Global Trustee and Fiduciary Services Bite-Sized Issue 4 2025

6 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 consultation will remain open until 3 July 2025. Based on the feedback received, ESMA says it will publish a final report and submit the draft technical standards to the European Commission in Q4 2025. Link to Consultation here Preparing for the Consolidated Tape Provider for Bonds – ESMA Clarifies Some Aspects On 2 April 2025, ESMA announced it is encouraging all market participants to prepare for the start of the activities of the Consolidated Tape Provider (CTP) for bonds. To facilitate this preparation and in response to questions from stakeholders, ESMA provides clarification on: • The timing of the entry into force and application of the delegated acts related to CTP and the transparency regime; and • The possibility of ESMA granting a transition period to the selected and authorised CTP for bonds. Link to ESMA Clarification here SUSTAINABLE FINANCE/ESG ASIC Issues Sustainability Reporting Regulatory Guide On 31 March 2025, the Australian Securities and Investments Commission (ASIC) a regulatory guide on sustainability reporting following an extensive public consultation with stakeholders. ASIC says that Regulatory Guide 280 Sustainability reporting (RG 280) provides guidance for entities that are required to prepare a sustainability report containing climate-related financial information under Chapter 2Mof the Corporations Act 2001 . This may include companies, registered schemes, registrable superannuation entities, and retail corporate collective investment vehicles. ASIC also says that RG 280 includes guidance on determining who must prepare a sustainability report under the Corporations Act, the content required in the sustainability report, disclosing sustainability-related financial information outside the sustainability report (such as in disclosure documents and product disclosure statements), and ASIC’s administration of the sustainability reporting requirements (including its specific approach to considering relief and use of our new directions power). ASIC released a draft regulatory guide for consultation, together with Consultation Paper 380 Sustainability reporting (CP 380) on 7 November 2024. In response to the feedback received, ASIC says it has: • Added sections to RG 280 on climate scenario analysis and disclosing scope 3 greenhouse gas emissions; • Included more specific guidance for directors of reporting entities; • Included additional guidance on applying the sustainability reporting thresholds; • Revised our position on labelling of sustainability-related information in sustainability reports, and; and • Updated guidance on disclosing sustainability-related financial information outside of the sustainability report. ASIC states it has also provided further information about its pragmatic and proportionate approach to supervision and enforcement of the sustainability reporting requirements as they are being phased in. Link to RG 280 here