Global Trustee and Fiduciary Services Bite-Sized Issue 11, November 2025

Amanda Hale, Andrew Newson and Matthew Cherrill, of Citi’s Global Trustee & Fiduciary Services, sit down to discuss the latest regulatory highlights.

This edition's featured topics include:

• UK FCA Issues T+1 Letter to Asset Managers and Alternative Firms
• EU: ESMA Proposes Key Reforms to Settlement Discipline, Supporting the Transition to T+1
• Global: IOSCO Reviews Implementation of Recommendations for Crypto and Digital Asset Markets
• Global: FSB Finds Significant Gaps and Inconsistencies in Implementation of Crypto and Stablecoin Recommendations
• UK FCA Supports Tokenization to Boost Efficiency and Innovation in Asset Management
• Hong Kong: SFC Proposes to Enhance Hong Kong’s Retail Fund Code to Bolster Global Competitiveness
• EU: ESMA Publishes Implementing Rules on Loan-originating AIFs
• EU: Cyber Risk and Digital Resilience Drive the Agenda of ESMA’s Union Strategic Supervisory Priorities for 2026