ICT services that support critical or important functions under the Digital Operational Resilience Act (DORA), on the grounds that certain elements exceeded the powers given to the ESAs by DORA. The ESA’s state that the Opinion acknowledges the assessment performed by the Commission and confirms that the amendments proposed ensure that the draft RTS is in line with the mandate set out under DORA. For this reason, the ESAs state that they do not recommend further amendments to the RTS in addition to the ones proposed by the EC. Also, the ESAs encourage the Commission to finalise the adoption of the RTS without further delay as submitted to the ESAs. Link to ESAs Opinion here FINTECH CFTC Staff Withdraws Advisory on Review of Risks Related to Clearing Digital Assets On 28 March 2025, the Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) announced it is withdrawing CFTC Staff Advisory No. 23-07 , Review of Risks Associated with Expansion of DCO Clearing of Digital Assets , effective immediately. As stated in the withdrawal letter, the DCR determined to withdraw the advisory to ensure that it does not suggest that its regulatory treatment of digital asset derivatives will vary from its treatment of other products. Link to CFTC Press Release here Developing an Innovative Australian Digital Asset Industry On 21 March 2025, the Australian Government (the Government) issued a ‘Statement on Developing an Innovative Australian Digital Asset Industry’. The Government says it is working with industry, regulators and the broader community to make Australia a leader in the global digital asset ecosystem. The Government says its approach will help industry to identify opportunities and manage risks, unlock innovation, protect consumers and uphold market integrity. The Government is also working with the Australian Securities and Investments Commission to ensure there are appropriate transitional arrangements ahead of the Government’s legislative reforms coming into effect. The Statement outlines the Government’s approach to reform, progress to date and the forward workplan.