Global Trustee and Fiduciary Services Bite-Sized Issue 4 2025

4 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 four primary elements to Australia’s approach to digital asset reforms are: • A framework for Digital Asset Platforms (DAPs), which are online platforms that hold digital assets, such as crypto, for consumers; • A framework for payment stablecoins, which will be treated as a type of Stored-Value Facility (SVF) under the Government’s Payments Licensing Reforms; • Undertaking a review of Australia’s Enhanced Regulatory Sandbox; and • A suite of initiatives to investigate ways to safely unlock the potential benefits of digital asset technology across financial markets and the broader Australian economy. Link to Statement here IOSCO IOSCO Unveils Work Program for 2025 On 12 March 2025, the International Organization of Securities Commissions (IOSCO) announced its Work Program for 2025, outlining key priorities to enhance financial resilience, market effectiveness and investor protection in global markets. Strengthening Financial Resilience – IOSCO says it will continue to prioritise issues related to market-based finance (also referred to as non-bank financial intermediation or NBFI), in close collaboration with the Financial Stability Board (FSB). This includes IOSCO’s ongoing contribution to the FSB’s work on leverage in NBFI and addressing issues related to non-bank data availability, use and quality. Additionally, IOSCO will finalise its Revised Recommendations and the accompanying Implementation Guidance on open-ended funds liquidity management, ensuring they reflect evolving market dynamics and contribute to greater resilience in the asset management industry. Supporting Market Effectiveness – To support market integrity and efficiency, IOSCO will address risks associated with pre-hedging practices employed by market intermediaries, with the aim of identifying potential vulnerabilities and ensuring fair market practices. IOSCO will also review its Principles for the Valuation of Collective Investment Schemes, taking into account the growing significance of private assets in the asset management industry. Protecting Investors – Following the publication of its Roadmap to Retail Investor Online Safety, IOSCO will take targeted actions to tackle risks posed by imitative and copy trading, poor digital engagement practices, potential conflicts of interest by neo-brokers and the activities of finfluencers. Addressing Risks in Sustainable Finance and Fintech – IOSCO says it will launch a pilot Crypto and Digital Assets (CDA) Implementation Monitoring initiative, closely cooperating with the FSB. IOSCO will further develop its work on the use of AI in financial markets and continue monitoring the evolution of asset tokenisation in securities markets. IOSCO says it will also expand its analysis of the sustainable bond markets and ESG indices and conduct an assessment of the implementation of its sustainability-related recommendations for asset management. Finally, IOSCO says it will continue to monitor implementation aspects of the International Sustainability Standards Board (ISSB) standards and support capacity building for interested jurisdictions that are seeking to adopt, apply, or otherwise use those standards. Link to 2025Work Program here