Custodians meaning

TheCityUK consultation response On 4 August 2025, TheCityUK noted that the FCA’s consultation on rules for issuing stablecoins—digital tokens typically linked to fiat currencies such as the dollar keeping values steady—contains a significant omission on granular AML obligations. The regulator’s plan for overseeing the sector failed to set this out. The trade association said in its 4 August 2025 consultation response: although the FCA’s crypto roadmap signals that financial crime requirements will be tackled in a later consultation, it is vital to spell out how AML standards will apply to digital assets, including use cases unique to stablecoins (and custody). Custody refers to holding and protecting a client’s digital assets, yet custodians, including crypto exchanges, may face exposure to financial crime from within organisations or via hackers or cyber-attacks. TheCityUK said the FCA needs to make clear how its proposals for stablecoin issuance...

Source and availability Sources Trustees are granted specific statutory powers, chiefly under the Trustee Act 1925 (TA 1925) and the Trustee Act 2000 (TrA 2000), which define their authority...

Duty to act personally As a matter of principle, the basic rule is that a trustee must act in person because the settlor personally selected that individual for their specific skill or insight into the beneficiaries, and their affairs. The Trustee Delegation Act 1999 (TDA 1999) allows trustees, in defined situations, to delegate on an individual basis. The Trustee Act 2000 (TrA 2000) outlines the trustees’ default powers of collective delegation where the trust deed does not confer broader express powers. In essence, trustees may pass on most administrative tasks, but not dispositive powers. Agents, nominees and custodians Under the TrA 2000, the management of trust assets may now be entrusted to others, and trustees can appoint specified persons to serve as nominees for the trust. Collective delegation TrA 2000, Pt IV (ss 11–27) provides for trustees to delegate administrative powers and discretions. This operates subject to any limitation or exclusion imposed by the trust instrument, or by any enactment or subordinate legislation; any such...

This Practice Note sets out how issuers make payments on debt securities to investors. It also covers day count fractions and the conventions for business days in detail. Over time, the debt securities markets have fashioned an infrastructure that enables payments on the securities to pass from issuers to holders. It accommodates differing legal jurisdictions and time zones worldwide, supports multiple currencies, and aligns with a range of payment conventions as appropriate. The arrangements for paying amounts on debt securities operate within ordinary banking systems and, in parallel, outside them through central securities depositories ( CSDs ) and custodians. For further information on debt securities market infrastructure, see Practice Note: UK Debt securities—trading, settlement and custody for reference. Payments on global securities Debt securities can in principle be held in either global or definitive form (see Practice Notes: Form of debt securities—global securities and Form of debt securities—definitive securities), although, in practice, international market issues are now invariably held in global form...